Bank Insurance Brokerage Second-Quarter Income Drops Nearly 7%

Bank holding company 2009 second-quarter insurance brokerage income fell 6.5 percent to $3.02 billion compared to 2008 second-quarter income of $3.23 billion, according to a consulting firm.
A Michael White-Prudential Bank Insurance Fee Income Report noted that the 2009 second-quarter income is essentially flat from the 2009 first-quarter income of $3.03 billion.
For the first half of 2009, BHC insurance brokerage income fell 6 percent to $6.05 billion compared to the record 2008 first-half income of $6.44 billion. A decline in insurance brokerage income for a handful of companies was responsible for the drop, the report said.
According to the report, 62.1 percent of large top-tier BHCs engaged in insurance brokerage activities in the first half of 2009.
Among the top-12 listed bank institutions, Calif.-based Wells Fargo & Company led the way with respect to first-half year-to-date income at $995,000, up nearly 7 percent from its 2008 first-half income of $931,000.