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Previous: MUNICIPAL HIGH INCOME FUND INC, N-30D, 2000-01-19 |
Next: PRUDENTIAL INTERMEDIATE GLOBAL INCOME FUND INC, 24F-2NT, 2000-01-19 |
<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 18, 2000
---------------------------
Citigroup Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
- --------------- ----------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
153 East 53rd Street, New York, New York 10043
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 559-1000
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE> 2
Citigroup Inc.
Current Report on Form 8-K
Item 5. Other Events.
On January 18, 2000 Citigroup Inc. reported core income of $2.61 billion for the
fourth quarter ended December 31, 1999. For the full year, core income was $9.95
billion, a 57% increase over the prior year.
* Core income per diluted share for the quarter, at $0.75, reflected an
88% increase from the comparable 1998 period, on the strength of
broad-based revenue growth, continued progress on expense controls and
stable credit quality.
* Record earnings in the Global Consumer business and robust growth from
the integrated Global Corporate and Investment Bank contributed to the
strong performance in the quarter and the year.
* The Company generated a return on equity of 22.3% in the quarter, and
22.7% for the year.
* Citigroup achieved its stated target of $2 billion in annualized expense
reductions and expects to make further progress on expenses in 2000.
* Citigroup has total equity capital and trust securities reaching
$54.6 billion at the end of 1999, up from $47.0 billion at the end of
1998. The Tier 1 capital ratio is 9.6%.
* In 1999, Citigroup delivered additional value to shareholders by
repurchasing $4 billion in stock, primarily to fund Citigroup's
employee benefit plans. Earlier this year, Citigroup also
announced a 17% dividend increase and a 3-for-2 stock split.
* Net income was $2.62 billion for the quarter, and $9.87 billion for the
year, up 287% and 70% respectively.
John S. Reed and Sanford I. Weill, Chairmen and Co-Chief Executive Officers of
Citigroup, said: "The superior results we achieved in the first full year of
our merger underscores our progress in establishing Citigroup as a world-class,
global growth company. Each of our businesses reinforced its leadership during
the year, creating a strong foundation for future profit growth. Collaborative
efforts among our operations are resulting in new ways to serve customer needs
and creating powerful opportunities for our businesses. With revenues twice the
level of expenses, it is clear that our efficiency efforts are magnifying the
impact of revenue gains on the bottom line.
"Our exceptionally strong capital position and the successful integration of
our global businesses will enable us to take full advantage of the new
financial modernization legislation in the coming year. This legislation opens
up new horizons for our Company and will facilitate our expansion in the global
financial services arena. Our already impressive geographic and business
diversity provides us with several important advantages. It has proven its power
during a vibrant global market environment and will be even more critical as a
source of stability and opportunity when market conditions are less robust. Our
diversity also enhances our position on the Internet, enabling us to deliver to
a greater number and range of customers a broader array of quality products and
services than virtually any other financial services company. And, with
approximately 30% of our earnings generated from outside the U.S. and our
recent expansion efforts in Latin America and Japan, we are well-positioned in
regions likely to achieve higher growth in the coming year.
"As we continue to forge new ground with our pioneering combination," continued
Messrs. Reed and Weill, "we are delighted to be joined in the Office of the
Chairman by Bob Rubin, whose expertise and insight are already making positive
contributions."
<PAGE> 3
GLOBAL CONSUMER
4TH QUARTER CORE INCOME: $1.17 BILLION, UP 35% FROM 1998 PERIOD
1999 CORE INCOME: $4.30 BILLION, UP 38%
The Global Consumer business achieved record results for the quarter, generating
an 8% increase in revenues through internal growth and acquisitions, while
holding expense growth to only 2%. The business also benefited from stable
credit quality in most regions of the world. Recent acquisitions in the cards
and consumer finance segments across Argentina, Chile, Mexico, Australia and the
U.S. were accretive in 1999. The business also continued to expand its presence
in Japan, where the Company now has more than one million customers.
During the quarter, e-Citi continued to develop Citigroup's Internet presence.
Leveraging its leading market share in cards in the U.S., the Company introduced
ClickCredit, an electronic line of credit designed specifically for purchases on
the Internet. In tandem, Citigroup launched CitiPlaza, its on-line shopping
portal featuring a variety of merchants and shopping services. The Company
expects these initiatives to help expand its existing base of more than three
million customers who are now doing business with Citigroup on-line.
Furthermore, early cross marketing efforts have yielded positive results and are
expected to contribute a greater level of revenues in 2000.
- BANKING/LENDING income rose 43% to $612 million. Revenues
increased 14% at Citibanking North America, as efforts to
enhance sales processes resulted in growth in investment
product sales and customer deposits. Expenses declined 21%, or
$91 million, from the comparable quarter last year,
contributing to core income growth of 578%. Mortgage Banking
income rose 4%, as increased student loan volume and the
contribution of Source One, acquired earlier in 1999, offset a
higher credit provision. Cards income increased 11% as a 4%
rise in U.S. bankcard sales volumes and 7% growth in
receivables to $74.2 billion offset the impact of rising
interest rates. U.S. bankcard credit losses continued to
improve, declining 39 basis points over the prior year, to
4.43%. Acquisitions and record production by Primerica agents
helped fuel a 30% increase in receivables at CitiFinancial.
The credit environment and a continued shift towards real
estate secured products improved the charge-off rate to 2.19%,
down 48 basis points from one year ago.
- INSURANCE income increased 9% to $344 million. Travelers Life
and Annuity reported a 9% increase in income, driven by strong
business volumes in the annuity and individual life product
lines and higher net investment income, offset by certain
mortality and other expenses. Primerica core income rose 12%,
driven by increased sales of investment products, debt
consolidation loans and life insurance in force. Travelers
Property Casualty Personal Lines core income rose 7%, as
increased production and lower weather-related losses were
partly offset by lower prior year reserve development. Net
written premiums increased 2%, as strong sales through
independent agents and diversified distribution channels were
offset by the curtailment of the SECURE product.
- INTERNATIONAL income grew 37% to $291 million. Europe, Middle
East and Africa continued its strong performance, recording a
53% increase in core income on higher business volumes in
Germany and the expansion of new markets in Central and
Eastern Europe. Latin America achieved a 118% increase in core
income, as continued improvements at Brazilian credit card
affiliate Credicard, contributions from new acquisitions, and
successful expense control efforts offset the impact of higher
credit losses. Revenues rose 19% in Asia Pacific on higher
business volume and contributions from the Diners Club
franchise in Australia, which was acquired in December 1998,
although higher spending on new business initiatives and
increased credit costs in certain countries held income growth
to 2%.
<PAGE> 4
GLOBAL CORPORATE AND INVESTMENT BANK
4th Quarter Core Income: $1.31 billion, up 136% from 1998 Period
1999 Core Income: $5.08 billion, up 114%
Citigroup's Global Corporate and Investment Bank capped a record year with
robust fourth quarter earnings. Continued strong growth in investment banking
revenues, coupled with the group's leadership on a number of ground-breaking
transactions around the world, underscored the success of the integration of
Salomon Smith Barney and Citibank's Global Corporate Bank. Most recently,
Salomon Smith Barney is advising America Online on its $130 billion announced
merger with Time Warner. SSB investment banking revenues generated with
Citibank's target Global Relationship Banking clients rose 47% over the prior
year.
On the strength of the combined business, Citigroup was recognized as "Bank of
the Year" by International Financing Review, which also named Citibank/SSB
"Loan House of the Year" and "Asia-Pacific Loan House of the Year". SSB was
named as "Dollar Bond House of the Year". Citibank was ranked number one in
Global Transaction Services by Global Finance and the top bank in Cash
Management, Foreign Exchange and Project Finance, as well as the top Emerging
Markets Bank, by Corporate Finance Magazine. SSB continues to rank second in
global underwriting and first in municipal finance. Nikko Salomon Smith Barney
vaulted to a leadership position in investment banking in Japan, acting as
joint global coordinator and bookrunner for NTT's $15 billion privatization
offering. The NTT privatization was the largest secondary offering in history
and the second largest telecom offering ever, after NTT Docomo ($18 billion),
which Nikko-SSB also lead managed.
* Salomon Smith Barney reported record performance in the quarter,
including the highest commission and investment banking revenues in its
history and strong principal transactions and asset management revenues.
The $664 million of core income exceeded 1999 third quarter performance
by more than 50%. Return on equity reached 31.2% in the quarter,
including SSB's assets management business in the Global Investment
Management segment. Core income was up substantially from the fourth
quarter of 1998, when results were negatively affected by extreme market
volatility. Annualized gross production per financial consultant
increased to $498,000 for the fourth quarter, and by year-end, total
client assets under fee-based management (with revenues retained in this
segment) topped $100 billion for the first time.
* The Global Corporate Bank reported income of $441 million, up 30% from
the 1998 fourth quarter. Revenues increased 6%, reflecting double-digit
growth in Latin America, Central and Eastern Europe, Middle East and
Africa, and more moderate growth in North America and Europe. In Asia,
lower expenses and improved net write-offs substantially offset revenue
declines from lower trading activity. The business produced its sixth
consecutive quarter of declining expenses, as restructuring actions,
ongoing expense initiatives and lower Year 2000 and European Economic
Monetary Union costs drove a 5% reduction.
* Travelers Property Casualty Commercial Lines' core income was
essentially flat with that reported in the fourth quarter of 1998.
Pricing trends, while continuing to show improvement during the quarter,
had yet to be sufficient to raise profitability of new business in the
middle market to acceptable levels. Investment income was down in the
fourth quarter of 1999 versus an exceptionally strong level of net
investment income in the prior year period, which was offset by lower
weather-related costs and favorable prior year reserve development.
<PAGE> 5
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
4TH QUARTER CORE INCOME: $153 MILLION, UP 34% FROM 1998 PERIOD
1999 CORE INCOME: $602 MILLION, UP 19%
The Global Investment Management and Private Banking business continues to
strengthen its organization and position itself to capture significant asset
flows. Among the highlights of the quarter was the signing of an agreement with
State Street to form CitiStreet, a jointly owned global benefits delivery
company that will focus on the defined contribution and total benefits
administration markets for corporate and not-for-profit organizations.
- ASSET MANAGEMENT income rose 50% over the prior year period to
$78 million, with an 11% increase in assets under management
and a double digit rise in revenues. This growth more than
offset higher costs associated with building the business's
global sales and marketing capabilities and continued
investments in research, quantitative and technology
expertise. This investment management build-out is now more
than 75% complete.
Assets under management rose to $364 billion including $31
billion managed for Global Private Bank clients. Cross-selling
efforts helped to fuel a 12% increase in institutional client
assets to $155 billion, with the Corporate Bank channel alone
generating an additional $8 billion in client assets. Sales of
the Group's proprietary mutual funds represented 34% of SSB's
retail channel mutual fund sales for the year versus 31% in
1998. The Group also accounted for 56% of Primerica's U.S.
mutual and money fund sales for the quarter and 60% for the
year. Sales of Smith Barney Private Client separately managed
accounts were up more than 80% from the prior year quarter and
117% for the year. The Group sold $638 million of mutual and
money funds through the Citibank consumer bank in Europe for
the quarter, and $3.0 billion for the full year. In Japan,
sales through both the Citibank consumer bank and
non-proprietary channels generated $470 million in mutual and
money funds in the quarter, and $2.0 billion for the year.
Core income for PRIVATE BANKING rose 21% to $75 million in the
quarter. Revenues increased 12%, as a result of strong
investment product fees and increased lending activity across
all regions. Client business volumes, which includes loans,
deposits and other client assets under management and custody,
rose to $140.2 billion.
CORPORATE/OTHER AND INVESTMENT ACTIVITIES
The loss from CORPORATE/OTHER was 59% higher than in the prior year period. The
loss included $36 million in after-tax expenses incurred related to performance
vesting options which were issued by Citicorp prior to its merger with
Travelers, and which have vested as certain pre-determined price levels have
been met. Also included were higher technology costs associated with Year 2000
remediation, and higher treasury costs. Income from INVESTMENT ACTIVITIES,
including gains on investments, rose $198 million from the prior year's
unusually low level, to $213 million, reflecting strong equity markets.
# # #
<PAGE> 6
In addition, the Board of Directors of Citigroup approved the increase in the
quarterly dividend on Citigroup's common stock from 14 cents a share to 16
cents a share, payable on February 25, 2000 to stockholders of record on
February 7, 2000.
# # #
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act. Citigroup's actual results may differ materially from
those included in the forward-looking statements. Forward-looking statements are
typically identified by words or phrases such as "believe," "expect,"
"anticipate," "intend," "estimate," "target," "may increase," "may fluctuate,"
"may result in," "are projected," and similar expressions. These forward-looking
statements involve risks and uncertainties including, but not limited to, the
following: general economic conditions, including the performance of financial
markets and interest rates; the ability of Citigroup to take advantage of
financial modernization legislation and to continue to expand its business
geographically, as well as in new areas such as the Internet; the ability of
Citigroup to achieve future profit growth and to increase revenues from cross
marketing efforts; ability of Citigroup generally to achieve anticipated
levels of operational efficiencies and expense savings. Readers also are
directed to other risks and uncertainties discussed in documents filed by the
Company with the Securities and Exchange Commission.
# # #
A financial summary follows. Additional financial, statistical and
business-related information, as well as business and segment trends, is
included in the Financial Supplement.
<PAGE> 7
<TABLE>
<CAPTION>
CITIGROUP SEGMENT INCOME FOURTH QUARTER % FULL YEAR %
(In Millions of Dollars) 1999 1998 Change 1999 1998 Change
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER
Citibanking North America $ 122 $ 18 578 $ 414 $ 107 287
Mortgage Banking 57 55 4 231 212 9
Cards 325 293 11 1,172 808 45
CitiFinancial 108 63 71 392 222 77
Banking/Lending 612 429 43 2,209 1,349 64
Travelers Life & Annuity 135 124 9 623 493 26
Primerica Financial Services 115 103 12 452 400 13
Personal Lines 94 88 7 279 319 (13)
Insurance 344 315 9 1,354 1,212 12
Total North America 956 744 28 3,563 2,561 39
Europe, Middle East, and Africa 90 59 53 327 225 45
Asia Pacific 118 116 2 443 383 16
Latin America 83 38 118 228 160 43
Total International 291 213 37 998 768 30
e-Citi (49) (42) (17) (179) (141) (27)
Other Consumer (24) (43) 44 (86) (77) (12)
TOTAL GLOBAL CONSUMER 1,174 872 35 4,296 3,111 38
GLOBAL CORPORATE AND INVESTMENT BANK
Salomon Smith Barney 664 13 NM 2,354 408 477
Emerging Markets 265 237 12 1,190 748 59
Global Relationship Banking 176 102 73 686 490 40
Total Global Corporate Bank 441 339 30 1,876 1,238 52
Commercial Lines 200 201 -- 845 723 17
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,305 553 136 5,075 2,369 114
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
SSB Citi Asset Management Group 78 52 50 324 256 27
Global Private Bank 75 62 21 278 251 11
TOTAL GLOBAL INVESTMENT MANAGEMENT AND
PRIVATE BANKING 153 114 34 602 507 19
CORPORATE/OTHER (240) (151) (59) (686) (478) (44)
INVESTMENT ACTIVITIES 213 15 NM 660 833 (21)
CORE INCOME 2,605 1,403 86 9,947 6,342 57
Restructuring-Related Items -- After Tax (A) 17 (726) 102 47 (535) 109
Cumulative Effect of Accounting Changes (B) -- -- -- (127) -- NM
NET INCOME $ 2,622 $ 677 287 $ 9,867 $ 5,807 70
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.75 $ 0.40 88 $ 2.85 $ 1.77 61
NET INCOME $ 0.75 $ 0.19 295 $ 2.83 $ 1.62 75
</TABLE>
<PAGE> 8
(A) The restructuring-related items in the 1999 fourth quarter included $51
million of charges, $8 million of accelerated depreciation, and a $76
million credit for reversal of prior charges. The 1999 full year
included $82 million of charges, $113 million of accelerated
depreciation, and a $242 million credit for reversal of prior charges.
The 1998 fourth quarter included the restructuring charge of $703
million, merger-related expenses of $65 million, and credits for
reversals of 1997 restructuring charges of $42 million. The 1998 full
year also included a $191 million credit for reversal of 1997 charges.
(B) Refers to adoption of Statement of Position "SOP" 97-3, "Accounting by
Insurance and Other Enterprises for Insurance-Related Assessments" of
($135) million; adoption of SOP 98-7, "Deposit Accounting: Accounting
for Insurance and Reinsurance Contracts That Do Not Transfer Insurance
Risk" of $23 million; and the adoption of SOP 98-5, "Reporting on the
Costs of Start-Up Activities" of ($15) million.
NM Not meaningful.
# # #
<PAGE> 9
CITIGROUP - 1999 FOURTH QUARTER FINANCIAL DATA SUPPLEMENT [CITIGROUP LOGO]
<TABLE>
<CAPTION>
PAGE NUMBER
-----------
<S> <C>
CITIGROUP CONSOLIDATED
Financial Summary 1
Segment Net Revenues 2
Segment Core Income 3
Segment Detail
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 4
Mortgage Banking 5
Cards 6
CitiFinancial 7
INSURANCE
Travelers Life & Annuity 8 & 9
Primerica Financial Services 10
Travelers Property Casualty - Personal Lines 11
INTERNATIONAL
Europe, Middle East & Africa 12
Asia Pacific 12
Latin America 13
e-CITI 14
OTHER CONSUMER 14
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney 15 & 16
Total Global Corporate Bank 17
Emerging Markets 17
Global Relationship Banking 17
Travelers Property Casualty - Commercial Lines 18
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
SSB Citi Asset Management Group 19
Global Private Bank 19
INVESTMENT ACTIVITIES 20
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 21
Earnings Analysis - Managed Basis 22
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 23
Details of Credit Loss Experience 24
Cash Basis & Renegotiated Loans, Other Real Estate Owned and Assets Pending Disposition 25
Managed Assets and Insurance Investments 26
Insurance Investment Portfolio 26
CITICORP SUPPLEMENTAL DATA 27
</TABLE>
<PAGE> 10
CITIGROUP -- FINANCIAL SUMMARY
(In millions of dollars, except per share amounts) [CITIGROUP LOGO]
CITIGROUP, THE MOST GLOBAL FINANCIAL SERVICES COMPANY, PROVIDES SOME 100
MILLION CONSUMERS, CORPORATIONS, GOVERNMENTS AND INSTITUTIONS IN OVER 100
COUNTRIES WITH A BROAD RANGE OF FINANCIAL PRODUCTS AND SERVICES.
