Manulife Financial Corporation has completed its previously announced transaction to reinsure biometric risk on a block of long-term-care policies with C$3.2 billion in reserves to Munich American Reassurance Company, known as Munich Re Life US and a subsidiary of Munich Re Group. The reinsurance became effective July 1, 2026, and reflects an 80% quota share based on the IFRS 17 current estimate of the present value of future cash flows, risk adjustment and contractual service margin. Manulife, headquartered in Toronto, served more than 37 million customers across 25 markets at the end of 2025, with more than 37,000 employees and over 106,000 agents. Munich Re Life US is a U.S. reinsurer focused on life and disability reinsurance, digital transformation, financial reinsurance and merger-and-acquisition support.