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Big Jump In Insurance Profits Boosts Citigroup Net Income

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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.


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