Exhibit 99.1
Truist completes previously announced sale of minority stake in Truist Insurance Holdings to
Stone Point Capital
CHARLOTTE, N.C. and GREENWICH, Conn. – April 3, 2023 – Truist (NYSE: TFC) announced today that it has completed the previously announced sale of a 20% stake in Truist Insurance Holdings, LLC, a subsidiary of Truist and the sixth-largest insurance brokerage in the United States, to funds managed by Stone Point Capital, a leading private equity firm focused on the global financial services industry, for $1.95 billion, representing an aggregate value of $14.75 billion. Mubadala Investment Company and other co-investors also participated in the investment with Stone Point.
The transaction strategically positions Truist Insurance Holdings and Truist for long-term success and growth and demonstrates the significant value of the insurance business. Truist will continue to maintain strategic flexibility and future upside in Truist Insurance Holdings through its 80% majority ownership stake. Truist Insurance Holdings will continue to benefit from Truist’s operations, access to capital, and client relationships. Additionally, Stone Point’s role as a strong capital partner with deep industry expertise is expected to enable future growth opportunities.
“This investment is a testament to the quality and success of Truist Insurance Holdings and our teammates,” said Truist Chairman and CEO Bill Rogers. “We look forward to continuing our longstanding relationship with Stone Point to grow our insurance business and further deepen our partnerships with clients and the communities we serve, while also preserving significant strategic and financial flexibility in the business.”
Truist Insurance Holdings will continue to be led by Chairman and CEO John Howard and will be overseen by a five-person board, with four members appointed by Truist and one member appointed by Stone Point. The transaction increases Truist’s Common Equity Tier 1 ratio by approximately 30 basis points. Truist also continues to expect the transaction to be relatively neutral to earnings per share.
“This partnership highlights the value of our business, people and brands,” said Howard. “Stone Point’s investment creates more capacity for our business to grow while bolstering our competitive position as our industry continues to consolidate. Consequently, I view this partnership as the best of both worlds – maintaining our strong relationship with Truist while also gaining an experienced partner in Stone Point.”
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country and offers a wide range of products and services through our retail and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of December 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
About Truist Insurance Holdings
Truist Insurance Holdings, LLC the sixth-largest insurance broker in the U.S. and seventh-largest in the world, is a subsidiary of Truist Financial Corporation (NYSE: TFC). Headquartered in Charlotte, NC, Truist Insurance Holdings operates more than 250 offices through its Wholesale, Retail, and Insurance Services divisions. To learn more, visit www.truistinsurance.com.
