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MWA: Bank Holding Company Annuity Income Increases 33%

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Bank holding companies increased annuity income to $1.5 billion for the first 3 quarters of 2008, up 33% from the total for the comparable period in 2007.

But the companies’ combined mutual fund and annuity fee income fell 5.2%, to about $17 billion, according to

the Michael White-Symetra Bank Holding Company Fee Income Report.

The decline suggests that mutual fund income fell about $1.4 billion or 8.3% YTD for BHCs YTD between 2007 and 2008, according to the report, compiled by Michael White Associates L.L.C., Radnor, Pa.

The researchers base the statistics on an analysis of data from 948 large bank holding companies concerning insurance, securities brokerage, mutual fund fee and annuity income.

About 62% of the bank hold companies included engaged in mutual fund and annuity sales and servicing activities in the first 3 quarters of 2008, with annuity commissions accounting for 11% of total income from those 2 sources in the period studied, up from 8.1% for the first 3 quarters of 2007, according to the MWA researchers.


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