The boards of three units of Manulife Financial Corp. of Toronto have approved a plan to combine their operations.
Manufacturers Life Insurance Co., Maritime Life Assurance Co., and MFC Insurance Co. Ltd. would become a single Canadian insurance business under the Manufacturers Life Insurance Co. name.
The merger, scheduled to close Dec. 30, would also result in certain changes to Maritime Life's outstanding securities.
The plan, announced Friday, requires the approval of each unit's voting policyholders; preferred shareholders of Maritime Life, who will vote at a special meeting Nov. 24; and Canada's minister of finance and superintendent of financial institutions.
Each unit's policyholders would become policyholders of Manufacturers Life Insurance Co.
