Wells Fargo is seeking to boost its insurance business revenue, The Wall Street Journal reports. The bank is targeting to double the revenue from its insurance brokerage, which currently accounts for 2% of revenue at the lender, in the next 10 years.
Acquisition of insurance brokers, cross-selling more policies to current customers and expanding the life-insurance business will help increase the revenue. The bank, which focuses on selling property-and-casualty policies, may generate about $1 billion in annual revenue by selling more life-insurance policies to consumers.
Click here for the story from The Wall Street Journal.