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Retirement Planning > Retirement Investing > Annuity Investing

MWA: Community Bank Annuity Income Rises

By Staff Writer

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U.S. community banks are reporting about $31 million in annuity fee income for the first quarter, up 11% from the total for the first quarter of 2010.

Michael White Associates L.L.C. (MWA), Radnor, Pa., has published the community bank annuity production figures in an analysis of data filed by 6,850 banks.

For purposes of the analysis, a community bank is a U.S. commercial bank, or a savings bank regulated by the Federal Deposit Insurance Corp., with les than $4 billion in assets.

Annuity commissions accounted for 26% of community bank investment program income in the first quarter, up from about 25% in the first quarter of 2010.

At banks with more than $4 billion in assets, the percentage of investment program income coming from annuities increased to 17% in the first quarter, up from 14% for the comparable quarter in 2010.

About 54% of the 1,370 community banks that reported any investment program income for the first quarter reported earning annuity commissions, and 11% of the community banks with investment programs obtained all of their investment program income from selling annuities, according to MWA.

- Allison Bell

Other MWA coverage from National Underwriter Life & Health:

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