Among bank holding companies, Citigroup Inc. remains the industry leader in generating insurance revenue, but rivals Wells Fargo & Co. and Bank of America Corp. are closing the gap.

According to data compiled by Michael White Associates of Radnor, Pa., and the American Bankers Insurance Association, Citi earned $3.2 billion in insurance-related income in 2008, down 9 percent from a year earlier but still significantly more than any of its competitors. Wells held on to the No. 2 position in the top 50 rankings, reporting insurance income of $1.83 billion, up nearly 20 percent from a year earlier, thanks in large part to its acquisition of Wachovia Corp.

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