NU Online News Service, April 15, 3:50 p.m. – Citigroup Inc., New York, is reporting $4.8 billion in net income for the first quarter on $22 billion in adjusted net revenue, up from $3.5 billion in net income for the first quarter of 2001 on $21 billion in revenue.

“Core income,” which excludes a $1.1 billion gain on the sale of stock by the Travelers property-casualty operation, increased to $3.9 billion, from $3.7 billion.

Citigroup sells life insurance in North America through Primerica Financial Services, and in North America and the rest of the world through the Travelers Life and Annuity unit.

? Primerica generated $128 million in core income for the first quarter on $512 million in revenue, up from $125 million in core income on $490 million in revenue.

At Primerica, life insurance sales, revenue from life insurance and revenue from proprietary mutual fund sales increased, but revenue from outside funds fell to $226 million, from $330 million.

Net written variable annuity premiums and deposits fell to $225 million, from $248 million.

? Travelers Life and Annuity generated $200 million in core income on $888 million in revenue, down from $220 million in core income on $1.1 billion in revenue.

Revenue from individual life insurance and reinsurance increased to $283 million, from $212 million, and revenue from the sale of individual fixed annuities increased to $614 million, from $427 million. But net written premiums and deposits for group annuities fell to $1.5 billion, from $2.5 billion, and variable annuity sales fell to $898 million, from $1.1 billion.