Wachovia Corp. led all other bank holding companies by far in commissions earned on annuity sales last year, reports Bank Insurance Market Research Group.
Wachovia, Charlotte, N.C., earned $483 million in fees and commissions from annuity sales in 2007, says BIMRG, Mamaroneck, N.Y.
It was followed by JP Morgan Chase and Co., New York, with $163 million; Bank of America Corp., Charlotte, $125.5 million; Wells Fargo & Co., San Francisco, $116 million; and SunTrust Banks Inc., Atlanta, $114.9 million.
2007 marked the first year that banks reported their annuity income to the government. Almost 400 BHCs reported such income, BIMRG says.