Manulife Financial Corp. has signed a reinsurance deal with Global Atlantic that it says will free up $1.2 billion in capital that it plans to use to buy back shares.
The Toronto-based insurer says it is reinsuring $13 billion of reserves to Global Atlantic and its partners, including $6 billion in long-term care reserves. It is Manulife's third deal with Global Atlantic.
Manulife says the deal is expected to release $1.2 billion of capital that it plans return to shareholders via share buybacks.
Manulife chief executive Roy Gori called the agreement a major milestone for the company as it reshapes its portfolio, reduces risk and delivers value to shareholders.
Manulife says it has received approval from the Office of the Superintendent of Financial Institutions to buy back up to about 2.8 per cent of its outstanding common shares starting in February.
The share repurchase plan remains subject to the approval of the Toronto Stock Exchange.
This report by The Canadian Press was first published Dec. 11, 2023.
The youngest daughter of celebrated Canadian author Alice Munro has opened up about sexual abuse by her stepfather and the deep hurt she felt when her mother chose to support her husband instead of her child.
A coalition of the French left won the most seats in high-stakes legislative elections Sunday, beating back a far-right surge but failing to win a majority.
Tens of thousands of households on Montreal's South Shore have been without electricity since Saturday night after a bus crashed into an electrical pylon.
A community group and an Ottawa city councillor have come forward to condemn the arrival of the far-right group Diagolon after it brought its 'Road Rage Terror Tour' to Ottawa over the weekend.
Summer is already in full swing, but there is still time to plan a vacation — and even save some money, while you're at it.
One week after it ended, WestJet continues to feel the effects of a mechanics strike that nearly shut down the airline's network for 29 hours.
This year, only Conservative leader Pierre Poilievre will be saddling up for the event, while both Prime Minister Justin Trudeau and NDP leader Jagmeet Singh will stay away.
Some leading congressional Democrats privately suggested it was time for U.S. President Joe Biden to abandon his reelection bid.
A woman attending the Rolling Stones concert at BC Place died Friday night, police confirmed.
After six long months of searching for a new home, Isabelle Leblanc says time is running out. The single mother says she's been rejected dozens of times because her five-year-old son with autism has a service dog.
A rock 'n' roll legend made an appearance at a popular Vancouver restaurant over the weekend.
A 72-hour strike notice served by members of the union representing ship and dock foremen in B.C. violated Canada’s labour code and must be rescinded, a federal tribunal ruled Sunday.
A community group and an Ottawa city councillor have come forward to condemn the arrival of the far-right group Diagolon after it brought its 'Road Rage Terror Tour' to Ottawa over the weekend.
Tens of thousands of households on Montreal's South Shore have been without electricity since Saturday night after a bus crashed into an electrical pylon.
In the spring of 2023, a Parks Canada team strung electric fence along a section of the Trans Canada Highway from Lake Louise to the B.C.-Alberta boundary.
Some leading congressional Democrats privately suggested it was time for U.S. President Joe Biden to abandon his reelection bid.
Set atop a hill on the Italian island of Sicily, Agrigento is a heritage tourist’s paradise. But the aqueduct, and others built in modern times, are running so dry that small hotels and guesthouses in the city and nearby coast are being forced to turn tourists away.
A coalition of the French left won the most seats in high-stakes legislative elections Sunday, beating back a far-right surge but failing to win a majority.
British Prime Minister Keir Starmer is seeking to reset relations at home and abroad. During a visit Sunday to Edinburgh, that he billed as an 'immediate reset' with the regional governments of Scotland, Northern Ireland and Wales, Starmer said he would also seek to improve the U.K.'s 'botched' trade deal with the European Union.
A dozen people were inside a movie set church the day Alec Baldwin shot and killed cinematographer Halyna Hutchins and wounded director Joel Souza during a rehearsal for the Western film “Rust.”
Beryl began lashing Texas with rain and intensifying winds Sunday as coastal residents boarded up windows, left beach towns under evacuation orders and prepared for the powerful storm that has already cut a deadly path through parts of Mexico and the Caribbean.
Japan has introduced a tourism tax for Mount Fuji, which has prompted some in Canada to wonder if our own tourist destinations like Niagara Falls and the Bay of Fundy could be potential options for our own tourism tax.
