Manulife Financial closes LTC reinsurance transaction with Reinsurance Group

Manulife (MFC) announced that it has closed the previously announced transaction to reinsure two blocks of legacy business, including a younger block of long-term care, with Reinsurance Group of America (RGA). “With this second milestone LTC reinsurance transaction, we have now reinsured both mature and younger LTC blocks, further validating our prudent LTC reserves and assumptions,” said Manulife President and CEO Roy Gori. “Additionally, this transaction reaffirms our commitment to unlocking shareholder value and further reshapes our portfolio to higher return and lower risk.”