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<PAGE>
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 16, 2001
---------------------------
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)
399 Park Avenue, New York, New York 10043
---------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 559-1000
---------------------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE>
Citigroup Inc.
Current Report on Form 8-K
Item 5. Other Events.
On January 16, 2001 Citigroup Inc. reported core income for the fourth quarter
of $3.33 billion, or $0.65 per share, diluted, increasing 12%, after an
aggregate charge of $146 million (or $0.03/share) relating to a transportation
loss provision for the Associates' truck loan and leasing portfolio and
adjustments to reflect the timing differences of conforming Associates'
accounting policies to those of Citigroup. Core income for the full year was a
record $14.14 billion, or $2.74 per share, diluted, for the year ended December
31, 2000, a 25% increase over the prior year. These results are after an
aggregate charge of $298 million (or $0.06/share) relating to the aforementioned
items. Net income of $13.52 billion for the year ended December 31, 2000, was
also reduced by $621 million in restructuring and merger-related items primarily
related to the acquisition of the Associates.
o Each of Citigroup's business segments continued strong performance in
the quarter, with growth of 25% in the Global Consumer Group, 10% in
the Global Corporate and Investment Bank, and 8% for Global Investment
Management and Private Banking;
o Total revenue increased 14%;
o Return on common equity was 24% for the full year;
o Total equity (including trust preferred securities) increased to $71.2
billion at December 31, 2000;
o The Global Corporate and Investment Bank was named "Bank of the Year"
by INTERNATIONAL FINANCIAL REVIEW, for the second consecutive year;
o Citibank OnLine, the company's recently launched Internet banking
product, was ranked number one by Gomez and Forrester Research.
"This has been a year of enormous accomplishment for Citigroup and we are
delighted with the strength of our performance company-wide," said Sanford I.
Weill, Chairman and Chief Executive Officer of Citigroup. "We are among the top
earning companies in the world, with all of our major business segments
contributing to our success, and we continue to increase our base of recurring
and predictable earnings. We are taking steps to assure that our footprint in
rapidly growing markets is significant enough to take full advantage of the
developing potential in these areas, and tailoring our investment, insurance and
consumer finance products to the needs of the emerging middle class around the
world.
"The acquisitions of Schroders and Associates are contributing to our core
earnings even as they build our business capabilities in strategically important
markets. In addition, we have made significant progress on our Internet
strategy, with the launch of several new and well-accepted products into the
consumer and corporate markets, including the number-one ranked Internet banking
product."
<PAGE>
GLOBAL CONSUMER
4TH QUARTER CORE INCOME: $1.47 BILLION, UP 25% FROM $1.17 BILLION
2000 CORE INCOME: $5.29 BILLION, UP 22%
Citigroup's Global Consumer businesses contributed $1.47 billion in core income
in the fourth quarter, rising 25% on the strength of North America Cards' and
Travelers Life and Annuity's performance, controlled expense growth, and
generally stable credit trends across most businesses. Citigroup's global cards
business, spanning 46 countries with 100 million accounts, increased receivables
to $117.7 billion, generating core income of $650 million. During the year,
Citigroup also launched a number of significant Internet-based products designed
to meet a full spectrum of consumer financial needs, including MyCiti.com, the
first account aggregation site to be offered by a major financial services firm,
as well as c2it, one of the first person-to-person payments capabilities over
the internet. More than 8.2 million on-line accounts now access Citigroup's
products and services over the internet. Cross-marketing programs throughout the
Global Consumer business continue to increase their contribution to results, as
both SSB mortgage referrals and the sale of Travelers individual annuities were
strong in the quarter, and sales of Citifinancial home equity loans surged 43%.
o Core income from BANKING/LENDING rose 27% to $761 million, led by NORTH
AMERICA CARDS, where managed receivables increased 5% or $4 billion from the
third quarter and 17% from one year ago. The net interest margin improved by
19 basis points in the quarter, accelerating revenue growth to 6% and driving
core income growth of 26% to $408 million from the prior year period.
CITIBANKING NORTH AMERICA benefited from 8% deposit growth and expense
controls which offset spread compression and lower investment product fees,
driving a 27% increase in core income. MORTGAGE BANKING core income growth of
38% reflected volume growth in both mortgages and student loans, offset by
lower spreads. CITIFINANCIAL continued to generate strong production rates,
with receivables totaling more than $18 billion, up 18%, leading to core
income growth of 22% in the quarter.
o INSURANCE core income increased 22% to $419 million. PRIMERICA'S core income
rose 8%. Production was strong, reflecting a 28% increase in loans, 15%
growth in mutual fund sales, and 16% in face amount of insurance issued,
accompanied by strong recruitment and licensing. Revenue growth was partly
offset by investment in international expansion. TRAVELERS LIFE AND ANNUITY
core income grew by 55%, driven by strong business volumes, higher net
investment income and the absence of certain expenses occurring in the prior
year quarter. Strong individual annuity sales continued in both proprietary
and non-proprietary channels, yielding the highest net sales in five
quarters. TRAVELERS PROPERTY CASUALTY'S PERSONAL LINES income decline of 9%
reflected a continuation of higher loss costs as well as lower favorable
prior year reserve development partly offset by the incremental earnings from
the minority interest buyback earlier in 2000. Net written premium growth,
excluding SECURE, was 8% in the quarter.
o INTERNATIONAL core income increased 23%. In the developed markets of WESTERN
EUROPE AND JAPAN, income rose 43% to $129 million, led by substantial volume
growth in Japan and the contribution of the Diners Club acquisition,
completed earlier in 2000, as well as growth in loans and investment products
across Europe. EMERGING MARKETS Consumer core income of $218 million grew
14%. Excluding Japan, Asia core income increased 36%, reflecting volume
growth in cards and deposits and improvements in credit costs. CEEMEA core
income increased 40%, due to increased volumes throughout the region. Latin
America core income fell 16%, reflecting revenue weakness in certain Latin
American markets, and lower earnings in Mexico. Results in Mexico were
impacted by the loss of a subsidy related to the Confia acquisition which
was partially restored as a result of the recent agreement with the Mexican
Government. The agreement resulted in the recognition of $27 million of
after-tax gains in the quarter, in addition to ongoing interest income.
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
4TH QUARTER CORE INCOME: $1.41 BILLION, UP 10% FROM $1.28 BILLION
2000 CORE INCOME: $6.37 BILLION, UP 28%
The Global Corporate and Investment Bank's core income rose 10% in the quarter,
with 14% revenue growth, boosted by strong performance in the emerging markets.
In addition to naming Citigroup as the "Bank of the Year" for the second year in
a row, with particular emphasis on Salomon Smith Barney's successful build-out
in Europe and Japan, INTERNATIONAL FINANCING REVIEW also named Citibank/SSB
"Global Loan House of the Year", and Citigroup "Latin American Bank of the
Year." Citigroup was also named "Bank of the Year" by FINANCE ASIA magazine.
Citibank's product capabilities in the emerging markets were recognized by
GLOBAL CUSTODIAN magazine, which named Citibank the top-rated custody bank in 19
emerging markets. In addition, Citibank was awarded "Best Bank" by CORPORATE
FINANCE for project finance, cash management and foreign exchange, and named
"Best Emerging Markets Bank in the World" by GLOBAL FINANCE. Citibank/SSB's
global derivatives and securitization businesses also received top accolades
from GLOBAL FINANCE. Salomon Smith Barney was further recognized for its lead
advisory role in the "Deal of the Year," the merger of AOL and Time Warner, by
INVESTMENT DEALERS' DIGEST. Salomon Smith Barney continues to demonstrate
leadership in capital markets, ranking #1 in global underwriting, and has made
substantial strides in global mergers and acquisitions, moving to #4 from #7 one
year ago.
o Reflecting the successful integration of these businesses, SALOMON SMITH
BARNEY and THE GLOBAL RELATIONSHIP BANK are now reported on a combined basis.
For the full year, core income rose 23% with a net revenue increase of 20%.
In the fourth quarter, an industry-wide slowdown in several areas of
investment banking and securities brokerage activities drove a 13% decline in
core income from the 1999 period, to $716 million. Results were also affected
by higher expenses due to the Schroders and Copelco acquisitions in 2000, and
a substantial increase in compensation costs in response to competitor
practices and investment spending. Fees and commissions rose 3% in the
quarter, primarily reflecting an increase in institutional securities
commissions. Asset management and administration fees retained in this
segment increased 29% largely in the Private Client wrap fee business where
the firm continues its #1 position. Principal transactions revenue rose 2%
reflecting higher equities and foreign exchange trading income offset by a
decline in fixed income trading. Investment banking revenue increased 8%, as
record merger and acquisition fees as well as increased fees from loans and
structured products were partly offset by a significant decline in
high-margin equity underwriting.
Private client results reflected substantial growth for 2000, as the firm
added a record 800 Financial Consultants and gross production per FC exceeded
$500,000 for the year. For the full year, Private Client core income rose
17%, passing the $1 billion mark. However, for the quarter, core income
declined to $199 million, as the business invested substantially in
additional branches as well as in technology upgrades across the branch
system. The number of accounts using Salomon Smith Barney's on-line ACCESS
service reached 1.5 million, almost tripling the household penetration from a
year ago.
o EMERGING MARKETS CORPORATE BANKING reported record core income of $448
million, a 72% increase over the 1999 quarter, driven by strong business
conditions in all regions, tight expense control management as well as credit
improvements. Revenue growth of 24% reflected growth in transaction services
and trading results, as well as the contribution of Bank Handlowy, acquired
earlier in 2000. Expense growth was held to 9% (a 2% improvement over the
1999 quarter excluding the impact of the Handlowy acquisition). The
provision for loan losses continued to improve, down $90 million, primarily
in the Asia region.
o TRAVELERS PROPERTY CASUALTY COMMERCIAL LINES core income increased 25% driven
by continued pricing improvements across all market segments, as well as the
minority interest buyback earlier in 2000, partly offset by increased loss
cost trends and lower net investment income. Net written premiums increased
22%, including the impact of Reliance Surety and the purchase of renewal
rights for Reliance's middle market business and Frontier specialty business.
<PAGE>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
4TH QUARTER CORE INCOME: $163 MILLION, UP 8% FROM $151 MILLION
2000 CORE INCOME: $685 MILLION, UP 15%
During the quarter, Citigroup's Global Investment Management and Private Banking
Group continued to invest in developing its global research platform, improving
investment performance and expanding its activities in the retirement services
market, while increasing sales through proprietary distribution channels
throughout the company. Revenues for the quarter rose 16%, with double-digit
growth experienced in the Private Bank and across Asset Management and
Retirement Services, led by the increased ownership stakes in Garante and
Siembra.
o ASSET MANAGEMENT core income (including Retirement Services) was $78 million,
unchanged from the prior year period, as revenue growth of 19% was offset by
continued investment spending to build the business' global sales and
marketing capacity as well as its research, quantitative and technology
platforms. Assets under management increased 6% to $401 billion, as net flows
were offset by declines in market values.
Sales of the group's long-term mutual funds and managed account products
through the Salomon Smith Barney retail channel rose 71% to $6.5 billion,
representing 56% of this channel in the quarter. The group's share of the
Primerica channel was 54%, with $429 million in SSB Citi Asset Management
U.S. mutual and money funds sold. Sales through Citibank's global retail
banking network reached $3.0 billion in the quarter. Share of the U.S. branch
channel reached 74%, following the successful launch of the Smith Barney
mutual funds in the third quarter. Institutional client assets rose to $154
billion, including $5.5 billion in assets raised from Global Corporate and
Investment Bank customers in the fourth quarter.
o Core income for the PRIVATE BANK rose 16% to $85 million. Revenues increased
11% with stronger asset management fees as well as higher interest income,
partly offset by continued investment in sales infrastructure. Client
business volumes rose 9%, reaching $153 billion.
ASSOCIATES FIRST CAPITAL
4TH QUARTER CORE INCOME: $289 MILLION,
INCLUDING $135 MILLION IN TRANSPORTATION LOSS PROVISION AND $11 MILLION
IN CONFORMING ADJUSTMENTS
2000 CORE INCOME: $1.38 BILLION, DOWN 1%
INCLUDING TRANSPORTATION LOSS PROVISION AND $163 MILLION IN CONFORMING
ADJUSTMENTS
Associates First Capital core income for the fourth quarter was $289 million,
versus $394 million in the prior year period, reflecting an aggregate charge of
$146 million relating to a transportation loss provision for the truck loan and
leasing portfolio and adjustments reflecting the timing differences of
conforming Associates' accounting policies to those of Citigroup. Full year core
income of $1.38 billion also included $298 million for these items. Net income
for Citigroup also reflects $459 million in restructuring and merger-related
items in the fourth quarter as a result of the Associates acquisition. Revenue
growth was 22%, driven by higher net interest income as a result of 17%
receivables growth. Expenses in the quarter rose 19%.
<PAGE>
CORPORATE/OTHER, E-CITI, AND INVESTMENT ACTIVITIES
The loss from CORPORATE/OTHER decreased in the quarter primarily reflecting
lower Y2K costs at the corporate level partially offset by higher funding costs.
Losses in E-CITI, the remainder of internet-related development activities not
allocated to the individual businesses, improved from the prior year quarter.
Income from INVESTMENT ACTIVITIES was $203 million, down from the prior year and
the prior quarter, reflecting realized and unrealized gains in a number of
private equity investments offset by lower market values in the company's public
equity securities.
# # #
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. The Company'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; and the earnings impact of recent acquisitions.
# # #
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>
<TABLE>
<CAPTION>
[LOGO CITIGROUP]
----------------------------------------------------------------------------------------------------------------------------------
CITIGROUP SEGMENT INCOME FOURTH QUARTER % YEAR ENDED %
(IN MILLIONS OF DOLLARS) ------------------- -------------------
2000 1999 Change 2000 1999 Change
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CONSUMER
Citibanking North America........................... $ 146 $ 115 27 $ 566 $ 398 42
Mortgage Banking.................................... 76 55 38 272 225 21
North America Cards................................. 408 324 26 1,381 1,182 17
CitiFinancial....................................... 131 107 22 481 388 24
------------------------- ----------------------
Banking / Lending....................................... 761 601 27 2,700 2,193 23
------------------------- ----------------------
Travelers Life and Annuity.......................... 209 135 55 777 623 25
Primerica Financial Services........................ 124 115 8 492 452 9
Personal Lines...................................... 86 94 (9) 311 279 11
------------------------- ----------------------
Insurance............................................... 419 344 22 1,580 1,354 17
------------------------- ----------------------
Western Europe...................................... 94 72 31 345 275 25
Japan............................................... 35 18 94 139 87 60
Emerging Markets Consumer Banking................... 218 191 14 830 624 33
------------------------- ----------------------
Total International..................................... 347 281 23 1,314 986 33
------------------------- ----------------------
e-Consumer.............................................. (45) (33) (36) (202) (111) (82)
Other Consumer.......................................... (16) (22) 27 (98) (75) (31)
------------------------- ----------------------
TOTAL GLOBAL CONSUMER................................... 1,466 1,171 25 5,294 4,347 22
------------------------- ----------------------
GLOBAL CORPORATE AND INVESTMENT BANK
Salomon Smith Barney and The Global Relationship Bank 716 824 (13) 3,688 2,989 23
Emerging Markets Corporate Banking...................... 448 260 72 1,610 1,162 39
Commercial Lines Insurance.............................. 250 200 25 1,072 845 27
------------------------- ----------------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK.............. 1,414 1,284 10 6,370 4,996 28
------------------------- ----------------------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
SSB Citi Asset Management Group......................... 78 78 - 361 328 10
Global Private Bank..................................... 85 73 16 324 269 20
------------------------- ----------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING.. 163 151 8 685 597 15
------------------------- ----------------------
ASSOCIATES BEFORE TRANSPORTATION LOSS PROVISION (A)..... 424 394 8 1,516 1,402 8
Transportation Loss Provision........................... (135) - NM (135) - NM
------------------------- ----------------------
TOTAL ASSOCIATES........................................ 289 394 (27) 1,381 1,402 (1)
INVESTMENT ACTIVITIES................................... 203 213 (5) 1,363 658 107
Corporate / Other....................................... (195) (201) 3 (888) (605) (47)
E-Citi.................................................. (9) (14) 36 (65) (50) (30)
------------------------- ----------------------
TOTAL CORPORATE / OTHER................................. (204) (215) 5 (953) (655) (45)
------------------------- ----------------------
CORE INCOME (B)......................................... 3,331 2,998 11 14,140 11,345 25
------------------------- ----------------------
Restructuring and Merger Related Items -- After Tax (C). (491) 17 NM (621) 25 NM
Cumulative Effect of Accounting Changes (D)............. - - NM - (127) NM
------------------------- ----------------------
NET INCOME.............................................. $ 2,840 $ 3,015 (6) $ 13,519 $ 11,243 20
==================================================================================================================================
DILUTED EARNINGS PER SHARE:
CORE INCOME (E)......................................... $ 0.65 $ 0.58 12 $ 2.74 $ 2.19 25
NET INCOME.............................................. 0.55 0.58 (5) 2.62 2.17 21
==================================================================================================================================
</TABLE>
(A) The transportation loss provision of $135 million (after-tax) and
conforming accounting adjustments of $11 million (after-tax) in the 2000
fourth quarter and $163 million in the full year reduced core income
earnings per share by $0.03 and $0.06, respectively. Conforming accounting
adjustments of $14 million in the 1999 fourth quarter had no impact on
core earnings per share and adjustments of $110 million in the 1999 full
year reduced core income earnings per share by $0.02.
(B) Core Income Before Transportation Loss Provision is $3.466 billion and
$2.998 billion in the 2000 and 1999 fourth quarters, respectively, and
$14.275 billion and $11.345 billion in the 2000 and 1999 full years,
respectively.
(C) Restructuring and merger-related items in the 2000 fourth quarter related
to the acquisition of Associates First Capital Corporation include a
restructuring charge of $340 million for business improvement and
integration initiatives and $119 million for merger-related expenses.
(D) 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.
