Total insurance revenues of bank holding companies in the first half rose 1.6% to $21.2 billion from $20.9 billion in the same period in 2004.[@@]
But BHCs’ income from insurance brokerage fees fell 2% in the period, from $5.09 billion in the first half of 2004 to $4.98 billion in the same period this year.
The data were released in a new report by Michael White Associates, Radnor, Pa., and the American Bankers Insurance Association, Washington. The findings are based on information reported to the Federal Reserve Board by 2,287 BHCs.
During the first half, 1,383 bank holding companies, or 60% of those surveyed, produced insurance brokerage fee income.
Leading all BHCs in insurance fee income in the first 6 months were Citigroup, New York, $1.5 billion; Wells Fargo & Company, San Francisco, $695 million; HSBC North America Holdings, New York, $487 million; J.P. Morgan Chase & Co., New York, $449 million; and Countrywide Financial Corporation, Calabasas, Calif., $421 million.