TORONTO, April 13, 2003 – 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. The combination of the existing John Hancock franchise with that of Manulife’s U.S. Division will position the Boston-based operation for even greater growth and competitive excellence.
“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.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were Cdn$156.7 billion as at December 31, 2003.
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.
About John Hancock
John Hancock Financial Services, Inc. (NYSE: JHF) and its affiliated companies provide a broad array of insurance and investment products and services to retail and institutional customers. As of December 31, 2003, John Hancock and its subsidiaries had total assets under management of US$142.5 billion. John Hancock can be found on the Internet at www.jhancock.com.