The acquisition of Boston-based John Hancock Financial Services Inc. by Toronto-based Manulife Financial Corp. creates huge opportunities for revenue growth, according to chief executives of the two companies.

“Each of us will gain new distributors for our product lines,” said David D’Alessandro, chairman, chief executive and president of John Hancock during an analyst’s call Monday. David D’Alessandro, who will become president and chief operating office of the new company to be called Manulife Financial, is not related to Manulife chief executive Dominic D’Alessandro, who will become president and chief executive of the combined company.

David D’Alessandro says the companys’ distribution channels fit together well. For instance, Manulife has greater presence than Hancock in U.S. channels such as 401 (k) funds, while Hancock has a strong presence in such products as long-term care insurance in the U.S. market. By comparison, through wholly owned Canadian subsidiary Maritime Life Assurance Co. of Halifax, Hancock has a lower presence than Manulife in the stock brokerage channel in Canada.

Manulife’s offer for John Hancock was unveiled Sept. 28. Pending shareholder and regulatory approval, the deal will close in early 2004, creating North America’s second-largest life insurer and the fifth-largest worldwide, with a market capitalization of $34.7 billion and combined assets under management at $333 billion.

Although the executives provided few specifics on product and branding decisions in Canada, plans do not currently include using Hancock’s American long-time expertise in long-term care insurance to upgrade Manulife’s Canadian LTC product, considered somewhat lower-ranked by some advisors.

The fate of the Maritime Life Assurance brand and product lines is unclear, says Dominic D’Alessandro. “Maritime will be folded in within the Canadian company (in the new entity) and it’s not clear yet that the Maritime name itself would continue to remain in existence for certain products. That has to be decided,” he says.

Also unclear is the fate of Bill Black, currently president and chief executive of Maritime Life. Black’s name was not included in the roster of senior executives of Manulife and John Hancock designated for major positions in the new entity. He could not be reached for comment.

The disappearance of an insurance company name and brand always means reduced product choices and flexibility for advisors, but the disappearance of the Maritime company name and brand would mean the loss of a longtime innovator as well. Maritime Life was one of the first Canadian companies to market universal life insurance aggressively and one of the first to release innovations to segregated funds such as locked in portfolio valuations.

Although the investment community welcomed the announcement, some advisors believe that Manulife’s increasing size has already led to a reduction in service levels, longer service times and inflexibility in underwriting decisions and worry that the new bulked-up firm will worsen that trend.

Global headquarters for the new company will remain in Toronto with North American headquarters in Boston.