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BHC Insurance Income Rises 10%

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Bank holding company insurance brokerage fee income jumped to $3.3 billion in the first quarter, up about 10% from $3 billion in the first quarter of 2009.

Michael White Associates (MWA), Radnor, Pa., says 60% of 951 large BHCs studied have insurance brokerage units.

When MWA looked at the top 100 BHC insurance brokerage income generators, it found that 38 showed income growth and only 7 suffered a drop greater than 2%.

The top BHC brokerage income generators were Wells Fargo & Company, San Francisco, with $531 million in fees, up from $483 million a year earlier; Citigroup Inc., New York, with $247 million in fees, down from $250 million; and BB&T Corp., Winston-Salem, N.C., with $225 million in fees, down from $227million.