Manulife Closes Variable Annuity Reinsurance Deal With Venerable Holdings

Manulife announced today that its subsidiary, John Hancock Life Insurance Company, 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. "This transaction unlocks value for our shareholders and meaningfully reduces our go-forward risk profile, while contributing to our goal of shifting the earnings mix of our franchise to focus on our highest potential businesses. We are pleased to have achieved such a strong outcome," added Mr. Gori.

John Hancock will continue to administer the policies, providing for a seamless customer service experience. For more information on the transaction, please see our November 15, 2021 announcement.

About Manulife

Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of September 30, 2021, we had CAD$1.4 trillion (US$1.1 trillion) in assets under management and administration, and in the previous 12 months we made CAD$31.6 billion in payments to our customers.

Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.