NU Online News Service, Oct. 17, 5:35 p.m. – Citigroup Inc., New York, is reporting $3.2 billion in net income for the third quarter on $20.3 billion in revenue, compared with $3.5 billion in net income on $19.4 billion in revenue for the third quarter of 2000.
Core income, which excludes $85 million in restructuring charges, fell 9%, to $3.2 billion.
The financial services company reports life insurance operations held steady during the quarter in spite of the slump in the stock market and a drop in investment income.
The Travelers Life and Annuity and Primerica Financial Services units generated $303 million in income on $1.4 billion in revenue, about as much as they generated in the third quarter of 2000.
Sales of life insurance products and group annuity contracts were strong, Citigroup says.