Meiji Yasuda Life Insurance to purchase US-based group pension business

If the acquisition materialises, three of Elevance's firms will be under Meiji Yasuda.

StanCorp Financial Group, Inc., the US subsidiary of Meiji Yasuda Life Insurance Company, will acquire three of Elevance Health, Inc.’s subsidiaries.

As part of the agreement, StanCorp. will enter into a distribution partnership and fully acquire Anthem Life Insurance Company (IN), Anthem Life and Disability Insurance Company (NY), and Greater Georgia Life Insurance Company (GA).

Elevance is a major US insurance company which primarily engages in group medical insurance.

Awaiting the approval of Japanese and US regulation authorities, the acquired companies will be wholly owned and consolidated subsidiaries of Meiji Yasuda.

As one of Japan’s largest and oldest insurance companies, Meiji Yasuda stated it will continue to seek potential growth opportunities that could fortify StanCorp’s business in the US.