On the go: Legal & General took the largest share of the bulk annuity market in 2018, accounting for 35 per cent of the sector, in a year when buy-ins and buyouts totalled £24bn.
Pension Insurance Corporation was close behind, with 29 per cent market share according to Willis Towers Watson analysis.
Aviva was the clear market leader on volume of small and medium-sized deals, with 41 transactions under £10m and 22 between £10m-£100m.
The size of deals has also been edging upwards from 2016 despite retrenchment of some of the players in 2017.
Again, L&G topped the charts with the largest deal in the sector in 2018 of £4,400bn.
2018 is also marked by the resurgence of Phoenix with no deals in 2017 but a sizeable largest transaction of £475bn in 2018.
2019 is set to be the busiest year yet for buyouts. Francis Fernandes, senior advisor at Lincoln Pensions, says “Most people are expecting circa £20bn+ of transactions in 2019 – this covers buy-ins and buyouts.”
But Brexit could dampen activity, and as far as buyouts are concerned, many trustees still have work out how best to deal with equalising GMPs following the Lloyds case. Fernandes warned: “The GMP equalisation issue could drag on and push a few potential buyout cases into 2020.”
