Maritime Life Assurance Co. says fourth-quarter earnings jumped 79% as premium revenue increased almost 74%.

The Halifax-based insurer, whose merger of its Boston-based parent, John Hancock Financial Services, Inc., with Manulife Financial, was approved by John Hancock shareholders last month, said consolidated net income to shareholders for all of 2003 was $91.3 million, up 47.7% over 2002’s $61.8 million. Premium revenue gained 16% to almost $2.2 billion in 2003 from almost $1.9 billion in 2002.

Fourth-quarter net income was $29 million in 2003 vs $16.2 million a year earlier. Premium revenue was $1.01 billion vs $584.9 million.

The company said total sales for the group life and health segment were $239.2 million vs $232.5 million in fiscal 2002. Total sales for the retail protection segment, including individual insurance and living benefits, were $78.7 million vs $79.6 million in 2002.

Maritime Life said a release its net income for 2003 was helped by the acquisition of Liberty Health in the third quarter, as well as the impact of recovering equity markets and continued positive credit conditions. Net income was hurt by lower sales and deposits and an $18.1-million after-tax charge, reflecting recapture of reinsurance on significant portions of group life and health insurance, including long-term disability.

“While overall sales were lower than anticipated in 2003, our profitability prospects continue to be strong and the quality of our investment portfolio is excellent,” said Phil Pothier, senior vice president and chief financial officer of Maritime Life.