Thursday, February 22, 2018

Manulife to sell US assets, scrap John Hancock IPO

Manulife Financial is contemplating pursuing a sale of assets in the US and scrapping the IPO of a John Hancock unit at the same time, according to a Reuters report.

The Canadian insurer is said to be considering the sale of a number of US insurance assets after conducting a strategic review of its US operations, including John Hancock.

Manulife has opted not to continue with an IPO or an outright sale of the John Hancock unit after conducting the review, say sources who spoke to Reuters.

Instead, Manulife is seeking to monetise its less-attractive insurance assets in the US.

These assets include variable annuity and long-term care businesses, the sale of which could bring “several billions of dollars” to the company.

A Manulife spokesman said the company has a long-standing policy to not issue comments on rumour or speculation.

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