The UK bulk annuity market completed £10.2bn of transactions during the first half of 2026, with strong insurer competition continuing to support activity among smaller pension schemes, according to Hymans Robertson.

Its latest Risk Transfer Update revealed that 138 buy-ins were completed during the period, with an average deal size of £74m, compared with £103m across 2025.

More than 135 deals were completed overall, with schemes below £100m accounting for a large share of activity.

Hymans Robertson described transaction volumes in the first half as “muted”, mirroring the quieter start seen in 2025, but said pricing had remained attractive and allowed many schemes to transact earlier than anticipated.

It added that strong insurer competition continued to drive innovation, particularly around the post-transaction member experience and administration, while smaller schemes benefited from greater market efficiency.

The total value of deals completed in the year to 30 June 2026 stood at £38.6bn, across 347 transactions.

Rothesay held the largest share of the market by value during H1, completing 14 buy-ins worth £2.8bn and accounting for 28 per cent of total volumes.

Legal & General (L&G) followed with an 18 per cent market share, completing 11 transactions worth £1.9bn, including the largest buy-in of the first half, worth just over £1.5bn.

Standard Life accounted for 16 per cent of transaction value, while Aviva represented 11 per cent.

Meanwhile, Just completed the highest number of transactions during the period, at 46, with an average deal size of £14m, while Aviva completed 32 deals with an average value of £35m.

Hymans Robertson also highlighted the continued influx of global capital into the sector, pointing to Athora’s acquisition of Pension Insurance Corporation, Brookfield Wealth Solutions’ acquisition of Just, L&G’s partnership with Blackstone and Standard Life’s capital sourcing arrangements.

Looking ahead, the consultancy said it expected activity to increase during the second half of 2026, noting that several large deals had already completed since 30 June and that the pipeline remained strong.

As affordability and pricing remain favourable, Hymans Robertson observed that trustees are increasingly considering non-price factors when selecting an insurer, particularly member experience and post-transaction administration capabilities.

Alternative risk transfer is also expected to become a more prominent part of the market, with the consultancy highlighting further potential growth in the superfund sector.

The report also showed that six alternative risk transfer deals have now been announced since 2023, covering £2.7bn of liabilities, while 72 longevity swaps have been announced since June 2009, covering £176.1bn.

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