BB&T Reports Record For Insurance Services

BB&T reported second-quarter earnings from its insurance brokerage unit rose to record levels, and the Winston-Salem, N.C.-based bank holding company reported revenues from all of its fee-based business grew as well.

Commissions from insurance operations in the second quarter grew 7 percent to $229 million, compared with $214 million for the period last year, the firm said.

The bank attributed the commission increase primarily to growth in its market share in the commercial property-casualty and employee benefits lines. The bank noted that large account p-c commissions "increased significantly" from prior periods.

BB&T reported it made two acquisitions in June: Reese Insurance Associates Inc. of Atlanta and Carswell Insurance Services of Hilton Head Island, S.C. The company described both as "strong performers in excellent markets."

According to a report released by Michael White Associates this week, BB&T was ranked third in insurance brokerage fee income for the first quarter of 2007 with $195 million.

For the first half of this year, BB&T has reported insurance brokerage fee income in excess of $409 million.

For the quarter, BB&T reported net income rose 7 percent, or $29 million, from the same period last year to $458 million, or 83 cents a share. The bank reported revenues of $2.7 billion, up 16 percent, or $371 million.

For the six months, net income rose 2 percent, or $19 million, to $879 million, or $1.60 a share. Revenues rose 17 percent, or $750 million, to $5.2 billion.