Meiji Yasuda Life Insurance Company (“Meiji Yasuda”) and StanCorp Financial Group, Inc. (NYSE: SFG) announced on July 23, 2015 that they have entered into a definitive agreement under which Meiji Yasuda will acquire all outstanding shares of StanCorp (or “The Standard”).

Akio Negishi, President of Meiji Yasuda, said, “We are very pleased to welcome The Standard to the Meiji Yasuda family and to make them a key pillar of our international operations. We have been studying opportunities in the U.S. market for some time and The Standard stood out as our ideal partner. In addition to our common vision and shared roots in the mutual business, like Meiji Yasuda, The Standard is a leader for group insurance in its market and has a strong franchise, talented management team and employee base, and a track record of strong operational and financial performance and disciplined growth. Together, we will provide high-quality, comprehensive insurance services that deliver value to our customers.”

Meiji Yasuda, founded in 1881 and headquartered in Tokyo, is the oldest and third largest life insurance company in Japan, with the largest share of group insurance in the Japanese market.

The Standard, founded in 1906 and headquartered in Portland, Oregon, is a provider of insurance, retirement and investment products and services. Its subsidiaries include The Standard — Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate and StanCorp Equities.

The Standard will become Meiji Yasuda’s primary U.S. presence and partner, operating under The Standard brand within Meiji Yasuda’s global structure. NEEBCo will outreach to clients as more details emerge regarding the impact of this acquisition to covered members and the industry.

For the press release, click here.