John Hancock, the man, was a revolutionary, but the company that bears his name is a bit less fiery. John Hancock Financial Services offers life insurance, wealth management, and other services. Its insurance products include variable, universal, and term life insurance, along with long-term care insurance. John Hancock's wealth management products include annuities, mutual funds, and 401(k)s. One of the US's largest investors, John Hancock offers institutional asset management services, providing clients with specialty funds in such industries as timber and agriculture. It has more than $185 billion in funds under its management. First established in 1862, John Hancock is owned by Canada's Manulife.
John Hancock Financial Services operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the US.
Its insurance and wealth management units each account for roughly half of its premium income. Together, the units account for half of parent company Manulife's revenues.
Sales and Marketing
John Hancock offers high-net-worth individuals estate planning services, while more modest middle income customers are offered group products.
In headier days, John Hancock worked to expand its sales channels. While agents still account for the majority of sales, the company has built up multiple distribution channels, such as the Internet and alliances with regional banks.
The company now lets independent agents in its John Hancock Financial Network have a bit more independence, including more options in how agents can affiliate with the company, while simultaneously offering agents more support. The move has proved attractive and the number of agents in the network has increased more than two-fold. The company also opened up its wealth management products distribution capacity by forging new partnerships with financial advisory firms including Edward Jones, and Ameriprise Financial.
John Hancock has struck a posture of serenity during the global economic turmoil of recent years. While other major insurers worked feverishly to assure customers of their stability, John Hancock simply introduced new long-term-care and retirement income products. – less