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Bank Insurance Fee Income Hits $3.6 Billion in 2003

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NU Online News Service, April 7, 2004, 9:00 a.m. EST – Banks earned $3.6 billion in commissions and fees from insurance in 2003, up 3% from $3.49 billion in 2002, according to a new study by Michael White Associates, Radnor, Pa.

MWA’s 2003 Year-End Bank Insurance & Investment Fee Income Report, based on data from all 8,254 commercial and federally insured savings banks, notes 2003 was the second year in a row more than half of U.S. banks earned insurance revenue.

The highest participation was by banks with over $10 billion in assets, 73% of which engaged in insurance, producing $2.6 billion in insurance fee income.

For the first time, banks under $10 billion in assets earned more than $1 billion in insurance fee income, up more than 9% over 2002, MWA says.