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February 08, 2012 at 09:18 AM
Insurance brokerage fee income of bank holding companies rose nearly 15% during the first three quarters of 2011 compared to the same period in 2010, according to a new report.
Michael White Associates, Radnor, Pa., published this finding in a summary of results of a survey sponsored by The Prudential Insurance Company of America’s Individual Life Insurance business. Results are based on data from all 6,740 commercial and FDIC-supervised savings banks, plus 927 top-tier bank holding companies operating on September 30, 2011.
The survey tallied a record $5.89 billion in insurance brokerage fee income for the first three quarters of 2011. That’s up 14.4% from the $5.14 billion posted for the same period in 2010.
Thus far, the report adds, 64.6% of large, top-tier BHCs engaged in insurance brokerage activities.
Third quarter BHC insurance brokerage income was up 56.9% to $2.01 billion. This compares to $1.28 billion for the third quarter of 2010, the latter figure depressed by U.S. BHC insurance losses overseas.
