John Hancock will be buying back shares worth up to $720 million, the firm said this week. The buyback was approved by the Board on Tuesday and authorizes the repurchase of $500 million more than under an directive issued in October 2000.

"The market continues to undervalue John Hancock, making the buyback program an attractive way for us to continue to both deploy excess capital and increase shareholder value," Chief Executive David D'Alessandro said in a statement.  

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