Meiji Yasuda Acquires Banner Life Insurance Companies for Strategic Growth
Meiji Yasuda Completes Acquisition of Banner Life Insurance Companies
Meiji Yasuda Group, headquartered in Japan, has finalized its acquisition of Banner Life Insurance Company and William Penn Life Insurance Company of New York from Legal & General Group plc for approximately $2.3 billion. This strategic expansion boosts Meiji Yasuda’s presence in the U.S. insurance industry, targeting key segments such as term life insurance and pension risk transfer (PRT). The deal, initially announced in early 2025, demonstrates Meiji Yasuda's commitment to enhancing its operational capacity and capturing market opportunities.
The acquisition encompasses the U.S.-based term life insurance and PRT sectors formerly overseen by Legal & General Group, marking a significant shift in management and strategic planning. Additionally, Meiji Yasuda and Legal & General have agreed to a strategic PRT partnership, aiming to refine regulatory compliance requirements and optimize service offerings collectively. This collaboration is expected to leverage AI-driven strategies to minimize prior authorization delays, thereby improving efficiency in claim processing and underwriting practices.
Since its inception in 1949 through predecessor companies, the Banner Life family has achieved the status of the third-largest term life insurer in the United States. Its noteworthy expansion is evidenced by substantial new premium growth over the past three years. The PRT division has successfully executed over 130 transactions since 2015, resulting in more than $14 billion in premiums, reinforcing Banner Life’s reputation in risk management and regulatory compliance.
Strategic Growth and Future Outlook
By late 2025, Banner Life and its affiliates were insuring over 1.6 million individuals and managing retirement benefits for more than 200,000 annuitants. This acquisition aligns with Meiji Yasuda’s strategic objectives to fortify its market position in the U.S., enhancing Banner Life's capabilities in term life insurance and PRT sectors. George Palms, CEO of Retirement at Banner Life and William Penn, highlighted the potential for significant growth due to the combined strengths of Meiji Yasuda and Legal & General in a dynamic and expanding market environment.
The agreement establishes Banner Life as Meiji Yasuda's primary platform for individual life insurance and PRT in the United States, fostering a more robust and diversified operational capability. Daisaku Shintaku, a Senior Managing Executive Officer at Meiji Yasuda, asserted, “This transaction brings together Meiji Yasuda’s global strength with the Banner Life family's deep expertise in the U.S. market.” Through enhanced underwriting processes and strategic partnerships, the acquisition aims to redefine industry standards and amplify competitive advantages.