Banner Life Insurance Company and William Penn Life Insurance Company of New York, together known as the Banner Life family of companies, announced they have been acquired by Japan’s Meiji Yasuda Group.
The deal transfers the U.S. term life insurance and pension risk transfer (PRT) businesses previously owned by Legal & General Group, which were closed after receiving required regulatory approvals. The companies said the transaction is valued at approximately $2.3 billion, while the payment transferred at completion was $2.6 billion, reflecting purchase price adjustments tied to net asset transfers and business performance since January 1, 2025, and subject to a final post-completion true-up.
Banner Life and William Penn said the acquisition positions the organization to accelerate growth, invest in new solutions, and continue upgrading the customer experience. The company also described the deal as a milestone in Meiji Yasuda’s long-term global growth strategy and a step that deepens the Japanese insurer’s U.S. footprint.
The Banner Life family of companies said it ranks as the nation’s third-largest term life insurer and has generated double-digit new premium growth over the past three years. The PRT operation has written more than $14 billion in premiums across 130-plus transactions since launching in 2015.
As part of the broader arrangement, the companies also announced the formation of a long-term strategic PRT partnership between Meiji Yasuda and Legal & General. Banner Life and William Penn said the combined platform will serve as Meiji Yasuda’s main U.S. individual life insurance presence and its only U.S. pension risk transfer presence, creating a more diversified organization focused on customer-first offerings.
Operationally, the Banner Life family of companies said it insured more than 1.6 million customers in 2025, supported nearly 4,000 families in their moments of need, and administered retirement benefits for more than 200,000 annuitants.
KEY QUOTES
“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. 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.”
Mark Holweger, President and CEO, Banner Life and William Penn
“Today marks the start of an exciting new chapter for the U.S. PRT business. 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.”
George Palms, CEO, Retirement, Banner Life and William Penn
“We are pleased to welcome The Banner Life family of companies and its’ subsidiaries into the Meiji Yasuda Group. 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.”
Daisaku Shintaku, Senior Managing Executive Officer in Charge of Overseas Business, Meiji Yasuda
