Citigroup Inc. (NYSE: C)
November 05, 2009
Citi Announces Filing of Registration Statement for Primerica IPO
NEW YORK – Citi (NYSE: C) announced today that its subsidiary, Primerica, Inc. ("Primerica"), has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering.
Primerica, a leading distributor of financial products to middle income households in North America, has approximately 100,000 licensed sales representatives who assist clients in meeting their needs for term life insurance, which Primerica underwrites, as well as mutual funds, variable annuities, loans and other financial products.
"Today's announcement represents an important step in simplifying our organization and demonstrates our continued success in finding solutions for Citi Holdings, our non-core businesses. We believe this is the best separation alternative for this franchise," said Michael Corbat, Chief Executive Officer of Citi Holdings.