In addition to the pension business, Manulife announced Monday that it is also getting Zurich’s life insurance and wealth management business as well as its annuity and segregated fund operations.
No purchase price was disclosed for the deal that executives said should close by March 25, according to Monday’s announcement.
Besides 547 Zurich Life group pension contracts, Manulife will get control of 193,000 individual life insurance policies, 2,900 individual annuity contracts and segregated fund assets of about $41 million.
This is the second deal in two years between the two companies. Manulife acquired Zurich Canada’s former group life and health insurance business in a deal in 2000.
Monday’s purchase by Manulife continues the recent consolidation of the insurance industry in Canada. Earlier this year, Sun Life Financial announced a $7.3 billion takeover for Clarica Life, an insurance company based in Waterloo, Ontario.