Manulife's U.S. unit to buy New York Life's retirement business

Tue Dec 23, 2014 2:25pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Dec 23 (Reuters) - Largest Canadian insurer Manulife Financial Corp's U.S. unit will buy New York Life Insurance Co's retirement services business for an undisclosed amount.

New York Life will assume 60 percent of certain life insurance policies of Manulife's U.S. unit, John Hancock Financial, on a reinsurance basis, the Canadian company said.

Manulife did not disclose the financial details of the deal.

(Reporting by Manya Venkatesh in Bengaluru; Editing by Kirti Pandey)