Meiji Yasuda completes acquisition of Banner Life businesses

Banner Life Insurance Company and William Penn Life Insurance Company of New York have completed their acquisition by Meiji Yasuda , following an agreement announced in February 2025. The transaction, valued at approximately $2.3 billion, includes the U.S. term life insurance and pension risk transfer businesses previously owned by Legal & General Group and has received all required regulatory approvals.

The Banner Life family of companies will serve as Meiji Yasuda’s primary U.S. platform for individual life insurance and its sole pension risk transfer presence. Banner Life ranks as the third largest term life insurer in the U.S. and has generated double digit new premium growth over the past three years. Its pension risk transfer business has written more than $14 billion in premium across 130 transactions since launching in 2015.

The deal also establishes a long term strategic pension risk transfer partnership between Meiji Yasuda and Legal & General. Leadership at Banner Life and William Penn remains in place, with Mark Holweger continuing as president and CEO.