Citi's Life Insurance Unit Primerica Files for IPO

| About: Citigroup Inc. (C)

Citi-owned (NYSE:C) Primerica, a distributor of term life insurance, mutual funds, variable annuities, and other financial products to middle income households, filed on Thursday with the SEC in an initial public offering.

The Duluth, GA-based company, which was founded in 1977 as A.L. Williams & Associates, filed to raise $100 million in its offering; however, we suspect the deal size will increase significantly given the size of the business ($2 billion in sales booked over the last 12 months). Citi is also the sole underwriter on the deal, for which pricing terms were not disclosed.