Manulife announces largest Canadian Universal Life reinsurance transaction [Yahoo! Finance]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Yahoo! Finance
TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated TORONTO March 25, 2024 /CNW/ - Manulife Financial Corporation ("Manulife" or the "Company") announced today it has agreed to reinsure $5.8 billion of reserves of low ROE Canadian Universal Life block to RGA Life Reinsurance Company of Canada ("RGA"). Key Highlights of the Transaction: Reinsures $5.8 billion of reserves of low ROE Canadian Universal Life block Represents largest Universal Life reinsurance transaction in Canada Attractive earnings multiple of 16.2 times and book value multiple of 1.0 times Releases $0.8 billion of capital, which we intend to return to shareholders via share buybacks, resulting in core ROE and core EPS accretion of 0.14pps and , respectively; as well as ROE and EPS accretion of 0.16pps and , respectively Expect to dispose $0.6 billion of alternative long-duration assets ("ALDA") "This transaction is the largest Universal Life reinsurance transaction in the Canadian insurance indust
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