Manulife Completes Reinsurance Transaction with New York Life

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

SOURCE Manulife Financial Corporation