Canada will be reassuring allies of its commitment to the western alliance as Prime Minister Justin Trudeau travels to Washington, D.C., this week to take part in the NATO leaders' summit at a critical time for war-ravaged Ukraine.
While Prime Minister Justin Trudeau took a measured tone when talking about Donald Trump during his first presidency, the Canadian leader has been a little more direct since. As we head closer to a U.S. election this fall, CTVNews.ca takes a look at everything Trudeau has said publicly about the presumptive Republican nominee.
The company producing Al’Fez Natural Tahini has issued a recall for its product, citing Salmonella contamination, according to the Canadian Food Inspection Agency (CFIA).
GLP-1 medications such as Ozempic and Wegovy may help lower the risk of certain cancers, a new study suggests.
Oncologists say radioligand therapy, or RLT, is poised to become a new "pillar" of cancer care, alongside surgery, chemotherapy and radiation.
Scientists have revealed fossils of a giant salamanderlike beast with sharp fangs that ruled waters before the first dinosaurs arrived.
The crew of a NASA mission to Mars emerged from their craft after a yearlong voyage that never left Earth.
Discovering your phone was lost or stolen can be a stressful experience. Here are steps to help recover your device and protect your data.
John Cena announced Saturday night that he will retire from professional wrestling next year after two decades in the ring.
A rock 'n' roll legend made an appearance at a popular Vancouver restaurant over the weekend.
Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, 'Titanic' and two 'Avatar' films, has died. He was 63.
One week after it ended, WestJet continues to feel the effects of a mechanics strike that nearly shut down the airline's network for 29 hours.
Summer is already in full swing, but there is still time to plan a vacation — and even save some money, while you're at it.
Paying back student loans has always been a challenge, but at a time when housing and meals eat up a bigger slice of income than ever, making smart choices around loans and repayment is all too critical.
The 6-foot-4 star hitter and pitcher has been drawing fans from across the Pacific for years. But with his historic Dodgers contract, the influx of Japanese tourists has reached a fever pitch in Los Angeles for Ohtani’s first season with the team.
Though travelling by yourself can be scary and intimidating, there are some ways to make sure you’re safe and have a good time, says a solo travel and content creator from Ottawa.
An Ottawa woman, who has survived cancer and has overcome addiction, has won $70 million with Lotto Max.
Lewis Hamilton had been counting the days since his last Formula 1 win and the number was creeping toward 1,000.
Things were not going well for Coco Gauff against Emma Navarro at Centre Court, not well at all, and she kept looking at her guest box for help from her coaches. One, Brad Gilbert, would stand up and gesture, and they would talk back and forth, but a fix did not arrive.
Minnesota Vikings rookie cornerback Khyree Jackson and two of his former high school teammates were killed in an early morning car crash Saturday in Maryland, police and the team said.
As many as four out of 10 Canadians say it is 'important' to know if a vehicle they're interested in purchasing is more likely to be targeted by thieves, according to a new Nanos Research survey.
For the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better.
Part of the experience of a NASCAR race is hearing the engine roar, the rumble of each car’s approach and the zip when it whizzes past at more than 150 mph.
A rock 'n' roll legend made an appearance at a popular Vancouver restaurant over the weekend.
A convict who escaped an Edmonton correctional service more than a month ago has been caught.
An Ottawa woman, who has survived cancer and has overcome addiction, has won $70 million with Lotto Max.
Calgary is easing outdoor water restrictions as the city continues work to help its water infrastructure recover following a major feeder main break.
Adam finds out how a giant tortoise walking along a sidewalk is inspiring a woman visiting from Australia.
A wrestling fan from Guelph, Ont. thought he was down for the count after winning tickets to a “once-in-a-lifetime” WWE event in Toronto.
Lacey may look like just another pet chicken on Emily Carrington’s B.C. property. But she has a title her coop mates don’t: Guinness World Record holder.
Philip Kim, who competes as "B-Boy Phil Wizard," is set to make Canadian sports history this summer as the country's first-ever Olympic breaking athlete.
