Mr. Roy Gori reports

MANULIFE CLOSES MILESTONE REINSURANCE TRANSACTION WITH GLOBAL ATLANTIC

Manulife Financial Corp. has successfully closed the previously announced transaction to reinsure four blocks of legacy/low ROE business with Global Atlantic.

"An industry milestone, the transaction is the largest LTC reinsurance transaction ever and our ability to transact with a leading reinsurance counterparty and its LTC reinsurance partner further validates the prudence of our LTC reserves and assumptions," said Manulife president and chief executive officer Roy Gori.

As previously announced, Manulife has received Toronto Stock Exchange and Office of the Superintendent of Financial Institutions approval to commence share buybacks on Feb. 23, 2024, to return unlocked capital from the transaction to its shareholders.

About Manulife Financial Corp.

Manulife Financial is a leading international financial services provider, helping people make their decisions easier and lives better.

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