Banner Life Becomes Top U.S. Term Life Insurer with Record-Setting, Profitable Growth

FREDERICK, Md., Aug. 11, 2026 /PRNewswire/ -- Banner Life Insurance Company and William Penn Life Insurance Company of New York's (the Banner Life family of companies) individual insurance division has become the largest U.S. term life insurance provider, capturing 13% of the market¹ in Q1 2026, after achieving its highest-ever Annualized Premium Equivalent (APE) of $239 million in 2025, representing a 19.5% increase in APE over 2024. These results underscore the company's continued momentum in the United States, where it has grown from the seventh-largest provider in 2018 to the top-ranked insurer this year.

"Achieving the number one term life insurer ranking is an incredible accomplishment, one we reached by investing in our people and culture as well as technology, data and machine learning," said Mark Holweger, president and CEO of Banner Life and William Penn. "This is only the beginning. We're moving full steam ahead, working together with our distribution partners to deliver on our mission of closing the U.S. life insurance gap."

The Banner Life family of companies' success stems from its commitment to digital transformation, launching the industry-leading Horizon platform in 2019, which offers a hassle-free online buying experience for Banner Life advisors and their qualified applicants.  Since its launch, the platform has helped guide nearly one million applicants through a digital application that can be completed in as little as 20 minutes from a mobile phone. Today, through Horizon: 

• More than 40% of applicants receive an instant decision²
• Nearly 85% of applicants receive an exam-free decision³  
• 65% of applicants receive a 10-day decision⁴

The company's strategic distribution model has also helped accelerate growth. Designed to make it easier for customers to secure coverage by meeting them where they are, the Banner Life family of companies has forged a range of partnerships, from traditional insurance agents to financial services firms and online platforms to help advise and guide customers through the process.

The $239 million APE builds on a successful track record for the organization that began in 2018. The Banner Life family of companies' term life insurance business generated $97 million in 2020, $118 million in 2021, $123 million in 2022, $171 million in 2023 and $200 million in 2024.

This multi-year strong growth caught the attention of Meiji Yasuda Group, and in February of 2026, Meiji Yasuda acquired the Banner Life family of companies, marking a significant milestone in the Japanese insurer's long-term global growth strategy.

"We are proud to see the Banner Life family of companies reach this milestone, which is a reflection of the team's deep expertise and tremendous efforts in the U.S. market," said Mr. Daisaku Shintaku, Senior Managing Executive Officer in charge of Meiji Yasuda's overseas business. "This is just the beginning as we continue to create innovative solutions and deliver faster, more accurate decisions through advanced technology, ultimately helping close the life insurance gap in America."

Through the first quarter of 2026, Banner Life's term policy counts increased by 38%, dramatically outperforming the industry's 6% increase⁵, with the company poised for continued growth for the remainder of 2026 and in 2027. Additionally, Banner Life's term life business is written at profitable margins, generating significant Contractual Service Margin (CSM), or store of future profits on an IFRS 17 reporting basis. Through June 2026, Banner Life had generated $169M in APE and through Q1 2026, accumulated a new business CSM of $119M and a total balance of $1.56B.   

For more information on the Banner Life family of companies, please visit www.bannerlife.com.

¹Data from LIMRA Q1 sales report of all participating carriers.

²"Instant decision" is defined as the number of Horizon instant decisions and expressed as a percent of total decisions made. Reported for full month May 2026. Excludes reopen, incomplete and withdrawn applications.

³"Exam-free decisions" is defined as a percentage of total decisions from all business submitted through Horizon (term-only applications). Exam-free decision rate is calculated based on decisions in a 30-day period, if an exam was ordered and includes instant decisions. Reported for full month May 2026, Horizon applications only.

⁴"10-day decision rate" is defined as the percent of applications that reached any decision in 10 days or less upon submittal compared to the total number of decisions. 10-day decision rate is calculated based on decisions in a 30-day period.

About the Banner Life family of companies
The Banner Life family of companies, established through its predecessor companies in 1949, consists of two insurance companies, Banner Life Insurance Company, which insures policyholders and annuitants in 49 states, District of Columbia and Puerto Rico, and Banner Life's wholly-owned subsidiary, William Penn Life Insurance Company of New York, which insures policyholders and annuitants in New York. William Penn products are available exclusively in New York; Banner Life is not authorized as an insurer and does not do business in New York. Banner Life and its subsidiaries are owned by Meiji Yasuda North America Holdings Inc, part of Meiji Yasuda Group. Banner Life is dedicated to continually enhancing its term life insurance and retirement products and experience for everyone. And with 99% of term life insurance claims paid to nearly 4,000 families, and retirement secured for about 27,000 annuitants in 2025, the Banner Life family of companies is here when people need us most. The Banner Life family of companies is here for you, here for good and here for better.

SOURCE Banner Life Insurance Company and William Penn Life Insurance Company of New York