San Francisco-based bank Wells Fargo reports insurance earnings dropped slightly on a quarterly basis affected by lower commissions and crop insurance revenues.
Wells Fargo, home of one of the nation's largest insurance brokerage firms and a crop insurance program, reported Friday that insurance revenues for the third quarter dropped 2 percent, or $9 million, to $414 million compared to the same period last year.
For the first nine months of this year, revenues dropped 3 percent, or $39 million, to $1.46 billion.
The bank says that compared to the second quarter of this year, third quarter insurance revenues fell 21 percent, or $108 million, from $522 million.
The bank says the reasons for the third quarter revenue drop was in part due to insurance commissions being $112 million lower compared to the second quarter of this year and lower crop insurance revenues.
Wells Fargo says the company's total net income was up 27 percent from $4.1 billion for the third quarter of last year to $4.9 billion this year.
For the first nine months, net income rose 17 percent from $11.8 billion last year to $13.8 billion this year.
Insurance accounts for only 4 percent of the bank's total revenues.
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