NU Online News Service, Jan. 20, 2005, 9:31 a.m. EST
Strong business volume helped improve life and annuity results at a big New York financial services company.[@@]
The company, Citigroup Inc., is reporting $274 million in life and annuity net income for the fourth quarter of 2004 on $1.5 billion in life and annuity revenue, up from $185 million in life and annuity net income on $1.3 billion in life and annuity revenue for the fourth quarter of 2003.
Citigroup is attributing the 48% increase in life and annuity net income to a 13% increase in business volume as well as higher investment yields and gains on investments sold during the quarter.
Citigroup as a whole is reporting $5.3 billion in net income for the latest quarter on $22 billion in revenue, up from $4.8 billion in net income on $20 billion in revenue.