Manulife Financial Corp. has announced a change at the top at John Hancock Financial Services, the company’s Boston-based U.S. division.
Craig Bromley, a senior executive vice president and general manager of the U.S. division, has left the company, Manulife said today. The Toronto-based parent company did not immediately give an explanation for Bromley’s departure. Bromley could not be reached for comment.
Michael Doughty, the general manager of the John Hancock Insurance division, will serve as the interim general manager of the U.S. division, Manulife said.
(Related: John Hancock Appoints Doughty Executive VP)
The Parent Company Transition
Manulife said in March that it would bring Gori, the head of the company’s Asia division, to Toronto to be president of the parent company.
At the time, Manulife said Gori would start his new job in June and report to Guloien.
The company said Bromley would report to Gori.
Gori, a Citigroup consumer banking veteran, began working for Manulife in 2015.
Bromley has been working for Manulife since 2000.
Guloien, who became Manulife’s CEO in 2009, said in a statement today that building a strong bench of succession candidates is an important responsibility for a CEO. “I am proud that an individual of Roy’s caliber will be taking the leadership of the company,” Guloien said.
The U.S. Division Transition
Manulife said that Doughty and the other senior executives at the U.S. division “possess extensive experience leading the business.”
“Manulife expects it will be business as usual during the transition period, without disruption for customers, employees and other stakeholders,” Manulife said.
The U.S. division accounts for a large share of the parent company’s revenue and earnings.
Manulife reported the equivalent of $1 billion in net income on $10 billion in revenue, in U.S. dollars, for the first quarter.
The U.S. division reported $580 million in net income on $3.8 billion in revenue.
Doughty started out in Manulife’s individual insurance business in Canada, then became head of the company’s U.S. life business in early 2012.
Doughty took charge of the company’s long-term care insurance business, which was once a dominant player in the U.S. market for stand-alone long-term care insurance, later in 2012. The company has since suspended sales of new individual long-term care insurance coverage, although it still offers access to long-term care benefits through features available with some of its annuities.
Doughty has been visible in efforts to win support from rating agencies, state insurance regulators, policymakers in Washington and others for efforts to revive the U.S. stand-alone long-term care insurance business.
In December, Doughty testified in Washington at a hearing on the long-term care insurance market organized by a House Oversight subcommittee. Doughty told policymakers that any changes that led to a strong increase in U.S. consumer interest in stand-alone long-term care insurance could prompt John Hancock to take a new look at the long-term care insurance market.
— Read 7 Clues From the House Long-Term Care Insurance Hearing on ThinkAdvisor