Truist Insurance Holding's organic revenue growth fell to 2.1% in the second quarter from 11.6% in the same period last year, the parent company Truist Financial Corp. reported. Thursday.
Total revenue for the unit – formerly known as BB&T Insurance Holdings – rose 4.4% to a record $ 621 million, from $ 595 over the same period last year. Net interest income decreased 0.8% to $ 23 million, from $ 25 million in the second quarter of last year.
Non-interest income increased 4.9% to $ 598 million, from $ 570 million, and net segment income increased 12.6% to $ 125 million, from $ 111 million in the previous year.
Net acquired revenue fell to just $ 4 million for the quarter from $ 34 million over the same period last year, and new business decreased by 4% "due to COVID-related effects," Truist Financial said.
The second quarter results benefited from "continued price / property price increases and better than expected exposure units", it was said.
Truist Financial reported results for the insurance entity, one of the company's three publicly reported companies, during a profit call during the second quarter.
SunTrust Banks Inc. and BB&T Corp. merged in 201