Two major bank-owned insurance brokers reported mixedfirst-quarter results.

BB&T says insurance revenues jumped 35 percent and WellsFargo saw a decline of 11 percent.

Winston-Salem, N.C.-based BB&T says first-quarter insurancerevenues increased $94 million to $365 million, primarily on thelife insurance wholesale business produced by Crump.

Insurance net income stood at $30 million, an increase of $7million over the same period last year.

Crump contributed $78 million on insurance income in thequarter. The bank also benefited from organic growth in wholesaleand retail P&C operations as prices continue to firm.

BB&T acquired Crump in April, so comparable results to pastearnings are not valid. During a conference call with financialanalysts, CEO Kelly S. King says that the division's results “areexceeding our expectations” and the life sales have “a lot offuture opportunity.”

Chief Operating Officer Christopher L. Henson notes P&Corganic growth is close to 6 percent and if it had owned Crump inthe first quarter it would have added 2 percent to its growth rate.Both the wholesale and retail insurance businesses are experiencingimprovement and the current single-digit overall increase trend inP&C insurance pricing will remain long term.

“We think it's going to be here for several years,” saysHenson.

Overall, BB&T says net income dropped 43 percent to $256million because of a one-time disputed tax adjustment of $281million. Without the adjustment net income would have stood at $491million.

San Francisco-based Wells Fargo reports first-quarter insuranceservices dropped $56 million to $463 million.

A company spokeswoman says the primary driver of the revenuedecrease was lower commodity prices in its crop insurancecompany—Rural Community Insurance Services—and the discontinuationof lender placed insurance commissions. Its insurance brokerage andconsulting business continues to grow, but the company did notprovide additional breakdown of revenues.

Wells Fargo bank reported 1Q net income of $5.2 billion, up 22percent from the previous year on revenue of $21.3 billion.