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Hancock John Financial Services Inc – ‘8-K’ for 5/2/02

On: Friday, 5/3/02 · For: 5/2/02 · Accession #: 1010521-2-180 · File #: 1-15607

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/03/02  Hancock John Fin’l Services Inc   8-K:5       5/02/02    1:30K                                    Maffucci Noel/FA

Current Report — Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         John Hancock Financial Services, Inc.                 15     58K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Financial Statements and Exhibits Forward-Looking Statements Other Information
1	1st Page - Filing Submission
2	Item 5. Other Information
"	Item 7. Financial Statements and Exhibits
9	Forward-Looking Statements

8-K 1st Page of 15 TOC ↑Top Previous Next ↓Bottom Just 1st
 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934

 Date of Report: May 2, 2002
 (Date of Earliest Event Reported)

 JOHN HANCOCK FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in charter)

 Commission File Number: 1-15607

             DELAWARE                                       04-3483032
(State or other jurisdiction of incorporation                 (I.R.S. Employer  
              or organization)                               Identification No.)

John Hancock Place
 Boston, Massachusetts 02117
(Address of principal executive offices)

(617) 572-6000
(Registrant's telephone number, including area code)

                                                            Q-1 Earnings Release

8-K 2nd Page of 15 TOC 1st Previous Next ↓Bottom Just 2nd
Item 5.     Other Information.                                                  

         On May 2, 2002, John Hancock Financial Services, Inc., a Delaware
corporation, issued a press release, a copy of which is attached hereto as      
Exhibit 99 and is incorporated herein by reference.                             

Item 7.     Financial Statements and Exhibits.                                  

(c)         Exhibits                                    

Exhibit No.                   Item                      
-----------                   ----                      

   99                            Press Release of John Hancock
                                   Financial Services, Inc., dated
                May 2, 2002.

                                                            Q-1 Earnings Release

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SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Report to be signed on its behalf  
by the undersigned hereunto duly authorized.                                    

                                       JOHN HANCOCK FINANCIAL SERVICES, INC.

Date:  May 3, 2002                       By:                                    
                                   ---------------------------
                         Thomas E. Moloney
                               Chief Financial Officer

                                                            Q-1 Earnings Release

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                                                                      Exhibit 99

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--------------------------------------------------------------------------------

News                                                     [JOHN HANCOCK LOGO] (R)
                                                        FINANCIAL SERVICES

John Hancock Financial Services reports first-quarter 2002 net operating income 
of $0.68 per share, up 11.5% from prior-year quarter

                                                        [Enlarge/Download Table]

===================================================================================================== 
Earnings summary                             1st quarter 2002      1st quarter 2001**        % change 
----------------------------------------------------------------------------------------------------- 
                                                                                                      
Net operating income                                                                                  
per-share diluted                                       $0.68                   $0.61            11.5%
Net income                                                                                            
per-share diluted                                       $0.49                   $0.54           (9.3%)
Net operating income*                          $202.8 million          $190.7 million             6.3%
Net income                                     $146.5 million          $168.0 million          (12.8%)
Average shares outstanding diluted              300.0 million           313.8 million           (4.4%)
Net operating income ROE                                14.6%                   13.6%              -- 
===================================================================================================== 

* See Net Income section below for reconciliation of net operating income to net
income.                                                                         
** Prior-year quarterly results restated for adoption, in the fourth quarter of 
2001, of Statement of Accounting Position 00-3, Accounting by Insurance         
Enterprises for Demutualizations and Formations of Mutual Insurance Holding     
Companies and Certain Long-Duration Participating Contracts.                    

     BOSTON (May 2, 2002) -- John Hancock Financial Services, Inc. (NYSE: JHF)
today reported net operating income per share for the first quarter of 2002 of  
$0.68 diluted, up 11.5% from $0.61 diluted for the year-ago period. The increase
was consistent with the company's 2002 guidance for growth of 10% to 12% in net 
operating income per share.                                                     

 Net operating income in the quarter was $202.8 million, compared with
$190.7 million last year. Net operating income return on equity was 14.6% versus
13.6% in the prior-year period.                                                 

   Hancock reported net income for the quarter of $146.5 million, or $0.49
per share, compared with $168.0 million, or $0.54 per share, in the first       
quarter of 2001. Net income includes net realized investment gains and losses   
and unusual or non-recurring items that the company believes are not indicative 
of overall operating trends and are not included in net operating income.       

