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Bank Holding Companies Sell More Annuities

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Bank holding companies increased annuity income almost 40% in the first half, to $1.3 billion, up from $936 million in the first half of 2007.

Combined BHC fee income from annuity and mutual fund sales fell 2.9% in the first half, to about $12 billion, according to Michael White Associates, Radnor, Pa.

About 91% of the BHCs with more than $10 billion in assets reported mutual fund and annuity revenue.

The large BHCs had about $8.9 billion in mutual fund and annuity fee income in the first half of this year, down 3.1%, but those BHCs’ annuity commissions increased 40%, to $1.2 billion.

Annuity commissions at BHCs with $1 billion to $10 billion in assets increased 38%, to $80 million.

Wachovia Corp., Charlotte, N.C. ranked first in terms of mutual fund and annuity fee income. It reported $1.5 billion in mutual fund and annuity fee income, up 27% from the total for the first half of 2007.