Income earned from the sale of annuities at bank holding companies in the first half of 2012 hit $1.58 billion, up 3.4% over $1.53 billion earned in first half 2011, new research reveals.
The “Michael White-ABIA Bank Annuity Fee Income Report” indicates, however, that annuity income would have been down were it not for the contributions of new reporters in the form of thrift holding companies (THCs) and new bank holding company (BHC) Raymond James Financial, Inc. Second-quarter 2012 annuity commissions rose to $799.9 million, up 2.4% from $781.4 million earned in second quarter 2011 and up 2.3% from $781.7 million in first quarter 2012.
Compiled by Michael White Associates and sponsored by American Bankers Insurance Association (ABIA), the report measures and benchmarks the banking industry’s performance in generating annuity fee income. The report is based on data from all 7,246 commercial banks, savings banks and savings associations (thrifts), and 1,070 large top-tier bank and savings and loan holding companies (collectively, BHCs) operating on June 30, 2012.