Truist Boosts Revenue Forecast After Offloading Insurance Unit

Truist Financial Corp. boosted its revenue forecast for the year after it completed the sale of a majority stake in its insurance-brokerage business.

The Charlotte, North Carolina-based bank received after-tax cash proceeds of about $10.1 billion from the sale, resulting in an after-tax gain of $4.7 billion, it said in a statement Tuesday. The bank also offloaded a portfolio of lower-yielding investment securities in order to reposition its balance sheet in a move that landed it with an after-tax loss of $5.1 billion for the second quarter.

Proceeds from the sale and the balance-sheet reworking are likely to add $160 ...