John Hancock Overview: The John Hancock Life Insurance Company is a venerable name in the business, founded in 1862 in Boston. Since 2004 it has been a division of Manulife Financial Corporation (The Manufacturers Life Insurance Corporation), a global insurance firm based in Toronto. John Hancock’s principal lines of business include:
- Life Insurance
- Annuities
- College Savings Plans
- Group Pension and 401(k) Plans
- Financial Planning
- Mutual Funds
- Long-Term Care Insurance
Size: Manulife reports these figures for December, 2007:
- Total Employees = 21,000
- John Hancock Employees in Boston = 4,000
- Operates in 19 Countries and Territories
Positives: John Hancock Life placed first in U.S. individual sales in both 2006 and 2007. John Hancock Retirement was first in sales of 401(k)plans for 500 or fewer participants in both years. John Hancock Long Term Care was first in sales for 2007. It is second in college savings plans and third in variable annuities.
Independent market research reports that 96% of U.S. consumers are aware of the John Hancock brand. By market capitalization, Manulife is the second largest insurance company in the U.S., behind AIG.
Both Manulife and John Hancock receive AAA ratings from S&P and equivalent ratings from the other major rating firms.
Negatives: While John Hancock appears to be, in many respects, the flagship division of Manulife, it nonetheless is a subsidiary of a global firm headquartered outside the U.S. For those with ambitions to rise in management, one concern is how much direct control the home office in Toronto exerts over the operations of John Hancock and its management structure.
