Toronto-based Manulife Financial Corp. and John Hancock Financial Services Inc., Boston, including its Canadian subsidiary, The Maritime Life Assurance Co., 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.
Dominic D'Alessandro is president and chief executive officer of Manulife Financial Corp. 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 chief executive officer of John Hancock Financial Services Inc. 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.
Source: Manulife Financial
