May 9, 2008
Savings Bank Life Insurance Income, Profits Up
The state's biggest life insurance company saw its income and profits rise in 2007.
The Savings Bank Life Insurance Company of Massachusetts sold $9.4 billion of ordinary life insurance in 2007. Its net income for 2007 increased to $8.7 million, from $8.5 million in 2006.
The company attributed much of its growth to expansion beyond Massachusetts, with about 37 percent of its first-year level term premiums derived from out of state.
The Savings Bank Life Insurance Company of Massachusetts sold $9.4 billion of ordinary life insurance in 2007. Its net income for 2007 increased to $8.7 million, from $8.5 million in 2006.
The company attributed much of its growth to expansion beyond Massachusetts, with about 37 percent of its first-year level term premiums derived from out of state.
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