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CORE INCOME SUPPLEMENTAL DISCLOSURE FOURTH QUARTER % YEAR ENDED %
(IN MILLIONS OF DOLLARS) ------------------- -------------------
2000 1999 Change 2000 1999 Change
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL CORPORATE AND INVESTMENT BANK
Global Corporate Finance............................ $ 829 $ 750 11 $ 3,617 $ 3,019 20
Transaction Services................................ 130 58 124 512 195 163
Private Client...................................... 199 264 (25) 1,070 918 17
Commercial Lines Insurance.......................... 250 200 25 1,072 845 27
Other............................................... 6 12 (50) 99 19 NM
------------------------- ----------------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK.............. $ 1,414 $ 1,284 10 $ 6,370 $ 4,996 28
==================================================================================================================================
EMERGING MARKETS CONSUMER AND CORPORATE BANKING
Asia.................................................... $ 270 $ 183 48 $ 1,164 $ 821 42
Latin America........................................... 245 217 13 956 866 10
Central and Eastern Europe, Middle East and Africa...... 137 81 69 491 305 61
Other................................................... 41 7 NM 63 (3) NM
------------------------- ----------------------
TOTAL EMERGING MARKETS.................................. $ 693 $ 488 42 $ 2,674 $ 1,989 34
==================================================================================================================================
GLOBAL WEALTH MANAGEMENT
Private Client.......................................... $ 199 $ 264 (25) $ 1,070 $ 918 17
SSB Citi Asset Management Group......................... 78 78 - 361 328 10
Global Private Bank..................................... 85 73 16 324 269 20
Global Consumer Investment, Life Insurance
and Annuity Products................................ 353 269 31 1,414 1,122 26
------------------------- ----------------------
Total Global Wealth Management.......................... $ 715 $ 684 5 $ 3,169 $ 2,637 20
==================================================================================================================================
GLOBAL CARDS
North America........................................... $ 408 $ 324 26 $ 1,381 $ 1,182 17
International........................................... 115 91 26 433 238 82
Associates.............................................. 127 83 53 380 268 42
------------------------- ----------------------
TOTAL GLOBAL CARDS...................................... $ 650 $ 498 31 $ 2,194 $ 1,688 30
==================================================================================================================================
</TABLE>
<PAGE>
CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT
<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
North America Cards 6
CitiFinancial 7
INSURANCE
Travelers Life and Annuity 8
Primerica Financial Services 9
Travelers Property Casualty - Personal Lines 10
INTERNATIONAL
Western Europe 11
Central & Eastern Europe, Middle East & Africa 12
Japan 13
Asia 14
Latin America 15
OTHER CONSUMER 16
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney & The Global Relationship Bank 17
Salomon Smith Barney 18
Emerging Markets Corporate Banking 19
Travelers Property Casualty - Commercial Lines 20
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services 21
Global Private Bank 22
ASSOCIATES 23
INVESTMENT ACTIVITIES 24
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 25
Earnings Analysis - Managed Basis 26
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 27
Details of Credit Loss Experience 28
Cash Basis and Renegotiated Loans, Other Real Estate Owned and Assets Pending Disposition 29
Insurance Investment Portfolio 30
Global Cards Supplemental Data 31
Global Corporate and Investment Bank - Supplemental Product and Regional Results 32
Emerging Markets - Consumer and Corporate Banking 33
Global Wealth Management 34
CITICORP SUPPLEMENTAL DATA 35
</TABLE>
<PAGE>
CITIGROUP -- FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
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
1999 1999 1999 1999
-------------- -------------- -------------- -----------
<S> <C> <C> <C> <C>
CORE INCOME $ 2,723 $ 2,820 $ 2,804 $ 2,998
Restructuring and Merger-Related Items 52 (29) (15) 17
Cumulative Effect of Accounting Changes (127) - - -
-------------- -------------- -------------- -----------
NET INCOME $ 2,648 $ 2,791 $ 2,789 $ 3,015
============== ============== ============== ===========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.54 $ 0.56 $ 0.56 $ 0.60
============== ============== ============== ===========
NET INCOME $ 0.52 $ 0.55 $ 0.55 $ 0.60
============== ============== ============== ===========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,987.1 4,977.7 4,976.6 4,975.5
============== ============== ============== ===========
PREFERRED DIVIDENDS - BASIC $ 40 $ 38 $ 38 $ 33
============== ============== ============== ===========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.52 $ 0.54 $ 0.54 $ 0.58
============== ============== ============== ===========
NET INCOME $ 0.51 $ 0.54 $ 0.54 $ 0.58
============== ============== ============== ===========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION $ 0.53 $ 0.55 $ 0.55 $ 0.59
============== ============== ============== ===========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,123.3 5,137.7 5,123.5 5,126.6
============== ============== ============== ===========
PREFERRED DIVIDENDS - DILUTED $ 37 $ 35 $ 34 $ 33
============== ============== ============== ===========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,041.0 5,036.4 5,023.1 5,024.1
============== ============== ============== ===========
TIER 1 CAPITAL RATIO 8.02% 8.45% 8.68% 8.87%*
============== ============== ============== ===========
TOTAL CAPITAL RATIO 10.49% 10.92% 11.14% 11.33%*
============== ============== ============== ===========
LEVERAGE RATIO 5.98% 6.16% 6.39% 6.62%*
============== ============== ============== ===========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 773.9 $ 775.7 $ 772.4 $ 799.3*
============== ============== ============== ===========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 52.4 $ 53.7 $ 55.4 $ 58.3*
============== ============== ============== ===========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 57.3 $ 58.6 $ 60.3 $ 63.2*
============== ============== ============== ===========
BOOK VALUE PER SHARE, AT PERIOD END $ 9.97 $ 10.24 $ 10.62 $ 11.22
============== ============== ============== ===========
RETURN ON COMMON EQUITY (NET INCOME) 21.5% 21.7% 20.9% 21.8%*
============== ============== ============== ===========
RETURN ON COMMON EQUITY (CORE INCOME) 22.1% 21.9% 21.0% 21.6%*
============== ============== ============== ===========
<CAPTION>
===================================================================================================================================
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------------- -------------- -------------- -----------
<S> <C> <C> <C> <C>
CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331
Restructuring and Merger-Related Items (83) (2) (45) (491)
Cumulative Effect of Accounting Changes - - - -
-------------- -------------- -------------- -----------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840
============== ============== ============== ===========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.79 $ 0.67 $ 0.70 $ 0.66
============== ============== ============== ===========
NET INCOME $ 0.77 $ 0.67 $ 0.69 $ 0.57
============== ============== ============== ===========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,975.5 4,977.1 4,978.7 4,976.5
============== ============== ============== ===========
PREFERRED DIVIDENDS - BASIC $ 30 $ 29 $ 29 $ 28
============== ============== ============== ===========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.76 $ 0.65 $ 0.68 $ 0.65
============== ============== ============== ===========
NET INCOME $ 0.75 $ 0.65 $ 0.67 $ 0.55
============== ============== ============== ===========
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION $ 0.78 $ 0.67 $ 0.70 $ 0.67
============== ============== ============== ===========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,115.4 5,121.6 5,134.8 5,116.8
============== ============== ============== ===========
PREFERRED DIVIDENDS - DILUTED $ 30 $ 29 $ 29 $ 28
============== ============== ============== ===========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,028.4 5,027.2 5,026.2 5,022.2
============== ============== ============== ===========
TIER 1 CAPITAL RATIO 9.00% 8.03% 7.76% 8.4%*
============== ============== ============== ===========
TOTAL CAPITAL RATIO 11.47% 10.34% 9.96% 11.3%*
============== ============== ============== ===========
LEVERAGE RATIO 6.60% 5.99% 5.91% 6.0%*
============== ============== ============== ===========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 823.4 $ 879.6 $ 897.7 $ 901*
============== ============== ============== ===========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 59.9 $ 61.4 $ 63.7 $ 66.3*
============== ============== ============== ===========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 64.9 $ 66.3 $ 68.7 $ 71.2*
============== ============== ============== ===========
BOOK VALUE PER SHARE, AT PERIOD END $ 11.57 $ 11.86 $ 12.33 $ 12.85
============== ============== ============== ===========
RETURN ON COMMON EQUITY (NET INCOME) 26.7% 22.9% 22.7% 17.9%*
============== ============== ============== ===========
RETURN ON COMMON EQUITY (CORE INCOME) 27.3% 22.9% 22.9% 21.0%*
============== ============== ============== ===========
<CAPTION>
==================================================================================================================================
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
-------------------- ----------- ------------
<S> <C> <C> <C>
CORE INCOME 11% $ 11,345 $ 14,140
Restructuring and Merger-Related Items 25 (621)
Cumulative Effect of Accounting Changes (127) -
----------- ------------
NET INCOME (6%) $ 11,243 $ 13,519
=========== ============
BASIC EARNINGS PER SHARE:
CORE INCOME 10% $ 2.25 $ 2.82
=========== ============
NET INCOME (5%) $ 2.23 $ 2.69
=========== ============
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,979.2 4,977.0
=========== ============
PREFERRED DIVIDENDS - BASIC $ 149 $ 116
=========== ============
DILUTED EARNINGS PER SHARE:
CORE INCOME 12% $ 2.19 $ 2.74
=========== ============
NET INCOME (5%) $ 2.17 $ 2.62
=========== ============
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION 14% $ 2.23 $ 2.82
=========== ============
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,127.8 5,122.2
=========== ============
PREFERRED DIVIDENDS - DILUTED $ 139 $ 116
============ ============
COMMON SHARES OUTSTANDING, AT PERIOD END 5,024.1 5,022.2
============ ============
TIER 1 CAPITAL RATIO 8.87% 8.4% *
============ ============
TOTAL CAPITAL RATIO 11.33% 11.3% *
============ ============
LEVERAGE RATIO 6.62% 6.0% *
============ ============
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 799.3 $ 901*
============ ============
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 58.3 $ 66.3*
============ ============
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 63.2 $ 71.2*
============ ============
BOOK VALUE PER SHARE, AT PERIOD END $ 11.22 $ 12.85
============ ============
RETURN ON COMMON EQUITY (NET INCOME) 21.5% 22.4%*
============ ============
RETURN ON COMMON EQUITY (CORE INCOME) 21.7% 23.5%*
============ ============
<CAPTION>
==========================================================================================================================
-------------------------
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
-------------------------
<S> <C>
CORE INCOME 25%
Restructuring and Merger-Related Items
Cumulative Effect of Accounting Changes
Net Income 20%
BASIC EARNINGS PER SHARE:
CORE INCOME 25%
NET INCOME 21%
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS
PREFERRED DIVIDENDS - BASIC
DILUTED EARNINGS PER SHARE:
CORE INCOME 25%
NET INCOME 21%
CORE DILUTED EARNINGS PER SHARE EXCLUDING
GOODWILL AMORTIZATION 26%
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS
PREFERRED DIVIDENDS - DILUTED
COMMON SHARES OUTSTANDING, AT PERIOD END
TIER 1 CAPITAL RATIO
TOTAL CAPITAL RATIO
LEVERAGE RATIO
TOTAL ASSETS, AT PERIOD END (IN BILLIOnS)
STOCKHOLDERS' EQUITY, AT PERIOD END (In BILLIONS)
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS)
BOOK VALUE PER SHARE, AT PERIOD END
RETURN ON COMMON EQUITY (NET INCOME)
RETURN ON COMMON EQUITY (CORE INCOME)
</TABLE>
* Preliminary
Page 1
<PAGE>
<TABLE>
<CAPTION>
CITIGROUP -- SEGMENT NET REVENUES
(In millions of dollars)
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 506 $ 516 $ 526 $ 556
Mortgage Banking 169 183 199 196
North America Cards 1,961 1,981 1,971 2,042
CitiFinancial 360 395 420 440
-------------- -------------- -------------- --------------
Total Banking / Lending 2,996 3,075 3,116 3,234
INSURANCE
Travelers Life and Annuity 771 867 869 887
Primerica Financial Services 432 443 444 456
Personal Lines 983 1,005 1,018 1,037
-------------- -------------- -------------- --------------
Total Insurance 2,186 2,315 2,331 2,380
INTERNATIONAL
Western Europe 493 489 499 510
Japan 84 92 108 108
Asia 433 450 471 498
Latin America 464 496 499 511
Central & Eastern Europe, Middle East and Africa 68 74 108 87
-------------- -------------- -------------- --------------
Total Emerging Markets Consumer Banking 965 1,020 1,078 1,096
-------------- -------------- -------------- --------------
Total International 1,542 1,601 1,685 1,714
e-CONSUMER 24 23 27 34
OTHER 49 39 30 8
-------------- -------------- -------------- --------------
TOTAL GLOBAL CONSUMER 6,797 7,053 7,189 7,370
-------------- -------------- -------------- --------------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank 4,461 4,312 3,811 4,309
Emerging Markets Corporate Banking 1,142 1,093 1,057 1,055
Commercial Lines 1,534 1,558 1,578 1,595
-------------- -------------- -------------- --------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 7,137 6,963 6,446 6,959
-------------- -------------- -------------- --------------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services 356 358 371 409
Global Private Bank 274 301 305 332
-------------- -------------- -------------- --------------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 630 659 676 741
-------------- -------------- -------------- --------------
ASSOCIATES 2,138 2,199 2,187 2,403
INVESTMENT ACTIVITIES 153 270 311 356
CORPORATE / OTHER (60) 7 (43) (100)
E-CITI - (3) (7) (2)
-------------- -------------- -------------- --------------
TOTAL CORPORATE / OTHER (60) 4 (50) (102)
========================================================================================================================
TOTAL ADJUSTED NET REVENUES $ 16,795 $ 17,148 $ 16,759 $ 17,727
========================================================================================================================
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING $ 2,375 $ 2,469 $ 2,487 $ 2,490
GLOBAL WEALTH MANAGEMENT $ 3,335 $ 3,541 $ 3,564 $ 3,829
GLOBAL CARDS $ 2,952 $ 2,985 $ 3,022 $ 3,162
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 575 $ 569 $ 572 $ 561
Mortgage Banking 204 206 203 216
North America Cards 1,996 1,969 2,059 2,173
CitiFinancial 460 473 490 524
------------- ------------ ------------ ------------
Total Banking / Lending 3,235 3,217 3,324 3,474
INSURANCE
Travelers Life and Annuity 1,010 983 899 999
Primerica Financial Services 472 479 474 490
Personal Lines 1,027 1,041 1,048 1,071
------------- ------------ ------------ ------------
Total Insurance 2,509 2,503 2,421 2,560
INTERNATIONAL
Western Europe 497 474 466 462
Japan 142 169 170 171
Asia 541 522 525 521
Latin America 513 466 436 526
Central & Eastern Europe, Middle East and Africa 96 102 106 114
------------- ------------ ------------ ------------
Total Emerging Markets Consumer Banking 1,150 1,090 1,067 1,161
------------- ------------ ------------ ------------
Total International 1,789 1,733 1,703 1,794
e-CONSUMER 31 28 77 36
OTHER 11 (11) (11) --
------------- ------------ ------------ ------------
TOTAL GLOBAL CONSUMER 7,575 7,470 7,514 7,864
------------- ------------ ------------ ------------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank 5,394 4,958 5,087 4,877
Emerging Markets Corporate Banking 1,239 1,272 1,263 1,304
Commercial Lines 1,568 1,626 1,747 1,759
------------- ------------ ------------ ------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 8,201 7,856 8,097 7,940
------------- ------------ ------------ ------------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services 436 479 491 487
Global Private Bank 362 338 337 369
-------------- ------------ ------------ ------------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 798 817 828 856
-------------- ------------ ------------ ------------
ASSOCIATES 2,338 2,422 2,645 2,925
INVESTMENT ACTIVITIES 1,016 387 495 347
CORPORATE / OTHER (99) (155) (163) (273)
e-CITI 10 (3) (8) (6)
-------------- ------------ ------------ ------------
TOTAL CORPORATE / OTHER (89) (158) (171) (279)
=======================================================================================================================
TOTAL ADJUSTED NET REVENUES $ 19,839 $ 18,794 $ 19,408 $ 19,653
=======================================================================================================================
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING $ 2,839 $ 2,817 $ 2,772 $ 2,894
GLOBAL WEALTH MANAGEMENT $ 4,384 $ 4,124 $ 4,041 $ 4,100
GLOBAL CARDS $ 3,187 $ 3,229 $ 3,407 $ 3,589
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- --------- ---------- ---------------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 1% $ 2,104 $ 2,277 8%
Mortgage Banking 10% 747 829 11%
North America Cards 6% 7,955 8,197 3%
CitiFinancial 19% 1,615 1,947 21%
--------- ---------
Total Banking / Lending 7% 12,421 13,250 7%
INSURANCE
Travelers Life and Annuity 13% 3,394 3,891 15%
Primerica Financial Services 7% 1,775 1,915 8%
Personal Lines 3% 4,043 4,187 4%
--------- ---------
Total Insurance 8% 9,212 9,993 8%
INTERNATIONAL
Western Europe (9%) 1,991 1,899 (5%)
Japan 58% 392 652 66%
Asia 5% 1,852 2,109 14%
Latin America 3% 1,970 1,941 (1%)
Central & Eastern Europe, Middle East and Africa 31% 337 418 24%
--------------------
Total Emerging Markets Consumer Banking 6% 4,159 4,468 7%
--------- ---------
Total International 5% 6,542 7,019 7%
e-CONSUMER 6% 108 172 59%
OTHER (100%) 126 (11) NM
--------- ---------
TOTAL GLOBAL CONSUMER 7% 28,409 30,423 7%
--------- ---------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank 13% 16,893 20,316 20%
Emerging Markets Corporate Banking 24% 4,347 5,078 17%
Commercial Lines 10% 6,265 6,700 7%
--------- ---------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 14% 27,505 32,094 17%
--------- ---------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services 19% 1,494 1,893 27%
Global Private Bank 11% 1,212 1,406 16%
--------- ----------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 16% 2,706 3,299 22%
--------- ----------
ASSOCIATES 22% 8,927 10,330 16%
--------- ----------
INVESTMENT ACTIVITIES (3%) 1,090 2,245 106%
CORPORATE / OTHER (173%) (196) (690) (252%)
e-CITI (200%) (12) (7) 42%
--------- ----------
TOTAL CORPORATE / OTHER (174%) (208) (697) (235%)
=============================================================== =====================
TOTAL ADJUSTED NET REVENUES 11% $ 68,429 $ 77,694 14%
=============================================================== =====================
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING 16% $ 9,821 $ 11,322 15%
GLOBAL WEALTH MANAGEMENT 7% $ 14,269 $ 16,649 17%
GLOBAL CARDS 14% $ 12,121 $ 13,412 11%
NM Not meaningful.
Reclassified to conform to the current period's presentation.
</TABLE>
Page 2
<PAGE>
CITIGROUP -- SEGMENT CORE INCOME
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 72 $ 104 $ 72 $ 115
Mortgage Banking 59 52 59 55
North America Cards 277 280 301 324
CitiFinancial 70 77 134 107
------------- ------------- ------------- -------------
Total Banking / Lending 478 513 601 601
INSURANCE
Travelers Life and Annuity 147 173 168 135
Primerica Financial Services 110 113 114 115
Personal Lines 83 79 23 94
------------- ------------- ------------- -------------
Total Insurance 340 365 305 344
------------- ------------- ------------- -------------
INTERNATIONAL
Western Europe 65 67 71 72
Japan 21 23 25 18
Asia 81 84 92 99
Latin America 47 41 52 82
Central & Eastern Europe, Middle East and Africa 3 6 27 10
------------- ---------------------------- -------------
Total Emerging Markets Consumer Banking 131 131 171 191
------------- ------------- ------------- -------------
Total International 217 221 267 281
e-CONSUMER (22) (27) (29) (33)
OTHER (16) (25) (12) (22)
------------- ------------- ------------- -------------
TOTAL GLOBAL CONSUMER 997 1,047 1,132 1,171
------------- ------------- ------------- -------------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank 833 758 574 824
Emerging Markets Corporate Banking 314 284 304 260
Commercial Lines 189 201 255 200
------------- ------------- ------------- -------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,336 1,243 1,133 1,284
------------- ------------- ------------- -------------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services 81 85 84 78
Global Private Bank 55 71 70 73
------------- ------------- ------------- -------------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 136 156 154 151
------------- ------------- ------------- -------------
ASSOCIATES 309 344 355 394
INVESTMENT ACTIVITIES 89 162 194 213
CORPORATE / OTHER (138) (121) (145) (201)
e-CITI (6) (11) (19) (14)
------------- ------------- ------------- -------------
TOTAL CORPORATE / OTHER (144) (132) (164) (215)
----------------------------------------------------------------------------------------------------------------------
TOTAL CORE INCOME $ 2,723 $ 2,820 $ 2,804 $ 2,998
----------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING $ 466 $ 489 $ 546 $ 488
GLOBAL WEALTH MANAGEMENT $ 607 $ 683 $ 663 $ 684
GLOBAL CARDS $ 379 $ 380 $ 431 $ 498
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 138 $ 139 $ 143 $ 146
Mortgage Banking 61 65 70 76
North America Cards 296 308 369 408
CitiFinancial 111 116 123 131
------------- ------------ ----------- ------------
Total Banking / Lending 606 628 705 761
INSURANCE
Travelers Life and Annuity 187 202 179 209
Primerica Financial Services 119 125 124 124
Personal Lines 75 82 68 86
------------- ------------ ----------- ------------
Total Insurance 381 409 371 419
INTERNATIONAL
Western Europe 88 75 88 94
Japan 29 39 36 35
Asia 144 142 142 135
Latin America 66 41 32 69
Central & Eastern Europe, Middle East and Africa 14 16 15 14
------------- ------------ ----------- ------------
Total Emerging Markets Consumer Banking 224 199 189 218
------------- ------------ ----------- ------------
Total International 341 313 313 347
e-CONSUMER (68) (46) (43) (45)
OTHER (29) (28) (25) (16)
------------- ------------ ----------- ------------
TOTAL GLOBAL CONSUMER 1,231 1,276 1,321 1,466
------------- ------------ ----------- ------------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank 1,197 902 873 716
Emerging Markets Corporate Banking 392 370 400 448
Commercial Lines 240 267 315 250
------------- ------------ ----------- ------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 1,829 1,539 1,588 1,414
------------- ------------ ----------- ------------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB CITI ASSET MANAGEMENT GROUP AND GLOBAL RETIREMENT SERVICES 95 92 96 78
GLOBAL PRIVATE BANK 80 79 80 85
------------- ------------ ----------- ------------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 175 171 176 163
------------- ------------ ----------- ------------
ASSOCIATES 338 335 419 289
INVESTMENT ACTIVITIES 634 234 292 203
CORPORATE / OTHER (253) (196) (244) (195)
e-CITI (15) (18) (23) (9)
------------- ------------ ----------- ------------
TOTAL CORPORATE / OTHER (268) (214) (267) (204)
======================================================================================================================
TOTAL CORE INCOME $ 3,939 $ 3,341 $ 3,529 $ 3,331
======================================================================================================================
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING $ 703 $ 634 $ 644 $ 693
GLOBAL WEALTH MANAGEMENT $ 892 $ 784 $ 778 $ 715
GLOBAL CARDS $ 447 $ 504 $ 593 $ 650
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
------------------ ----------- ------------ ----------------------
<S> <C> <C> <C> <C>
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 27% $ 398 $ 566 42%
Mortgage Banking 38% 225 272 21%
North America Cards 26% 1,182 1,381 17%
CitiFinancial 22% 388 481 24%
------------ ------------
Total Banking / Lending 27% 2,193 2,700 23%
INSURANCE
Travelers Life and Annuity 55% 623 777 25%
Primerica Financial Services 8% 452 492 9%
Personal Lines (9%) 279 311 11%
------------ ------------
Total Insurance 22% 1,354 1,580 17%
INTERNATIONAL
Western Europe 31% 275 345 25%
Japan 94% 87 139 60%
Asia 36% 356 563 58%
Latin America (16%) 222 208 (6%)
Central & Eastern Europe, Middle East and Africa 40% 46 59 28%
------------ ------------
Total Emerging Markets Consumer Banking 14% 624 830 33%
------------ ------------
Total International 23% 986 1,314 33%
e-CONSUMER (36%) (111) (202) (82%)
OTHER 27% (75) (98) (31%)
------------ ------------
TOTAL GLOBAL CONSUMER 25% 4,347 5,294 22%
------------ ------------
GLOBAL CORPORATE AND INVESTMENT BANK:
Salomon Smith Barney and The Global Relationship Bank (13%) 2,989 3,688 23%
Emerging Markets Corporate Banking 72% 1,162 1,610 39%
Commercial Lines 25% 845 1,072 27%
------------ ------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK 10% 4,996 6,370 28%
------------ ------------
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING:
SSB Citi Asset Management Group and Global Retirement Services - 328 361 10%
Global Private Bank 16% 269 324 20%
------------ ------------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 8% 597 685 15%
------------ ------------
ASSOCIATES (27%) 1,402 1,381 (1%)
INVESTMENT ACTIVITIES (5%) 658 1,363 107%
CORPORATE / OTHER 3% (605) (888) (47%)
e-CITI 36% (50) (65) (30%)
------------ ------------
TOTAL CORPORATE / OTHER 5% (655) (953) (45%)
================================================================ ==========================
TOTAL CORE INCOME 11% $ 11,345 $ 14,140 25%
================================================================ ==========================
SUPPLEMENTAL INFORMATION:
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING 42% $ 1,989 $ 2,674 34%
GLOBAL WEALTH MANAGEMENT 5% $ 2,637 $ 3,169 20%
GLOBAL CARDS 31% $ 1,688 $ 2,194 30%
</TABLE>
Reclassified to conform to the current period's presentation.
