2025 has been another busy year for the UK Risk Settlement Market, with transaction volumes expected to exceed £40 billion for the third consecutive year. It has also been a year that has been about a lot more than just transactions, with a number of changes that have impacted the market landscape.
There have been significant changes in the make-up in the competitive field of insurers, with new entrants like Royal London and Utmost further establishing themselves, and two proposed substantial acquisitions — Athora acquiring Pension Insurance Corporation and Brookfield’s proposed purchase of Just Group — both announced in July 2025.
In November, the PRA published the results of the Life Insurance Stress Test (LIST) exercise, assessing the financial resilience of bulk annuity providers to various “severe but plausible” market shocks.
During this discussion, Aon risk settlement experts provide an overview of the current market landscape and the outlook for 2026, sharing exclusive insights to our 2025 Insurer Survey, where we collated insurer responses to how they see the future of the UK bulk annuity market shaping up, including:
- How expected business volumes will evolve over next 5 years
- The range of transaction sizes that they will likely focus on
- Asset and pricing considerations, including illiquid assets
- How insurers are responding to the increasing demands on post transaction resource
We also discuss the results of the PRA’s LIST exercise.
Watch here: https://aonevents5.webex.com/aonevents5/ldr.php?RCID=6ceb86bea8db1354ac2d68f4c5d4b343
