The Standard and Pacific Guardian Life Announce Entry into Agreement to Transition Individual Annuities Business

PORTLAND, Ore. & HONOLULU--(BUSINESS WIRE)--Standard Insurance Company (The Standard) and Pacific Guardian Life announced today 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 and the leading carrier of Temporary Disability Insurance (TDI), as well as a nationwide distributor of fixed annuity products. The Standard is a top workplace benefits provider in the U.S.

“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.

About The Standard

The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, voluntary and supplemental benefits, absence management and paid family leave services, retirement plans products and services and individual annuities. For more information about The Standard, visit standard.com and follow us on LinkedIn.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Investment Advisers, StanCorp Real Estate, StanCorp Equities and American Heritage Life Insurance Company.

About Pacific Guardian Life

Founded in 1961, Pacific Guardian Life provides comprehensive insurance solutions designed to benefit both employers and employees. Our products include individual life, Temporary Disability Insurance, individual annuity products and the origination and servicing of commercial mortgage loans. Our services are tailored to meet the evolving needs of modern workplaces, ensuring that your insurance coverage grows seamlessly alongside your company. For more information about Pacific Guardian Life, visit pacificguardian.com.