Manulife Financial (TSE:MFC) has released an update.
Manulife Financial Corporation has announced a significant reinsurance transaction with RGA, involving $5.8 billion of Canadian Universal Life reserves, which is expected to release $0.8 billion in capital. This capital is slated to be returned to shareholders through an expanded share buyback program. The deal, the largest of its kind in Canada, is part of Manulife’s strategic transformation towards higher ROE and lower risk, and it also includes the disposal of $0.6 billion in alternative long-duration assets.
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