The federal government has approved Manulife Financial Corp.’s takeover of Maritime Life Assurance Co., part of a broader acquisition that will make Manulife North America’s second-biggest life insurer.

Finance Minister Ralph Goodale announced Tuesday that the Office of the Superintendent of Financial Institutions had approved the Maritime Life takeover and the Competition Bureau had raised no objections to the deal.

The transaction is part of Manulife’s multibillion-dollar acquisition of Maritime Life’s U.S. parent, Boston-based John Hancock Financial Services Inc.

That takeover is slated to close April 28.

Manulife previously received regulatory approvals in the United States for the Hancock takeover from insurance regulators in Massachusetts, Delaware and Vermont, and the U.S. Federal Reserve Board.

“The government considered a broad range of public interest issues in making this decision, including the interests of policyholders and employees across the country,” Goodale said in a statement.

“I have been assured that policyholders’ existing insurance coverage will not change as a result of this decision, and that the treatment of affected employees will meet or exceed industry practices.”