NU Online News Service, April 21, 3:35 p.m. EDT

Wells Fargo reported first-quarter insurance segment earningsrose 7 percent, contributing to overall net income of $2.5 billionfor the San Francisco-based bank.

The company reported insurance services earnings increased by$40 million for the first quarter over the same period last year to$621 million.

Results reflected customer growth and higher crop insurancerevenues, said Wells Fargo.

On a quarter-to-quarter basis, insurance revenues, which includeWells Fargo Insurance Brokerage, were reported as increasing 29percent, or $139 million, from the fourth quarter's $482million.

While not addressing the insurance segment, John Stumpf, thebank's chairman and chief executive officer, said during aconference call with financial analysts today that he is excitedabout how Wells Fargo is positioned for the future and that thebank has clearly demonstrated that it has produced a business modelthat works for investors and customers.

He said he believes the company has turned the corner on "manyof the credit challenges over the past two years," but customerdemand and earning asset growth remain soft.

"We remain firmly committed to our discipline in credit risk andinterest rate risk and to managing our company for long-termearnings growth and not short-term quarterly results," Mr. Stumpfsaid.

He added that having managed the economic crisis, he believesthe bank is well positioned for better economic times ahead.