U.S. corporate pension plan buyout sales totaled $11.3 billion in the fourth quarter, a LIMRA Secure Retirement Institute sales survey found.
The amount for the quarter was 5% higher than the same period in 2018. For the year, buyout sales totaled $28 billion, up 2% from the 2018 total.
The first three quarters saw $4.8 billion, $4.2 billion and $7.7 billion, respectively, in buyout sales. Traditionally, the fourth quarter of any year has seen the most activity.
While there were no megadeals that remotely compared to those by GM or Verizon, LIMRA reported a record-breaking 501 buyout contracts for 2019.
LIMRA also reported a total of $970 million in buy-in product sales for the fourth quarter, a new record for the U.S. market. The total was zero in the third quarter.
LIMRA had reported a total of $880 million in buy-in product sales for the second quarter, mostly due to Bethesda, Md.-based Lockheed Martin's purchase of an $810 million buy-in contract from Athene Annuity and Life Co.