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 employers - and in every distribution channel dedicated to selling our products. We are grateful to our many distribution partners in the LTC insurance industry who helped us to achieve such great success again this year."
About John Hancock Long-Term Care Insurance
John Hancock is one of the largest providers of LTC insurance with more than 1,000,000 LTC insurance clients and $1.5 billion of in-force LTC insurance premium.(1) The company holds $9.4 billion in LTC insurance reserves for future claims(2) and has paid $2.2 billion in LTC insurance claims since entering the business in 1987.(3)
About John Hancock and Manulife Financial
John Hancock is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn $404.5 billion (U.S. $330.3 billion) as at December 31, 2008. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.
Long-term care insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117.
*Survey Source: LIMRA International, U.S. Individual Long-Term Care Insurance Sales Survey, Fourth Quarter YTD 2008 results and U. S. Group Long-Term Care Insurance Sales Survey, Fourth Quarter YTD 2008 results. John Hancock's 2008 total includes new premium sold through the individual and group markets as well as 50% of sales through the Federal Long Term Care Insurance Program.
(1) As of December 31, 2008, according to internal financial records
(2) As of December 31, 2008, according to internal financial records inclusive of active and claims reserves for individual and group long-term care insurance.
(3) Based on John Hancock internal data as of 12/31/08. Total includes individual and group long-term care insurance and 50% of the Federal Long Term Care Insurance Program.
|SOURCE John Hancock Long-Term Care|
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