Financial services firm Truist Financial Corporation has reported net income of $178 million for its Insurance Holdings segment in the second quarter of 2022.
The company attributed its improved insurance result to continued organic growth, acquisitions and seasonality.
The segment contributed to Truist’s overall net income of $1.45 billion, which was slightly down on the $1.56 billion reported for the same quarter last year.
This was mostly due to a $352 million decrease in the net income of Truist’s Corporate and Commercial Banking segment year-over-year, and a net loss of $373 million for its Other, Treasury & Corporate segment.
“Truist demonstrated much progress this quarter for our stakeholders. Our solid second-quarter performance reflects our improved momentum post-integration and the resiliency of our diverse business mix in a volatile market environment,” said Chairman and CEO Bill Rogers.
“While certain residual integration activities remain, we’re seeing the early benefits of our shift from integrating to operating and continue to make strategic investments in talent and technology to accelerate our growth,” Rogers continued.
“We’re confident Truist is well-positioned to perform in any environment given our diverse business mix and strong capital position. We remain committed to delivering positive operating leverage on both a GAAP and adjusted basis for full-year 2022.”
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