John Hancock Life Insurance Co. is selling its group life insurance business to Metropolitan Life Insurance Co.

The terms of the transaction are undisclosed, but it will have "no material impact on MetLife's 2003 net income and operating earnings," according to a statement from the firm.

John Hancock CEO David F. D'Allesandro characterized the block of business as "non-core" and "immaterial to our earnings last year." The primary effect of the sale will be to "free up capital that can be redeployed to strengthen the company and create value for our stakeholders," D’Allesandro.

MetLife is looking to expand its group life business, said C. Robert Hendrickson, president of the U.S. insurance the financial services businesses.

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