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q 3Q
1998 1998 1998 1998 1999 1999 1999
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
CORE INCOME $ 2,161 $ 2,049 $ 729 $ 1,403 $ 2,415 $ 2,477 $ 2,450
Restructuring / Merger Items -- 191 -- (726) 74 (29) (15)
Cumulative Effect of Accounting Changes -- -- -- -- (127) -- --
------- ------- ------- ------- ------- ------- -------
NET INCOME $ 2,161 $ 2,240 $ 729 $ 677 $ 2,362 $ 2,448 $ 2,435
======= ======= ======= ======= ======= ======= =======
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.62 $ 0.59 $ 0.20 $ 0.41 $ 0.71 $ 0.73 $ 0.72
======= ======= ======= ======= ======= ======= =======
NET INCOME $ 0.62 $ 0.65 $ 0.20 $ 0.19 $ 0.70 $ 0.72 $ 0.72
======= ======= ======= ======= ======= ======= =======
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 3,365.0 3,366.0 3,372.5 3,350.1 3,340.2 3,332.7 3,332.0
======= ======= ======= ======= ======= ======= =======
PREFERRED DIVIDENDS - BASIC $ 63 $ 58 $ 50 $ 45 $ 40 $ 38 $ 38
======= ======= ======= ======= ======= ======= =======
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.60 $ 0.57 $ 0.20 $ 0.40 $ 0.69 $ 0.71 $ 0.70
======= ======= ======= ======= ======= ======= =======
NET INCOME $ 0.60 $ 0.63 $ 0.20 $ 0.19 $ 0.68 $ 0.70 $ 0.70
======= ======= ======= ======= ======= ======= =======
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 3,492.9 3,496.4 3,481.1 3,435.5 3,440.0 3,450.3 3,440.2
======= ======= ======= ======= ======= ======= =======
PREFERRED DIVIDENDS - DILUTED $ 57 $ 52 $ 44 $ 39 $ 37 $ 35 $ 34
======= ======= ======= ======= ======= ======= =======
COMMON SHARES OUTSTANDING, AT PERIOD END 3,421.2 3,420.8 3,413.3 3,387.0 3,380.3 3,376.7 3,366.8
======= ======= ======= ======= ======= ======= =======
TIER 1 CAPITAL RATIO 8.38% 8.46% 8.69% 8.68% 8.86% 9.37% 9.58%
======= ======= ======= ======= ======= ======= =======
TOTAL CAPITAL RATIO 10.97% 11.00% 11.28% 11.43% 11.56% 12.12% 12.34%
======= ======= ======= ======= ======= ======= =======
LEVERAGE RATIO 5.67% 5.65% 5.73% 6.03% 6.24% 6.38% 6.62%
======= ======= ======= ======= ======= ======= =======
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 738.8 $ 750.8 $ 701.3 $ 668.6 $ 690.6 $ 689.6 $ 687.5
======= ======= ======= ======= ======= ======= =======
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 42.8 $ 43.9 $ 43.1 $ 42.7 $ 44.0 $ 45.2 $ 46.7
======= ======= ======= ======= ======= ======= =======
STOCKHOLDERS' EQUITY AND TRUST SECURITIES,
AT PERIOD END (IN BILLIONS) $ 46.4 $ 47.7 $ 46.9 $ 47.0 $ 48.9 $ 50.2 $ 51.6
======= ======= ======= ======= ======= ======= =======
BOOK VALUE PER SHARE, AT PERIOD END $ 11.63 $ 12.04 $ 11.95 $ 11.91 $ 12.38 $ 12.77 $ 13.26
======= ======= ======= ======= ======= ======= =======
RETURN ON COMMON EQUITY (NET INCOME) 22.0% 21.8% 6.6% 6.2% 23.0% 22.8% 21.8%
======= ======= ======= ======= ======= ======= =======
RETURN ON COMMON EQUITY (CORE INCOME) 21.4% 19.4% 6.5% 13.0% 23.6% 23.1% 21.9%
======= ======= ======= ======= ======= ======= =======
RETURN ON COMMON EQUITY (CORE INCOME),
EXCLUDING FAS 115 22.4% 20.2% 6.7% 13.4% 24.3% 24.1% 22.6%
======= ======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 (DECREASE) 1998 1999 (DECREASE)
------- --- --------- --------- --
<S> <C> <C> <C> <C> <C>
CORE INCOME $ 2,605 86% $ 6,342 $ 9,947 57%
Restructuring / Merger Items 17 (535) 47
Cumulative Effect of Accounting Changes -- -- (127)
------- --------- ---------
NET INCOME $ 2,622 287% $ 5,807 $ 9,867 70%
======= ========= =========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.77 88% $ 1.82 $ 2.94 62%
======= ========= =========
NET INCOME $ 0.78 311% $ 1.66 $ 2.91 75%
======= ========= =========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 3,330.9 3,363.6 3,333.9
======= ========= =========
PREFERRED DIVIDENDS - BASIC $ 33 $ 216 $ 149
======= ========= =========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.75 88% $ 1.77 $ 2.85 61%
======= ========= =========
NET INCOME $ 0.75 295% $ 1.62 $ 2.83 75%
======= ========= =========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 3,443.6 3,472.8 3,443.5
======= ========= =========
PREFERRED DIVIDENDS - DILUTED $ 33 $ 192 $ 139
======= ========= =========
COMMON SHARES OUTSTANDING, AT PERIOD END 3,367.5 3,387.0 3,367.5
======= ========= =========
TIER 1 CAPITAL RATIO 9.6%* 8.68% 9.6%*
======= ========= =========
TOTAL CAPITAL RATIO 12.4%* 11.43% 12.4%*
======= ========= =========
LEVERAGE RATIO 6.7%* 6.03% 6.7%*
======= ========= =========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 718.1* $ 668.6 $ 718.1*
======= ========= =========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 49.7* $ 42.7 $ 49.7*
======= ========= =========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES,
AT PERIOD END (IN BILLIONS) $ 54.6* $ 47.0 $ 54.6*
======= ========= =========
BOOK VALUE PER SHARE, AT PERIOD END $ 14.18* $ 11.91 $ 14.18*
======= ========= =========
RETURN ON COMMON EQUITY (NET INCOME) 22.4%* 14.0% 22.5%*
======= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME) 22.3%* 14.9% 22.7%*
======= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME),
EXCLUDING FAS 115 23.3%* 15.5% 23.5%*
======= ========= =========
</TABLE>
* Preliminary
<PAGE> 11
CITIGROUP -- SEGMENT NET REVENUES
(In millions of dollars) [CITIGROUP LOGO]
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 478 $ 521 $ 487 $ 488 $ 507 $ 517
Mortgage Banking 154 152 160 153 169 183
Cards 1,402 1,810 1,915 2,025 1,975 1,989
CitiFinancial 294 310 326 345 361 396
-------- -------- -------- -------- -------- --------
Total Banking / Lending 2,328 2,793 2,888 3,011 3,012 3,085
INSURANCE
Travelers Life and Annuity 698 765 716 833 771 867
Primerica Financial Services 400 420 413 421 432 443
Personal Lines 868 899 924 975 983 1,005
-------- -------- -------- -------- -------- --------
Total Insurance 1,966 2,084 2,053 2,229 2,186 2,315
INTERNATIONAL
Europe, Middle East and Africa 499 525 543 576 563 565
Asia Pacific 422 457 459 511 518 543
Latin America 354 369 431 444 466 499
-------- -------- -------- -------- -------- --------
Total International 1,275 1,351 1,433 1,531 1,547 1,607
e-CITI 30 34 38 47 54 55
OTHER 26 22 24 28 30 24
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CONSUMER 5,625 6,284 6,436 6,846 6,829 7,086
-------- -------- -------- -------- -------- --------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney 2,918 2,523 685 2,207 3,341 3,269
GLOBAL CORPORATE BANK
Emerging Markets 959 974 723 976 1,139 1,092
Global Relationship Banking 989 1,151 827 947 1,090 1,008
-------- -------- -------- -------- -------- --------
Total Global Corporate Bank 1,948 2,125 1,550 1,923 2,229 2,100
Commercial Lines 1,619 1,584 1,604 1,674 1,534 1,558
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 6,485 6,232 3,839 5,804 7,104 6,927
-------- -------- -------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group 305 310 318 326 354 357
Global Private Bank 262 283 284 293 272 298
-------- -------- -------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 567 593 602 619 626 655
-------- -------- -------- -------- -------- --------
CORPORATE / OTHER (38) (54) (48) 8 (54) 12
INVESTMENT ACTIVITIES 619 491 168 45 153 270
- --------------------------------------------------------------------------------------------------------------------------
TOTAL ADJUSTED NET REVENUES $ 13,258 $ 13,546 $ 10,997 $ 13,322 $ 14,658 $ 14,950
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 528 $ 557 14% $ 1,974 $ 2,109 7%
Mortgage Banking 199 196 28% 619 747 21%
Cards 1,984 2,050 1% 7,152 7,998 12%
CitiFinancial 421 441 28% 1,275 1,619 27%
-------- ------- -------- --------
Total Banking / Lending 3,132 3,244 8% 11,020 12,473 13%
INSURANCE
Travelers Life and Annuity 869 887 6% 3,012 3,394 13%
Primerica Financial Services 444 456 8% 1,654 1,775 7%
Personal Lines 1,018 1,037 6% 3,666 4,043 10%
-------- ------- -------- --------
Total Insurance 2,331 2,380 7% 8,332 9,212 11%
INTERNATIONAL
Europe, Middle East and Africa 608 599 4% 2,143 2,335 9%
Asia Pacific 580 607 19% 1,849 2,248 22%
Latin America 504 514 16% 1,598 1,983 24%
-------- ------- -------- --------
Total International 1,692 1,720 12% 5,590 6,566 17%
e-CITI 57 67 43% 149 233 56%
OTHER 14 (1) (104%) 100 67 (33%)
-------- ------- -------- --------
TOTAL GLOBAL CONSUMER 7,226 7,410 8% 25,191 28,551 13%
-------- ------- -------- --------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney 2,791 3,279 49% 8,333 12,680 52%
GLOBAL CORPORATE BANK
Emerging Markets 1,051 1,045 7% 3,632 4,327 19%
Global Relationship Banking 985 1,000 6% 3,914 4,083 4%
-------- ------- -------- --------
Total Global Corporate Bank 2,036 2,045 6% 7,546 8,410 11%
Commercial Lines 1,578 1,595 (5%) 6,481 6,265 (3%)
-------- ------- -------- --------
TOTAL GLOBAL CORPORATE AND
INVESTMENT BANK 6,405 6,919 19% 22,360 27,355 22%
-------- ------- -------- --------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE
BANKING:
SSB Citi Asset Management Group 367 407 25% 1,259 1,485 18%
Global Private Bank 302 329 12% 1,122 1,201 7%
-------- ------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 669 736 19% 2,381 2,686 13%
-------- ------- -------- --------
CORPORATE / OTHER (38) (96) NM (132) (176) (33%)
INVESTMENT ACTIVITIES 311 356 691% 1,323 1,090 (18%)
- ------------------------------------------------------------------ ---------------------
TOTAL ADJUSTED NET REVENUES $ 14,573 $ 15,325 15% $ 51,123 $ 59,506 16%
- ------------------------------------------------------------------ ---------------------
</TABLE>
NM Not meaningful
<PAGE> 12
CITIGROUP -- SEGMENT CORE INCOME
(In millions of dollars) [CITIGROUP LOGO]
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 25 $ 39 $ 25 $ 18 $ 75 $ 106
Mortgage Banking 50 50 57 55 60 53
Cards 156 136 223 293 275 275
CitiFinancial 48 49 62 63 71 78
------- ------- ------- ------- ------- -------
Total Banking / Lending 279 274 367 429 481 512
INSURANCE
Travelers Life and Annuity 119 127 123 124 147 173
Primerica Financial Services 95 103 99 103 110 113
Personal Lines 82 81 68 88 83 79
------- ------- ------- ------- ------- -------
Total Insurance 296 311 290 315 340 365
INTERNATIONAL
Europe, Middle East and Africa 49 53 64 59 67 72
Asia Pacific 82 85 100 116 101 107
Latin America 43 37 42 38 47 43
------- ------- ------- ------- ------- -------
Total International 174 175 206 213 215 222
e-CITI (30) (36) (33) (42) (36) (43)
OTHER -- (10) (24) (43) (19) (30)
------- ------- ------- ------- ------- -------
TOTAL GLOBAL CONSUMER 719 714 806 872 981 1,026
------- ------- ------- ------- ------- -------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney 443 348 (396) 13 648 610
GLOBAL CORPORATE BANK
Emerging Markets 262 242 7 237 323 294
Global Relationship Banking 159 238 (9) 102 198 159
------- ------- ------- ------- ------- -------
Total Global Corporate Bank 421 480 (2) 339 521 453
Commercial Lines 171 174 177 201 189 201
------- ------- ------- ------- ------- -------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,035 1,002 (221) 553 1,358 1,264
------- ------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group 69 68 67 52 80 84
Global Private Bank 58 65 66 62 57 73
------- ------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 127 133 133 114 137 157
------- ------- ------- ------- ------- -------
CORPORATE / OTHER (122) (116) (89) (151) (151) (133)
INVESTMENT ACTIVITIES 402 316 100 15 90 163
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CORE INCOME $ 2,161 $ 2,049 $ 729 $ 1,403 $ 2,415 $ 2,477
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 111 $ 122 578% $ 107 $ 414 287%
Mortgage Banking 61 57 4% 212 231 9%
Cards 297 325 11% 808 1,172 45%
CitiFinancial 135 108 71% 222 392 77%
------- ------ ------- -------
Total Banking / Lending 604 612 43% 1,349 2,209 64%
INSURANCE
Travelers Life and Annuity 168 135 9% 493 623 26%
Primerica Financial Services 114 115 12% 400 452 13%
Personal Lines 23 94 7% 319 279 (13%)
------- ------ ------- -------
Total Insurance 305 344 9% 1,212 1,354 12%
INTERNATIONAL
Europe, Middle East and Africa 98 90 53% 225 327 45%
Asia Pacific 117 118 2% 383 443 16%
Latin America 55 83 118% 160 228 43%
------- ------ ------- -------
Total International 270 291 37% 768 998 30%
e-CITI (51) (49) (17%) (141) (179) (27%)
OTHER (13) (24) 44% (77) (86) (12%)
------- ------ ------- -------
TOTAL GLOBAL CONSUMER 1,115 1,174 35% 3,111 4,296 38%
------- ------ ------- -------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney 432 664 NM 408 2,354 477%
GLOBAL CORPORATE BANK
Emerging Markets 308 265 12% 748 1,190 59%
Global Relationship Banking 153 176 73% 490 686 40%
------- ------ ------- -------
Total Global Corporate Bank 461 441 30% 1,238 1,876 52%
Commercial Lines 255 200 -- 723 845 17%
------- ------ ------- -------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,148 1,305 136% 2,369 5,075 114%
------- ------ ------- -------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group 82 78 50% 256 324 27%
Global Private Bank 73 75 21% 251 278 11%
------- ------ ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 155 153 34% 507 602 19%
------- ------ ------- -------
CORPORATE / OTHER (162) (240) (59%) (478) (686) (44%)
INVESTMENT ACTIVITIES 194 213 NM 833 660 (21%)
- ------------------------------------------------------------------ -------------------
TOTAL CORE INCOME $ 2,450 $ 2,605 86% $ 6,342 $ 9,947 57%
- ------------------------------------------------------------------ -------------------
</TABLE>
NM - Not meaningful
<PAGE> 13
GLOBAL CONSUMER - BANKING/LENDING [CITIGROUP LOGO]
CITIBANKING NORTH AMERICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 478 $ 521 $ 487 $ 488 $ 507 $ 517
Adjusted Operating Expenses 407 427 410 428 353 320
Provision for Loan Losses 25 25 26 24 23 15
------ ------ ------ ------ ------ ------
Core Income Before Taxes 46 69 51 36 131 182
Income Taxes 21 30 26 18 56 76
------ ------ ------ ------ ------ ------
Core Income $ 25 $ 39 $ 25 $ 18 $ 75 $ 106
====== ====== ====== ====== ====== ======
Average Assets (in billions of dollars) $ 10 $ 10 $ 10 $ 10 $ 10 $ 10
====== ====== ====== ====== ====== ======
Return on Assets 1.01% 1.56% 0.99% 0.71% 3.04% 4.25%
====== ====== ====== ====== ====== ======
Average Loans (in billions of dollars) $ 8.0 $ 8.0 $ 7.9 $ 7.8 $ 7.7 $ 7.7
Average Customer Deposits (in billions of dollars) $ 38.9 $ 39.4 $ 39.7 $ 40.4 $ 41.6 $ 42.2
Accounts (in millions) 5.6 5.7 5.8 5.8 5.9 6.0
Net Credit Loss Ratio 1.33% 1.32% 1.35% 1.38% 1.27% 1.20%
Loans 90+Days Past Due:
In millions of dollars $ 118 $ 111 $ 109 $ 93 $ 103 $ 92
% 1.45% 1.36% 1.25% 1.20% 1.34% 1.20%
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 528 $ 557 14% $1,974 $2,109 7%
Adjusted Operating Expenses 328 337 (21%) 1,672 1,338 (20%)
Provision for Loan Losses 11 15 (38%) 100 64 (36%)
------ ------ ------ ------
Core Income Before Taxes 189 205 469% 202 707 250%
Income Taxes 78 83 361% 95 293 208%
------ ------ ------ ------
Core Income $ 111 $ 122 578% $ 107 $ 414 287%
====== ====== ====== ======
Average Assets (in billions of dollars) $ 9 $ 9 (10%) $ 10 $ 10 --
====== ====== ====== ======
Return on Assets 4.89% 5.38% 1.07% 4.14%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.5 $ 7.4 (5%) $ 7.9 $ 7.6 (4%)
Average Customer Deposits (in billions of dollars) $ 42.2 $ 42.4 5% $ 39.6 $ 42.1 6%
Accounts (in millions) 6.2 6.3 9%
Net Credit Loss Ratio 1.03% 1.23%
Loans 90+Days Past Due:
In millions of dollars $ 64 $ 55 (41%)
% 0.87% 0.75%
</TABLE>
<PAGE> 14
GLOBAL CONSUMER - BANKING/LENDING [CITIGROUP LOGO]
MORTGAGE BANKING (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 154 $ 152 $ 160 $ 153 $ 169 $ 183
Adjusted Operating Expenses 59 61 62 60 59 82
Provision for Loan Losses 13 9 3 (5) 3 5
----- ----- ----- ----- ----- -----
Core Income Before Taxes and Minority Interest 82 82 95 98 107 96
Income Taxes 32 32 38 38 42 38
Minority Interest, Net of Tax -- -- -- 5 5 5
----- ----- ----- ----- ----- -----
Core Income $ 50 $ 50 $ 57 $ 55 $ 60 $ 53
===== ===== ===== ===== ===== =====
Average Assets (in billions of dollars) $ 25 $ 25 $ 25 $ 26 $ 28 $ 29
===== ===== ===== ===== ===== =====
Return on Assets 0.81% 0.80% 0.90% 0.84% 0.87% 0.73%
===== ===== ===== ===== ===== =====
Accounts (in millions) 2.5 2.5 2.7 2.8 2.8 3.0
Average Loans (in billions of dollars) (2) $23.5 $23.7 $24.0 $24.6 $26.6 $27.3
Mortgage Originations (in billions of dollars) $ 2.9 $ 4.1 $ 4.3 $ 5.1 $ 3.8 $ 4.9
Net Credit Loss Ratio 0.42% 0.31% 0.29% 0.27% 0.20% 0.17%
Loans 90+ Days Past Due: $ 688 $ 634 $ 623 $ 625 $ 610 $ 575
In millions of dollars 2.91% 2.67% 2.69% 2.44% 2.29% 2.09%
%
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 199 $ 196 28% $ 619 $ 747 21%
Adjusted Operating Expenses 90 89 48% 242 320 32%
Provision for Loan Losses 2 7 240% 20 17 (15%)
----- ----- ----- -----
Core Income Before Taxes and Minority Interest 107 100 2% 357 410 15%
Income Taxes 42 38 -- 140 160 14%
Minority Interest, Net of Tax 4 5 -- 5 19 280%
----- ----- ----- -----
Core Income $ 61 $ 57 4% $ 212 $ 231 9%
===== ===== ===== =====
Average Assets (in billions of dollars) $ 29 $ 31 19% $ 25 $ 29 16%
===== ===== ===== =====
Return on Assets 0.83% 0.73% 0.85% 0.80%
===== ===== ===== =====
Accounts (in millions) 3.2 3.4 21%
Average Loans (in billions of dollars) (2) $27.1 $28.6 16% $24.0 $27.4 14%
Mortgage Originations (in billions of dollars) $ 4.7 $ 4.9 (4%) $16.4 $18.3 12%
Net Credit Loss Ratio 0.12% 0.15%
Loans 90+ Days Past Due: $ 629 $ 696 11%
In millions of dollars 2.28% 2.31%
%
</TABLE>
(1) Includes Student Loans.
