Wachovia tops in annuity-sales commissions

The Charlotte, N.C.-based bank collected $483 million in annuity fees, or 0.06% of $782.8 billion in assets.
FEB 20, 2008
Wachovia Corp. earned the most commissions from annuity sales last year, beating other bank holding companies for the title, according to Singer’s Annuity and Funds Report. The Charlotte-based bank collected $483 million in annuity fees, or 0.06% of $782.8 billion in assets. JPMorgan Chase and Co. of New York came in second with $163 million in fees, or 0.01% of $1.5 trillion in annuity assets. Rounding out the top three was Charlotte-based Bank of America Corp., which brought in $152.5 million in annuity fees, 0.01% of $1.7 trillion in assets. Last year was the first in which bank holding companies and operating banks reported annuity fees and income to the government. Some 400 bank holding companies reported annuity income. These rankings are based on Y-9 filings to the Federal Reserve Board.

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