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MWA: Bank Annuity Sales Plunge

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Bank holding companies (BHCs) collected about 21% less annuity commission income in the first quarter than they collected in the first quarter of 2009.

BHCs’ annuity commissions fell to about $583 million in the first quarter, according Michael White Associates (MWA) L.L.C., Radnor, Pa .

About 40% of the country’s 951 BHCs sold annuities in the first quarter, and their annuity sales accounted for about 15% of their $3.9 billion in total insurance sales volume during the quarter, MWA says.

The BHC annuity sellers were Wells Fargo & Company, San Francisco, $169 million; Morgan Stanley and Company Inc., New York, $82 million; and JPMorgan Chase and Company, New York, $60 million.



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