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Wells Fargo’s Insurance Operations Records Strong Income

The San Francisco-based company gained strong earnings for the current quarter, with net income of $3.17 billion

Wells Fargo’s insurance operations recorded $595 million in non-interest income for the quarter ended June 30, 2009, as compared to $550 million for the same period in 2008 – reported in Insurance Journal.

For the six months ended June 30, 2009, the company’s insurance operations collected $1.17 billion, as compared to 1.05 billion in the same period last year.

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

As per the company, its integration of Wachovia banking and insurance services is proceeding as expected. Wachovia contributed 39% of consolidated revenue, and the company is on track to realise annual run-rate savings of $5 billion upon full integration.