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LIMRA: Bank Life Sales Surge Continues

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The second quarter of 2010 marked the fifth straight quarter of significant gains for life insurance sales through banks, according to Kehrer-LIMRA.

Banks took in $483 million in total new life premium revenue in the second quarter of 2010, up from $328 million in new premium revenue in the second quarter of 2009, according to Kehrer-LIMRA, Windsor, Conn.

The sales increases started in the second quarter of 2009, when annuities fell out of favor with customers and bank reps, Kehrer-LIMRA says.

In the first half of 2010, banks reported faster growth in both life premium revenue and life policy sales than any other life distribution channel reported, the research outfit says.