BNCCorp earned nearly half its profit last year from insurance, according to the Bank Insurance and Securities Association's "Who's Who in Bank Insurance."
Its insurance brokerage unit contributed $1,942,000 of net income to the company's bottom line, or about 47.3% of the Bismarck, N.D., company's $4.1 million profit, the association said Monday. It was ranked No. 2 on a list of banking companies whose insurance operations contributed the the biggest proportions of the parents' earnings.
Puerto Rico's Doral Financial Corp. was No. 1 on the list, with $8,393,000 of net insurance income, or 63.6% of the company's overall $13.2 million profit last year. However, insurance's share was inflated by a $67.8 million loss in the company's mortgage business that shrank overall net income drastically, the association pointed out. Insurance contributed 5.1% of Doral's overall profit in 2004.
BNCCorp, a $726 million-asset company that owns BNC National Bank, operates 21 banking offices in Arizona, Minnesota, North Dakota, Colorado, and Nevada. With banking and wealth management, insurance is considered one of the company's core segments.