    The increase in net operating income per share in the quarter was driven
by strong sales and asset growth in institutional spread-based products and     
retail fixed annuities; higher variable product fees; and ongoing expense and   
capital management. These gains were partially offset by adverse mortality      
experience in the nontraditional life line, primarily from higher-than-expected 
death claims on large policies, as well as by higher employee-benefit and       
debt-service costs, lower net investment margins, and sluggish equity markets.  

   Core life insurance sales, which exclude corporate- and bank-owned life
insurance (COLI/BOLI), were up 25% over the first quarter of 2001. Including    
COLI/BOLI, which declined 24%, total life sales were flat compared with the     
year-ago period. Individual long-term care insurance sales rose 7%. Retail      
annuity sales increased 88%, driven by fixed annuities. Sales of institutional  
guaranteed investment contracts (GICs) and global funding agreements were up    
28%.                                                                            

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                     John Hancock Financial Services First-Quarter 2002 Earnings

2002 Financial Outlook Reaffirmed                                   

"This quarter's performance is in line with our operating plans and 
demonstrates that we're on track to meet our financial goals for 2002," said    
David F. D'Alessandro, chairman and chief executive officer. "Given Hancock's   
continued progress in expanding sales, managing spreads, and reducing expenses, 
we remain comfortable with our previously announced guidance of 10%-to-12%      
growth in operating EPS.                                                        

    "The higher-than-expected payouts on death claims in the quarter reduced
after-tax earnings by $6.1 million, or $0.02 per share. After carefully         
reviewing each case, we are confident the claims increase was an anomaly, not an
adverse trend reflecting underwriting or pricing. Just three cases of the 11    
that paid benefits in excess of $1 million were issued within the past two      
years, and one was a homicide and one was a guaranteed-issue COLI policy,"      
D'Alessandro said.                                                              

  "However, we remain concerned about the bumpy equity market, which has
restrained growth of separate-account and third-party assets under management,  
the path of the economy, and ongoing efforts in Congress to fully repeal the    
federal estate tax."                                                            

     The company's guidance assumes that U.S. economic growth continues in the
second half of the year and that the Standard & Poor's 500 index increases 5% to
6% for the full year. It also includes a gain of $0.04 per share for the year   
from the elimination of goodwill amortization under Financial Accounting        
Standard 142 - Goodwill and Other Intangible Assets, which the company adopted  
in the first quarter of 2002.                                                   

      Financial guidance, as the company has previously discussed, is subject to
change. (See Forward-looking Statements section below.)                         

Business Segment Highlights                                         

  Protection: Pretax operating income in the quarter was $110.0 million,
compared with $112.3 million a year earlier.                                    

   Traditional life operating income, which includes the closed block, was
$43.9 million pretax for the quarter, up 15.8% from $37.9 million a year ago.   
The increase was driven by lower operating and amortization expenses, partially 
offset by lower net investment margins and lower earnings from the closed block.

  Nontraditional life operating income for the quarter was $40.7 million
pretax, compared with $47.1 million last year. Higher product fees, lower       
expenses, and improved separate account performance were more than offset by a  
pretax loss from adverse mortality of $9.4 million ($6.1 million after-tax) and 
lower net investment margins.                                                   

     Long-term care insurance operating income was $26.0 million pretax in the
quarter, compared with $27.6 million a year ago, as growth in assets was offset 
by higher expenses from taxes, licenses, and fees. Results were also affected by
a small loss from morbidity in the group business in January and February;      
however, group morbidity returned to normal levels in March and April.          

2 
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                     John Hancock Financial Services First-Quarter 2002 Earnings

Core life insurance sales were $50.3 million, up 25% over the first 
quarter of last year. Hancock continued to successfully replace declining       
survivorship life sales with growing sales of its new suite of single-life      
products, and to increase sales through key direct brokerage partners.          

 Single-life products increased 66%, primarily on strong growth in the
Signator channel, which continues to recruit experienced agents, and through M  
Financial Group. This more than offset a 36% decline in survivorship product    
sales resulting from potential full repeal of the federal estate tax. As        
expected, COLI/BOLI sales declined from the year-ago quarter, to $31.9 million  
from $41.9 million, as the company focused on core life products.               

