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BHCs' Insurance Fees Down

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Insurance brokerage fee income at bank holding companies fell to $6 billion in the first half, down 6% from $6.4 billion in the first half of 2008.

About 62% of the large, top-tier BHCs engaged in insurance brokerage activities during the first half, according to Michael White Associates, Radnor, Pa.

The top BHC insurance fee income generators were Wells Fargo & Company, San Francisco, with $995 million in insurance brokerage fee income; Citigroup Inc., New York, $505 million; and BB&T Corp., Winston-Salem, N.C., with $479 million.

Brokerage fee revenue was up 6.9% at Wells Fargo, down 46% at Citigroup, and up 14% at BB&T.

The report was sponsored by Prudential Financial Inc., Newark, N.J.