(2) Includes loans held for sale.
<PAGE> 15
GLOBAL CONSUMER - BANKING/LENDING [CITIGROUP LOGO]
CARDS (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
----------------- ------------------ ------------------ -----------------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 1,402 $ 1,810 $ 1,915 $ 2,025
Adjusted Operating Expenses 430 703 714 748
Adjusted Provision for Loan Losses (2) 722 888 846 808
----------------- ------------------ ------------------ -----------------
Core Income Before Taxes 250 219 355 469
Income Taxes 94 83 132 176
----------------- ------------------ ------------------ -----------------
Core Income $ 156 $ 136 $ 223 $ 293
================= ================== ================== =================
Managed Average Assets (in billions of dollars) $ 50 $ 66 $ 68 $ 71
================= ================== ================== =================
Return on Managed Assets 1.27% 0.83% 1.30% 1.64%
================= ================== ================== =================
U.S. BANKCARDS DATA :
(in billions of dollars)
Risk Adjusted Margin (in millions of dollars)(3) $ 614 $ 841 $ 994 $ 1,126
% of Average Managed Loans 5.31% 5.58% 6.36% 6.86%
End of Period Managed Receivables $ 46.8 $ 62.0 $ 63.8 $ 69.6
Total Accounts (in millions) 25.6 39.4 39.7 40.5
Total Sales $ 25.3 $ 35.4 $ 37.7 $ 42.2
END OF PERIOD LOANS:
On Balance Sheet $ 16.5 $ 17.3 $ 19.8 $ 21.9
Securitized 27.8 41.5 40.6 44.3
Held for Sale 2.0 2.5 2.6 2.9
----------------- ------------------ ------------------ -----------------
Total $ 46.3 $ 61.3 $ 63.0 $ 69.1
================= ================== ================== =================
AVERAGE LOANS:
On Balance Sheet $ 17.3 $ 21.0 $ 19.3 $ 20.9
Securitized 27.6 37.0 40.2 41.5
Held for Sale 2.0 2.5 2.5 2.7
----------------- ------------------ ------------------ -----------------
Total $ 46.9 $ 60.5 $ 62.0 $ 65.1
================= ================== ================== =================
NET CREDIT LOSSES (in millions of dollars):
On Balance Sheet $ 214 $ 271 $ 229 $ 222
Securitized 431 544 542 536
Held for Sale 31 37 34 32
----------------- ------------------ ------------------ -----------------
Total $ 676 $ 852 $ 805 $ 790
================= ================== ================== =================
Coincident Net Credit Loss Ratio 5.85% 5.65% 5.15% 4.82%
12 Month Lagged Net Credit Loss Ratio (4) 5.98% 5.92% 5.43% 5.30%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 855 $ 956 $ 939 $ 1,001
% 1.85% 1.56% 1.49% 1.45%
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------------ ------------------ ----------------- -----------------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 1,975 $ 1,989 $ 1,984 $ 2,050
Adjusted Operating Expenses 722 724 707 733
Adjusted Provision for Loan Losses (2) 818 832 804 805
------------------ ------------------ ----------------- -----------------
Core Income Before Taxes 435 433 473 512
Income Taxes 160 158 176 187
------------------ ------------------ ----------------- -----------------
Core Income $ 275 $ 275 $ 297 $ 325
================== ================== ================= =================
Managed Average Assets (in billions of dollars) $ 73 $ 75 $ 76 $ 76
================== ================== ================= =================
Return on Managed Assets 1.53% 1.47% 1.55% 1.70%
================== ================== ================= =================
U.S. BANKCARDS DATA :
(in billions of dollars)
Risk Adjusted Margin (in millions of dollars)(3) $1,067 $1,070 $1,097 $1,160
% of Average Managed Loans 6.42% 6.18% 6.24% 6.57%
End of Period Managed Receivables $ 69.4 $ 70.3 $ 70.7 $ 74.2
Total Accounts (in millions) 41.4 41.1 40.6 40.6
Total Sales $ 36.8 $ 40.8 $ 40.9 $ 43.8
END OF PERIOD LOANS:
On Balance Sheet $ 19.4 $ 20.0 $ 19.1 $ 22.6
Securitized 46.7 47.4 48.5 49.0
Held for Sale 2.9 2.8 2.5 2.1
------------------ ------------------ ----------------- -----------------
Total $ 69.0 $ 70.2 $ 70.1 $ 73.7
================== ================== ================= =================
AVERAGE LOANS:
On Balance Sheet $ 20.2 $ 20.0 $ 19.3 $ 19.5
Securitized 44.3 46.7 47.9 48.6
Held for Sale 2.9 2.8 2.5 2.0
------------------ ------------------ ----------------- -----------------
Total $ 67.4 $ 69.5 $ 69.7 $ 70.1
================== ================== ================= =================
NET CREDIT LOSSES (in millions of dollars):
On Balance Sheet $ 196 $ 233 $ 221 $ 224
Securitized 556 541 525 537
Held for Sale 32 29 27 22
------------------ ------------------ ----------------- -----------------
Total $ 784 $ 803 $ 773 $ 783
================== ================== ================= =================
Coincident Net Credit Loss Ratio 4.72% 4.63% 4.40% 4.43%
12 Month Lagged Net Credit Loss Ratio (4) 5.34% 5.12% 4.77% 4.59%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,007 $ 954 $ 995 $ 1,061
% 1.46% 1.36% 1.42% 1.44%
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
-------------------------- --------- --------- ------------------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense 1% $ 7,152 $ 7,998 12%
Adjusted Operating Expenses (2%) 2,595 2,886 11%
Adjusted Provision for Loan Losses (2) - 3,264 3,259 -
-------- -------
Core Income Before Taxes 9% 1,293 1,853 43%
Income Taxes 6% 485 681 40%
-------- -------
Core Income 11% $ 808 $ 1,172 45%
======== =======
Managed Average Assets (in billions of dollars) 7% $ 64 $ 75 17%
======== =======
Return on Managed Assets 1.26% 1.56%
======== =======
U.S. BANKCARDS DATA :
(in billions of dollars)
Risk Adjusted Margin (in millions of dollars)(3) 3%
% of Average Managed Loans
End of Period Managed Receivables 7%
Total Accounts (in millions) -
Total Sales 4%
END OF PERIOD LOANS:
On Balance Sheet 3%
Securitized 11%
Held for Sale (28%)
Total 7%
AVERAGE LOANS:
On Balance Sheet (7%)
Securitized 17%
Held for Sale (26%)
Total 8%
NET CREDIT LOSSES (in millions of dollars):
On Balance Sheet 1%
Securitized -
Held for Sale (31%)
Total (1%)
Coincident Net Credit Loss Ratio
12 Month Lagged Net Credit Loss Ratio (4)
LOANS 90+ DAYS PAST DUE:
In millions of dollars 6%
%
</TABLE>
(1) Includes U.S. Bankcards, Diners Club and Canada bankcards. The acquisition
of the Universal Card (UCS) was completed in the 1998 second quarter.
(2) On a managed basis.
(3) Risk Adjusted Margin is adjusted revenues less net credit losses.
(4) Adjusted for acquisitions.
<PAGE> 16
GLOBAL CONSUMER - BANKING/LENDING [CITIGROUP LOGO]
CITIFINANCIAL
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
---------------- ---------------- ------------------ ------------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 294 $ 310 $ 326 $ 345
CORE INCOME $ 48 $ 49 $ 62 $ 63
NET RECEIVABLES:
Real estate-secured loans (1) $ 5,324.7 $ 5,673.4 $ 6,084.8 $ 6,659.5
Personal loans (2) 3,868.9 4,007.4 4,134.3 4,275.2
Sales finance and other 866.3 893.7 936.4 990.8
---------------- ---------------- ------------------ ------------------
Consumer finance receivables,
net of unearned finance charges 10,059.9 10,574.5 11,155.5 11,925.5
Accrued interest receivable 75.8 79.1 87.3 99.2
Allowance for credit losses (294.6) (317.3) (334.4) (369.7)
---------------- ---------------- ------------------ ------------------
Consumer finance receivables, net $ 9,841.1 $ 10,336.3 $ 10,908.4 $ 11,655.0
================ ================ ================== ==================
Number of offices 1,023 1,005 993 980
Average yield 14.91% 14.94% 14.93% 14.74%
Average net interest margin 8.34% 8.41% 8.46% 8.53%
Net credit loss ratio 2.93% 2.78% 2.61% 2.67%
Reserves as % of net receivables 2.93% 3.00% 3.00% 3.10%
Loans 90+ Days Past Due:
In millions of dollars 143 145 162 172
% 1.42% 1.37% 1.45% 1.44%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: $ 2,052.8 $ 2,272.8 $ 2,432.1 $ 2,604.6
(2) Includes $.A.F.E. and partially secured $.M.A.R.T.
receivables, as follows: $ 359.8 $ 351.3 $ 345.0 $ 345.6
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------------ ----------------- ----------------- ------------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 361 $ 396 $ 421 $ 441
CORE INCOME $ 71 $ 78 $ 135 $ 108
NET RECEIVABLES:
Real estate-secured loans (1) $ 7,179.5 $ 7,699.2 $ 8,439.6 $ 9,031.6
Personal loans (2) 4,647.2 4,886.2 5,102.5 5,319.7
Sales finance and other 1,033.8 1,032.1 1,069.7 1,152.0
------------------ ----------------- ----------------- ------------------
Consumer finance receivables,
net of unearned finance charges 12,860.5 13,617.5 14,611.8 15,503.3
Accrued interest receivable 99.3 106.5 121.7 133.2
Allowance for credit losses (388.7) (436.4) (424.1) (407.8)
------------------ ----------------- ----------------- ------------------
Consumer finance receivables, net $ 12,571.1 $ 13,287.6 $ 14,309.4 $ 15,228.7
================== ================= ================= ==================
Number of offices 1,143 1,177 1,173 1,174
Average yield 14.38% 14.48% 14.58% 14.35%
Average net interest margin 8.42% 8.58% 8.56% 8.30%
Net credit loss ratio 2.38% 2.14% 2.00% 2.19%
Reserves as % of net receivables 3.02% 3.20% 2.90% 2.63%
Loans 90+ Days Past Due:
In millions of dollars 183 172 186 203
% 1.42% 1.26% 1.27% 1.31%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: $ 2,817.6 $ 3,117.4 $ 3,415.7 $ 3,766.0
(2) Includes $.A.F.E. and partially secured $.M.A.R.T.
receivables, as follows: $ 337.9 $ 334.2 $ 331.2 $ 329.6
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
----------------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * 28% $ 1,275 $ 1,619 27%
CORE INCOME 71% $ 222 $ 392 77%
NET RECEIVABLES:
Real estate-secured loans (1) 36%
Personal loans (2) 24%
Sales finance and other 16%
Consumer finance receivables,
net of unearned finance charges 30%
Accrued interest receivable 34%
Allowance for credit losses 10%
Consumer finance receivables, net 31%
Number of offices 20%
Average yield 14.88% 14.45%
Average net interest margin 8.44% 8.47%
Net credit loss ratio 2.74% 2.18%
Reserves as % of net receivables 3.10% 2.63%
Loans 90+ Days Past Due:
In millions of dollars 18%
%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: 45%
(2) Includes $.A.F.E. and partially secured $.M.A.R.T.