    Individual long-term care insurance sales were $26.8 million, up 7% from
the same period last year, on growth through existing distribution channels.    
Group LTC sales were $8.2 million, up from $2.8 million a year ago, driven by   
several large new cases.                                                        

      Asset Gathering: Pretax operating income was $58.5 million in the quarter,
up 24.7% from $46.9 million a year ago. Higher retail annuity earnings and a    
gain of $9.6 million from more efficient customer service and improved          
third-party marketing results more than offset a decline in mutual fund         
earnings.                                                                       

      Fixed annuity operating income was $24.9 million pretax in the quarter, up
6.0% from $23.5 million a year earlier. Strong sales and improved lapse rates   
were partially offset by slightly lower spreads and higher amortization of      
deferred acquisition costs. DAC amortization has been accelerated to reflect the
effect of credit losses on the fixed annuity portfolio. Average account balances
for the quarter were up nearly 25% to $6.8 billion from $5.5 billion last year. 

   Fixed annuity sales totaled $761.3 million in the quarter, up 142% from
$314.1 million in the first quarter of last year. The gain was driven by strong 
sales by Essex, the company's third-party marketing subsidiary, and direct sales
through proprietary bank partners such as CalFed and Compass.                   

   Variable annuity operating income was $9.3 million pretax, up from $6.3
million a year earlier. Higher spread income from fixed-rate options of market  
value annuities was partially offset by lower mortality, expense, and asset fees
due to lower average assets under management. Variable annuity sales were $158.3
million in the quarter, down 10% from $175.9 million in the year-earlier period.

  Mutual fund operating income was $19.7 million pretax, down from $22.1
million a year ago. Lower operating expenses were more than offset by a decline 
in fee revenue. Average assets under management were $29.0 billion for the      
quarter, down from $30.6 billion in the prior year. Mutual fund net redemptions 
were $272.2 million for the quarter, compared with net sales of $293.8 million a
year ago.                                                                       

      Guaranteed & Structured Financial Products: Pretax operating income in the
quarter was $100.2 million, up 13.1% from $88.6 million in the comparable       
quarter last year, as higher operating income from spread-based products was    
partially offset by a decline in fee-based products. Spread-based operating     
income was up 16.5% to $91.6 million pretax from $78.6 million, driven by a     
15.6% increase in average assets to $23.0 billion from $19.9 billion and higher 
spreads.                                                                        

3 
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                     John Hancock Financial Services First-Quarter 2002 Earnings

      The 28% increase in sales of GICs and funding agreements, to $1.5 billion,
was partially offset by lower group annuity sales, which benefited from two     
large cases in the first quarter of 2001. During the most-recent quarter Hancock
initiated its first two funding agreement deals in Canada, totaling U.S. $220   
million, through Maritime Life Assurance Co., the company's Canadian subsidiary.

  Investment Management: Pretax operating income in the quarter was $7.7
million, compared with $9.0 million in the first quarter of 2001, driven by a   
decline in earnings at Independence Investment LLC. Average AUM at Independence 
was $20.8 billion versus $23.0 billion last year, reflecting net redemptions and
market depreciation.                                                            

Corporate & Other: Pretax operating income in the quarter was $12.4 
million versus $23.6 million last year. The decline was driven primarily by the 
transfer of surplus capital to fund business unit growth and share repurchases, 
and by higher employee-benefit expense and increased debt-service payments.     
Pretax operating income from Maritime Life was $24.2 million, compared with     
$26.2 million last year, due to less favorable mortality and morbidity, and     
other changes.                                                                  

    On an after-tax basis, which reflects the benefits of affordable housing
investments, lease residual management, and other tax-advantaged investment     
strategies used in the segment, operating income was $18.2 million, compared    
with $21.9 million.                                                             

Net Income                                                          

    Net income includes net realized investment gains and losses and unusual
or non-recurring events and transactions and certain other items that the       
company believes are not indicative of overall operating trends.                

Hancock uses net operating income to evaluate what it considers the 
normal, ongoing operations of its business segments and as a basis for          
management incentives. However, net operating income pretax or after-tax, whose 
definition can vary among companies, is not a substitute for the net income     
presented in this press release and certain company filings with the Securities 
and Exchange Commission, including our annual reports on Form 10-K.             

