Bank holding companies generated 29% more revenue from the sale of annuities last year than in 2007 and set a record with annuity sales of $2.61 billion.

Sales rose from the $2.02 billion reported by bank holding companies in 2007, according to the Michael White-American Bankers Insurance Association Bank Annuity Fee Income Report, which pools data from all 7,495 commercial and FDIC-supervised banks and 880 large bank holding companies (BHCs) operating last Dec. 31.

About 43% of the 880 bank holding companies participated in annuity sales activities during the year. Their $2.61 billion in annuity commissions and fees constituted 12.3% of their total mutual fund and annuity income of $21.26 billion and 18.3% of total BHC insurance sales volume of $14.23 billion, the report found.

Of the 7,495 banks, just 14% sold annuities, earning them $1 billion in annuity commissions or 38.3% of the banking industry’s total annuity fee income.

JPMorgan Chase & Co., Bank of America Corp. and SunTrust Banks led all bank holding companies in sales of annuities, according to the analysis.

Several Pennsylvania-based bank holding companies also ranked high. Codorus Valley Bancorp was a leader among BHCs with assets between $500 million and $1 billion, and The Juniata Valley Bank and FNB Bank N.A., were among the leaders among bank proxies for small BHCs.

Among the top 50 BHCs nationally in annuity concentration, based on annuity fee income as a percent of noninterest income, the mean annuity concentration Ratio was 7.2%.

Among the top 50 small banks in annuity concentration that are serving as proxies for small BHCs, the mean annuity concentration ratio was 17% of noninterest income.

Among the top 50 BHC leaders in annuity productivity, based on annuity income per BHC employee, the mean annuity productivity ratio was $2,983 per employee. Among the top 50 small banks in annuity productivity, the mean annuity productivity ratio was higher, at $4,567 per employee, according to the report.