MetLife to Buy Hancock Operations
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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.
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