OTTAWA (dpa-AFX) - Global Atlantic Financial Group, an insurance company
majority owned by KKR & Co. Inc. (KKR) announced on Monday that it has signed a
$10 billion reinsurance deal with Manulife Financial Corp. (MFC.TO, MFC) across
Japan and the U.S. business.

Under the terms, Manulife will reinsure the blocks and transfer general account
assets to Global Atlantic. Manulife will also retain servicing and
administration of the policies.

The transaction is expected to be closed in the first half of 2024.

The block currently has around $10 billion in general account assets across
multiple product lines including payout annuities, whole-life policies, and
long-term care policies.

The Japan whole life block represents approximately $4 billion 574 billion yen
assets making the transaction one of the largest Japanese reinsurance deals in
recent history.



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