U.S. corporate pension plan buyout sales totaled $12.31 billion in the quarter ended June 30, the highest volume for a second quarter ever recorded, a LIMRA survey found.

The second-quarter total in buyout sales represented an increase of 148% from the year-over-year quarter, which saw a total of $4.97 billion in combined buyout and buy-in sales during the three months ended June 30, 2021.

The exceptionally high volume in the second quarter of this year is especially significant since the vast majority of the U.S. pension risk transfer activity in any given calendar year has historically taken place in the third and fourth quarters.

The first half of 2022 saw combined buyout and buy-in sales totaling $17.6 billion, which surpasses the previous record for first-half sales, which was $9.7 billion in the first half of 2018.

“The pension risk transfer market is experiencing several tailwinds that are driving the record growth we are witnessing,” said Mark Paracer, assistant research director, LIMRA annuity research, in a news release Wednesday. “Increased market volatility, rising interest rates and escalating costs to maintain plans are all presenting challenges to plan sponsors. Our research shows there is growing plan sponsor interest in derisking their pension liabilities. LIMRA expects 2022 to be another strong year for pension risk transfer sales.”

The largest disclosed transaction in the second quarter was completed June 24 by Lockheed Martin Corp., Bethesda, Md., which purchased group annuity contracts from two Athene Holding subsidiaries to transfer about $4.3 billion in U.S. pension plan liabilities.

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