The U.K. bulk annuities market is likely to see transactions worth more than £10 billion for the third year in a row in 2017, according to a report from consultancy Hymans Robertson.

The market has already seen transactions worth nearly £5 billion in the first half. Demand from pension schemes is likely to rise over the medium term, Hymans Robertson's analysis shows.

Though volumes for 2017 have remained high, some insurers did not meet sales targets for bulk annuities in the first half, and their appetite will be stronger than normal in the second half, the report noted.

"Demand from pension schemes looking to de-risk is evident," Andrew Durkie of Scottish Widows was quoted as saying.