Citigroup Inc., selling assets after getting $45 billion in U.S. bailout funds, plans to sell shares of Primerica Financial Services through an initial public offering.
The stock sale would raise as much as $100 million, New York-based Primerica said in a Thursday filing. The number of shares and the price were not disclosed.
Chief Executive Officer Vikram Pandit said in January he would sell, wind down or restructure at least eight businesses. Citigroup, 34%-owned by the U.S. government, has been selling units including the retail brokerage Nikko Cordial Securities Inc.
Primerica sells life insurance and investment products such as mutual funds.