Bank insurance brokerage fee income increased to $993 million for the first quarter, up 3.9% from the total for the first quarter of 2006.
Researchers at Michael White Associates L.L.C., Radnor, Pa., have published those figures in an analysis of data from 7,800 commercial banks and Federal Deposit Insurance Corp.-regulated savings banks. About 2,900 of the banks reported income from insurance and related products for the first quarter.
The firm’s definition of bank insurance brokerage fee income includes commissions and fees earned by a bank or its subsidiary from insurance product sales and referrals of credit, life, health, property, casualty, and title insurance. It does not include income earned from the sale or servicing of annuities, which was, until this year, reported as insurance when the sales were not made by a bank’s securities brokerage operations.