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Savings Bank Life Reports Lower Net Income

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NU Online News Service, April 11, 3:42 p.m. – The Savings Bank Life Insurance Company of Massachusetts, Woburn, Mass., is reporting $10 million in net income for 2001 on $235 million in revenue, compared with $15 million in net income on $239 million in revenue for 2000.

Savings Bank Life attributed the drop in net income to the effects of new Massachusetts accounting and reserve regulations that took effect in 2001.

Premium income from ordinary life insurance, the company’s main business, increased 8.2%, to $133 million.

Savings Bank Life is privately held and does not follow the financial reporting conventions used by most large shareholder-owned companies. Figures for fourth-quarter performance were not available in the company’s latest earnings release.