receivables, as follows: (5%)
</TABLE>
* Excludes realized gains on investments
<PAGE> 17
GLOBAL CONSUMER - INSURANCE [CITIGROUP LOGO]
TRAVELERS LIFE AND ANNUITY - PAGE 1
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
------------------ ------------------ ----------------- ------------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 698 $ 765 $ 716 $ 833
CORE INCOME $ 119 $ 127 $ 123 $ 124
PRE-TAX CONTRIBUTION BY SOURCE:
Deferred and payout annuities $ 87.3 $ 89.2 $ 82.1 $ 87.9
Group annuities 31.5 28.3 36.4 24.1
Life and long term care insurance 37.9 39.3 34.6 42.6
Other (includes run-off and return on excess capital) 24.1 37.6 37.6 33.1
------------------ ------------------ ----------------- ------------------
Total $ 180.8 $ 194.4 $ 190.7 $ 187.7
================== ================== ================= ==================
DEFERRED ANNUITIES:
Number of annuities in force (000):
Fixed 415.3 408.4 402.6 399.8
Variable 430.7 463.8 496.2 529.6
------------------ ------------------ ----------------- ------------------
Total 846.0 872.2 898.8 929.4
================== ================== ================= ==================
Number of annuities issued (000):
Fixed 5.5 4.8 3.7 4.0
Variable 42.3 42.6 41.4 43.0
------------------ ------------------ ----------------- ------------------
Total 47.8 47.4 45.1 47.0
================== ================== ================= ==================
Net written premiums & deposits:
Fixed $ 264.7 $ 215.6 $ 217.4 $ 210.4
Variable 646.9 679.8 757.5 808.0
------------------ ------------------ ----------------- ------------------
Total $ 911.6 $ 895.4 $ 974.9 $ 1,018.4
================== ================== ================= ==================
Policyholder account balances & benefit reserves: (1)
Fixed $ 7,890.1 $ 7,863.4 $ 7,877.1 $ 7,915.1
Variable 10,401.2 11,148.5 10,601.1 12,951.4
------------------ ------------------ ----------------- ------------------
Total $ 18,291.3 $ 19,011.9 $ 18,478.2 $ 20,866.5
================== ================== ================= ==================
PAYOUT ANNUITIES:
Net written premiums & deposits $ 81.0 $ 106.8 $ 76.1 $ 165.1
Policyholder account balances & benefit reserves $ 4,558.1 $ 4,602.2 $ 4,626.9 $ 4,743.6
GIC AND OTHER ANNUITIES:
Net written premiums & deposits (2) $ 778.9 $ 921.6 $ 1,005.4 $ 983.7
Policyholder account balances & benefit reserves: (1)
Guaranteed investment contracts $ 2,633.2 $ 3,018.1 $ 3,748.2 $ 4,170.7
Other group annuities 5,040.1 5,052.9 4,962.6 4,929.6
------------------ ------------------ ----------------- ------------------
Total $ 7,673.3 $ 8,071.0 $ 8,710.8 $ 9,100.3
================== ================== ================= ==================
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------------ ------------------- ------------------ -----------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 771 $ 867 $ 869 $ 887
CORE INCOME $ 147 $ 173 $ 168 $ 135
PRE-TAX CONTRIBUTION BY SOURCE:
Deferred and payout annuities $ 111.7 $ 139.1 $ 126.9 $ 116.4
Group annuities 36.6 43.7 43.2 34.9
Life and long term care insurance 39.8 50.5 43.9 39.8
Other (includes run-off and return on excess capital) 33.0 28.8 39.3 17.4
------------------ ------------------- ------------------ -----------------
Total $ 221.1 $ 262.1 $ 253.3 $ 208.5
================== =================== ================== =================
DEFERRED ANNUITIES:
Number of annuities in force (000):
Fixed 392.4 384.2 378.5 373.1
Variable 560.8 595.4 630.1 655.2
------------------ ------------------- ------------------ -----------------
Total 953.2 979.6 1,008.6 1,028.3
================== =================== ================== =================
Number of annuities issued (000):
Fixed 3.9 2.9 3.5 4.1
Variable 47.4 49.7 46.6 38.5
------------------ ------------------- ------------------ -----------------
Total 51.3 52.6 50.1 42.6
================== =================== ================== =================
Net written premiums & deposits:
Fixed $ 194.2 $ 249.7 $ 271.0 $ 292.6
Variable 975.7 1,048.3 1,089.8 1,151.3
------------------ ------------------- ------------------ -----------------
Total $ 1,169.9 $ 1,298.0 $ 1,360.8 $ 1,443.9
================== =================== ================== =================
Policyholder account balances & benefit reserves: (1)
Fixed $ 7,839.3 $ 7,874.2 $ 7,958.5 $ 7,993.6
Variable 14,172.9 15,770.8 15,897.0 19,310.6
------------------ ------------------- ------------------ -----------------
Total $ 22,012.2 $ 23,645.0 $ 23,855.5 $ 27,304.2
================== =================== ================== =================
PAYOUT ANNUITIES:
Net written premiums & deposits $ 88.0 $ 114.8 $ 110.1 $ 135.5
Policyholder account balances & benefit reserves $ 4,774.7 $ 4,841.3 $ 4,896.7 $ 4,980.0
GIC AND OTHER ANNUITIES:
Net written premiums & deposits (2) $ 1,792.1 $ 1,510.3 $ 1,123.1 $ 823.4
Policyholder account balances & benefit reserves: (1)
Guaranteed investment contracts $ 4,912.2 $ 5,840.1 $ 5,746.0 $ 5,590.9
Other group annuities 4,854.2 5,142.8 5,171.7 5,162.9
------------------ ------------------- ------------------ -----------------
Total $ 9,766.4 $10,982.9 $10,917.7 $10,753.8
================== =================== ================== =================
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
----------------- --------- ---------- ----------------------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * 6% $ 3,012 $ 3,394 13%
CORE INCOME 9% $ 493 $ 623 26%
PRE-TAX CONTRIBUTION BY SOURCE:
Deferred and payout annuities 32% $ 346.5 $ 494.1 43%
Group annuities 45% 120.3 158.4 32%
Life and long term care insurance (7%) 154.4 174.0 13%
Other (includes run-off and return on excess capital) (47%) 132.4 118.5 (10%)
--------- ----------
Total 11% $ 753.6 $ 945.0 25%
========= ==========
DEFERRED ANNUITIES:
Number of annuities in force (000):
Fixed (7%)
Variable 24%
Total 11%
Number of annuities issued (000):
Fixed 2% 18.0 14.4 (20%)
Variable (10%) 169.3 182.2 8%
--------- ----------
Total (9%) 187.3 196.6 5%
========= ==========
Net written premiums & deposits:
Fixed 39% $ 908.1 $ 1,007.5 11%
Variable 42% 2,892.2 4,265.1 47%
--------- ----------
Total 42% $ 3,800.3 $ 5,272.6 39%
========= ==========
Policyholder account balances & benefit reserves: (1)
Fixed 1%
Variable 49%
Total 31%
PAYOUT ANNUITIES:
Net written premiums & deposits (18%) $ 429.0 $ 448.4 5%
Policyholder account balances & benefit reserves 5% $ 4,743.6 $ 4,980.0 5%
GIC AND OTHER ANNUITIES:
Net written premiums & deposits (2) (16%) $ 3,689.6 $ 5,248.9 42%
Policyholder account balances & benefit reserves: (1)
Guaranteed investment contracts 34%
Other group annuities 5%
Total 18%
</TABLE>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits of $13.0, $197.0, $14.0 and $33.3 in the 1998 first,
second, third and fourth quarters, respectively, and $23.2, $416.0, $70.0
and $71.0 in the 1999 first, second, third and fourth quarters, related to
Travelers plans previously managed externally.
* Excludes realized gains on investments
<PAGE> 18
GLOBAL CONSUMER - INSURANCE [CITIGROUP LOGO]
TRAVELERS LIFE AND ANNUITY - PAGE 2
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
----------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
INDIVIDUAL LIFE INSURANCE:
Life insurance in force (in billions, face amt.):
Term $ 30.6 $ 30.9 $ 31.4 $ 32.1
Permanent (universal and whole life) 21.8 22.3 22.8 23.3
----------------- ------------------ ------------------ ------------------
Total $ 52.4 $ 53.2 $ 54.2 $ 55.4
================= ================== ================== ==================
Number of life policies in force (000) 525.2 522.9 520.0 518.1
Life insurance issued (in billions, face amt.) $ 2.0 $ 2.1 $ 2.2 $ 2.6
Number of life policies issued (000) 7.1 7.9 6.8 7.4
Net written premiums and deposits:
Direct periodic premiums and deposits $ 76.2 $ 78.2 $ 77.9 $ 89.2
Single premium deposits 23.8 20.5 17.1 23.7
Reinsurance (14.8) (16.0) (16.5) (18.7)
----------------- ------------------ ------------------ ------------------
Total $ 85.2 $ 82.7 $ 78.5 $ 94.2
================= ================== ================== ==================
Policyholder account balances & benefit reserves $ 2,327.1 $ 2,360.0 $ 2,366.9 $ 2,436.1
INDIVIDUAL LONG TERM CARE INSURANCE:
Number of policies in force (000) 107.7 113.6 118.5 122.2
Net earned premiums $ 45.6 $ 48.7 $ 51.8 $ 53.7
Net written premiums $ 44.5 $ 53.7 $ 53.3 $ 61.5
ALL BUSINESSES:
Net investment income (pre-tax) $ 483.0 $ 498.5 $ 476.2 $ 510.0
Interest credited to contractholders $ 215.0 $ 210.3 $ 220.4 $ 230.8
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 4,142.6 $ 4,370.3 $ 4,230.5 $ 4,953.9
Surplus to liabilities ratio 19.4% 20.0% 18.2% 20.4%
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
----------------- ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
INDIVIDUAL LIFE INSURANCE:
Life insurance in force (in billions, face amt.):
Term $ 32.8 $ 33.4 $ 33.6 $ 33.6
Permanent (universal and whole life) 23.8 24.3 24.8 27.0
----------------- ------------------ ------------------ ------------------
Total $ 56.6 $ 57.7 $ 58.4 $ 60.6
================= ================== ================== ==================
Number of life policies in force (000) 515.8 513.8 510.9 509.2
Life insurance issued (in billions, face amt.) $ 2.5 $ 2.4 $ 2.0 $ 3.8
Number of life policies issued (000) 7.4 8.0 6.3 8.1
Net written premiums and deposits:
Direct periodic premiums and deposits $ 84.5 $ 86.7 $ 88.3 $ 149.2
Single premium deposits 16.2 20.8 17.2 30.0
Reinsurance (16.8) (17.8) (17.9) (18.5)
----------------- ------------------ ------------------ ------------------
Total $ 83.9 $ 89.7 $ 87.6 $ 160.7
================= ================== ================== ==================
Policyholder account balances & benefit reserves $ 2,468.3 $ 2,511.0 $ 2,594.1 $ 2,682.0
INDIVIDUAL LONG TERM CARE INSURANCE:
Number of policies in force (000) 125.9 129.2 132.5 136.2
Net earned premiums $ 55.2 $ 56.5 $ 58.2 $ 60.1
Net written premiums $ 52.6 $ 59.8 $ 59.5 $ 67.8
ALL BUSINESSES:
Net investment income (pre-tax) $ 525.4 $ 578.8 $ 593.2 $ 579.1
Interest credited to contractholders $ 225.7 $ 230.9 $ 239.0 $ 241.4
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 4,955.9 $ 4,976.9 $ 5,010.2 $ 4,988.7
Surplus to liabilities ratio 19.8% 19.5% 20.2% 20.8%
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
----------------- --------- --------- -----------------
<S> <C> <C> <C> <C>
INDIVIDUAL LIFE INSURANCE:
Life insurance in force (in billions, face amt.):
Term 5%
Permanent (universal and whole life) 16%
Total 9%
Number of life policies in force (000) (2%) 518.1 509.2 (2%)
Life insurance issued (in billions, face amt.) 46% $ 8.9 $ 10.7 20%
Number of life policies issued (000) 9% 29.2 29.8 2%
Net written premiums and deposits:
Direct periodic premiums and deposits 67% $ 321.5 $ 408.7 27%
Single premium deposits 27% 85.1 84.2 (1%)
Reinsurance (1%) (66.0) (71.0) 8%
--------- ---------
Total 71% $ 340.6 $ 421.9 24%
========= =========
Policyholder account balances & benefit reserves 10%
INDIVIDUAL LONG TERM CARE INSURANCE:
Number of policies in force (000) 11%
Net earned premiums 12% $ 199.8 $ 230.0 15%
Net written premiums 10% $ 213.0 $ 239.7 13%
ALL BUSINESSES:
Net investment income (pre-tax) 14% $ 1,967.7 $2,276.5 16%
Interest credited to contractholders 5% $ 876.5 $ 937.0 7%
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus 1%
Surplus to liabilities ratio
</TABLE>
<PAGE> 19
GLOBAL CONSUMER - INSURANCE [CITIGROUP LOGO]
PRIMERICA FINANCIAL SERVICES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 400 $ 420 $ 413 $ 421
CORE INCOME (1)
Life insurance $ 75 $ 80 $ 77 $ 75
Other financial products 20 23 22 28
---------- ---------- ---------- ----------
Total core income $ 95 $ 103 $ 99 $ 103
========== ========== ========== ==========
Face value (in billions) of:
Life insurance issued $ 13.0 $ 15.8 $ 14.2 $ 14.4
Life insurance in force $ 372.5 $ 377.5 $ 380.6 $ 383.7
Number of life policies issued (000) 51.1 61.2 55.6 55.7
Number of life policies in force (000) 2,141.6 2,151.1 2,153.1 2,151.8
Annualized issued premiums $ 40.8 $ 48.7 $ 45.0 $ 44.8
Direct premiums $ 306.2 $ 312.3 $ 311.6 $ 313.7
Earned premiums:
PFS Individual term life $ 244.7 $ 248.8 $ 246.1 $ 247.3
Other 15.5 17.1 15.1 22.6
---------- ---------- ---------- ----------
Total $ 260.2 $ 265.9 $ 261.2 $ 269.9
========== ========== ========== ==========
Mutual fund sales at NAV:
Salomon Smith Barney Asset Management funds $ 335.6 $ 400.7 $ 383.9 $ 341.4
Other funds 228.8 308.6 249.8 197.3
---------- ---------- ---------- ----------
Total U.S. mutual fund sales 564.4 709.3 633.7 538.7
Mutual fund sales - Canada 204.3 123.9 91.3 76.5
---------- ---------- ---------- ----------
Total mutual fund sales $ 768.7 $ 833.2 $ 725.0 $ 615.2
========== ========== ========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (2) $ 316.6 $ 410.6 $ 347.4 $ 386.5
Variable annuity net written premiums and deposits $ 126.3 $ 175.2 $ 171.9 $ 178.6
SECURE net written premiums (3), (4) $ 38.0 $ 55.8 $ 60.8 $ 58.7
Agents licensed for:
Life insurance 76,835 77,274 79,081 80,725
Mutual funds 28,475 28,864 29,176 26,517
$.M.A.R.T. / $.A.F.E. loans 96,188 96,422 117,704 129,310
Variable annuities 12,924 13,169 13,269 13,434
Long term care -- -- -- --
Home & auto insurance 10,051 11,123 12,683 14,083
Financial Needs Analyses submitted 140,617 130,549 132,771 131,080
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 432 $ 443 $ 444 $ 456
CORE INCOME (1)
Life insurance $ 86 $ 89 $ 88 $ 84
Other financial products 24 24 26 31
---------- ---------- ---------- ----------
Total core income $ 110 $ 113 $ 114 $ 115
========== ========== ========== ==========
Face value (in billions) of:
Life insurance issued $ 13.6 $ 15.5 $ 12.4 $ 14.7
Life insurance in force $ 386.3 $ 391.7 $ 392.8 $ 394.9
Number of life policies issued (000) 51.6 58.0 47.1 53.2
Number of life policies in force (000) 2,147.1 2,150.9 2,142.3 2,135.5
Annualized issued premiums $ 42.4 $ 48.4 $ 39.3 $ 43.4
Direct premiums $ 315.2 $ 321.0 $ 320.5 $ 322.9
Earned premiums:
PFS Individual term life $ 251.6 $ 252.7 $ 250.5 $ 252.7
Other 15.5 15.9 14.3 18.1
---------- ---------- ---------- ----------
Total $ 267.1 $ 268.6 $ 264.8 $ 270.8
========== ========== ========== ==========
Mutual fund sales at NAV:
Salomon Smith Barney Asset Management funds $ 407.7 $ 453.1 $ 393.7 $ 389.3
Other funds 233.5 277.3 257.6 307.6
---------- ---------- ---------- ----------
Total U.S. mutual fund sales 641.2 730.4 651.3 696.9
Mutual fund sales - Canada 143.2 76.2 86.1 98.2
---------- ---------- ---------- ----------
Total mutual fund sales $ 784.4 $ 806.6 $ 737.4 $ 795.1
========== ========== ========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (2) $ 419.2 $ 492.7 $ 488.3 $ 519.8
Variable annuity net written premiums and deposits $ 223.4 $ 278.6 $ 247.6 $ 240.5
SECURE net written premiums (3), (4) $ 57.2 $ 62.6 $ 58.5 $ 46.3
Agents licensed for:
Life insurance 79,738 79,251 77,259 79,809
Mutual funds 27,129 27,053 26,873 24,566
$.M.A.R.T. / $.A.F.E. loans 129,556 118,762 108,377 95,816
Variable annuities 13,816 14,497 16,042 16,424
Long term care -- -- 3,419 6,540
Home & auto insurance 15,102 14,734 15,425 14,284
Financial Needs Analyses submitted 142,451 122,958 111,136 113,748
</TABLE>
<TABLE>
<CAPTION>
YTD 1999 VS.
4Q 1999 VS. YTD 1998
4Q 1998 INCREASE/ FULL YEAR FULL YEAR INCREASE/
(DECREASE) 1998 1999 (DECREASE)
--------------- ---------- ---------- --------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * 8% $ 1,654 $ 1,775 7%
CORE INCOME (1)
Life insurance 12% $ 307 $ 347 13%
Other financial products 11% 93 105 13%
---------- ---------- --------
Total core income 12% $ 400 $ 452 13%
========== ========== ==========
Face value (in billions) of:
Life insurance issued 2% $ 57.4 $ 56.2 (2%)
Life insurance in force 3% $ 383.7 $ 394.9 3%
Number of life policies issued (000) (4%) 223.6 209.9 (6%)
Number of life policies in force (000) (1%) 2,151.8 2,135.5 (1%)
Annualized issued premiums (3%) $ 179.3 $ 173.5 (3%)
Direct premiums 3% $ 1,243.8 $ 1,279.6 3%
Earned premiums:
PFS Individual term life 2% $ 986.9 $ 1,007.5 2%
Other (20%) 70.3 63.8 (9%)
---------- ---------- --------
Total -- $ 1,057.2 $ 1,071.3 1%
========== ========== ==========
Mutual fund sales at NAV:
Salomon Smith Barney Asset Management funds 14% $ 1,461.6 $ 1,643.8 12%
Other funds 56% 984.5 1,076.0 9%
---------- ---------- --------
Total U.S. mutual fund sales 29% 2,446.1 2,719.8 11%
Mutual fund sales - Canada 28% 496.0 403.7 (19%)
---------- ---------- --------
Total mutual fund sales 29% $ 2,942.1 $ 3,123.5 6%
========== ========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (2) 34% $ 1,461.1 $ 1,920.0 31%
Variable annuity net written premiums and deposits 35% $ 652.0 $ 990.1 52%
SECURE net written premiums (3), (4) (21%) $ 213.3 $ 224.6 5%
Agents licensed for:
Life insurance (1%)
Mutual funds (7%)
$.M.A.R.T. / $.A.F.E. loans (26%)
Variable annuities 22%
Long term care --
Home & auto insurance 1%
Financial Needs Analyses submitted (13%) 535,017 490,293 (8%)
</TABLE>
(1) The 1998 fourth quarter reflects a one time $4.5 million reclass of income
from life insurance to other financial products as a result of bank holding
company requirements.
(2) The $.M.A.R.T. and $.A.F.E. loan products are marketed by PFS; the
receivables are reflected in the assets of CitiFinancial.
(3) The SECURE property casualty insurance products are marketed by PFS; the
premiums are reflected in the operating earnings of Travelers Property
Casualty Corp.
(4) PFS discontinued marketing the SECURE products in November 1999.
