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.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
