11:07 AM EDT, 04/02/2024 (MT Newswires) -- Manulife (MFC.TO) said Tuesday that it has closed the transaction to reinsure a low ROE Canadian Universal Life block with RGA Life Reinsurance Company of Canada.

"Closing this deal represents another milestone in our journey to transform our portfolio to higher ROE and lower risk businesses," said Manulife President and CEO Roy Gori. "This transaction, the largest Universal Life reinsurance transaction in the Canadian insurance industry, confirms our continued momentum in executing on our strategy of reshaping our portfolio at attractive terms and our commitment to unlocking shareholder value."

Manulife previously reported that it has received OSFI approval to amend its current share buyback program, which began on February 23, to return unlocked capital from the transaction to its shareholders. The amended NCIB remains subject to the approval of the Toronto Stock Exchange.

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