* Excludes realized gains on investments
<PAGE> 20
GLOBAL CONSUMER - INSURANCE [CITIGROUP LOGO]
TRAVELERS PROPERTY CASUALTY - PERSONAL LINES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 868 $ 899 $ 924 $ 975
CORE INCOME $ 82 $ 81 $ 68 $ 88
NET WRITTEN PREMIUMS BY PRODUCT LINE: (1)
Auto $ 555.7 $ 578.3 $ 590.8 $ 603.0
Homeowners and other 250.3 295.6 317.9 298.5
-------- -------- -------- --------
Total net written premiums $ 806.0 $ 873.9 $ 908.7 $ 901.5
======== ======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (1)
Independent agents $ 682.5 $ 718.0 $ 731.8 $ 720.3
Affinity group marketing 53.4 61.0 72.9 76.9
SECURE 38.0 55.8 60.8 58.7
Joint marketing arrangements 32.1 39.1 43.2 45.6
-------- -------- -------- --------
Total net written premiums $ 806.0 $ 873.9 $ 908.7 $ 901.5
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT:
Earned premiums $ 770.8 $ 802.5 $ 835.7 $ 862.4
Losses and loss adjustment expenses 502.7 523.5 580.9 574.1
Other underwriting expenses 226.0 242.1 243.5 238.8
-------- -------- -------- --------
Total deductions 728.7 765.6 824.4 812.9
-------- -------- -------- --------
Statutory underwriting gain/(loss) $ 42.1 $ 36.9 $ 11.3 $ 49.5
======== ======== ======== ========
STATUTORY COMBINED RATIO: (1)
Loss and loss adjustment expense ratio 65.2% 65.2% 69.5% 66.6%
Other underwriting expense ratio 28.0% 27.7% 26.8% 26.5%
-------- -------- -------- --------
Combined ratio 93.2% 92.9% 96.3% 93.1%
======== ======== ======== ========
Net investment income (pre-tax) $ 95.4 $ 94.8 $ 88.6 $ 109.6
Effective tax rate on net investment income 29.4% 28.5% 27.4% 28.7%
Catastrophe losses, net of reinsurance (after-tax) $ 8.6 $ 13.1 $ 21.8 $ --
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * $ 983 $ 1,005 $ 1,018 $ 1,037
CORE INCOME $ 83 $ 79 $ 23 $ 94
NET WRITTEN PREMIUMS BY PRODUCT LINE: (1)
Auto $ 619.6 $ 597.0 $ 581.1 $ 571.0
Homeowners and other 363.8 353.9 370.6 347.8
-------- -------- -------- --------
Total net written premiums $ 983.4 $ 950.9 $ 951.7 $ 918.8
======== ======== ======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (1)
Independent agents $ 791.6 $ 750.6 $ 743.0 $ 721.2
Affinity group marketing 83.0 84.5 92.1 93.7
SECURE 57.2 62.6 58.5 46.3
Joint marketing arrangements 51.6 53.2 58.1 57.6
-------- -------- -------- --------
Total net written premiums $ 983.4 $ 950.9 $ 951.7 $ 918.8
======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT:
Earned premiums $ 892.1 $ 905.1 $ 915.5 $ 921.6
Losses and loss adjustment expenses 594.3 627.1 702.7 619.8
Other underwriting expenses 269.8 242.5 258.7 244.7
-------- -------- -------- --------
Total deductions 864.1 869.6 961.4 864.5
-------- -------- -------- --------
Statutory underwriting gain/(loss) $ 28.0 $ 35.5 $ (45.9) $ 57.1
======== ======== ======== ========
STATUTORY COMBINED RATIO: (1)
Loss and loss adjustment expense ratio 66.6% 69.3% 76.8% 67.3%
Other underwriting expense ratio 27.4% 25.5% 27.2% 26.6%
-------- -------- -------- --------
Combined ratio 94.0% 94.8% 104.0% 93.9%
======== ======== ======== ========
Net investment income (pre-tax) $ 90.4 $ 98.8 $ 102.0 $ 109.0
Effective tax rate on net investment income 27.2% 27.7% 28.4% 28.9%
Catastrophe losses, net of reinsurance (after-tax) $ 8.1 $ 23.2 $ 48.2 $ --
</TABLE>
<TABLE>
<CAPTION>
YTD 1999 VS.
4Q 1999 VS. YTD 1998
4Q 1998 INCREASE/ FULL YEAR FULL YEAR INCREASE/
(DECREASE) 1998 1999 (DECREASE)
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES, NET OF INTEREST EXPENSE * 6% $ 3,666 $ 4,043 10%
CORE INCOME 7% $ 319 $ 279 (13%)
NET WRITTEN PREMIUMS BY PRODUCT LINE: (1)
Auto (5%) $2,327.8 $2,368.7 2%
Homeowners and other 17% 1,162.3 1,436.1 24%
-------- --------
Total net written premiums 2% $3,490.1 $3,804.8 9%
======== ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (1)
Independent agents -- $2,852.6 $3,006.4 5%
Affinity group marketing 22% 264.2 353.3 34%
SECURE (21%) 213.3 224.6 5%
Joint marketing arrangements 26% 160.0 220.5 38%
-------- --------
Total net written premiums 2% $3,490.1 $3,804.8 9%
======== ========
STATUTORY RATIO DEVELOPMENT:
Earned premiums 7% $3,271.4 $3,634.3 11%
Losses and loss adjustment expenses 8% 2,181.2 2,543.9 17%
Other underwriting expenses 2% 950.4 1,015.7 7%
-------- --------
Total deductions 6% 3,131.6 3,559.6 14%
-------- --------
Statutory underwriting gain/(loss) 15% $ 139.8 $ 74.7 (47%)
======== ========
STATUTORY COMBINED RATIO: (1)
Loss and loss adjustment expense ratio 66.7% 70.0%
Other underwriting expense ratio 27.2% 26.7%
-------- --------
Combined ratio 93.9% 96.7%
======== ========
Net investment income (pre-tax) (1%) $ 388.4 $ 400.2 3%
Effective tax rate on net investment income 28.5% 28.1%
Catastrophe losses, net of reinsurance (after-tax) -- $ 43.5 $ 79.5 83%
</TABLE>
(1) The 1999 first quarter and 1999 full year net written premiums include an
adjustment associated with a reinsurance transaction, which increased
homeowners premiums written by independent agents by $71.7 million.
Excluding this transaction, the statutory loss and loss adjustment expense
ratio, other underwriting expense ratio, and combined ratio for the 1999
first quarter were 66.6%, 26.6% and 93.2%, respectively, and for the 1999
full year were 70.0%, 26.5% and 96.5%, respectively.
* Excludes realized gains on investments
<PAGE> 21
GLOBAL CONSUMER - INTERNATIONAL [CITIGROUP LOGO]
EUROPE, MIDDLE EAST AND AFRICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 499 $ 525 $ 543 $ 576 $ 563 $ 565
Adjusted Operating Expenses 348 368 362 395 374 369
Provision for Benefits, Claims, and Credit Losses 71 69 74 85 80 77
------ ------ ------ ------ ------ ------
Core Income Before Taxes 80 88 107 96 109 119
Income Taxes 31 35 43 37 42 47
------ ------ ------ ------ ------ ------
Core Income $ 49 $ 53 $ 64 $ 59 $ 67 $ 72
====== ====== ====== ====== ====== ======
Average Assets (in billions of dollars) $ 21 $ 21 $ 22 $ 23 $ 22 $ 22
====== ====== ====== ====== ====== ======
Return on Assets 0.95% 1.01% 1.15% 1.02% 1.24% 1.31%
====== ====== ====== ====== ====== ======
Average Loans (in billions of dollars) $ 15.4 $ 15.8 $ 16.5 $ 17.4 $ 16.7 $ 16.4
Average Customer Deposits (in billions of dollars) $ 17.0 $ 17.0 $ 17.1 $ 17.9 $ 17.3 $ 17.0
Accounts (in millions) 9.9 10.0 10.2 10.2 10.6 10.7
Net Credit Loss Ratio 1.77% 1.71% 1.64% 1.70% 1.81% 1.71%
Loans 90+ Days Past Due:
In millions of dollars $ 891 $ 904 $ 955 $ 955 $ 893 $ 899
% 5.83% 5.73% 5.52% 5.46% 5.40% 5.46%
</TABLE>
<TABLE>
<CAPTION>
YTD 1999 VS.
4Q 1999 VS. YTD 1998
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
------ ------ ----------------- ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 608 $ 599 4% $2,143 $2,335 9%
Adjusted Operating Expenses 370 388 (2%) 1,473 1,501 2%
Provision for Benefits, Claims, and Credit Losses 79 76 (11%) 299 312 4%
------ ------ ------ ------
Core Income Before Taxes 159 135 41% 371 522 41%
Income Taxes 61 45 22% 146 195 34%
------ ------ ------ ------
Core Income $ 98 $ 90 53% $ 225 $ 327 45%
====== ====== ====== ======
Average Assets (in billions of dollars) $ 23 $ 22 (4%) $ 22 $ 22 --
====== ====== ====== ======
Return on Assets 1.69% 1.62% 1.02% 1.49%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 17.2 $ 17.2 (1%) $ 16.3 $ 16.9 4%
Average Customer Deposits (in billions of dollars) $ 17.1 $ 16.6 (7%) $ 17.3 $ 17.0 (2%)
Accounts (in millions) 10.9 11.1 8%
Net Credit Loss Ratio 1.60% 1.56%
Loans 90+ Days Past Due:
In millions of dollars $ 953 $ 914 (4%)
% 5.45% 5.33%
</TABLE>
GLOBAL CONSUMER - INTERNATIONAL
ASIA PACIFIC
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 422 $ 457 $ 459 $ 511 $ 518 $ 543
Adjusted Operating Expenses 238 255 234 249 268 283
Provision for Benefits, Claims, and Credit Losses 50 64 63 74 88 89
------ ------ ------ ------ ------ ------
Core Income Before Taxes 134 138 162 188 162 171
Income Taxes 52 53 62 72 61 64
------ ------ ------ ------ ------ ------
Core Income $ 82 $ 85 $ 100 $ 116 $ 101 $ 107
====== ====== ====== ====== ====== ======
Average Assets (in billions of dollars) $ 27 $ 28 $ 28 $ 29 $ 29 $ 30
====== ====== ====== ====== ====== ======
Return on Assets 1.23% 1.22% 1.42% 1.59% 1.41% 1.43%
====== ====== ====== ====== ====== ======
Average Loans (in billions of dollars) $ 19.5 $ 19.7 $ 20.1 $ 21.6 $ 22.1 $ 22.9
Average Customer Deposits (in billions of dollars) $ 33.2 $ 34.9 $ 36.8 $ 39.6 $ 39.9 $ 40.6
Accounts (in millions) 6.5 6.8 7.3 7.6 8.1 8.6
Net Credit Loss Ratio 0.92% 1.17% 1.12% 1.24% 1.43% 1.33%
Loans 90+ Days Past Due:
In millions of dollars $ 316 $ 324 $ 384 $ 498 $ 513 $ 509
% 1.57% 1.64% 1.87% 2.28% 2.31% 2.17%
</TABLE>
<TABLE>
<CAPTION>
YTD 1999 VS.
4Q 1999 VS. YTD 1998
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
------ ------ ----------------- --------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 580 $ 607 19% $1,849 $2,248 22%
Adjusted Operating Expenses 315 320 29% 976 1,186 22%
Provision for Benefits, Claims, and Credit Losses 77 99 34% 251 353 41%
------ ------ ------ ------
Core Income Before Taxes 188 188 -- 622 709 14%
Income Taxes 71 70 (3%) 239 266 11%
------ ------ ------ ------
Core Income $ 117 $ 118 2% $ 383 $ 443 16%
====== ====== ====== ======
Average Assets (in billions of dollars) $ 31 $ 32 10% $ 28 $ 31 11%
====== ====== ====== ======
Return on Assets 1.50% 1.46% 1.37% 1.43%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 23.7 $ 24.5 13% $ 20.2 $ 23.3 15%
Average Customer Deposits (in billions of dollars) $ 42.5 $ 45.4 15% $ 36.1 $ 42.1 17%
Accounts (in millions) 9.0 9.2 21%
Net Credit Loss Ratio 1.23% 1.15%
Loans 90+ Days Past Due:
In millions of dollars $ 450 $ 453 (9%)
% 1.87% 1.80%
</TABLE>
<PAGE> 22
GLOBAL CONSUMER - INTERNATIONAL [CITIGROUP LOGO]
LATIN AMERICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 354 $ 369 $ 431 $ 444 $ 466 $ 499
Adjusted Operating Expenses 233 248 287 300 291 299
Provision for Loan Losses 49 61 74 81 101 135
------ ------ ------ ------ ------ ------
Core Income Before Taxes 72 60 70 63 74 65
Income Taxes 29 23 28 25 27 22
------ ------ ------ ------ ------ ------
Core Income $ 43 $ 37 $ 42 $ 38 $ 47 $ 43
====== ====== ====== ====== ====== ======
Average Assets (in billions of dollars) $ 9 $ 10 $ 13 $ 14 $ 14 $ 15
====== ====== ====== ====== ====== ======
Return on Assets 1.94% 1.48% 1.28% 1.08% 1.36% 1.15%
====== ====== ====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.5 $ 7.9 $ 8.0 $ 7.9 $ 7.8 $ 8.1
Average Customer Deposits (in billions of dollars) $ 8.9 $ 9.3 $ 10.7 $ 11.8 $ 12.8 $ 13.8
Accounts (in millions) 5.7 6.0 7.1 7.3 8.0 7.8
Net Credit Loss Ratio 2.45% 2.88% 3.48% 3.39% 4.74% 6.17%
Loans 90+ Days Past Due:
In millions of dollars $ 183 $ 209 $ 243 $ 288 $ 292 $ 346
% 2.38% 2.61% 3.05% 3.60% 3.75% 4.32%
<CAPTION>
YTD 1999 VS.
4Q 1999 VS. INCREASE/
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998
1999 1999 (DECREASE) 1998 1999 (DECREASE)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 504 $ 514 16% $1,598 $1,983 24%
Adjusted Operating Expenses 302 301 -- 1,068 1,193 12%
Provision for Loan Losses 117 94 16% 265 447 69%
------ ------ ------ ------
Core Income Before Taxes 85 119 89% 265 343 29%
Income Taxes 30 36 44% 105 115 10%
------ ------ ------ ------
Core Income $ 55 $ 83 118% $ 160 $ 228 43%
====== ====== ====== ======
Average Assets (in billions of dollars) $ 14 $ 14 -- $ 12 $ 14 17%
====== ====== ====== ======
Return on Assets 1.56% 2.35% 1.33% 1.63%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.9 $ 7.9 -- $ 7.8 $ 7.9 1%
Average Customer Deposits (in billions of dollars) $ 13.6 $ 13.6 15% $ 10.2 $ 13.5 32%
Accounts (in millions) 9.0 8.8 21%
Net Credit Loss Ratio 5.55% 4.71%
Loans 90+ Days Past Due:
In millions of dollars $ 325 $ 320 11%
% 4.10% 4.10%
</TABLE>
<PAGE> 23
GLOBAL CONSUMER [CITIGROUP LOGO]
e-CITI
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 30 $ 34 $ 38 $ 47 $ 54 $ 55
Adjusted Operating Expenses 78 93 91 116 113 126
Provision for Loan Losses 1 1 -- 1 1 1
----- ----- ----- ----- ----- -----
Core Income Before Tax Benefits (49) (60) (53) (70) (60) (72)
Income Tax Benefits (19) (24) (20) (28) (24) (29)
----- ----- ----- ----- ----- -----
Core Income $ (30) $ (36) $ (33) $ (42) $ (36) $ (43)
===== ===== ===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 57 $ 67 43% $ 149 $ 233 56%
Adjusted Operating Expenses 140 148 28% 378 527 39%
Provision for Loan Losses 1 2 100% 3 5 67%
----- ----- ----- -----
Core Income Before Tax Benefits (84) (83) (19%) (232) (299) (29%)
Income Tax Benefits (33) (34) (21%) (91) (120) (32%)
----- ----- ----- -----
Core Income $ (51) $ (49) (17%) $(141) $(179) (27%)
===== ===== ===== =====
</TABLE>
GLOBAL CONSUMER
OTHER CONSUMER (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q 2Q
1998 1998 1998 1998 1999 1999
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 26 $ 22 $ 24 $ 28 $ 30 $ 24
Adjusted Operating Expenses 23 37 65 92 61 67
----- ----- ----- ----- ----- -----
Core Income Before Tax Benefits 3 (15) (41) (64) (31) (43)
Income Tax Benefits 3 (5) (17) (21) (12) (13)
----- ----- ----- ----- ----- -----
Core Income $-- $ (10) $ (24) $ (43) $ (19) $ (30)
===== ===== ===== ===== ===== =====
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
3Q 4Q 4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
1999 1999 (DECREASE) 1998 1999 (DECREASE)
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 14 $ (1) (104%) $ 100 $ 67 (33%)
Adjusted Operating Expenses 33 34 (63%) 217 195 (10%)
----- ----- ----- -----
Core Income Before Tax Benefits (19) (35) 45% (117) (128) (9%)
Income Tax Benefits (6) (11) 48% (40) (42) (5%)
----- ----- ----- -----
Core Income $ (13) $ (24) 44% $ (77) $ (86) (12%)
===== ===== ===== =====
</TABLE>
(1) Includes unallocated marketing and staff expenses.
