NU Online News Service, April 15, 2004, 5:57 p.m. EDT – Life insurance and annuities contributed to an increase in first-quarter earnings at Citigroup Inc., New York.[@@]
Citigroup as a whole is reporting $5.3 billion in net income for the latest quarter on $21.5 billion in revenue, up from $4.1 billion in net income on $18.5 billion in revenue for the first quarter of 2003.
At the life and annuities unit, revenue increased 14%, to $1.3 billion, and net income increased 18%, to $287 million.
Net written premiums and deposits fell 25% for institutional annuities, to $1.6 billion, but net written premiums and deposits soared 50% for variable annuities, to $1.2 billion.