Bulk annuity market: Q3 trustee update
Bulk annuity market: Q3 trustee update
31 Jul 2024
XPS expects many transactions across all sizes to complete before the year-end, supported by improving pricing and potential new entrants.
We examine the latest trends in insurer pricing, the outlook for the remainder of 2024 and highlight some of the key themes expected to impact the market.
Market commentary
- 2023 was confirmed as a record year with £49.1bn of business written, with Q1, 2024 also starting strongly with several large deals already announced.
- XPS has already led on 5 transactions in Q1 2024
- Insurer capacity constraints have eased as insurer capacity levels are re-set, and although some deals attract fewer bidding insurers, pricing remains competitive for well-prepared schemes of all sizes.
Notable deals in the last quarter in the public domain included:
| NSK | £309m | M&G |
| Rolls-Royce and Bentley Pension Fund | £880m | Standard Life |
| TotalEnergies UK | £1.2bn | PIC |
Download our PDF briefing here to read more.