Annuity fee income at bank holding companies (BHCs) shot up 28.4% in the first quarter to more than $748 million, according to the Michael White-ABIA Bank Annuity Fee Income Report.

In the year-ago quarter, BHCs reported sales of $582.6 million. First quarter annuity commissions rose 2.6% sequentially from the $729.5 million recorded in the fourth quarter.

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