Meiji Yasuda Acquires Banner Life: A New Era in U.S. Insurance
Meiji Yasuda Life Insurance Co., a major Japanese insurer, has completed its $2.3 billion acquisition of Banner Life Insurance Co. and William Penn Life Insurance Co. of New York. This acquisition positions these U.S. entities as the American operations hub for Meiji Yasuda’s comprehensive life insurance and pension risk transfer services, marking a significant expansion into the U.S. insurance market.
Strategic Partnership for Growth
Initially announced in February 2025, this merger involves a strategic alliance with Legal & General Group PLC, the former owner of the Banner Life companies. Both Meiji Yasuda and Legal & General aim to establish a long-term partnership, focusing on pension risk transfer (PRT) and co-investment in various private asset classes, enhancing growth and innovation across the industry.
George Palms, CEO of Banner Life's retirement division, stated, “Today marks the start of an exciting new chapter for the U.S. PRT business.” He highlighted that the collaboration offers enormous growth potential within an expanding market, addressing complex regulatory compliance requirements.
Expanding Market Reach and Capabilities
Since 2015, Banner Life has successfully managed over $14 billion in premiums across 130 PRT transactions. In the previous year alone, Banner Life Insurance served over 1.6 million clients and managed retirement benefits for more than 200,000 beneficiaries, reinforcing its strong foothold in risk management and underwriting.
Daisaku Shintak, senior managing executive officer at Meiji Yasuda, expressed enthusiasm for merging Banner Life's expertise with Meiji Yasuda's global capabilities, intending to develop innovative and customer-focused insurance solutions. This merger represents a pivotal move to enhance Meiji Yasuda’s competitive edge in the American insurance industry.
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