San Francisco-based bank Wells Fargo reported its insurance brokerage segment increased 24 percent in the fourth quarter of 2007 helped by the acquisition of 16 commercial brokerage firms.
The bank said insurance fees rose by $71 million to $370 million. For the year, insurance fees rose 14 percent, or $190 million, to $1.53 billion.
Revenue increases were offset by a $20 million, or 51 percent, increase in expenses in the quarter to $59 million. For the year, expenses rose 62 percent, or $159 million, to $416 million.
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