Strong life and annuity sales helped profits at Citigroup Inc., New York, during the latest quarter.[@@]
“Globally, business volumes in all life insurance and annuities businesses reached record levels,” the company says in a discussion of its third-quarter earnings.
Citigroup as a whole is reporting $5.3 billion in net income for the third quarter on $21 billion in revenue, up from $4.7 billion in net income on $19 billion in revenue for the third quarter of 2003.
The company’s Travelers Life and Annuity unit managed to increase sales of fixed annuities and variable annuities at the same time.