Maritime Life is reporting a 38.2% jump in consolidated net income to $24.8 million for the third quarter ended September 30.

Net income for the year-to-date period is $62.3 million for 2003, up 36.7% from the comparative period in 2002.

The insurer says net income for the year-to-date period was positively affected by the acquisition of Liberty Health in the third quarter and the impact during 2003 of recovering equity markets.

In addition, the effective tax rate for the first nine months of 2003 was 31.8% compared to 44.9% in the year-earlier-period, which was higher than normal due to the impact of permanent differences between accounting income and taxable income of certain security losses.

These items were offset by an $18.1 million after-tax charge in the first quarter, reflecting the recapture of significant portions of Group life, accidental death and dismemberment and long-term disability reinsurance.

Total sales for the Group Life and Health segment were $36.2 million in the third quarter.

Total sales for the Retail Protection segment, including individual insurance and living benefits, were $20.9 million in the quarter.

New deposits in the Asset Gathering segment were $172.1 million in the quarter.

Maritime Life completed its assumption of the insurance business of Liberty Health effective July 1, 2003.

During the quarter, the parent company of Maritime Life, John Hancock Financial Services Inc. and Manulife Financial Corp. announced that they had entered into a merger agreement. The transaction, expected to be completed by the second quarter of 2004, is subject to approval by John Hancock shareholders as well as regulatory agencies in the U.S. and Canada.

Maritime Life’s Group Division recently released the results of its annual customer satisfaction survey. The results indicate an exceptional rating of 94% — three% higher than last year.

“We are very pleased with our solid financial performance through the first nine months of fiscal 2003,” said Phil Pothier, senior VP and CFO of Maritime Life. “Our priorities going forward continue to include new business development, product enhancement and maintaining the high customer satisfaction levels which have underlined the success of our business approach to date.”