Commissions and fees from annuities sold in banks totaled $762 million in the first quarter.
Michael White Associates, Radnor, Pa., has based that figure on data reported to the Federal Reserve System for the first quarter.
The Fed has just started requiring banks to record annuity fee income separately from other noninterest income, and the first-quarter reports are the first to provide separate annuity fee income data, Michael White says.
Analysis of the new data series shows that 911 banks, or 12% of the 7,813 commercial banks and savings banks that filed reports with the Fed, collected annuity income during the first quarter.
Annuity fee income averaged 3.7% of all bank noninterest income for the period.
About 45% of banks with more than $10 billion in assets reported annuity revenue.
Annuities accounted for better than 94% of bank annuity fee income in the first quarter, or $719 million.