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Truist Insurance Holding's organic growth declined sharply



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

9 to become Truist Financial.


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