Truist Financial in Talks to Sell Insurance Business for $10 Billion

Truist Financial Corp, a leading financial institution, is reportedly in discussions with private equity firm Stone Point regarding the potential sale of its insurance brokerage unit. The deal, estimated to be worth around $10 billion, aims to streamline Truist’s operations and strengthen its financial position.

Earlier this year, Truist made headlines when it sold a 20% stake in its insurance unit to Stone Point for $14.75 billion. This strategic move came after a challenging year for the bank, which witnessed a decline in profits.

The ongoing talks between Truist and Stone Point signify a significant step towards a potential agreement. However, the success of the deal may depend on Stone Point’s ability to secure sufficient debt financing.

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Truist Financial, Truist Insurance Holdings, and Stone Point are yet to provide an official comment on the matter.