Rothesay Life has completed £3.7bn of bulk annuity transactions so far in the second half of this year, according to its latest trading update.
This is a drastic increase to its transactions completed in the first half of the year, when deals sat at around £700m.
This year's transactions are split roughly between 90% buy-ins and 10% buyouts.
The insurer's £520m buy-in with The Cadbury Mondelēz Pension Fund in August contributed to this sum, along with a series of deals with undisclosed schemes.
It brings Rothesay Life's total year-to-date new business to around £4.4bn, which also includes its £110m buyout with the Laird Pension Scheme, which it announced in April.
Since entering this market in 2008, there has been an upward trend in the volume of transfers the insurer has completed.
It is currently sat in third place out of eight providers, a significant difference to 2018 when the insurer completed the second smallest volume of bulk annuity transfers out of the eight insurers at £1.2bn.
When excluding backbook transfers, this year is the insurer's largest year-to-date by far. Its closest competitor year was 2015, when £2.3bn of transactions were completed.
For comparison, in 2017 the insurer completed £1.2bn of deals and in 2016 it completed just £200m of bulk annuity transactions.
The firm expects total new business this year to reach £10bn and also announced its shareholders will be contributing at least £500m of new equity capital to fund this new business.
It currently has assets under management (AuM) of over £42bn and said it expects this to reach more than £50bn by the end of 2019.
Chief executive Addy Loudiadis said: "Rothesay Life has a strong history of being disciplined but agile in both investment markets and in new business origination. Balance sheet strength and considerable shareholder support allow us to execute on our conviction that there is an exceptional opportunity to write business in the defined benefit de-risking market this year."
Despite a strong year so far, a mammoth £12bn backbook transfer from Prudential to Rothesay Life was blocked by the High Court last month, due to differing capital management policies and the insurer being a "relatively new entrant".
This year so far, across eight insurers, there has been £22.3bn of bulk annuity deals announced, as well as a £7bn longevity swap, meaning there has been £29.3bn of pension risk transferred.
Last year saw a record volume of bulk annuity deals, with £24.2bn of transactions announced. These included the £4.4bn Airways Pension Scheme buy-in with L&G, which was, at the time, the UK's biggest bulk annuity deal.
The Tate & Lyle Pension Scheme has completed a £930m full buy-in with Legal & General (L&G), insuring benefits for around 4,800 members.
There have now been a total of around 50 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...
Defined benefit (DB) schemes should act now to insure members’ benefits before an “anomaly” in the markets is corrected, Prudential Retirement has said.
Growing market volatility could adversely affect defined benefit (DB) schemes nearing buyout over the next five years, Barnett Waddingham says.
Legal & General (L&G) has entered into an agreement with US law firm Locke Lord for a £35m buyout of UK-based Edward Wildman Palmer pension scheme.