Hideki Nagashima, president and group chief executive of Meiji Yasuda, said: “We are pleased to announce this landmark transaction, which will accelerate Meiji Yasuda’s international growth strategy – strengthening our position in the US life insurance market, deepening our long-standing partnership with L&G in asset management, and enabling access to the US PRT market.
Antonio Simoes, group chief executive of L&G, said: “This is a transformative transaction that brings significant strategic and financial benefits to the group and demonstrates our commitment to deliver on our strategy – sharpening our focus on core businesses, leveraging the synergies between them, and driving sustainable growth to enhance shareholder returns.
“This strategic partnership brings together two highly complementary global businesses, with a shared ambition for growth, and will enable us to capitalise on the large market opportunities in US PRT while driving scale and profitability in global asset management.”.
L&G has said around £400 million will be used from its windfall to fund its US pension risk transfer (PRT) partnership with Meiji Yusada.
It said the Japanese life insurance firm plans to take a 5% stake in L&G as part of the move.