Page 3
<PAGE>
GLOBAL CONSUMER - BANKING/LENDING
CITIBANKING NORTH AMERICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 506 $ 516 $ 526 $ 556
Adjusted Operating Expenses 358 323 330 343
Provision for Loan Losses 23 15 11 15
------ ------ ------ ------
Core Income Before Taxes 125 178 185 198
Income Taxes 53 74 78 83
------ ------ ------ ------
Core Income $ 72 $ 104 $ 107 $ 115
====== ====== ====== ======
Average Assets (in billions of dollars) $ 10 $ 9 $ 9 $ 9
====== ====== ====== ======
Return on Assets 2.92% 4.63% 4.72% 5.07%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.5 $ 7.5 $ 7.3 $ 7.1
Average Customer Deposits (in billions of dollars) $ 41.6 $ 42.2 $ 42.2 $ 42.4
EOP Accounts (in millions) 5.9 6.0 6.2 6.3
Non-Interest Revenue as % of Total Revenues 26.5% 26.7% 25.3% 26.0%
Net Credit Loss Ratio (1) 1.31% 1.23% 1.06% 1.27%
Loans 90+Days Past Due:
In millions of dollars $ 103 $ 92 $ 64 $ 55
% 1.38% 1.24% 0.90% 0.78%
Proprietary Mutual Funds / UIT $ 186 $ 180 $ 126 $ 232
Proprietary Money Market Funds 441 394 470 584
------ ------ ------ ------
Total Proprietary Funds 627 574 596 816
Third Party Funds 659 715 540 608
------ ------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $1,286 $1,289 $1,136 $1,424
====== ====== ====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) $ 127 $ 210 $ 169 $ 233
Branches 380 372 373 371
ATM-only locations 69 53 54 52
Proprietary ATMs 2,163 2,063 2,050 2,050
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 575 $ 569 $ 572 $ 561
Adjusted Operating Expenses 334 329 325 322
Provision for Loan Losses 9 7 7 6
------ ------ ------ ------
Core Income Before Taxes 232 233 240 233
Income Taxes 94 94 97 87
------ ------ ------ ------
Core Income $ 138 $ 139 $ 143 $ 146
====== ====== ====== ======
Average Assets (in billions of dollars) $ 9 $ 9 $ 9 $ 9
====== ====== ====== ======
Return on Assets 6.17% 6.21% 6.32% 6.45%
====== ====== ====== ======
Average Loans (in billions of dollars) $ 7.0 $ 7.0 $ 7.0 $ 7.0
Average Customer Deposits (in billions of dollars) $ 43.5 $ 44.3 $ 44.8 $ 46.0
EOP Accounts (in millions) 6.3 6.4 6.5 6.7
Non-Interest Revenue as % of Total Revenues 27.4% 26.5% 26.5% 25.1%
Net Credit Loss Ratio (1) 1.00% 0.88% 0.86% 0.90%
Loans 90+Days Past Due:
In millions of dollars $ 48 $ 33 $ 33 $ 35
% 0.68% 0.47% 0.46% 0.48%
Proprietary Mutual Funds / UIT $ 373 $ 124 $ 280 $ 280
Proprietary Money Market Funds 1,015 679 748 690
------ ------ ------ ------
Total Proprietary Funds 1,388 803 1,028 970
Third Party Funds 947 599 426 346
------ ------ ------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $2,335 $1,402 $1,454 $1,316
====== ====== ====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) $ 302 $ 379 $ 385 $ 381
Branches 371 367 367 367
ATM-only locations 54 60 60 64
Proprietary ATMs 2,050 2,047 2,047 2,036
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
---------------- ------ ----------- ---------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense 1% $2,104 $2,277 8%
Adjusted Operating Expenses (6%) 1,354 1,310 (3%)
Provision for Loan Losses (60%) 64 29 (55%)
------ ------
Core Income Before Taxes 18% 686 938 37%
Income Taxes 5% 288 372 29%
------ ------
Core Income 27% $ 398 $ 566 42%
====== ======
Average Assets (in billions of dollars) -- $ 9 $ 9 --
====== ======
Return on Assets 4.42% 6.29%
====== ======
Average Loans (in billions of dollars) (1%) $ 7.4 $ 7.0 (5%)
Average Customer Deposits (in billions of dollars) 8% $ 42.1 $ 44.7 6%
EOP Accounts (in millions) 6%
Non-Interest Revenue as % of Total Revenues 26.1% 26.4%
Net Credit Loss Ratio (1)
Loans 90+Days Past Due:
In millions of dollars (36%)
%
Proprietary Mutual Funds / UIT 21% $ 724 $1,057 46%
Proprietary Money Market Funds 18% 1,889 3,132 66%
------ ------
Total Proprietary Funds 19% 2,613 4,189 60%
Third Party Funds (43%) 2,522 2,318 (8%)
Mutual Fund / UIT Sales at NAV (in millions of dollars) (8%) $5,135 $6,507 27%
====== ======
Variable Annuity Premiums & Deposits (in millions of dollars) 64% $ 739 $1,447 96%
Branches (1%)
ATM-only locations 23%
Proprietary ATMs (1%)
</TABLE>
(1) The 4Q00 net credit loss ratio includes a 10 basis point increase related
to the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 4
<PAGE>
GLOBAL CONSUMER - BANKING/LENDING
MORTGAGE BANKING (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 169 $ 183 $ 199 $ 196
Adjusted Operating Expenses 61 84 93 91
Provision for Loan Losses 3 5 2 7
----------- -------- -------- --------
Core Income Before Taxes and Minority Interest 105 94 104 98
Income Taxes 41 37 41 38
Minority Interest, Net of Tax 5 5 4 5
----------- -------- -------- --------
Core Income $ 59 $ 52 $ 59 $ 55
=========== ======== ======== ========
Average Assets (in billions of dollars) $ 28 $ 29 $ 29 $ 31
=========== ======== ======== ========
Return on Assets 0.85% 0.72% 0.81% 0.70%
=========== ======== ======== ========
EOP Accounts Owned and Serviced:
--------------------------------
Student Loans 2.2 2.3 2.5 2.7
Mortgages 0.5 0.6 0.6 0.6
Consumer Finance 0.1 0.1 0.1 0.1
----------- -------- -------- --------
Total 2.8 3.0 3.2 3.4
=========== ======== ======== ========
Total Owned and Serviced Average Loans (in billion of dollars):
---------------------------------------------------------------
Mortgages (2) $ 16.4 $ 17.0 $ 17.2 $ 17.6
Student Loans 9.2 9.2 9.3 10.6
Consumer Finance 1.0 1.1 0.6 0.4
----------- -------- -------- --------
Average Loans - On Balance Sheet 26.6 27.3 27.1 28.6
Other Serviced Loans 40.5 46.4 51.0 52.5
----------- -------- -------- --------
Total $ 67.1 $ 73.7 $ 78.1 $ 81.1
=========== ======== ======== ========
Mortgage Originations (in billions of dollars) $ 3.8 $ 4.9 $ 4.7 $ 4.8
Student Loan Originations $ 0.7 $ 0.3 $ 0.7 $ 0.6
Consumer Finance Originations $ 0.2 $ 0.3 $ 0.2 $ 0.2
Net Credit Loss Ratio (3) 0.20% 0.17% 0.12% 0.15%
Loans 90+ Days Past Due:
In millions of dollars $ 610 $ 575 $ 629 $ 696
% 2.29% 2.09% 2.28% 2.31%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 204 $ 206 $ 203 $ 216
Adjusted Operating Expenses 92 95 85 93
Provision for Loan Losses 5 (4) (3) (9)
-------- -------- -------- --------
Core Income Before Taxes and Minority Interest 107 115 121 132
Income Taxes 41 44 45 51
Minority Interest, Net of Tax 5 6 6 5
-------- -------- -------- --------
Core Income $ 61 $ 65 $ 70 $ 76
======== ======== ======== ========
Average Assets (in billions of dollars) $ 33 $ 35 $ 40 $ 43
======== ======== ======== ========
Return on Assets 0.74% 0.75% 0.70% 0.70%
======== ======== ======== ========
EOP Accounts Owned and Serviced:
--------------------------------
Student Loans 2.8 3.0 3.3 3.5
Mortgages 0.6 0.8 0.8 0.8
Consumer Finance 0.1 0.1 0.1 0.1
-------- -------- -------- --------
Total 3.5 3.9 4.2 4.4
======== ======== ======== ========
Total Owned and Serviced Average Loans (in billions of dollars):
---------------------------------------------------------------
Mortgages (2) $ 18.9 $ 20.3 $ 22.3 $ 24.3
Student Loans 11.6 12.3 14.2 15.3
Consumer Finance 0.4 0.5 0.7 0.9
-------- -------- -------- --------
Average Loans - On Balance Sheet 30.9 33.1 37.2 40.5
Other Serviced Loans 54.1 59.9 61.8 62.6
-------- -------- -------- --------
Total $ 85.0 $ 93.0 $ 99.0 $ 103.1
======== ======== ======== ========
Mortgage Originations (in billions of dollars) $ 3.5 $ 4.9 $ 5.4 $ 5.3
Student Loan Originations $ 1.0 $ 0.7 $ 1.4 $ 1.3
Consumer Finance Originations $ 0.2 $ 0.3 $ 0.3 $ 0.3
Net Credit Loss Ratio (3) 0.14% 0.05% 0.06% 0.25%
Loans 90+ Days Past Due:
In millions of dollars $ 719 $ 709 $ 709 $ 828
% 2.29% 1.98% 1.82% 1.99%
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ----------- ----------- ---------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense 10% $ 747 $ 829 11%
Adjusted Operating Expenses 2% 329 365 11%
Provision for Loan Losses NM 17 (11 NM
----------- -----------
Core Income Before Taxes and Minority Interest 35% 401 475 18%
Income Taxes 34% 157 181 15%
Minority Interest, Net of Tax - 19 22 16%
Core Income 38% 22.5 27.2 21%
----------- -----------
Average Assets (in billions of dollars) 39% $ 29 $ 38 31%
=========== ===========
Return on Assets 0.78% 0.72%
=========== ===========
EOP ACCOUNTS OWNED AND SERVICED:
--------------------------------
Student Loans 30%
Mortgages 33%
Consumer Finance -
Total 29%
TOTAL OWNED AND SERVICED AVERAGE LOANS (IN BILLIONS OF DOLLARS):
----------------------------------------------------------------
Mortgages (2) 38% $ 17.1 $ 21.5 26%
Student Loans 44% 9.6 13.4 40%
Consumer Finance 125% 0.8 0.6 (25%)
----------- -----------
Average Loans - On Balance Sheet 42% 27.5 35.5 29%
Other Serviced Loans 19% 47.6 59.6 25%
----------- -----------
Total 27% $ 75.1 $ 95.1 27%
=========== ===========
Mortgage Originations (in billions of dollars) 10% $ 18.2 $ 19.1 5%
Student Loan Originations 117% $ 2.3 $ 4.4 91%
Consumer Finance Originations 50% $ 0.9 $ 1.1 22%
Net Credit Loss Ratio (3)
Loans 90+ Days Past Due: 19%
In millions of dollars
%
</TABLE>
(1) Includes Student Loans.
(2) Includes loans held for sale.
(3) The 4Q00 net credit loss ratio includes a 17 basis point increase related
to the adoption of revised FFIEC write-off policies.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 5
<PAGE>
GLOBAL CONSUMER - BANKING/LENDING
NORTH AMERICA CARDS (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 1,961 $ 1,981 $ 1,971 $ 2,042
Adjusted Operating Expenses 710 713 697 727
Adjusted Provision for Loan Losses (2) 811 825 797 801
--------- --------- --------- ---------
Core Income Before Taxes 440 443 477 514
Income Taxes 163 163 176 190
--------- --------- --------- ---------
Core Income $ 277 $ 280 $ 301 $ 324
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 73 $ 75 $ 76 $ 76
========= ========= ========= =========
Return on Managed Assets 1.54% 1.50% 1.57% 1.69%
========= ========= ========= =========
N.A. BANKCARDS DATA :
---------------------
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 1,513 $ 1,466 $ 1,482 $ 1,491
% of Average Managed Loans 9.06% 8.46% 8.39% 8.39%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,083 $ 1,087 $ 1,109 $ 1,172
% of Average Managed Loans 6.48% 6.27% 6.28% 6.59%
Adjusted Operating Expenses as % of Average Managed Loans 3.82% 3.71% 3.55% 3.73%
End of Period Managed Receivables $ 69.8 $ 70.7 $ 71.0 $ 74.7
Total EOP Open Accounts (in millions) 41.8 41.4 41.0 41.1
Total Sales $ 37.0 $ 40.9 $ 41.2 44.2
END OF PERIOD LOANS:
--------------------
On Balance Sheet $ 19.7 $ 20.1 $ 19.5 $ 23.2
Securitized 46.7 47.4 48.5 49.0
Held for Sale 2.9 2.8 2.5 2.0
-------- -------- -------- -------
Total $ 69.3 $ 70.3 $ 70.5 $ 74.2
======== ======== ======== =======
AVERAGE LOANS:
--------------
On Balance Sheet $ 20.5 $ 20.0 $ 19.7 $ 19.9
Securitized 44.3 46.7 47.9 48.6
Held for Sale 2.9 2.8 2.5 2.0
-------- -------- -------- -------
Total $ 67.7 $ 69.5 $ 70.1 $ 70.5
======== ======== ======== =======
NET CREDIT LOSSES (in millions of dollars):
-------------------------------------------
On Balance Sheet $ 199 $ 236 $ 225 $ 229
Securitized 556 541 525 537
Held for Sale 32 29 27 22
-------- -------- -------- --------
Total $ 787 $ 806 $ 777 $ 788
======== ======== ======== ========
Coincident Net Credit Loss Ratio 4.71% 4.65% 4.40% 4.43%
12 Month Lagged Net Credit Loss Ratio (5) 5.32% 5.11% 4.76% 4.61%
LOANS 90+ DAYS PAST DUE:
------------------------
In millions of dollars $1,011 $958 $1,000 $1,066
% 1.46% 1.36% 1.42% 1.44%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 1,996 $ 1,969 $ 2,059 $ 2,173
Adjusted Operating Expenses 728 720 742 735
Adjusted Provision for Loan Losses (2) 799 758 728 790
--------- --------- --------- ---------
Core Income Before Taxes 469 491 589 648
Income Taxes 173 183 220 240
--------- --------- --------- ---------
Core Income $ 296 $ 308 $ 369 $ 408
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 78 $ 81 $ 87 $ 91
========= ========= ========= =========
Return on Managed Assets 1.53% 1.53% 1.69% 1.78%
========= ========= ========= =========
N.A. BANKCARDS DATA :
---------------------
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 1,472 $ 1,405 $ 1,482 $ 1,579
% of Average Managed Loans 8.14% 7.47% 7.26% 7.45%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,112 $ 1,134 $ 1,254 $ 1,309
% of Average Managed Loans 6.15% 6.03% 6.14% 6.18%
Adjusted Operating Expenses as % of Average Managed Loans 3.62% 3.47% 3.30% 3.12%
End of Period Managed Receivables $ 73.7 $ 79.5 $ 83.7 $ 87.7
Total EOP Open Accounts (in millions) 41.3 42.7 43.9 44.0
Total Sales $ 42.5 $ 48.7 $ 48.0 $ 48.8
END OF PERIOD LOANS:
--------------------
On Balance Sheet $ 23.4 $ 29.0 $ 32.2 $ 30.2
Securitized 48.0 44.8 45.8 49.6
Held for Sale 2.0 5.0 5.0 7.0
---------- --------- --------- ---------
Total $ 73.4 $ 78.8 $ 83.0 $ 86.8
========= ========= ========= =========
AVERAGE LOANS:
-------------
On Balance Sheet $ 22.5 $ 26.8 $ 32.1 $ 30.8
Securitized 48.2 45.8 44.1 47.8
Held for Sale 2.0 3.0 5.0 5.7
--------- --------- --------- ---------
Total $ 72.7 $ 75.6 $ 81.2 $ 84.3
========= ========= ========= =========
NET CREDIT LOSSES (in millions of dollars):
-------------------------------------------
On Balance Sheet $ 268 $ 276 $ 287 $ 287
Securitized 499 441 386 438
Held for Sale 20 28 41 51
--------- --------- --------- ---------
Total $ 787 $ 745 $ 714 $ 776
========= ========= ========= =========
Coincident Net Credit Loss Ratio 4.35% 3.96% 3.50% 3.66%
12 Month Lagged Net Credit Loss Ratio (5) 4.36% 4.20% 3.98% 4.28%
LOANS 90+ DAYS PAST DUE:
------------------------
In millions of dollars $ 1,063 $ 929 $ 1,022 $ 1,140
% 1.45% 1.18% 1.23% 1.31%
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
--------------- ------- ------ ---------------------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense 6% $ 7,955 $ 8,197 3%
Adjusted Operating Expenses 1% 2,847 2,925 3%
Adjusted Provision for Loan Losses (2) (1%) 3,234 3,075 (5%)
--------- ---------
Core Income Before Taxes 26% 1,874 2,197 17%
Income Taxes 26% 692 816 18%
--------- ---------
Core Income 26% $ 1,182 $ 1,381 17%
========= =========
Managed Average Assets (in billions of dollars) 20% $ 75 $ 84 12%
========= =========
Return on Managed Assets 1.58% 1.64%
========= =========
N.A. BANKCARDS DATA :
---------------------
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) 6% $ 5,952 $ 5,938 --
% of Average Managed Loans 8.56% 7.56%
Risk Adjusted Revenue (in millions of dollars) (4) 12% $ 4,451 $ 4,809 8%
% of Average Managed Loans 6.40% 6.13%
Adjusted Operating Expenses as % of Average Managed Loans 3.70% 3.37%
End of Period Managed Receivables 17%
Total EOP Open Accounts (in millions) 7%
Total Sales 10% $ 163.3 $ 188.0 15%
END OF PERIOD LOANS:
--------------------
On Balance Sheet 30%
Securitized 1%
Held for Sale 250%
Total 17%
AVERAGE LOANS:
--------------
On Balance Sheet 55% $ 20.0 28.1 41%
Securitized (2%) 46.9 46.5 (1%)
Held for Sale 185% 2.6 3.9 50%
--------- ---------
Total 20% $ 69.5 $ 78.5 13%
========= =========
NET CREDIT LOSSES (in millions of dollars):
-------------------------------------------
On Balance Sheet 25% $ 889 $ 1,118 26%
Securitized (18%) 2,159 1,764 (18%)
Held for Sale 132% 110 140 27%
--------- ---------
Total (2%) $ 3,158 $ 3,022 (4%)
========= =========
Coincident Net Credit Loss Ratio
12 Month Lagged Net Credit Loss Ratio (5)
LOANS 90+ DAYS PAST DUE:
------------------------
In millions of dollars 7%
%
</TABLE>
(1) Includes N.A. Bankcards and Diners Club.
(2) On a managed basis.
(3) Includes delinquency and other risk-based charges.
(4) Risk Adjusted Revenue is adjusted revenues less net credit losses.
(5) Adjusted for acquisitions.
Reclassified to conform to the current period's presentation.
