In a sign of banks' rising prominence in the insurance business, bank-channel sales surged 30% in the second quarter for Nationwide Financial.

The Columbus, Ohio, insurance company reported last week that it took in $872 million in premiums and deposits through banks in the quarter, up from $674 million in the same period last year. "These numbers are indicative," said Carmen Effron, president of C.F. Effron Co. in Westport, Conn. "Bank insurance sales are up dramatically, because banks are getting better at selling it."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.