Hancock tops in individual-life sales

John Hancock led the industry with $735 million in individual life insurance sales last year, according to a recent survey of 78 major life insurers by LIMRA International Inc.
Sales at the Boston-based insurance company increased almost 20%, though industry-wide sales grew just 6.6%, the company reported in a statement. John Hancock moved into the top spot after finishing No. 3 in 2005. LIMRA International is an insurance and financial services research firm in Windsor, Conn.
The two key drivers for the overall showing were strong universal life and variable life insurance sales.
Universal life insurance sales rose to $504 million, an increase of 17.6%, compared with an industry-wide increase of 9.1%, according to the survey. Variable life insurance sales rose to $181 million, an increase of 32.7%, compared with an industry-wide sales increase of 8.2%.
“Since [our] 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,” said Steve Finch, president of John Hancock Life Insurance, in a statement.