Wells Fargo Insurance Income Rises
By Mark E. Ruquet
NU Online News Service, Oct. 22, 11:01 a.m. EDT?Financial services company Wells Fargo & Company said its insurance brokerage arm reported an 8 percent increase in income despite seasonal losses.
The San Francisco-based firm said its insurance services arm for the third quarter of 2003 showed an $18 million increase in revenue going from $234 million to $252 million. For the nine months ending Sept. 30, insurance showed a 5 percent increase, or $41 million, going from $766 million in 2002 to $807 million.
Wells Fargo said that the results were a decrease from its second-quarter insurance results, which stood at $289 million. The firm said the loss was due to normal seasonal losses in its crop insurance.
The financial services company offers a full range of insurance products covering property-casualty, life and health.
Chicago-based insurance broker Acordia, a Wells Fargo company, did not release a separate report on its performance.
As a whole, Wells Fargo reported net income for the quarter of $1.6 billion, an increase of 8 percent, or $117 million, from $1.44 for the same period in 2002. Earnings per share rose 10 percent, or 8 cents a share, to 92 cents a share. Revenues for the quarter stood at $7.2 billion, a 19 percent increase, from $6.04 billion in 2002.
For the nine months, net income rose $334 million, going from $4.24 billion to $4.6 billion. Earnings per share rose 24 cents to $2.70 a share. Revenues increased 13 percent, or $2.42 billion, from $18 billion to $20.4 billion.
Wells Fargo said it also increased its dividend payment by 50 percent to 45 cents a share.
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