<PAGE> 24
GLOBAL CORPORATE AND INVESTMENT BANK [CITIGROUP LOGO]
SALOMON SMITH BARNEY - PAGE 1 (In millions of dollars)
(Excluding Asset Management division)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 793 $ 781 $ 794 $ 835
Asset management and administration fees 300 344 350 331
Investment banking 616 633 514 518
Principal transactions 779 315 (1,332) 123
Other income 28 44 28 79
-------- -------- -------- --------
Total non-interest revenues 2,516 2,117 354 1,886
-------- -------- -------- --------
Interest and dividends 3,316 3,466 3,336 2,775
Interest expense 2,914 3,060 3,005 2,454
-------- -------- -------- --------
Net interest and dividends 402 406 331 321
-------- -------- -------- --------
Total revenues, net of interest expense 2,918 2,523 685 2,207
-------- -------- -------- --------
Non-interest expenses:
Compensation and benefits 1,682 1,501 876 1,619
Communications 115 113 116 123
Occupancy and equipment 101 102 101 110
Floor brokerage and other production 112 108 111 122
Other operating and administrative expenses 197 157 122 214
-------- -------- -------- --------
Total non-interest expenses 2,207 1,981 1,326 2,188
-------- -------- -------- --------
Core Income before income taxes 711 542 (641) 19
Provision for income taxes 268 194 (245) 6
-------- -------- -------- --------
Core Income $ 443 $ 348 $ (396) $ 13
======== ======== ======== ========
Total equity (in billions of dollars) (1) $ 8.9 $ 9.3 $ 8.7 $ 8.8
Return on equity (1) 23.1% 18.2% (14.5%) 3.4%
Pre-tax profit margin 24.4% 21.5% (93.6%) 0.9%
Non-compensation expenses as a percent of
net revenues 18.0% 19.0% 65.7% 25.8%
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 900 $ 903 $ 812 $ 1,015
Asset management and administration fees 377 400 431 430
Investment banking 655 762 760 793
Principal transactions 974 698 328 544
Other income 65 49 65 105
-------- -------- -------- --------
Total non-interest revenues 2,971 2,812 2,396 2,887
-------- -------- -------- --------
Interest and dividends 2,611 2,864 2,809 2,982
Interest expense 2,241 2,407 2,414 2,590
-------- -------- -------- --------
Net interest and dividends 370 457 395 392
-------- -------- -------- --------
Total revenues, net of interest expense 3,341 3,269 2,791 3,279
-------- -------- -------- --------
Non-interest expenses:
Compensation and benefits 1,794 1,707 1,556 1,587
Communications 117 111 123 138
Occupancy and equipment 106 104 109 109
Floor brokerage and other production 101 125 113 128
Other operating and administrative expenses 220 261 206 258
-------- -------- -------- --------
Total non-interest expenses 2,338 2,308 2,107 2,220
-------- -------- -------- --------
Core Income before income taxes 1,003 961 684 1,059
Provision for income taxes 355 351 252 395
-------- -------- -------- --------
Core Income $ 648 $ 610 $ 432 $ 664
======== ======== ======== ========
Total equity (in billions of dollars) (1) $ 9.6 $ 9.6 $ 9.9 $ 9.3*
Return on equity (1) 31.4% 29.1% 21.4% 31.2%
Pre-tax profit margin 30.0% 29.4% 24.5% 32.3%
Non-compensation expenses as a percent of
net revenues 16.3% 18.4% 19.7% 19.3%
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues:
Commissions 22% $ 3,203 $ 3,630 13%
Asset management and administration fees 30% 1,325 1,638 24%
Investment banking 53% 2,281 2,970 30%
Principal transactions 342% (115) 2,544 NM
Other income 33% 179 284 59%
-------- --------
Total non-interest revenues 53% 6,873 11,066 61%
-------- --------
Interest and dividends 7% 12,893 11,266 (13%)
Interest expense 6% 11,433 9,652 (16%)
-------- --------
Net interest and dividends 22% 1,460 1,614 11%
-------- --------
Total revenues, net of interest expense 49% 8,333 12,680 52%
-------- --------
Non-interest expenses:
Compensation and benefits (2%) 5,678 6,644 17%
Communications 12% 467 489 5%
Occupancy and equipment (1%) 414 428 3%
Floor brokerage and other production 5% 453 467 3%
Other operating and administrative expenses 21% 690 945 37%
-------- --------
Total non-interest expenses 1% 7,702 8,973 17%
-------- --------
Core Income before income taxes NM 631 3,707 487%
Provision for income taxes NM 223 1,353 507%
-------- --------
Core Income NM $ 408 $ 2,354 477%
======== ========
Total equity (in billions of dollars) (1) 6%
Return on equity (1) 7.5% 28.2%
Pre-tax profit margin 7.6% 29.2%
Non-compensation expenses as a percent of
net revenues 24.3% 18.4%
</TABLE>
(1) Total equity and return on equity (core income) for Salomon Smith Barney in
total (includes Salomon Smith Barney Asset Management).
* Preliminary.
NM Not meaningful
<PAGE> 25
GLOBAL CORPORATE AND INVESTMENT BANK [CITIGROUP LOGO]
SALOMON SMITH BARNEY - PAGE 2
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Financial Consultant (FC) managed accounts $ 13.3 $ 14.3 $ 13.8 $ 16.5
Consulting Group externally managed assets 67.1 69.3 63.9 71.9
---------- ---------- ---------- ----------
Total assets under fee-based management $ 80.4 $ 83.6 $ 77.7 $ 88.4
========== ========== ========== ==========
Total client assets $ 703.0 $ 724.3 $ 697.5 $ 773.8
PRIVATE CLIENT
Registered Financial Consultants 10,321 10,494 10,573 10,803
Annualized retail gross production per FC (000) $ 452 $ 441 $ 431 $ 413
Domestic retail offices 432 439 442 449
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO LEAD MGR.):
Debt and equity
Global volume $ 72,073.3 $ 80,556.7 $ 48,436.7 $ 53,002.8
Global market share 9.8% 11.1% 8.7% 9.4%
Rank 4 2 3 2
U.S. volume $ 65,054.9 $ 71,902.1 $ 42,305.4 $ 45,690.4
U.S. market share 13.0% 14.1% 10.6% 11.8%
Rank 2 2 3 2
Municipals(1)
Volume $ 8,319.1 $ 10,913.8 $ 9,553.1 $ 7,180.0
Market share 11.8% 14.2% 14.7% 10.5%
Rank 1 1 1 2
CAPITAL MARKETS/RESEARCH
Number of institutional salespeople (2) 877 854 869 884
Number of stocks in which markets are made 1,464 1,465 1,418 1,329
% of S&P sectors covered by research 99% 99% 99% 98%
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Financial Consultant (FC) managed accounts $ 18.6 $ 20.2 $ 21.4 $ 27.4
Consulting Group externally managed assets 73.1 76.8 74.6 83.0
---------- ---------- ---------- ----------
Total assets under fee-based management $ 91.7 $ 97.0 $ 96.0 $ 110.4
========== ========== ========== ==========
Total client assets $ 816.0 $ 852.1 $ 844.6 $ 965.0
PRIVATE CLIENT
Registered Financial Consultants 10,918 11,032 11,086 11,333
Annualized retail gross production per FC (000) $ 481 $ 477 $ 465 $ 498
Domestic retail offices 457 467 472 476
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO LEAD MGR.):
Debt and equity
Global volume $ 92,796.7 $ 82,899.0 $ 79,518.7 $ 38,214.5
Global market share 10.1% 9.9% 10.7% 7.1%
Rank 2 2 2 4
U.S. volume $ 74,547.0 $ 68,304.7 $ 59,235.8 $ 28,527.2
U.S. market share 13.7% 13.8% 13.4% 8.7%
Rank 2 2 2 3
Municipals(1)
Volume $ 7,146.4 $ 5,412.1 $ 8,615.2 $ 9,622.5
Market share 12.4% 9.6% 15.9% 18.9%
Rank 1 1 1 1
CAPITAL MARKETS/RESEARCH
Number of institutional salespeople (2) 796 830 854 847
Number of stocks in which markets are made 1,305 1,296 1,305 1,335
% of S&P sectors covered by research 98% 98% 98% 98%
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS. YTD 1999 VS.
4Q 1998 INCREASE/ FULL YEAR FULL YEAR YTD 1998 INCREASE/
(DECREASE) 1998 1999 (DECREASE)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Financial Consultant (FC) managed accounts 66%
Consulting Group externally managed assets 15%
Total assets under fee-based management 25%
Total client assets 25%
PRIVATE CLIENT
Registered Financial Consultants 5%
Annualized retail gross production per FC (000) 21%
Domestic retail offices 6%
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO LEAD MGR.):
Debt and equity
Global volume (28%) $254,069.5 $293,428.9 15%
Global market share 9.8% 9.7%
Rank 2 2
U.S. volume (38%) $224,952.8 $230,614.7 3%
U.S. market share 12.5% 12.8%
Rank 2 2
Municipals(1)
Volume 34% $ 35,966.0 $ 30,796.2 (14%)
Market share 12.8% 14.0%
Rank 1 1
CAPITAL MARKETS/RESEARCH
Number of institutional salespeople (2) (4%)
Number of stocks in which markets are made --
% of S&P sectors covered by research
</TABLE>
(1) Total long term excluding private placement.
(2) Excludes institutional salespeople at Nikko in the 1999 quarters.
<PAGE> 26
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
TOTAL GLOBAL CORPORATE BANK
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ FULL YEAR FULL YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Revenues, Net
of Interest Expense $1,948 $2,125 $1,550 $1,923 $2,229 $2,100 $2,036 $2,045 6% $7,546 $8,410 11%
Adjusted Operating
Expenses 1,213 1,334 1,321 1,317 1,286 1,266 1,261 1,257 (5%) 5,185 5,070 (2%)
Provision for Loan
Losses 65 28 232 69 111 110 37 90 30% 394 348 (12%)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core Income Before
Taxes and Minority
Interest 670 763 (3) 537 832 724 738 698 30% 1,967 2,992 52%
Income Taxes 249 283 (1) 198 310 269 276 255 29% 729 1,110 52%
Minority Interest,
Net of Tax -- -- -- -- 1 2 1 2 NM -- 6 NM
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core Income $ 421 $ 480 $ (2) $ 339 $ 521 $ 453 $ 461 $ 441 30% $1,238 $1,876 52%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
</TABLE>
NM Not meaningful
GLOBAL CORPORATE BANK
EMERGING MARKETS
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 FULL FULL YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Revenues, Net
of Interest Expense $ 959 $ 974 $ 723 $ 976 $1,139 $1,092 $1,051 $1,045 7% $3,632 $4,327 19%
Adjusted Operating
Expenses 478 507 515 515 506 508 521 527 2% 2,015 2,062 2%
Provision for Loan
Losses 62 79 198 85 115 110 32 90 6% 424 347 (18%)
----- ----- ----- ----- ------ ------ ------ ------ ------ ------
Core Income Before
Taxes and Minority
Interest 419 388 10 376 518 474 498 428 14% 1,193 1,918 61%
Income Taxes 157 146 3 139 194 178 189 161 16% 445 722 62%
Minority Interest,
Net of Tax -- -- -- -- 1 2 1 2 NM -- 6 NM
----- ----- ----- ----- ------ ------ ------ ------ ------ ------
Core Income $ 262 $ 242 $ 7 $ 237 $ 323 $ 294 $ 308 $ 265 12% $ 748 $1,190 59%
===== ===== ===== ===== ====== ====== ====== ====== ====== ======
Average Assets (in
billions of
dollars) $ 75 $ 75 $ 78 $ 83 $ 81 $ 83 $ 82 $ 82 (1%) $ 78 $ 82 5%
===== ===== ===== ===== ====== ====== ====== ====== ====== ======
Return on Assets 1.42% 1.29% 0.04% 1.13% 1.62% 1.42% 1.49% 1.28% 0.96% 1.45%
===== ===== ===== ===== ====== ====== ====== ====== ====== ======
</TABLE>
NM Not meaningful
GLOBAL CORPORATE BANK
GLOBAL RELATIONSHIP BANKING
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 FULL FULL YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Revenues, Net
of Interest Expense $ 989 $1,151 $827 $ 947 $1,090 $1,008 $ 985 $1,000 6% $3,914 $4,083 4%
Adjusted Operating
Expenses 735 827 806 802 780 758 740 730 (9%) 3,170 3,008 (5%)
Provision for Loan
Losses 3 (51) 34 (16) (4) -- 5 -- NM (30) 1 103%
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Core Income Before
Taxes 251 375 (13) 161 314 250 240 270 68% 774 1,074 39%
Income Taxes 92 137 (4) 59 116 91 87 94 59% 284 388 37%
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Core Income $ 159 $ 238 $ (9) $ 102 $ 198 $ 159 $ 153 $ 176 73% $ 490 $ 686 40%
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Average Assets (in
billions of
dollars) $ 89 $ 92 $ 93 $ 93 $ 87 $ 80 $ 75 $ 80 (14%) $ 92 $ 81 (12%)
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Return on Assets 0.72% 1.04% -- 0.44% 0.92% 0.80% 0.81% 0.87% 0.53% 0.85%
===== ===== ===== ===== ===== ===== ===== ===== ===== =====
</TABLE>
NM Not meaningful
<PAGE> 27
[CITIGROUP LOGO]
GLOBAL CORPORATE AND INVESTMENT BANK
TRAVELERS PROPERTY CASUALTY - COMMERCIAL LINES
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999
VS.
4Q 1998 FULL
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998
---- ---- ---- ---- ---- ---- ---- ---- ---------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES, NET OF
INTEREST EXPENSE * $ 1,619 $ 1,584 $ 1,604 $ 1,674 $ 1,534 $ 1,558 $ 1,578 $ 1,595 (5%) $ 6,481
CORE INCOME $ 171 $ 174 $ 177 $ 201 $ 189 $ 201 $ 255 $ 200 -- $ 723
NET WRITTEN PREMIUMS
BY MARKET:
National accounts $ 186.6 $ 121.6 $ 175.3 $ 140.9 $ 149.9 $ 101.4 $ 148.8 $ 88.3 (37%) $ 624.4
Commercial accounts 462.6 440.8 446.0 450.7 443.6 440.1 469.9 462.7 3% 1,800.1
Select accounts 378.6 393.7 365.7 356.3 372.3 393.4 355.4 373.0 5% 1,494.3
Specialty accounts 184.0 164.7 181.2 164.8 148.2 159.8 158.4 143.1 (13%) 694.7
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total net
written
premiums $1,211.8 $1,120.8 $1,168.2 $1,112.7 $1,114.0 $1,094.7 $1,132.5 $1,067.1 (4%) $4,613.5
======== ======== ======== ======== ======== ======== ======== ======== ========
STATUTORY RATIO
DEVELOPMENT:
Earned premiums $ 1,126.2 $1,093.6 $1,139.2 $1,157.8 $1,072.7 $1,100.8 $1,110.3 $1,090.7 (6%) $4,516.8
Losses and loss
adjustment
expenses (1) 880.5 864.2 896.6 906.3 817.5 827.2 928.8 832.2 (8%) 3,547.6
Other underwriting
expenses 346.0 345.6 341.7 336.4 317.9 333.8 349.8 350.6 4% 1,369.7
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total deductions 1,226.5 1,209.8 1,238.3 1,242.7 1,135.4 1,161.0 1,278.6 1,182.8 (5%) 4,917.3
-------- -------- -------- -------- -------- -------- -------- -------- --------
Statutory
underwriting loss $ (100.3) $ (116.2) $ (99.1) $ (84.9) $ (62.7) $ (60.2) $ (168.3) $ (92.1) (8%) $ (400.5)
======== ======== ======== ======== ======== ======== ======== ======== ========
STATUTORY COMBINED
RATIO: (1), (2)
Loss and loss
adjustment expense
ratio 78.2% 79.0% 78.7% 78.3% 76.2% 75.1% 83.7% 76.3% 78.5%
Other underwriting
expense ratio 28.6% 30.8% 29.3% 30.2% 28.5% 30.5% 30.9% 32.9% 29.7%
-------- -------- -------- -------- -------- -------- -------- -------- --------
Combined ratio 106.8% 109.8% 108.0% 108.5% 104.7% 105.6% 114.6% 109.2% 108.2%
======== ======== ======== ======== ======== ======== ======== ======== ========
Net investment income
(pre-tax) $ 412.5 $ 424.3 $ 411.8 $ 460.7 $ 412.6 $ 410.5 $ 420.2 $ 445.4 (3%) $1,709.3
Effective tax rate on
net investment
income 28.0% 27.5% 26.9% 27.6% 26.6% 26.5% 26.7% 27.1% 27.5%
Catastrophe losses,
net of reinsurance
(after-tax) $ -- $ 10.4 $ 14.9 $ -- $ -- $ 9.9 $ 17.4 $ -- -- $ 25.3
</TABLE>
<TABLE>
<CAPTION>
YTD 1999
VS.
FULL YTD 1998
YEAR INCREASE/
1999 (DECREASE)
---- ----------
<S> <C> <C>
REVENUES, NET OF
INTEREST EXPENSE * $ 6,265 (3%)
CORE INCOME $ 845 17%
NET WRITTEN PREMIUMS
BY MARKET:
National accounts $ 488.4 (22%)
Commercial accounts 1,816.3 1%
Select accounts 1,494.1 --
Specialty accounts 609.5 (12%)
--------
Total net
written
premiums $4,408.3 (4%)
========
STATUTORY RATIO
DEVELOPMENT:
Earned premiums $4,374.5 (3%)
Losses and loss
adjustment
expenses (1) 3,405.7 (4%)
Other underwriting
expenses 1,352.1 (1%)
--------
Total deductions 4,757.8 (3%)
--------
Statutory
underwriting loss $ (383.3) 4%
========
STATUTORY COMBINED
RATIO: (1), (2)
Loss and loss
adjustment expense
ratio 77.9%
Other underwriting
expense ratio 30.7%
--------
Combined ratio 108.6%
========
Net investment income
(pre-tax) $1,688.7 (1%)
Effective tax rate on
net investment
income 26.7%
Catastrophe losses,
net of reinsurance
(after-tax) $ 27.3 8%
</TABLE>
(1) The 1999 third quarter and the 1999 full year include the effects of a
settlement of an asbestos liability, which increased losses and loss
adjustment expenses, for statutory purposes only, by $105.2 million.
Excluding this transaction, the statutory loss and loss adjustment
expense ratio, other underwriting expense ratio, and combined ratio for
the 1999 third quarter were 74.2%, 30.9% and 105.1%, respectively; and
for the 1999 full year were 75.4%, 30.7% and 106.1%, respectively.
(2) Before policyholder dividends.
