Truist said it completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by Stone Point Capital, Clayton, Dubilier & Rice and Mubadala Investment Company, and received after-tax cash proceeds of approximately $10.1 billion at closing.

1. 01

   Truist said it completed the sale of its remaining stake in Truist Insurance Holdings to an investor group led by Stone Point Capital, Clayton, Dubilier & Rice and Mubadala Investment Company, and received after-tax cash proceeds of approximately $10.1 billion at closing.

2. 02

   The company said the sale produced an after-tax gain of approximately $4.7 billion and increased CET1 capital by $9.4 billion. It said the $9.4 billion consisted of the $4.7 billion after-tax gain and a $4.6 billion benefit from the deconsolidation of TIH intangibles.

3. 03

   After the sale closed, the company said it sold $27.7 billion of lower-yielding investment securities, resulting in an after-tax loss of $5.1 billion in Q2 2024. It said the securities sold had a book value of $34.4 billion and a weighted average book yield of 2.80%.

4. 04

   The company said it estimates the sale proceeds and the repositioning will add $160 million to net interest income in Q2 2024 and $710 million in 2024. It adjusted its outlook from a previous decline of 4% to 5% in 2023 revenue to a decline of 0.5% to 1.5% from $20.2 billion in annual revenue.

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Original filing

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