NU Online News Service, Nov. 1, 6:38 p.m. – John Hancock Financial Services Inc., Boston, is reporting $171 million in net income for the third quarter on $1.7 billion in revenue, compared with $184 million in net income on $1.7 billion in revenue for the third quarter of 2000.
Operating income, which excludes $35 million in losses on investments sold and marked down during the quarter, increased to $205 million, from $182 million.
Hancock sells life insurance, long-term care insurance, annuities and mutual funds.
Sales of new variable life insurance fell to $29 million, from $40 million, but sales of universal, term and whole life held steady at $15 million. Sales of corporate-owned and bank-owned life insurance increased to $39 million, from $19 million.
Thanks to strong sales of some products and high persistency rates, the amount of traditional, universal life and variable life coverage in-forced increased to $138 million Sept. 30, up 8% from Sept. 30, 2000.