* Excludes realized gains on investments
<PAGE> 28
[CITIGROUP LOGO]
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
SSB CITI ASSET MANAGEMENT GROUP
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 FULL FULL YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues:
Investment
advisory,
admin. &
distribution
fees $ 288 $ 304 $ 301 $ 317 $ 341 $ 339 $ 344 $ 386 22% $1,210 $1,410 17%
Unit
Investment
Trust revenues
- net 13 7 17 4 9 10 21 9 125% 41 49 20%
Other revenues 12 6 8 13 12 15 10 19 46% 39 56 44%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total
revenues 313 317 326 334 362 364 375 414 24% 1,290 1,515 17%
Interest expense 8 7 8 8 8 7 8 7 (13%) 31 30 (3%)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total
revenues,
net of
interest
expense 305 310 318 326 354 357 367 407 25% 1,259 1,485 18%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Expenses:
Employee
compensation
and benefits 85 86 95 118 107 100 110 125 6% 384 442 15%
Mutual fund
commission
expense 35 32 31 28 30 28 34 28 -- 126 120 (5%)
Other expenses 72 79 80 94 86 90 88 124 32% 325 388 19%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total expenses 192 197 206 240 223 218 232 277 15% 835 950 14%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core income before
income taxes 113 113 112 86 131 139 135 130 51% 424 535 26%
Provision for
income taxes 44 45 45 34 51 55 53 52 53% 168 211 26%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core income $ 69 $ 68 $ 67 $ 52 $ 80 $ 84 $ 82 $ 78 50% $ 256 $ 324 27%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Pre-tax profit
margin 37.0% 36.5% 35.2% 26.4% 37.0% 38.9% 36.8% 31.4% 33.7% 36.0%
ASSETS UNDER
MANAGEMENT BY
PRODUCT TYPE (in
billions of
dollars):
Money market and
institutional
liquidity funds:
Retail $ 57.1 $ 56.6 $ 60.9 $ 64.3 $ 68.8 $ 67.8 $ 69.0 $ 72.0 12%
Institutional 10.4 9.6 10.9 13.5 16.9 15.2 16.6 18.9 40%
------ ------ ------ ------ ------ ------ ------ ------
Total money
market and
institutional
liquidity
funds 67.5 66.2 71.8 77.8 85.7 83.0 85.6 90.9 17%
------ ------ ------ ------ ------ ------ ------ ------
Long-term mutual
funds:
Equity /
Balanced 42.5 43.4 37.5 42.5 43.8 45.7 44.7 50.4 19%
Taxable Fixed
Income 26.3 28.5 29.6 31.3 31.0 32.1 30.5 25.1 (20%)
Tax Exempt Fixed
Income 9.6 9.8 10.4 10.8 10.9 10.2 9.7 8.8 (19%)
Annuities 3.7 3.3 3.1 3.7 4.1 4.5 4.6 5.4 46%
------ ------ ------ ------ ------ ------ ------ ------
Total
long-term
mutual funds 82.1 85.0 80.6 88.3 89.8 92.5 89.5 89.7 2%
------ ------ ------ ------ ------ ------ ------ ------
Managed accounts:
Private client 33.3 35.0 35.4 40.0 43.2 46.3 47.5 51.1 28%
Institutional 75.4 81.3 79.9 93.7 91.4 95.6 96.2 100.0 7%
------ ------ ------ ------ ------ ------ ------ ------
Total managed
accounts 108.7 116.3 115.3 133.7 134.6 141.9 143.7 151.1 13%
------ ------ ------ ------ ------ ------ ------ ------
Alternative
Investment
Strategies 22.4 24.0 26.3 27.2 28.1 30.0 32.6 32.7 20%
------ ------ ------ ------ ------ ------ ------ ------
Total assets under
management (1) $280.7 $291.5 $294.0 $327.0 $338.2 $347.4 $351.4 $364.4 11%
====== ====== ====== ====== ====== ====== ====== ======
ASSETS UNDER
MANAGEMENT BY
CLIENT TYPE (in
billions of
dollars):
Retail $168.1 $172.5 $173.5 $189.2 $198.1 $202.5 $202.5 $209.7 11%
Institutional
(including
Alternate
Investment
Strategies) 112.6 119.0 120.5 137.8 140.1 144.9 148.9 154.7 12%
------ ------ ------ ------ ------ ------ ------ ------
Total assets
under
management $280.7 $291.5 $294.0 $327.0 $338.2 $347.4 $351.4 $364.4 11%
====== ====== ====== ====== ====== ====== ====== ======
Unit Investment
Trusts held in
client accounts $ 13.1 $ 12.9 $ 12.4 $ 13.2 $ 13.2 $ 13.3 $ 12.8 $ 13.8 5%
Number of
Morningstar 4-
and 5-star funds 23 25 24 24 22 17 20 20 (17%)
</TABLE>
(1) Includes $34, $31, $32 and $34 billion for the 1998 first, second, third and
fourth quarters, respectively, and $29, $35, $36 and $31 billion for the 1999
first, second, third and fourth quarters, respectively, for Global Private Bank
clients.
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
GLOBAL PRIVATE BANK
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 FULL FULL YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Revenues,
Net of Interest
Expense $ 262 $ 283 $ 284 $ 293 $ 272 $ 298 $ 302 $ 329 12% $1,122 $1,201 7%
Adjusted Operating
Expenses 175 178 178 183 173 179 183 208 14% 714 743 4%
Provision for Loan
Losses (7) -- 1 11 8 2 2 -- -- 5 12 140%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core Income Before
Taxes 94 105 105 99 91 117 117 121 22% 403 446 11%
Income Taxes 36 40 39 37 34 44 44 46 24% 152 168 11%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Core Income $ 58 $ 65 $ 66 $ 62 $ 57 $ 73 $ 73 $ 75 21% $ 251 $ 278 11%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Average Assets (in
billions of
dollars) $ 16 $ 16 $ 17 $ 18 $ 18 $ 19 $ 21 $ 23 28% $ 17 $ 20 18%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Return on Assets 1.47% 1.63% 1.54% 1.37% 1.28% 1.54% 1.38% 1.29% 1.48% 1.39%
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Client Business
Volumes (in
billions of
dollars) $105.0 $108.0 $105.0 $116.0 $119.0 $126.0 $128.0 $140.2 21%
====== ====== ====== ====== ====== ====== ====== ======
</TABLE>
<PAGE> 29
[CITIGROUP LOGO]
INVESTMENT ACTIVITIES
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999 YTD 1999
VS. VS.
4Q 1998 FULL FULL YTD 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CORE INCOME:
Proprietary
Investments (1) $ 170 $ 165 $ 60 $ (54) $ 57 $ 133 $ 179 $ 115 (313%) $341 $484 42%
LDC Debt
Sales/Refinancing 145 123 15 19 15 11 11 12 (37%) 302 49 (84%)
Portfolio Gains (2) 87 28 25 50 18 19 4 86 72% 190 127 (33%)
------ ------ ------ ------ ------ ------ ------ ------- ---- ----
Total Core Income $ 402 $ 316 $ 100 $ 15 $ 90 $ 163 $ 194 $ 213 NM $833 $660 (21%)
====== ====== ====== ====== ====== ====== ====== ======= ==== ====
</TABLE>
<TABLE>
<CAPTION>
4Q 1999
VS.
4Q 1998
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE)
---- ---- ---- ---- ---- ---- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTED ASSETS:
Proprietary
Investments $4,708 $5,031 $5,036 $5,170 $5,210 $5,417 $6,203 $ 7,081 37%
LDC Debt /
Refinancing 5,220 4,059 3,273 3,286 3,380 3,360 3,306 3,371 3%
------ ------ ------ ------ ------ ------ ------ -------
Total invested
assets $9,928 $9,090 $8,309 $8,456 $8,590 $8,777 $9,509 $10,452 24%
====== ====== ====== ====== ====== ====== ====== =======
</TABLE>
(1) Includes Venture Capital Activities and certain other corporate
investments.
(2) Represents realized gains on investments held by insurance companies
(see page 26).
NM Not meaningful
<PAGE> 30
[CITIGROUP LOGO]
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999
VS.
4Q 1998 FULL FULL
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES
Loan interest,
including fees $ 5,344 $ 5,625 $ 5,884 $ 6,075 $ 5,888 $ 5,614 $ 5,784 $ 5,886 (3%) $22,928 $23,172
Other interest and
dividends 5,787 6,010 5,926 5,588 5,414 5,449 5,417 5,448 (3%) 23,311 21,728
Insurance premiums 2,340 2,395 2,423 2,692 2,526 2,616 2,636 2,663 (1%) 9,850 10,441
Commissions and
fees 2,953 3,069 2,995 2,901 2,872 3,153 3,149 3,549 22% 11,918 12,723
Principal
transactions 1,365 878 (1,016) 553 1,770 1,272 954 1,164 110% 1,780 5,160
Asset management
and
administration
fees (1) 498 553 563 678 955 1,003 1,056 1,150 70% 2,292 4,164
Realized gains
(losses) from
sales of
investments 378 332 (16) 146 53 188 35 281 92% 840 557
Other income 772 1,099 835 806 1,043 1,141 1,066 810 -- 3,512 4,060
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total revenues 19,437 19,961 17,594 19,439 20,521 20,436 20,097 20,951 8% 76,431 82,005
Interest expense 6,641 6,996 7,173 6,685 6,451 6,056 6,076 6,185 (7%) 27,495 24,768
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total revenues,
net of interest
expense 12,796 12,965 10,421 12,754 14,070 14,380 14,021 14,766 16% 48,936 57,237
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
PROVISIONS FOR
BENEFITS, CLAIMS,
AND CREDIT LOSSES
Policyholder
benefits and
claims 1,994 2,047 2,099 2,225 2,048 2,151 2,258 2,214 -- 8,365 8,671
Provision for
credit losses 595 656 826 674 729 790 632 686 2% 2,751 2,837
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total provisions
for benefits,
claims, and
credit losses 2,589 2,703 2,925 2,899 2,777 2,941 2,890 2,900 -- 11,116 11,508
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
OPERATING EXPENSES
Non-insurance
compensation and
benefits 3,491 3,429 2,819 3,597 3,755 3,615 3,531 3,635 1% 13,336 14,536
Insurance
underwriting,
acquisition and
operating 812 811 756 895 825 802 770 892 -- 3,274 3,289
Restructuring /
Merger Items -- (324) -- 1,119 (130) 47 22 (27) (102%) 795 (88)
Other operating 2,436 2,764 2,764 3,182 2,871 3,060 2,938 3,175 -- 11,146 12,044
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total operating
expenses 6,739 6,680 6,339 8,793 7,321 7,524 7,261 7,675 (13%) 28,551 29,781
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
INCOME BEFORE INCOME
TAXES, MINORITY
INTEREST AND
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGES 3,468 3,582 1,157 1,062 3,972 3,915 3,870 4,191 295% 9,269 15,948
Provision for income
taxes 1,249 1,290 375 320 1,423 1,402 1,379 1,499 368% 3,234 5,703
Minority interest,
net of income taxes 58 52 53 65 60 65 56 70 8% 228 251
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
INCOME BEFORE
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGES 2,161 2,240 729 677 2,489 2,448 2,435 2,622 287% 5,807 9,994
Cumulative effect of
accounting changes -- -- -- -- (127) -- -- -- -- -- (127)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
NET INCOME $ 2,161 $ 2,240 $ 729 $ 677 $ 2,362 $ 2,448 $ 2,435 $ 2,622 287% $ 5,807 $ 9,867
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
YTD 1999
VS.
YTD 1998
INCREASE/
(DECREASE)
----------
<S> <C>
REVENUES
Loan interest,
including fees 1%
Other interest and
dividends (7%)
Insurance premiums 6%
Commissions and
fees 7%
Principal
transactions 190%
Asset management
and
administration
fees (1) 82%
Realized gains
(losses) from
sales of
investments (34%)
Other income 16%
Total revenues 7%
Interest expense (10%)
Total revenues,
net of interest
expense 17%
PROVISIONS FOR
BENEFITS, CLAIMS,
AND CREDIT LOSSES
Policyholder
benefits and
claims 4%
Provision for
credit losses 3%
Total provisions
for benefits,
claims, and
credit losses 4%
OPERATING EXPENSES
Non-insurance
compensation and
benefits 9%
Insurance
underwriting,
acquisition and
operating --
Restructuring /
Merger Items (111%)
Other operating 8%
Total operating
expenses 4%
INCOME BEFORE INCOME
TAXES, MINORITY
INTEREST AND
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGES 72%
Provision for income
taxes 76%
Minority interest,
net of income taxes 10%
INCOME BEFORE
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGES 72%
Cumulative effect of
accounting changes NM
NET INCOME 70%
</TABLE>
(1) The 1999 quarters include asset management and administrative fees for
Citicorp subsidiaries, previously reflected in commissions and fees.
NM - Not meaningful
<PAGE> 31
[CITIGROUP LOGO]
CITIGROUP EARNINGS ANALYSIS - MANAGED BASIS
(In millions of dollars)
<TABLE>
<CAPTION>
4Q 1999
VS.
4Q 1998 FULL FULL
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q INCREASE/ YEAR YEAR
1998 1998 1998 1998 1999 1999 1999 1999 (DECREASE) 1998 1999
---- ---- ---- ---- ---- ---- ---- ---- ---------- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total Revenues, Net
of Interest Expense $12,796 $12,965 $10,421 $12,754 $14,070 $14,380 $14,021 $14,766 16% $48,936 $57,237
Effect of Credit Card
Securitization
Activity 462 581 576 568 588 570 552 559 (2%) 2,187 2,269
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
ADJUSTED REVENUES,
NET OF INTEREST
EXPENSE 13,258 13,546 10,997 13,322 14,658 14,950 14,573 15,325 15% 51,123 59,506
Total Operating
Expenses 6,739 6,680 6,339 8,793 7,321 7,524 7,261 7,675 (13%) 28,551 29,781
Restructuring /
Merger Items (1) -- 324 -- (1,119) 130 (47) (22) 27 NM (795) 88
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
ADJUSTED OPERATING
EXPENSES 6,739 7,004 6,339 7,674 7,451 7,477 7,239 7,702 -- 27,756 29,869
Provisions for
Benefits, Claims
and Credit Losses 2,589 2,703 2,925 2,899 2,777 2,941 2,890 2,900 -- 11,116 11,508
Effect of Credit Card
Securitization
Activity 462 581 576 568 588 570 552 559 (2%) 2,187 2,269
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
ADJUSTED PROVISIONS
FOR BENEFITS,
CLAIMS AND CREDIT
LOSSES 3,051 3,284 3,501 3,467 3,365 3,511 3,442 3,459 -- 13,303 13,777
CORE INCOME BEFORE
INCOME TAXES AND
MINORITY INTEREST 3,468 3,258 1,157 2,181 3,842 3,962 3,892 4,164 91% 10,064 15,860
Taxes on Core Income 1,249 1,157 375 713 1,367 1,420 1,386 1,489 109% 3,494 5,662
Minority Interest,
Net of Income Taxes 58 52 53 65 60 65 56 70 8% 228 251
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
CORE INCOME 2,161 2,049 729 1,403 2,415 2,477 2,450 2,605 86% 6,342 9,947
Restructuring /
Merger Items
After-tax (1) -- 191 -- (726) 74 (29) (15) 17 (102%) (535) 47
Cumulative Effect of
Accounting
Changes (2) -- -- -- -- (127) -- -- -- -- -- (127)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
NET INCOME $ 2,161 $ 2,240 $ 729 $ 677 $ 2,362 $ 2,448 $ 2,435 $ 2,622 287% $ 5,807 $ 9,867
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
YTD 1999
VS.
YTD 1998
INCREASE/
(DECREASE)
----------
<S> <C>
Total Revenues, Net
of Interest Expense 17%
Effect of Credit Card
Securitization
Activity 4%
ADJUSTED REVENUES,
NET OF INTEREST
EXPENSE 16%
Total Operating
Expenses 4%
Restructuring /
Merger Items (1) NM
ADJUSTED OPERATING
EXPENSES 8%
Provisions for
Benefits, Claims
and Credit Losses 4%
Effect of Credit Card
Securitization
Activity 4%
ADJUSTED PROVISIONS
FOR BENEFITS,
CLAIMS AND CREDIT
LOSSES 4%
CORE INCOME BEFORE
INCOME TAXES AND
MINORITY INTEREST 58%
Taxes on Core Income 62%
Minority Interest,
Net of Income Taxes 10%
CORE INCOME 57%
Restructuring /
Merger Items
After-tax (1) (109%)
Cumulative Effect of
Accounting
Changes (2) NM
NET INCOME 70%
</TABLE>
(1) Includes restructuring charge of $1,122 million pre-tax ($703 million
after-tax) and merger-related expenses of $65 million in the 1998
fourth quarter, a charge of $49 million pre-tax ($31 million after-tax)
related to severance in the 1999 third quarter; and a charge of $82
million pre-tax ($51 million after-tax) in the 1999 fourth quarter;
credits for reversals of prior charges of $324 million pre-tax ($191
million after-tax) in the 1998 second quarter, $68 million pre-tax ($42
million after-tax) in the 1998 fourth quarter, $211 million pre-tax
($125 million after-tax) in the 1999 first quarter, $68 million pre-tax
($41 million after-tax) in the 1999 third quarter, and $122 million
pre-tax ($76 million after-tax) in the 1999 fourth quarter. The 1999
fourth, third, second and first quarters also included $13 million
pre-tax ($8 million after-tax), $41 million pre-tax ($25 million
after-tax), $47 million pre-tax ($29 million after-tax), and $81
million pre-tax ($51 million after-tax), respectively, of accelerated
depreciation.
(2) First quarter 1999 accounting changes refer to adoption of Statement of
Position ("SOP") 97-3, "Accounting by Insurance and Other Enterprises
for Insurance-Related Assessments" (SOP 97-3) of ($135) million;
adoption of SOP 98-7, "Deposits Accounting: Accounting for Insurance
and Reinsurance Contracts That Do Not Transfer Insurance Risk" of $23
million; and the adoption of SOP 98-5, "Reporting on the Costs of
Start-Up Activities" of ($15) million.
