Citigroup Sells Remaining Stake in Life Insurer Primerica for $180 Million
Citigroup Inc. (C), the third-biggest U.S. bank, sold its remaining stake in life insurer Primerica Inc. (PRI) for $180.1 million as Chief Executive Officer Vikram Pandit completes the bank’s exit that started almost two years ago.
Citigroup sold about 8.1 million shares in a public offering, the Duluth, Georgia-based insurer said today in a statement. The firm sold the shares for $22.29 apiece. Primerica last month agreed to buy back 8.92 million shares held by New York-based Citigroup for $22.42 a share, or about $200 million.
Pandit has been reducing the bank’s stake in Primerica since selling a portion in a March 2010 public offering. Pandit, 54, included the firm among more than $600 billion of businesses and assets he wanted to sell or wind down after Citigroup took a $45 billion bailout from taxpayers in 2008.
Primerica fell 93 cents, or 4 percent, to $22.29 at 4:15 p.m. in New York trading. The shares have fallen 8 percent this year. Citigroup dropped 1.2 percent to $26.90, bringing its decline for the year to 43 percent.
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