 The following table shows adjustments made to net operating income to
reconcile with net income:                                                      

                                                        [Enlarge/Download Table]

===========================================================================================
                                                              1Q 2002              1Q 2001 
-------------------------------------------------------------------------------------------
                                                                                           
Net operating income                                   $202.8 million       $190.7 million 
   Net realized capital gains (losses)                ($52.7) million      ($14.9) million 
   Restructuring/other                                 ($3.6) million       ($7.8) million 
      Total non-operating items                       ($56.3) million      ($22.7) million 
Net income                                             $146.5 million       $168.0 million 
Net income per share diluted                                    $0.49                $0.54 
-------------------------------------------------------------------------------------------
Net income ROE                                                  10.5%                12.0% 
===========================================================================================

   The largest component of total non-operating items in the first quarter
was net realized capital losses of $52.7 million. These were driven primarily by
pretax writedowns of $37.1 million of equity from collateralized debt           
obligations and $18.4 million on Argentine fixed-income investments.            

4 
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                     John Hancock Financial Services First-Quarter 2002 Earnings

Other Financial Data                                                

   There were 300.0 million weighted average diluted shares outstanding in
the quarter, compared with 313.8 million shares a year ago. As part of its      
ongoing stock repurchase program, the company bought 2.7 million Hancock shares 
during the quarter at an average price of $38.62 a share.                       

The following table provides additional financial data:             

                                                        [Enlarge/Download Table]

================================================================================================
                                                                 March 31              March 31 
                                                                     2002                  2001 
------------------------------------------------------------------------------------------------
                                                                                                
Shareholder equity                                                                              
(including FAS 115 market adjustment)                        $5.8 billion          $6.0 billion 
   Per share                                                       $19.60                $19.48 
Shareholder equity                                                                              
(excluding FAS 115 market adjustment)                        $5.6 billion          $5.6 billion 
   Per share                                                       $18.86                $18.19 
End of period shares outstanding                            295.7 million         308.7 million 
------------------------------------------------------------------------------------------------
Assets under management                                                                         
     General account                                        $59.7 billion         $53.7 billion 
     Separate account                                       $22.8 billion         $23.4 billion 
     Third party                                            $42.8 billion         $42.5 billion 
------------------------------------------------------------------------------------------------
Total consolidated                                         $125.3 billion        $119.6 billion 
================================================================================================

Forward-looking Statements                                          

     The statements, analyses, and other information contained herein relating
to trends in the company's operations and financial results, the markets for the
company's products, the future development of the company's business, and the   
contingencies and uncertainties to which the company may be subject, as well as 
other statements including words such as "anticipate," "believe," "plan,"       
"estimate," "expect," "intend," "will," "should," "may," and other similar      
expressions, are "forward-looking statements" under the Private Securities      
Litigation Reform Act of 1995. Such statements are made based upon management's 
current expectations and beliefs concerning future events and their potential   
effects on the company.                                                         

Future events and their effects on the company may not be those     
anticipated by management. John Hancock's actual results may differ materially  
from the results anticipated in these forward-looking statements. For a         
discussion of factors that could cause or contribute to such material           
differences, investors are directed to the risks and uncertainties discussed in 
our Form 10-K for the year ended December 31, 2001, and other documents filed by
the company with the Securities and Exchange Commission. These risks and        
uncertainties include, without limitation, the following: changes in general    
economic conditions; the performance of financial markets and interest rates;   
customer responsiveness to existing and new products and distribution channels; 
competitive and business factors; new tax or other legislation; and government  
regulation.                                                                     

     The company specifically disclaims any obligation to update or revise any
forward looking information, whether as a result of new information, future     
developments or otherwise.                                                      

5 
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                     John Hancock Financial Services First-Quarter 2002 Earnings

Conference Call                                                     

    John Hancock will discuss first-quarter results during a conference call
on Friday, May 3, 2002, at 10:00 a.m. Eastern Time. The conference call will be 
available live -- and for replay -- at www.jhancock.com/investor.               

The live call can also be accessed by telephone in the U.S. at (703)
871-3021, and a rebroadcast will be available through May 10, 2002, at (703)    
925-2533. The replay access code will be 5915448.                               

 This press release, the company's quarterly financial supplement, and
other financial documents may be obtained from www.jhancock.com/investor.       

