Banner Life Achieves Status as Leading U.S. Term Life Insurer with Remarkable Growth

Banner Life's Remarkable Ascendancy in the Insurance Market

In an impressive turnaround story, Banner Life Insurance Company, along with its subsidiary William Penn Life Insurance Company, has surged to the forefront of the U.S. term life insurance industry. Taking the title of the largest provider, they have captured a notable 13% market share by the first quarter of 2026, demonstrating a phenomenal growth journey since being the seventh-largest provider in 2018. This remarkable journey reached a new pinnacle with Annualized Premium Equivalent (APE) hitting $239 million in 2025, marking a staggering 19.5% increase over the previous year.

Mark Holweger, President and CEO of Banner Life and William Penn, expressed his pride in this achievement, underlining that this success stems from substantial investments in technology, people, and a robust corporate culture. "Achieving the number one ranking is an incredible accomplishment. We're fully committed to addressing the life insurance gap in the U.S. market with our distribution partners," Holweger stated.

A significant factor contributing to this success is the digital transformation triggered by the Horizon platform, launched in 2019. This innovative platform has radically altered the customer experience by streamlining the application process. The Horizon platform has guided nearly one million applicants through an easy-to-navigate digital application that can be completed in just 20 minutes using a mobile device. Impressively, over 40% of applicants receive an instant decision, while nearly 85% manage to secure an exam-free decision, showcasing the platform's efficiency.

Moreover, Banner Life's customer-centric distribution model has played a crucial role in fostering growth. By forming diverse partnerships—from traditional insurance agents to internet-based finance platforms—the company has expanded its reach, ensuring customers can easily access coverage solutions tailored to their needs.

The foundation for Banner Life's term insurance business began to show promise back in 2018, generating $97 million. The following years reported consistent growth: $118 million in 2021, $123 million in 2022, $171 million in 2023, and $200 million in 2024. This multi-year trajectory of strong performance ultimately attracted the attention of the Meiji Yasuda Group, resulting in their acquisition of the Banner Life family of companies in February 2026. This strategic acquisition signifies Meiji Yasuda's ambition towards enhancing their global footprint in the insurance sector.

Daisaku Shintaku, Senior Managing Executive Officer of Meiji Yasuda, remarked on the achievement, acknowledging the team's expertise and dedication in the U.S. market. He noted that their focus will remain on developing innovative solutions that help bridge the life insurance gap using advanced technology for faster and more accurate decision-making.

By the end of Q1 2026, Banner Life's term policy counts increased by 38%, far exceeding the industry average of just 6%. This swift expansion is indicative of the company's momentum and position as a market leader. Furthermore, Banner Life's term life business operates profitably, contributing significantly to the Contractual Service Margin (CSM). As of June 2026, the company had generated a notable $169 million in APE while also accumulating a new business CSM of $119 million, with a total balance of $1.56 billion.

The Banner Life family of companies, established in 1949, operates across the U.S., offering a diverse array of term life insurance and retirement products. In 2025, they achieved an impressive record—paying out claims to nearly 4,000 families and securing retirement plans for 27,000 annuitants. With a commitment to ongoing improvement and customer welfare, Banner Life continues to position itself as a pillar of support in critical times.

For those interested in learning more about their offerings, details can be found at www.bannerlife.com. The journey of the Banner Life family of companies is a testament to innovation, resilience, and dedication to serving the needs of policyholders.