NU Online News Service, April 16, 2004, 4:55 p.m. EDT – Strong annuity sales helped the Savings Bank Life Insurance Company of Massachusetts generate strong 2003 profits.[@@]
The Woburn, Mass., life insurer is reporting $13.1 million in net income for 2003 on $294 million in revenue, up from $4.2 million in net income on $261 million in revenue for 2002.
Ordinary life premium revenue increased only 6.6%, to $163 million, but annuity considerations increased 153%, to $44.7 million.
The company is licensed to sell insurance in 14 states and the District Columbia. Its distribution network includes financial institutions in New Jersey, Tennessee and Virginia as well as 200 New England financial institutions.