Legal & General Group Plc announced on Friday that it agreed to sell its protection business in the United States to Meiji Yasuda Life Insurance Company for $2.3 billion in cash. The Japanese company will also acquire around 5% shareholding in L&G, "deepening the strong corporate relationship and bringing closer alignment of interest between the two companies."

The transaction is expected to be completed toward the end of 2025. "Today’s announcement reflects our commitment to value creation and shareholder returns as we expect to distribute c. 40% of our market cap through dividends and share buybacks over the next three years," L&G CEO Antonio Simoes said.

L&G's shares jumped 6.78% at 9:30 am CET after the deal was announced.