Maritime Life is reporting a fourfold increase in quarterly profits on higher revenue.
The subsidiary of insurance giant Manulife Financial Corp. said it earned $33.1 million in the first quarter ended March 31, compared with $7.9 million in the same quarter last year.
The insurer said last year’s result was negatively impacted by a net after-tax charge of $18.1 million from a decision to recapture certain group long-term disability reinsurance. Excluding the impact of this charge, shareholders’ net income increased 27.3% year-over-year.
The company said net income for the first quarter was positively affected by after-tax earnings of $5.1 million from the recently acquired Liberty Health business.
During the first quarter, assets under administration increased 17.2% compared with the year-earlier period, due to both the Liberty Health acquisition and improved equity markets, reaching $17 billion.
Total sales for the Group Life and Health segment, as measured by annualized premiums and premium equivalents, were $29.2 million in the first quarter, compared with $31.7 million in the same period in 2003.
Total sales for the Retail Protection segment, including individual insurance and living benefits, as measured by annual premiums, were $21.3 million in the first quarter, compared with $18.1 million in the same period in 2003.
New deposits in the Asset Gathering segment were $324.8 million in the first quarter, compared with $250.4 million in the same period in 2003.