Insurance brokerage fees by banks up 7 percent
U.S. bank holding companies reported a record $9.73 billion in insurance brokerage fee income in the first three quarters of 2010, up 7 percent from earnings of $9.10 billion during the same period in 2009, according to the Michael White-Prudential Bank Insurance Fee Income Report. Earnings in the first half of the year drove the increase, compensating for a 6.3 percent slide in third-quarter insurance earnings to $2.86 billion. Wells Fargo & Co. remained the industry leader despite a 3 percent decrease in insurance earnings to $1.34 billion.
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