Bank life insurance sales soared to a record high in 2010, although sales declined sharply in the fourth quarter, the first quarter over quarter decrease in seven quarters, according to the fourth quarter 2010 Kehrer-LIMRA Life Report released on Thursday.
Kehrer-LIMRA reported that banks sold $1.8 billion in life insurance premium in 2010, almost, a gain of 40% over the 2004 record of $1.3 billion. Nonetheless, sales slumped 21% in the fourth quarter to $406 million, down from $512 million in the third quarter, partially due to the fact that Allstate recently left the bank market to increase focus on their property/casualty business.
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