John Hancock Life Insurance, John Hancock Variable Life Insurance receive approval to merge with John Hancock Life Insurance (USA)

Two John Hancock Life Insurance affiliates have received regulatory approval in Massachusetts to merge into another company entity. Late last week, the Massachusetts Division of Insurance gave the green light to a proposal to merge John Hancock Life Insurance Co. and John Hancock Variable Life Insurance Co. with John Hancock Life Insurance Co. (USA). The companies had filed their draft agreement to merge with the insurance regulators June 5 following approval from the boards at both the life insurance affiliates. Prior to giving approval, regulators considered issues such as whether the proposed consolidation is in the public’s interests and the capital levels at the companies. The company said that the merger won’t affect its businesses, nor will it result in the shifting of its operations, layoffs or changes to consumers’ policies. Rather, the transaction is a realignment of its legal entities, the insurer said in a statement. The transaction is expected to close at the end of the year.