NU Online News Service, Nov. 7, 2003, 6:04 p.m. EST – John Hancock Financial Services Inc., Boston, says third-quarter sales of its long term care insurance products increased 63% from the total for the third quarter of 2002.
LTC insurance sales “remain robust,” according to Hancock Chief Financial Officer Thomas Moloney.
During Hancock’s third-quarter earnings conference call, Moloney attributed the strength of the company’s LTC product sales to “the strong demographics for this product, expanding distribution relationships and continued positive reception of the product suite.”
Continued expansion of distribution relationships also helped drive growth, Moloney said.
A joint venture with MetLife Inc., New York, that runs the new Federal Long Term Care Insurance Program also continued to grow, Moloney said. Hancock’s share of the venture proceeds increased to $2.6 million for the latest quarter, from $300,000 for the third quarter of 2002.