Exhibit 99.2
BB&T
Insuranceand
Financial Services
Investor Conference
February11, 2009
Insurance ServicesandFinancial Services
Generating Fee Income1 | ||||||||||
For the Period Ended | ||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | ||||||
BB&T | Goal 45% | |||||||||
Noninterest Income | ||||||||||
/Net Revenue2 | 37.8 | % | 39.1 | % | 40.6 | % | 41.3 | % | 40.3 | % |
Insurance Services | ||||||||||
Noninterest Income | 10.9 | % | 11.6 | % | 12.3 | % | 12.5 | % | 12.3 | % |
/BB&T Net Revenue2 | ||||||||||
Financial Services | ||||||||||
Noninterest Income | 7.6 | % | 8.1 | % | 8.5 | % | 8.2 | % | 8.6 | % |
/BB&T Net Revenue2 | ||||||||||
Combined NII as a % | ||||||||||
of BB&T Total NII | 48.9 | % | 50.5 | % | 51.3 | % | 50.2 | % | 51.9 | % |
1Operatingresults 2Consolidated,fully taxable-equivalent revenues
BB&T
Insurance Services
BB&TOverall Insurance Operationsiscomposedof 7separate complementary subsidiaries:
BB&T Insurance Services, Inc.– 96 locations domiciled in the BB&T footprint.This is our key vehicle to execute our Integrated Relationship ManagementStrategy (IRM).
CRC Insurance Services, Inc.– 35 wholesale locations, brokerage and ManagingGeneral Agency operation, the largest U.S. P&C wholesaler.
McGriff, Seibels and Williams, Inc.– 8 Retail Insurance Operations outside theBB&T (bank) footprint. Retail Insurance operation with a large account (Fortune1000) emphasis.
BB&T Assurance, Ltd.– Bermuda based captive that supplies alternative risktransfer and specialty program expertise, consulting, and program management.
AmRisc, LLP– Managing General Underwriter (no risk assumption) for primarilywind based catastrophe prone property – Underwriters for Lloyds of London,Berkshire Hathaway, Renaissance Re, Munich Re, and American Coastal.
American Coastal Insurance Company– Insurance company that insures Floridabased commercial condominium properties.
BB&T Insurance Services of California, Inc.– 6 retail insurance locationsdomiciled in the State of California, the largest US insurance premium market.
BB&TInsurance Highlights
6thlargest Insurance distributor in the United States and 7thin the World1
Ranked #1 in Productivity among the World’s Top 10Brokers for the last 5 years1
Top Performer in organic growth among the World’s Top 10Brokers for the last several years
Largest Commercial P&C Wholesale broker in the UnitedStates
“Top 5” performer with most of our top 25 InsuranceCompany partners – largest market for many
152 locations across the United States
1Source: Business Insurance Magazine
BB&TInsurance
Average Commercial PremiumRateChangesbyAccountSize
Insurance Industry Market Conditions
In 2008, excess industry capacity fueled price competition,leading to lower renewal rates and premiums across theboard
Commercial rates have significantly declined since the 4thquarter of 2001 with the exception of 2005 and early 2006.
Rates were down 10 – 15% (varies by business class) in2008.In late 4Q08, prices began to stabilize in commercialproduct lines.
Rates are especially turning upward for risks that historicallyhave been the most difficult to insure (i.e. wholesale).
BB&TInsurance’sFocus – Plays that Win
When soft market conditions persist, we focus on growing our market share by: | ||
1. | Putting a strong emphasis on writing new business through a consultative selling approach | |
2. | Maintaining an intense focus on client retention | |
3. | Seeking out new clients that need to overhaul their risk management program and reduce overall cost | |
Current market conditions give us an opportunity to win new accounts. | ||
BB&T Insurance’s retail revenue from new business has consistently performed well, significantly offsetting soft market conditions. | ||
BB&T Insurance’s client retention is currently 93%, an increase of 4% from three and a half years ago. |
BB&T Insurance
RevenuebyCompany2008(12/31)
$925 million 2008revenue
Internal managementbasis, notrestatedforacquisitions.
BB&T Insurance
Earnings(IncomeBeforeAllocationsand Tax)
Internal managementbasis, notrestatedforacquisitions. Excludes2005 leaseaccounting charges. Excludeseffect of Attenta in 2007.
