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Now a mutual insurance company owned by its policyholders


Business Wire
Thursday, July 27, 2017

WOBURN — The Savings Bank Life Insurance Company of Massachusetts (SBLI) Wednesday announced the successful completion of its conversion from a stock insurance company owned by 30 shareholder banks to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of Massachusetts.

SBLI President and CEO James Morgan said, “We believe that moving forward as a mutual company is in the best interests of SBLI and its policyholders, and look forward to continuing our mission of providing our customers with safe, low-cost life insurance to protect their families.”

As a result of the conversion, SBLI is now owned by its policyholders and holders of annuity contracts, who have gained membership rights in the mutual company including the right to annually elect directors and to consider such other matters as are considered at annual and special meetings.

Conceived by future U.S. Supreme Court Justice Louis D. Brandeis, Savings Bank Life Insurance was established in Massachusetts in 1907 by an act of the State Legislature and for 85 years was sold through a network of life insurance departments located in mutual savings banks. In 1992, The Savings Bank Life Insurance Company of Massachusetts was created as a stock insurance company through state legislation.