Conning Releases PRT Market Annual Review - 2025

HARTFORD, Conn., April 15, 2025 /PRNewswire/ -- Conning is pleased to announce its newest strategic report, Conning's PRT Market Annual Review - 2025. This comprehensive study provides an in-depth analysis of the pension risk transfer ("PRT") market, covering transactions and trends observed in 2024.

In 2024, strong financial tailwinds (higher funding and lower buy-out costs) combined with ongoing cost pressures (PBGC premiums, administrative burden) and a supportive regulatory framework continued driving plan sponsors to transfer pension liabilities.

"Our view is that defined benefit ("DB") plan sponsors' desire to offload risk and stabilize finances continues and sets the stage for robust PRT activity in 2025 and beyond," said Scott Hawkins, Managing Director and Head of Insurance Research at Conning.

Conning has tracked the development and growth of the U.S. PRT market since 2013. Over that time, the size of that market has increased in terms of the amount of DB pension liabilities that have been transferred and the number of insurers in the market. Our analysis identified a total of 18 transactions with a total transfer of $22 billion in 2024, similar to 2023 and an increase from $12 billion in 2019.

"This year, we felt the PRT market needed a closer analysis to understand the implications for annuity insurers," Scott Hawkins added. "To that end, we are publishing a four-part series on PRTs:

• This first report, our PRT Market Annual Review, looks at 2024 and the transactions and market environment driving those transactions.
• The second report focuses on how PRTs are affecting the investment and capital management of those annuity insurers engaging in the market.
• The third report focuses on the key role reinsurance plays in supporting the PRT market.
• The fourth report focuses on the key strategic questions and concerns annuity insurers need to consider as they enter or expand the PRT market.

The second, third, and fourth reports will include analysis and recommendations for different sized insurers based on their 2024 asset size."

The Conning study, Conning's PRT Market Annual Review - 2025 provides industry transaction trend information over the preceding decade, with specific transactions detailed for 2024.

This study is available for purchase from Conning by clicking here or calling (888) 707-1177.

ABOUT CONNING

Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America. Conning is part of the Generali Group.

Media Contacts

Alyssa Gittleman
Conning
860-299-2288
[email protected]

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SOURCE Conning, Inc.