      John Hancock Financial Services, Inc., with $125.3 billion in assets under
management, provides a wide range of insurance and investment products and      
services to individual and institutional customers.                             

Contacts                                                            

Media:  Roy Anderson, 617-572-6385; Leslie Uyeda, 617-572-6387      
Investors:  Jean Peters, 617-572-9282; Larry Edelman, 617-572-0521  

Supplemental Financial Information Follows                          

6 
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                     John Hancock Financial Services First-Quarter 2002 Earnings

Supplemental Financial Information                                              

Unaudited Consolidated Operating                                                
Income Statements                                                               
($ millions)                                                                    

                                                                [Download Table]

                                                         Three Months Ended       
                                                              March 31,           
                                                        2002             2001     
                                                      --------------------------- 
                                                                                  
Revenues                                                                          
   Premiums                                            $  742.4          $1,095.7 
   Universal life and investment-type                                             
     product charges                                      194.4             179.7 
   Net investment income                                  969.9             988.1 
   Net realized investment (losses) gains                  (0.8)              2.6 
   Investment management revenues/                                                
     commissions/other fees                               141.3             151.2 
   Other revenue                                           77.0               4.0 
                                                      --------------------------- 
     Total revenues                                     2,124.2           2,421.3 

Benefits and expenses                                                             
   Benefits to policyholders                            1,232.4           1,571.2 
   Other operating costs and expenses                     387.6             329.6 
   Amortization of deferred policy acquisition costs       70.3             102.9 
   Dividends to policyholders                             145.1             137.2 
                                                      --------------------------- 
     Total benefits and expenses                        1,835.4           2,140.9 

   Pre-tax operating income                               288.8             280.4 

Income taxes                                               86.0              89.7 

                                                      --------------------------- 
After-tax operating income                             $  202.8          $  190.7 

   After-tax adjustments:                                                         
   Net realized investment and other gains (losses)       (52.7)            (14.9)
   Restructuring charge                                    (3.6)            (15.0)
   Cumulative effect of accounting changes                   --               7.2 
                                                      --------------------------- 
                         Net Income                    $  146.5          $  168.0 
                                                      =========================== 

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                     John Hancock Financial Services First-Quarter 2002 Earnings

Unaudited Consolidated Balance Sheets                                           
($ millions)                                                                    

                                                                [Download Table]

                                                    March 31,        December 31,
                                                      2002               2001    
                                                   ------------------------------
                                                                                 
Assets                                                                           

Investments                                                                      
Fixed maturities:                                                                
     Held-to-maturity - at amortized cost                                        
     (fair value: 2002- $1,899.0; 2001- $1,914.1)   $ 1,879.5         $ 1,930.0  
     Available-for-sale - at fair value                                          
     (cost: 2002- $39,798.8; 2001- $38,742.0)        40,001.7          39,160.3  
     Trading securities - at fair value                                          
     (cost: 2002- $16.4; 2001- $16.4)                    16.1              16.5  
Equity securities:                                                               
     Available-for-sale - at fair value                                          
     (cost: 2002- $765.9; 2001- $752.3)                 939.8             886.8  
     Trading securities - at fair value                                          
     (cost: 2002- $291.3; 2001- $289.5)                 318.9             304.1  
Mortgage loans on real estate                        11,061.5          10,993.2  
Real estate                                             420.5             442.4  
Policy loans                                          2,009.6           2,008.2  
Short-term investments                                   86.7             153.5  
Other invested assets                                 1,896.4           1,786.1  
                                                   ----------------------------- 
     Total Investments                               58,630.7          57,681.1  

Cash and cash equivalents                             1,252.4           1,313.7  
Accrued investment income                               767.8             782.1  
Premiums and accounts receivable                        228.3             253.8  
Deferred policy acquisition costs                     3,914.6           3,717.4  
Reinsurance recoverable                               1,867.1           1,909.3  
Property & equipment, net of                                                     
   accumulated depreciation                             581.7             592.6  
Other assets                                          2,550.6           2,175.7  
Separate account assets                              22,827.0          22,718.5  
                                                   ----------------------------- 

     Total Assets                                   $92,620.2         $91,144.2  
                                                   ============================= 

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                     John Hancock Financial Services First-Quarter 2002 Earnings

