BOSTON, March 17 /PRNewswire-FirstCall/ -- John Hancock Life Insurance Company led the industry in long-term care (LTC) insurance sales in 2008, according to recent industry year-end surveys of LTC insurers.* In total, John Hancock earned $177.8 million in new premium across all of its LTC insurance businesses, giving the company 23.2 percent of LTC insurance market share. This marks John Hancock's second year in a row as the overall leader in LTC insurance sales.
Last year, John Hancock's individual LTC insurance sales exceeded $120 million, despite an overall down market. Individual market sales were driven by the mid-year introduction of Custom Care II Enhanced, featuring such product innovations as a CPI-based inflation option, caregiver support services, and consumer protection provisions including the industry's first provision for the independent third-party review of claims. Sales of the simplified Leading Edge product also drove momentum as did a strong demand for its popular multi-life programs, Sponsored Group and Corporate Solutions.
In its group LTC insurance business, with earned premiums in excess of $45 million, John Hancock again ranked number 1 in both sales premium market share and inforce premium market share, marking the company's fourth consecutive year as the leader in new premiums. With the upcoming rollout of its enhanced CareChoice and CorporateChoice products, John Hancock expects to solidify its leadership position as the carrier of choice for large employers and extend its presence in the mid-sized employer market.
"In a year that posed numerous challenges for the financial services industry, I am very pleased with John Hancock's results in the LTC insurance arena," said Marianne Harrison, President, John Hancock Long-Term Care. "Each year we strive to be the carrier of choice for every market we serve, from individuals, to couples, families, associations and small and large emplo
|SOURCE John Hancock Long-Term Care|
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