Guaranty Bank (Austin, TX) reported $66.8 million in insurance commissions and f
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A Surge of Insurance Revenues at First Niagara

  A key goal at First Niagara Financial Group, Inc. (assets: $8.06 billion) is to derive1 30 percent of revenues from fee income within three to five years. Or so the Lockport, New York-based thrift2 company stated last year.

  Thanks to two key acquisitions in 2005, First Niagara is almost there. Noninterest income accounted for 29.4 percent of revenues in the fourth quarter of 2005. By contrast, this ratio was only 23.4 percent in the first quarter of 2005.

  What specifically made the difference? On July 29, 2005, First Niagara Risk Management, Inc., the wholly owned insurance subsidiary of First Niagara, acquired all of the outstanding shares of Hatch Leonard Naples, Inc., the largest insurance agency in Rochester, New York.

  On September 12, 2005, First Niagara Financial acquired Burke Group, Inc., an employee benefits administration and compensation consulting firm in a cash transaction.

  “The recent financial services acquisitions continue to contribute to noninterest income growth,” noted3 the company recently. “For the three months ended December 31, 2005, noninterest income increased to $26.2 million with the benefit of a full quarter of revenues from the former Hatch Leonard Naples and Burke Group businesses.”

  Insurance revenues were $11.67 million in the fourth quarter—accounting for 45 percent of all noninterest income——and $32.54 million for the full year. By comparison, insurance revenues were $17.3 million in 2004 on about $125 million of premium4 sales——still sufficient for First Niagara to be rated an 'Up and Comer' in Who's Who in Bank Insurance (2005 Edition). That rating will surely rise with the 2006 edition.

 



点击收听单词发音收听单词发音  

1 derive hmLzH     
v.取得;导出;引申;来自;源自;出自
参考例句:
  • We derive our sustenance from the land.我们从土地获取食物。
  • We shall derive much benefit from reading good novels.我们将从优秀小说中获得很大好处。
2 thrift kI6zT     
adj.节约,节俭;n.节俭,节约
参考例句:
  • He has the virtues of thrift and hard work.他具备节俭和勤奋的美德。
  • His thrift and industry speak well for his future.他的节俭和勤勉预示着他美好的未来。
3 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
4 premium EPSxX     
n.加付款;赠品;adj.高级的;售价高的
参考例句:
  • You have to pay a premium for express delivery.寄快递你得付额外费用。
  • Fresh water was at a premium after the reservoir was contaminated.在水库被污染之后,清水便因稀而贵了。
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