Firming insurance market rates helped BB&T insurance services improve its results over the prior quarter and income rose slightly compared to the prior year, the Winston-Salem, N.C. based bank says.
BB&T reports second-quarter insurance income of $426 million, an increase of $61 million from the prior quarter and $33 million over the same period last year.
BB&T attributed the results to firming market conditions and an experienced-based refund of reinsurance premiums totaling $13 million. The bank says it underwrites a limited amount of P&C business.
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