Manulife and RGA seal Canada's largest Universal Life reinsurance deal, enhancing shareholder value
Manulife has successfully completed the largest Universal Life reinsurance transaction in Canadian history with RGA Life Reinsurance Company of Canada.
This accomplishment signals a significant move towards transforming its portfolio into one with higher return on equity (ROE) and lower risk.
The company's President and Chief Executive Officer, Roy Gori, highlighted the closure of this transaction as a key achievement in Manulife's strategic shift, emphasizing its commitment to enhancing shareholder value through attractive portfolio reshaping.
Following this transaction, Manulife received approval from the Office of the Superintendent of Financial Institutions (OSFI) to modify its existing share buyback program, initiated on February 23, 2024.
This amendment aims to redistribute the capital freed up by the deal back to its shareholders, pending further approval from the Toronto Stock Exchange (TSX).
