Bank holding companies saw little growth in insurance fee income in 2013.
According to the recently released Michael White Succeed Advisors Bank Insurance Fee Income Report, bank holding companies generated $6.22 billion from insurance brokerage in 2013, up barely from $6.20 billion the year before.
The report attributes the lackluster performance to 20 big banking companies, which collectively endured a $732 million decline in insurance income for the year. Citigroup alone suffered a 37.4% drop in income, falling to $733 million from $1.17 billion.
Bank holding companies with more than $10 billion in assets produced the bulk of the revenue, generating $5.25 billion, or 84% of the total. Those with assets between $500 million and $10 billion pulled in $969.4 million. The smallest community banks with less than $500 million generated $165.4 million.
A total of 187 bank holding companies earned a minimum of $1 million, up from 160 that did so in 2012. Of the 187 bank companies, 119 showed some level of positive growth, according to the report.
Wells Fargo & Co. was the biggest producer of insurance brokerage income, raking in $1.46 billion, followed by BB&T Corp. with $1.38 billion and Citigroup with $733 million.
The report was based on data from all 6,812 commercial banks, savings banks and savings associations and 1,062 large top-tier bank holding companies and thrift holding companies with consolidated assets greater than $500 million operating on Dec. 31, 2013.
