Pension Insurance Corporation (PIC) has written £900m of bulk annuity premiums in the first quarter of 2016 according to its end of year results.
This was a dramatic increase from the £40m of annuities written during the same quarter in 2015.
It comes as recent buy-in and buyout data from LCP revealed the insurer had the largest market share last year with £3.8bn or 31% of the total, up from 19.5% in 2014 which put it in second place.
This was driven by a £2.4bn buy-in transaction with the Philips Pension Fund in Q4 as the final step in its £3.5bn buyout - the largest full buy-out to date.
The company also announced today that underlying operating profits had increased by 15% up to 31 December 2015 from £116m to £133m.
PIC chief executive officer Tracy Blackwell (pictured) said in a statement: "Despite a volatile economic and market backdrop 2016 is shaping up to be a very good year in the bulk annuity sector, with a strong pipeline of new business."
"We will be keeping an eye on the roll-out of the second hand annuities market, which still has plenty of issues to be resolved. Great care needs to be taken over this, so that current holders of annuities are adequately protected," she added.
The insurer had reinsured £3.8bn of longevity exposure during 2015, with 73% of its longevity exposure reinsured, up from 66% in 2014.
IFRS operating profit before tax had increased from £154m in 2014 to £188m in 2015, a rise of 22%.
Payment of bulk annuities grew by 16% from £416m in 2014 to £484m in 2015.
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Nearly every trustee is confident of the next stage in their scheme’s strategy, despite almost an equal number being forced to consider replacing plans within the prior 12 months, according to research by Barnett Waddingham.
Companies could be overstating their pension liabilities by up to £60bn due to their life expectancy assumptions, according to XPS Pensions Group.
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.