Insurer competition drives Risk Transfer deals in H1 2026, as Trustees look beyond price

• Over 135 deals transacted in the first half of 2026, with a total value of £10.2bn

• Insurer pricing remains attractive with a focus from Trustees on non-price factors

• Insurer capacity in the market remains strong with added capital from global investors

The first half of 2026 saw over 135 deals transacted, says Hymans Robertson, with schemes below £100m in size continuing to form a high proportion of the number of transactions completed.  Transaction volumes hit £10.2bn, compared to £9.8bn during the same period in 2025. There has been a quieter start in terms of transaction volumes, as in previous years, however increased volumes are expected for the remainder of 2026 with high levels of activity in the bulk annuity market currently.

Insurer pricing is particularly attractive, meaning many schemes are able to afford to transact ahead of previous expectations says the leading pensions and financial services consultancy. Continued strong insurer competition in the market is also driving innovation as insurers develop their propositions with a keen focus on the post transaction experience and on market efficiency for smaller schemes. Over the past 18 months there has also been an influx of investment from global investors in the market serving to increase capacity with PIC being acquired by Athora and Just by Brookfield Wealth Solutions. In addition, L&G have partnered with Blackstone to strengthen asset sourcing capabilities and Standard Life have announced a capital sourcing agreement into their buy-in business (tying up with companies like CVC and Prudential Financial).

Commenting on the findings from H1 2026, Lara Desay, Head of Risk Transfer, Hymans Robertson, said:

“Transaction activity has remained high in the first half of 2026, but current strong demand and very competitive pricing should see volumes increase significantly in the second half of the year. When selecting an insurer, the smallest differences are having the strongest sway and Trustees continue to place greater focus on non-price considerations.

“As in previous years, member experience is a key consideration for Trustees, and this must be a focal point for both innovation and service delivery for insurers. Members must be supported through their journey with realistic expectations and service-led approaches. An increased number of schemes are now nearing the end of their buy-out journey with increasingly busy post-transaction activity.

“Looking ahead, we expect the second half of 2026 to exceed the first half in terms of number of transactions and volumes completed. Several large transactions have already completed since 30 June, and the pipeline is strong. The market is evolving quickly, and schemes that engage early and prepare thoroughly will be best placed to secure successful deals in an increasingly competitive environment.”

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