Unaudited Consolidated Balance Sheets--continued                                
($ millions)                                                                    

                                                        [Enlarge/Download Table]

                                                                    March 31,       December 31,
                                                                      2002              2001    
                                                                  ------------------------------
                                                                                                
Liabilities and Shareholders' Equity                                                            

Liabilities                                                                                     
Future policy benefits                                              $35,771.3         $34,938.7 
Policyholders' funds                                                 21,494.1          20,762.8 
Unearned revenue                                                        863.0             809.3 
Unpaid claims and claim expense reserves                                227.2             262.7 
Dividends payable to policyholders                                      567.2             578.1 
Short-term debt                                                          62.6              81.0 
Long-term debt                                                        1,356.7           1,359.1 
Income taxes                                                            801.1             866.9 
Other liabilities                                                     2,732.8           2,779.8 
Separate account liabilities                                         22,827.0          22,718.5 
                                                                  ------------------------------
     Total Liabilities                                               86,703.0          85,156.9 

Minority interest                                                       122.3             122.3 

Shareholders' Equity                                                                            

Common stock, $.01 par value; 2.0 billion shares authorized;                                    
     316.9 million and 315.9 million shares issued, respectively          3.2               3.2 
Additional paid in capital                                            5,109.4           5,099.3 
Retained earnings                                                     1,353.2           1,206.7 
Unrealized appreciation on AFS securities                               217.2             327.4 
Foreign currency translation adjustment                                 (81.3)            (80.6)
Additional pension liability                                            (36.6)            (37.9)
Cash flow hedges                                                          7.2              19.1 
Treasury stock, at cost (21.2 million and 18.5 million                                          
     shares, in 2002 and 2001, respectively)                           (777.4)           (672.2)
                                                                  ------------------------------
     Total Shareholders' Equity                                       5,794.9           5,865.0 
                                                                  ------------------------------

                                                                  ------------------------------
     Total Liabilities and Shareholders' Equity                     $92,620.2         $91,144.2 
                                                                  ==============================

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                     John Hancock Financial Services First-Quarter 2002 Earnings

Unaudited Consolidated Statements of Changes in Stockholders' Equity            
and Comprehensive Income                                                        
($ millions)                                                                    

                                                        [Enlarge/Download Table]

                                                                                         Accumulated                               
                                                          Additional                        Other                        Total     
                                              Common        Paid in        Retained     Comprehensive     Treasury    Shareholders'
                                               Stock        Capital        Earnings         Income          Stock        Equity    
                                             --------------------------------------------------------------------------------------
                                                                                                                                   
Balance at January 1, 2001..................     $3.2       $5,086.4         $680.4          $77.3         $(91.8)      $5,755.5   

Additional paid in capital..................                     4.0                                                         4.0   

Comprehensive income:                                                                                                              
  Net income for the period.................                                  168.0                                        168.0   

Other comprehensive income, net of tax:                                                                                            
  Net unrealized gains......................                                                  11.0                          11.0   
  Foreign currency translation                                                               (23.6)                        (23.6)  
    adjustment..............................                                                                                       
  Cash flow hedges..........................                                                  (2.7)                         (2.7)  
                                                                                                                        ---------  
Comprehensive income........................                                                                                       
                                                                                                                           152.7   

Treasury stock acquired.....................                                                               (125.7)        (125.7)  
Change in accounting principles.............                                                 227.6                         227.6   
                                             ------------------------------------------------------------------------------------  
Balance at March 31, 2001...................     $3.2       $5,090.4         $848.4         $289.6        $(217.5)      $6,014.1   
                                             ====================================================================================  

Balance at January 1, 2002..................     $3.2       $5,099.3       $1,206.7         $228.0        $(672.2)      $5,865.0   

Additional paid in capital..................                    10.1                                                        10.1   

Comprehensive income:                                                                                                              
  Net income for the period.................                                  146.5                                        146.5   

Other comprehensive income, net of tax:                                                                                            
  Net unrealized losses.....................                                                (110.2)                       (110.2)  
  Foreign currency translation                                                                (0.6)                         (0.6)  
    adjustment..............................                                                                                       
  Minimum pension liability.................                                                   1.2                           1.2   
  Cash flow hedges..........................                                                 (11.9)                        (11.9)  
                                                                                                                        ---------  
Comprehensive income........................                                                                                25.0   

