Manulife Financial Corporation has received approval from the Massachusetts Division of Insurance (DOI) for its proposed merger with John Hancock Financial Services, Inc. The DOI is the principal U.S. regulator for John Hancock.
During the hearing held by the DOI, Manulife reiterated its firm commitment to its business and community ties with Boston and Massachusetts following the completion of the merger.
Commissioner Julianne Bowler found, based on testimony by Conning & Co. and other experts, that the merger would not lessen competition in the state, in part because Manulife does not now have a significant presence in the state.
“We are pleased with the Insurance Commissioner’s decision and look
forward to continuing to contribute to the vitality of the Boston community,”
said Dominic D’Alessandro, president and chief executive officer.
“The Commissioner’s approval follows overwhelming support of the merger
by John Hancock shareholders. Clearly this merger is good for our
shareholders, our employees and our communities,” said David F. D’Alessandro, chairman and chief executive officer of John Hancock Financial Services.
The merger is still subject to approvals from other insurance regulatory authorities, including the Office of the Superintendent of Financial Institutions and the Minister of Finance in Canada.
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