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Manulife enters $5.4 billion reinsurance agreement with RGA for LTC reserves

Nov 20, 2024•over 1 year ago

Contract Type

agreement

TorontoFinanceFintechInsurance

Description

Manulife Financial Corporation announced a reinsurance agreement with Reinsurance Group of America (RGA) for $5.4 billion, including $2.4 billion of long-term care (LTC) reserves. This transaction is a milestone in reshaping the company's portfolio towards higher return and lower risk, accelerating the transformation with the second LTC reinsurance transaction within 12 months.

Company Information

Company

Manulife

Location

Toronto, Ontario, Canada

About

Manulife is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We have more than 40,000 employees, over 116,000 agents serving ~34 million customers worldwide, and over $1.3 trillion in assets under management and administration.

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Agreement Insights

Based on industry data
Contract momentum indicator
Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months