Bank holding companies earned a record $3.4 billion from the sale of annuities last year, up 9% from a year earlier, according to a report released Tuesday by Michael White Associates of Radnor, Pa.

The trend was consistent throughout 2013, as banks reported record annuity income in each quarter, the report said. Commissions totaled $932 million in the fourth quarter, up 6.5% from the previous quarter and 17.3% from the fourth quarter of 2012.

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