John Hancock to buy Royal & Sun’s Canadian life unit

BOSTON (Bloomberg) — John Hancock Financial Services Inc. has agreed to buy Royal
& Sun Alliance Insurance Group Plc’s Canadian life insurance unit for $153
million in cash to expand its annuity and savings products businesses. Boston-based
John Hancock will add $87 million to its annual premium income through the acquisition,
the investment-management and financial-services company said in a statement.
The sale will be completed in October and is being carried out by its Maritime
Life Assurance Co. unit.