Meiji Yasuda Group, a Japanese life insurance company, has completed the acquisition of Banner Life Insurance Company and William Penn Life Insurance Company of New York (the Banner Life family of companies) for approximately $2.3 billion.
The acquisition follows the initial 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 also includes the establishment of a long-term strategic PRT partnership between Meiji Yasuda and Legal & General Group.
The Banner Life family of companies, established through its predecessor companies in 1949, currently ranks as the nation’s third largest term life insurer and has generated double digit new premium growth over the past three years. Its PRT business has written more than $14 billion in premium across over 130 transactions since its inception in 2015.
In 2025, the Banner Life family of companies insured more than 1.6 million customers and administered retirement benefits for over 200,000 annuitants.
The acquisition marks a key milestone in Meiji Yasuda’s long-term global growth strategy and further strengthens its presence in the U.S. market. It also reinforces the Banner Life family of companies’ commitment to enhancing term life insurance accessibility and securing the financial futures of its annuitants.
Under the transaction, the Banner Life family of companies will serve as Meiji Yasuda’s main U.S. individual life insurance and sole pension risk transfer presence, creating a stronger and more diversified organisation.
“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.”
“We are pleased to welcome The Banner Life family of companies and its’ subsidiaries into the Meiji Yasuda Group,” said 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.”
