U.S. employers used single-premium group annuities to shed more pension risk in the second quarter.
Pension risk transfer volume increased to $8.2 billion in the quarter, from $4.1 billion in the second quarter of 2017, according to new data from the LIMRA Secure Retirement Institute.
Insurers reported winning 108 new pension risk transfer contracts. The number of contracts signed in the year-earlier quarter was not immediately available.
Pension risk transfer volume for the first half of the year amounted to $9.6 billion, up from $5.5 billion.
Retirement institute analysts base the pension risk transfer figures on results from a survey of the 15 players in that market.
Wayne Daniel, head of U.S. pensions at MetLife, predicted in June, at a conference organized by S&P Global, that employers would transfer a total of about $20 billion in pension risk.