Insurance brokerage fee income of bank holding companies rose 9.1% in the second quarter of 2011 and 14.3% for the first half of the year, both record highs, according to a new report.
Michael White Associates, Radnor, Pa., published this finding in a survey that measures and benchmarks the banking industry’s performance in generating insurance brokerage and underwriting fee income. Sponsored by Prudential Financial, Newark, N.J., the report is based on data from all 6,805 commercial banks and FDIC-supervised savings banks, plus 934 large top-tier bank holding companies operating on June 30, 2011.
BHC insurance brokerage income hit $3.88 billion in second quarter 2011 up from $3.55 billion in second quarter 2010, the report says. First-half income of $7.86 billion was up from $6.88 billion in first half 2010. Thus far in 2011, 62.4% of large top-tier BHCs engaged in insurance brokerage activities, the survey finds.