Manulife acquires Standard Life’s Canadian business
Manulife, through its subsidiary The Manufacturers Life Insurance Company, has acquired UK life insurer Standard Life’s Canadian business.
Manulife will acquire Standard Life Financial, Standard Life's Canadian long-term savings and retirement, individual and group insurance business, and Standard Life Investments, its Canadian investment management business for C$4 billion (£2.2 billion).
As part of a collaboration agreement, Manulife will distribute Standard Life’s Investments' funds into Canada, the US and Asia, which is expected to more than treble total assets under management.
“The sale is another major step in furthering Standard Life's strategy to build a global investment solutions business, accelerating the growth profile of the group through: focusing on its market-leading fee-based investment management and savings businesses; reducing Standard Life's exposure to spread/risk income; and advancing Standard Life Investments' global distribution and growth prospects through wider collaboration with Manulife,” said Standard Life.
