Japanese life insurance group Meiji Yasuda Life Insurance Co. announced Monday that it finalized its $2.3 billion acquisition of the Banner Life Insurance Co. and William Penn Life Insurance Co. of New York, a U.S.-based insurance provider that is active in pension risk transfer market.
As part of the transaction, announced in February 2025, the Banner Life family of companies, previously a life insurance and pension risk transfer unit of Legal & General Group PLC, will serve as the U.S. life insurance and pension risk transfer arm of Meiji Yasuda.
As part of the transaction, Meiji Yasuda and Legal & General will create a long-term strategic PRT partnership, according to a statement from Meiji Yasuda. In 2025, the firms announced that Meiji Yasuda would make co-investments with L&G across several private asset classes.
“Today marks the start of an exciting new chapter for the U.S. PRT business,” said George Palms, Banner Life’s CEO of retirement, in a statement. “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.”
Since its inception in 2015, Banner Life has written more than $14 billion in premiums on more than 130 PRT transactions, according to the company. Last year, Banner Life insured more than 1.6 million customers and administered retirement benefits for more than 200,000 beneficiaries.
“We are pleased to welcome The Banner Life family of companies and its subsidiaries into the Meiji Yasuda Group,” said Daisaku Shintak, Meiji Yasuda’s senior managing executive officer, in a statement. “This transaction brings together Meiji Yasuda’s global strength and The Banner Life family of companies’ deep expertise in the U.S. market, creating a partnership focused on delivering innovative, customer-focused solutions for American families and businesses.”
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Tags: Banner Life Insurance Co., Meiji Yasuda Life Insurance Company, Pension Risk Transfer