Expects to establish capital and tax efficiency structure and simplify financial reporting
John Hancock Financial said that it has completed the realignment of its legal entities effective December 31, 2009.
Through this undertaking, which was subject to regulatory approval, the firm expects to establish a capital and tax efficient structure, simplify its financial reporting, and achieve other benefits, as well as the needs of its customers and distributors.
According to John Hancock, the realignment involved merging of John Hancock Life Insurance Company and John Hancock Variable Life Insurance Company into John Hancock Life Insurance Company.
John Hancock Life Insurance Company servers as the 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 of New York issues all New York policies and contracts, except long-term care insurance, and John Hancock Life & Health Insurance Company issues group long-term care insurance in all states, as well as individual long-term care policies in the state of New York.
The company said that the realignment also involved the December 31, 2009 merger of several holding company legal entities. John Hancock Financial Services was merged into The Manufacturers Investment and Manulife Holdings was merged into John Hancock Holdings. The realignment had no impact on the terms or conditions of in-force policies, contracts or certificates.
John Vrysen, senior vice president of John Hancock, said: 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.