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Hancock Reports Higher 1st Quarter Net Income

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NU Online News Service, May 1, 2003, 7:04 p.m. EDT – John Hancock Financial Services Inc., Boston, is reporting $253 million in net income for the first quarter on $2.3 billion in revenue, up from $147 million in net income on $2.1 billion in revenue for the first quarter of 2002.

But Hancock notes that the latest net figures include $293 million in investment losses recognized during the quarter, and that it is still carrying $900 million in unrealized losses on its books.

Hancock ended the quarter with $69 billion in invested assets.

The latest figures also include $234 million in gains from the recent sale of Hancock’s Boston headquarters buildings, including the Hancock Tower, to Beacon Capital Partners Inc., Boston, for $910 million, Hancock says.

Hancock announced in March that it would include some of the $570 million gains from the building sale in its first-quarter operating results.

Sales of fixed annuities and universal life insurance were strong, but sales of variable annuities and variable life products were weak, Hancock says.

Long-term care insurance sales increased 47%, to $52 million.