Pacific Guardian Life Acquires the Standard’s Annuities Side
Standard Insurance Company and Pacific Guardian Life announced a definitive agreement under which The Standard will transition its individual annuities business to Pacific Guardian Life.
The Standard and Pacific Guardian Life are both members of the global Meiji Yasuda Life Insurance Company family. The transaction is expected to close in early 2027, subject to regulatory approvals and other customary closing conditions.
Pacific Guardian Life, founded in 1961, is Hawai’i’s largest life insurance company, as well as a nationwide distributor of fixed annuity products.
“This transaction with our affiliate Pacific Guardian Life uniquely accelerates the business strategy and strategic focus of each company,” said Dan McMillan, president and CEO of The Standard. “From the perspective of The Standard, it allows for added investment and focus on accelerating growth in our core workplace benefits businesses.”
“We are excited to bring this scale and the talented employees of The Standard to our annuities operation,” said Nobutaka Yagi, Board Chair, President and CEO of Pacific Guardian Life. “This transaction will significantly broaden our portfolio of annuity products and distribution network.”
Upon closing, Pacific Guardian Life will acquire The Standard’s individual annuities business, including annuities employees, operations and distribution partnerships. The Standard will retain its closed block of in-force annuities, which will be serviced by the same teams transitioning to Pacific Guardian Life. After closing, Pacific Guardian Life will continue to sell new individual annuities under The Standard brand for a period of time before transitioning to their own brand.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news.