Bank holding company income from mutual funds and annuities rose more than 27% to $5.92 billion in the first quarter.
Bank holding company income from mutual funds and annuities rose more than 27% to $5.92 billion in the first quarter of 2008, from $4.65 billion in the fourth quarter of 2007, according to the Michael White-Symetra Bank Holding Company Fee Income Report.
The report, compiled by bank insurance consulting firm Michael White Associates LLC of Radnor, Pa., and sponsored by life insurer Symetra Financial Corp. of Bellevue, Wash., is based on data from about 1,000 large bank holding companies.
The $5.92 billion in first-quarter mutual fund and annuity fee income for bank holding companies represents a 5.4% increase from the $5.62 billion the companies earned in the first three months of 2007, according to a statement issued by Michael White Associates.
Sixty percent of bank holding companies have engaged in mutual fund and annuity sales and servicing activities this year, according to the report.
In the first quarter, bank holding companies reported earning $653.6 million in commissions from the sale of annuities, up 18.3% from $552.5 million in the fourth quarter of last year, and up 64.9% from $396.5 million in the first quarter of 2007.
Annuity commissions accounted for 11% of first quarter 2008 mutual fund and annuity income, up from 7.1% in 2007.
