Wells Fargo Insurance Operations Bring in $595 Million in Income

Wells Fargo’s insurance operations recorded $595 million in noninterest income for the quarter ended June 30, 2009, compared to $550 million in noninterest income for the same period in 2008. For the six months ended June 30, 2009, the company reported insurance operations brought in $1,176 million compared to 1,054 mllion the same period the previous year.

Overall, the San Francisco-based company reported record earnings for the current quarter. Net income was $3.17 billion, up 81 percent from last year; and $6.22 billion for six months ended June 30, 2009, up 66 percent from last year. Revenue was $22.5 billion, up 28 percent (annualized) from first quarter.

According to the company, its integration of Wachovia banking and insurance services is proceeding as expected. Wachovia contributed 39 percent of consolidated revenue, and the company is on track to
realize annual run-rate savings of $5 billion upon full integration, it said in a statement. Complete re-branding of Wachovia brokerage, capital markets and insurance businesses as Wells Fargo Advisors, Wells Fargo Securities and Wells Fargo Insurance Services has been completed, the company said.

For more information on the company’s quarterly financials, visit www.wellsfargo.com.

Source: Wells Fargo

Topics Profit Loss