BOSTON, Jan. 4 /PRNewswire-FirstCall/ -- John Hancock Financial has completed the realignment of its legal entities effective December 31, 2009, announced Senior Vice President, John G. Vrysen.
Through this undertaking, which was subject to regulatory approval, John Hancock expects to establish a more capital and tax efficient structure, simplify its financial reporting, and achieve other synergistic benefits to support its future growth, as well as the needs of its customers and distributors going forward.
The realignment involved merging John Hancock Life Insurance Company and John Hancock Variable Life Insurance Company into John Hancock Life Insurance Company (U.S.A.), thus reducing the number of John Hancock's primary operating life insurers from five to three.
As a result, John Hancock moves forward with the following primary life insurance companies serving customers and distributors:
- John Hancock Life Insurance Company (U.S.A.) serves as John Hancock's flagship company. It is licensed in all states except New York and issues all product lines in those 49 states, except Group Long-Term Care Insurance. John Hancock Life Insurance Company (U.S.A.) would have had estimated total assets of $195.6 billion as of September 30, 2009, had the realignment taken place at that time.(1)
- John Hancock Life Insurance Company of New York, licensed only in the state of New York, issues all New York policies and contracts, except Long-Term Care Insurance.
- John Hancock Life & Health Insurance Company, licensed in all 50 states, issues Group Long-Term Care Insurance in all states, as well as Individual Long-Term Care policies in the state of New York.
"We are pleased to have completed this important initiative and move forward with three companies fully aligned with how we serve and support our valued customers and distributors," said Vrysen. "John Hancock today offers an excellent complement of products, a trusted brand name, and a powerful distribution network to our markets. The realignment adds to these marketplace strengths and helps ensure that the company's next stage of growth will be rewarding for all stakeholders."
John Hancock's realignment also involved the December 31, 2009 merger of several holding company legal entities. Specifically, John Hancock Financial Services, Inc., was merged into The Manufacturers Investment Corporation, and Manulife Holdings (Delaware) LLC was merged into John Hancock Holdings (Delaware) LLC.
The realignment had no impact on the terms or conditions of in-force policies, contracts or certificates. The location of the company's offices and operations, as well as employment levels, have also been unaffected by the realignment.
About John Hancock Financial and Manulife Financial Corporation
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 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$436.5 billion (US$407.1 billion) as at September 30, 2009. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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 life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.
(1) Based on pro forma U.S. NAIC statutory asset values as of 9/30/09.
SOURCE John Hancock Financial Services