First-quarter fee income for bank-owned insurance brokerage firms slipped more than 5 percent largely due to the income drop at two major brokerage firms, Wells Fargo and Citigroup.
In the latest Michael White Bank Insurance Fee Income Report, bank holding companies recorded $1.72 billion in insurance brokerage fees in Q1 of this year, down $90 million from the same period in 2012.
During the period, revenues at Wells Fargo & Co., a P&C broker, dropped 10 percent to $407 million and Citigroup Inc., a life broker, fell 61 percent to $197 million. Wells Fargo and Citigroup are ranked No. 1 and No. 3, respectively, on the list of top 12 bank-owned brokers.
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