Citigroup sold off the last of its 8 million share stake in Primerica. Primerica was spun off in an initial public offering in April 2010. After that deal, Citigroup owned about 40 percent of Primerica common stock. In April 2011, Citigroup publicly sold 12 million shares of Primerica stock, reducing its ownership stake to 23.1 percent.
Primerica repurchased $200 million in shares in November, reducing Citigroup's ownership to 12.5 percent. The sale this week completes the process of Citigroup selling off its remaining equity stake in Primerica.
"This announcement marks the culmination of our "Refounding," said John Addison, chairman of Primerica Distribution and co-CEO. "It is an exciting and historic day for our company and we wish to thank our 2,000 employees in North America, as well as our more than 90,000 independent representatives, without whom this day would not be possible. We are a Main Street company with a singular mission to grow our business and continue to deliver for Main Street families in North America by helping them achieve greater financial independence."
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D. Richard Williams, chairman of the board and co-CEO, said, "As a team, we have worked tirelessly through the IPO process for several years to emerge as our own independent public company and are gratified to have accomplished this goal, especially during these challenging economic times. We wish to thank Citigroup for their support and for completing the planned sale of its equity stake in Primerica in only 20 months."
Primerica, Inc., headquartered in Duluth, GA, is a leading distributor of financial products to middle-income families in North America. Primerica representatives educate their Main Street clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance protection, investment and savings, and other financial products.
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