Manulife Strikes Reinsurance Deal for $4.3 Billion of Policies [Financial Post (Toronto, Ontario, Canada)]
Manulife Financial Corporation (MFC)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Manulife Financial Corp. has struck another deal to offload some of its less-profitable assets, agreeing to reinsure C$5.8 billion ($4.3 billion) of Canadian policies with RGA Life Reinsurance Co. of Canada. The deal will allow the Toronto-based insurer and asset manager to release C$800 million in capital, which it plans to return to shareholders through share buybacks, according to a statement Monday. Manulife will continue to administer the policies, which are a block of Canadian universal life-insurance policies with a low return on equity. Article content Article content “This transaction is the largest universal life reinsurance transaction in the Canadian insurance industry and represents another milestone in our journey to transform our portfolio to higher-ROE and lower-risk businesses,” Manulife Chief Executive Officer Roy Gori said in
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