Love Actuary #194 - An update on the UK PRT market in 2025 and outlook for 2026

Research evidence excerpt

Love Actuary #194 - An update on the UK PRT market in 2025 and outlook for 2026

J P M O R G A N Europe Equity Research

19 June 2026

Love Actuary

#194 - An update on the UK PRT market in 2025 and

outlook for 2026

• There was a 20% decline in PRT deals in 2025, but this could rebound in European Insurance

AC 2026. UK pension risk transfer (PRT) – or bulk annuity – volumes fell to £38bn Farooq Hanif

in 2025, from £48bn in 2024. This partly reflects the current weak pricing (44 207) 742-8091

trends, which may have led some diversified insurers to consider growing farooq.hanif@jpmorgan.com

elsewhere, but it probably was also due to temporary disruptions at some Kamran M Hossain

insurers that were M&A targets. We expect 2026 to be a stronger year, growing (44-20) 3493-3780

to £50bn-£60bn, in line with industry expectations of the pipeline for DB kamran.hossain@jpmorgan.com

pension scheme de-risking deals, new entrants wishing to grow share, and the Bingdi Fan, CFA

strong funding levels at DB schemes driving demand for PRT solutions. (44-20) 7742-5336

bingdi.fan@jpmorgan.com

• Pricing pressure remains an issue, due to competitive forces and insurers Nadia Claressa

adopting gilts-based asset strategies. Our analysis suggests that insurer (44-20) 7134-7613

pricing for PRT deals is under significant pressure (i.e. weaker margins for nadia.claressa@jpmorgan.com

insurers, better for DB schemes), with pricing departing from its normal trend J.P. Morgan Securities plc

of hardening when credit spreads are low. This reflects competition – with 10

Specialist Sales contact details:

active players now in the bulk annuity market and a larger proportion of these

willing to transact in all parts of the market in terms of size and type of scheme. Gigi Sparling - Specialist Sales -