Truist Insurance Holdings’ organic growth down sharply
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Truist Insurance Holdings’ organic revenue growth dropped to 2.1% in the second quarter from 11.6% in year-earlier period, parent company Truist Financial Corp. reported Thursday.
However, total revenue, for the unit — formerly known as BB&T Insurance Holdings — rose 4.4% to a record $621 million, from $595 in the year-earlier period. Net interest income slid 0.8% to $23 million, from $25 million in last year’s second quarter.
Noninterest income climbed 4.9% to $598 million, from $570 million, and net segment income grew 12.6% to $125 million, from $111 million in the prior-year period.
Net acquired income dropped to just $4 million for the quarter from $34 million in the year-earlier period, and new business was down 4% “due to COVID-related impacts,” Truist Financial said.
Second-quarter results benefited from “continued property/casualty price increases and better-than-anticipated exposure units,” it said.
Truist Financial reported results for the insurance unit, one of the company’s three publicly reported businesses, during a second-quarter earnings call.
SunTrust Banks Inc. and BB&T Corp. merged in 2019 to become Truist Financial.
