Manulife/John Hancock enters five-year, multimillion dollar research collaboration with MIT AgeLab to drive longevity innovation and research
BOSTON, May 14, 2024/PRNewswire/—John Hancock, along with its Toronto-based parent company, Manulife (NYSE: MFC), today announced a five-year, multimillion-dollar research collaboration with the Massachusetts Institute of Technology (MIT) AgeLab, a multidisciplinary research institute that works with business, government, and nongovernment organizations, leading innovation and research to help improve the quality of life for the aging population and their loved ones. Over the next five years, Manulife/John Hancock and the MIT AgeLab will collaborate to research the future of longevity innovation, developing research, thought leadership, and workshops with the goal of driving actionable insight for the business community, policymakers, and individuals and their families.
The World Economic Forum (WEF) reports that by 2050, the number of people aged over 60 is expected to double to 2.1 billion, yet one-fifth of an individual's life, on average, is now expected to be lived with morbidity or in a state of illness. Lifespans and healthspans aren't evenly distributed at the national or global level, a significant outcome of socioeconomic and environmental disparities. As such gaps expand, so does the need for immediate action to address what's already a major longevity crisis in our communities and the world at large. As the aging population grows, better understanding the intersection of health and wealth, including preventative health measures and retirement planning, will be paramount.
"The fastest-growing age cohort in the world is people over 85. As we continue to see people live longer lives, it's crucial that we gain new insight into how we can make longer lives synonymous with better and healthier lives," said Brooks Tingle, president and CEO, John Hancock."We fundamentally believe in helping make this a reality and know that this ambition doesn't start and end within the walls of our business. That's why we're committed to collaborating with leaders in the space, like the MIT AgeLab, to help provide others—from policymakers to industry leaders to healthcare advocates—with critical learnings that can scale our shared mission to drive better health and wealth outcomes."
This research will explore the critical tenets of longevity in the United States and hopes to develop a first-of-its-kind longevity preparedness index, to be produced annually over an initial five-year period. As lifespans continue to increase worldwide, the index will measure the readiness of Americans from every generation to live longer, healthier, and better lives and provide data-driven insight for maximizing financial planning, health and wellness habits, work and retirement transition planning, housing choices, end-of-life planning, and technological advances that support critical health and financial needs at each step of the aging process. Research on the first annual index will begin in the spring of 2024. The index is expected to expand to include Canada as the collaboration evolves.
MIT AgeLab founder and director Dr. Joseph Coughlin will lead this work with a team of social and data scientists along with experts outside of MIT. In addition to the index, the group will host several workshops throughout the year to engage in discussions and activations around longevity, generational dynamics, new technology, and behavioral insurance. Manulife/John Hancock has also joined the MIT AgeLab PLAN, an industry consortium examining how the business of advice might better prepare people to live 100 good years.
"My research team is excited to embark on this research collaboration with Manulife/John Hancock," said Dr. Coughlin. "The spirit of MIT is to think and do. We want not only to identify the many different dimensions of what it takes to live longer, better, but also to measure the preparedness of a nation to live 100 good years. It's our shared objective that our work will educate and motivate people to do what it takes for themselves, their families, and their communities—to turn a longer life into a better life for all."
The MIT AgeLab, based within MIT's Center for Transportation & Logistics, is known internationally for its multidisciplinary work exploring avenues of pragmatic, actionable innovation desired by, and useful to, aging consumers and workers, as well as their loved ones. This ongoing project spans sectors that include automotive, healthcare, caregiving, housing and community design, and financial services, and inspired Dr. Coughlin's bestselling 2017 book, The Longevity Economy.
This announcement supports Manulife's impact agenda, which seeks to empower sustained health and well-being, and builds on John Hancock's inaugural "Longer. Healthier. Better. symposium," hosted in Boston in September of 2023, where global leaders across public and private sectors convened to share the latest research and innovations driving the future of longevity. Globally, Manulife was proud to support WEF's recently announced Longevity Economy Principles, which offer a strategic approach to addressing the global longevity crisis. Manulife also recently announced a multi-year partnership with UpLink, WEF's open innovation platform, designed to help shape the future of, and investment in, longevity innovation.
Learn more about Manulife, John Hancock, and the MIT AgeLab.
About John Hancock and Manulife
John Hancock is a unit of Manulife Financial Corporation, a leading international financial services provider that helps people make their decisions easier and lives better by providing financial advice, insurance, and wealth and asset management solutions. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports more than ten million Americans with a broad range of financial products, including life insurance and annuities. John Hancock also supports US investors by bringing leading investment capabilities and retirement planning and administration expertise to individuals and institutions. Additional information about John Hancock may be found at johnhancock.com.
About John Hancock Retirement
John Hancock Retirement is the U.S. retirement business of Manulife Investment Management. For more than 50 years, we’ve helped people plan and invest for retirement; today, we’re one of the largest full-service providers in the United States.1 We take a hands-on consultative approach based on the idea that no two plans—and no two plan participants—are exactly alike. We partner with plan sponsors, advisors, and third-party administrators to ensure that every plan is personal to the participant and delivers proven results.1
As of March 31, 2024, John Hancock serviced over 57,000 retirement plans with over 3.2 million participants* and over $224 billion in AUMA.
About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today's emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
* Participant Counts reflect all active participants with a balance.
1"PLANSPONSOR 2023 Defined Contribution Recordkeeping Survey© 2023 Asset International, Inc.,” PLANSPONSOR, 2023.
As of Mar 31, 2024, John Hancock Life Insurance Company (USA) supported 52,305 plans, 1,578,649 participants, and $ 108,739,117,981.76 in AUMA. John Hancock Life Insurance Company of New York supported 2,723 plans, 74,592 participants, and $ 6,025,109,123.82 in AUMA. John Hancock Retirement Plan Services LLC supported 2,211 plans, 1583,252 participants, and $109,808,267,167.64 in AUMA. Participant Counts reflect all active participants with a balance. Approximate unaudited figures for John Hancock, provided on a U.S. statutory basis.
John Hancock Retirement Plan Services LLC provides administrative and/or recordkeeping services to sponsors or administrators of retirement plans through an open-architecture platform. John Hancock Trust Company LLC, a New Hampshire non-depository trust company, provides trust and custodial services to such plans, offers an Individual Retirement Accounts product, and maintains specific Collective Investment Trusts. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in NY), and John Hancock Life Insurance Company of New York, Valhalla, NY. Product features and availability may differ by state. All entities do business under certain instances using the John Hancock brand name. Each entity makes available a platform of investment alternatives to sponsors or administrators of retirement plans without regard to the individualized needs of any plan. Unless otherwise specifically stated in writing, each entity does not, and is not undertaking to, provide impartial investment advice or give advice in a fiduciary capacity. Securities are offered through John Hancock Distributors LLC, member FINRA, SIPC.
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