C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Feb. 22,
2024 /PRNewswire/ - February
22, 2024 – Manulife announced today that it has successfully
closed the previously announced transaction1 to reinsure
four blocks of legacy/low ROE business with Global Atlantic.
"An industry milestone, the transaction is the largest LTC
reinsurance transaction ever, and our ability to transact with a
leading reinsurance counterparty and its LTC reinsurance partner
further validates the prudence of our LTC reserves and
assumptions," said Manulife President and Chief Executive Officer
Roy Gori.
As previously announced, Manulife has received TSX and OSFI
approval to commence share buybacks on February 23, 2024, to return unlocked capital
from the transaction to its shareholders.
For more information on the transaction, please see the news
release, slides and webcast from our December 11th, 2023, announcement.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our Global Wealth and Asset Management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2023, we had more than 38,000 employees,
over 98,000 agents, and thousands of distribution partners, serving
over 35 million customers. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges, and under '945' in
Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
FOOTNOTES
- The effective date of the transaction is January 1, 2024.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
From time to time, Manulife makes written and/or oral
forward-looking statements, including in this presentation. In
addition, our representatives may make forward-looking statements
orally to analysts, investors, the media and others. All such
statements are made pursuant to the "safe harbour" provisions of
Canadian provincial securities laws and the U.S. Private Securities
Litigation Reform Act of 1995.
The forward-looking statements in this document include, but are
not limited to, statements with respect to possible share buybacks
under a normal course issuer bid. Although we believe that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements and they
should not be interpreted as confirming market or analysts'
expectations in any way.
Certain material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Important
factors that could cause actual results to differ materially from
expectations include but are not limited to: general business and
economic conditions (including but not limited to the performance,
volatility and correlation of equity markets, interest rates,
credit and swap spreads, inflation rates, currency rates,
investment losses and defaults, market liquidity and
creditworthiness of guarantors, reinsurers and counterparties); the
ongoing prevalence of COVID-19, including any variants, as well as
actions that have been, or may be taken by governmental authorities
in response to COVID-19, including the impact of any variants;
changes in laws and regulations; changes in accounting standards
applicable in any of the territories in which we operate; changes
in regulatory capital requirements; our ability to obtain premium
rate increases on in-force policies; our ability to execute
strategic plans and changes to strategic plans; downgrades in our
financial strength or credit ratings; our ability to maintain our
reputation; impairments of goodwill or intangible assets or the
establishment of provisions against future tax assets; the amount
of contractual service margin recognized for service provided; the
accuracy of estimates relating to morbidity, mortality and
policyholder behaviour; the accuracy of other estimates used in
applying accounting policies, actuarial methods and embedded value
methods; our ability to implement effective hedging strategies and
unforeseen consequences arising from such strategies; our ability
to source appropriate assets to back our long-dated liabilities;
level of competition and consolidation; our ability to market and
distribute products through current and future distribution
channels; unforeseen liabilities or asset impairments arising from
acquisitions and dispositions of businesses; the realization of
losses arising from the sale of investments classified as fair
value through other comprehensive income; our liquidity, including
the availability of financing to satisfy existing financial
liabilities on expected maturity dates when required; obligations
to pledge additional collateral; the availability of letters of
credit to provide capital management flexibility; accuracy of
information received from counterparties and the ability of
counterparties to meet their obligations; the availability,
affordability and adequacy of reinsurance; legal and regulatory
proceedings, including tax audits, tax litigation or similar
proceedings; our ability to adapt products and services to the
changing market; our ability to attract and retain key executives,
employees and agents; the appropriate use and interpretation of
complex models or deficiencies in models used; political, legal,
operational and other risks associated with our non-North American
operations; geopolitical uncertainty, including international
conflicts; acquisitions or divestitures, and our ability to
complete transactions; environmental concerns, including climate
change; our ability to protect our intellectual property and
exposure to claims of infringement; and our inability to withdraw
cash from subsidiaries and the fact that the amount and timing of
any future common share repurchases will depend on the earnings,
cash requirements and financial condition of Manulife, market
conditions, capital requirements (including under LICAT capital
standards), common share issuance requirements, applicable law and
regulations (including Canadian and U.S. securities laws and
Canadian insurance company regulations), and other factors deemed
relevant by Manulife, and may be subject to regulatory approval or
conditions.
Additional information about material risk factors that could
cause actual results to differ materially from expectations and
about material factors or assumptions applied in making
forward-looking statements may be found in our 2023 Management's
Discussion and Analysis under "Risk Management and Risk Factors"
and "Critical Actuarial and Accounting Policies", and in the "Risk
Management" note to the Consolidated Financial Statements in our
most recent annual and interim reports and elsewhere in our filings
with Canadian and U.S. securities regulators.
The forward-looking statements in this presentation are, unless
otherwise indicated, stated as of the date hereof and are presented
for the purpose of assisting investors and others in understanding
our financial position and results of operations, our future
operations, as well as our objectives and strategic priorities, and
may not be appropriate for other purposes. We do not undertake to
update any forward-looking statements, except as required by
law.
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SOURCE Manulife Financial Corporation