Japanese life insurance company Meiji Yasuda Group completed the acquisition of Banner Life Insurance Company and New York’s William Penn Life Insurance Company (Banner Life family company) for approximately US$2.3 billion.
The acquisition follows a preliminary agreement announced in February 2025 and includes the US term life insurance and pension risk transfer (PRT) businesses previously owned by Legal & General Group plc.
The transaction also includes the establishment of a long-term strategic PRT partnership between Meiji Yasuda and Legal & General Group.
Founded in 1949 by its predecessor company, the Banner Life family of companies is now the third largest term life insurance company in the United States and has achieved double-digit new premium growth over the past three years. Since its inception in 2015, its PRT business has earned more than $14 billion in premiums across more than 130 transactions.
By 2025, the Banner Life family of companies insured more than 1.6 million customers and administered retirement benefits to more than 200,000 annuitants.
The acquisition marks an important milestone in Meiji Yasuda’s long-term global growth strategy and further strengthens its presence in the U.S. market. It also reinforces the Banner Life family of companies’ commitment to increasing the accessibility of term life insurance and ensuring the financial future of their annuitants.
Under the transaction, the Banner Life family of companies will become Meiji Yasuda’s primary individual life insurance and sole pension risk transfer organization in the United States, creating a stronger, more diversified organization.
“Today marks the beginning of an exciting new chapter for the U.S. PRT business,” said George Palms, CEO of Banner Life and William Penn Retirement. “Over the past decade, we have built a business with a strong culture, deep pension expertise and a commitment to excellence in client service. With the combined strength and expertise of Meiji Yasuda and L&G, we see significant growth opportunities in a market that continues to expand at an incredible rate.”
“We are pleased to welcome The Banner Life family of companies and its subsidiaries to the Meiji Yasuda Group,” said Daisaku Shintaku, senior executive officer in charge of Meiji Yasuda’s overseas operations. “This transaction brings together Meiji Yasuda’s global capabilities and The Banner Life family of companies’ deep expertise in the U.S. market, creating a partnership focused on delivering innovative, customer-focused solutions to American families and businesses.”
