Manulife credits its John Hancock Financial Services Inc. acquisition for making a strong contribution to its healthy income growth in the second quarter.[@@]
Manulife, in Toronto, reported net income of $520 million (U.S.) in the quarter on revenues of about $5.3 billion, up from about $293 million on revenues of $3.1 billion in the second quarter 2003.
Hancock, which the company acquired at the end of April, contributed around $126 million to that income.
Dominic D’Alessandro, Manulife’s president and chief executive, says the company is not likely to make another big acquisition anytime soon, saying it would be “irresponsible” to do so in view of the immediate challenge of integrating Hancock’s operations.
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In another development, it was reported that 9 out of Hancock’s top 10 executives have left the company since its acquisition by Manulife was completed, including David D’Alessandro, Hancock’s chief executive.
A report in the Boston Globe said only James Benson, president of John Hancock Life Insurance Company, remains from the company’s policy committee of 2003.