Bulk annuity and longevity hedging – H1 2025

We're pleased to share our half-yearly update on the risk transfer market for 2025. In this update, we summarise the activity in the bulk annuity and longevity hedging markets during the first half of 2025, and the year to 30 June 2025 (‘the last year’). 

Despite a quieter start to 2025 in terms of transaction volumes, the bulk annuity market remains busy, and insurer engagement with smaller schemes is particularly high. Increased competition among insurers has led to some attractive pricing in the first half of 2025, and small schemes (below £100m) are gaining access to a wider range of quotations. 

In this report, our experts explore: 

• Bulk annuity deals during the first half of 2025 
• Bulk annuity volumes by size and number 
• Buy-ins and buy-outs in 2025 

Read our report

If you have any questions or would like to discuss anything further with one of our consultants, please get in touch. 

This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.