Is a John Hancock Annuity a Good Choice in 2026?
No, not for new buyers. John Hancock Life Insurance Company (U.S.A.) exited the U.S. individual annuity market in 2013 and no longer issues new contracts. Existing policies remain fully honored and the company still carries an A+ (Superior) AM Best rating, backed by Canadian parent Manulife Financial.
- In-force policyholders: all guarantees, living benefit riders, and death benefits are honored as contracted – policies remain worth holding
- New annuity shoppers: look to active A-rated carriers; John Hancock will not quote a new policy
- Legacy variable annuities: 2005-2012 vintage contracts often carry rich living benefit riders that are worth more than the account value – do not surrender without a policy review
John Hancock at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | John Hancock Life Insurance Company (U.S.A.) |
| Parent Company | Manulife Financial Corporation (NYSE: MFC) |
| Founded | 1862 (Boston, Massachusetts) |
| Acquired by Manulife | 2004 |
| U.S. Headquarters | 200 Berkeley Street, Boston, Massachusetts |
| AM Best Rating | A+ (Superior) |
| S&P Rating | AA- (Very Strong) |
| New Individual Annuity Sales | Discontinued 2013 (U.S. retail market) |
| In-Force Annuity Servicing | Ongoing; contract holders retain full contractual rights |
| Current Active U.S. Business | Life insurance, long-term care, retirement plan services, mutual funds |
John Hancock’s History and Corporate Structure
John Hancock was founded in Boston in 1862 and spent most of its 140-plus-year history as an independent mutual life insurer. The company demutualized in 2000, going public on the New York Stock Exchange. In 2004, Canadian insurer Manulife Financial Corporation acquired John Hancock in a roughly $11 billion stock deal, making Manulife one of the largest life insurers in North America. Since the acquisition, John Hancock has operated as Manulife’s primary U.S. operating brand, while Manulife keeps the John Hancock name alive in the U.S. market because of its brand equity.
The company’s decision to exit U.S. individual annuities came in stages. John Hancock stopped selling variable annuities with living benefit guarantees in 2012 as part of an industry-wide retreat from variable annuity risk, and by late 2013 the company had fully wound down new U.S. retail annuity sales. The motivation was the same as for MetLife, The Hartford, Prudential (on the VA side), and others: the combination of low interest rates and large VA guarantee liabilities was making new sales unprofitable and capital-intensive. Manulife has since focused John Hancock on insurance, long-term care, retirement plan services, and mutual funds.
For context on the broader shift, review the current list of active annuity issuers to see which companies are still writing new contracts. You can also verify John Hancock’s current financial strength ratings at ambest.com or check Manulife’s parent-level disclosures at manulife.com.
John Hancock Financial Strength Ratings
| Rating Agency | Rating | Category | Notes |
|---|---|---|---|
| AM Best | A+ | Superior | 2nd highest of 16 AM Best ratings |
| S&P Global | AA- | Very Strong | 4th highest of 21 S&P ratings |
| Moody’s | A1 | Good | 5th highest of 21 Moody’s ratings |
| Fitch | AA- | Very Strong | 4th highest of 19 Fitch ratings |
These ratings apply to John Hancock Life Insurance Company (U.S.A.) and are supported by Manulife’s $800 billion-plus consolidated asset base. For holders of legacy John Hancock annuities, the carrier’s financial strength remains among the highest in the industry. State guaranty associations also provide a backstop on in-force contracts up to state-specific limits. Confirm your state’s coverage through the National Organization of Life and Health Insurance Guaranty Associations.
What Annuity Products Does John Hancock Offer?
As of 2026, John Hancock does not offer any new individual annuity contracts in the United States. The historical product lineup, which remains in force for existing contract holders, included:
- John Hancock Venture Variable Annuity series – discontinued for new sales in 2013. In-force contracts with living benefit riders (GMWB, GMIB) continue to receive the guaranteed benefits specified in the contract.
- John Hancock AnnuityNote – a deferred variable annuity discontinued for new sales in 2012-2013.
- John Hancock fixed deferred annuities – legacy MYGA-style fixed deferred contracts. No new sales.
- John Hancock Guaranteed Principal Annuity (GPA) – a legacy structured variable product, discontinued.
- John Hancock immediate annuities (SPIAs) – limited availability through institutional channels only; not broadly marketed to retail buyers.
If you already hold a John Hancock annuity, your contract terms are protected. Manulife is legally and financially obligated to honor all guarantees, living benefit riders, death benefits, and annuitization options exactly as stated in the original contract. Policy service, premium acceptance (for contracts that allow ongoing contributions), withdrawals, annuitization, and death claims all continue to be administered by John Hancock.
John Hancock does not publish MYGA rates to independent annuity rate feeds because it is not issuing new contracts. If you are shopping for a new fixed annuity in 2026, review the live MYGA rate comparison to see current top-rated issuers, or browse the annuity company directory for active carriers.
John Hancock Annuity Pros and Cons
Pros (for Existing Contract Holders)
- Top-tier financial strength – A+ (AM Best), AA- (S&P), backed by Manulife’s global balance sheet
- Legacy guarantees honored in full – living benefit riders, GMWB, GMIB, and death benefits continue as contracted
- Strong administrative continuity – John Hancock maintains full U.S. servicing operations for in-force blocks
- Century-plus operating history – one of the oldest life insurers in the United States
- Diversified parent – Manulife operates across Canada, the U.S., and Asia, providing geographic and business-line diversification
Cons (for New Buyers)
- No new individual annuity contracts – U.S. retail annuity sales were discontinued in 2013 and have not resumed
- No current rate offerings – buyers seeking competitive MYGA or FIA rates must look elsewhere
- Legacy VA riders priced for older market conditions – some in-force VA contracts have generous living benefits that carriers would not offer today; this is a positive for holders, not buyers
- Brand confusion – marketing the John Hancock name across insurance, retirement plans, and mutual funds can create confusion about what products are currently available
Who Is a John Hancock Annuity Best For?
