Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Manulife Agrees To Acquire Canadian Zurich Life Unit

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.