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U.S. PRT Market Expected to close $27 Billion in Q3, Second Largest Quarter on Record

2022 expected to be largest year ever for U.S. PRT Market

STAMFORD, CT / November 17, 2022 / Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the U.S., today released its Q3 Pension Risk Transfer Monitor.

The Monitor reported the third quarter is expected to be the largest Q3 on record with $27 billion in transactions closing. It was also the second largest quarter in market history, only second to 2012’s Q4 which closed at $36 billion.

With the first and second quarters also seeing record breaking numbers, 2022 will be the largest year ever for the U.S. Pension Risk Transfer (PRT) Market at an estimated $55 billion in total market volume. The increased volume has been driven by jumbo transactions with the largest being IBM’s $16 billion lift-out in Q3. The market is expected to close out the year with at least nine transactions close to or over $1 billion.

As noted in LGRA’s previous PRT Monitors, the trends of large transactions and increased plan terminations have continued through 2022 and are expected to carry through to next year.

“It’s clear the U.S. PRT market isn’t slowing down anytime soon. We’ve seen a steady increase in transactions year-over-year, with this year expected to close nearly $17 billion higher than last. The record growth further emphasizes that PRT is a key de-risking strategy for plan sponsors even amidst market uncertainty” said Sheena McEwen, VP, Head of Distribution at Legal & General Retirement America.

The complete Q3 U.S. PRT Monitor can be found here.

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About Legal & General Retirement America

Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group. CN 11162022-2

Further information

Carolyn Gasbarra
Vice President
Edelman Smithfield
[email protected]