John Hancock Completes Legal Entity Realignment
January 04 2010 - 9:09AM
PR Newswire (US)
- Moves Forward with 3 Primary Life Insurance Subsidiaries
Supporting Customers, Distributors - - Establishes Flagship
Company, John Hancock Life Insurance Company (U.S.A.),With Close to
$200 Billion in Assets(1) - 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 http://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 http://www.johnhancock.com/. (1) Based on pro forma U.S. NAIC
statutory asset values as of 9/30/09. DATASOURCE: John Hancock
Financial Services CONTACT: Leslie Uyeda of John Hancock,
+1-617-663-4753, Web Site: http://www.johnhancock.com/
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