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New York Life has completed the acquisition, through reinsurance, of a net 60 percent interest in John Hancock Financial’s closed block, comprised primarily of participating whole life insurance policies. The transaction, which initially was announced in December 2014, has received all necessary regulatory approvals.

The closed block of 1.3 million in-force policies with a face amount of more than $25 billion was established in connection with John Hancock’s demutualization in 2000. Through reinsurance arrangements, New York Life has assumed $7 billion of statutory reserves. New York Life’s NYL Investors, LLC, unit, which oversees the company’s general account investments, manages approximately $12 billion in new assets as a result of the deal. With these additional assets, New York Life’s general account assets now exceed $213 billion, a record high for the company.

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