Largest Canadian insurer Manulife Financial Corp's U.S. unit will purchase New York Life Insurance Co's retirement services business for an undisclosed amount.New York Life will also assume 60 percent of certain life insurance policies of Manulife's U.S. unit, John Hancock Financial, on a reinsurance basis, the Canadian company said.The deal, expected to close in the first half of 2015, will increase John Hancock's retirement plan assets under administration by 60 percent to about $135 billion.The combined business will have 2.5 million plan participants, Manulife said.
Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 1.45% or $0.275/share to $19.30. In the past year, the shares have traded as low as $16.68 and as high as $20.77. On average, 1808750 shares of MFC exchange hands on a given day and today's volume is recorded at 896064.
Manulife Financial Corporation (MFC) is a Canada-based financial services group with principal operations in Asia, Canada and the United States. Shares of MFC traded higher by 1.36% or $0.3/share to $22.44. In the past year, the shares have traded as low as $18.91 and as high as $23.09. On average, 3208990 shares of MFC.TO exchange hands on a given day and today's volume is recorded at 1331831.
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