Bank holding companies earned $1.58 billion in annuity fee income in the first half of 2012, up 3.4% from $1.53 billion earned in the first half of 2011, according to the Michael White ABIA Bank Annuity Fee Income Report.
But the seemingly good news isnt cause for celebration. The uptick in income was due to the fact that more banks namely thrift holding companies and bank holding company Raymond James Financial began reporting insurance fee income for the first time. If fee income from the new banks were subtracted from the total, the first-half results would fall to $1.41 billion, or 8% less than the $1.53 billion earned last year, Michael White, the author of the report, said in an email.
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