Strong Product Line up, Underwriting Expertise, Outstanding Producer Support Fuel Success
Financial Strength And Highly Regarded Retail Brand also Key Factors
Boston– John Hancock led the industry in total individual life insurance sales in 2006, according to a recent survey of 78 major life insurers by LIMRA International (LIMRA).
According to LIMRA, John Hancock’s sales reached $735 million in total annualized premium in 2006, an increase of almost 20 percent in 2006, while industry sales grew 6.6 percent. John Hancock moved into the top spot in 2006 after finishing at number 3 in 2005 and number 5 in 2004.
The two key drivers for John Hancock’s overall showing were strong universal life and variable life sales.
Universal life sales rose to $504 million, up 17.6 percent; industry-wide sales increased 9.1 percent, according to the survey. For the second year in a row, John Hancock finished first overall in the category.
Variable life (including variable universal life) sales rose to $181 million, up 32.7 percent, according to LIMRA. Industry-wide sales increased 8.2 percent. The increase boosted John Hancock to number two in the category from number four in 2005.
“Since John Hancock’s successful merger with Manulife Financial in 2004, we have generated tremendous momentum and we’re enormously pleased to finish the 2006 year as the number one carrier in life insurance sales. Our portfolio has never been stronger or more competitive, covering every key product space in our target markets,” said Steve Finch, President, John Hancock Life Insurance. “Our customers have a variety of choice in who to buy from in order to meet their financial objectives and they have chosen to place their trust in John Hancock. We appreciate their confidence in our company and stand behind our promises with superior financial strength.”
Mr. Finch said John Hancock also sets itself apart from competitors and drives growth with:
As we continue to leverage all of our key strengths, we are looking forward to another excellent year in 2007,” he said.
About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through 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$414 (US$355 billion) as at December 31, 2006.
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.
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Survey Source: LIMRA International, U.S. Individual Life Insurance Sales Survey, Fourth Quarter YTD 2006 results. Sales based on annualized new premium.