Manulife Financial Corporation has closed its previously announced transaction to reinsure biometric risk on a block of long-term care policies with $3.2 billion of reserves to Munich American Reassurance Company, a subsidiary of Munich Re Group known as Munich Re Life US. The reinsurance has an effective date of July 1, 2026. The $3.2 billion figure is an IFRS reserve amount at an 80% quota share, reflecting the IFRS 17 current estimate of the present value of future cash flows plus risk adjustment plus contractual service margin. All figures are based on a June 30, 2026 position and are expressed in Canadian dollars at an exchange rate of US$1.00 to C$1.41875. Manulife, headquartered in Toronto, operates as Manulife in Canada and Asia and primarily as John Hancock in the United States, and trades as MFC on the Toronto, New York, and Philippine stock exchanges and under 945 in Hong Kong.
Manulife Financial CorpManulife closed a $3.2B long-term care reinsurance deal with Munich Re, offloading biometric risk and reducing reserve exposure.
Münchener Rück AGMunich Re's subsidiary Munich Re Life US assumes $3.2B of LTC biometric risk via the reinsurance transaction.
