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Savings Bank Life Insurance Company of Massachusetts Reports Record Sales in 2005
[April 26, 2006]

Savings Bank Life Insurance Company of Massachusetts Reports Record Sales in 2005


WOBURN, Mass. --(Business Wire)-- April 26, 2006 --

Ranks As Leading Life Insurer In Home State For Ninth Consecutive Year

The Savings Bank 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 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 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 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 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. Its products are now available through 200 financial institutions in New England; Plymouth Rock property and casualty agents; the Massachusetts and New Hampshire Societies of CPAs; and AAA 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, Vermont, Maine, New Hampshire, Pennsylvania, New Jersey, Delaware, Virginia, Tennessee, Maryland, Washington, D.C., West Virginia, and North Carolina.

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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