Banner Life Strengthens Its North American Position by Joining Meiji Yasuda Group

In a significant advancement for the insurance sector, Banner Life Insurance Company alongside William Penn Life Insurance Company of New York, collectively termed “The Banner Life family of companies”, has officially become part of the Meiji Yasuda Group. This strategic acquisition includes their U.S. term life insurance and pension risk transfer (PRT) businesses that were previously under the ownership of Legal & General Group plc. The deal, valued at approximately $2.3 billion, was completed successfully following the receipt of all essential regulatory approvals.

The Importance of the Acquisition

The integration into the Meiji Yasuda Group represents a robust commitment to further enhancing term life insurance products. The aim is to solidify financial futures for policyholders and annuitants alike. Mark Holweger, the president and CEO of Banner Life and William Penn, expressed optimism about this acquisition, highlighting how it aligns with the company's mission to protect an even larger community of people, families, and businesses. This synergy not only positions Banner Life for accelerated growth but also allows them to invest in innovative solutions that can transform the overall customer experience.

Currently, the Banner Life family is positioned as the third largest term life insurer in the United States, having demonstrated a notable double-digit growth in new premiums over the past three years. Their PRT business has reportedly underwritten over $14 billion in premiums across more than 130 transactions since it began in 2015.

Future Prospects and Strategic Partnerships

As part of this acquisition, a long-term strategic partnership will also be established between Meiji Yasuda and Legal & General Group, indicating a forward-thought approach to expansion in the U.S. market. George Palms, CEO for Retirement at Banner Life and William Penn, remarked that this new chapter paves the way for significant growth opportunities in a rapidly evolving market.

The alignment of Meiji Yasuda’s strengths with the in-depth expertise of Banner Life is expected to result in enhanced services aimed at American families and businesses. The synergy is positioned to diversify and strengthen their operations, as the Banner Life family will now serve as Meiji Yasuda’s primary U.S. individual life insurance and exclusive pension risk transfer arm.

Customer-Centric Innovations Ahead

The Banner Life family of companies prides itself on a customer-first ethos, especially as they leap forward with Meiji Yasuda backing them. The aim is not only to deliver competitive products but also to ensure exceptional customer service, backed by advanced technology to provide faster and more precise decision-making processes.

In 2025, they managed to insure over 1.6 million customers, assisting nearly 4,000 families during critical times and administering retirement benefits for over 200,000 annuitants, showcasing the potential impact of the acquisition on improving customer service standards going forward.

Senior Managing Executive Officer Mr. Daisaku Shintaku of Meiji Yasuda emphasized his enthusiasm in welcoming the Banner Life family into their conglomerate. This acquisition is seen as an opportunity to deliver innovative, customer-focused solutions, further strengthening the insurance landscape in North America.

As both companies embark on this promising journey together, customers can look forward to a brighter future with improved products and services aimed at meeting their diverse needs. For further insights on this acquisition or to learn more about the Banner Life family and Meiji Yasuda, visit Banner Life or Meiji Yasuda.