Meiji Yasuda Group acquires Banner Life for $2.3bn

Core Insights - Meiji Yasuda Group has acquired Banner Life Insurance Company and William Penn Life Insurance Company for approximately $2.3 billion, marking a significant expansion in the U.S. market [1][3][5] Acquisition Details - The acquisition includes U.S. term life insurance and pension risk transfer (PRT) businesses previously owned by Legal & General Group plc, and establishes a long-term strategic partnership between Meiji Yasuda and Legal & General [3][5] - The Banner Life family of companies, established in 1949, is the third largest term life insurer in the U.S. and has experienced double-digit new premium growth over the past three years [4][5] Business Performance - The PRT business of Banner Life has written over $14 billion in premium across more than 130 transactions since its inception in 2015 [4] - In 2025, the Banner Life family of companies insured over 1.6 million customers and managed retirement benefits for over 200,000 annuitants [4] Strategic Implications - This acquisition is a key milestone in Meiji Yasuda's global growth strategy, enhancing its presence in the U.S. market and reinforcing the commitment to improve term life insurance accessibility [5][6] - The Banner Life family of companies will become Meiji Yasuda's main U.S. individual life insurance and sole pension risk transfer presence, creating a more diversified organization [6] Leadership Perspectives - The CEO of Banner Life expressed optimism about growth opportunities in the U.S. PRT business, highlighting the strong culture and expertise built over the past decade [7] - Meiji Yasuda's Senior Managing Executive Officer emphasized the combination of global strength and local expertise to deliver innovative solutions for American families and businesses [7]