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.