There is no scenario in 2026 where a new buyer can purchase a John Hancock individual annuity. The review question therefore splits into two groups. For existing John Hancock annuity holders, particularly those with older variable annuities carrying generous living benefit riders, the answer is that the carrier remains financially sound and the contract remains worth holding unless a specific financial planning reason suggests otherwise. Surrendering a richly featured legacy VA contract to buy a new product usually destroys value because modern VA riders are materially less generous than pre-2012 designs.
For new buyers who were considering John Hancock based on brand recognition, the decision is straightforward: look at currently active A-rated carriers such as New York Life, MassMutual, MassMutual Ascend, Nationwide, or Corebridge Financial. These carriers offer current MYGA, FIA, and SPIA products with rates and features that can be compared in real time.
Before making any move on a legacy John Hancock VA, ask a licensed professional to run a policy review. The Guaranteed Minimum Withdrawal Benefit or Guaranteed Minimum Income Benefit on a 2005-2012 contract can be worth substantially more than the account value suggests. Learn more about how VA living benefit riders work before considering a 1035 exchange or surrender.
How to Service or Buy a John Hancock Annuity
To service an existing John Hancock annuity, contact John Hancock Annuities at 1-800-344-1029 or log in to the policyholder portal at johnhancock.com. All routine servicing, including beneficiary changes, address updates, withdrawals, systematic withdrawal elections, annuitization requests, and death claims, is handled through John Hancock’s U.S. operations.
To purchase a new annuity from a different carrier, work with an independent licensed agent who can compare live rates and features across 50+ top-rated carriers. My Annuity Store is an independent brokerage that can run a side-by-side comparison of current A-rated MYGA, FIA, and SPIA contracts. Request a free quote to see what is available today, or use our live rate tool to screen by term and rating.
If you are considering a 1035 exchange out of a legacy John Hancock VA, move slowly. The tax-free exchange rules allow moving annuity-to-annuity without triggering tax, but the exchange can forfeit valuable legacy riders. Work with an advisor who can run the in-force illustration first. For background on the rules, see the IRS summary of annuity taxation (Publication 575).
Is John Hancock still selling annuities?
No. John Hancock Life Insurance Company (U.S.A.) discontinued new U.S. individual annuity sales in 2013, as part of Manulife’s broader retreat from variable annuity guarantee risk following the low-rate environment of 2008 to 2012. The company continues to service a large book of in-force annuity contracts, honoring all contractual guarantees, living benefit riders, and death benefits as originally written. New buyers in 2026 must look to other carriers for currently available annuity contracts.
Are existing John Hancock annuities safe?
Yes. John Hancock Life Insurance Company (U.S.A.) holds an A+ (Superior) rating from AM Best and AA- from S&P Global, placing it among the strongest insurers in the U.S. market. Parent company Manulife Financial Corporation carries more than $800 billion in consolidated assets. State guaranty associations provide an additional backstop on in-force contracts up to state-specific coverage limits. Existing policyholders can expect full payment of all guarantees and death benefits as specified in their contracts.
Who owns John Hancock?
Manulife Financial Corporation, a Toronto-based Canadian insurer and asset manager, acquired John Hancock in 2004. Manulife trades on the New York Stock Exchange and Toronto Stock Exchange under the ticker MFC. John Hancock is the primary brand under which Manulife operates its U.S. business, but the two companies share consolidated financials and are governed by the same board of directors.
Should I surrender my old John Hancock variable annuity?
Not without a thorough policy review. Many John Hancock variable annuities sold between 2000 and 2012 include Guaranteed Minimum Withdrawal Benefit or Guaranteed Minimum Income Benefit riders that are substantially more generous than modern VA riders. The lifetime income value of the rider can exceed the account value by a meaningful margin. Before surrendering or 1035-exchanging the contract, request an in-force illustration from John Hancock and have a licensed professional evaluate the rider value against any replacement product.
What annuity carriers are comparable to John Hancock?
For buyers who valued John Hancock’s A+ rating and long history, comparable A-rated and A+-rated active issuers include New York Life, MassMutual, Northwestern Mutual, Nationwide, Pacific Life, and Corebridge Financial. All of these carriers continue to issue new MYGA, FIA, SPIA, and variable annuity contracts, and all maintain AM Best ratings of A or better. Rate and feature comparisons are available through independent brokerages like My Annuity Store.
Other Annuity Companies to Consider
- New York Life – A++ rated mutual insurer with active SPIA, MYGA, and VA lineup
- MassMutual – A++ rated mutual insurer with broad fixed and variable annuity products
- Nationwide – A+ rated with strong FIA and VA offerings
- Prudential – another major carrier that pulled back from VA guarantee risk in the 2010s
- MetLife – similarly spun its U.S. retail annuity block (into Brighthouse)
- Brighthouse Financial – spun from MetLife in 2017; holds the legacy MetLife annuity block
- Compare all annuity companies by rating, product type, and current rates
