Bank Annuity Sales Rise, Insurance Income Falls
April 25, 2017 by Cyril Tuohy
Income earned in 2016 from the sale of annuities at bank holding companies rose 2.3 percent to $3.22 billion compared with 2015 as more large banks increased annuity programs, new research found.
The proportion of big banks with growing annuity sales programs increased in 2016 over the previous year, as did the rates of growth among those programs, said bank insurance consultant Michael White.
The data, published in the Michael White Bank Annuity Fee Income Research report, points to what could be “the onset of an overall growth period in bank annuity sales production,” White said in a news release.
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