Manulife Financial Corp. announced a $5.4-billion reinsurance agreement with Reinsurance Group of America. The deal includes $2.4 billion of long-term care reserve.

The latest deal follows two other big reinsurance deals for Manulife in the past year, including a $13-billion agreement last December that also included long-term care, and a $5.8-billion deal in March.

The transaction is expected to close in early 2025, subject to customary closing conditions.