BB&T
Financial Services
BB&TFinancial Services
Over 2,500professionalsandsupportteammembers
Retail Services | Corporate Services | ||
• | Wealth Management | • | Asset management |
• | Investment products sales | • | Capital markets |
• | Investment advisory | • | Merger & acquisition consulting |
services | • | Purchase & placement of multi- | |
• | Discount & Full Service | bank credit facilities | |
brokerage services | • | Correspondent broker clearing | |
• | Trust & Estate | • | Corporate & employee benefit |
administration | plans | ||
• | Farm, real estate & timber | • | Actuarial and investment |
management | consulting services |
Financial Services Market Coverage
Financial Services
Revenueby Line ofBusiness2008(12/31)
$801 million 2008revenueafterintercompany eliminations
* Total assetsinvestedofapproximately$58.3 billion
BB&T
Investment Services,Inc.
BB&TInvestment Services,Inc.
Fully registered broker-dealer based in Charlotte
Over 300,000 retail and small business clients
More than $9.3 billion currently invested by our clients
Full-service, discount brokerage, and online tradingcapability
Primary focus on the sale of fixed and variable-rateannuities and mutual funds to clients
Approximately 356 employees in NC, SC,VA, MD,DC, GA, FL, TN, WV, KY, and AL
Member NASD & SIPC
BB&TInvestment Services,Inc.
Revenueby Source 2008 (12/31)
![](https://capedge.com/proxy/8-K/0000092230-09-000024/gale1x22x1.jpg)
Scott &Stringfellow–
PrivateClient Group
Scott &Stringfellow–PrivateClient Group is adivisionof Scott &Stringfellow,
LLC, amember NYSE/SIPC.Scott &Stringfellowis aseparate,non-bankaffiliate
of BB&TCorporation.
Scott &Stringfellow–PrivateClient Group
Scott&Stringfellow
RevenuebySource2008(12/31)
$154 million 2008revenue
Wealth, Institutionaland
Investment Advisory
Businesses
BB&T Wealth Management
Institutional Services
BB&T Asset Management, Inc.
Sterling Capital Management, LLC
BB&TWealth Division-providing financial servicesto the high net worthindividual
•BB&T Wealth Management – Clients with investable assets of $1 million+ | ||
or $5 million+ in net worth. Opportunitythe BB&T business client | ||
•Private Financial Services – Clients with $250,000 to $1 million in | ||
investable assets. Opportunityour “invisibly wealthy” clients | ||
Wealth, Fiduciary and Advisory Services: | ||
•Financial Planning | ||
•Portfolio Management and Investment Advisory Services | ||
•Trust and estate account administration | ||
•Dedicated lending to serve the wealthy client | ||
•Coordinate the delivery of other bank products (e.g. mortgage and | ||
insurance) |
Institutional Services-providing financial servicesto ourbusinessclients
Investment services to a broad range of business clientsranging from custodial responsibility to full investmentmanagement
Employee based ERISA accounts including 401(k) plansand defined benefit plans
Employee benefit consulting services
Flex benefits spending accounts and HSA accountsadministration
Corporate trust services and Philanthropic services
Investment Advisory Business
BB&T Asset Management, Inc. | ||
Named advisor to the BB&T Mutual Fund Family | ||
Manager of BB&T Select Equity and Fixed Income Portfolios for BB&T Wealth Division clients and Institutional clients | ||
Multi-strategy platform manager for Private Financial Clients | ||
Sterling Capital Management, LLC | ||
National sales platform marketing to the professional consultant | ||
Largely institutional client base for corporations and governmental units | ||
An investment focus on cash management, high grade fixed income, and small and mid-cap equity selection with a value-based focus | ||
Ability to manage assets on an international basis |
Wealth/Institutional/Asset Management Services
RevenuebySource2008(12/31)
BB&T
Capital Markets
Corporate BankingandSecuritiesGroup
BB&TCapital Marketsis adivisionof Scott &Stringfellow,LLC, amember NYSE/SIPC.
Scott &Stringfellowis aseparate,non-bankaffiliateof BB&TCorporation.
