John Hancock Reports Lower Net Income

At the LTC insurance unit, sales increased to $33 million, from $28 million.

New sales of individual coverage held steady at $18 million, and new sales of group coverage fell to $2.2 million, from $4.1 million. But renewal premiums for individual coverage increased to $83 million, from $67 million, and renewal premiums for group coverage increased to $23 million, from $19 million, Hancock says.

Sales of long-term care insurance increased to $33 million, from $28 million, and pretax earnings at the LTC insurance unit increased 41%, to $30 million, Hancock says.

At the asset gathering unit, sales of variable annuities and mutual funds fell to $993 million for the quarter, from $1.5 billion, but sales of fixed annuities, guaranteed investment contracts and funding agreements made up most of the difference by increasing to $1.5 billion, from $884 million.