Meiji Yasuda Life Insurance will acquire Banner Life Insurance for ¥352.2bn ($2.3bn) and also invest ¥130bn for a 5% equity stake in the US firm's parent, Britain's Legal & General Group. As the domestic market shrinks, a number of Japanese life insurers are expanding overseas for growth.
The Japanese insurers total investment in the US will touch ¥1.4tr. The Japanese insurer also plans to acquire American Heritage Life Insurance. The acquisition, slated to be completed by March 2026, is expected to boost Meiji Yasuda's insurance premium income by around ¥500bn and raise its overseas insurance business ratio from 15% to 26%.
In 2024, Nippon Life invested in US individual annuity company CoreBridge Financial and announced a plan to acquire Resolution Life Group Holdings.