(Bloomberg) -- Manulife Financial, Canada’s largest life insurer, agreed to buy New York Life Insurance’s retirement plan services business in a deal that will boost assets under administration by about $50 billion.

Manulife’s 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 Hancock’s life-insurance policies. Terms of the deals weren’t disclosed.

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