Manulife closes u.s. variable annuity reinsurance transaction with venerable holdings, inc.

C$ unless otherwise stated                    tsx/nyse/pse: mfc          sehk: 945 toronto, feb. 1, 2022 /prnewswire/ - manulife announced today that its subsidiary, john hancock life insurance company (u.s.a.) ("john hancock"), has successfully closed the previously announced transaction to reinsure a substantial portion of its legacy u.s. variable annuity block, consisting primarily of policies with guaranteed minimum withdrawal benefits riders, with corporate solutions life reinsurance company, a subsidiary of venerable holdings, inc. "the successful completion of this u.s. variable annuity reinsurance transaction marks an important milestone in our ongoing commitment to optimizing our legacy portfolio," said manulife president & chief executive officer roy gori.
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