Manulife Financial (HKG:0945) signed a reinsurance agreement to reinsure CA$5.4 billion of its reserves with Reinsurance Group of America, according to a Thursday filing with the Hong Kong bourse.
The deal includes CA$2.4 billion of long-term care (LTC) reserves, the filing said.
Through the agreement, Manulife expects to release CA$800 million of capital that will be returned to shareholders.
The insurer also plans to dispose of CA$1.5 billion of alternative long-duration assets (ALDA), which is expected to close in early 2025, according to the filing.
Price (HKD): $251.20, Change: $+2.2, Percent Change: +0.88%
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