A new documentary filmed in Nova Scotia by marine biologist and veterinarian Dr. Chris Harvey Clark explores the increased number of white shark observations in Canadian waters.
A 72-hour strike notice served by members of the union representing ship and dock foremen in B.C. violated Canada’s labour code and must be rescinded, a federal tribunal ruled Sunday.
Sunday was the hottest July 7 on record in 17 communities across B.C. amid a heat wave that prompted weather warnings in much of the province, according to preliminary data from Environment and Climate Change Canada.
A Surrey man is facing several charges after he went on a “crime spree” in Langley on Friday, according to local Mounties.
One person is fighting for their life in hospital after being found with gunshot wounds inside an apartment building in Toronto's east end on Sunday afternoon.
It’s going to be a hot start to the week in much of southwestern Ontario. On Sunday afternoon, Environment Canada issued a heat warning for several regions, including Toronto, Hamilton, Burlington-Oakville, Halton Hills-Milton, Mississauga-Brampton, Pickering-Oshawa-Southern Durham, St. Catharines-Grimsby-Northern Niagara, and Vaughan-Richmond Hill, and Markham.
A motorcyclist has been critically injured in a collision in Mississauga.
Families flocked to the Calgary Stampede on Sunday enduring hot temperatures on the midway. Stampede Park was packed as visitors dealt with temperatures nearing 30 C. Environment and Climate Change Canada issued a heat warning for a large chunk of Alberta, including the city of Calgary.
A Calgary preschool is backtracking after further testing confirmed a case of E. coli in a one-year-old child – despite previous claims that tests had come back negative.
The City of Calgary is allowing outdoor pools to open under its new water-use rules but each facility has varying levels of preparation work to do before they can welcome back guests.
Ottawa city councillor Tim Tierney has waited decades for the chance to meet his rock-star idols Nickelback.
A community group and an Ottawa city councillor have come forward to condemn the arrival of the far-right group Diagolon after it brought its 'Road Rage Terror Tour' to Ottawa over the weekend.
Ontario Provincial Police are investigating after a woman was pulled from the water and died in Prince Edward County on Saturday.
Tens of thousands of households on Montreal's South Shore have been without electricity since Saturday night after a bus crashed into an electrical pylon.
The Quality Hotel & Suites Montreal East has a parking lot right outside the main entrance, so Vanessa Sabatini parked her red Jeep there overnight, assuming it would be safe.
A Montreal elementary school has been inadvertently flushing raw sewage into a nearby river for years, and the city, despite identifying the problem in 2021, is only now taking action to fix it.
Two sex workers were violently assaulted in Edmonton and police believe the same man may have attacked more women.
A five-year-old boy from Clairmont, Alta., was killed in a five-vehicle crash in Grande Prairie, Alta., on Saturday afternoon.
CTV News Edmonton's Josh Classen expects temperatures next week in Edmonton to top 30 C for four or five consecutive days over the next 10 days.
The Serious Incident Response Team is investigating after a man allegedly fled a traffic stop in Middle Sackville, N.S., resulting in a crash which led to serious injuries on Saturday.
The aroma of sizzling hot dogs filled the air in Halifax, as the owners of the Halifax Beer Garden in downtown hosted the first-ever hot dog eating contest in the city.
A New Brunswick island in the Bay of Fundy that can be accessed by foot when the tide is low has officially been acquired by the Nature Trust of New Brunswick, which is promising its preservation forever.
Brandon police were busy this weekend, arresting and charging three teenaged boys in two separate incidents.
More than 2,500 customers are without power near Lac du Bonnet, Man., and it’s not clear when it will be restored.
The CPKC Final Spike Steam Tour rolled through Winnipeg Saturday, wrapping up its three-country, cross-continental journey.
A collision between three vehicles disrupted travel plans for those in Regina's south end on Saturday.
Moose Jaw will be host to a piece of railroad history on Monday, as CPKC celebrates its "final spike tour" with a cross-continental journey from its famed 2816 locomotive "The Empress."
Environment Canada has issued extreme heat warnings for parts of Saskatchewan with temperature forecasts predicting highs reaching 35 C in some areas.
Hogweed popping up in the area, a surprise from a WWE superstar, and Canada Day firework chaos round out the most-read stories of the week.
