Truist Financial (TFC) has provided an announcement.
Truist Financial Corporation is set to sell its insurance brokerage subsidiary to a consortium led by Stone Point Capital, Clayton, Dubilier & Rice, and Mubadala Investment Company, with plans to finalize the deal in the second quarter of 2024, pending regulatory approval. This move will significantly alter Truist’s financial landscape, prompting a reclassification of its financial statements to show TIH as a discontinued operation. To align with these reporting changes, Truist will provide unaudited supplemental financial data before releasing its first quarter financial statements and will subsequently recast its previous year’s financials to reflect this strategic divestiture.
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