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June 04, 2009 at 08:00 PM
Large, top-tier bank holding companies generated $11.8 billion in insurance brokerage fee income in 2008, down 3.6% from $12.3 billion in 2007.
More than 66% of large bank holding companies, and 93% of the very biggest bank holding companies, generated income from insurance brokerage operations last year, according to Michael White Associates, Radnor Pa.
Most of the decline was due to a drop in insurance business at the biggest bank holding companies, MWA reports.
Bank holding companies with assets greater than $10 billion saw insurance brokerage income decline 4.2%, to $11.1 billion in 2008, from $11.6 billion in 2007.
