L&G is selling Banner Life and William Penn to Meiji Yasuda, establishing a strategic partnership to enhance their positions in the U.S. Pension Risk Transfer market.

Target Information

Legal & General (L&G) has entered into an agreement to sell its subsidiaries, Banner Life and William Penn, to Japan's Meiji Yasuda Life Insurance Company. This strategic move, announced in February 2025, is part of a broader initiative to foster a long-term Pension Risk Transfer (PRT) partnership between the two organizations. The transaction is slated to be completed in early 2026, pending requisite regulatory approvals.

The sale highlights the financial robustness of both L&G and Meiji Yasuda, as both companies aim to leverage their combined strengths to enhance the financial security of U.S. PRT clients. L&G's operational integrity is underlined by its recent achievements, including winning 15 U.S. PRT transactions valued at approximately $1.8 billion in premiums through Banner Life and William Penn in 2025.

Industry Overview

The U.S. Pension Risk Transfer industry has seen significant growth in recent years, driven by increasing corporate interest in derisking pension obligations and improving ba