|
|
Article: John Hancock Financial Services to Adjust Deferred Acquisition Cost Asset Due To Weak Equity Markets.
- Article from:
- PR Newswire
- Article date:
- October 25, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Change expected to reduce third-quarter net operating income by
$27.5 million or $0.09 per share
Company sees third-quarter net operating income of $185.8 million,
or $0.64 per share
-- BOSTON, Oct. 25 /PRNewswire-FirstCall/ -- John Hancock Financial Services, Inc. today announced that it expected net operating income for the third quarter of 2002 to be reduced by $27.5 million after tax, or $0.09 per share, reflecting an adjustment of the deferred acquisition cost (DAC) asset for its variable annuity and variable life insurance products.
The company said the reduction, or negative "unlocking," ...