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News Watch
- 11/6/2009 10:31:42 AM
By Chip Brian, SmarTrend Analytics Team
11/6/2009 - On the news that Citigroup (NYSE:C) plans to sell its Primerica Financial Services life insurance unit in an IPO next year, a Fox-Pitt analyst said that the unit may have a starting value around $1.6 billion, according to a Bloomberg report. Primerica will receive no proceeds from the IPO, and will consist of its 100,000 sales representatives 10% to 20% of its existing life insurance policies, and the right to sell or underwrite future insurance and financial products. Fox-Pitt's David Trone said in a note, "We believe the ultimate size of the IPO would be larger and depend on the equity market conditions . . . Citi will most likely record a relatively small gain on this transaction.€
Contact Chip Brian
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