EL SEGUNDO, Calif., Jan. 10 /PRNewswire-FirstCall/ Computer Sciences
Corporation (NYSE: CSC) today announced that John Hancock Financial
Services, a division of Manulife Financial, has extended its applications
outsourcing contract with CSC for two more years, through May 2011. The
newly negotiated contract provisions have an estimated total contract value
exceeding $50 million and cover services to be delivered during the next
CSC will continue to provide John Hancock's U.S. Wealth Management
Division with applications and infrastructure support for the
administration of more than one million fixed and variable annuity
policies. Services include applications development and maintenance,
mainframe infrastructure support, 24x7 help desk support, and network
connectivity between CSC and John Hancock's Operation Center.
CSC has supported John Hancock's annuity products since 1987, enabling
the company to focus on product development and distribution. Through other
agreements, John Hancock uses CSC's VANTAGE-ONE administration platform for
its core wealth management products and CSC's Distribution Support System
to manage agent/broker incentive compensation.
"As John Hancock continues to introduce innovative retirement products,
we want to ensure our systems are competently supported and meeting the
needs of our customers," said Jim Boyle, president of John Hancock Wealth
Management. "Our relationship with CSC gives us that peace of mind."
"We've proven we have the skill and expertise to deliver business
results to John Hancock, one of the most respected names in the insurance
industry," said Michael W. Risley, president of the Life and Annuity
division of CSC's Financial Services Group. "A leader in financial services
outsourcing, CSC in the United States alone provides sourcing for seven
million annuities and life insurance policies."
CSC's applications outsourcing clients can access a network of more
than 35,000 CSC applications professionals at 50 centers in 21 countries.
Through CSC's world sourcing model, which delivers world-class expertise
from cost-effective sources, the company offers clients around-the-clock,
seamless staffing from its global technology centers.
In India, for example, more than 5,000 CSC professionals in Noida,
Indore, Chennai and Hyderabad provide applications services, information
technology (IT) infrastructure services, financial software services,
enterprise solutions and business process outsourcing. CSC's applications
management services team, which specializes in the insurance industry, is
trained in CSC's intellectual property and certified at Level 5 of the
Software Engineering Institute's Capability Maturity Model.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial
Corporation, a leading Canadian-based financial services group serving
millions of customers in 19 countries and territories worldwide. Operating
as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers clients a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds
under management by Manulife Financial and its subsidiaries were Cdn$381
billion (US$341 billion) as at September 30, 2006.
The John Hancock unit, through its insurance companies, comprises one
of the largest life insurers in the United States. John Hancock offers a
broad range of financial products and services, including universal life
insurance, variable life, term life and whole life, as well as college
savings products, fixed and variable annuities, long-term care insurance,
mutual funds, 401(k) plans and various forms of business insurance.
Computer Sciences Corporation is a leading global IT services company.
CSC's mission is to provide customers in industry and government with
solutions crafted to meet their specific challenges and enable them to
profit from the advanced use of technology.
With approximately 78,000 employees, CSC provides innovative solutions
for customers around the world by applying leading technologies and CSC's
own advanced capabilities. These include systems design and integration; IT
and business process outsourcing; applications software development; Web
and application hosting; and management consulting. Headquartered in El
Segundo, Calif., CSC reported revenue of $14.6 billion for the 12 months
ended Sept. 29, 2006. For more information, visit the company's Web site at
SOURCE Computer Sciences Corporation