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August 12, 2009, Featured Articles, News, Annuities
Banks Reap Record Annuity Income
The steep yield curve enabled fixed annuities to outperform CDs, and drove fixed annuity sales to a new record in the second quarter.
Bank holding companies (BHCs) earned a record $734.5 million in commissions and fees from annuity sales in the first quarter of 2009, a 12.4% increase from $653.3 million in first quarter 2008, according to the Michael White-ABIA Bank Annuity Fee Income Report released in late July. First-quarter annuity commissions were also 12.1% greater than the $655.2 million earned in fourth quarter 2008.
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