Meiji Yasuda Acquires Banner Life and William Penn: A Strategic Move in U.S. Insurance Market

Banner Life Insurance Company, along with William Penn Life Insurance Company of New York, has officially joined the Meiji Yasuda Group following a strategic acquisition. This deal, initiated in February 2025, encompasses the U.S. term life insurance and pension risk transfer (PRT) operations formerly managed by Legal & General Group plc. With a total transaction value of approximately $2.3 billion, the acquisition completed successfully after obtaining the necessary regulatory compliance approvals.

This move is a key component in Meiji Yasuda's strategy to expand its influence in the U.S. market and strengthen its capabilities in life insurance and pension risk management. Mark Holweger, president and CEO of Banner Life and William Penn, shared his enthusiasm for this new alliance, citing the synergy between Banner Life’s mission and Meiji Yasuda’s customer-centric approach. He noted that this integration positions Banner Life to boost growth, invest in AI-driven solutions, and enhance customer experiences.

Currently the third-largest provider of term life insurance in the U.S., Banner Life has showcased strong premium growth. The company's PRT operations have conducted over 130 transactions since 2015, totaling more than $14 billion in premiums, a testament to their robust underwriting and risk management capabilities.

Strategic Partnership and Market Expansion

The acquisition has also sparked a strategic partnership in PRT between Meiji Yasuda and Legal & General. This collaboration aims to leverage combined expertise to take advantage of opportunities in the growing U.S. PRT market. George Palms, CEO of the Retirement division at Banner Life and William Penn, highlighted the growth potential fueled by a shared commitment to service excellence and pension expertise.

For Meiji Yasuda, integrating the Banner Life family of companies represents a strategic expansion in the U.S., enhancing its portfolio with a dynamic organization committed to growth and technological innovation. Daisaku Shintaku, Senior Managing Executive Officer at Meiji Yasuda, expressed confidence in the partnership's potential to deliver innovative insurance solutions tailored for the American market.

In 2025, Banner Life catered to more than 1.6 million policyholders and managed retirement benefits for over 200,000 annuitants. Their integration into Meiji Yasuda is expected to bolster the company's service capabilities, fostering continued growth and nurturing innovation within the competitive insurance industry.

For further details on the acquisition or to learn more about the involved companies, visit Banner Life or Meiji Yasuda.