Savings Bank Life Insurance Co. of Massachusetts on Wednesday reported record 2005 sales, making it the leading writer of ordinary life insurance in force in its home state for a ninth consecutive year.
SBLI also led all life insurers in the state last year in total policies in force, new policies issued, insurance issued, and net growth of insurance in force.
The rankings are based on data from life insurance companies' 2005 annual statements filed with the Massachusetts Commissioner of Insurance for ordinary (nongroup) policies issued and delivered in the state.
SBLI's sales of ordinary life insurance totaled $9.5 billion last year, increasing its insurance in force to a record $63.6 billion at yearend. In Massachusetts alone, its ordinary life insurance in force reached $49.2 billion.
The Woburn, Mass., company's premium income from ordinary life insurance, its core business, rose 6.5%, to $183.9 million. First-year individual life premiums associated with new business grew to $16.6 million. Annuity considerations fell to $46.8 million, from $55.2 million in 2004. Total revenues reached $314.2 million, the 11th consecutive year of revenue growth.
SBLI's net income was $10.1 million last year, up from $9.8 million.
