NU Online News Service, June 12, 3:35 p.m. – John Hancock Financial Services, Boston, says it expects the new federal tax law will have little adverse impact on its insurance sales, despite its gradual elimination of the estate tax.
“We continue to expect life sales to grow 15% to 20% in 2001,” says Thomas E. Moloney, chief financial officer. “Our earnings per share growth target of 10% to 12% for the year also remains unchanged.
“In terms of the effect on earnings per share beyond 2001, in the past we’ve said that total repeal would impact us by only 3 to 4 cents annually after full repeal,” Maloney continues. “Consistent with that, we expect the effect of present legislation to be under 2 cents annually before any offsetting actions.”