The merger of Manulife Financial Corporation and John Hancock Financial Services – including its Canadian subsidiary, The Maritime Life Assurance Company – was completed on Thursday, after receiving all necessary regulatory approvals. John Hancock is now a subsidiary of Manulife Financial.
John Hancock shareholders overwhelmingly approved the combination on 24 February, with more than 95 per cent of the votes cast favouring the adoption of the merger agreement.
The completion of this merger – the largest cross-border transaction in Canadian history – makes Manulife the largest public company and largest life insurance company in Canada, the second largest life insurer in North America and the fifth largest in the world.