Bank holding companies’ annuity sales rose 10% in the second quarter to $640.9 million from $582.6 million the previous quarter. Year-over-year sales rose 8%, from $593.1 million in the second quarter of 2009.
However, first-half year sales of $1.22 billion were down from the first half of 2009’s $1.33 billion. “It was a horrible first quarter 2010, which is why the numbers are down,” said Michael White, president of Michael White Associates in Radnor, Pa., and author of the report.
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