Page 6
<PAGE>
GLOBAL CONSUMER - BANKING/LENDING
CITIFINANCIAL
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 360 $ 395 $ 420 $ 440
Adjusted Operating Expenses 144 154 133 186
Provision for Benefits, Claims, and Credit Losses 104 117 77 87
---------- ---------- ---------- ----------
Core Income Before Taxes 112 124 210 167
Income Taxes 42 47 76 60
---------- ---------- ---------- ----------
Core Income $ 70 $ 77 $ 134 $ 107
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 14 $ 15 $ 16 $ 18
========== ========== ========== ==========
Return on Assets 2.03% 2.06% 3.32% 2.36%
========== ========== ========== ==========
NET RECEIVABLES:
----------------
Real estate-secured loans (1) $ 7,179.5 $ 7,699.2 $ 8,439.3 $ 9,031.6
Personal loans (2) 4,622.7 4,860.5 5,075.5 5,291.5
Sales finance and other 1,033.8 1,032.1 1,069.8 1,152.0
---------- ---------- ---------- ----------
Consumer finance receivables,
net of unearned finance charges 12,836.0 13,591.8 14,584.6 15,475.1
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 $ 12,546.6 $ 13,261.9 $ 14,282.2 $ 15,200.5
========== ========== ========== ==========
Number of offices 1,143 1,177 1,173 1,174
Average yield (3) 14.37% 14.47% 14.57% 14.33%
Average net interest margin (3) 8.82% 8.97% 8.99% 8.64%
Net credit loss ratio (3) 2.39% 2.15% 2.01% 2.19%
Reserves as % of net receivables 3.03% 3.21% 2.91% 2.64%
Loans 90+ Days Past Due:
In millions of dollars (3) $ 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
(3) Includes loans held for sale
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 460 $ 473 $ 490 $ 524
Adjusted Operating Expenses 188 187 186 196
Provision for Benefits, Claims, and Credit Losses 97 102 110 122
---------- ---------- ---------- ----------
Core Income Before Taxes 175 184 194 206
Income Taxes 64 68 71 75
---------- ---------- ---------- ----------
Core Income $ 111 $ 116 $ 123 $ 131
========== ========== ========== ==========
Average Assets (in billions of dollars) $ 18 $ 19 $ 20 $ 22
========== ========== ========== ==========
Return on Assets 2.48% 2.46% 2.45% 2.37%
========== ========== ========== ==========
NET RECEIVABLES:
----------------
Real estate-secured loans (1) $ 9,354.6 $ 9,806.0 $ 10,236.7 $ 10,850.4
Personal loans (2) 5,377.9 5,595.4 5,795.8 6,040.0
Sales finance and other 1,232.5 1,264.0 1,317.3 1,406.3
---------- ---------- ---------- ----------
Consumer finance receivables,
net of unearned finance charges 15,965.0 16,665.4 17,349.8 18,296.7
Accrued interest receivable 126.5 134.7 145.1 165.6
Allowance for credit losses (423.4) (423.4) (423.2) (423.1)
---------- ---------- ---------- ----------
Consumer finance receivables, net $ 15,668.1 $ 16,376.7 $ 17,071.7 $ 18,039.2
========== ========== ========== ==========
Number of offices 1,182 1,212 1,240 1,270
Average yield (3) 14.06% 14.06% 14.00% 14.12%
Average net interest margin (3) 8.33% 8.15% 8.00% 8.06%
Net credit loss ratio (3) 1.93% 1.93% 1.92% 2.04%
Reserves as % of net receivables 2.65% 2.54% 2.44% 2.31%
Loans 90+ Days Past Due:
In millions of dollars (3) $ 216 $ 229 $ 239 $ 277
% 1.32% 1.32% 1.29% 1.38%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: $4,106.1 $ 4,415.7 $ 4,695.7 $ 5,170.3
(2) Includes $.A.F.E. and partially secured $.M.A.R.T
receivables, as follows: $ 319.1 $ 315.7 $ 311.6 $ 309.3
(3) Includes loans held for sale
<CAPTION>
4Q 2000 VS YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
---------- ------ ----- - ------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* 19% $1,615 $1,947 21%
Adjusted Operating Expenses 5% 617 757 23%
Provision for Benefits, Claims, and Credit Losses 40% 385 431 12%
------ ------
Core Income Before Taxes 23% 613 759 24%
Income Taxes 25% 225 278 24%
------ ------
Core Income 22% $ 388 $ 481 24%
====== ======
Average Assets (in billions of dollars) 22% $ 16 $ 20 25%
====== ======
Return on Assets 2.43% 2.41 %
====== ======
NET RECEIVABLES:
----------------
Real estate-secured loans (1) 20%
Personal loans (2) 14%
Sales finance and other 22%
Consumer finance receivables,
net of unearned finance charges 18%
Accrued interest receivable 24%
Allowance for credit losses 4%
Consumer finance receivables, net 19%
Number of offices 8%
Average yield (3) 14.43% 14.06%
Average net interest margin (3) 8.85% 8.13%
Net credit loss ratio (3) 2.18% 1.96%
Reserves as % of net receivables
Loans 90+ Days Past Due:
In millions of dollars (3) 36%
%
(1) Includes fully secured $.M.A.R.T. receivables,
as follows: 37%
(2) Includes $.A.F.E. and partially secured $.M.A.R.T
receivables, as follows: (6%)
(3) Includes loans held for sale
* Excludes realized gains on investments
</TABLE>
Page 7
<PAGE>
GLOBAL CONSUMER - INSURANCE
TRAVELERS LIFE AND ANNUITY
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 771 $ 867 $ 869 $ 887
Total Operating Expenses 107 110 107 127
Provision for Benefits and Claims 442 494 509 552
----------- ----------- ----------- -----------
Core Income Before Taxes 222 263 253 208
Income Taxes 75 90 85 73
----------- ----------- ----------- -----------
Core Income $ 147 $ 173 $ 168 $ 135
=========== =========== =========== ===========
PRE-TAX CONTRIBUTION BY SOURCE:
-------------------------------
Individual annuities $ 89 $ 106 $ 93 $ 86
Group annuities 60 77 77 65
Life and long term care insurance 40 51 44 40
Other (includes run-off and return on excess capital) 33 29 39 17
----------- ----------- ----------- -----------
Total $ 222 $ 263 $ 253 $ 208
=========== =========== =========== ===========
INDIVIDUAL ANNUITIES:
---------------------
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
Individual Payout 20.6 15.9 20.9 21.4
----------- ----------- ----------- -----------
Total $ 1,190.5 $ 1,313.9 $ 1,381.7 $ 1,465.3
=========== =========== =========== ===========
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
Individual Payout 599.6 604.4 611.8 617.3
----------- ----------- ----------- -----------
Total $ 22,611.8 $ 24,249.4 $ 24,467.3 $ 27,921.5
=========== =========== =========== ===========
GROUP ANNUITIES:
----------------
Net written premiums & deposits (2) $ 1,859.6 $ 1,609.2 $ 1,212.3 $ 937.5
Policyholder account balances & benefit reserves: (1)
GICs and other investment contracts $ 9,766.4 $ 10,982.9 $ 10,917.7 $ 10,753.8
Payout group annuities 4,175.1 4,236.9 4,284.9 4,362.7
----------- ----------- ----------- -----------
Total $ 13,941.5 $ 15,219.8 $ 15,202.6 $ 15,116.5
=========== =========== =========== ===========
INDIVIDUAL LIFE INSURANCE:
--------------------------
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 $ 2,535.3 $ 2,682.0
Life insurance in force (in billions, face amt.) $ 56.6 $ 57.7 $ 58.4 $ 60.6
Life insurance issued (in billions, face amt.) $ 2.5 $ 2.4 $ 2.0 $ 3.8
ALL BUSINESSES:
---------------
Net investment income (pretax) $ 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 $ 5,027.3
Surplus to liabilities ratio 19.8% 19.5% 20.2% 21.2%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- ---------- ----------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 1,010 $ 983 $ 899 $ 999
Total Operating Expenses 126 97 103 83
Provision for Benefits and Claims 603 586 531 605
--------- --------- --------- ---------
Core Income Before Taxes 281 300 265 311
Income Taxes 94 98 86 102
--------- --------- --------- ---------
Core Income $ 187 $ 202 $ 179 $ 209
========= ========= ========= =========
PRE-TAX CONTRIBUTION BY SOURCE:
-------------------------------
Individual annuities $ 108 $ 118 $ 117 $ 122
Group annuities 92 114 91 123
Life and long term care insurance 60 55 40 46
Other (includes run-off and return on excess capital) 21 13 17 20
--------- --------- --------- ---------
Total $ 281 $ 300 $ 265 $ 311
========= ========= ========= =========
INDIVIDUAL ANNUITIES:
---------------------
Net written premiums & deposits:
Fixed $ 293.5 $ 302.6 $ 320.3 $ 350.0
Variable 1,245.0 1,258.5 1,273.6 1,247.7
Individual Payout 20.5 21.7 20.6 17.0
--------- --------- --------- ---------
Total $ 1,559.0 $ 1,582.8 $ 1,614.5 $ 1,614.7
========= ========= ========= =========
Policyholder account balances & benefit reserves: (1)
Fixed $ 7,911.3 $ 7,904.0 $ 7,939.8 $ 8,050.0
Variable 21,072.7 21,013.2 21,678.1 20,704.0
Individual Payout 619.6 626.2 630.0 630.3
--------- --------- --------- ---------
Total $29,603.6 $ 29,543.4 $ 30,247.9 $ 29,384.3
========= ========= ========= =========
GROUP ANNUITIES:
----------------
Net written premiums & deposits (2) $ 1,456.9 $ 1,439.1 $ 1,481.8 $ 1,149.9
Policyholder account balances & benefit reserves: (1)
GICs and other investment contracts $ 11,087.0 $ 11,204.2 $ 11,966.9 $ 12,598.6
Payout group annuities 4,514.9 4,624.0 4,713.8 4,861.5
--------- --------- --------- ---------
Total $15,601.9 $15,828.2 $16,680.7 $17,460.1
========= ========= ========= =========
INDIVIDUAL LIFE INSURANCE:
--------------------------
Net written premiums and deposits:
Direct periodic premiums and deposits $ 116.7 $ 113.4 $ 135.8 $ 144.7
Single premium deposits 18.3 21.0 22.3 37.6
Reinsurance (19.1) (20.3) (21.4) (23.0)
--------- --------- --------- ---------
Total $ 115.9 $ 114.1 $ 136.7 $ 159.3
========= ========= ========= =========
Policyholder account balances & benefit reserves $2,755.3 $ 2,801.9 $ 2,911.0 $ 2,983.3
Life insurance in force (in billions, face amt.) $ 61.7 $ 63.2 $ 65.2 $ 66.9
Life insurance issued (in billions, face amt.) $ 2.7 $ 3.0 $ 3.1 $ 2.9
ALL BUSINESSES:
--------------
Net investment income (pretax) $ 594.9 $ 639.1 $ 609.1 $ 655.9
Interest credited to contractholders $ 244.7 $ 248.7 $ 266.7 $ 290.4
STATUTORY DATA:
---------------
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $5,011.2 $ 4,977.4 $ 5,355.1 $ 5,123.4
Surplus to liabilities ratio 20.5% 20.3% 21.3% 20.2%
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
---------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* 13% $ 3,394 $ 3,891 15%
Total Operating Expenses (35%) 451 409 (9%)
Provision for Benefits and Claims 10% 1,997 2,325 16%
-------- --------
Core Income Before Taxes 50% 946 1,157 22%
Income Taxes 40% 323 380 18%
-------- --------
Core Income 55% $ 623 $ 777 25%
======== ========
PRE-TAX CONTRIBUTION BY SOURCE:
-------------------------------
Individual annuities 42% $ 374 $ 465 24%
Group annuities 89% 279 420 51%
Life and long term care insurance 15% 175 201 15%
Other (includes run-off and return on excess capital) 18% 118 71 (40%)
-------- --------
Total 50% $ 946 $ 1,157 22%
======== ========
INDIVIDUAL ANNUITIES:
---------------------
Net written premiums & deposits:
Fixed 20% $1,007.5 $1,266.4 26%
Variable 8% 4,265.1 5,024.8 18%
Individual Payout (21%) 78.8 79.8 1%
-------- --------
Total 10% $5,351.4 $6,371.0 19%
======== ========
Policyholder account balances & benefit reserves: (1)
Fixed 1%
Variable 7%
Individual Payout 2%
Total 5%
GROUP ANNUITIES:
----------------
Net written premiums & deposits (2) 23% $5,618.6 $5,527.7 (2%)
Policyholder account balances & benefit reserves: (1)
GICs and other investment contracts 17%
Payout group annuities 11%
Total 16%
INDIVIDUAL LIFE INSURANCE:
--------------------------
Net written premiums and deposits:
Direct periodic premiums and deposits (3%) $ 408.7 $ 510.6 25%
Single premium deposits 25% 84.2 99.2 18%
Reinsurance 24% (71.0) (83.8) 18%
-------- --------
Total (1%) $ 421.9 $ 526.0 25%
======== ========
Policyholder account balances & benefit reserves 11%
Life insurance in force (in billions, face amt.) 10%
Life insurance issued (in billions, face amt.) (24%) $ 10.7 $ 11.7 9%
ALL BUSINESSES:
---------------
Net investment income (pretax) 13% $ 2,276.5 $2,499.0 10%
Interest credited to contractholders 20% $ 937.0 $1,050.5 12%
STATUTORY DATA:
---------------
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus 2%
</TABLE>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits of $24.0, $45.0 and $251.0 in the first, second and
fourth quarters of 2000 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 8
<PAGE>
GLOBAL CONSUMER - INSURANCE
PRIMERICA FINANCIAL SERVICES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 432 $ 443 $ 444 $ 456
Total Operating Expenses 142 146 146 152
Provision for Benefits and Claims 120 121 121 125
---------- ---------- -------- --------
Core Income Before Taxes 170 176 177 179
Income Taxes 60 63 63 64
---------- ---------- -------- --------
Core Income $ 110 $ 113 $ 114 $ 115
========== ========== ======== ========
LIFE INSURANCE
---------------
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
Annualized issued premiums $ 42.4 $ 48.4 $ 39.3 $ 43.4
Direct premiums $ 315.2 $ 321.0 $ 320.5 $ 322.9
Earned premiums $ 267.1 $ 268.6 $ 264.8 $ 270.8
OTHER PRODUCTS
--------------
Mutual fund sales at NAV:
Proprietary $ 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 86.2 98.2
---------- ---------- -------- --------
Total mutual fund sales $ 784.4 $ 806.6 $ 737.5 $ 795.1
========== ========== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) $ 419.2 $ 492.7 $ 488.3 $ 519.8
Variable annuity net written premiums and deposits $ 223.4 $ 278.6 $ 247.6 $ 240.5
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
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 472 $ 479 $ 474 $ 490
Total Operating Expenses 162 159 177 161
Provision for Benefits and Claims 125 126 106 139
-------- -------- -------- --------
Core Income Before Taxes 185 194 191 190
Income Taxes 66 69 67 66
-------- -------- -------- --------
Core Income $ 119 $ 125 $ 124 $ 124
======== ======== ======== ========
LIFE INSURANCE
--------------
Face value (in billions) of:
Life insurance issued $ 15.0 $ 18.5 $ 16.8 $ 17.1
Life insurance in force $ 397.8 $ 403.6 $ 408.4 $ 412.7
Annualized issued premiums $ 44.1 $ 54.1 $ 49.5 $ 50.0
Direct premiums $ 324.5 $ 330.9 $ 333.3 $ 337.6
Earned premiums $ 270.6 $ 277.4 $ 275.0 $ 282.6
OTHER PRODUCTS
--------------
Mutual fund sales at NAV:
Proprietary $ 465.0 $ 468.7 $ 448.5 $ 428.9
Other funds 497.1 552.5 397.8 368.5
-------- -------- -------- --------
Total U.S. mutual fund sales 962.1 1,021.2 846.3 797.4
Mutual fund sales - Canada 228.8 128.1 117.4 119.0
-------- -------- -------- --------
Total mutual fund sales $1,190.9 $1,149.3 $ 963.7 $ 916.4
======== ======== ======== ========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) $ 492.0 $ 475.6 $ 457.2 $ 667.5
Variable annuity net written premiums and deposits $ 249.9 $ 248.0 $ 270.6 $ 288.2
AGENTS LICENSED FOR:
--------------------
Life insurance 79,818 82,288 85,183 86,900
Mutual funds 25,570 25,968 27,300 27,961
$.M.A.R.T. / $.A.F.E. loans 93,055 99,481 105,640 116,491
Variable annuities 16,453 16,692 17,281 17,777
Long term care 8,010 7,785 9,612 10,134
Home & auto insurance 13,238 13,038 12,194 11,647
Financial Needs Analyses submitted 110,900 109,451 108,838 108,705
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
---------- ---- ---- --------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* 7% $ 1,775 $ 1,915 8%
Total Operating Expenses 6% 586 659 12%
Provision for Benefits and Claims 11% 487 496 2%
---------- ----------
Core Income Before Taxes 6% 702 760 8%
Income Taxes 3% 250 268 7%
---------- ----------
Core Income 8% $ 452 $ 492 9%
========== ==========
LIFE INSURANCE
--------------
Face value (in billions) of:
Life insurance issued 16% $ 56.2 $ 67.4 20%
Life insurance in force 5% $ 394.9 $ 412.7 5%
Annualized issued premiums 15% $ 173.5 $ 197.7 14%
Direct premiums 5% $ 1,279.6 $ 1,326.3 4%
Earned premiums 4% $ 1,071.3 $ 1,105.6 3%
OTHER PRODUCTS
--------------
Mutual fund sales at NAV:
Proprietary 10% $ 1,643.8 $ 1,811.1 10%
Other funds 20% 1,076.0 1,815.9 69%
---------- ----------
Total U.S. mutual fund sales 14% 2,719.8 3,627.0 33%
Mutual fund sales - Canada 21% 403.8 593.3 47%
---------- ----------
Total mutual fund sales 15% $ 3,123.6 $ 4,220.3 35%
========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E. loans (1) 28% $ 1,920.0 $ 2,092.3 9%
Variable annuity net written premiums and deposits 20% $ 990.1 $ 1,056.7 7%
AGENTS LICENSED FOR:
--------------------
Life insurance 9%
Mutual funds 14%
$.M.A.R.T. / $.A.F.E. loans 22%
Variable annuities 8%
Long term care 55%
Home & auto insurance (18%)
Financial Needs Analyses submitted (4%) 490,293 437,894 (11%)
</TABLE>
(1) The $.M.A.R.T. and $.A.F.E. loan products are marketed by PFS; the
receivables are reflected in the assets of CitiFinancial.
* Excludes realized gains on investments
Page 9
<PAGE>
GLOBAL CONSUMER - INSURANCE
TRAVELERS PROPERTY CASUALTY - PERSONAL LINES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 983 $ 1,005 $ 1,018 $ 1,037
Total Operating Expenses 246 242 271 254
Claims and Claim Adjustment Expenses 594 627 714 619
-------- -------- ---------- ----------
Core Income Before Taxes and Minority Interest 143 136 33 164
Income Taxes 44 41 5 53
Minority Interest, Net of Tax 16 16 5 17
-------- -------- ---------- ----------
Core Income (1) $ 83 $ 79 $ 23 $ 94
======== ======== ========== ==========
NET WRITTEN PREMIUMS BY PRODUCT LINE: (2)
-----------------------------------------
Auto $ 619.6 $ 597.0 $ 581.1 $ 571.0
Homeowners and other 363.8 353.9 370.6 347.8
-------- -------- ---------- ----------
Total net written premiums (a) $ 983.4 $ 950.9 $ 951.7 $ 918.8
======== ======== ========== ==========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (2)
-------------------------------------------------
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 (a) $ 983.4 $ 950.9 $ 951.7 $ 918.8
======== ======== ========== ==========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) $ 892.1 $ 905.1 $ 915.5 $ 921.6
Losses and loss adjustment expenses (c) 594.3 627.1 702.7 619.8
Other underwriting expenses (d) 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: (2)
-----------------------------
Loss and loss adjustment expense ratio (c / b) 66.6% 69.3% 76.8% 67.3%
Other underwriting expense ratio (d / a) 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 $ --
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
Total Revenues, Net of Interest Expense* $ 1,027 $ 1,041 $ 1,048 $ 1,071
Total Operating Expenses 248 253 243 243
Claims and Claim Adjustment Expenses 654 667 709 704
-------- -------- ------- --------
Core Income Before Taxes and Minority Interest 125 121 96 124
Income Taxes 37 36 28 38
Minority Interest, Net of Tax 13 3 -- --
-------- -------- ------- --------
Core Income (1) $ 75 $ 82 $ 68 $ 86
======== ======== ======= ========
NET WRITTEN PREMIUMS BY PRODUCT LINE: (2)
-----------------------------------------
Auto $ 583.3 $ 607.7 $ 598.6 $ 576.7
Homeowners and other 306.4 375.7 394.2 370.2
-------- -------- ------- --------
Total net written premiums (a) $ 889.7 $ 983.4 $ 992.8 $ 946.9
======== ======== ======= ========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (2)
-------------------------------------------------
Independent agents $ 710.2 $ 790.4 $ 798.3 $ 768.1
Affinity group marketing 97.3 101.6 107.5 109.8
SECURE 30.8 26.4 16.7 4.8
Joint marketing arrangements 51.4 65.0 70.3 64.2
-------- -------- ------- --------
Total net written premiums (a) $ 889.7 $ 983.4 $ 992.8 $ 946.9
======== ======== ======= ========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) $ 910.3 $ 920.0 $ 928.6 $ 956.5
Losses and loss adjustment expenses (c) 656.4 668.1 711.8 707.5
Other underwriting expenses (d) 239.8 251.2 256.6 238.3
-------- -------- ---------- ----------
Total deductions 896.2 919.3 968.4 945.8
-------- -------- ------- --------
Statutory underwriting gain/(loss) $ 14.1 $ 0.7 $ (39.8) $ 10.7
======== ======== ======= ========
STATUTORY COMBINED RATIO: (2)
-----------------------------
Loss and loss adjustment expense ratio (c / b) 72.1% 72.6% 76.7% 74.0%
Other underwriting expense ratio (d / a) 27.0% 25.5% 25.8% 25.2%
-------- -------- ------- --------
Combined ratio 99.1% 98.1% 102.5% 99.2%
======== ======== ======= ========
Net investment income (pre-tax) $ 112.6 $ 114.6 $ 112.4 $ 106.9
Effective tax rate on net investment income 29.3% 29.5% 29.4% 29.2%
Catastrophe losses, net of reinsurance (after-tax) $ 30.4 $ 17.2 $ 1.9 $ 4.1
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
----------------- ---- ----
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense* 3% $ 4,043 $ 4,187
Total Operating Expenses (4%) 1,013 987
Claims and Claim Adjustment Expenses 14% 2,554 2,734
---------- ----------
Core Income Before Taxes and Minority Interest (24%) 476 466
Income Taxes (28%) 143 139
Minority Interest, Net of Tax (100%) 54 16
---------- ----------
Core Income (1) (9%) $ 279 $ 311
========== ==========
NET WRITTEN PREMIUMS BY PRODUCT LINE: (2)
-----------------------------------------
Auto 1% $ 2,368.7 $ 2,366.3
Homeowners and other 6% 1,436.1 1,446.5
---------- ----------
Total net written premiums (a) 3% $ 3,804.8 $ 3,812.8
========== ==========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (2)
-------------------------------------------------
Independent agents 7% $ 3,006.4 $ 3,067.0
Affinity group marketing 17% 353.3 416.2
SECURE (90%) 224.6 78.7
Joint marketing arrangements 11% 220.5 250.9
---------- ----------
Total net written premiums (a) 3% $ 3,804.8 $ 3,812.8
========== ==========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) 4% $ 3,634.3 $ 3,715.4
Losses and loss adjustment expenses (c) 14% 2,543.9 2,743.8
Other underwriting expenses (d) (3%) 1,015.7 985.9
---------- ----------
Total deductions 9% 3,559.6 3,729.7
---------- ----------
Statutory underwriting gain/(loss) (81%) $ 74.7 $ (14.3)
========== ==========
STATUTORY COMBINED RATIO: (2)
-----------------------------
Loss and loss adjustment expense ratio (c / b) 70.0% 73.8%
Other underwriting expense ratio (d / a) 26.7% 25.9%
---------- ----------
Combined ratio 96.7% 99.7%
========== ==========
Net investment income (pre-tax) (2%) $ 400.2 $ 446.5
Effective tax rate on net investment income 28.1% 29.4%
Catastrophe losses, net of reinsurance (after-tax) NM $ 79.5 $ 53.6
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
<S> <C>
Total Revenues, Net of Interest Expense* 4%
Total Operating Expenses (3%)
Claims and Claim Adjustment Expenses 7%
Core Income Before Taxes and Minority Interest (2%)
Income Taxes (3%)
Minority Interest, Net of Tax (70%)
Core Income (1) 11%
NET WRITTEN PREMIUMS BY PRODUCT LINE: (2)
----------------------------------------
Auto --
Homeowners and other 1%
Total net written premiums (a) --
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL: (2)
-------------------------------------------------
Independent agents 2%
Affinity group marketing 18%
SECURE (65%)
Joint marketing arrangements 14%
Total net written premiums (a) --
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) 2%
Losses and loss adjustment expenses (c) 8%
Other underwriting expenses (d) (3%)
Total deductions 5%
Statutory underwriting gain/(loss) NM
STATUTORY COMBINED RATIO: (2)
-----------------------------
Loss and loss adjustment expense ratio (c / b)
Other underwriting expense ratio (d / a)
Combined ratio
Net investment income (pre-tax) 12%
Effective tax rate on net investment income
Catastrophe losses, net of reinsurance (after-tax) (33%)
</TABLE>
(1) During April 2000, Travelers Insurance Group Inc. completed a cash
tender offer to purchase all the outstanding shares of Class A Common
Stock of Travelers Property Casualty Corp. at a price of $41.95 per
share. Results for the periods prior to April 20, 2000 are net of
minority interest.
