NU Online News Service, April 18, 2005, 12:30 p.m. EDT
The Savings Bank Life Insurance Company of Massachusetts, Boston, saw income drop last year despite increased revenues.[@@]
SBLI says revenue grew 6.5% last year, to $313.6 million, from $295 million the year before. But net income fell to $9.8 million from $13.1 million the previous year.
Its premium income from ordinary life insurance, the company’s core business, increased by 4%, to $163.2 million. First-year individual life premiums associated with new business reached $14 million in 2004. Annuity income rose almost 24%, to $55.2 million, from $44.7 million in 2003.
The drop in revenue was due primarily to a decline in the net yield from investments, increased Regulation XXX reserves and higher overhead from changes to its business processes, SBLI says.