Manulife's John Hancock makes acquisition

|About: Manulife Financial Corpo... (MFC)|By:, SA News Editor

Manulife's (MFC +1.5%) U.S. division John Hancock agrees to buy New York Life's Retirement Plan Services business for terms undisclosed. In addition, New York Life will assume, on a reinsurance basis, 60% of certain John Hancock life insurance policies. The deal is expected to close in H1.

The purchase will increase John Hancock's RPS assets under administration by about 60%, and the combined RPS businesses will have about $135B in assets under administration, 55K retirement plans, and 2.5M plan participants.