(2) The 1999 first quarter and 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
NM - Not meaningful
Page 10
<PAGE>
GLOBAL CONSUMER - INTERNATIONAL
WESTERN EUROPE
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 493 $ 489 $499 $510
Adjusted Operating Expenses 319 312 313 327
Provision for Benefits, Claims, and Credit Losses 71 70 71 68
------ ------ ---- ----
Core Income Before Taxes 103 107 115 115
Income Taxes 38 40 44 43
------ ------ ---- ----
Core Income $ 65 $ 67 $ 71 $ 72
====== ====== ==== ====
Average Assets (in billions of dollars) $ 19 $ 19 $ 20 $ 19
====== ====== ==== ====
Return on Assets 1.39% 1.41% 1.41% 1.50%
====== ====== ==== ====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Personal $ 9.5 $ 9.3 $9.9 $9.7
Cards 1.9 1.9 1.9 2.0
Mortgages 1.7 1.6 1.7 1.6
Auto 1.2 1.2 1.3 1.3
Other 0.9 0.8 0.8 0.7
------ ------ ----- -----
Total $ 15.2 $ 14.8 $15.6 $15.3
====== ====== ===== =====
Average Customer Deposits (in billions of dollars) $ 14.4 $ 13.8 $13.5 $13.1
EOP Accounts (in millions) 8.9 8.9 8.9 8.9
EOP Card Accounts (in millions) 2.2 2.2 2.2 2.2
Non-Interest Revenue as % of Total Revenues 34.0% 33.7% 31.7% 38.2%
Net Credit Loss Ratio (1) 1.76% 1.69% 1.56% 1.54%
Loans 90+ Days Past Due:
In millions of dollars $ 849 $ 858 $910 $868
% 5.65% 5.78% 5.79% 5.75%
Proprietary Mutual Funds / UIT $ 261 $ 747 $386 $397
Proprietary Money Market Funds 471 431 252 174
------ ------ ---- ----
Total Proprietary Funds 732 1,178 638 571
Third Party Funds 195 77 124 232
------ ------ ---- ----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 927 $1,255 $762 $803
====== ====== ==== ====
Branches 442 436 433 434
ATM-only locations 31 34 35 33
Proprietary ATMs 826 828 828 832
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---- ---- ---- ----
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 497 $474 $466 $462
Adjusted Operating Expenses 294 297 267 267
Provision for Benefits, Claims, and Credit Losses 64 59 60 51
------ ---- ---- ----
Core Income Before Taxes 139 118 139 144
Income Taxes 51 43 51 50
------ ---- ---- ----
Core Income $ 88 $ 75 $ 88 $ 94
====== ==== ==== ====
Average Assets (in billions of dollars) $ 19 $ 18 $ 18 $ 17
====== ==== ==== ====
Return on Assets 1.86% 1.68% 1.94% 2.20%
====== ==== ==== ====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Personal $ 9.4 $9.3 $9.0 $9.1
Cards 1.9 1.9 1.9 1.9
Mortgages 1.6 1.5 1.5 1.5
Auto 1.4 1.4 1.5 1.5
Other 0.6 0.6 0.6 0.6
------ ---- ---- ----
Total $ 14.9 $14.7 $14.5 $14.6
====== ==== ==== ====
Average Customer Deposits (in billions of dollars) $ 13.0 $12.5 $12.1 $12.0
EOP Accounts (in millions) 9.1 9.2 9.3 9.5
EOP Card Accounts (in millions) 2.1 2.2 2.2 2.2
Non-Interest Revenue as % of Total Revenues 35.3% 33.6% 35.9% 34.9%
Net Credit Loss Ratio (1) 1.58% 1.56% 1.55% 1.77%
Loans 90+ Days Past Due:
In millions of dollars $ 835 $830 $766 $782
% 5.65% 5.50% 5.38% 5.09%
Proprietary Mutual Funds / UIT $ 355 $367 $225 $228
Proprietary Money Market Funds 193 110 98 104
------ ---- ---- ----
Total Proprietary Funds 548 477 323 332
Third Party Funds 470 326 436 337
------ ---- ---- ----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $1,018 $803 $759 $669
====== ==== ==== ====
Branches 434 434 437 436
ATM-only locations 33 34 36 33
Proprietary ATMs 839 859 875 883
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
-------------------------- ------------------ --------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense (9%) $1,991 $1,899
Adjusted Operating Expenses (18%) 1,271 1,125
Provision for Benefits, Claims, and Credit Losses (25%) 280 234
------ ------
Core Income Before Taxes 25% 440 540
Income Taxes 16% 165 195
------ ------
Core Income 31% $ 275 $ 345
====== ======
Average Assets (in billions of dollars) (11%) $ 19 $ 18
====== ======
Return on Assets 1.45% 1.92%
====== ======
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Personal (6%) $ 9.6 $ 9.2
Cards (5%) 1.9 1.9
Mortgages (6%) 1.7 1.5
Auto 15% 1.3 1.5
Other (14%) 0.8 0.6
------ ------
Total (5%) $ 15.3 $ 14.7
====== ======
Average Customer Deposits (in billions of dollars) (8%) $ 13.7 $ 12.4
EOP Accounts (in millions) 7%
EOP Card Accounts (in millions) --
Non-Interest Revenue as % of Total Revenues 34.4% 34.9%
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars (10%)
%
Proprietary Mutual Funds / UIT (43%) $1,791 $1,175
Proprietary Money Market Funds (40%) 1,328 505
------ ------
Total Proprietary Funds (42%) 3,119 1,680
Third Party Funds 45% 628 1,569
------ ------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (17%) $3,747 $3,249
====== ======
Branches --
ATM-only locations --
Proprietary ATMs 6%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
-----------------------------
<S> <C>
Total Revenues, Net of Interest Expense (5%)
Adjusted Operating Expenses (11%)
Provision for Benefits, Claims, and Credit Losses (16%)
Core Income Before Taxes 23%
Income Taxes 18%
Core Income 25%
Average Assets (in billions of dollars) (5%)
Return on Assets
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Personal (4%)
Cards -
Mortgages (12%)
Auto 15%
Other (25%)
Total (4%)
Average Customer Deposits (in billions of dollars) (9%)
EOP Accounts (in millions)
EOP Card Accounts (in millions)
Non-Interest Revenue as % of Total Revenues
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars
%
Proprietary Mutual Funds / UIT (34%)
Proprietary Money Market Funds (62%)
Total Proprietary Funds (46%)
Third Party Funds 150%
Mutual Fund / UIT Sales at NAV (in millions of dollars) (13%)
Branches
ATM-only locations
Proprietary ATMs
</TABLE>
(1) The 4Q00 net credit loss ratio includes a 27 basis point increase
related to the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 11
<PAGE>
GLOBAL CONSUMER - INTERNATIONAL
CENTRAL & EASTERN EUROPE, MIDDLE EAST & AFRICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 68 $ 74 $108 $ 87
Adjusted Operating Expenses 54 57 57 62
Provision for Benefits, Claims, and Credit Losses 9 7 8 8
---- ---- ---- ----
Core Income Before Taxes 5 10 43 17
Income Taxes 2 4 16 7
---- ---- ---- ----
Core Income $ 3 $ 6 $ 27 $ 10
==== ==== ==== ====
Average Assets (in billions of dollars) $ 3 $ 3 $ 3 $ 3
==== ==== ==== ====
Return on Assets 0.41% 0.80% 3.57% 1.32%
==== ==== ==== ====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Personal $0.5 $0.5 $0.5 $0.5
Cards 0.2 0.2 0.2 0.2
Mortgages 0.2 0.2 0.2 0.2
Auto 0.3 0.3 0.3 0.3
Other 0.3 0.4 0.5 0.6
---- ---- ---- ----
Total $1.5 $1.6 $1.7 $1.8
==== ==== ==== ====
Average Customer Deposits (in billions of dollars) $3.6 $3.5 $3.6 $3.5
EOP Accounts (in millions) 1.7 1.8 2.0 2.1
EOP Card Accounts (in millions) 1.2 1.3 1.4 1.4
Non-Interest Revenue as % of Total Revenues 47.0% 41.6% 56.6% 43.3%
Net Credit Loss Ratio (1) 2.33% 1.89% 1.93% 1.76%
Loans 90+ Days Past Due:
In millions of dollars $ 44 $ 41 $ 43 $ 46
% 2.92% 2.49% 2.41% 2.25%
Proprietary Mutual Funds / UIT $ 18 $ 24 $ 8 $ 47
Proprietary Money Market Funds 2 2 1 2
---- ---- ---- ----
Total Proprietary Funds 20 26 9 49
Third Party Funds 32 56 79 75
---- ---- ---- ----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 52 $ 82 $ 88 $124
==== ==== ==== ====
Branches 29 30 31 32
ATM-only locations 43 44 43 43
Proprietary ATMs 97 99 102 103
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 96 $ 102 $ 106 $ 114
Adjusted Operating Expenses 63 68 74 84
Provision for Benefits, Claims, and Credit Losses 10 8 7 8
---- ---- ---- ----
Core Income Before Taxes 23 26 25 22
Income Taxes 9 10 10 8
---- ---- ---- ----
Core Income $ 14 $ 16 $ 15 $ 14
==== ==== ==== ====
Average Assets (in billions of dollars) $ 3 $ 3 $ 3 $ 4
===== ===== ===== =====
Return on Assets 1.88% 2.15% 1.99% 1.39%
===== ===== ===== ====
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Personal $ 0.5 $ 0.5 $ 0.6 $ 0.6
Cards 0.2 0.2 0.2 0.2
Mortgages 0.2 0.2 0.2 0.2
Auto 0.3 0.3 0.3 0.3
Other 0.7 0.7 0.6 0.7
----- ----- ----- -----
Total $ 1.9 $ 1.9 $ 1.9 $ 2.0
===== ===== ===== =====
Average Customer Deposits (in billions of dollars) $ 3.6 $ 3.7 $ 3.9 $ 4.2
EOP Accounts (in millions) 2.2 2.4 2.7 2.8
EOP Card Accounts (in millions) 1.5 1.6 1.7 1.8
Non-Interest Revenue as % of Total Revenues 44.1% 44.0% 41.6% 42.6%
Net Credit Loss Ratio (1) 2.60% 1.66% 1.45% 2.10%
Loans 90+ Days Past Due:
In millions of dollars $ 40 $ 38 $ 34 $ 32
% 2.16% 1.95% 1.73% 1.37%
Proprietary Mutual Funds / UIT $ 8 $ 19 $ 11 $ 9
Proprietary Money Market Funds - -- 1 --
----- ----- ----- -----
Total Proprietary Funds 8 19 12 9
Third Party Funds 154 118 72 36
----- ----- ----- -----
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 162 $ 137 $ 84 $ 45
===== ===== ===== =====
Branches 36 41 55 58
ATM-only locations 50 53 57 65
Proprietary ATMs 112 113 119 129
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
------------------ ------------ ------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense 31% $ 337 $ 418
Adjusted Operating Expenses 35% 230 289
Provision for Benefits, Claims, and Credit Losses -- 32 33
------------ ------------
Core Income Before Taxes 29% 75 96
Income Taxes 14% 29 37
------------ ------------
Core Income 40% $ 46 $ 59
============ ============
Average Assets (in billions of dollars) 33% $ 3 $ 3
============ ============
Return on Assets 1.53% 1.97%
============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Personal 20% $ 0.5 $ 0.6
Cards -- 0.2 0.2
Mortgages -- 0.2 0.2
Auto - 0.3 0.3
Other 17% 0.5 0.7
------------ ------------
Total 11% $ 1.7 $ 2.0
============ ============
Average Customer Deposits (in billions of dollars) 20% $ 3.6 $ 3.9
EOP Accounts (in millions) 33%
EOP Card Accounts (in millions) 29%
Non-Interest Revenue as % of Total Revenues 48.0% 43.1%
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars (30%)
%
Proprietary Mutual Funds / UIT (81%) $ 97 $ 47
Proprietary Money Market Funds (100%) 7 1
------------ ------------
Total Proprietary Funds (82%) 104 48
Third Party Funds (52%) 242 380
------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (64%) $ 346 $ 428
============ ============
Branches 81%
ATM-only locations 51%
Proprietary ATMs 25%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C>
Total Revenues, Net of Interest Expense 24%
Adjusted Operating Expenses 26%
Provision for Benefits, Claims, and Credit Losses 3%
Core Income Before Taxes 28%
Income Taxes 28%
Core Income 28%
Average Assets (in billions of dollars) -
Return on Assets
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Personal 20%
Cards -
Mortgages -
Auto -
Other 40%
Total 18%
Average Customer Deposits (in billions of dollars) 8%
EOP Accounts (in millions)
EOP Card Accounts (in millions)
Non-Interest Revenue as % of Total Revenues
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In millions of dollars
%
Proprietary Mutual Funds / UIT (52%)
Proprietary Money Market Funds (86%)
Total Proprietary Funds (54%)
Third Party Funds 57%
Mutual Fund / UIT Sales at NAV (in millions of dollars) 24%
Branches
ATM-only locations
Proprietary ATMs
</TABLE>
(1) The 4Q00 net credit loss ratio includes a 59 basis point increase
related to the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 12
<PAGE>
GLOBAL CONSUMER - INTERNATIONAL
JAPAN
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 84 $ 92 $ 108 $ 108
Adjusted Operating Expenses 47 52 65 75
Provision for Benefits, Claims, and Credit Losses 3 3 3 3
------------- ------------- ------------- -------------
Core Income Before Taxes 34 37 40 30
Income Taxes 13 14 15 12
------------- ------------- ------------- -------------
Core Income $ 21 $ 23 $ 25 $ 18
============= ============= ============= =============
Average Assets (in billions of dollars) $ 4 $ 5 $ 6 $ 6
============= ============= ============= =============
Return on Assets 2.13% 1.85% 1.65% 1.19%
============= ============= ============= =============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages $ 0.7 $ 0.9 $ 1.2 $ 1.4
Cards 0.3 0.3 0.3 0.4
Personal 0.2 0.2 0.2 0.3
------------- ------------- ------------- -------------
Total $ 1.2 $ 1.4 $ 1.7 $ 2.1
============= ============= ============= =============
Average Customer Deposits (in billions of dollars) $ 10.4 $ 10.5 $ 11.7 $ 12.9
EOP Accounts (in millions) 1.6 1.8 1.9 2.0
EOP Card Accounts (in millions) 0.3 0.3 0.3 0.3
Non-Interest Revenue as % of Total Revenues 32.3% 41.0% 45.9% 35.4%
Net Credit Loss Ratio 0.97% 0.90% 0.68% 0.61%
Loans 90+ Days Past Due:
In millions of dollars $ 11 $ 10 $ 11 $ 11
% 0.80% 0.68% 0.56% 0.49%
Proprietary Mutual Funds / UIT $ 31 $ 59 $ 69 $ 96
Proprietary Money Market Funds 164 166 306 258
------------- ------------- ------------- -------------
Total Proprietary Funds 195 225 375 354
Third Party Funds - - 29 82
------------- ------------- ------------- -------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 195 $ 225 $ 404 $ 436
============= ============= ============= =============
Branches 20 20 22 22
ATM-only locations 26 28 28 24
Proprietary ATMs 54 54 60 60
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 142 $ 169 $ 170 $ 171
Adjusted Operating Expenses 92 103 109 113
Provision for Benefits, Claims, and Credit Losses 5 5 6 4
------------- ------------ ------------ ------------
Core Income Before Taxes 45 61 55 54
Income Taxes 16 22 19 19
------------- ------------ ------------ ------------
Core Income $ 29 $ 39 $ 36 $ 35
============= ============ ============ ============
Average Assets (in billions of dollars) $ 6 $ 7 $ 7 $ 7
============= ============ ============ ============
Return on Assets 1.94% 2.24% 2.05% 1.99%
============= ============ ============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages $ 1.6 $ 1.9 $ 2.1 $ 2.3
Cards 0.7 1.0 1.0 1.0
Personal 0.3 0.3 0.3 0.3
------------- ------------ ------------ ------------
Total $ 2.6 $ 3.2 $ 3.4 $ 3.6
============= ============ ============ ============
Average Customer Deposits (in billions of dollars) $ 13.1 $ 13.5 $ 13.9 $ 13.9
EOP Accounts (in millions) 2.6 2.7 2.7 2.8
EOP Card Accounts (in millions) 0.8 0.8 0.9 0.9
Non-Interest Revenue as % of Total Revenues 46.7% 50.7% 48.0% 49.1%
Net Credit Loss Ratio 0.77% 0.65% 0.65% 0.48%
Loans 90+ Days Past Due:
In millions of dollars $ 10 $ 9 $ 9 $ 8
% 0.32% 0.26% 0.24% 0.22%
Proprietary Mutual Funds / UIT $ 128 $ 119 $ 178 $ 75
Proprietary Money Market Funds 273 246 207 71
------------- ------------ ------------ ------------
Total Proprietary Funds 401 365 385 146
Third Party Funds 113 104 36 110
------------- ------------ ------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 514 $ 469 $ 421 $ 256
============= ============ ============ ============
Branches 22 22 22 22
ATM-only locations 25 25 25 25
Proprietary ATMs 61 61 61 61
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
----------------- ------------ ------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense 58% $ 392 $ 652
Adjusted Operating Expenses 51% 239 417
Provision for Benefits, Claims, and Credit Losses 33% 12 20
------------ ------------
Core Income Before Taxes 80% 141 215
Income Taxes 58% 54 76
------------ ------------
Core Income 94% $ 87 $ 139
============ ============
Average Assets (in billions of dollars) 17% $ 5 $ 7
============ ============
Return on Assets 1.74% 1.99%
============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages 64% $ 1.1 $ 2.0
Cards 150% 0.3 $ 0.9
Personal -- 0.2 $ 0.3
------------ ------------
Total 71% $ 1.6 $ 3.2
============ ============
Average Customer Deposits (in billions of dollars) 8% $ 11.4 $ 13.6
EOP Accounts (in millions) 40%
EOP Card Accounts (in millions) 200%
Non-Interest Revenue as % of Total Revenues 38.9% 48.7%
Net Credit Loss Ratio
Loans 90+ Days Past Due:
In millions of dollars (27%)
%
Proprietary Mutual Funds / UIT (22%) $ 255 $ 500
Proprietary Money Market Funds (72%) 894 797
------------ ------------
Total Proprietary Funds (59%) 1,149 1,297
Third Party Funds 34% 111 363
------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (41%) $ 1,260 $ 1,660
============ ============
Branches --
ATM-only locations 4%
Proprietary ATMs 2%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C>
Total Revenues, Net of Interest Expense 66%
Adjusted Operating Expenses 74%
Provision for Benefits, Claims, and Credit Losses 67%
Core Income Before Taxes 52%
Income Taxes 41%
Core Income 60%
Average Assets (in billions of dollars) 40%
Return on Assets
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Mortgages 82%
Cards 200%
Personal 50%
Total 100%
Average Customer Deposits (in billions of dollars) 19%
EOP Accounts (in millions)
EOP Card Accounts (in millions)
Non-Interest Revenue as % of Total Revenues
Net Credit Loss Ratio
Loans 90+ Days Past Due:
In millions of dollars
%
Proprietary Mutual Funds / UIT 96%
Proprietary Money Market Funds (11%)
Total Proprietary Funds 13%
Third Party Funds 227%
Mutual Fund / UIT Sales at NAV (in millions of dollars) 32%
Branches
ATM-only locations
Proprietary ATMs
</TABLE>
Reclassified to conform to the current period's presentation.
