Banks in the United States reported $540 million in annuity commission and fee income for the first half, up 13% from the total for the first half of 2007.
Researchers at Michael White Associates L.L.C., Radnor, Pa., have based those figures on a review of data data from 7,622 commercial and savings banks.
The Michael White researchers found that 22% of the institutions reviewed generated income from selling and servicing mutual funds or annuities, down from 23% in 2007.
About 13% of the financial institutions included sell annuities.
Although the financial institutions’ annuity income rose, a drop in income from mutual fund operations reduced total income from annuity and mutual fund distribution operations 0.9%, to about $2.8 billion.