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Truist selling last chunk of insurance business. Now what?

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Truist’s agreement to offload the rest of its insurance business comes just weeks after it announced a $70 million deal to sell an asset-management subsidiary. Both moves are part of the bank’s strategy to become leaner and more efficient.

Scott McIntyre/Bloomberg

Truist Financial is selling its majority stake in the regional bank’s insurance brokerage unit after a year of speculation about its intentions in what was once a priority business line.

The Charlotte, North Carolina, company said Tuesday that it has agreed to sell the remaining 80% of Truist Insurance Holdings to two private-equity firms and other investors. CEO Bill Rogers said on a call with analysts that the transaction — which values the overall unit at $15.5 billion — and a recent agreement to sell an asset-management subsidiary…

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