And right now, it’s performing very well. We have NPLs at 0.6%. Our NCOs are at 0.11%. So very good overall performance.And then as far as the C&I losses in Q1, there’s nothing episodic there. We’re coming off such extremely low levels. If we go back into 2022, we were in just a couple of basis point range, and we were up just more toward a normalized range. So nothing specific there.Gerard Cassidy Very good. Thank you, Clarke. And then following up, Mike, you talked about the investment banking business, how you’ve built it out with some strategic hires over the last two years. And we know from the market conditions from some of your larger competitors, it’s challenging out there. Are you guys comfortable with your revenue to expense area in investment banking now or do you really want to see or need the revenues to kind of really pick up as the market conditions pick up?Mike Maguire Yeah.
I’ll start there and maybe Bill may have something to add. But the investment banking business is performing well. It was a bright spot for us. In the first quarter, we have expectations that it will continue to perform well. Pipelines remain solid. And I think that a lot of that is driven by the fact that we’ve been adding really high caliber sort of franchise type talent to that platform, not just recently but consistently over the years. And so look, I mean, there’s no doubt about it. There’s market interruptions, transaction markets, deal markets are a little harder.But in sort of the middle market and upper middle market space, where we feel like we’ve really got a powerful franchise, we continue to get deals done for our clients on the corporate and sponsor side.
And so we’re still very supportive and optimistic about the investment banking business. And look, we’re managing it carefully and revenues will be highly correlated with expenses in that business, but that’s always been the case.Bill Rogers Yeah. And for us, to your margin question, investment banking business always been a good margin business and has had a lot of discipline over a long period of time. And part of that sustainability, I think you saw some of it this quarter is back to the earlier comments and questions were having about the strength of the franchise. So being able to take advantage of this incredible franchise and client base really afford us this opportunity all across high grade, debt and equity, earn revenue being up. So it just creates more consistency and more confidence for us in that revenue base.Gerard Cassidy Great.
Thank you for the insights gentlemen.Ankur Vyas Allay, we’ve got time for one more question.Operator And we’ll take our last question from John McDonald with Autonomous Research. Please go ahead.John McDonald Hi. Good morning. I know we’re running tight. Maybe we could get a comments from John about the operating environment for insurance this year. And then also if you could add on your thoughts about utilizing the increased optionality that the transaction has gotten you and what the M&A environment looks like for you? Thanks.Bill Rogers Hey, John. Do you want to…John Howard Sure, John. This is John Howard. Thank you very much for the question. When I look at the environment from an insurance standpoint, it continues to be favorable. Pricing continues to be firm, if you think about insured values and you think about insured rates, they are both affected by the inflationary environment that we’re experiencing.
Those are tailwinds for us. There are some capacity headwinds, particularly around catastrophe exposed property. But net-net, we’ll continue to see good organic growth in insurance. And I do expect our organic growth to improve over the course of the year.And to your question about acquisitions, the market response to the Stone Point transaction has been very positive. So we’ve gotten great feedback from teammates, clients, insurance companies, business partners as well as acquisition candidates. So I think we’re very well positioned.John McDonald Great. Thanks.Ankur Vyas Thanks, John. Okay. That completes our earnings call. If you have any additional questions, please feel free to reach out to the Investor Relations team. Thank you for your interest in Truist.
We know you guys will have a busy day, but we hope you have a great day. Allay, you can now disconnect the call.Operator And with that, that does conclude today’s call. Thank you for your participation. You may now disconnect.
