Close Close

Life Health > Health Insurance > Health Insurance

Hancock LTCI unit holds steady

Your article was successfully shared with the contacts you provided.

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

The top producers of the life insurance industry will be gathering in Las Vegas on August 13-15 for networking, education and more! Click here to sign up!


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.