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Truist Insurance Holdings Inc., the insurance brokerage unit of Truist Financial Corp., Thursday posted third-quarter revenue of $826 million, a 13% increase from the same period last and up 6.3% on an organic basis.
While organic growth was off slightly from the same period in 2022, the overall increase was driven by additional interest income on fiduciary deposits, in addition to business growth, the bank said in its earnings presentation.
The brokerage unit reported net income of $17 million for the quarter, down from $51 million in the same period last year.
Truist said that while property/casualty premium rates generally increased at a slower rate compared with prior quarters, property catastrophe capacity remains challenging for buyers due to losses, inflation and reinsurance pressure.
On April 3, Truist closed the sale of 20% of its insurance unit to private equity firm Stone Point Capital LLC for $1.95 billion, valuing the unit at $14.75 billion.
Asked about reports that the bank is in talks to sell the insurance business to Stone Point, Truist Chairman and CEO Bill Rogers declined to comment on the speculation but said the reason Truist “did the opportunity” with Stonepoint was to create financial and strategic flexibility to respond to “whatever may happen.”
Mr. Rogers said the insurance business continues to grow and hire staff, but that Truist “wanted to make sure the insurance business had the flexibility to continue to grow and respond to whatever might happen.”