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Savings Bank Life Of Mass. Reports Lower 2002 Net Income

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NU Online News Service, April 14, 2003, 12:44 p.m. EDT – Savings Bank Life Insurance Company of Massachusetts, Woburn, Mass., is reporting $4.2 million in net income for 2002 on $262 million in revenue, down from $10 million in net income on $236 million in revenue for 2001.

The net results include $8 million in investment losses. Net gain, which excludes those losses, increased to $12 million, from $11 million, Savings Bank Life says.

Premium income from sales of ordinary life insurance increased 6.8%, to $142 million, and revenue from annuity operations increased 181%, to $6.3 million.


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