(Reuters) – British life insurer Legal & General said on Friday it would sell its U.S. protection business to Japan’s Meiji Yasuda for $2.3 billion in cash.
The companies will form a strategic partnership, with Meiji Yasuda holding a 20% stake in L&G’s US Pension Risk Transfer business, and the Japanese insurer will also acquire a nearly 5% stake in L&G.
L&G plans to launch a share buyback programme of an extra 1 billion pounds ($1.24 billion) after the sale.
($1 = 0.8046 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
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