U.S. banks saw solid increases in variable annuity and mutual fund revenue for the first half of the year but a drop in fixed annuity revenue.
Kehrer-LIMRA, a unit of LIMRA, Windsor, Conn., says bank variable annuity revenue was 16% higher during the first half than it was during the first half of 2009, and bank mutual fund revenue was 31% higher.
Bank fixed annuity revenue was 27% lower.
The Kehrer-LIMRA report includes 56 banks and credit unions that account for about 40% of the investment revenue at smaller financial institutions.
Investment sales revenue per bank rep fell 37% between 2008 and 2009. During the first half of 2010, bank rep productivity has been 32% higher than it was during the comparable period in 2009.