NU Online News Service, Feb. 19, 2:47 p.m. – Manulife Financial Corp., Toronto, has agreed to acquire Zurich Life Insurance Company of Canada from Zurich North America Canada, an affiliate of Zurich Financial Services Inc., Zurich, through the purchase of Zurich Life stock.
Manulife hopes to complete the deal, which includes 193,000 individual life insurance policies, 2,900 individual annuity contracts, 547 group pension contracts and the equivalent of about $25 million in U.S. dollars in segregated fund assets, by March 25.
The individual life policies generate about $65 million in gross written premium income each year, and the group pension contracts have about 4,800 certificateholders, Manulife says.
The value of the deal was not disclosed.
Manulife acquired Zurich Life’s group life and health employee benefits business in April 2001.