John Hancock Insurance
Encyclopedia
John Hancock Financial is a loose term for a United States insurance company which existed, in various forms, from its founding on April 21, 1862, until its acquisition in 2004 by the Canadian insurance company Manulife Financial
. It was named in honor of John Hancock
, a prominent patriot. The company continues to operate as a wholly owned subsidiary of Manulife and its headquarters remains in Boston, Massachusetts. John Hancock Financial Network
(JHFN) is the retail distribution company of John Hancock Life Insurance Company, U.S.A., which is a wholly owned subsidiary of Manulife Financial Corporation.
Manulife Financial
Manulife Financial Corporation , is a Canadian insurance company and financial services provider. Manulife Financial's global head office is located in Toronto, Canada and the Company has operations in 21 countries and territories worldwide.The Company operates in Canada and Asia through the brand...
. It was named in honor of John Hancock
John Hancock
John Hancock was a merchant, statesman, and prominent Patriot of the American Revolution. He served as president of the Second Continental Congress and was the first and third Governor of the Commonwealth of Massachusetts...
, a prominent patriot. The company continues to operate as a wholly owned subsidiary of Manulife and its headquarters remains in Boston, Massachusetts. John Hancock Financial Network
John Hancock Financial Network
John Hancock Financial Network is theretail distribution company ofJohn Hancock Life Insurance Company, U.S.A., which is a wholly owned subsidiary of Canadian insurance company, Manulife Financial Corporation. JHFN is a national network of over 300 independent financial services firms across the...
(JHFN) is the retail distribution company of John Hancock Life Insurance Company, U.S.A., which is a wholly owned subsidiary of Manulife Financial Corporation.
Timeline of corporate name and structure changes
- April 21, 1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew, governor of Massachusetts.
- John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company".
- 1940s source refer to it as the "John Hancock Mutual Life Insurance Company".
- A July 2, 1998, Boston HeraldBoston HeraldThe Boston Herald is a daily newspaper that serves Boston, Massachusetts, United States, and its surrounding area. It was started in 1846 and is one of the oldest daily newspapers in the United States...
story, John Hancock Mutual Life Insurance Co. chairman, is quoted: "We have always said quite clearly that we are not for sale," [Stephen L.] Brown said, moving to kill speculation about possible deals with BankBostonBankBostonBankBoston was a bank based in Boston, Massachusetts, which was created by the 1996 merger of Bank of Boston and BayBank. Bank of Boston had a venerable history dating back to 1784, but the merged BankBoston was short-lived, being acquired by Fleet Bank in 1999...
or Fleet Financial GroupFleetBoston FinancialFleetBoston Financial was a Boston, Massachusetts–based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo.-History:...
. "There are simply no merger talks going on." - In 2000, led by David F. D'AlessandroDavid F. D'AlessandroDavid F. D’Alessandro is a former Fortune 200 CEO and the author of three best-selling business books. While rising through the ranks and serving as chairman and CEO of John Hancock Financial Services, he guided the company through a period of diversification, growth and transformation from a...
, the company "demutualized", meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services, Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company", a subsidiary of John Hancock Financial Services Inc. On January 27, 2000, shares of Hancock stock started to trade on the New York Stock ExchangeNew York Stock ExchangeThe New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the symbolTicker symbolA stock symbol or ticker symbol is a short abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both. "Ticker symbol" refers to the symbols that were printed on the ticker...
JHF. - On September 29, 2003, it was announced that Manulife Financial Corp.Manulife FinancialManulife Financial Corporation , is a Canadian insurance company and financial services provider. Manulife Financial's global head office is located in Toronto, Canada and the Company has operations in 21 countries and territories worldwide.The Company operates in Canada and Asia through the brand...
was acquiring John Hancock Financial Services, Inc. for $10.4 billion. - On April 29, 2004, the existence of John Hancock Financial Services, Inc. as an independent company formally ended.
- During 2004, Manulife merged its original U.S. domiciled business units with the newly acquired company under the John Hancock name.
- Manulife continues to use the John Hancock brand name for the majority of its U.S. businesses.
Buildings named after the John Hancock company
John Hancock is also known for colossal landmark buildings that it does not own, but bear its name, especially:- John Hancock CenterJohn Hancock CenterJohn Hancock Center at 875 North Michigan Avenue in the Streeterville area of Chicago, Illinois, is a 100-story, 1,127-foot tall skyscraper, constructed under the supervision of Skidmore, Owings and Merrill, with chief designer Bruce Graham and structural engineer Fazlur Khan...
– Chicago, Illinois - John Hancock TowerJohn Hancock TowerThe John Hancock Tower, officially named Hancock Place and colloquially known as The Hancock, is a 60-story, 790-foot skyscraper in Boston. The tower was designed by Henry N. Cobb of the firm I. M. Pei & Partners and was completed in 1976...
– Boston, Massachusetts