WASHINGTON (dpa-AFX) - Truist Financial Corp. (TFC) announced Tuesday that
it has reached a definitive agreement to sell its remaining stake in Truist
Insurance Holdings, a subsidiary of Truist and the fifth largest insurance
brokerage in the U.S., to an investor group led by private equity firms Stone
Point Capital and Clayton, Dubilier & Rice. Mubadala Investment Company and
other co-investors are also participating in the investment.

The all-cash transaction values Truist Insurance at an implied enterprise value
of $15.5 billion. The sale of Truist Insurance and reinvestment of the $10.1
billion of expected cash proceeds are estimated to be $0.20 dilutive to 2024
earnings per share.

Following closing, Truist intends to evaluate a variety of capital deployment
options, including a potential balance sheet repositioning with a goal of
replacing Truist Insurance's earnings.

The parties expect to complete the transaction during the second quarter of
2024, subject to certain regulatory reviews and approvals and the satisfaction
of other customary closing conditions. Truist's Board of Directors has
unanimously approved the agreement.



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