Insurance income boosts bank coffers.(Banks & Insurance)

National Underwriter Property & Casualty-Risk & Benefits Management, December, 2003 by Brostoff, Steven

Insurance income earned by bank holding companies is expected to increase 9 percent in 2003 and account for an increasing share of non-interest income, according to a study by the American Bankers Insurance Association. The study, which did not identify insurance income by line of business, estimates that bank holding companies (excluding MetLife and Citigroup) will earn some $5.8 billion in 2003, compared to $5.3 billion in 2002.

Moreover, insurance income at the top50 bank holding companies, again excluding MetLife and Citigroup, now accounts for 12.3 percent of non-interest income, compared with 10.1 percent in 2002. The study, which was conducted by E. Kenneth Reynolds, managing director of the Washington-based ABIA, is based on data provided to the...

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