Truist sells 20% minority stake in Truist Insurance Holdings for $1.95B, valuing unit at $14.75B

TRUIST FINANCIAL CORP

Truist sells 20% stake in insurance unit to Stone Point Capital for $1.95B in cash; Mubadala and others co-invest.
Deal values Truist Insurance Holdings at $14.75B enterprise, or 17.2x 2022 adj. EBITDA and 27.4x adj. earnings.
Closing expected Q2 2023; Truist keeps 80% ownership, forms 5-person board with 4 Truist appointees.
Transaction expected to increase CET1 ratio by 32 bps, be 6% accretive to TBV per share, and neutral to EPS.
TIH CEO John Howard receives base salary increase to $1M, target cash incentive at 230% of base, and ~$17.5M equity award.

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