Total sales of U.S. single-premium defined benefit (DB) pension buyout products soared above $4.7 billion in the first quarter, the highest pension risk transfer (PRT) sales in that period in more than 30 years, according to data from the LIMRA Secure Retirement Institute. That level is more than triple the value of the previous first-quarter record.
The 2019 first-quarter pension buyout sales represent a 240% advance from the same category of first-quarter sales the year before, the independent research institute said in a press release.
