L&G has completed the sale of its US insurance entity to Japanese mutual life insurance company, Meiji Yasuda, for an equity value of $2.3bn paid in cash.
L&G’s US insurance entity comprises its US protection and US pension risk transfer (PRT) businesses.
In 2025, L&G completed 15 US PRT transactions, writing c.$1.8bn in premium through Banner Life and William Penn. With the US PRT market consistently exceeding $40bn in annual volumes, there remains a significant opportunity for continued growth.
Following completion of the transaction, Meiji Yasuda will acquire a 5% economic interest in L&G, deepening the corporate relationship and further aligning interests. Meiji Yasuda and L&G continue to collaborate closely on future opportunities as they further deepen their long-term partnership.
António Simões, group CEO of L&G, said: “This exciting long-term partnership with Meiji Yasuda delivers significant financial and strategic benefits for L&G today and opportunities for the future. It strengthens our balance sheet, releases capital and enables us to accelerate growth in US PRT through a partnership with a highly regarded, long term investor. Crucially, it supports enhanced returns for shareholders, with a share buyback in 2026 of £1.2bn, while allowing us to reinvest in priority growth areas to drive sustainable long-term value, and I am delighted that Meiji Yasuda will now acquire a 5% economic interest in L&G, further deepening our partnership.”
