Bank-holding companies reported $6.22 billion in insurance-brokerage fee income for 2013, up slightly from $6.2 billion in 2012 as increases by most bank-holding companies were offset by declines at some of the larger ones.
An analysis, the "Michael White-Succeed Advisors Bank Insurance Fee Income Report," prepared by Succeed Financial Advisors and Michael White Associates, points out that the flat year-over-year performance "was attributable generally to 20 big banking companies that collectively accounted for a decline of $732 million in insurance-brokerage income."
Wells Fargo & Company reported the most insurance brokerage fee income, at $1.46 billion, a 5.98% decrease from 2012. BB&T Corp. was second with $1.38 billion, a 10.54% increase from the year before. BB&T owns more agencies than any other financial-holding company, the analysis notes. Citigroup Inc. placed third with $733 million, a 37.4% decrease compared to 2012.
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