Wells Fargo Reports Insurance Revenues Up 2%

San Francisco-based Wells Fargo bank reported its insurance division's revenues grew 2 percent in the second quarter over the same period last year.

Insurance services revenue, which includes the insurance brokerage firm, Chicago-based Acordia, as well as Wells Fargo's own brokerage operations, grew by $6 million, from $358 million to $364 million in the second quarter of this year.

For six months, revenues have grown 5 percent, or $33 million, from $695 million to $728 million, the bank said.

Wells Fargo reported its net income in the second quarter increased 9 percent, or $179 million, going from $1.9 billion, or $1.12 a share, to $2.09 billion, or $1.23 a share. Revenues increased 12 percent, or $924 million, from $7.87 billion to $8.79 billion.

For the six months, net income increased 9 percent, or $341 million, from $3.77 billion, or $2.20 a share, to $4.11 billion, or $2.42 a share. Revenues rose 9 percent, or $1.39 billion, from $15.95 billion to $17.34 billion.