Banner Life

Banner Life Insurance Company is part of Legal & General America, a U.S. platform backed by the long-established Legal & General Group in the United Kingdom.[1] Legal & General America describes a history of building a U.S. life-insurance presence through acquisitions and brand development, including the Banner Life franchise that became well known in the independent-agent term market.[1]

Banner's niche has historically been clear: competitively priced individual life insurance, especially term, delivered through independent agents and brokerage channels. That distribution focus influenced its marketing style, which tends to emphasize straightforward underwriting, fast processing, and strong value for healthy buyers rather than broad consumer advertising.

Term insurance is a high-competition segment with thin margins, so operational efficiency matters. Over time, winning carriers invested in faster underwriting, better data, and consistent service for brokers, while managing volatility through careful pricing and (when needed) reinsurance for very large exposures. Those levers became even more important during low interest-rate years, when investment income provided less cushion.

Additional note — Meiji Yasuda acquisition (status as of the latest public updates)

• Deal announced: Legal & General publicly announced an agreement to sell its U.S. protection business (including Banner Life / Legal & General America) to Meiji Yasuda (Japan) on February 7, 2025. Legal & General Group+1
• Regulatory/closing status: Legal & General stated the transaction was expected to complete toward the end of 2025 and was subject to customary closing conditions and regulatory approvals (including approvals in multiple jurisdictions). Legal & General Group+2Banner Life+2
• Most recent “official” progress language: In its 2025 Half Year Results communication, Legal & General said the sale and the broader partnership with Meiji Yasuda is “progressing to plan,” which indicates it was still in-process at that time. Legal & General Group+1

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Legal & General America's materials highlight the organization's scale and support functions, which help carriers like Banner invest in underwriting tools, case management, and back-end policy administration that small insurers often cannot afford.[2]

Sources: [1] Legal & General America - Our History: https://www.lgamerica.com/about-us/company-overview/our-history. [2] Legal & General America - Company Overview (PDF): https://www.lgamerica.com/sites/default/files/2024-09/LGA_Company_Overview.pdf.