Sales of pension buyouts totaled $3.8 billion in the second quarter of 2015, a record for that period, according to the LIMRA Secure Retirement Institute.
All told, there were 62 buyout deals last quarter. The record second quarter sales is notable because the sales cycle for pension buyouts tends to be seasonal, with most activity occurring in the fourth quarter.
Sales were up 700 percent from Q2 2014. In February, Kimberly-Clark Corp. announced it was transferring its obligations to about 21,000 U.S. retirees to annuities bought by Mass Mutual Life Insurance Co. and Prudential Insurance Co.
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