A motorcyclist has died following a collision in Haldimand County.
960 unionized employees at Cargill Dunlop ratified a new collective agreement Saturday afternoon.
Environment Canada has issued extreme heat warnings for parts of Saskatchewan with temperature forecasts predicting highs reaching 35 C in some areas.
A Sask. teen boy reported missing on Wednesday after a canoe overturned on Helene Lake has been found dead.
Moose Jaw will be host to a piece of railroad history on Monday, as CPKC celebrates its "final spike tour" with a cross-continental journey from its famed 2816 locomotive "The Empress."
Three people have been displaced by a weekend fire in the area of Nickel Street and 6th Avenue in the Greater Sudbury community of Levack.
A 31-year-old man from Milford Bay is facing multiple charges following a traffic stop last week.
Ontario Provincial Police are investigating a suspicious death in Blind River on Saturday.
It was a dream way to celebrate 30 years of Sunfest in downtown London, Ont. “We couldn't be happier,” says Mercedes Caxaj, Sunfest artistic director.
Many of the best slo-pitch players in Canada have been battling it out over three days this weekend in Dorchester, Ont.
A 23-year-old man has been arrested following a robbery investigation, according to Hanover police.
The Mariposa Folk Festival concluded in Orillia Sunday evening, highlighted by Bruce Cockburn's headline performance and induction into the Mariposa Hall of Fame.
More than a dozen LCBO workers gathered in front of the closed Collingwood store on First Street as the strike reached its third day.
The third day of Canada's largest Muslim Convention in Bradford was highlighted by a lecture on the relationship between Islam and gender identity.
An organizer of Windsor's first tattoo expo hopes the event will help dispel the negative stigma some people have about body art.
After earning awards for Canada's best pizza chef in Canada and top-five positions in competitions across North America, Dean Litster is in the running to be recognized on an international stage.
Investigators have determined that the deaths of four family members in Harrow in June were the result of intimate partner violence, with three dying from gunshot wounds and one from a self-inflicted gunshot wound.
A 72-hour strike notice served by members of the union representing ship and dock foremen in B.C. violated Canada’s labour code and must be rescinded, a federal tribunal ruled Sunday.
Sunday was the hottest July 7 on record in 17 communities across B.C. amid a heat wave that prompted weather warnings in much of the province, according to preliminary data from Environment and Climate Change Canada.
Heat warnings for Metro Vancouver and the Fraser Valley are expected to remain in effect until at least Tuesday night, according to Environment and Climate Change Canada.
Mounties in Kelowna say they're investigating a drowning in Okanagan Lake that occurred near the downtown marina early Saturday morning.
Mounties in Kelowna are warning the public after a local resident fell victim to an "elaborate" fraud last week.
Mounties are urging the public to be vigilant following a suspected gang shooting in B.C.'s southern Interior that left a 40-year-old man injured this week.
Nearly 2,000 athletes will compete in 20 events over four days during the 2024 Southern Alberta Sumer Games. After months of planning, organizers are thrilled to welcome families from all over southern Alberta to Coaldale, Alta.
One of two men accused of conspiring to kill Mounties at the border blockade at Coutts, Alta., characterized the protest as a last stand and told his mother there “will be a war” if police moved in.
With the recent moisture and cooler temperatures, fire bans and restrictions in the Lethbridge area are no longer in effect.
A 49-year-old local man is faced with impaired driving charges following a crash in Markstay-Warren.
Ontario Provincial Police are investigating a suspicious death in Blind River on Saturday.
A 62-year-old man from London, Ont. was killed Saturday in a single-ATV crash in northern Ontario, provincial police say.
The Roman Catholic Church has been ordered to pay settlements totalling $104 million to 292 survivors of historical abuse in Newfoundland and Labrador, including those at the now infamous Mount Cashel orphanage in St. John's.
Opposition parties in Newfoundland and Labrador say they’re growing frustrated at the decision by health officials to move freezers of unclaimed human remains into an underground hospital parking garage.
Newfoundland and Labrador's Liberal premier is once again opposing a decision made by the federal Liberals — this time about the reopening of the province's commercial northern cod fishery.
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