Manulife Financial Corp. is warning it may soon increase premiums on in-force long term care (LTC) insurance products sold in the U.S.
The company sells LTC policies in the U.S. through John Hancock Life Insurance Company, Boston.
Manulife, Toronto, has already increased prices recently on new sales of LTC policies as well as life insurance in the U.S., it said.
The moves to boost premium income came as the company announced losses of $2.3 billion in the second quarter, compared to income of $1.7 billion in the second quarter of last year.
The company expects the price increases on new business to have a favorable impact on earnings in the second half, said Michael Bell, senior executive vice president and chief financial officer for Manulife, Toronto, during a conference call with financial analysts.