Mamaroneck, N.Y. – Recent research has shown that banks are increasingly moving into the insurance business, and now there may be even more reasons for them to do so. New data from the Bank Insurance Market Research Group (BIMRG) shows that banks that sell insurance make more money than banks that don’t. That’s one conclusion from the Mamaroneck, N.Y.-based research group’s examination of 2007 bank data. Examining FDIC call report data, BIMRG found that banks with some insurance activity had 44% higher (median) net income in 2007.
Moreover, this trend toward higher (median) net income persisted in all asset-size groups. Among banks with $10 billion or more in assets, for instance, banks with some insurance activity in 2007 scored 15% higher in (median) net income.
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