Canadian pension risk transfers reached an estimated transaction volume of $1.7 billion during the third quarter of 2025, according to a new report by Telus Health.
The result beat the final transaction volume from the first quarter and second quarter of 2025. However, it fell short of the $2.1 billion recorded in Q3 2024, leading to a record-breaking $11 billion in recorded transactions last year.
Read: Pension risk transfer market reaching $1.4 billion in first half of 2025: report
Increased indexed annuity activity has been the defining trend this year due to growing interest from defined benefit pension plan sponsors looking for inflation-linked solutions, the report said. Despite limited insurer availability, there has been competitive pricing with new insurers becoming engaged.
“The market continues to demonstrate stability, underpinned by robust pension plan funding levels and a consistent pipeline of transactions across a range of sizes,” the report read.
Read: Canadian pension risk transfer market down 60% in first half of 2025: report