Banking groups in the US experienced
an increase of 7.2 percent in their total insurance revenue from
$10.15 billion in 2007 to $10.88 billion in 2008, according to a
survey by the American Bankers Insurance Association and Michael
White Associates (MWA). The figures exclude MetLife, the country’s
largest life insurance group which offers a direct banking service
for 90,000 customers (see RBI 612).
Citigroup, Wells Fargo and Bank of America led
all bank holding companies with significant banking activities in
total insurance fee income in 2008.
“Among the top 50 in insurance revenue, the
mean ratio of the concentration of total insurance revenue to non
interest income was 18.6 percent in 2008,” said Michael White,
president of MWA.
During 2008, 586 bank holding companies (or
66.6 percent of all large top-level banks reporting) earned some
type of insurance-related revenue.
While insurance brokerage fee income decreased
from a record high in 2007, the 31.8 percent increase in insurance
underwriting income to $4.65 billion drove the industry’s overall
increase in total insurance income in 2008.
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