The Toronto-based insurer announced it is reinsuring reserves, including $6 billion or 14 per cent of long-term care reserves, to KKR subsidiary Global Atlantic, a New York-based retirement and life insurance company, and its partners. Manulife president and CEO Roy Gori said in a release that it’s the “largest long-term care reinsurance transaction ever in the insurance industry.” (The Logic)
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The Toronto-based insurer announced it is reinsuring reserves, including $6 billion or 14 per cent of long-term care reserves, to KKR subsidiary Global Atlantic, a New York-based retirement and life insurance company, and its partners. Manulife president and CEO Roy Gori said in a release that it’s the “largest long-term care reinsurance transaction ever in the insurance industry.” (The Logic)
Talking point: “It is a major milestone in our strategy to reshape our portfolio, reduce risk, deliver value to shareholders and invest in high-potential growth areas in our business,” Gori said. The deal is expected to free up $1.2 billion in capital, which will be returned to shareholders via share buybacks starting February 2024, subject to the approval of the Toronto Stock Exchange. The move will add to the insurer’s core earnings per share and return on equity, Gori added.
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