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Insurance Revenue Surges At Top Banks

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Citigroup Inc., Wells Fargo & Company and BB&T Corp. were the U.S. bank holding companies with the top insurance brokerage revenue totals in 2007, just as they were in 2006.

Brokerage commissions at the top insurance revenue producer, Citigroup, New York, increased 17%, to $2 billion, according to Bank Insurance Market Research Group, Mamaroneck, N.Y.

Brokerage revenue increased 19% at Wells Fargo, San Francisco, to $1.3 billion, and it increased 4% at BB&T, Winston-Salem, N.C., to $842 million.

A large acquisition contributed to the increase at Wells Fargo, Bank Insurance Market Research reports.