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May 03, 2013 at 10:15 AM
Executives at Manulife Financial Corp. (TSX:MFC) said they have made progress with revamping the long-term care insurance (LTCI) product line at the company’s John Hancock unit.
The executives talked about the LTCI business briefly during a conference call they held Thursday to discuss the company’s first-quarter earnings.
Manulife is reporting a total of $555 million in net income for the quarter, in Canadian dollars, on $6.1 billion in revenue, compared with $1.2 billion in net income on $3.8 billion in revenue for the first quarter of 2012.
The John Hancock Long-Term Care business — which reports its performance in U.S. dollars — is reporting $105 million in net income for the quarter on $721 million in “subtotal revenue,” compared with a net loss on $690 million in subtotal revenue for the first quarter of 2012.
Subtotal revenue excluded both realized and unrealized gains and losses on invested assets.
Total revenue at the business changed to $46 million in the latest quarter, compared with negative $454 million in the first quarter of 2012.
Gross premiums increased to $430 million, from $426 million; investment income increased to $281 million, from $255 million; and sales commissions fell to $32 million, from $35 million.
