MetLife to Buy Hancock Operations
From Associated Press
John Hancock Financial Services Inc. said it agreed to sell its group life insurance operations to MetLife Inc. as it concentrates on its main businesses.
Boston-based Hancock has been moving to divest itself of its non-core operations for the last several years. It has been focusing on businesses such as individual life insurance, long-term care insurance, annuities and structured financial products and institutional investment management.
The deal is expected to close this year.
John Hancock fell 28 cents to $30.81 and New York-based MetLife dropped 11 cents to $28.21. Both trade on the NYSE.
