U.S. bank holding companies increased insurance brokerage income to about $4 billion in the first quarter, up 20% from the total for the first quarter of 2010.
Michael White Associates L.L.C. (MWA), Radnor, Pa., has published the holding company brokerage results in a report released by the American Bankers Insurance Association, Washington.
MWA has based its figures on an analysis of reports from 6,850 commercial banks and savings banks insured by the Federal Deposit Insurance Corp., and from 942 BHCs.
Insurance brokerage units at BHCs with more than $10 billion in assets increased their brokerage fee income to about $3.8 billion in the first quarter, up 21% from the total for the first quarter of 2010, according to MWA.
The MWA report was sponsored by a unit of Prudential Financial Inc., Newark, N.J. (NYSE:PRU).
– Allison Bell