U.S. corporate pension plan buyout sales rose to $13.7 billion in the fourth quarter, a 21% increase over the same period in 2019.
Nexstar Media Group paid $96 million in lump-sum payments to some 4,000 participants in Tribune Media pension plans in December.
Greif Inc. purchased a group annuity contract from an insurance company to transfer about $100 million in U.S. pension plan liabilities.
Pension risk transfer premiums rose slightly in January to 102.4% from 101.8% the previous month.
Eastman Chemical Co. purchased a group annuity contract to transfer about $110 million in U.S. pension plan liabilities.
DTE Energy Co. purchased a group annuity contract from an insurance company to transfer certain U.S. pension plan liabilities.
Philips North America purchased group annuity contracts to transfer the liabilities of certain pension plan participants.
DB (U.K.) Pension Scheme insured $783 million in liabilities through a buy-in with Legal & General Assurance Society.
Baxter International Inc. distributed about $252 million in U.S. pension plan assets through lump sums to former employees.
Mowlem (1993) Pension Scheme agreed to a $206 million buyout with Legal & General Assurance Society.
Dow Inc. bought a group annuity contract from Metropolitan Tower Life Insurance to transfer about $700 million in U.S. pension liabilities.
Kemper Corp. completed pension risk transfer transactions that cut its liabilities by nearly half.
AIG will pay a $12 million penalty to New York state for violations related to the pension risk transfer business of a subsidiary.
Pension risk transfer premiums were flat in December although premiums among the most competitive rates fell slightly.
Aberdeen City Council Transport Fund insured $315 million in liabilities through a buy-in with Rothesay Life.
Legal & General Group U.K. Senior Pension Scheme purchased a $547 million assured payment policy for its participants.
Lockheed Martin completed pension buyout and buy-in transactions totaling $2.2 billion through the purchase of two group annuity contracts.
Weyerhaeuser Co. purchased a group annuity contract from to transfer about $765 million in U.S. pension plan liabilities.
Evonik Industries secured the benefits for two of its global pension plans in the U.S. and the U.K.
General Electric proposed freezing its U.K. defined benefit pension funds, effective Jan. 1, 2022.
Marie Curie defined benefit pension scheme completed a buyout of about $41 million with Legal & General Assurance Society.
Unisys Corp. entered into an agreement to purchase a group annuity contract to transfer about $280 million in U.S. pension plan assets.
Pension funds transferred $14.5 billion in liabilities through deals announced in December.
Pension risk transfer premiums fell in November as decreases were seen in discount and annuity purchase rates, Milliman said.
General Electric transferred $1.7 billion of its U.S. GE Pension Plan obligations to retirement services firm Athene Holding.