Both the entities to integrate business operations with John Hancock Life Insurance, USA
Two John Hancock Life Insurance affiliates have been granted regulatory approval to integrate into another company entity – reported Investment News.
The Massachusetts Division of Insurance had approved a proposal last week to merge John Hancock Life Insurance and John Hancock Variable Life Insurance with John Hancock Life Insurance (USA).
Following the approval from the boards at both the life insurance affiliates, they had filed their draft agreement to merge with the insurance regulators.
Before approval, the regulators had taken into consideration the capital levels at the companies and whether the proposed consolidation is in the public’s interest or not.
According to the company, the merger won’t have any impact upon its businesses. The company asserted that it will not result in the shifting of its operations, layoffs or changes to consumers’ policies, quoted investmentnews.com.