AM Best has commented that the Credit Ratings (ratings) of
The block consists mainly of policies with guaranteed minimum withdrawal benefit riders. The reinsurance deal is expected to close during first-quarter 2022.
The transaction is in line with MFC's previously announced strategy of identifying opportunities to de-risk its liability profile by transferring all or a portion of higher risk and more capital-intensive businesses to third parties, as well as pursuing other internal measures to improve business performance. AM Best believes that MFC's reinsurance agreement with
Upon closing, the transaction is expected to positively benefit capital by approximately
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