Treasury stock acquired.....................                                                               (105.2)        (105.2)  
                                             ------------------------------------------------------------------------------------  
Balance at March 31, 2002...................     $3.2       $5,109.4       $1,353.2         $106.5        $(777.4)      $5,794.9   
                                             ====================================================================================  

10
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                     John Hancock Financial Services First-Quarter 2002 Earnings

March 31, 2002                                                                  
Sales by Segment                                                                

Protection                                                                      
($ millions)                                                                    

                                                                [Download Table]

---------------------------------------------------------------------------
                                              Q1           Q1          %   
                                             2002         2001       Change
---------------------------------------------------------------------------
                                                                           
                       Variable life         $31.6        $27.4        15% 
---------------------------------------------------------------------------
                      Long-term care         $35.0        $28.0        25% 
---------------------------------------------------------------------------
              Universal, Term, Whole         $18.7        $12.9        45% 
---------------------------------------------------------------------------
                                COLI         $30.7        $41.9       -27% 
---------------------------------------------------------------------------
                                BOLI          $1.2         $0.0        N/A 
---------------------------------------------------------------------------

Asset Gathering                                                                 
($ millions)                                                                    

                                                                [Download Table]

---------------------------------------------------------------------------
                                              Q1           Q1          %   
                                             2002         2001       Change
---------------------------------------------------------------------------
                                                                           
                     Fixed annuities        $761.3       $314.1       142% 
---------------------------------------------------------------------------
                  Variable annuities        $158.3       $175.9       -10% 
---------------------------------------------------------------------------
              Total retail annuities        $919.6       $490.0        88% 
---------------------------------------------------------------------------
                        Mutual funds        $817.9     $1,423.6       -43% 
---------------------------------------------------------------------------

Guaranteed & Structured Financial Products                                      
($ millions)                                                                    

                                                                [Download Table]

---------------------------------------------------------------------------
                                              Q1           Q1          %   
                                             2002         2001       Change
---------------------------------------------------------------------------
                                                                           
             GICs/Funding Agreements      $1,510.2     $1,178.7        28% 
---------------------------------------------------------------------------
                     Group annuities         $42.6       $387.5       -89% 
---------------------------------------------------------------------------
          Fee-based pension products         $36.7        $20.4        80% 
---------------------------------------------------------------------------

Investment Management                                                           
($ millions)                                                                    

                                                                [Download Table]

---------------------------------------------------------------------------
                                              Q1           Q1          %   
                                             2002         2001       Change
---------------------------------------------------------------------------
                                                                           
             Independence Investment        $303.7       $460.7       -34% 
---------------------------------------------------------------------------
                         Other sales        $278.3       $116.4       139% 
---------------------------------------------------------------------------
                               Total        $582.0       $577.1         1% 
---------------------------------------------------------------------------

Assets Under Management                                                         
($ millions)                                                                    

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------
                                           March 31, 2002           December 31, 2001    
-----------------------------------------------------------------------------------------
                                                                                         
                     General Account          $59,657.2                 $58,503.5        
-----------------------------------------------------------------------------------------
                    Separate Account          $22,827.0                 $22,718.5        
-----------------------------------------------------------------------------------------
    (incl. elims) Third-Party Assets          $42,769.2                 $42,951.8        
-----------------------------------------------------------------------------------------
                               Total         $125,253.4                $124,173.8        
-----------------------------------------------------------------------------------------

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘8-K’ Filing	Date	First	Last	Other Filings

	5/10/02	10
Filed on:	5/3/02	3	10
For Period End:	5/2/02	1	5
	3/31/02	14	15	10-Q
	1/1/02	14
	12/31/01	9	15	10-K405
	3/31/01	14		10-Q
	1/1/01	14
				List all Filings

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Filing Submission 0001010521-02-000180 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Hancock John Financial Services Inc – ‘8-K’ for 5/2/02

On: Friday, 5/3/02 · For: 5/2/02 · Accession #: 1010521-2-180 · File #: 1-15607

Previous ‘8-K’: ‘8-K’ on 2/7/02 for 2/6/02 · Next: ‘8-K’ on / for 7/19/02 · Latest: ‘8-K’ on 6/30/05 for 6/29/05

Current Report — Form 8-KFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Current Report — Form 8-K
Filing Table of Contents