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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Insurance Companies Report Increasing Competition Amid Decline in 2025 Pension Risk Transfers

CHICAGO, Sept. 24, 2025 (GLOBE NEWSWIRE) -- October Three, an industry-leading defined benefit strategy, management and administration consulting firm, announced the results of its 2025 PRT Trend Report.

Survey data gathered from insurance companies participating in the PRT market reveals that in the first half of 2025, pension risk transfers declined according to 82% of respondents. Seventy-five percent anticipate a decrease in the total number of transactions and 84% say they expect a decrease in the total premium being transacted in 2025 compared to 2024.

October Three’s report shows carriers are adjusting underwriting guidelines which has resulted in a shift in the type of transactions they participated in during H1 of 2025, and how they anticipate their PRT business will be impacted over H2 2025 and into 2026, including:

  • PRT transactions trending toward more terminations than lift-outs
  • Buy-in structures becoming more prevalent
  • Fewer jumbo transactions currently in the market
  • Increased competition, with new carriers expected to enter the market and existing carriers adjusting underwriting guidelines to capture more business
  • Insurers devoting more resources to PRT business
  • PRT activity in 2025 expected to decline from that of 2024

“Uncertainty around economic conditions and litigation are causing companies to delay decisions on pension risk transfers, especially jumbo transactions,” said Mark Unhoch, Partner and Pension Risk Transfer Practice Leader at October Three. “With the anticipated decrease in PRT volume for 2025, carriers are offering more competitive pricing. That coupled with high pension funding levels and the current performance of the stock market, conditions remain highly favorable for pension risk transfers.”

October Three conducted a survey of insurance companies participating in the PRT market to gauge market activity in the first half of 2025. Their responses, combined with October Three’s internal market data, provide insights into how the PRT market performed in the first half of 2025, as well as expectations for the rest of the year and into the first half of 2026.

Click here to download a copy of the full report.

About October Three:

October Three Consulting, LLC is a full service actuarial, consulting and technology firm that is re-engineering defined benefit plan strategy, management and administration to meet the needs of the modern and future workforce. The company’s O3 PRIME plan is based on cutting-edge technology, risk analysis and data-driven insights to minimize financial risk and volatility while maximizing employees’ potential for predictable retirement income. For more information, please follow October Three on LinkedIn and visit our website at octoberthree.com.

Media Contact:
Sean Harris
October Three Consulting
+1 512.553.6404
sharris@octoberthree.com


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