Bank insurance revenue skyrocketed in first half

Insurance revenue at banks jumped by 9.5% to $23.7 billion in the first six months of the year, according to the American Bankers Insurance Association.
OCT 13, 2008
Insurance revenue at banks jumped by 9.5% to $23.7 billion in the first six months of the year, according to the American Bankers Insurance Association. That’s up from $21.7 billion in the comparable period last year, according to the findings, which were released today by Michael White Associates LLC in Radnor, Pa. and the Washington-based ABIA. The data was harvested from 946 bank holding companies. Citigroup Inc. of New York led the pack with total insurance income of $1.97 billion during the first half of the year. Wells Fargo & Co. of San Francisco came in second, earning $1.05 billion in the first six months of the year. BB&T Corp. climbed the list to third from fourth, earning $448.9 million in the first half of 2008. Winston-Salem, N.C.-based BB&T bumped HSBC North America Holdings Inc. of Mettawa, Ill., to fifth place during the first half, with HSBC bringing in $275.1 million in total insurance income. The study also revealed that in this time period, 607 bank holding companies earned some type of insurance-related revenue, down from 627 in the first half of 2007. Nevertheless, bank holding companies brought in more money from insurance brokerage fees, which hit $6.44 billion, up 3.0% from $6.26 billion in the first half of 2007.

Latest News

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

Most asset managers are using AI, but few let it call the shots
Most asset managers are using AI, but few let it call the shots

Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.

LPL, Raymond James score fresh recruits in advisor recruiting battle
LPL, Raymond James score fresh recruits in advisor recruiting battle

Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management