Truist in talks to sell its insurance business

Based on a report by news website Semafor, Truist Bank is in talks to sell its insurance brokerage to private equity firm Stone Point for about $10 billion.

Earlier this year, the bank agreed to sell a 20% stake in Truist Insurance Holdings to Stone Point for $1.95 billion.

In 2022, 12% of the bank’s revenue came from its insurance segment, which generated $546 million in net income.

Last month, Truist disclosed plans for layoffs and other cost cutting measures.