Meiji Yasuda Acquires Banner Life and William Penn: A Strategic Growth Move

Meiji Yasuda Group, headquartered in Tokyo, has finalized its acquisition of Banner Life Insurance Company and William Penn Life Insurance Company of New York in a strategic move valued at approximately $2.3 billion. Initially announced in February 2025, this acquisition includes the U.S. term life and pension risk transfer operations previously owned by Legal & General Group plc. This acquisition positions Banner Life as Meiji Yasuda’s primary individual life insurance entity in the U.S. and the exclusive provider of pension risk transfer services.

The transaction, now completed following regulatory approval, expands Meiji Yasuda’s presence in the U.S. market, particularly in term life insurance and pension risk transfer sectors. Mark Holweger, President and CEO of Banner Life and William Penn, expressed enthusiasm about the integration, aligning with Meiji Yasuda's customer-first ethos to continue the mission of protecting more families and businesses.

Market Growth and Strategic Partnerships

Currently ranked as the third-largest term life insurer in the United States, Banner Life has reported robust premium growth in recent years. Since establishing its pension risk transfer division in 2015, the company has generated over $14 billion in premiums through 130 deals. The acquisition solidifies a long-term strategic partnership with Legal & General Group, enhancing pension risk transfer capabilities.

George Palms, CEO of retirement services at Banner Life and William Penn, noted the acquisition's growth potential, highlighting the synergy and expertise shared between Meiji Yasuda and Legal & General. This partnership aims to capitalize on the expanding U.S. market opportunities. Daisaku Shintaku, senior managing executive officer at Meiji Yasuda, emphasized their global capabilities combined with Banner Life’s U.S. market expertise, striving to develop innovative, customer-focused insurance solutions.