TORONTO, Oct. 1, 2026 /PRNewswire/ -- Manulife Financial Corporation ("Manulife" or the "Company") announced today that it has closed1 the previously announced transaction to reinsure biometric risk on a block of long-term care policies with $3.2 billion of reserves2 to Munich American Reassurance Company ("Munich Re Life US"), a subsidiary of Munich Re Group.
For more information on the transaction, please see the news release from our August 5th, 2026, announcement.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange.
About Munich Re Life US
Munich Re Life US, a subsidiary of Munich Re Group, is a leading US reinsurer with a significant market presence and extensive technical depth in all areas of life and disability reinsurance. Beyond vast reinsurance capacity and unrivaled risk expertise, the company is recognized as an innovator in digital transformation and aims to guide carriers through the changing industry landscape with dynamic solutions insightfully designed to grow and support their business. Munich Re Life US also offers tailored financial reinsurance solutions to help life and disability insurance carriers manage organic growth and capital efficiency as well as M&A support to help achieve transaction success.
Media Inquiries
Fiona McLean
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Investor Relations
Derek Theobalds
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Note: All figures and estimates are based on June 30, 2026, position, unless otherwise noted, and are expressed in Canadian dollar, based on exchange rate of US$1:00 to C$1.41875. | |
1 | The effective date of the reinsurance is July 1, 2026. |
2 | IFRS reserve figure of C$3.2B at 80% quota share, reflecting IFRS 17 current estimate of present value of future cash flows + risk adjustment + contractual service margin. |
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SOURCE Manulife Financial Corporation