Banks’ annuity revenue jumps

Bank revenue from the sale of annuities rose 39.6% in the first half to $1.3 billion, from $935.9 million in the first half of 2007, according to a report released today by bank insurance consulting firm Michael White Associates LLC of Radnor, Pa.
OCT 06, 2008
By  Bloomberg
Bank revenue from the sale of annuities rose 39.6% in the first half to $1.3 billion, from $935.9 million in the first half of 2007, according to a report released today by bank insurance consulting firm Michael White Associates LLC of Radnor, Pa. Annuity commissions earned by banks in the first and second quarters were roughly equal — about $652.6 million. Annuity commissions accounted for 11% of total first-half mutual fund and annuity income, up from 7.7% at midyear 2007. The analysis showed that bank holding companies’ $11.8 billion in first-half revenue from the sales and servicing of mutual funds and annuities fell 2.9% from $12.2 billion in the first half of 2007, attributed largely to a decline in fund sales. The survey was sponsored by life insurer Symetra Financial Corp. of Bellevue, Wash., and was based on data from 946 large bank holding companies.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound