The head of John Hancock Financial Services, which was bought by Manulife Financial Corp. almost two years ago, has suggested the Canadian insurer is just getting started in its bid to expand.

In an interview with Reuters on Thursday, John DesPrez III, president and chief executive at John Hancock, predicted the U.S. insurance industry is headed for consolidation. "We intend to participate as a buyer," he said.

DesPrez indicated Manulife is sizing up possible "sizeable" acquisitions in the life insurance, variable annuity, long-term care, mutual fund and 401(k) industries. With $3 billion available to spend, they remain focused on businesses related to their own, he said. "We will do a deal that's in our market." 

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