MFC - Manulife Closes Largest Canadian Universal Life Reinsurance Transaction with RGA | Benzinga
TSX/NYSE/PSE: MFC SEHK: 945 C
TORONTO, April 2, 2024 /PRNewswire/ - Manulife announced today that it has successfully closed1 the previously announced transaction to reinsure a low ROE Canadian Universal Life block with RGA Life Reinsurance Company of Canada.
"Closing this deal represents another milestone in our journey to transform our portfolio to higher ROE and lower risk businesses," said Manulife President and Chief Executive Officer Roy Gori. "This transaction, the largest Universal Life reinsurance transaction in the Canadian insurance industry, confirms our continued momentum in executing on our strategy of reshaping our portfolio at attractive terms and our commitment to unlocking shareholder value."
As previously announced, Manulife has received OSFI approval to amend our current share buyback program, which commenced on February 23, 2024, to return unlocked capital from the transaction to its shareholders. The amended NCIB remains subject to the approval of the Toronto Stock Exchange ("TSX").
For more information on the transaction, please see the ...