Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

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.