Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

Insurance Revenue Helps BB&T Results

Your article was successfully shared with the contacts you provided.

NU Online News Service, April 13, 2004, 6:03 p.m. EDT – BB&T Corp. benefited from a big increase in insurance commission revenue during the first quarter.[@@]

The Winston-Salem, N.C., bank is reporting a total of $328.5 million in net income for the quarter on $94.3 billion in assets, up from $327.7 million in net income on $79.6 billion in assets for the first quarter of 2002.

Rapid increases and decreases in mortgage rates hurt BB&T mortgage banking operations during the latest quarter, but insurance commission revenue increased to $123.7 million, up 39% from the total for the first quarter of 2003.

BB&T completed the acquisition of McGriff, Seibels & Williams Inc., Birmingham, Ala., Feb. 1 and the acquisition of Iler Wall & Shonter, St. Petersburg, Fla., April 1.

Excluding the effects of acquisitions, first-quarter insurance commission revenue was up 10%, BB&T says.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.