The transaction also establishes a long-term strategic partnership between the two companies in pension risk transfer (PRT) and asset management.
L&G’s U.S. life insurance business operates through Banner Life Insurance Company and William Penn Life Insurance Company of New York under Legal & General Insurance America. The agreement, expected to close by late 2025, remains subject to regulatory approvals in the U.S., UK, Bermuda, and Japan.
The deal brings together two industry leaders with a shared commitment to expanding the U.S. term life insurance market and enhancing protection for American families. Meanwhile, Legal & General Retirement America (LGRA) will continue its PRT operations, ensuring continuity in serving its clients.This sale aligns with L&G’s strategy of optimizing its portfolio while maintaining a strong presence in retirement solutions and asset management.
Commenting on the news, Mark Holweger, chief executive officer for Legal & General Insurance America, the individual insurance division of Banner Life and William Penn, said: “We are very excited to join the Meiji Yasuda family. This transaction reflects the strength and quality of the business we’ve built, marking a significant milestone and a fantastic opportunity for continued growth while staying true to our mission—protecting more American families.”
Since the 2019 launch of its digital platform, Horizon, Banner Life and William Penn have grown from the nation’s 7th largest term life insurance carrier to the 3rd largest1. In 2023, the company significantly outpaced the industry in new policy counts, increasing by 42% compared to an industry average of 3%2. Known for its focus on competitive pricing and a commitment to innovation, today Banner Life and William Penn have 1.5 million policyholders in the United States.
Daisaku Shintaku, managing executive officer for Meiji Yasuda added: “We are delighted to welcome L&G’s market-leading US term life insurance business to the Meiji Yasuda family. With a trusted brand and legacy, this excellent team has an admirable growth trajectory and a shared commitment to customer-oriented products and services. We are ambitious for what we can achieve together, leveraging our nearly 50 years of experience in the U.S. market and our standing as one of Japan’s oldest and largest life insurers; bringing scale, expertise, and resources to keep driving the business forward. This acquisition will help us to accelerate our overseas growth, while providing established access to the U.S. individual life insurance market.”
