Bank holding company annuity sales revenue rose just 0.5% in 2009, to $2.62 billion, from $2.61 billion in 2008.
Those figures are based on reports from 913 large BHCs. About 43% of the BHCs sold annuities in 2009, according to Michael White Associates, Radnor, Pa., and the American Bankers Insurance Association, Washington.
The BHCs' revenue from annuity commissions and fees constituted more than 17% of total BHC insurance sales volume, researchers write.
The top 2009 BHC annuity income producers were Wells Fargo & Company, San Francisco, with $678 million in total annuity income, up from $118 million in 2008; JPMorgan Chase & Company, New York, $328 million, down from $363 million the year before; and Morgan Stanley and Company Inc., New York, $253 million.
Morgan Stanley is newly registered as a BHC, and it reported no comparable annuity income data for 2008.
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