Bank annuity commissions and fees grew 13.2% in the first half, to $539.6 million, from a year earlier, according to the Michael White-Symetra Bank Fee Income Report.
During the same period income earned on the sale and servicing of mutual funds and annuities at banks fell 0.9%, to $2.84 billion, according to the report released Monday. Annuity income was 19% of the total.
The report, compiled by Michael White Associates LLC and sponsored by Symetra Financial, measures and benchmarks banks' performance in generating insurance, securities brokerage, annuity, and mutual fund fee income. It is based on data from all 7,622 commercial and FDIC-supervised savings banks operating at June 30.
Banks' $1.41 billion in second-quarter mutual fund and annuity fee income was down 1.0%.
About 22.4% of the banks monitored were engaged in mutual fund or annuity sales and servicing in the first half, down four-fifths of one percentage point from the year earlier, including the 13.1% of banks that reported earnings on annuity sales.
