Strategically Positioning Truist Insurance Holdings for Long-Term Success

Insurance brokerage industry backdrop Firm Pricing Total Consolidated P&C Premium YoY Growth 10% Rapidly Consolidating Industry Global Announced Acquisitions in Last 10 Years Number of Announced Insurance Brokerage Transactions Increasing Valuation Differential Price/LTM EPS Insurance Brokers and Regional Banks Current Multiple Differential: 14.8x 10-Year Median Multiple Differential: 6.8x Current Multiple Differential Percentile: (84% 5% 5% 4% 4% 4% 4% 6% 5% 5% 2% 358 325 693 626 597 576 585 512 477 838 811 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '221 '12 13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Feb-13 Feb-15 Feb-17 Feb-19 Regional Banks 2 Source: S&P Global, Nasdaq, and Capital IQ. Market data as of 2/10/23. 1 Represents 2022 LTM as of 3Q compared to FY 2021 2 Represents the median multiple of publicly traded regional banks: CFG, CMA, FITB, HBAN, KEY, MTB, PNC, RF, USB, and ZION 3 Represents the median multiple of publicly traded insurance brokers: AJG, AON, BRP, BRO, RYAN, MMC, and WTW Feb-21 25.3x 10.5x ww Feb-23 Insurance Brokers 3 TRUIST HH 5

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