Manulife

Manulife Reinsurance (Manulife Re) is the global reinsurance arm of Manulife Financial, known for catastrophe retrocession coverage worldwide. In 2024, it earned $137 million after tax and held $537 million in total assets.

History of Manulife Reinsurance

Manulife Re began in 1986 as Manufacturers P&C Limited, incorporated in Bermuda. In 1996, it moved its legal home to Barbados, where it still operates.

Today, it serves as Manulife Financial's global reinsurance arm. Here are some other important moments in Manulife Reinsurance’s history:

• 1887: Canada’s prime minister founded Manufacturers Life, Manulife Re’s parent company
• 1893: opened its first international agency in Bermuda, later expanding into the Caribbean
• 1984: acquired Dominion Life, boosting its assets and reinsurance reach
• 1999: Manulife demutualized and listed shares on multiple stock exchanges
• 2004: acquired John Hancock Financial, expanding its US operations
• 2015: entered a 15-year distribution agreement with DBS Bank in Asia
• 2023: announced a $13 billion reinsurance deal with Global Atlantic
• 2024: closed a $5.4 billion reinsurance transaction with RGA

In early 2025, Manulife Financial completed a $4.3 billion reinsurance deal for its Canadian Universal Life block. While not executed by Manulife Re directly, the transaction shows the group's broader reinsurance growth strategy.

Reinsurance products and services

Manulife Reinsurance focuses on helping clients manage large losses from natural and aviation disasters. Its solutions offer financial stability during extreme events and support long-term earnings protection:

• property catastrophe retrocession: reinsurance protection against hurricane, flood, wildfire, and earthquake losses
• aviation retrocession: financial backing for aviation losses from accidents or extreme weather risks
• short-term reinsurance contracts: one-year risk cover with simplified premium and claims structure
• loss reserve management: support in handling unpaid claims and large unexpected loss developments
• liquidity pool access: capital available during high-claim periods through internal investment channels
• investment-backed reserves: reinsurance backed by investment-grade government and corporate bond portfolios

Manulife Reinsurance serves global property and casualty clients through its Barbados-based subsidiary, Manufacturers P&C Limited. Its services are built for stable capital support and long-term catastrophe risk control.

Culture and core values

Manulife Reinsurance follows the company’s wider mission to help people live better by making decisions easier. Its culture centres on improvement, innovation, and creating a healthier, more inclusive future for customers and employees alike.

Work environment and benefits

They support growth, inclusion, and flexibility as part of their mission to make lives better. Team members work in a culture where learning, well-being, and recognition are part of every career path. Employee benefits include:

• community contribution: employees get paid days to support causes that matter in their local areas
• work flexibility: remote, hybrid, or in-office setups adjust to personal and role-based needs
• career options to explore: staff can move across global roles and shape their own growth path
• inclusive workplace culture: teams thrive in an environment built on shared values and diverse voices
• well-being support: benefits include mental health care, physical wellness, and financial support for families
• elevate knowledge and skills: professional development is backed by mentorship, tools, and learning opportunities

Manulife Reinsurance encourages people to pursue meaningful work while building a future shaped by their own goals.

Inclusion at Manulife Re

The firm fosters a workplace where every voice is respected, supported, and given space to grow. Inclusion is a core strength that connects teams and drives long-term success:

• Canada's Top 100 Employers (2025): recognized for overall workplace excellence
• Top Employers for Young People (2024): supports growth for early-career talent
• Greater Toronto's Top Employers (2025): leads in local employee experience
• Canada's Best Diversity Employers (2025): awarded for inclusive workplace practices
• HR Asia DEI Award (2024): honored for DEI in Asia offices
• America’s Greatest Workplaces for Diversity (2024): John Hancock recognized for US inclusion

Inclusion at Manulife Reinsurance is more than policy. It’s a core advantage for long-term strength. It helps create a resilient, connected workforce that drives meaningful progress.

Sustainability approach

Manulife Re uses its Impact Agenda to guide choices that support real change. The company focuses on social and environmental efforts where it can create the most impact. Its goal is to build a stronger business while helping people, communities, and the planet.

The future at Manulife Reinsurance

Manulife’s US arm, John Hancock, entered a $1.9 billion long-term care reinsurance deal with RGA. The agreement also included $2.2 billion in structured settlements and a 75 percent quota share. Manulife Reinsurance supports the group’s expanding use of reinsurance to manage long-term risk.

Manulife Re closed 2024 with strong earnings of $137 million and a stable asset base. A $215 million capital return was also recorded to optimize overall group capital. Steady performance and strategic flexibility keep it well-positioned in the global reinsurance space.