UK - Bulk annuity business nearly tripled to £8.2bn (US$12.3bn) in 2008, latest research from Aon Consulting reveals.
It said the number of organisations who were writing business had almost doubled to 11 during the last 12 months - and noted market share also shifted significantly between the providers.
It said Legal & General wrote most business during the year - completing 173 deals worth a total of £1.8bn.
Pension Insurance Corporation completed five deals worth a total of £1.7bn; Prudential finalised four deals worth a total of £1.4bn; and Paternoster completed a total of 13 deals worth £1.1bn.
Aon Consulting principal and actuary Paul Belok said - while 2008 saw only a 5% increase overall in the number of cases placed - the value of those deals soared by 190%.
He said: "During the year, most providers witnessed an unprecedented level of interest from defined benefit pension schemes and their sponsors.
"The big driver for growth was pensioner buy-ins, whereby a bulk annuity policy is secured for current pensioners and then being held by the scheme as an investment - about two-thirds of the cases over £100m were on this basis."
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