Des Moines-based F&G Annuities & Life Inc. recently closed two significant pension risk transfer transactions that have propelled the company’s institutional market sales to nearly $5 billion since that product channel’s launch by F&G just over one year ago. Since entering the institutional market last year, F&G has closed 10 pension risk transfer deals resulting in $2.3 billion in sales and 44,000 total participants who will receive their pension payments from F&G. During August, F&G closed PRT transactions representing $620 million in pension obligations and 13,000 certificate holders, including a first repeat client transaction, the company said in a release. Pension buyout plans enable organizations to shed retirement costs by transferring pension liabilities to insurance companies that cover the promised benefits. F&G is among several Iowa-based insurers that are using pension risk transfer deals to diversify their business beyond sales of annuity products for retirement savers. F&G said its institutional sales volume has also been driven by continued opportunistic growth in the funding agreement backed note market, resulting in $700 million in sales during the first half of 2022.