Manulife Financial Corporation closed its previously announced transaction. The company reinsured a block of long-term care policies with Munich Re. This deal transfers biometric risk on policies with C$3.2 billion in reserves to a subsidiary of the global reinsurer.
The strategic move aims to improve Manulife's capital efficiency. It also reduces the company's exposure to the long-term care market, which has faced challenges.
Manulife initially announced the transaction on August 5, 2026. The effective date for the deal was July 1, 2026.