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

Forbes and Shook pull the plug on rankings, events, in 2026
Forbes and Shook pull the plug on rankings, events, in 2026

The Forbes rankings are highly sought after by some advisors and firms for marketing purposes.

Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition
Advisor moves: Cresset enters Boca Raton with $4 billion UBS team addition

Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.

Kovack Financial Network launches private succession platform for advisors
Kovack Financial Network launches private succession platform for advisors

KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.

Regulation lags rising private credit risks as retail access widens
Regulation lags rising private credit risks as retail access widens

New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.

LPL Financial, Raymond James land advisors managing $470M
LPL Financial, Raymond James land advisors managing $470M

Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income