Manulife Financial Corporation · TSX:MFC
Manulife Financial — Merger or Acquisition (March 2024)
9 slides from Manulife Financial's merger presentation, Mar 25, 2024
Slide 1: Manulife announces largest Canadian Universal Life reinsurance transaction
Manulife announces largest Canadian Universal Life reinsurance transaction March 25, 2024
Slide 2: Caution regarding forward-looking statements
Caution regarding forward-looking statements From time to time, Manulife makes written and/or oral forward-looking statements, including in this presentation. In addition, liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising fro
Slide 3: Milestone reinsurance transaction that further transforms our portfolio toward higher ROE
Milestone reinsurance transaction that further transforms our portfolio toward higher ROE 1. Executed the largest ever Universal Life reinsurance transaction in Canada Reinsuring $5.8 billion of reserves1 of low ROE Canadian Universal Life block Full risk transfer with RGA, a highly-rated global
Slide 4: Delivering significant value for shareholders
Delivering significant value for shareholders Accretive to key financial metrics Attractive deal multiples (pro forma, post-share buybacks) 16.2x 1.0x Earnings multiple1 Book value multiple2 +0.14pps +$0.01 Core ROE Core EPS $0.8B $50M accretion4 accretion4 Capital Foregone release Core Earnings3 De
Slide 5: Notable transactions
Continued momentum in reducing legacy and low ROE business and freeing up capital to return to shareholders +$11B 2019 Reinsurance of Canadian payout annuities risks to 2021 2024 Notable transactions PartnerRe Reinsurance of U.S. Reinsurance of Variable Annuities (VA) Canadian UL to RGA Longevity ri
Slide 6: Transaction summary
Transaction summary • We have entered into an agreement to reinsure a portion of Canadian low ROE Universal Life insurance block to RGA Life Reinsurance Company of Canada ("RGA") Deal structure • Full risk transfer (100% quota share) with collateral protection • Manulife will continue to administer
Slide 7: Footnotes
Footnotes Slide Footnote Note: All data as of December 31, 2023, unless otherwise noted. All figures and estimates based on exchange rate of US$1.00 to C$1.3186. 1 IFRS 17 current estimate of present value of future cashflows + risk adjustment + contractual service margin. 2 On an annualized basis p
Slide 8: Investor Relations
Hung Ko Jun Bu Global Head, Investor Relations AVP, Investor Relations hung_ko@manulife.com jun_bu@manulife.com Investor Relations 416 806 9921 437 423 8267 contact information 200 Bloor Street East Toronto, ON M4W 1E5 200 Bloor Street East Toronto, ON M4W 1E5 Yan Decelles Craig Knight AVP, Investor
Slide 9: Manulife
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