Manulife announces C$5.4B reinsurance transaction

seekingalpha11-21 05:44

JHVEPhoto/iStock Editorial via Getty Images Manulife Financial Corporation (NYSE:MFC) said on Wednesday that it has entered into a C$5.4B reinsurance agreement with Reinsurance Group of America (RGA),...

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The company will reinsure a combined C$5.4 billion of reserves across two blocks of legacy business to RGA. The blocks include portions of U.S. LTC and U.S. structured settlements. The LTC block represents C$2.4 billion, or 6% of Manulife's total LTC reserves as of September 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. In connection with the transaction, the company expects to dispose C$1.5 billion of ALDA. The transaction is expected to close in early 2025, subject to customary closing conditions. The transaction is expected to reduce the underlying LTC reserve sensitivity to changes in morbidity assumptions by 7%. The transaction is expected to release C$0.8 billion of capital, which the company intends to return to shareholders through common share buybacks post-closing. The transaction is expected to result in an annual reduction to core earnings and net income attributed to shareholders of C$70 million and C$50 million, respectively. 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