As part of its ongoing effort to shed non-core assets, Citigroup Inc. is selling off its remaining stake in life insurer Primerica Inc.
Citi spun off Primerica in early 2010 and further reduced its ownership stake last month when it sold nearly 9 million shares back to Primerica. On Tuesday, Duluth, Ga.-based Primerica said that Citi has launched a public offering to sell its remaining 12.5% stake, or roughly 8.1 million shares.
Citi is offering the shares at $22.29 each. The roughly $180.5 million it raises through the sale would go to the subsidiary that holds its non-core assets, Citi Holdings.
Citi has sold off roughly 40% of its assets in recent years, including Primerica, the brokerage house Smith Barney, and its European consumer business, as part of a broad plan to streamline its operations in the wake of the 2008 financial crisis.
It created Citi Holdings in 2009 to house assets of businesses it is exiting. Since then, total assets held by the unit have declined by roughly half, to $289 billion at Sept. 30.
