Raptors return on investment is the real dealMLS Cup the winning goal in record-breaking season for soccer in North AmericaNorth America’s oldest sport catches momentum in new professional localesCanadian Football League fanatics fuel financialsCanada’s Davis Cup team finding loveManulife Financial Corp. signage is displayed on a clock in Battambang, Cambodia, on Monday, Aug. 7, 2017.
The deal will allow the Toronto-based insurer and asset manager to release C$800 million in capital, which it plans to return to shareholders through share buybacks, according to a statement Monday. Manulife will continue to administer the policies, which are a block of Canadian universal life-insurance policies with a low return on equity.
The deal comes three months after Manulife announced what it called at the time the largest long-term care reinsurance transaction in the industry’s history, reinsuring C$13 billion of reserves with KKR & Co.’s Global Atlantic Financial Group and its partners.Such deals result in lower core earnings, as the insurer no longer books revenue from the policies.
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