Citigroup Inc. continues to get a small portion of its revenue from the sale of life insurance, annuities and other financial services.[@@]
Citigroup, New York, recently sold its Travelers Life and Annuity unit to MetLife Inc., New York, but it continues to own Primerica Financial Services.
Citigroup as a whole is reporting $7.1 billion in net income for the third quarter on $21 billion in revenue, up from $5.3 billion in net income on $19 billion in revenue for the third quarter of 2004.
Primerica is reporting $136 million in net income for the latest quarter on $550 million in revenue, compared with $136 million in net income on $532 million in revenue for the third quarter of 2004.
Premium payments and deposits from Primerica variable annuity sales increased 10%, to $283 million.