Manulife Financial Corp. reinsures $5.8bn Canadian policies with RGA Life, releasing $800m for share buybacks.
Manulife Financial Corp. has agreed to reinsure $5.8bn of Canadian policies with RGA Life Reinsurance Co. of Canada. The deal will release $800m in capital, which Manulife plans to return to shareholders through share buybacks. This transaction represents the largest universal life reinsurance transaction in the Canadian insurance industry and further transforms Manulife's portfolio to higher return on equity and lower risk businesses.
March 25, 2024
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