Page 13
<PAGE>
GLOBAL CONSUMER - INTERNATIONAL
ASIA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 433 $ 450 $ 471 $ 498
Adjusted Operating Expenses 219 229 250 245
Provision for Benefits, Claims, and Credit Losses 85 86 74 96
------------- ------------- ------------- -------------
Core Income Before Taxes 129 135 147 157
Income Taxes 48 51 55 58
------------- ------------- ------------- -------------
Core Income $ 81 $ 84 $ 92 $ 99
============= ============= ============= =============
Average Assets (in billions of dollars) $ 25 $ 25 $ 25 $ 26
============= ============= ============= =============
Return on Assets 1.31% 1.35% 1.46% 1.51%
============= ============= ============= =============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages $ 11.8 $ 12.1 $ 12.3 $ 12.5
Cards 4.2 4.3 4.5 4.6
Auto 2.1 2.2 2.2 2.2
Personal 1.2 1.2 1.3 1.2
Other 1.6 1.7 1.6 1.9
------------- ------------- ------------- -------------
Total $ 20.9 $ 21.5 $ 21.9 $ 22.4
============= ============= ============= =============
Average Customer Deposits (in billions of dollars) $ 29.5 $ 30.2 $ 30.7 $ 32.3
EOP Accounts (in millions) 6.4 6.7 7.0 7.2
EOP Card Accounts (in millions) 4.0 4.0 4.2 4.3
Non-Interest Revenue as % of Total Revenues 29.1% 29.0% 27.0% 28.5%
Net Credit Loss Ratio 1.46% 1.36% 1.27% 1.20%
Loans 90+ Days Past Due:
In millions of dollars $ 502 $ 499 $ 439 $ 442
% 2.41% 2.27% 1.99% 1.93%
Proprietary Mutal Funds/UIT $ 154 $ 141 $ 106 $ 184
Proprietary Money Market Funds 109 85 128 106
------------- ------------- ------------- -------------
Total Proprietary Funds 263 226 234 290
Third Party Funds 414 691 758 968
------------- ------------- ------------- -------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 677 $ 917 $ 992 $ 1,258
============= ============= ============= =============
Branches 68 68 69 72
ATM-only locations 62 62 63 78
Proprietary ATMs 278 287 284 293
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 541 $ 522 $ 525 $ 521
Adjusted Operating Expenses 244 240 233 245
Provision for Benefits, Claims, and Credit Losses 74 62 71 66
------------- ------------ ------------ ------------
Core Income Before Taxes 223 220 221 210
Income Taxes 79 78 79 75
------------- ------------ ------------ ------------
Core Income $ 144 $ 142 $ 142 $ 135
============= ============ ============ ============
Average Assets (in billions of dollars) $ 27 $ 26 $ 27 $ 26
============= ============ ============ ============
Return on Assets 2.15% 2.20% 2.09% 2.07%
============= ============ ============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages $ 12.5 $ 12.2 $ 12.0 $ 11.6
Cards 4.7 4.7 4.8 4.8
Auto 2.3 2.3 2.4 2.4
Personal 1.2 1.2 1.3 1.3
Other 1.9 1.8 1.8 1.7
------------- ------------ ------------ ------------
Total $ 22.6 $ 22.2 $ 22.3 $ 21.8
============= ============ ============ ============
Average Customer Deposits (in billions of dollars) $ 33.3 $ 33.5 $ 34.2 $ 34.2
EOP Accounts (in millions) 7.4 7.5 7.8 8.1
EOP Card Accounts (in millions) 4.5 4.6 4.7 4.9
Non-Interest Revenue as % of Total Revenues 34.3% 31.0% 32.2% 30.5%
Net Credit Loss Ratio 1.24% 1.07% 1.14% 1.18%
Loans 90+ Days Past Due:
In millions of dollars $ 433 $ 396 $ 350 $ 335
% 1.92% 1.75% 1.57% 1.51%
Proprietary Mutual Funds/UIT $ 115 $ 126 $ 149 $ 215
Proprietary Money Market Funds 67 63 49 97
------------- ------------ ------------ ------------
Total Proprietary Funds 182 189 198 312
Third Party Funds 1,823 825 953 970
------------- ------------ ------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 2,005 $ 1,014 $ 1,151 $ 1,282
============= ============ ============ ============
Branches 71 73 76 77
ATM-only locations 79 75 74 73
Proprietary ATMs 300 300 301 303
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
----------------- ------------ ------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense 5% $ 1,852 $ 2,109
Adjusted Operating Expenses - 943 962
Provision for Benefits, Claims, and Credit Losses (31%) 341 273
------------ ------------
Core Income Before Taxes 34% 568 874
Income Taxes 29% 212 311
------------ ------------
Core Income 36% $ 356 $ 563
============ ============
Average Assets (in billions of dollars) - $ 25 $ 27
============ ============
Return on Assets 1.42% 2.09%
============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Mortgages (7%) $ 12.2 $ 12.1
Cards 4% 4.4 $ 4.8
Auto 9% 2.2 $ 2.4
Personal 8% 1.2 $ 1.3
Other (11%) 1.7 $ 1.8
------------ ------------
Total (3%) $ 21.7 $ 22.4
============ ============
Average Customer Deposits (in billions of dollars) 6% $ 30.7 $ 33.8
EOP Accounts (in millions) 13%
EOP Card Accounts (in millions) 14%
Non-Interest Revenue as % of Total Revenues 28.4% 32.0%
Net Credit Loss Ratio
Loans 90+ Days Past Due:
In millions of dollars (24%)
%
Proprietary Mutual Funds/UIT 17% $ 585 $ 605
Proprietary Money Market Funds (8%) 428 276
------------ ------------
Total Proprietary Funds 8% 1,013 881
Third Party Funds - 2,831 4,571
------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) 2% $ 3,844 $ 5,452
============ ============
Branches 7%
ATM-only locations (6%)
Proprietary ATMs 3%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C>
Total Revenues, Net of Interest Expense 14%
Adjusted Operating Expenses 2%
Provision for Benefits, Claims, and Credit Losses (20%)
Core Income Before Taxes 54%
Income Taxes 47%
Core Income 58%
Average Assets (in billions of dollars) 8%
Return on Assets
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Mortgages (1%)
Cards 9%
Auto 9%
Personal 8%
Other 6%
Total 3%
Average Customer Deposits (in billions of dollars) 10%
EOP Accounts (in millions)
EOP Card Accounts (in millions)
Non-Interest Revenue as % of Total Revenues
Net Credit Loss Ratio
Loans 90+ Days Past Due:
In millions of dollars
%
Proprietary Mutual Funds/UIT 3%
Proprietary Money Market Funds (36%)
Total Proprietary Funds (13%)
Third Party Funds 61%
Mutual Fund / UIT Sales at NAV (in millions of dollars) 42%
Branches
ATM-only locations
Proprietary ATMs
</TABLE>
Reclassified to conform to the current period's presentation.
Page 14
<PAGE>
GLOBAL CONSUMER - INTERNATIONAL
LATIN AMERICA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense (1) $ 464 $ 496 $ 499 $ 511
Adjusted Operating Expenses 291 299 302 302
Provision for Benefits, Claims, and Credit Losses (1) 101 135 117 94
------------- ------------- ------------- --------------
Core Income Before Taxes 72 62 80 115
Income Taxes 25 21 28 33
------------- ------------- ------------- --------------
Core Income $ 47 $ 41 $ 52 $ 82
============= ============= ============= ==============
Average Assets (in billions of dollars) $ 14 $ 15 $ 14 $ 14
============= ============= ============= ==============
Return on Assets 1.36% 1.10% 1.47% 2.32%
============= ============= ============= ==============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
-------------------------------------
Cards $ 1.8 $ 1.8 $ 1.7 $ 1.7
Mortgages 2.0 1.9 2.0 2.0
Auto 1.9 1.7 1.7 1.7
Personal 1.6 1.6 1.8 1.8
Other 0.5 1.0 0.7 0.7
------------- ------------- ------------- --------------
Total $ 7.8 $ 8.0 $ 7.9 $ 7.9
============= ============= ============= ==============
Average Customer Deposits (in billions of dollars) $ 12.9 $ 13.7 $ 13.6 $ 13.6
EOP Accounts (in millions) 8.5 8.1 9.0 8.8
EOP Card Accounts (in millions) 2.1 2.1 2.0 1.9
Non-Interest Revenue as % of Total Revenues 30.5% 35.9% 32.7% 33.7%
Net Credit Loss Ratio (2) 4.74% 6.17% 5.55% 4.71%
Loans 90+ Days Past Due:
In millions of dollars $ 292 $ 346 $ 325 $ 320
% 3.75% 4.32% 4.10% 4.10%
Proprietary Mutual Funds/UIT Funds $ 197 $ 240 $ 204 $ 268
Proprietary Money Market Funds 1,075 1,200 1,165 1,087
------------- ------------- ------------- --------------
Total Proprietary Funds $ 1,272 $ 1,440 $ 1,369 $ 1,355
Third Party Funds 143 232 282 278
------------- ------------- ------------- --------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,415 $ 1,672 $ 1,651 $ 1,633
============= ============= ============= ==============
Branches 466 447 450 447
Consumer Finance Offices 43 43 104 108
ATM-only locations 69 73 84 85
Proprietary ATMs 649 660 745 747
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense (1) $ 513 $ 466 $ 436 $ 526
Adjusted Operating Expenses 323 327 318 339
Provision for Benefits, Claims, and Credit Losses (1) 90 76 69 100
-------------- ------------- ------------- -------------
Core Income Before Taxes 100 63 49 87
Income Taxes 34 22 17 18
-------------- ------------- ------------- -------------
Core Income $ 66 $ 41 $ 32 $ 69
============== ============= ============= =============
Average Assets (in billions of dollars) $ 14 $ 12 $ 11 $ 11
============== ============= ============= =============
Return on Assets 1.90% 1.37% 1.16% 2.50%
============== ============= ============= =============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Cards $ 1.7 $ 1.7 $ 1.7 $ 1.7
Mortgages 2.0 2.0 2.1 2.1
Auto 1.4 1.0 0.9 0.9
Personal 1.6 1.6 1.7 1.8
Other 0.9 0.9 0.6 0.5
-------------- ------------- ------------- -------------
Total $ 7.6 $ 7.2 $ 7.0 $ 7.0
============== ============= ============= =============
Average Customer Deposits (in billions of dollars) $ 13.8 $ 13.7 $ 13.6 $ 13.5
EOP Accounts (in millions) 8.8 8.9 9.1 9.1
EOP Card Accounts (in millions) 1.9 1.9 1.9 1.9
Non-Interest Revenue as % of Total Revenues 36.7% 37.4% 39.8% 45.9%
Net Credit Loss Ratio (2) 4.77% 4.25% 3.89% 5.58%
Loans 90+ Days Past Due:
In millions of dollars $ 333 $ 323 $ 319 $ 250
% 4.58% 4.52% 4.55% 3.66%
Proprietary Mutual Funds/UIT Funds $ 365 $ 208 $ 329 $ 229
Proprietary Money Market Funds 1,183 1,172 901 965
-------------- ------------- ------------- -------------
Total Proprietary Funds $ 1,548 $ 1,380 $ 1,230 $ 1,194
Third Party Funds 374 347 419 101
-------------- ------------- ------------- -------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,922 $ 1,727 $ 1,649 $ 1,295
============== ============= ============= =============
Branches 453 447 404 406
Consumer Finance Offices 111 112 113 120
ATM-only locations 84 84 89 85
Proprietary ATMs 749 753 730 718
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
------------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense (1) 3% $ 1,970 $ 1,941
Adjusted Operating Expenses 12% 1,194 1,307
Provision for Benefits, Claims, and Credit Losses (1) 6% 447 335
------------ ------------
Core Income Before Taxes (24%) 329 299
Income Taxes (45%) 107 91
------------ ------------
Core Income (16%) $ 222 $ 208
============ ============
Average Assets (in billions of dollars) (21%) $ 14 $ 12
============ ============
Return on Assets 1.59% 1.73%
============ ============
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Cards -- 1.8 1.7
Mortgages 5% 2.0 2.1
Auto (47%) 1.8 1.1
Personal - 1.7 1.7
Other (29%) 0.7 0.7
------------ ------------
Total (11%) $ 8.0 $ 7.3
============ ============
Average Customer Deposits (in billions of dollars) (1%) $ 13.5 $ 13.7
EOP Accounts (in millions) 3%
EOP Card Accounts (in millions) --
Non-Interest Revenue as % of Total Revenues 33.2% 40.0%
Net Credit Loss Ratio (2)
Loans 90+ Days Past Due:
In millions of dollars (22%)
%
Proprietary Mutual Funds/UIT Funds (15%) $ 909 $ 1,131
Proprietary Money Market Funds (11%) 4,527 4,221
------------ ------------
Total Proprietary Funds (12%) $ 5,436 $ 5,352
Third Party Funds (64%) 935 1,241
------------ ------------
Mutual Fund / UIT Sales at NAV (in millions of dollars) (21%) $ 6,371 $ 6,593
============ ============
Branches (9%)
Consumer Finance Offices 11%
ATM-only locations -
Proprietary ATMs (4%)
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C> <C>
Total Revenues, Net of Interest Expense (1) (1%)
Adjusted Operating Expenses 9%
Provision for Benefits, Claims, and Credit Losses (1) (25%)
Core Income Before Taxes (9%)
Income Taxes (15%)
Core Income (6%)
Average Assets (in billions of dollars) (14%)
Return on Assets
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
--------------------------------------
Cards (6%)
Mortgages 5%
Auto (39%)
Personal -
Other -
Total (9%)
Average Customer Deposits (in billions of dollars) 1%
EOP Accounts (in millions)
EOP Card Accounts (in millions)
Non-Interest Revenue as % of Total Revenues
Net Credit Loss Ratio (2)
Loans 90+ Days Past Due:
In millions of dollars
%
Proprietary Mutual Funds/UIT Funds 24%
Proprietary Money Market Funds (7%)
Total Proprietary Funds (2%)
Third Party Funds 33%
Mutual Fund / UIT Sales at NAV (in millions of dollars) 3%
Branches
Consumer Finance Offices
ATM-only locations
Proprietary ATMs
</TABLE>
(1) Includes a fourth quarter 2000 year-to-date reclassification which
increased both Revenues and Provision for Benefits, Claims, and Credit
Losses by $26 million.
(2) The 4Q00 net credit loss ratio includes a 232 basis point increase
related to the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 15
<PAGE>
GLOBAL CONSUMER
OTHER CONSUMER (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 49 $ 39 $ 30 $ 8
Adjusted Operating Expenses 66 73 44 39
Provision for Loan Losses 7 7 7 4
------------- ------------- ------------- -------------
Loss Before Tax Benefits (24) (41) (21) (35)
Income Tax Benefits (8) (16) (9) (13)
------------- ------------- ------------- -------------
Loss $ (16) $ (25) $ (12) $ (22)
============= ============= ============= =============
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
Total Revenues, Net of Interest Expense $ 11 $ (11) $ (11) $ -
Adjusted Operating Expenses 56 37 31 18
Provision for Loan Losses - - - -
------------- ------------ ------------ ------------
Loss Before Tax Benefits (45) (48) (42) (18)
Income Tax Benefits (16) (20) (17) (2)
------------- ------------ ------------ ------------
Loss $ (29) $ (28) $ (25) $ (16)
============= ============ ============ ============
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
----------------- ------------ ------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense (100%) $ 126 $ (11)
Adjusted Operating Expenses (54%) 222 142
Provision for Loan Losses (100%) 25 -
------------ ------------
Loss Before Tax Benefits 49% (121) (153)
Income Tax Benefits 85% (46) (55)
------------ ------------
Loss 27% $ (75) $ (98)
============ ============
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C>
Total Revenues, Net of Interest Expense NM
Adjusted Operating Expenses (36%)
Provision for Loan Losses (100%)
Loss Before Tax Benefits (26%)
Income Tax Benefits (20%)
Loss (31%)
</TABLE>
(1) Includes unallocated marketing, staff expenses, and certain treasury
functions.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 16
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
SALOMON SMITH BARNEY & THE GLOBAL RELATIONSHIP BANK (SEGMENT BASIS)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues:
Commissions & Fees $ 1,074 $ 1,082 $ 1,007 $ 1,202
Asset Management and Administration Fees 464 499 528 533
Investment Banking 705 862 861 922
Principal Transactions 1,342 887 627 861
Other Income 25 48 (26) (9)
------------- ------------- ------------- -------------
Total Non-Interest Revenues 3,610 3,378 2,997 3,509
------------- ------------- ------------- -------------
Interest and Dividends 5,476 5,618 5,652 5,956
Interest Expense 4,625 4,684 4,838 5,156
------------- ------------- ------------- -------------
Net Interest and Dividends 851 934 814 800
------------- ------------- ------------- -------------
Total Revenues, Net of Interest Expense 4,461 4,312 3,811 4,309
------------- ------------- ------------- -------------
Non-Interest Expenses:
Compensation and Benefits 2,259 2,159 2,017 2,035
Communications 214 208 227 244
Occupancy and Equipment 174 169 176 172
Floor Brokerage and Other Production 104 134 119 134
Other Operating and Administrative Expenses 418 445 357 411
------------- ------------- ------------- -------------
Total Non-Interest Expenses 3,169 3,115 2,896 2,996
------------- ------------- ------------- -------------
Provision for Credit Losses (3) 1 6 2
------------- ------------- ------------- -------------
Core Income Before Income Taxes 1,295 1,196 909 1,311
Provision For Income Taxes 462 438 335 487
------------- ------------- ------------- -------------
Core Income $ 833 $ 758 $ 574 $ 824
============= ============= ============= =============
Pre-tax profit margin 29.0% 27.7% 23.9% 30.4%
Non-Compensation Expenses as a Percent of
Net Revenues 20.4% 22.2% 23.1% 22.3%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Commissions & Fees $ 1,513 $ 1,223 $ 1,200 $ 1,242
Asset Management and Administration Fees 609 654 665 690
Investment Banking 1,000 964 1,123 1,000
Principal Transactions 1,318 1,037 1,160 881
Other Income 176 175 67 96
------------- ------------ ------------ ------------
Total Non-Interest Revenues 4,616 4,053 4,215 3,909
------------- ------------ ------------ ------------
Interest and Dividends 6,644 8,340 9,315 9,800
Interest Expense 5,866 7,435 8,443 8,832
------------- ------------ ------------ ------------
Net Interest and Dividends 778 905 872 968
------------- ------------ ------------ ------------
Total Revenues, Net of Interest Expense 5,394 4,958 5,087 4,877
------------- ------------ ------------ ------------
Non-Interest Expenses:
Compensation and Benefits 2,474 2,477 2,609 2,539
Communications 252 265 281 310
Occupancy and Equipment 177 186 192 203
Floor Brokerage and Other Production 167 165 188 188
Other Operating and Administrative Expenses 386 460 429 475
------------- ------------ ------------ ------------
Total Non-Interest Expenses 3,456 3,553 3,699 3,715
------------- ------------ ------------ ------------
Provision for Credit Losses 40 52 13 56
------------- ------------ ------------ ------------
Core Income Before Income Taxes 1,898 1,353 1,375 1,106
Provision For Income Taxes 701 451 502 390
------------- ------------ ------------ ------------
Core Income $ 1,197 $ 902 $ 873 $ 716
============= ============ ============ ============
Pre-tax profit margin 35.2% 27.3% 27.0% 22.7%
Non-Compensation Expenses as a Percent of
Net Revenues 18.2% 21.7% 21.4% 24.1%
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
---------------- ------------- ------------
<S> <C> <C> <C>
Revenues:
Commissions & Fees 3% $ 4,365 $ 5,178
Asset Management and Administration Fees 29% 2,024 2,618
Investment Banking 8% 3,350 4,087
Principal Transactions 2% 3,717 4,396
Other Income NM 38 514
------------- ------------
Total Non-Interest Revenues 11% 13,494 16,793
------------- ------------
Interest and Dividends 65% 22,702 34,099
Interest Expense 71% 19,303 30,576
------------- ------------
Net Interest and Dividends 21% 3,399 3,523
------------- ------------
Total Revenues, Net of Interest Expense 13% 16,893 20,316
------------- ------------
Non-Interest Expenses:
Compensation and Benefits 25% 8,470 10,099
Communications 27% 893 1,108
Occupancy and Equipment 18% 691 758
Floor Brokerage and Other Production 40% 491 708
Other Operating and Administrative Expenses 16% 1,631 1,750
------------- ------------
Total Non-Interest Expenses 24% 12,176 14,423
------------- ------------
Provision for Credit Losses NM 6 161
------------- ------------
Core Income Before Income Taxes (16%) 4,711 5,732
Provision For Income Taxes (20%) 1,722 2,044
------------- ------------
Core Income (13%) $ 2,989 $ 3,688
============= ============
Pre-tax profit margin 27.9% 28.2%
Non-Compensation Expenses as a Percent of
Net Revenues 21.9% 21.3%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
------------------
<S> <C>
Revenues:
Commissions & Fees 19%
Asset Management and Administration Fees 29%
Investment Banking 22%
Principal Transactions 18%
Other Income NM
Total Non-Interest Revenues 24%
Interest and Dividends 50%
Interest Expense 58%
Net Interest and Dividends 4%
Total Revenues, Net of Interest Expense 20%
Non-Interest Expenses:
Compensation and Benefits 19%
Communications 24%
Occupancy and Equipment 10%
Floor Brokerage and Other Production 44%
Other Operating and Administrative Expenses 7%
Total Non-Interest Expenses 18%
Provision for Credit Losses NM
Core Income Before Income Taxes 22%
Provision For Income Taxes 19%
Core Income 23%
Pre-tax profit margin
Non-Compensation Expenses as a Percent of
Net Revenues
NM Not meaningful.
