(Reuters) - British life insurer Legal & General ( LGGNF ) said on Friday it would sell its U.S. protection business to Japan's Meiji Yasuda for $2.3 billion in cash.

The companies will form a strategic partnership, with Meiji Yasuda holding a 20% stake in L&G's US Pension Risk Transfer business, and the Japanese insurer will also acquire a nearly 5% stake in L&G.

L&G plans to launch a share buyback programme of an extra 1 billion pounds ($1.24 billion) after the sale.

($1 = 0.8046 pounds)