Not So Risky Business:

BB&T Insurance HoldingsJohn HowardChairman and CEO – Insurance Holdings

Investor Day 2018

2

Key Takeaways

15th largest Insurance Broker in

the world with a

unique profile and track record of

growth

Improving market

conditions and

strong sales

culture driving performance2

3Transformation

underway leading

to new operating model design 4

Commitment to

improve client

experience and capture future

growthopportunities

3

Who We Are

Strong heritage; founded in 1922; successfully integrated more than 100 acquisitions

Access to permanent capital as part of BB&T

Top-tier relationships with the world's leading insurers

Strong US presence; 230+ offices; 7500+ associates

$26B in Premiums; 5th largest broker worldwide

Differentiated culture supportive of growth and client outcomes

Insurance Holdings is a leading risk and advisory firm providing solutions and trusted advice to clients through efficient distribution, local relationships, and

data-driven insights across the risk spectrum

No principal underwriting risk

Excluding performance-based commissions

4

What We Do

Property,

casualty,

professional

and specialty

MGU for

commercial

property risks;

leading provider

for wind

capacity

Data-driven insights andexpertise for brokers and insurers across the full spectrum of life, property and casualty risks

WHOLESALE

Customized premium finance solutions for agents, brokers, and their clients

PREMIUM FINANCE

Full array of brokerage and risk management products and services, with unparalleled service and expertise

RETAIL

Large corporate

clients

Life, annuity,

LTC, DI and

impaired risk

Personal lines, small

business, and

corporate clients

Diversification Drives Revenue and Net Income

YTD as of 09/30/2018

Revenue Diversification by Segment Net Income Mix by Segment

Community Banking –Retail &

Consumer Finance

43%

*Total segments excluding Other, Treasury & Corporate

Community Banking –Retail &

Consumer

Finance44%

Community Banking –

Commercial 23%

Insurance Holdings & Premium Finance

16%

Financial Services &

Commercial Finance

17%

5

Community Banking –

Commercial 33%

Financial

Services & Commercial

Finance17%

Insurance Holdings

& Premium Finance

7%

6

Insurance Holdings Has a Unique Profile Among Its Peers

57%

46%

23%

44%

16%

1 Business Insurance US Rankings, July 2018 – Does not include Regions Insurance Group acquisition2 Based on full year pro forma with Regions Insurance Group annualized

Retail

51%

Wholesale

49%

Even retail and wholesale revenue split2

6.8

4.4

3.8

3.1

1.9

1.9

1.6

1.5

Marsh

AON

WLTW

AJ Gallagher

BB&T

Brown & Brown

USI

Hub

Total Revenue ($B), 2017

BB&T has a meaningful scale advantage1

$74.3 $44.3

$177.5

$65.7 $27.8 $16.4

$65.4 $117.5

$15.7 $7.3

$271.5

$86.7

$8.3 $9.5

$174.0

$48.5 $67.3

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

BB&T purchases

Crump Group

P&C and Life

divisions

CRC

purchases

Swett &

Crawford

Sale of ACIC,

increased ownership in

AmRisc

2002 2004 2007 2008 2009 2012 2015 2016 2018

7

Track Record of Successful, Sustainable Growth

BB&T purchases

CRC to expand

excess & surplus

lines

BB&T purchases

McGriff, Seibels, &

Williams to

expand national

large account

focus

Passed

$1B in

revenue

Investment

to start

American

Coastal

(ACIC)

Acquired Revenue ($M)1

Total Revenue ($M)

Expand

into CA

Purchased

Regions

Insurance

Group

1 First twelve-months of acquired revenues. Divestitures not shown

Diversified Revenue Stream

8

16%

BB&T

2007

13%

BB&T

2018

Revenue

Personal

4%

Employee

Benefits

13%

Title 1%

Wholesale

Brokerage

34%

MGU 5%

Life 10%

Personal

7%

Employee

Benefits

8%

Title 3%

Wholesale

Brokerage

26%

MGU

4%

1 Based on full year pro forma with Regions Insurance Group annualized, Premium finance not included

Wholesale49%

$853M

InsuranceHoldings

InsuranceHoldings

Retail

Commercial

51%

Retail

Commercial

32%

Wholesale30%

$1.9B1

9

Insurance Holdings Capabilities

Revenue<$1M $5B+

Colleges &Universities

Construction& Surety

Manufac-turing

Retail &Food Service

FinancialServices

Real Estate& Hospitality

Healthcare Chemical Energy Marine Aviation Transpor-tation

PublicEntities

BB&T Insurance Holdings serves companies across a wide range of industries…

…offering multiple types of products and services…

…to a range of different sized clients

Property CasualtyWorker’s

compensation

Professional/ cyberliability

Captive management and actuarial

services

Environmental liability

Claims andloss control

Consulting/analytics

Employee benefits

Personallines

Individuals Small businesses Middle market Large/Corporate

10

Insurance’s Contribution to BB&T

Income Diversification

Key diversifier compared to

interest sensitive businesses

Area of Growth

Stable revenues during stress

environment – not subject to credit

cycles

Limited Capital

requirements

Does not require a large balance

sheet

Product Offerings

Provides broader product offering

to clients and valued risk

management expertise

11

Insurance Industry Cycle

-20%

-10%

0%

10%

20%

30%

40%

Small Accounts Mid-Sized Accounts Large Accounts

Hurricanes:

