Primerica Inc., the insurance business that Sanford I. "Sandy" Weill used to build Citigroup Inc., is selling shares in an initial public offering at a discount to its competitors.

Primerica planned to raise $252 million on Wednesday, a filing with the Securities and Exchange Commission and Bloomberg data showed. At the middle of its price range, the Duluth, Ga., distributor of consumer finance products from term life insurance to mutual funds would be valued at 6.74 times earnings after accounting for its planned reorganization. That is 29% less than the median for U.S. life and health insurance providers, data shows.

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