(Bloomberg) -- Manulife Financial, Canadas largest life insurer, agreed to buy New York Life Insurances retirement plan services business in a deal that will boost assets under administration by about $50 billion.
Manulifes U.S. unit, John Hancock Financial, will make the acquisition, the Toronto-based company said today in a statement. New York Life will reinsure -- or backstop -- a portion of John Hancocks life-insurance policies. Terms of the deals werent disclosed.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access