A report on bank holding companies finds they have increased their total insurance revenues by 19 percent to $44 billion in 2005 from $37 billion the year before.
The study released today by Michael White Associates, a banking consulting firm in Radnor, Pa., and the American Bankers Insurance Association, based in Washington, D.C., said 1,428 bank holding companies earned some type of insurance-related revenue in 2005, compared with 1,422 in 2004.
“This study shows that a growing number of consumers are depending on their local banks to meet their insurance needs,” said Valerie Barton, ABIA associate director, in a statement. “And, banks are listening to their customers and offering more financial planning products under the same roof, including insurance, since the enactment of the Gramm-Leach-Bliley Act.”
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