(April 2 – 10:10 ET) – Manulife Financial has completed three separate acquisitions in Canada and Asia, adding approximately 1.5 million new policies and more than $17 billion in funds under management.

Manulife has acquired the Commercial Union Life Assurance Company of Canada and the Canadian group life and health employee benefits business of Zurich Canada, plus 1.35 million active insurance policies from Daihyaku Mutual of Japan.

Regulatory approval for the Manulife and CGNU plc transaction means Manulife can proceed to purchase the entire issued share capital of Commercial Union Life Holdings Ltd., including more than $1 billion in insurance and segregated fund assets.

The acquisition involves all of Commercial Union’s life insurance business across Canada, including 125,000 existing policies and its “Lifecheque” critical illness insurance product.

Under a separate agreement, Manulife acquired Zurich’s group life and health employee benefits business, while both companies will also forge a unique strategic distribution alliance. This transaction was announced on December 14, 2000. Under the strategic distribution alliance, the companies are creating a referral network of licensed distributors to allow Manulife to supply a range of group life and health insurance products to Zurich distributors, and Zurich will supply property and casualty products to Manulife group life and
health benefits distributors in Canada.

Finally, Manulife Century, the wholly owned Japanese subsidiary of Manulife Financial, has completed the acquisition of approximately 1.35 million active life insurance policies from Daihyaku Mutual Life.
-IE Staff