Manulife Financial Corporation in Toronto and John Hancock Financial Services, Inc.,in Boston, along with its its Canadian subsidiary, The Maritime Life Assurance Company, today completed their merger after receiving all necessary regulatory approvals. John Hancock is now a subsidiary of Manulife Financial.
John Hancock stock will cease trading on the New York Stock Exchange at the close of markets today, April 28, 2004. The approximately 675,000 John Hancock common shareholders are entitled to receive 1.1853 Manulife common shares for each John Hancock common share. John Hancock shareholders overwhelmingly approved the combination on February 24, 2004, with more than 95 per cent of the votes cast favouring the adoption of the merger agreement.
Customers’ benefits, premiums, values or guarantees of current policies or contracts will not change as a result of the merger.
“We are pleased to welcome John Hancock and Maritime Life customers, distribution partners and employees, as well as former John Hancock shareholders, to the Manulife family,” said Dominic D’Alessandro, president and chief executive officer. “The addition of these businesses and the resources they bring will help us realize our vision to be the most professional life insurance company in the world.”
The completion of this merger – the largest cross-border transaction in Canadian history – makes Manulife the largest public company and largest life insurance company in Canada, the second largest life insurer in North America and the fifth largest in the world based on market capitalization as at April 27, 2004.
Dominic D’Alessandro is president and CEO of Manulife Financial Corporation, which has its global headquarters in Toronto, Canada. David D’Alessandro is chief operating officer and future president of Manulife, and is heading up the integration process, reporting to Dominic D’Alessandro. He remains chairman and CEO of John Hancock Financial Services, Inc., based in Boston. David D’Alessandro will become president of Manulife at the first anniversary of the merger, at which time Dominic D’Alessandro will remain CEO.
Maritime Life, headquartered in Halifax, Canada, is being integrated into Manulife’s Canadian division, which together with John Hancock forms Manulife’s North American division that reports to David D’Alessandro.
“Together, we are a leading international insurance franchise that offers customers multiple access points to a wide variety of financial and protection products, shareholders greater growth and value, and our employees opportunities for career development in a global enterprise,” said David D’Alessandro. “During the integration process we will leverage the best of each company to drive organic growth of our existing businesses.”
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ’0945′ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.