Insurance brokerage firms owned by banks saw their first-quarter fee income increase 2.4 percent to $3.1 billion, according to a consulting firm.
Michael White Associates Bank Insurance Consultants reported that bank holding company insurance brokerage firms recorded a new quarterly record based on nearly 1,000 top-tier large bank holding companies.
The report was compiled by the Radnor, Pa.-based consulting firm and sponsored by Symetra Financial, a Bellevue, Wash.-based life and benefit holding company.
The figures represent an increase of almost 7 percent over last year's fees of $2.9 billion, Michael White noted, adding that close to 72 percent of bank holding companies engage in insurance brokerage activities.
Leading the list of the top 15 bank holding companies was Citigroup, which saw its insurance brokerage fee income increase 6 percent to $458,000,000.
Citigroup was followed by Wells Fargo & Company, with a 24 percent increase in fees at $357,000,000 and BB&T Corporation, whose first-quarter fees were up 12 percent to $195,324,000. Michael White said BB&T owns more agencies than any other financial holding company.
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