Truist Reports Record Second Quarter Insurance Revenue
Financial services firm Truist Financial Corporation reported net income of $178 million for its Insurance Holdings segment in the second quarter of 2022.
The company attributed its best insurance result to continued organic growth, acquisitions and seasonality.
The segment contributed to Truist’s overall net profit of $1.45 billion, down slightly from the $1.56 billion reported for the same quarter last year.
This was primarily due to a $352 million decline in net income for Truist’s Corporate and Commercial Banking segment year-over-year, and a net loss of $373 million for its Other, Treasury & Corporate segment. .
“Truist demonstrated a lot of progress this quarter for our stakeholders. Our strong performance in the second quarter reflects our improved momentum following the integration and resilience of our diverse business mix in a volatile market environment,” said the chairman. and CEO, Bill Rogers.
“While some residual integration activity remains, we are seeing early benefits from our transition from integration to operations and continue to make strategic investments in talent and technology to accelerate our growth,” continued Rogers.
“We are confident that Truist is well positioned to perform in any environment given our diverse business mix and strong capital base. We remain committed to providing positive operating leverage on both a GAAP and adjusted basis for the full year of 2022.”