Acquisitions · Insurance / retirement
Meiji Yasuda's US unit The Standard buys Securian's retirement recordkeeping business
- Buyer
- Meiji Yasuda Life (via StanCorp / The Standard) (Tokyo)
- Target
- Securian Financial's retirement plan recordkeeping business, St. Paul, Minnesota
- Value
- Not disclosed
- Status
- Completed December 1, 2022.
- Date
- 2022-10-19
StanCorp Financial, the Oregon insurer known as The Standard and owned by Meiji Yasuda Life, agreed to buy Securian Financial's recordkeeping business for employer-sponsored defined contribution plans. The price was not disclosed. The deal closed on December 1, 2022.
Why it matters
Recordkeeping is a scale business, and the deal adds plans and participants to The Standard's group retirement arm at a time when Meiji Yasuda was steadily building its US earnings base.
What changed hands
The Standard, based in Portland, Oregon, sells retirement plans mainly to small and midsize businesses. Securian Financial, based in St. Paul, Minnesota, offers defined contribution and defined benefit plans. The deal moved Securian's retirement employees, managers, client relationships and distribution networks to The Standard, but not Securian's pension risk transfer or institutional retirement businesses.
What both sides said
The Standard's president and chief executive Dan McMillan said it had studied US retirement plan growth for some time and saw Securian as a like-minded partner. The combined business runs under The Standard brand.
Sources
Kakehashi M&A News home
