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Life Health > Life Insurance

Hancock Reports Lower 4th Quarter Net Income

By Staff Writer

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NU Online News Service, Feb. 6, 5:54 p.m. – John Hancock Financial Services Inc., Boston, is reporting $106 million in net income for the fourth quarter of 2001 on $2.7 billion in revenue, compared with $226 million in net income on $2.5 billion in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $98 million in investment losses related to problems at Enron Corp., Houston, and other securities issuers, Hancock says.

Operating income, which excludes the investment losses, $20 million in losses related to a class-action lawsuit, and $5 million in restructuring costs, fell to $87 million, from $91 million.

At the life insurance unit, variable life sales fell to $37 million, from $44 million, but sales of universal, term and whole life increased to $27 million, from $16 million.

Sales of variable annuities fell to $155 million, from $281 million, but sales of fixed annuities increased to $420 million, from $267 million.

Sales of mutual funds increased to $1.4 billion, from $1.2 billion, and sales of long-term care insurance increased to $29 million, from $28 million.

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