</TABLE>
Page 17
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
SALOMON SMITH BARNEY
(In millions of dollars)
<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:
Consulting Group and Internally Managed $ 107.4 $ 113.6 $ 113.0 $ 126.2
Financial Consultant (FC) Managed 26.8 29.5 31.6 43.6
------------- ------------- ------------- -------------
Total assets under fee-based management (1) $ 134.2 $ 143.1 $ 144.6 $ 169.8
============= ============= ============= =============
Total client assets $ 816.0 $ 852.1 $ 844.6 $ 965.0
PRIVATE CLIENT
--------------
Registered FC's 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 BOOK MGR.):
DEBT AND EQUITY
Global volume (2) $ 103,548.2 $ 95,198.8 $ 90,408.4 $ 55,763.1
Global market share 7.5% 8.0% 8.3% 6.4%
Rank 2 2 3 4
U.S. volume (3) $ 81,761.1 $ 74,748.3 $ 61,948.0 $ 36,420.2
U.S. market share 13.5% 12.9% 12.3% 9.4%
Rank 2 2 3 5
MUNICIPALS
Volume (4) $ 7,320.5 $ 5,403.1 $ 8,629.7 $ 9,649.0
Market share 12.3% 9.1% 15.5% 18.3%
Rank 1 2 1 1
CAPITAL MARKETS/RESEARCH
------------------------
Number of stocks in which markets are made 1,305 1,296 1,305 1,335
% of S&P Groups covered by research 98% 98% 98% 98%
Total equity (in billions of dollars) (5) $ 9.6 $ 9.6 $ 9.9 $ 9.3
Return on equity (5) 31.4% 29.1% 21.4% 31.2%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
--------------------------------------
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 133.1 $ 135.8 $ 140.2 $ 145.6
Financial Consultant (FC) Managed 55.4 58.2 62.2 56.2
------------- ------------ ------------ ------------
Total assets under fee-based management (1) $ 188.5 $ 194.0 $ 202.4 $ 201.8
============= ============ ============ ============
Total client assets $ 1,032.2 $ 1,031.5 $ 1,047.3 $ 977.2
PRIVATE CLIENT
--------------
Registered FC's 11,414 11,686 11,903 12,127
Annualized retail gross production per FC (000) $ 599 $ 498 $ 483 $ 463
Domestic retail offices 482 492 503 513
INVESTMENT BANKING AND PUBLIC FINANCE
-------------------------------------
UNDERWRITING (FULL CREDIT TO BOOK MGR.):
DEBT AND EQUITY
Global volume (2) $ 98,017.1 $ 99,476.2 $ 84,705.5 $ 74,444.8
Global market share 8.2% 9.7% 8.7% 10.7%
Rank 2 1 2 1
U.S. volume (3) $ 71,982.4 $ 61,189.9 $ 59,003.7 $ 52,734.7
U.S. market share 12.6% 13.2% 12.7% 14.0%
Rank 2 2 2 1
MUNICIPALS
Volume (4) $ 4,889.2 $ 7,689.0 $ 6,220.1 $ 6,418.1
Market share 12.0% 13.9% 12.9% 11.6%
Rank 1 1 1 2
CAPITAL MARKETS/RESEARCH
------------------------
Number of stocks in which markets are made 1,366 1,391 1,561 1,824
% of S&P Groups covered by research 99% 98% 95% 98%
Total equity (in billions of dollars) (5) $ 9.9 $ 10.3 $ 10.7 $ 11.1
Return on equity (5) 41.1% 26.2% 26.7% 25.7%
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
-------------- ------------ -------------
<S> <C> <C> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
--------------------------------------
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed 15% $ 126.2 $ 145.6
Financial Consultant (FC) Managed 29% 43.6 56.2
--------------------------
Total assets under fee-based management (1) 19% $ 169.8 $ 201.8
==========================
Total client assets 1% $ 965.0 $ 977.2
PRIVATE CLIENT
--------------
Registered FC's 7% 11,333 12,127
Annualized retail gross production per FC (000) (7%) $ 481 $ 510
Domestic retail offices 8% 476 513
INVESTMENT BANKING AND PUBLIC FINANCE
----------------------------------------
UNDERWRITING (FULL CREDIT TO BOOK MGR.):
DEBT AND EQUITY
Global volume (2) 34% $ 344,918.5 $ 356,643.6
Global market share 7.6% 10.5%
Rank 2 2
U.S. volume (3) 45% $ 254,877.6 $ 244,910.7
U.S. market share 12.3% 13.0%
Rank 2 2
MUNICIPALS
Volume (4) (33%) $ 31,002.3 $ 25,216.4
Market share 13.6% 12.6%
Rank 1 1
CAPITAL MARKETS/RESEARCH
------------------------
Number of stocks in which markets are made 37% 1,335 1,824
% of S&P Groups covered by research 98% 98%
Total equity (in billions of dollars) (5) 19% $ 9.3 $ 11.1
Return on equity (5) 28.2% 29.7%
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
-------------------
<S> <C>
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
-------------------------------------
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed 15%
Financial Consultant (FC) Managed 29%
Total assets under fee-based management (1) 19%
Total client assets 1%
PRIVATE CLIENT
--------------
Registered FC's 7%
Annualized retail gross production per FC (000) 6%
Domestic retail offices 8%
INVESTMENT BANKING AND PUBLIC FINANCE
----------------------------------------
UNDERWRITING (FULL CREDIT TO BOOK MGR.):
DEBT AND EQUITY
Global volume (2) 3%
Global market share
Rank
U.S. volume (3) (4%)
U.S. market share
Rank
MUNICIPALS
Volume (4) (19%)
Market share
Rank
CAPITAL MARKETS/RESEARCH
------------------------
Number of stocks in which markets are made 37%
% of S&P Groups covered by research
Total equity (in billions of dollars) (5) 19%
Return on equity (5)
</TABLE>
(1) Includes certain assets jointly managed with SSB Citi Asset Management.
(2) Includes all non-convertible debt, Rule 144A non-convertible debt, Rule
144A non-convertible preferred, non-convertible preferred, preferred,
taxable municipal debt, mortgage and asset backed debt.
(3) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible
debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt,
all U.S. common stock, U.S. convertible debt and U.S. convertible
preferred. Excludes all closed end funds, 144A common stock, 144A
convertible stock, and 144A convertible preferred.
(4) Total long term excluding private placement.
(5) Total equity and return on equity (core income) for Salomon Smith
Barney are calculated on a legal entity basis.
Reclassified to conform to the current period's presentation.
Page 18
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
EMERGING MARKETS CORPORATE BANKING
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 1,142 $ 1,093 $ 1,057 $ 1,055
Adjusted Operating Expenses 520 523 535 546
Provision for Loan Losses 115 110 32 90
------------- ------------- ------------- -------------
Core Income Before Taxes and Minority Interest 507 460 490 419
Income Taxes 192 174 185 157
Minority Interest, Net of Tax 1 2 1 2
------------- ------------- ------------- -------------
Core Income $ 314 $ 284 $ 304 $ 260
============= ============= ============= =============
Average Assets (in billions of dollars) $ 80 $ 83 $ 82 $ 82
============= ============= ============= =============
Return on Assets 1.59% 1.37% 1.47% 1.26%
============= ============= ============= =============
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 1,239 $ 1,272 $ 1,263 $ 1,304
Adjusted Operating Expenses 536 604 598 594
Provision for Loan Losses 84 79 22 -
------------- ------------ ------------ ------------
Core Income Before Taxes and Minority Interest 619 589 643 710
Income Taxes 225 215 233 255
Minority Interest, Net of Tax 2 4 10 7
------------- ------------ ------------ ------------
Core Income $ 392 $ 370 $ 400 $ 448
============= ============ ============ ============
Average Assets (in billions of dollars) $ 83 $ 87 $ 93 $ 96
============= ============ ============ ============
Return on Assets 1.90% 1.71% 1.71% 1.86%
============= ============ ============ ============
<CAPTION>
4Q 2000 VS. YTD YTD
4Q 1999 INCREASE/ 4Q 4Q
(DECREASE) 1999 2000
----------------- ------------ ------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense 24% $ 4,347 $ 5,078
Adjusted Operating Expenses 9% 2,124 2,332
Provision for Loan Losses (100%) 347 185
------------ ------------
Core Income Before Taxes and Minority Interest 69% 1,876 2,561
Income Taxes 62% 708 928
Minority Interest, Net of Tax 250% 6 23
------------ ------------
Core Income 72% $ 1,162 $ 1,610
============ ============
Average Assets (in billions of dollars) 17% $ 82 $ 90
============ ============
Return on Assets 1.42% 1.79%
============ ============
<CAPTION>
YTD 4Q 2000 VS.
YTD 4Q 1999 INCREASE/
(DECREASE)
----------------------
<S> <C>
Total Revenues, Net of Interest Expense 17%
Adjusted Operating Expenses 10%
Provision for Loan Losses (47%)
Core Income Before Taxes and Minority Interest 37%
Income Taxes 31%
Minority Interest, Net of Tax 283%
Core Income 39%
Average Assets (in billions of dollars) 10%
Return on Assets
</TABLE>
Page 19
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
TRAVELERS PROPERTY CASUALTY - COMMERCIAL LINES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q 1Q
1999 1999 1999 1999 2000
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 1,534 $ 1,558 $ 1,578 $ 1,595 $ 1,568
Total Operating Expenses 376 372 288 397 347
Claims and Claim Adjustment Expenses 865 873 877 889 842
-------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 293 313 413 309 379
Income Taxes 68 73 109 72 97
Minority Interest, Net of Tax 36 39 49 37 42
-------- -------- -------- -------- --------
Core Income (1) $ 189 $ 201 $ 255 $ 200 $ 240
======== ======== ======== ======== ========
NET WRITTEN PREMIUMS BY MARKET: (2)
-----------------------------------
Commercial accounts $ 443.6 $ 440.1 $ 469.9 $ 462.7 $ 487.4
Select accounts 372.3 393.4 355.4 373.0 387.3
Specialty accounts 148.2 159.8 158.4 143.1 180.5
National accounts 149.9 101.4 148.8 88.3 92.0
-------- -------- -------- -------- --------
Total net written premiums (a) $1,114.0 $1,094.7 $1,132.5 $1,067.1 $1,147.2
======== ======== ======== ======== ========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) $1,072.7 $1,100.8 $1,110.3 $1,090.7 $1,079.0
Losses and loss adjustment expenses (3)(c) 817.5 827.2 928.8 832.2 792.7
Other underwriting expenses (d) 317.9 333.8 349.8 350.6 320.4
-------- -------- -------- -------- --------
Total deductions 1,135.4 1,161.0 1,278.6 1,182.8 1,113.1
-------- -------- -------- -------- --------
Statutory underwriting loss $ (62.7) $ (60.2) $ (168.3) $ (92.1) $ (34.1)
======== ======== ======== ======== ========
STATUTORY COMBINED RATIO: (2), (3), (4)
---------------------------------------
Loss and loss adjustment expense ratio (c/b) 76.2% 75.1% 83.7% 76.3% 73.5%
Other underwriting expense ratio (d/a) 28.5% 30.5% 30.9% 32.9% 27.9%
-------- -------- -------- -------- --------
Combined ratio 104.7% 105.6% 114.6% 109.2% 101.4%
======== ======== ======== ======== ========
Net investment income (pre-tax) $ 412.6 $ 410.5 $ 420.2 $ 445.4 $ 435.9
Effective tax rate on net investment income 26.6% 26.5% 26.7% 27.1% 26.9%
Catastrophe losses, net of reinsurance (after-tax) $ -- $ 9.9 $ 17.4 $ -- $ --
<CAPTION>
4Q 2000 VS.
2Q 3Q 4Q 4Q 1999 INCREASE/
2000 2000 2000 (DECREASE)
-------- -------- -------- -----------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 1,626 $ 1,747 $ 1,759 10%
Total Operating Expenses 353 322 424 7%
Claims and Claim Adjustment Expenses 903 993 1,002 13%
-------- -------- --------
Core Income Before Taxes and Minority Interest 370 432 333 8%
Income Taxes 95 117 83 15%
Minority Interest, Net of Tax 8 -- -- (100%)
-------- -------- --------
Core Income (1) $ 267 $ 315 $ 250 25%
======== ======== ========
NET WRITTEN PREMIUMS BY MARKET: (2)
-----------------------------------
Commercial accounts $ 457.4 $ 563.1 $ 591.0 28%
Select accounts 406.8 382.4 398.9 7%
Specialty accounts 310.0 274.3 239.1 67%
National accounts 58.5 131.4 70.4 (20%)
-------- -------- --------
Total net written premiums (a) $1,232.7 $1,351.2 $1,299.4 22%
======== ======== ========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) $1,120.5 $1,232.5 $1,239.4 14%
Losses and loss adjustment expenses (3)(c) 854.7 960.3 943.1 13%
Other underwriting expenses (d) 373.3 350.5 355.3 1%
-------- -------- --------
Total deductions 1,228.0 1,310.8 1,298.4 10%
-------- -------- --------
Statutory underwriting loss $ (107.5) $ (78.3) $ (59.0) 36%
======== ======== ========
STATUTORY COMBINED RATIO: (2), (3), (4)
---------------------------------------
Loss and loss adjustment expense ratio (c/b) 76.3% 77.9% 76.1%
Other underwriting expense ratio (d/a) 30.3% 25.9% 27.3%
-------- -------- --------
Combined ratio 106.6% 103.8% 103.4%
======== ======== ========
Net investment income (pre-tax) $ 439.1 $ 418.5 $ 420.4 (6%)
Effective tax rate on net investment income 26.9% 26.6% 26.6%
Catastrophe losses, net of reinsurance (after-tax) $ -- $ -- $ -- --
<CAPTION>
YTD YTD YTD 4Q 2000 VS.
4Q 4Q YTD 4Q 1999 INCREASE/
1999 2000 (DECREASE)
-------- -------- ---------------------
<S> <C> <C> <C>
Total Revenues, Net of Interest Expense* $ 6,265 $ 6,700 7%
Total Operating Expenses 1,433 1,446 1%
Claims and Claim Adjustment Expenses 3,504 3,740 7%
-------- --------
Core Income Before Taxes and Minority Interest 1,328 1,514 14%
Income Taxes 322 392 22%
Minority Interest, Net of Tax 161 50 (69%)
-------- --------
Core Income (1) $ 845 $ 1,072 27%
======== ========
NET WRITTEN PREMIUMS BY MARKET: (2)
-----------------------------------
Commercial accounts $1,816.3 $2,098.9 16%
Select accounts 1,494.1 1,575.4 5%
Specialty accounts 609.5 1,003.9 65%
National accounts 488.4 352.3 (28%)
-------- --------
Total net written premiums (a) $4,408.3 $5,030.5 14%
======== ========
STATUTORY RATIO DEVELOPMENT:
----------------------------
Earned premiums (b) $4,374.5 $4,671.4 7%
Losses and loss adjustment expenses (3)(c) 3,405.7 3,550.8 4%
Other underwriting expenses (d) 1,352.1 1,399.5 4%
-------- --------
Total deductions 4,757.8 4,950.3 4%
-------- --------
Statutory underwriting loss $ (383.3) $ (278.9) 27%
======== ========
STATUTORY COMBINED RATIO: (2), (3), (4)
---------------------------------------
Loss and loss adjustment expense ratio (c/b) 77.9% 76.0%
Other underwriting expense ratio (d/a) 30.7% 27.8%
-------- --------
Combined ratio 108.6% 103.8%
======== ========
Net investment income (pre-tax) $1,688.7 $1,713.9 1%
Effective tax rate on net investment income 26.7% 26.8%
Catastrophe losses, net of reinsurance (after-tax) $ 27.3 $ -- NM
</TABLE>
(1) During April 2000, Travelers Insurance Group Inc. completed a cash tender
offer to purchase all the outstanding shares of Class A Common Stock of
Travelers Property Casualty Corp. at a price of $41.95 per share. Results
for the periods prior to April 20, 2000 are net of minority interest.
(2) The 2000 second quarter and full year net written premiums include a
$130.7 million adjustment associated with the acquisition of the Reliance
Surety business. Excluding this transaction, the loss and loss adjustment
expense ratio, other underwriting expense ratio, and combined ratio for
the 2000 second quarter were 76.3%, 29.1% and 105.4%, respectively, and
for the 2000 full year were 76.0%, 27.5% and 103.5%, respectively.
(3) The 1999 third quarter and 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.
(4) Before policyholder dividends.
* Excludes realized gains on investments
NM - Not meaningful
Page 20
<PAGE>
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
SSB CITI ASSET MANAGEMENT GROUP AND GLOBAL RETIREMENT SERVICES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------ ------ ------ ------
<S> <C> <C> <C> <C>
Revenues:
Investment advisory, admin. & distribution fees $ 341 $ 339 $ 345 $ 388
Unit Investment Trust revenues - net 9 10 21 8
Other revenues, net interest expense 6 9 5 13
------ ------ ------ ------
Total revenues 356 358 371 409
------ ------ ------ ------
Expenses:
Employee compensation and benefits 107 100 111 124
Mutual fund commission expense 30 28 34 28
Other expenses 85 90 86 126
------ ------ ------ ------
Total expenses 222 218 231 278
------ ------ ------ ------
Core income before income taxes 134 140 140 131
Provision for income taxes 53 55 56 53
------ ------ ------ ------
Core income $ 81 $ 85 $ 84 $ 78
====== ====== ====== ======
Pre-tax profit margin 37.5% 39.2% 37.8% 31.9%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
-----------------------------------------------------------------
Money market and institutional liquidity funds:
Retail $ 70.7 $ 69.8 $71.1 $74.6
Institutional 16.9 15.2 16.6 18.9
------ ------ ------ ------
Total money market and institutional liquidity funds 87.6 85.0 87.7 93.5
------ ------ ------ ------
Long-term mutual funds:
Equity / Balanced 43.8 45.7 44.7 50.4
Taxable Fixed Income 29.1 30.1 28.4 22.5
Tax Exempt Fixed Income 10.9 10.2 9.7 8.8
Annuities 4.1 4.5 4.6 5.4
------ ------ ------ ------
Total long-term mutual funds 87.9 90.5 87.4 87.1
------ ------ ------ ------
Managed accounts:
Private client 43.2 46.3 47.5 51.1
Institutional 91.4 95.6 96.2 100.0
Emerging Markets Pension Administration - - - -
------ ------ ------ ------
Total managed accounts 134.6 141.9 143.7 151.1
------ ------ ------ ------
Unit Investment Trusts held in client accounts 12.8 12.9 12.3 12.9
------ ------ ------ ------
Alternative Investment Strategies 28.1 30.0 32.6 32.7
------ ------ ------ ------
Total assets under management (1) $351.0 $360.3 $363.7 $377.3
====== ====== ====== ======
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
----------------------------------------------------------------
Retail $210.9 $215.4 $214.8 $222.6
Emerging Markets Pension Administration -- -- -- --
Institutional (including Alternate Investment Strategies) 140.1 144.9 148.9 154.7
------ ------ ------ ------
Total assets under management $351.0 $360.3 $363.7 $377.3
====== ====== ====== ======
Number of Morningstar 4- and 5-star funds 22 17 20 20
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
----------------------------------------------------
Emerging Markets Pension Administration -
Assets Under Management (2) $ 10.6 $ 11.5 $ 11.8 $ 12.3
Number of Participants / Affiliates (in millions) 5.2 5.3 5.5 5.7
CitiStreet Joint Venture - Assets Under Administration -- -- -- --
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------ -------
<S> <C> <C> <C> <C>
Revenues:
Investment advisory, admin. & distribution fees $ 413 $ 469 $ 472 $ 486
Unit Investment Trust revenues - net 12 7 16 4
Other revenues, net interest expense 11 3 3 (3)
------- ------- ------ -------
Total revenues 436 479 491 487
------- ------- ------ -------
Expenses:
Employee compensation and benefits 135 144 150 166
Mutual fund commission expense 29 34 26 29
Other expenses 114 148 153 158
------- ------- ------ -------
Total expenses 278 326 329 353
------- ------- ------ -------
Core income before income taxes 158 153 162 134
Provision for income taxes 63 61 66 56
------- ------- ------ -------
Core income $ 95 $ 92 $ 96 $ 78
======= ======= ====== =======
Pre-tax profit margin 36.3% 31.9% 33.0% 27.5%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
-----------------------------------------------------------------
Money market and institutional liquidity funds:
Retail $ 83.2 $ 79.3 $ 83.7 $ 87.5
Institutional 17.0 18.2 20.0 23.6
------- ------- ------ -------
Total money market and institutional liquidity funds 100.2 97.5 103.7 111.1
------- ------- ------ -------
Long-term mutual funds:
Equity / Balanced 53.4 53.2 54.5 52.4
Taxable Fixed Income 21.4 21.6 20.0 19.2
Tax Exempt Fixed Income 8.5 8.3 8.5 8.9
Annuities 5.8 5.8 6.1 6.0
------- ------- ------ -------
Total long-term mutual funds 89.1 88.9 89.1 86.5
------- ------- ------ -------
Managed accounts:
Private client 54.4 55.5 59.5 61.2
Institutional 97.8 96.7 94.0 91.7
Emerging Markets Pension Administration 1.1 4.5 4.9 5.4
------- ------- ------ -------
Total managed accounts 153.3 156.7 158.4 158.3
------- ------- ------ -------
Unit Investment Trusts held in client accounts 12.3 11.2 10.9 9.4
------- ------- ------ -------
Alternative Investment Strategies 33.0 34.3 34.4 35.8
------- ------- ------ -------
Total assets under management (1) $ 387.9 $ 388.6 $396.5 $ 401.1
======= ======= ====== =======
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
----------------------------------------------------------------
Retail $ 236.2 $ 231.2 $240.6 $ 242.2
Emerging Markets Pension Administration 1.1 4.5 4.9 5.4
Institutional (including Alternate Investment Strategies) 150.6 152.9 151.0 153.5
------- ------- ------ -------
Total assets under management $ 387.9 $ 388.6 $396.5 $ 401.1
======= ======= ====== =======
Number of Morningstar 4- and 5-star funds 20 19 22 22
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
---------------------------------------------------
Emerging Markets Pension Administration -
Assets Under Management (2) $ 13.9 $ 13.7 $ 13.8 $ 14.3
Number of Participants / Affiliates (in millions) 5.9 6.1 6.2 6.5
CitiStreet Joint Venture - Assets Under Administration -- 189.2 196.4 180.7
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
---------------- ------ ------ ---------------------
<S> <C> <C> <C> <C>
Revenues:
Investment advisory, admin. & distribution fees 25% $1,413 $1,840 30%
Unit Investment Trust revenues - net (50%) 48 39 (19%)
Other revenues, net interest expense NM 33 14 (58%)
------ ------
Total revenues 19% 1,494 1,893 27%
------ ------
Expenses:
Employee compensation and benefits 34% 442 595 35%
Mutual fund commission expense 4% 120 118 (2%)
Other expenses 25% 387 573 48%
------ ------
Total expenses 27% 949 1,286 36%
------ ------
Core income before income taxes 2% 545 607 11%
Provision for income taxes 6% 217 246 13%
------ ------
Core income -- $ 328 $ 361 10%
====== ======
Pre-tax profit margin 0.0% 0.0%
ASSETS UNDER MANAGEMENT BY PRODUCT TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional liquidity funds:
Retail 17%
Institutional 25%
Total money market and institutional liquidity funds 19%
Long-term mutual funds:
Equity / Balanced 4%
Taxable Fixed Income (15%)
Tax Exempt Fixed Income 1%
Annuities 11%
Total long-term mutual funds (1%)
Managed accounts:
Private client 20%
Institutional (8%)
Emerging Markets Pension Administration NM
Total managed accounts 5%
Unit Investment Trusts held in client accounts (27%)
Alternative Investment Strategies 9%
Total assets under management (1) 6%
ASSETS UNDER MANAGEMENT BY CLIENT TYPE (IN BILLIONS OF DOLLARS):
----------------------------------------------------------------
Retail 9%
Emerging Markets Pension Administration NM
Institutional (including Alternate Investment Strategies) (1%)
Total assets under management 6%
Number of Morningstar 4- and 5-star funds 10%
GLOBAL RETIREMENT SERVICES (IN BILLIONS OF DOLLARS):
----------------------------------------------------
Emerging Markets Pension Administration -
Assets Under Management (2) 16%
Number of Participants / Affiliates (in millions) 14%
CitiStreet Joint Venture - Assets Under Administration NM
</TABLE>
(1) Includes $29, $35, $36 and $31 billion for the 1999 first, second, third
and fourth quarters, respectively, and $31 billion for the 2000 first,
second and third quarters, and $30 billion for the fourth quarter for
Global Private Bank clients.
