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Truist reports income growth for insurance segment

15th October 2021 - Author: Matt Sheehan

Purpose-driven financial services firm Truist Financial Corporation has reported net income of $105 million for its Insurance Holdings segment in the third quarter of 2021.

truist-logoAlthough this is lower than the segment’s Q2 income of $156 million, it represents an increase of $28 million on the $77 million that it reported for the third quarter of 2020.

As the first broker to report its Q3 results this year, the YoY improvement in income bodes well for the re/insurance broking community overall.

The performance of the Insurance Holdings segments also reflected a broader improvement in Truist’s overall income, which grew by 51% to $1.6 billion compared to the third quarter of last year.

“Truist produced solid results in the third quarter, driven by strong fee income from our diverse business mix – including wealth, insurance brokerage, investment banking, and positive trends in a number of other businesses given improving economic conditions,” said Chief Executive Officer William H. Rogers Jr.

“We also continue to deliver exceptional credit performance with net charge-offs at 19 basis points. The health of our clients remains strong and we delivered average loan growth of 2% annualized compared to the prior quarter, excluding PPP loans.

Insurance Holdings represents one of three main segments across which Truist operates and measures business activity, alongside Consumer Banking and Wealth, Corporate and Commercial Banking, with functional activities included in Other, Treasury and Corporate.

The Consumer Banking and Wealth reported income of $872 million for Q3 2021, up from $848 million in Q2 and $818 million in Q3 2020.

The Corporate and Commercial Banking segment, meanwhile, reported net income of $1.08 billion, down from $1.24 billion in Q2 but significantly up from the $586 million it recorded for Q3 2020.

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