US$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, July 2, 2015 /CNW/ - 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
For further information:
Sean B. Pasternak
Roy V. Anderson