Manulife Financial Signs CA$5.4 Billion Reinsurance Deal

MT Newswires Live

2024/11/21

Manulife Financial (HKG:0945) signed a reinsurance agreement to reinsure CA$5.4 billion of its reserves with Reinsurance Group of America, according to a Thursday filing with the Hong Kong bourse.

The deal includes CA$2.4 billion of long-term care (LTC) reserves, the filing said.

Through the agreement, Manulife expects to release CA$800 million of capital that will be returned to shareholders.

The insurer also plans to dispose of CA$1.5 billion of alternative long-duration assets (ALDA), which is expected to close in early 2025, according to the filing.

Price (HKD): $251.20, Change: $+2.2, Percent Change: +0.88%

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