Income earned from the sale of annuities at bank holding companies climbed 22.6% during the first three quarters of 2011, according to a new report.
The American Bankers Insurance Association, Washington published this finding in a Michael White-ABIA Bank Annuity Fee Income Report compiled by Michael White Associates LLC, Radnor, Pa. The report measures and benchmarks the banking industry’s performance in generating annuity commissions and fees.
Results are based on data from all 6,740 commercial and FDIC-supervised savings banks and 927 large top-tier bank holding companies operating on September 30, 2011.
The report reveals that annuity income earned from the sale of annuities at bank holding companies reached $2.26 billion in the first three quarters of 2011, up from $1.84 billion in the first three quarters of 2010.
Third-quarter BHC annuity commissions slowed in comparison to those of the first two quarters, the report adds. They were $731.5 million, down 6.4% from a record-setting $781.4 million in second quarter 2011, but still up 17.7% from $621.3 million earned in third quarter 2010.