As banks and insurers compete in the lucrative retirement market, new numbers show a marked uptick in the sale of annuities at bank holding companies (BHCs) in the first half of 2011.
According to the Michael White-ABIA Bank Annuity Fee Income Report, annuity income earned by BHCs hit a record $1.53 billion in the first half of 2011, up 25 percent from $1.22 billion earned in first half last year.
Compiled by
Wells Fargo & Company, led all bank holding companies in annuity commission income in first half 2011. Morgan Stanley, and JPMorgan Chase & Co., Bank of America Corp. and Regions Financial Corp. rounded out the top five.
Among BHCs with assets between $1 billion and $10 billion, leaders included Stifel Financial Corp., National Penn Bancshares, Inc., and Old National Bancorp. Among BHCs with assets between $500 million and $1 billion, leaders were Northeast Bancorp, First Citizens Bancshares Inc., and Van Diest Investment Company.
Yet, banks were not alone in seeing surging annuity sales. In August,