Manulife and Reinsurance Group Sign Reinsurance Agreement [Yahoo! Finance]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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manulife.com/investor-relations
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Source: Yahoo! Finance
This strategic move is intended to optimize the portfolio and release capital to distribute wealth to its shareholders. The deal is priced at 11.4 times the core earnings multiple and bears testimony to its prudent LTC reserves and assumptions. Per the transaction, Manulife has reinsured its $2.4 billion of long-term care (LTC) reserves by RGA on a full-risk transfer basis. This represents 6% of Manulife's total LTC reserves as of Sept. 30, 2024. The transaction is priced at close to 1.0 times book value, reflecting a modest negative ceding commission on LTC and a nominal ceding commission on the structured settlements block. Upon closing, MFC will lower its TC reserves by 18% and LTC morbidity sensitivity by 17%. This reinsurance agreement also includes a legacy block of U.S. structured settlements with $3 billion of reserves. Though the transaction will be accretive to the core return on equity, it will not impact the bottom line. MFC has increased the core ROE target from 15% t
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MFC
Earnings
- 11/6/24 - Beat
MFC
Sec Filings
- 12/5/24 - Form 6-K
- 12/4/24 - Form 6-K
- 11/21/24 - Form 6-K
- MFC's page on the SEC website