John Hancock Awarded Federal Long Term Care Insurance Program (FLTCIP) Contract
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BOSTON, May 11 /PRNewswire-FirstCall/ -- John Hancock has been named the sole carrier for the Federal Long Term Care Insurance Program's (FLTCIP) second seven-year contract period by the U.S. Office of Personnel Management (OPM). The FLTCIP is the largest employer-sponsored LTC insurance program in the United States, with more than 224,000 persons enrolled, representing every branch of the federal government. Under the new contract, the Program will continue to be administered by Long Term Care Partners, LLC, located in Portsmouth, New Hampshire under the direction of John Hancock. Long Term Care Partners was created to support the FLTCIP seven years ago. "John Hancock is honored to have been entrusted with the stewardship of this landmark program for a second contract term and we look forward to meeting the long-term care insurance needs of federal employees and their families for many years to come," said Marianne Harrison, President, John Hancock Long-Term Care Insurance. When the federal government introduced the FLTCIP in 2002, it signaled the importance of private insurance as a solution to the nation's growing long-term care crisis with OPM urging all federal employees to take personal responsibility for their long-term care planning. Harrison added that "The renewal of the FLTCIP for a second contract period underscores the government's continued focus on the long-term care issues facing our nation. The Program also serves as an example for employers of all sizes as to the importance of raising employee awareness around the risks and costs of long-term care and the need to plan ahead for a secure financial future." About John Hancock Long-Term Care Insurance John Hancock is one of the largest providers of LTC insurance with more than 1,000,000 LTC policyholders and $1.5 billion of in-force LTC insurance premium(1). The company holds $9.4 billion in LTC insurance reserves for future claims(2) and has paid $2.2 billion in LTC insurance claims since entering the business in 1987(3). 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 $405.3 billion (U.S. $321.7 billion) as at March 31, 2009. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' 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, fixed products, 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. Long-term care insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117 and by John Hancock Life & Health Insurance Company, Boston, MA 02117. (1) As of December 31, 2008, according to internal financial records. (2) As of December 31, 2008, according to internal financial records inclusive of active and claims reserves for individual and group long-term care insurance. (3) Based on John Hancock internal data as of 12/31/08. Total includes individual and group long-term care insurance and 50% of the Federal Long Term Care Insurance Program for the first contract term. SOURCE John Hancock Long-Term Care Insurance Melissa Berczuk for John Hancock Long-Term Care Insurance, +1-617-663-4750, mberczuk@jhancock.com
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