NM - Not meaningful
<PAGE> 32
[CITIGROUP LOGO]
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)
<TABLE>
<CAPTION>
EOP AVERAGE
LOANS 90 DAYS OR MORE PAST DUE (1) LOANS NET CREDIT LOSSES (1)
------- -------------------------------- ------- ------------------------------
4Q 1999 4Q 1999 3Q 1999 4Q 1998 4Q 1999 4Q 1999 3Q 1999 4Q 1998
------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CITIBANKING NORTH AMERICA $ 7.4 $ 55 $ 64 $ 93 $ 7.4 $ 23 $ 20 $ 27
Ratio 0.75% 0.87% 1.20% 1.23% 1.03% 1.38%
MORTGAGE BANKING 30.1 696 629 625 28.6 11 8 17
Ratio 2.31% 2.28% 2.44% 0.15% 0.12% 0.27%
U.S. BANKCARDS 73.7 1,061 995 1,001 70.1 783 773 790
Ratio 1.44% 1.42% 1.45% 4.43% 4.40% 4.82%
OTHER CARDS 2.2 30 25 28 2.3 21 24 21
Ratio 1.38% 1.09% 1.23% 3.87% 3.82% 3.33%
CITIFINANCIAL 15.5 203 186 172 15.1 83 71 77
Ratio 1.31% 1.27% 1.44% 2.19% 2.00% 2.67%
EUROPE, MIDDLE EAST AND AFRICA 17.2 914 953 955 17.2 67 69 75
Ratio 5.33% 5.45% 5.46% 1.56% 1.60% 1.70%
ASIA PACIFIC 25.1 453 450 498 24.5 71 73 68
Ratio 1.80% 1.87% 2.28% 1.15% 1.23% 1.24%
LATIN AMERICA 7.8 320 325 288 7.9 94 110 67
Ratio 4.10% 4.10% 3.60% 4.71% 5.55% 3.39%
GLOBAL PRIVATE BANK 22.4 120 145 193 21.7 7 2 11
Ratio 0.54% 0.69% 1.14% 0.13% 0.05% 0.25%
OTHER 0.8 3 3 2 0.9 2 1 1
------ ------- ------- --------- --------- ------- ------- -------
TOTAL MANAGED 202.2 3,855 3,775 3,855 195.7 1,162 1,151 1,154
Ratio 1.91% 1.95% 2.12% 2.36% 2.40% 2.61%
SECURITIZATION ACTIVITIES:
SECURITIZED CREDIT CARD RECEIVABLES (49.0) (725) (704) (658) (48.6) (537) (525) (536)
LOANS HELD FOR SALE (4.5) (32) (37) (38) (4.3) (22) (27) (32)
------ ------- ------- --------- --------- ------- ------- -------
(53.5) (757) (741) (696) (52.9) (559) (552) (568)
TOTAL LOANS $148.7 $ 3,098 $ 3,034 $ 3,159 $ 142.8 $ 603 $ 599 $ 586
====== ======= ======= ========= ========= ======= ======= =======
Ratio 2.08% 2.17% 2.39% 1.68% 1.73% 1.80%
</TABLE>
(1) The ratios of 90 days or more past due and net credit losses are calculated
based on end-of-period and average loans, respectively, both net of
unearned income.
<PAGE> 33
DETAILS OF CREDIT LOSS EXPERIENCE [CITIGROUP LOGO]
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
------- ------- ------- -------
<S> <C> <C> <C> <C>
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 6,137 $ 6,159 $ 6,529 $ 6,604
------- ------- ------- -------
PROVISION FOR CREDIT LOSSES
Consumer 540 628 594 605
Commercial 55 28 232 69
GROSS CREDIT LOSSES
Consumer 618 716 686 715
Commercial 84 82 272 138
------- ------- ------- -------
702 798 958 853
------- ------- ------- -------
CREDIT RECOVERIES
Consumer 112 127 129 129
Commercial 29 54 40 47
------- ------- ------- -------
141 181 169 176
------- ------- ------- -------
NET CREDIT LOSSES 561 617 789 677
------- ------- ------- -------
Other -- net (1) (12) 331 38 16
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 6,159 $ 6,529 $ 6,604 $ 6,617
------- ------- ------- -------
Net consumer credit losses $ 506 $ 589 $ 557 $ 586
As a percentage of average consumer loans 1.75% 1.93% 1.80% 1.80%
Net commercial credit losses $ 55 $ 28 $ 232 $ 91
As a percentage of average commercial loans 0.28% 0.13% 1.07% 0.39%
ALLOWANCE FOR CREDIT LOSSES
- ---------------------------
Consumer (1) $ 2,830 $ 3,200 $ 3,275 $ 3,310
Commercial 3,329 3,329 3,329 3,307
------- ------- ------- -------
Total Allowance for Credit Losses $ 6,159 $ 6,529 $ 6,604 $ 6,617
======= ======= ======= =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.41% 2.67% 2.62% 2.50%
Commercial 3.89% 3.80% 3.68% 3.69%
Total 3.03% 3.15% 3.06% 2.98%
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 6,617 $ 6,662 $ 6,743 $ 6,706
------- ------- ------- -------
PROVISION FOR CREDIT LOSSES
Consumer 618 680 595 596
Commercial 111 110 37 90
GROSS CREDIT LOSSES
Consumer 695 772 744 739
Commercial 131 134 103 156
------- ------- ------- -------
826 906 847 895
------- ------- ------- -------
CREDIT RECOVERIES
Consumer 118 140 145 136
Commercial 20 24 16 57
------- ------- ------- -------
138 164 161 193
------- ------- ------- -------
NET CREDIT LOSSES 688 742 686 702
------- ------- ------- -------
Other -- net (1) 4 33 17 (11)
------- ------- ------- -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 6,662 $ 6,743 $ 6,706 $ 6,679
======= ======= ======= =======
Net consumer credit losses $ 577 $ 632 $ 599 $ 603
As a percentage of average consumer loans 1.78% 1.89% 1.73% 1.68%
Net commercial credit losses $ 111 $ 110 $ 87 $ 99
As a percentage of average commercial loans 0.46% 0.48% 0.37% 0.42%
ALLOWANCE FOR CREDIT LOSSES
Consumer (1) $ 3,355 $ 3,436 $ 3,449 $ 3,435
Commercial 3,307 3,307 3,257 3,244
------- ------- ------- -------
Total Allowance for Credit Losses $ 6,662 $ 6,743 $ 6,706 $ 6,679
======= ======= ======= =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.56% 2.55% 2.47% 2.31%
Commercial 3.46% 3.38% 3.34% 3.40%
Total 2.94% 2.90% 2.83% 2.73%
</TABLE>
(1) The 1998 second quarter reflects the addition of $320 million of credit
reserves related to the acquisition of the Universal Card portfolio.
Page 24
<PAGE> 34
CITIGROUP SUPPLEMENTAL DATA [CITIGROUP LOGO]
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
------ ------ ------ ------
<S> <C> <C> <C> <C>
CASH BASIS AND RENEGOTIATED LOANS
COMMERCIAL CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value)(1) $ 242 $ 193 $ 170 $ 394
Other 1,102 1,100 1,110 1,201
====== ====== ====== ======
Total Cash-Basis Loans $1,344 $1,293 $1,280 $1,595
====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets $ 953 $ 981 $ 982 $1,062
Global Relationship Banking 378 300 286 268
Insurance Subsidiaries -- -- -- 252
Investment Activities 13 12 12 13
------ ------ ------ ------
Total Cash-Basis Loans $1,344 $1,293 $1,280 $1,595
====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 61 $ 45 $ 48 $ 45
====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $2,013 $2,031 $2,107 $2,283
====== ====== ====== ======
OTHER REAL ESTATE OWNED (2)
Consumer $ 258 $ 199 $ 260 $ 254
------ ------ ------ ------
Emerging Markets 21 24 26 27
Global Relationship Banking 329 324 319 235
Insurance Subsidiaries 181 183 203 226
------ ------ ------ ------
Total Commercial 531 531 548 488
------ ------ ------ ------
Corporate/Other 8 8 8 8
------ ------ ------ ------
Total $ 797 $ 738 $ 816 $ 750
====== ====== ====== ======
ASSETS PENDING DISPOSITION (3) $ 103 $ 104 $ 103 $ 100
====== ====== ====== ======
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
CASH BASIS AND RENEGOTIATED LOANS
COMMERCIAL CASH-BASIS LOANS
Collateral Dependent (at lower of cost or collateral value)(1) $ 358 $ 214 $ 277 $ 241
Other 1,277 1,341 1,232 1,162
====== ====== ====== ======
Total Cash-Basis Loans $1,635 $1,555 $1,509 $1,403
====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets $1,095 $1,197 $1,154 $1,044
Global Relationship Banking 308 279 302 304
Insurance Subsidiaries 218 66 40 41
Investment Activities 14 13 13 14
====== ====== ====== ======
Total Cash-Basis Loans $1,635 $1,555 $1,509 $1,403
====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 47 $ 50 $ 68 $ 59
====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $2,252 $2,259 $2,214 $2,230
====== ====== ====== ======
OTHER REAL ESTATE OWNED (2)
Consumer $ 217 $ 213 $ 211 $ 204
------ ------ ------ ------
Emerging Markets 26 28 50 44
Global Relationship Banking 212 178 178 156
Insurance Subsidiaries 217 420 420 286
------ ------ ------ ------
Total Commercial 455 626 648 486
------ ------ ------ ------
Corporate/Other 8 8 8 14
------ ------ ------ ------
Total $ 680 $ 847 $ 867 $ 704
====== ====== ====== ======
ASSETS PENDING DISPOSITION (3) $ 95 $ 89 $ 87 $ 86
====== ====== ====== ======
</TABLE>
(1) A cash-basis loan is defined as collateral dependent when repayment is
expected to be provided solely by the underlying collateral and there are
no other available and reliable sources of repayment, in which case the
loans are written down to the lower of cost or collateral value.
(2) Represents repossessed real estate, carried at lower of cost or collateral
value.
(3) Represents consumer residential mortgage loans that have a high probability
of foreclosure, carried at lower of cost or collateral value.
<PAGE> 35
MANAGED ASSETS AND INSURANCE INVESTMENTS [CITIGROUP LOGO]
(In billions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
SSB Citi Asset Management Group $ 280.7 $ 291.5 $ 294.0 $ 327.0
SSB - Financial Consultant managed accounts 13.3 14.3 13.8 16.5
Travelers Life and Annuity 25.2 24.3 25.7 26.0
--------- --------- --------- ---------
Total assets managed for third parties 319.2 330.1 333.5 369.5
Consulting Group externally managed assets 67.1 69.3 63.9 71.9
Other investments held by Insurance companies 37.1 38.2 40.1 37.6
--------- --------- --------- ---------
Total managed assets and insurance investments $ 423.4 $ 437.6 $ 437.5 $ 479.0
========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS.
1Q 2Q 3Q 4Q 4Q 1998 INCREASE/
1999 1999 1999 1999 (DECREASE)
--------- --------- --------- --------- -----------------
<S> <C> <C> <C> <C> <C>
SSB Citi Asset Management Group $ 338.2 $ 347.4 $ 351.4 $ 364.4 11%
SSB - Financial Consultant managed accounts 18.6 20.2 21.4 27.4 66%
Travelers Life and Annuity 26.6 27.3 27.5 27.4 5%
--------- --------- --------- ---------
Total assets managed for third parties 383.4 394.9 400.3 419.2 13%
Consulting Group externally managed assets 73.1 76.8 74.6 83.0 15%
Other investments held by Insurance companies 39.0 39.3 38.6 37.5 --
--------- --------- --------- ---------
Total managed assets and insurance investments $ 495.5 $ 511.0 $ 513.5 $ 539.7 13%
========= ========= ========= =========
</TABLE>
INSURANCE INVESTMENT PORTFOLIO
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 8,726 $ 8,693 $ 9,663 $ 9,599
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 3,912 4,281 4,977 4,144
Corporates (including redeemable preferreds) 27,428 27,176 26,796 26,437
Obligations of states and political subdivisions 9,124 10,107 10,854 10,977
Debt securities issued by foreign governments 1,339 1,166 997 1,603
Held to maturity, at amortized cost 38 36 33 30
-------- -------- -------- --------
Total fixed income 50,567 51,459 53,320 52,790
Equity securities, at market 1,541 1,503 1,368 1,423
Short-term and other 6,709 6,179 7,477 5,757
-------- -------- -------- --------
Total investments held by Insurance companies $ 58,817 $ 59,141 $ 62,165 $ 59,970
======== ======== ======== ========
After tax unrealized gains / (losses) on invested assets $ 1,121 $ 1,274 $ 1,793 $ 1,400
======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
4Q 1999 VS.
1Q 2Q 3Q 4Q 4Q 1998 INCREASE/
1999 1999 1999 1999 (DECREASE)
-------- -------- -------- -------- -----------------
<S> <C> <C> <C> <C> <C>
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 9,595 $ 9,294 $ 9,058 $ 9,010 (6%)
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 3,728 3,324 2,983 2,778 (33%)
Corporates (including redeemable preferreds) 27,346 27,504 27,606 26,635 1%
Obligations of states and political subdivisions 11,023 10,672 10,362 9,981 (9%)
Debt securities issued by foreign governments 1,822 1,842 1,631 1,711 7%
Held to maturity, at amortized cost 28 26 24 33 10%
-------- -------- -------- --------
Total fixed income 53,542 52,662 51,664 50,148 (5%)
Equity securities, at market 1,685 1,819 1,905 2,121 49%
Short-term and other 6,651 5,301 5,524 5,322 (8%)
-------- -------- -------- --------
Total investments held by Insurance companies $ 61,878 $ 59,782 $ 59,093 $ 57,591 (4%)
======== ======== ======== ========
After tax unrealized gains / (losses) on invested assets $ 943 $ 100 $ (251) $ (587) (142%)
======== ======== ======== ========
</TABLE>
<PAGE> 36
CITICORP SUPPLEMENTAL DATA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
------- ------- ------- -------
<S> <C> <C> <C> <C>
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 3,111 $ 3,273 $ 3,400 $ 3,583
Effect of Credit Card Securitization Activity 642 913 956 1,042
------- ------- ------- -------
Total Adjusted $ 3,753 $ 4,186 $ 4,356 $ 4,625
======= ======= ======= =======
Average Interest Earning Assets (in billions of dollars) $ 277.6 $ 288.9 $ 292.4 $ 299.7
Effect of Credit Card Securitization Activity 27.6 37.0 40.2 41.5
------- ------- ------- -------
Total Adjusted $ 305.2 $ 325.9 $ 332.6 $ 341.2
======= ======= ======= =======
Net Interest Margin (%) 4.54% 4.54% 4.61% 4.74%
Effect of Credit Card Securitization Activity 0.45% 0.61% 0.59% 0.64%
------- ------- ------- -------
Total Adjusted 4.99% 5.15% 5.20% 5.38%
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q FULL YEAR FULL YEAR
1999 1999 1999 1999 1998 1999
------- ------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 3,587 $ 3,651 $ 3,660 $ 3,714 $13,367 $14,612
Effect of Credit Card Securitization Activity 1,084 1,020 1,043 1,008 3,553 4,155
------- ------- ------- ------- ------- -------
Total Adjusted $ 4,671 $ 4,671 $ 4,703 $ 4,722 $16,920 $18,767
======= ======= ======= ======= ======= =======
Average Interest Earning Assets (in billions of dollars) $ 300.8 $ 304.4 $ 307.9 $ 313.4 $ 289.7 $ 306.6
Effect of Credit Card Securitization Activity 44.3 46.7 47.9 48.6 36.6 46.9
------- ------- ------- ------- ------- -------
Total Adjusted $ 345.1 $ 351.1 $ 355.8 $ 362.0 $ 326.3 $ 353.5
======= ======= ======= ======= ======= =======
Net Interest Margin (%) 4.84% 4.81% 4.72% 4.70% 4.61% 4.77%
Effect of Credit Card Securitization Activity 0.65% 0.53% 0.52% 0.47% 0.57% 0.54%
------- ------- ------- ------- ------- -------
Total Adjusted 5.49% 5.34% 5.24% 5.17% 5.18% 5.31%
======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1998 1998 1998 1998
------- ------- ------- -------
<S> <C> <C> <C> <C>
TRADING RELATED REVENUES
BY BUSINESS SECTOR:
Global Corporate (1):
Emerging Markets $ 316 $ 287 $ 144 $ 253
Global Relationship Banking 338 329 153 231
------- ------- ------- -------
Total Global Corporate 654 616 297 484
Global Consumer and Other 74 114 95 101
------- ------- ------- -------
Total $ 728 $ 730 $ 392 $ 585
======= ======= ======= =======
BY TRADING ACTIVITY:
Foreign Exchange $ 412 $ 425 $ 403 $ 373
Derivative 196 182 94 223
Fixed Income 70 31 (30) (11)
Other 50 92 (75) --
------- ------- ------- -------
Total $ 728 $ 730 $ 392 $ 585
======= ======= ======= =======
BY INCOME STATEMENT LINE:
Foreign Exchange $ 349 $ 465 $ 474 $ 340
Trading Account 236 98 (159) 90
Other 143 167 77 155
------- ------- ------- -------
Total $ 728 $ 730 $ 392 $ 585
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q FULL YEAR FULL YEAR
1999 1999 1999 1999 1998 1999
------- ------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
TRADING RELATED REVENUES
BY BUSINESS SECTOR:
Global Corporate (1):
Emerging Markets $ 335 $ 253 $ 261 $ 237 $ 1,000 $ 1,086
Global Relationship Banking 414 253 297 299 1,051 1,263
------- ------- ------- ------- ------- -------
Total Global Corporate 749 506 558 536 2,051 2,349
Global Consumer and Other 123 94 127 111 384 455
------- ------- ------- ------- ------- -------
Total $ 872 $ 600 $ 685 $ 647 $ 2,435 $ 2,804
======= ======= ======= ======= ======= =======
BY TRADING ACTIVITY:
Foreign Exchange $ 430 $ 308 $ 394 $ 346 $ 1,613 $ 1,478
Derivative 303 192 197 205 695 897
Fixed Income 32 21 31 34 60 118
Other 107 79 63 62 67 311
------- ------- ------- ------- ------- -------
Total $ 872 $ 600 $ 685 $ 647 $ 2,435 $ 2,804
======= ======= ======= ======= ======= =======
BY INCOME STATEMENT LINE:
Foreign Exchange $ 488 $ 368 $ 358 $ 355 $ 1,628 $ 1,569
Trading Account 304 138 252 194 265 888
Other 80 94 75 98 542 347
------- ------- ------- ------- ------- -------
Total $ 872 $ 600 $ 685 $ 647 $ 2,435 $ 2,804
======= ======= ======= ======= ======= =======
</TABLE>
(1) Global Relationship Banking and Emerging Markets split restated to reflect
current management structure.
<PAGE> 37
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 19, 2000 CITIGROUP INC.
By: /s/ Roger W. Trupin
--------------------------------
Name: Roger W. Trupin
Title: Controller
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