Business
L&G completes transaction with Meiji Yasuda
Legal & General Group Plc has completed the sale of its US insurance entity to Meiji Yasuda for $2.3 billion cash, establishing a long-term partnership and strengthening its US Pension Risk Transfer (PRT) proposition. This transaction generates £1.2 billion in Solvency II capital and an expected IFRS profit exceeding £1.3 billion, with L&G planning to return an additional £1 billion to shareholders via a buyback, bringing the total planned 2026 share buyback to £1.2 billion. Following the completion, Meiji Yasuda will acquire a 5% economic interest in L&G, deepening the corporate relationship. Disclaimer*
About this update from Legal & General Group Plc
[{"type":"text","content":"\n\n\n\n\n\nLegal & General Group Plc\n2 February 2026\n\n\n\n\n\nL&G completes transaction with Meiji Yasuda\n· L&G completes sale of the US insurance entity and establishes long-term partnership with Meiji Yasuda, strengthening the Group's US PRT proposition.\n· This transaction generates £1.2bn Solvency II capital and an expected IFRS profit of greater than £1.3bn, as guided at the time of signing. L&G intends to return an additional[1] £1bn to shareholders from the proceeds of this sale, bringing the Group's total planned 2026 share buyback to £1.2bn.\n· Following completion of the transaction, Meiji Yasuda will acquire a 5% economic interest in L&G, deepening the corporate relationship and further aligning interests.\n \nLegal & General Group Plc (\"L&G\" or the \"Group\") today announces the completion of the sale of its US insurance entity, comprising its US protection and US Pension Risk Transfer (\"US PRT\") businesses, to Meiji Yasuda Life Insurance Company (\"Meiji Yasuda\"), a Japanese mutual life insurance company, for an equity value of $2.3bn paid in cash[2]. By combining their financial strength and PRT expertise, Meiji Yasuda and L&G offer a highly compelling US PRT proposition via Banner Life, characterised by excellent customer service, significant execution experience and long-term policyholder security. \n \nIn 2025, L&G completed 15 US PRT transactions, writing c.$1.8 billion 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.\n \nFollowing 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.\n \nFinancial information:\n \n· The Solvency II capital generation of £1.2bn reflects the net proceeds from the transaction of £1.8bn, less the Own Funds related to the business being sold of £1.0bn and the associated release of SCR of £0.4bn. We expect the pr...