In a statement, Partnership Assurance Group said "it has elected not to proceed with a bond offering at this time", following proposals announced earlier this month.
Steve Groves, chief executive of Partnership, said: "I would like to thank debt investors for their significant interest and engagement during the fixed income meetings we have held in recent days.
"It is logical for us to explore the opportunities to diversify the group's sources of funding at economically attractive rates. However, we have elected not to proceed with a transaction at this time."
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Before Christmas, the company announced it had completed the UK's largest medically underwritten bulk annuity transaction.
The £206 million 'top-slicing' transaction provides a bulk annuity for a multi-billion pound UK pension scheme.
Partnership won the transaction following a selection process.
Mr Groves said: "We have always cautioned that the nature of these processes means quarterly performance will be lumpy.
"However, this £206 million top-slicing transaction is a perfect example of how Partnership is able to bring the advantages of our unique intellectual property and underwriting expertise to trustees, corporates and pension scheme members within the growing UK defined benefit market.
"A top-slicing approach can be applied across the entire spectrum of DB pension scheme sizes, which significantly increases Partnership's addressable market."  

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