Manufacturers Life Insurance Co, Maritime Life Assurance Co. and MFC Insurance Co. Ltd. today received overwhelming support from their respective voting policyholders and Maritime Life’s shareholders to combine their current operations into a single Canadian life insurance organization under the name Manufacturers Life Insurance Co.

The approval of shareholders of Manufacturers Life and MFC Insurance was obtained in advance of the votes held today. The combined company will be a wholly owned subsidiary of Manulife Financial Corp. and the combination will be effective on December 30, 2004, subject to regulatory approvals.

Based on the tabulation results, 98.8% of the votes cast by voting policyholders of Manufacturers Life, 98.2% of the votes cast by voting policyholders of MFC Insurance and 98.0% of the votes cast by voting policyholders of Maritime Life were voted in favour of the proposed combination at each company’s respective meeting.

Voting policyholders and shareholders of Maritime Life also authorized certain organizational matters with respect to Maritime Life, including the transfer of all the business and assets of Maritime Life and the consolidation of Maritime Life Second Preferred Shares, Series 3.

\u201cWe are very pleased with the strong support from policyholders and shareholders on the proposed integration of our Canadian insurance operations,\u201d said Bruce Gordon, senior executive vp and general manager of Manulife Financial’s Canadian operations. \u201cThe strengthened market and financial position of the combined companies, together with cost savings from the integration and simplification of business operations, are expected to benefit all policyholders and shareholders.\u201d

The combined organization will hold leading positions within the Canadian insurance industry, ranking (based on 2003 LIMRA\/Fraser data):<\/p>\n

\n
• No. 1 among insurance companies in group life sales;\n
• No. 1 in group health sales;\n
• No. 1 in individual fixed annuity sales;\n
• No. 2 in individual life insurance sales;\n
• No. 2 in segregated fund sales;\n
• No. 2 in group health revenue; and\n
• No. 3 in group life revenue.<\/ul>\n

  
  <\/p>\n","protected":false},"excerpt":{"rendered":"

  Combination effective December 30<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[2347],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/293036"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=293036"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/293036\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=293036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=293036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=293036"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=293036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}