Dolly,

Gustav, Ike

Hurricanes:

Dennis,

Katrina, Rita,

Wilma

Followed a prolonged

soft market (1987-2000),

and Sept. 11th Terrorist

Attacks

Hurricane

Sandy

Release

of RMS

11.0

Hurricanes

Harvey,

Irma,

Maria

1 Source: The Council of Insurance Agents & Brokers

Average Commercial Premium Rate Changes by Account Size1

12

0.0

2.0

4.0

6.0

8.0

10.0

1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18

Real GDP QoQ Change Seasonal Unemployment Rate

Improving Market Conditions

1.000 1.007 1.011

0.886 0.890 0.892

1.008 1.001

0.988

0.967

0.944

0.923 0.901

1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18

1 Source: RBC Capital Markets, Marsh and McLennan, Bureau of Labor Statistics and Bureau of Economic Analysis.

Global Insurance Market Index

GDP and Unemployment

%

%

%

%

%

%

13

Insurance Holdings Performance Through Cycles

4.8%

9.8%

2.1% 3.1%

-2.1%

0.0%

-0.6%

5.7% 5.6% 5.6%

1.7%

-0.2%

1.7%

5.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

CIAB - Change in Avg Comm Rate Insurance Holdings Organic Growth US GDP Annual Growth Rate

1 Source: The Council of Insurance Agents & Brokers and Bureau of Economic Analysis. CIAB – Average 4 quarter change in commercial rates

2 Represents 09/30/2018

Organic growth is defined as year over year growth in commission and fee revenue excluding the first twelve-months of acquired revenues, the last twelve months of divested revenue, performance-based commissions

and adjusted for changes in adoptions of new revenue recognition accounting standards

2

Organic Revenue Growth Over Time

14

6.7%

4.8%

3Q18

BBT Peer Average

2018 Organic Growth

5.0%4.8%

YTD 2018

BBT Peer Average

1 Peers include Aon plc (Commercial Risk Solutions Segment), Arthur J. Gallagher & Co (Brokerage Segment), Brown & Brown Inc, Marsh & McLennan (Marsh US & Canada) andWillis Towers Watson (Corporate Risk & Brokering Segment)

1 1

3Q18 Organic Revenue Growth vs. 3Q17 YTD 2018 Organic Revenue Growth

15

Our Performance – Insurance Holdings

▪ Improved performance across most lines of business

▪ YoY new business up 12%

▪ Increase in organic growth and strong expense control largely offsetting decline in profit commissions due to prior year storm activity

▪ Regions Insurance Group exceeding model projections based on lower expense run-rate and on track to achieve synergies

$1,298 $1,344 $1,372

-0.2%

1.4%5.0%

-6.0%

-3.0%

0.0%

3.0%

6.0%

$1,000

$1,100

$1,200

$1,300

$1,400

YTD 2016 YTD 2017 YTD 2018

Organic Growth (%)Noninterest Income ($M)

YTD data as of 09/30; Insurance Holdings only; excludes Premium Finance

$254 $250 $275

19.5% 18.6% 19.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

$0

$50

$100

$150

$200

$250

YTD 2016 YTD 2017 YTD 2018

EBITDA Margin(%)EBITDA ($M)

16

We Have Launched a Transformation Process Across

Three Pillars That Will Build a Step Change in Our

Performance

Pursue integrated retail operating model with the Regions Insurance Group acquisition

Increase value added services for our clients

Develop segmentation with goalof providing efficient and high quality service

Continue to build our EB business

Execute on a hiring/talent management strategy to fuel our organic growth

Invest in Data and Analytics to drive value for insureds, brokers and carriers

Develop an integrated go to market approach by focusing on client needs and communication

Continue to build depth and breadth of products and services to provide a one stop shop solution for our clients

Execute on a hiring/talent management strategy to fuel our organic growth

Ensure continued ability to be nimble and flexible

Continue to enhance our relationship with BB&T and leverage scale and shared services

Retail

Wholesale

Corporate partnership

Data D-N-APowering Our New Approach

17

Traditional Wholesale Model

Expertise in coverage

Market knowledge & access

Solutions for difficult classes

CRC Approach

Aligning our efforts to support clients’ goals and sales strategies based on data and expertise

Benchmarking solutions

Property Risk Assessment Reports

Unique Content & Proposals

Sales

Placement

Efficiency

CRC Analyzer

Unmatched insights on wholesale book

and detailed actionable strategies for

consolidation opportunities

Small Business – Industry’s first small

business E&S service center

Outsourcing – small management

liability, cyber and other lines

280K+Total Policy

Records

85%Of Total

Records

50K+SOVs

Uploaded

$17T+TIV

$6.5T+Gross Sales

$2.3T+Revenues

1.6M+Locations

1,374Form

Reviews

130+ Coverage

Amendatories

40K+Loss

Records

18

Key Takeaways

15th largest Insurance Broker in

the world with a

unique profile and track record of

growth

Improving market

conditions and

strong sales

culture driving performance2

3Transformation

underway leading

to new operating model design 4

Commitment to

improve client

experience and capture future

growthopportunities