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Manulife Financial Corp

Manulife Closes LTC Reinsurance Transaction with RGA

TSX/NYSE/PSE: MFC SEHK: 945                                                                               C$ unless otherwise stated

TORONTO , Jan. 02, 2025 /CNW/ - Manulife announced today that it has closed1 the previously announced transaction to reinsure two blocks of legacy business, including a younger block of long-term care (LTC), with Reinsurance Group of America ("RGA").

"With this second milestone LTC reinsurance transaction, we have now reinsured both mature and younger LTC blocks, further validating our prudent LTC reserves and assumptions," said Manulife President and Chief Executive Officer Roy Gori. "Additionally, this transaction reaffirms our commitment to unlocking shareholder value and further reshapes our portfolio to higher return and lower risk."

For more information on the transaction, please see the news release, slides and webcast from our November 20th, 2024, announcement.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.   

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

FOOTNOTES


1.

The effective date of the transaction is January 1, 2025.



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SOURCE Manulife Financial Corporation