BB&T Capital Markets-Corporate Banking&Securities
BB&TCapital Markets-Corporate BankingGroup
Divisionof the Bank thatservesthe largecorporate marketwithlending productsand is theproviderofsophisticatedcreditproductsandservices(i.e.interestratederivative products, syndicated lending)to ourcommercialclient base
BB&TCapital Markets–SecuritiesGroup
Divisionof Scott &Stringfellow,Inc., aregistered broker/dealer subsidiaryof BB&TCorporation
Headquarters in Richmond with offices in: | ||||
Atlanta | Birmingham | Boston | Boca Raton | Charlotte |
New York | Reston, VA | San Diego | San Francisco | |
Tysons Corner, VA | Winston-Salem |
Trading platformsincapital markets involvingdebt and equitysecurities
Investment banking servicesto small andmiddle-market clients
Research– Best on theStreet:over half of ourpublishing analystshave beenrecognizedby theWall StreetJournalorInstitutional Investor
BB&T CAPITAL MARKETS:Full-Service, Relationship Approach
BB&T Capital Markets is committed to helping our clients achieve their long-term strategicobjectives while addressing their immediate financing needs.
BBTCM INVESTMENT BANKING:Industry Experience
BB&TCAPITAL MARKETS: Corporate Banking Highlights
Capital Markets Corporate Banking
Corporate Banking Industry Specialization – Centralized team of 6 Corporate Bankersaligned with Equity Capital Markets industry teams that currently manage lendingrelationships with $3.29 billion in credit commitments with $1.28 billion outstanding.
Large Corporate Banking Initiative – 7 regionally based Corporate Bankers solely focused onin-market public and private companies with revenues of $250+ and $500+ million,respectively. Total existing credit commitments in this regionally-based portfolio total $4.29billion with outstandings of approximately $1.25 billion and total deposits of $164 million.
High Vol. Deposit Relationships – Centrally manage high volume deposit relationships thatgenerated $9.1 million in analysis fees and $107 million in average DDA balances in 2008.
InterestRateDerivatives
Interest rate swaps, collars and caps sold by sales team that generated $59.9 million inrevenues in 2008.
LoanSyndications
Providing structuring and relationship management support for syndicated loans led byBB&T. BB&T currently Leads or Co-Leads 12 syndicated credit facilities with nearly $1.2billion in total facility commitments and $520 million in BB&T loan commitments.
BB&TCAPITAL MARKETS: SecuritiesGroupHighlights
BB&T CM advised on 25 M&A transactions and 15 Equity | ||
transactions. | ||
Debt Capital Markets Taxable Investment Banking was a manager on | ||
159transactions in 2008, an 11% increase over 2007. | ||
Debt Capital Markets Tax-Exempt Investment Banking was a manager | ||
on164 transactions in 2008, a 118% increase over 2007. | ||
Based on the strength of the Investment Bankers calling efforts and | ||
$2.1billion in BB&T letters of credit, BB&T CM was a top 10 | ||
underwriter/ remarketer for floating rate debt in 2008. | ||
Both Equity and Debt Sales and Trading had record years as a result | ||
ofwider spreads, increased volume, and prudent risk management | ||
practices. |
BB&T Capital Markets
RevenuebySource2008(12/31)
![](https://capedge.com/proxy/8-K/0000092230-09-000024/gale1x37x1.jpg)
Internalmgmt. basis before loan lossprovision,notrestatedforacquisitions,and theadditionof PrivateFinancial Servicesin 2008.
WithoutPrivateFinancial Services,totalrevenuewasapproximately$742 million with a CAGR of 11.6%
Financial Services
Earnings(IncomeBeforeAllocations, Provision& Tax)
![](https://capedge.com/proxy/8-K/0000092230-09-000024/gale1x38x1.jpg)
Internalmgmt. basis before loan lossprovision,notrestatedforacquisitionsand theadditionof PrivateFinancial Servicesin 2008.WithoutPrivateFinancial Services, earningsasreportedabove wasapproximately$236 million with a CAGR of 14.9% . 2005excludesleaseaccounting chargesand theWindsor’s accelerated acquisition intangible amortization.
2008Financial Services Accomplishments
Financial Services achieved record levels of revenue and netincome before taxes in 2008.
The Luxury Institute Survey reported BB&T Wealth Managementfirst among regional banks in the 2008 Luxury Brand Status Indexof ultra-high net-worth consumers with a minimum net worth of $5million and $200 K annual income.
Institutional Services continued its #1 ranking in customer servicefor small to mid-sized 401(k) providers from 401(k) Exchange andwon three Best in Class award from PlanSponsor Magazine.
Eleven BB&T Funds received coveted 4- and 5-star ratings fromMorningstar, Inc.
BB&T Capital Markets placed nine analysts in theForbes/Starmine / WSJ / Forbes annual awards, managed 15public equity offerings, and advised on 25 M&A transactions.
BB&T
Insuranceand
Financial Services