US$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, July 2, 2015 /PRNewswire/ - Manulife Financial
Corporation ("Manulife") today announced that its U.S. Division
(John Hancock Financial) has successfully completed its previously
announced reinsurance transaction through which New York Life has
assumed, on a reinsurance basis, a net 60 percent interest in John
Hancock's in-force participating life insurance closed block, which
was written prior to John Hancock's demutualization in 2000.
John Hancock will continue to service the policies and there will
be no change in contract terms or policyholder benefits as a result
of the reinsurance.
The reinsurance transaction was announced on December 23, 2014, along with an agreement under
which John Hancock would acquire New
York Life's Retirement Plan Services (RPS) business.
The acquisition of the Retirement Plans Services business closed on
April 14, 2015.
New York Life also announced the completion of the reinsurance
transaction in a separate news release issued today.
About John Hancock Financial and Manulife
Manulife is a leading Canada-based financial services group with
principal operations in Asia,
Canada and the United States. We operate as John Hancock
in the U.S. and as Manulife in other parts of the world. We provide
strong, reliable, trustworthy and forward-thinking solutions for
our customers' significant financial decisions. Our international
network of employees, agents and distribution partners offers
financial protection and wealth management products and services to
millions of clients. We also provide asset management services to
institutional customers. Assets under management by Manulife and
its subsidiaries were approximately C$821
billion (US$648 billion) as at
March 31, 2015.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE
and PSE, and under '945' on the SEHK. Manulife can be found on the
Internet at manulife.com.
The John Hancock unit, through its insurance companies,
comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range
of financial products, including life insurance, annuities,
investments, 401(k) plans, long-term care insurance, college
savings, and other forms of business insurance. Additional
information about John Hancock may be found at johnhancock.com
We operate as John Hancock in the United States
and Manulife in other parts of the world. |
SOURCE Manulife Financial Corporation