Filed Under:Markets, Company News

Hancock LTCI unit holds steady

John Hancock LTCI sales and revenue were flat.
John Hancock LTCI sales and revenue were flat.

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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