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Hancock LTCI unit holds steady

By Allison Bell

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Manulife Financial Corp. gave little attention to its U.S. long-term care insurance (LTCI) business today as it reviewed its latest earnings.

Manulife (TSX:MFC), the parent of John Hancock, reports results for the company as a whole in Canadian dollars. The company earned $977 million in net income in Canadian currency for the second quarter on $4.2 billion in revenue, up from $308 million in net income on $4.2 billion in revenue for the comparable quarter in 2013.

The U.S. LTCI business — which reports its results in U.S. dollars — produced $13 million in new LTCI sales and $549 million in premiums and deposits. That compares with $13 million in LTCI sales and $547 million in premiums and deposits for the second quarter of 2013.

The company is not breaking out other LTCI unit performance indicators.

In a conference call with securities analysts, the company focused mainly on growth in wealth and asset management businesses, efforts to expand in Asia, and a decision by its board to increase its quarterly dividend 19 percent, to 15.5 Canadian cents per share.

A slide deck showed U.S. insurance sales making up just a small portion of the company’s total insurance sales for the quarter.

See also: Hancock LTCI sales jump

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