Report 06 March 2019

2019 full year market update

Our market update for the full year 2019 details our new business volumes plus market activity and trends.

It has been an impressive start to 2019 for the bulk annuity market: the first half of the year has seen deal volumes that are close to double the premium levels transacted in the same period last year. The activity in the year to date, combined with estimates that the demand for bulk annuity transactions is double the market capacity for 2019, suggests that the record breaking volumes seen in 2018 are part of a continuing upward trend. During the first half of 2019 we wrote x UK bulk annuity policies and received £x billion of premium in respect of new business, including balancing premiums. This compares to x bulk annuity policies and £x billion of premium received during the first half of 2018. Our update looks back and looks forward on the bulk annuity market and includes a case study our Rolls-Royce buyout and explores how we look after our pension scheme members.

Chris DeMarco, Managing Director, UK Pension Risk Transfer comments:

"I think we’re all familiar with why the past year has been so remarkable. It was comfortably the largest year ever by volume and a record year for many insurers. Despite the surge in demand, price competition remains strong and affordability continues to increase for growing numbers ofpension schemes meaning the pipeline is the strongest it’s ever been.”

View - 2019 Full year market update 

You can view the Legal & General Group's 2019 results by visiting our reporting centre.