Banner Life Insurance Company and William Penn Life Insurance Company of New York have been acquired by Meiji Yasuda Group. The transaction follows the agreement announced in February 2025 and includes the US term life insurance and pension risk transfer businesses previously owned by Legal & General Group plc. The transaction has closed following receipt of all required regulatory approvals and is valued at approximately $2.3bn.
“We are very pleased to be joining the Meiji Yasuda Group whose customer-first ethos closely aligns with our ambitions and inspires us to continue our mission of protecting more people, families and businesses,” said Mark Holweger, president and CEO of Banner Life and William Penn.
“Now backed by Meiji Yasuda, the Banner Life family of companies has an exciting future ahead and is well positioned to accelerate growth, invest in innovative solutions and continue transforming the customer experience.”
“Today marks the start of an exciting new chapter for the U.S. PRT business,” said George Palms, CEO, Retirement, Banner Life and William Penn.
“Over the past ten years, we have built a business with a strong culture, deep pension expertise, and a drive for customer service excellence. With the combined strength and expertise of both Meiji Yasuda and L&G, we see significant opportunities for growth in a market that continues to expand at a remarkable pace.”
The Banner Life family of companies will serve as Meiji Yasuda’s main US individual life insurance and only pension risk transfer presence.
“We are pleased to welcome The Banner Life family of companies and its subsidiaries into the Meiji Yasuda Group,” said Mr. Daisaku Shintaku, Senior Managing Executive Officer in charge of Meiji Yasuda’s overseas business.
“This transaction brings together Meiji Yasuda’s global strength and The Banner Life family of companies’ deep expertise in the US market, creating a partnership focused on delivering innovative, customer-focused solutions for American families and businesses.”