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Report: Manulife considers selling US assets, nixes Hancock IPO

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Report: Manulife considers selling US assets, nixes Hancock IPO

Manulife Financial Corp. is looking to sell its U.S. assets, including variable annuity and long-term care businesses, in a move that could fetch it "several billions of dollars," Reuters reported, citing "people familiar with the plans."

The company has decided not to commence an initial public offering or a full on sale of JHL (USA) and its affiliates. Instead, it will sell blocks of the business which may include variable annuity and parts of its life insurance operations. The asset management business is not expected to be a part of the sale process, according to the report.

Manulife would also like to sell its U.S. long-term care unit, Finding a buyer, however, may prove challenging, Reuters noted.