Banner Life Insurance Leads U.S. Term Life Market in 2026
Banner Life Insurance Co. and its subsidiary William Penn Life Insurance Co. have emerged as the top providers of term life insurance in the U.S., commanding a 13% market share in the first quarter of 2026.
By achieving the number one spot, these insurers marked a significant milestone, boosted by an impressive Annualized Premium Equivalent (APE) of $239 million in 2025—representing a 19.5% increase from the previous year. This ascent evidences a sharp upward trajectory for Banner Life, which ranked as the seventh-largest provider in 2018. The success, according to Mark Holweger, the company’s president and CEO, is attributed to strategic investments in technology and personnel, ensuring better collaboration with distribution partners to address life insurance coverage gaps nationwide.
The Role of Technology and Distribution in Success
A critical element behind Banner Life’s rapid growth is its technological innovation, particularly the Horizon platform launched in 2019. This digital tool has revolutionized the insurance application process, enabling applicants to complete forms in about 20 minutes on a mobile device. By facilitating nearly one million applications, the platform has significantly eased access for both advisors and consumers, streamlining the insurance acquisition process.
In addition to tech advancements, Banner Life's diversified distribution strategy has been pivotal. By forging partnerships with traditional insurance agents and financial services firms, the company has broadened its reach, making insurance more accessible to a wider array of consumers.
Financial Strength and Global Expansion
Banner Life's financial stability is underscored by its remarkable performance trajectory, with APE figures growing steadily from $97 million in 2020 to $200 million in 2024. This upward trend and robust market position attracted the acquisition interest of the Japanese insurer Meiji Yasuda Group, which acquired Banner Life in February 2026—a move that aligns with its global expansion strategy.
"Banner Life's achievement in securing the top position within the U.S. market is a testament to their innovation and dedication," said Daisaku Shintaku, Senior Managing Executive Officer at Meiji Yasuda.Daisaku Shintaku, Meiji Yasuda Group
Future Outlook and Industry Implications
Banner Life's 38% increase in term policy counts in the first quarter of 2026 far surpassed the industry’s overall 6% growth, placing it well for continued expansion. With profitable margins on its term life business and strong adherence to IFRS 17 standards, the outlook for Banner Life remains positive. By mid-2026, the company reported an APE of $169 million and a new business Contractual Service Margin (CSM) of $119 million, with a total CSM balance of $1.56 billion.
Founded in 1949, Banner Life has established itself as a leader in the life insurance space, offering strong claims management with a 99% payout rate in 2025. As part of the Meiji Yasuda North America Holdings Inc., the Banner Life family continues to focus on enhancing insurance and retirement products, underscoring its commitment to innovation and service excellence.