U.S. bank holding companies increased their total insurance revenue by 9.5 percent to $23.7 billion in the first half of 2008, up from $21.7 billion during the same period last year, a new report says.
However, the number of bank holding companies reporting insurance income decreased slightly, according to findings by Michael White Associates (a bank insurance consulting firm in Radnor, Pa.) and the American Bankers Insurance Association (the separately chartered insurance affiliate of the American Bankers Association in Washington).
The findings are based on data reported to the Federal Reserve Board by 946 top-tier bank holding companies. The analysis measures the growth of the bank insurance business and provides some benchmarks that gauge bank-insurance performance.
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