Manulife announces $5.4 billion reinsurance transaction, including $2.4 billion of long-term care, with RGA [Globe and Mail, The (Toronto, Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Globe and Mail, The
billion capital release will be returned to shareholders via share buybacks Conference call to be held Thursday, November 21, 2024 , at 8:00 a.m. ET ; details below TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated TORONTO Nov. 20, 2024 /CNW/ - Manulife Financial Corporation ("Manulife" or the "Company") announced today that it has entered into a $5.4 billion reinsurance agreement with Reinsurance Group of America ("RGA"), including $2.4 billion of long-term care ("LTC") reserves. Key highlights of the transaction: Reinsuring $2.4 billion of LTC reserves to RGA on a full risk transfer basis Inclusive of our previous LTC reinsurance transaction ("previous transaction"), upon closing we will have cumulatively reduced LTC reserves by 18% and LTC morbidity sensitivity by 17% Transacted LTC block is younger, with a greater proportion of active life reserves than our previous transaction Modest negative 4% LTC cede further validates our reserves and assumptions Transact
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