Wells Fargo & Company reported its insurance services division's income grew 5 percent in the third quarter over last year.
The San Francisco-based banking company said insurance services grew $16 million in the quarter compared with the same period last year, to $329 million. For the first three months of 2007, insurance services grew 11 percent, or $119 billion, over last year to $1.2 billion, representing 8 percent of the company's non-interest income.
Chief Financial Officer Howard Atkins said in a recorded message that the increase in insurance fee income was driven by new customer growth and cross selling.
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