Manulife Financial Corp. Q1 net income down to $866M due to $13B reinsurance deal with Global Atlantic.
Manulife Financial Corp. reports first-quarter net income of $866 million, down from $1.4 billion in Q1 2023 due to a major $13-billion reinsurance deal with Global Atlantic. The deal, the largest long-term reinsurance in history, affected net income but was offset by a boost to other comprehensive income, resulting in neutral impact on book value. Core earnings increased by 16% to $1.8 billion.
May 08, 2024
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