Group LTC insurance sales hit record high, solidifying its leadership position
Retail LTC insurance records 31% market share growth
Boston– John Hancock Long Term Care Insurance announced sales of $58.2 million for Q2 ’07, representing a 61 percent increase compared to the same quarter last year. Group LTC insurance posted its best sales quarter ever, bolstered by the enrollment of several large clients and increased activity in the emerging small to mid-sized employer market. Retail LTC insurance sales increased 17 percent over Q2 ’06 and 34 percent on a year-to-date basis.
With 36 new clients and $23.9 million in new sales during Q2 alone, John Hancock’s Group LTC insurance business more than tripled results achieved during the previous year. Adding re-enrollment numbers to new sales, John Hancock’s figure represents approximately 50 percent of the entire group market for the first half of 2007.1
With these results, John Hancock reaffirms its strong position as the number one group long term care insurance carrier in the industry.2
In the Retail business, long term care insurance sales were $32.8 million in Q2. Based on industry data3 John Hancock’s Retail sales growth of 34 percent YTD far outpaced the industry growth rate of about 2 percent, resulting in a 31 percent increase in market share for the company since June 30, 2006, which further strengthens John Hancock’s #2 position in the retail market.4
“We’re thrilled by our 2007 numbers so far, because they demonstrate that more Americans view long term care insurance as valuable coverage that plays an important role in their overall financial planning,” said Laura Moore, President, John Hancock Long Term Care Insurance. “And, as interest in long term care insurance continues to grow, John Hancock will continue to focus on offering a range of products that provide strong, comprehensive coverage for individuals, couples, families and employees of large and small companies. This has long been our core strategy to drive market share growth, and we are confident that this strategy will continue to serve us well in the future.”
For more consumer information on the need for long term care and basics of LTC insurance coverage, John Hancock maintains a consumer website at: www.johnhancocklongtermcare.com.
About John Hancock Long Term Care Insurance
Today, John Hancock, a unit of Manulife Financial Corporation, is one of the largest providers of LTC insurance overall with more than 1,000,000 LTCI clients and $1.4 billion of in-force LTCI premium and more than $1 billion in LTC claims paid.
Having entered the retail LTC insurance market in 1987, John Hancock is one of the largest carriers of individual coverage in the country. John Hancock began selling group LTC insurance in 1988 and today is the largest provider of employer-sponsored LTC insurance in the U.S.
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$410 billion (US$386 billion) as at June 30, 2007.
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.
John Hancock's primary insurance subsidiaries carry the highest—“AAA”—financial strength rating from Standard & Poor’s Ratings Services.
1 LIMRA International, U.S. Group Long Term Care Insurance Business: First Half 2007 Business
2 LIMRA International, U.S. Group Long Term Care Insurance Business: First Half 2007 Business
3 LIMRA International, U.S. Retail Long Term Care Insurance Business: Second Quarter 2007 Business
4 LIMRA International, U.S. Retail Long Term Care Insurance Business: Second Quarter 2007 Business
Long Term Care Insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117
- 30 -
Melissa Simon Berczuk