Economic Uncertainty, Market Volatility Led to Steep Decline in Canadian PRT Transactions

The Canadian pension risk transfer market saw its worst year since 2020 last year, as transaction volumes fell 40% in 2025 from a record-setting 2024, according to a report from actuarial and consulting firm Normandin Beaudry. 

Full year PRT volume for 2025 was estimated at C$6.9 billion ($5 billion), a steep decline from the $C11 billion in transactions underwritten in 2024. Volume was the lowest since 2020, when transaction volume was C$4.4 billion, while volumes between 2021 and 2023 held steady between C$7.7 billion and C$7.8 billion.  

The report noted that economic uncertainty and market volatility complicated the planning of these transactions, with several organizations choosing to prioritize their internal operations. The report also noted that the increase in competitors in the market has allowed plan sponsors to obtain attractive pricing conditions.  

Like most years, 2025 saw little activity in the first half of the year, with activity picking up in the third and fourth quarters. 

“The competitiveness observed in the market likely contributed to many organizations choosing to move forward later in the year, resulting in a surge of transactions in the second half of the year,” the report