Transaction enables accelerated growth, strengthens term life and pension risk transfer solutions
Banner Life Insurance Company and William Penn Life Insurance Company of New York (“The Banner Life family of companies”) today announced that they have successfully been acquired by Meiji Yasuda Group. The transaction follows the agreement announced in February 2025 and includes the U.S. term life insurance and pension risk transfer (PRT) businesses previously owned by Legal & General Group plc. The transaction has closed following receipt of all required regulatory approvals and is valued at approximately $2.3B*.
The acquisition reinforces the Banner Life family of companies’ commitment to enhancing term life insurance for the benefit of everyone and securing the financial futures of its annuitants. It marks a significant milestone in Meiji Yasuda’s long-term global growth strategy and further strengthens its presence in the U.S. market.
“We are very pleased to be joining the Meiji Yasuda Group whose customer-first ethos closely aligns with our ambitions and inspires us to continue our mission of protecting more people, families and businesses,” said Mark Holweger, president and CEO of Banner Life and William Penn. “Now backed by Meiji Yasuda, the Banner Life family of companies has an exciting future ahead and is well positioned to accelerate growth, invest in innovative solutions and continue transforming the customer experience.”
The Banner Life family of companies currently ranks as the nation’s third largest term life insurer and has produced double digit new premium growth over the last three years. The PRT business has written more than $14B in premium over 130 transactions since its inception in 2015.
The transaction also includes the creation of a long-term strategic PRT partnership between Meiji Yasuda and Legal & General Group.
“Today marks the start of an exciting new chapter for the U.S. PRT business,” said George Palms, CEO, Retirement, Banner Life and William Penn. “Over the past ten years, we have built a business with a strong culture, deep pension expertise, and a drive for customer service excellence. With the combined strength and expertise of both Meiji Yasuda and L&G, we see significant opportunities for growth in a market that continues to expand at a remarkable pace.”
The Banner Life family of companies will serve as Meiji Yasuda’s main U.S. individual life insurance and only pension risk transfer presence, creating a stronger and more diversified organization together. With the Banner Life family of companies, Meiji Yasuda welcomes to its portfolio a rapidly growing, forward-thinking organization committed to innovative solutions and delivering faster, more accurate decisions through advanced technology.
“We are pleased to welcome The Banner Life family of companies and its’ subsidiaries into the Meiji Yasuda Group,” said Mr. Daisaku Shintaku, Senior Managing Executive Officer in charge of Meiji Yasuda’s overseas business. “This transaction brings together Meiji Yasuda’s global strength and The Banner Life family of companies’ deep expertise in the U.S. market, creating a partnership focused on delivering innovative, customer-focused solutions for American families and businesses.”
In 2025, the Banner Life family of companies insured more than 1.6 million customers, helped nearly 4,000 families in their moments of need and administered retirement benefits for over 200,000 annuitants.
For more details on the acquisition, The Banner Life family of companies or Meiji Yasuda, please visit www.bannerlife.com or www.meijiyasuda.co.jp/english.
*The payment transferred on completion was $2.6B, allowing for upwards purchase price adjustments of c. $0.3B, reflecting net asset transfers and the impact of business performance since January 1, 2025. This remains subject to a final true-up post completion.
