John Hancock Financial has completed the realignment of its legal entities effective Dec. 31.

Through this undertaking, which was subject to regulatory approval, John Hancock expects to establish a more capital and tax-efficient structure, simplify its financial reporting and achieve other benefits to support its future growth, according to a statement.

The realignment involved merging John Hancock Life Insurance Co. and John Hancock Variable Life Insurance Co. into John Hancock Life Insurance Co. (U.S.A.), which will reduce the number of John Hancock’s primary operating life insurers from five to three.

The following primary life insurance companies will now operate under John Hancock Financial:

John Hancock Life Insurance Co. (U.S.A.) will serve as John Hancock’s flagship company. It is licensed in all states except New York and issues all product lines in those 49 states, except group long-term care insurance.

John Hancock Life Insurance Co. of New York, licensed only in the state of New York, issues all New York policies and contracts, except long-term care insurance.

John Hancock Life & Health Insurance Co., licensed in all 50 states, issues group long-term care insurance in all states, as well as individual long-term care policies in the state of New York.

John Hancock’s realignment also involved the merger of several holding company legal entities. John Hancock Financial Services Inc., was merged into The Manufacturers Investment Corp., and Manulife Holdings (Delaware) LLC was merged into John Hancock Holdings (Delaware) LLC, according to a statement.

The realignment had no impact on the terms or conditions of in-force policies, contracts or certificates. The location of the company’s offices and operations, as well as employment levels, have also been unaffected by the realignment, according to a statement.