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October 02, 2009 at 08:00 PM
Aggregate revenue from annuities at 20 operating banks plunged 15% in second quarter 2009, according to a new report.
Annuities accounted for 61% of brokerage revenues in these banks for the quarter, says Heywood Sloane, managing director of the Bank Insurance and Securities Association, Wayne, Pa., which issued the report.
By comparison, in first quarter 2009, annuities accounted for 68% of brokerage revenues, says BISA.
The second quarter drop was behind the overall 11% decline in the BISA-Singer Bank Brokerage Index, indicates Sloane.
Produced jointly by BISA and Singer’s Annuity & Funds Report, the Index is an average based on quarterly brokerage revenues at 20 operating banks with established retail investments programs. These revenues come from fees and commissions for annuity sales and securities brokerage activities, as reported to the Federal Deposit Insurance Corporation.
