John Hancock Life Insurance Co. has announced a 61% increase in long-term-care insurance sales, to $58.2 million in the second quarter, compared to a year earlier.
Group long-term-care insurance sales were bolstered by enrollment of several large clients and increased activity in the emerging small to midsize employer market. Retail long-term-care insurance sales rose 17% from a year earlier and 34% so far this year, to $32.8 million.
With 36 new clients and $23.9 million of new sales during the quarter that closed on June 30, Hancock's group long-term-care insurance business more than tripled from a year earlier. the company said on Monday.
Boston's John Hancock, a unit of Manulife Financial Corp. in Toronto, is one of the largest providers of long-term-care insurance overall, with more than one million clients and $1.4 billion of in-force premium; it has paid more than $1 billion in long-term-care claims.
Hancock has offered retail long-term-care insurance since 1987.
