Savings Bank Life Insurance Company of Massachusetts Reports Record Sales in 2005.WOBURN, Mass. -- Ranks As Leading Life Insurer In Home State For Ninth Consecutive Year The Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Life Insurance Company of Massachusetts today reported record sales for 2005, making the company the leading writer of ordinary life insurance in force in its home state of Massachusetts for the ninth consecutive year. SBLI SBLI Savings Bank Life Insurance SBLI Stressed But Loving It (UK youth musical theatre society) also led all life insurers in the state in 2005 in total number of policies in force, number of new policies issued, insurance issued, and net growth in insurance in force. The rankings are based on figures obtained from life insurance companies' 2005 annual statements filed with the Massachusetts Commissioner of Insurance, for ordinary (non-group) policies issued and delivered in the state. SBLI has ranked #1 for in-force ordinary life insurance in Massachusetts every year since 1993, with the exception of a #2 ranking in 1996 due to the acquisition that year of The New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. by Met Life. SBLI's sales of ordinary life insurance in 2005 totaled $9.5 billion, increasing the company's total insurance-in-force to a record $63.6 billion at year's end. In Massachusetts, ordinary life insurance in force reached $49.2 billion. In 2005, SBLI's premium income from ordinary life insurance, the company's core business, increased by 6.5%, to $183.9 million. First-year individual life premiums associated with new business grew to $16.6 million. Annuity considerations decreased to $46.8 million, from $55.2 million in 2004. Total revenues increased to $314.2 million, representing the eleventh consecutive year of revenue growth recorded by the company. SBLI's net income increased to $10.1 million in 2005 from $9.8 million the previous year. Net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. at year-end grew to over $1.8 billion, compared to $1.7 billion at year-end 2004, while capital and surplus increased to $193 million. "The year 2005 was one of growth and accomplishment for the Savings Bank Life Insurance Company of Massachusetts," said SBLI President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert K. Sheridan. "Our strategic plans to improve our business were not only focused on driving growth, but were also directed at achieving excellence as a market leader in safe, low-cost life insurance." During 2005, SBLI's expansion beyond Massachusetts continued to contribute significantly to the company's financial results, as 30% of first-year level-term premium written was derived from other states. Additionally, premiums and deposits from outside Massachusetts were $40 million in 2005, representing 18.6% of total product revenues. SBLI continues to be ranked highly among all life insurers based on its financial soundness, with current ratings of "A+ (Superior)" from A.M. Best Co. and "A- (Excellent)" from Weiss Insurance Rating Service. SBLI is the smallest independent life insurance company in the country rated A+ by A.M. Best. Conceived by U.S. Supreme Court Justice Louis D. Brandeis, the Savings Bank Life Insurance system was established in Massachusetts in 1907. SBLI of Massachusetts is currently licensed in 14 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Its products are now available through 200 financial institutions in New England; Plymouth Rock Plymouth Rock site of Pilgrim landing in Massachusetts (1620). [Am. Hist.: Jameson, 395–396] See : America property and casualty agents; the Massachusetts and New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Societies of CPAs; and AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. Southern New England, AAA Merrimack Valley, and AAA Pioneer Valley. In addition, the Company's products are offered to New Jersey residents through members of the New Jersey League of Community Bankers; to consumers in Virginia through an alliance with the Virginia Bankers Association; and to consumers in Tennessee through an alliance with the Tennessee Bankers Association. It is also endorsed by the Massachusetts Bankers Association. Consumers may also deal directly with Savings Bank Life Insurance in Massachusetts, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Vermont, Maine, New Hampshire, Pennsylvania, New Jersey, Delaware, Virginia, Tennessee, Maryland, Washington, D.C., West Virginia, and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . The Savings Bank Life Insurance Company of Massachusetts operates under the name Centrian Life Insurance in the state of Connecticut. The Savings Bank Life Insurance Company of Massachusetts is in no way affiliated with the Savings Bank Life Insurance Company of Connecticut or SBLI USA Mutual Life Insurance Company, Inc. |
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