Ninety-six percent of banks currently distributing insurance products believe that their insurance businesses add value for bank shareholders, with nearly 40 percent saying it adds "significant" value, according to a survey.
The findings were made in the "2008 Study of Banks in Insurance" produced by the Washington-based Bankers Insurance Association in cooperation with Reagan Consulting.
Valerie Barton, executive director of ABIA said, "With the credit crisis front and center, it pays to have diversified into some non-interest income businesses. Well developed fee income sources can lead to higher valuations for banks."
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