Overall sales of annuities though bank holding companies were up slightly at $2.62 billion in 2009, according to the latest Michael White-American Bankers Insurance Association Bank Annuity Fee Income Report. The results, however, were skewed somewhat by BHC-in-name-only Morgan Stanley.
Thanks to its acquisition of Smith Barney from Citigroup in 2008, the former investment bank inherited a sizable annuity business and ranked third in terms of sales, at $253 million. Without Morgan Stanley's contribution, BHCs would have sold $2.37 billion, a 9.2% drop on 2008's sales. The results were released late last month.