Manulife Financial (TSE:MFC) has released an update.
Manulife Financial Corporation has announced a landmark reinsurance transaction, offloading $5.8 billion of reserves from its low-return Canadian Universal Life portfolio to RGA Life Reinsurance Company of Canada. This strategic move will release $0.8 billion in capital, which Manulife plans to reinvest in shareholder value through an expanded share buyback program. The deal marks a significant step in Manulife’s ongoing transformation towards higher-return, lower-risk operations and underscores its commitment to enhancing shareholder value.
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