Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Annuities

Big Jump In Insurance Profits Boosts Citigroup Net Income

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Oct. 20, 2003, 6:05 p.m. EDT – Citigroup Inc., New York, says improved investment results at its life and annuity operation helped contribute to its 20% increase in third quarter net income.

The company as a whole is reporting $4.7 billion in net income for the latest quarter on $19 billion in revenue, up from $3.9 billion in net income on $18 billion in revenue for the third quarter of 2002.

The life insurance and annuities unit earned $152 million in operating income on $1.4 billion in revenue, up from $83 million in operating income on $925 million in revenue.

Net sales of fixed annuities fell 65%, to $115 million, but sales of variable annuities rose 14%, to $1.1 billion, and sales of group annuities rose 72%, to $2.4 billion.

Life insurance sales increased 64%, to $292 million.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.