Bank life insurance sales growth continues to far exceed the pace of sales in the general industry.
New life insurance premiums at banks rose 59% in the third quarter of last year from a year earlier, the latest quarter for which data is available, according to the Kehrer-Limra bank life sales report, released last week. It was the second straight quarter that banks outperformed on life insurance sales. Bank life insurance sales rose 32% in the first nine months of 2009, compared with a year earlier, while total individual life sales across the U.S. were flat in the third quarter and fell 11% during the first nine months of last year.
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