While the notion of combined banking and insurance operations is not new, it's only in recent years that the concept has reached critical mass in the United States.
New findings released by Radnor, Pa,-based Michael White Associates (MWA) and Washington-based American Bankers Insurance Association (ABIA) bear this out. The numbers indicate the nation’s bank holding companies (BHCs) increased their total insurance revenue from $43.5 billion in 2006 to $43.7 billion in 2007. New York-based Citigroup Inc., San Francisco’s Wells Fargo & Co. and Winston-Salem, N.C.-based BB&T Corp., were among the leaders in insurance fee income in 2007. The findings are based on data reported to the Federal Reserve Board by top-tier bank holding companies. The analysis measures the banking industry’s insurance business, and provides some benchmarks that gauge bank insurance performance.
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