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Banks Push Insurance Revenue Up 17%

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NU Online News Service, April 23, 2003, 3:51 p.m. EDT – U.S. banks increased their insurance commissions and fee income 17% in 2002, to $3.5 billion, according to a new study by Michael White Associates, Radnor, Pa.

Most commercial banks and federally insured savings banks in the U.S. now sell some form of insurance, the firm reports.

The firm found that 78% of banks with more than $10 billion in assets sell insurance. Insurance fee income grew 45% at the biggest banks last year, to $2.6 billion.