Since the laws barring joint insurance and banking operations were abolished in 1999, the manifestations of the concept of integrated financial services firms lag the promise. A new report from Hartford, Conn.-based Conning Research & Consulting, analyzes the performance of these combined entities during the crisis and recession.

“Even before the financial crisis, the notion of financial supermarkets that had gained currency following the repeal of Glass-Steagall had begun to fade in the face of discouraging early results,” says Terence Martin, an analyst at Conning. “Wholesale integration of large-scale banking and insurance operations had proven both complicated and ultimately distracting, and early experiments began to unravel.

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