(2) Includes assets under management for both majority- and minority-owned
pension fund administration businesses in Latin America.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
Page 21
<PAGE>
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
GLOBAL PRIVATE BANK
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 274 $ 301 $ 305 $ 332
Adjusted Operating Expenses 179 186 190 215
Provision for Loan Losses 8 2 2 --
------- ------- ------- -------
Core Income Before Taxes 87 113 113 117
Income Taxes 32 42 43 44
------- ------- ------- -------
Core Income $ 55 $ 71 $ 70 $ 73
======= ======= ======= =======
Average Assets (in billions of dollars) $ 18 $ 19 $ 21 $ 23
======= ======= ======= =======
Return on Assets 1.24% 1.50% 1.32% 1.26%
======= ======= ======= =======
Client Business Volumes (in billions of dollars) $ 119 $ 125 $ 128 $ 140
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
-------------------------------------------------
Proprietary Managed Assets $ 28 $ 28 $ 28 $ 30
Other Assets under Fee based Management 2 2 2 2
Banking and Fiduciary Deposits 27 27 27 27
Loans 17 20 23 24
Other, Principally Custody Accounts 45 48 48 57
------- ------- ------- -------
Total Client Business Volumes $ 119 $ 125 $ 128 $ 140
======= ======= ======= =======
REVENUES:
---------
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 197 $ 200 $ 205 $ 224
Transaction Revenues 39 57 62 69
------- ------- ------- -------
Total Customer Revenues 236 257 267 293
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 38 44 38 39
------- ------- ------- -------
Total Revenues $ 274 $ 301 $ 305 $ 332
======= ======= ======= =======
United States $ 101 $ 109 $ 107 $ 112
International 173 192 198 220
------- ------- ------- -------
$ 274 $ 301 $ 305 $ 332
======= ======= ======= =======
Net Credit Loss Ratio (1) 0.18% 0.05% 0.05% 0.13%
Loans 90+ Days Past Due:
In Millions of Dollars $ 191 $ 162 $ 145 $ 120
Delinquency Ratio (% of EOP Loans) 1.10% 0.88% 0.69% 0.54%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 362 $ 338 $ 337 $ 369
Adjusted Operating Expenses 213 210 214 233
Provision for Loan Losses 22 3 (3) 2
------- ------- ------- -------
Core Income Before Taxes 127 125 126 134
Income Taxes 47 46 46 49
------- ------- ------- -------
Core Income $ 80 $ 79 $ 80 $ 85
======= ======= ======= =======
Average Assets (in billions of dollars) $ 23 $ 25 $ 26 $ 27
======= ======= ======= =======
Return on Assets 1.40% 1.27% 1.22% 1.25%
======= ======= ======= =======
Client Business Volumes (in billions of dollars) $ 144 $ 149 $ 154 $ 153
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
-------------------------------------------------
Proprietary Managed Assets $ 30 $ 31 $ 32 $ 32
Other Assets under Fee based Management 4 4 4 4
Banking and Fiduciary Deposits 28 28 28 31
Loans 25 27 27 28
Other, Principally Custody Accounts 57 59 63 58
------- ------- ------- -------
Total Client Business Volumes $ 144 $ 149 $ 154 $ 153
======= ======= ======= =======
REVENUES:
---------
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 229 $ 237 $ 239 $ 252
Transaction Revenues 84 65 63 74
------- ------- ------- -------
Total Customer Revenues 313 302 302 326
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 49 36 35 43
------- ------- ------- -------
Total Revenues $ 362 $ 338 $ 337 $ 369
======= ======= ======= =======
United States $ 121 $ 120 $ 124 $ 128
International 241 218 213 241
------- ------- ------- -------
$ 362 $ 338 $ 337 $ 369
======= ======= ======= =======
Net Credit Loss Ratio (1) 0.18% 0.05% 0.03% 0.13%
Loans 90+ Days Past Due:
In Millions of Dollars $ 87 $ 78 $ 90 $ 61
Delinquency Ratio (% of EOP Loans) 0.37% 0.32% 0.36% 0.23%
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense 11% $ 1,212 $ 1,406 16%
Adjusted Operating Expenses 8% 770 870 13%
Provision for Loan Losses NM 12 24 100%
------- -------
Core Income Before Taxes 15% 430 512 19%
Income Taxes 11% 161 188 17%
------- -------
Core Income 16% $ 269 $ 324 20%
======= =======
Average Assets (in billions of dollars) 17% $ 20 $ 25 25%
======= =======
Return on Assets 1.35% 1.30%
Client Business Volumes (in billions of dollars) 9%
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
-------------------------------------------------
Proprietary Managed Assets 7%
Other Assets under Fee based Management 100%
Banking and Fiduciary Deposits 15%
Loans 17%
Other, Principally Custody Accounts 2%
Total Client Business Volumes 9%
REVENUES:
---------
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues 13% $ 826 $ 957 16%
Transaction Revenues 7% 227 286 26%
------- -------
Total Customer Revenues 11% 1,053 1,243 18%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 10% 159 163 3%
------- -------
Total Revenues 11% $ 1,212 $ 1,406 16%
======= =======
United States 14% $ 429 $ 493 15%
International 10% 783 913 17%
------- -------
11% $ 1,212 $ 1,406 16%
======= =======
Net Credit Loss Ratio (1)
Loans 90+ Days Past Due:
In Millions of Dollars (49%)
Delinquency Ratio (% of EOP Loans)
</TABLE>
(1) The net credit loss ratio increased 8 basis points in the 2000 fourth
quarter due to ICERC mandated write-offs.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
Page 22
<PAGE>
ASSOCIATES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 2,138 $ 2,199 $ 2,187 $ 2,403
Adjusted Operating Expenses 944 979 948 1,004
Adjusted Provision for Benefits, Claims, and Credit Losses 697 668 670 775
---------- ---------- ---------- ----------
Core Income Before Taxes 497 552 569 624
Income Taxes 188 208 214 230
---------- ---------- ---------- ----------
Core Income (1) $ 309 $ 344 $ 355 $ 394
========== ========== ========== ==========
Managed Average Assets (in billions of dollars) $ 86 $ 88 $ 90 $ 93
========== ========== ========== ==========
Return on Managed Assets 1.46% 1.57% 1.56% 1.68%
========== ========== ========== ==========
Net interest margin (% of average managed assets) 8.88% 8.65% 8.82% 8.63%
Efficiency ratio 47.8% 46.4% 44.7% 43.7%
MANAGED BASIS
-------------
End of period assets $ 88,270.2 $ 92,018.1 $ 93,022.2 $ 95,701.5
Average loans $ 73,621.2 $ 74,728.3 $ 77,346.6 $ 79,837.1
End of Period Managed Receivables (2) $ 73,807.2 $ 76,096.2 $ 79,313.4 $ 80,805.1
NET CREDIT LOSSES (as a % of Average Managed Loans) (2) 3.04% 2.74% 2.62% 2.93%
------------------------------------------------------
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 2,338 $ 2,422 $ 2,645 $ 2,925
Adjusted Operating Expenses 1,016 1,048 1,107 1,197
Adjusted Provision for Benefits, Claims, and Credit Losses 786 840 900 1,291
---------- ----------- ----------- -----------
Core Income Before Taxes 536 534 638 437
Income Taxes 198 199 219 148
---------- ----------- ----------- -----------
Core Income (1) $ 338 $ 335 $ 419 $ 289
========== =========== =========== ===========
Managed Average Assets (in billions of dollars) $ 97 $ 100 $ 104 $ 109
========== =========== =========== ===========
Return on Managed Assets 1.40% 1.35% 1.60% 1.05%
========== =========== =========== ===========
Net interest margin (% of average managed assets) 9.14% 9.49% 9.47% 9.11%
Efficiency ratio 46.3% 45.3% 44.3% 40.9%
MANAGED BASIS
-------------
End of period assets $ 98,815.9 $ 101,428.4 $ 108,029.1 $ 110,333.7
Average loans $ 82,077.1 $ 84,813.9 $ 88,442.6 $ 92,780.1
End of Period Managed Receivables (2) $ 83,402.9 $ 86,668.0 $ 91,656.8 $ 94,670.3
NET CREDIT LOSSES (as a % of Average Managed Loans) (2) 3.14% 3.07% 2.99% 3.72%
------------------------------------------------------
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Adjusted Revenues, Net of Interest Expense 22% $ 8,927 $10,330 16%
Adjusted Operating Expenses 19% 3,875 4,368 13%
Adjusted Provision for Benefits, Claims, and Credit Losses 67% 2,810 3,817 36%
------- -------
Core Income Before Taxes (30%) 2,242 2,145 (4%)
Income Taxes (36%) 840 764 (9%)
------- -------
Core Income (1) (27%) $ 1,402 $ 1,381 (1%)
======= =======
Managed Average Assets (in billions of dollars) 17% $ 89 $ 103 16%
======= =======
Return on Managed Assets 1.58% 1.34%
======= =======
MANAGED BASIS
-------------
End of period assets 15% $ 95,701.5 $110,333.7 15%
Average loans 16% $ 76,439.6 $ 86,664.9 13%
End of Period Managed Receivables (2) 17% $ 80,805.1 $ 94,670.3 17%
NET CREDIT LOSSES (as a % of Average Managed Loans) (2)
-------------------------------------------------------
</TABLE>
(1) Includes after-tax reductions to reflect the timing difference of
conforming Associates' accounting policies to those of Citigroup of $50,
$13, $33 and $14 million for the 1999 first, second, third and fourth
quarters, respectively, and $33, $74, $45 and $11 million for the 2000
first, second, third and fourth quarters, respectively.
(2) Excludes manufactured housing and Arcadia's previously securitized
receivables.
Page 23
<PAGE>
INVESTMENT ACTIVITIES
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES:
Proprietary Investments (1) $ 103 $ 219 $ 289 $ 191
LDC Debt Sales/Refinancing 20 18 19 21
Insurance Portfolio Gains (Losses) (2) 30 33 3 144
-------- -------- -------- --------
Total Revenues $ 153 $ 270 $ 311 $ 356
======== ======== ======== ========
CORE INCOME:
Proprietary Investments (1) $ 59 $ 133 $ 179 $ 115
LDC Debt Sales/Refinancing 13 11 11 12
Insurance Portfolio Gains (Losses) (2) 17 18 4 86
-------- -------- -------- --------
Total Core Income $ 89 $ 162 $ 194 $ 213
======== ======== ======== ========
PERIOD END ASSETS:
Proprietary Investments $ 5,200 $ 5,429 $ 6,194 $ 7,081
LDC Debt Sales/Refinancing 3,377 3,358 3,304 3,371
-------- -------- -------- --------
Total Period End Assets $ 8,577 $ 8,787 $ 9,498 $ 10,452
======== ======== ======== ========
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- --------
<S> <C> <C> <C> <C>
REVENUES:
Proprietary Investments (1) $ 1,363 $ 294 $ 92 $ 228
LDC Debt Sales/Refinancing (112) 69 354 20
Insurance Portfolio Gains (Losses) (2) (235) 24 49 99
-------- -------- -------- --------
Total Revenues $ 1,016 $ 387 $ 495 $ 347
======== ======== ======== ========
CORE INCOME:
Proprietary Investments (1) $ 850 $ 175 $ 39 $ 126
LDC Debt Sales/Refinancing (69) 42 222 12
Insurance Portfolio Gains (Losses) (2) (147) 17 31 65
-------- -------- -------- --------
Total Core Income $ 634 $ 234 $ 292 $ 203
======== ======== ======== ========
PERIOD END ASSETS:
Proprietary Investments $ 7,804 $ 8,170 $ 7,997 $ 8,186
LDC Debt Sales/Refinancing 3,285 3,002 2,651 2,118
-------- -------- -------- --------
Total Period End Assets $ 11,089 $ 11,172 $ 10,648 $ 10,304
======== ======== ======== ========
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- -------- -------- ---------------------
REVENUES:
<S> <C> <C> <C> <C>
Proprietary Investments (1) 19% $ 802 $ 1,977 147%
LDC Debt Sales/Refinancing (5%) 78 331 324%
Insurance Portfolio Gains (Losses) (2) (31%) 210 (63) NM
-------- --------
Total Revenues (3%) $ 1,090 $ 2,245 106%
======== ========
CORE INCOME:
Proprietary Investments (1) 10% $ 486 $ 1,190 145%
LDC Debt Sales/Refinancing -- 47 207 340%
Insurance Portfolio Gains (Losses) (2) (24%) 125 (34) NM
-------- --------
Total Core Income (5%) $ 658 $ 1,363 107%
======== ========
PERIOD END ASSETS:
Proprietary Investments 16%
LDC Debt Sales/Refinancing (37%)
Total Period End Assets (1%)
</TABLE>
(1) Includes Venture Capital Activities and certain other corporate
investments.
(2) Represents gains (losses) on investments held by insurance companies
managed by The Travelers Insurance business (see page 30 for Insurance
Investment Portfolio details).
NM - Not meaningful
Reclassified to conform to the current period's presentation.
Page 24
<PAGE>
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- ------- ------- --------
<S> <C> <C> <C> <C>
Revenues
Loan interest, including fees $ 8,348 $ 7,972 $ 8,258 $ 8,440
Other interest and dividends 5,488 5,518 5,453 5,512
Insurance premiums 2,784 2,879 2,907 2,934
Commissions and fees 3,031 3,360 3,382 3,811
Principal transactions 1,770 1,272 954 1,164
Asset management and administration fees 955 1,003 1,056 1,150
Realized gains (losses) from sales of investments 35 197 30 243
Other income 1,126 1,297 1,126 941
-------- ------- ------- --------
Total revenues 23,537 23,498 23,166 24,195
Interest expense 7,411 7,021 7,069 7,173
-------- ------- ------- --------
Total revenues, net of interest expense 16,126 16,477 16,097 17,022
-------- ------- ------- --------
PROVISIONS FOR BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,153 2,266 2,369 2,332
Provision for credit losses 1,240 1,242 1,081 1,197
-------- ------- ------- --------
Total provisions for benefits, claims, and credit losses 3,393 3,508 3,450 3,529
-------- ------- ------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 4,158 4,033 3,945 4,033
Insurance underwriting, acquisition and operating 949 926 876 1,014
Restructuring and merger-related items (95) 47 22 (27)
Other operating 3,288 3,497 3,366 3,659
-------- ------- ------- --------
Total operating expenses 8,300 8,503 8,209 8,679
-------- ------- ------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 4,433 4,466 4,438 4,814
Provision for income taxes 1,598 1,610 1,593 1,729
Minority interest, net of income taxes 60 65 56 70
-------- ------- ------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 2,775 2,791 2,789 3,015
Cumulative effect of accounting changes (127) -- -- --
-------- ------- ------- --------
NET INCOME $ 2,648 $ 2,791 $ 2,789 $ 3,015
======== ======= ======= ========
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- ------- ------- --------
<S> <C> <C> <C> <C>
Revenues
Loan interest, including fees $ 8,449 $ 9,127 $ 9,717 $10,084
Other interest and dividends 5,994 6,666 7,172 7,730
Insurance premiums 2,994 3,015 3,107 3,313
Commissions and fees 4,318 4,246 4,349 4,316
Principal transactions 1,723 1,435 1,547 1,276
Asset management and administration fees 1,284 1,332 1,331 1,391
Realized gains (losses) from sales of investments (176) 280 510 206
Other income 2,229 958 891 1,012
-------- ------- ------- -------
Total revenues 26,815 27,059 28,624 29,328
Interest expense 7,685 8,839 9,789 10,325
-------- ------- ------- -------
Total revenues, net of interest expense 19,130 18,220 18,835 19,003
-------- ------- ------- -------
PROVISIONS FOR BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,376 2,451 2,539 2,781
Provision for credit losses 1,309 1,302 1,221 1,507
-------- ------- ------- -------
Total provisions for benefits, claims, and credit losses 3,685 3,753 3,760 4,288
-------- ------- ------- -------
OPERATING EXPENSES
Non-insurance compensation and benefits 4,587 4,630 4,838 4,578
Insurance underwriting, acquisition and operating 918 883 876 966
Restructuring and merger-related items 20 3 70 666
Other operating 3,842 3,774 3,836 4,072
-------- ------- ------- -------
Total operating expenses 9,367 9,290 9,620 10,282
-------- ------- ------- -------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 6,078 5,177 5,455 4,433
Provision for income taxes 2,167 1,818 1,958 1,582
Minority interest, net of income taxes 55 20 13 11
-------- ------- ------- -------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 3,856 3,339 3,484 2,840
Cumulative effect of accounting changes -- -- -- --
-------- ------- ------- -------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840
======== ======= ======= =======
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- -------- -------- ---------------------
<S> <C> <C> <C> <C>
Revenues
Loan interest, including fees 19% $ 33,018 $ 37,377 13%
Other interest and dividends 40% 21,971 27,562 25%
Insurance premiums 13% 11,504 12,429 8%
Commissions and fees 13% 13,584 17,229 27%
Principal transactions 10% 5,160 5,981 16%
Asset management and administration fees 21% 4,164 5,338 28%
Realized gains (losses) from sales of investments (15%) 505 820 62%
Other income 8% 4,490 5,090 13%
-------- --------
Total revenues 21% 94,396 111,826 18%
Interest expense 44% 28,674 36,638 28%
-------- --------
Total revenues, net of interest expense 12% 65,722 75,188 14%
-------- --------
PROVISIONS FOR BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 19% 9,120 10,147 11%
Provision for credit losses 26% 4,760 5,339 12%
-------- --------
Total provisions for benefits, claims, and credit losses 22% 13,880 15,486 12%
-------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 14% 16,169 18,633 15%
Insurance underwriting, acquisition and operating (5%) 3,765 3,643 (3%)
Restructuring and merger-related items NM (53) 759 NM
Other operating 11% 13,810 15,524 12%
-------- --------
Total operating expenses 18% 33,691 38,559 14%
-------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES (8%) 18,151 21,143 16%
Provision for income taxes (9%) 6,530 7,525 15%
Minority interest, net of income taxes (84%) 251 99 (61%)
-------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES (6%) 11,370 13,519 19%
Cumulative effect of accounting changes -- (127) -- NM
-------- --------
NET INCOME (6%) $ 11,243 $ 13,519 20%
======== ========
</TABLE>
NM - Not meaningful
Page 25
<PAGE>
CITIGROUP EARNINGS ANALYSIS - MANAGED BASIS
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 16,126 $ 16,477 $ 16,097 $17,022
Effect of Credit Card Securitization Activity 669 671 662 705
Discontinuation of Associates Housing Finance -- -- -- --
-------- -------- -------- -------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 16,795 17,148 16,759 17,727
Total Operating Expenses 8,300 8,503 8,209 8,679
Restructuring and Merger-Related Items (1) 95 (47) (22) 27
Discontinuation of Associates Housing Finance -- -- -- --
-------- -------- -------- -------
ADJUSTED OPERATING EXPENSES 8,395 8,456 8,187 8,706
OPERATING MARGIN 8,400 8,692 8,572 9,021
-------- -------- -------- -------
Provisions for Benefits, Claims and Credit Losses 3,393 3,508 3,450 3,529
Effect of Credit Card Securitization Activity 669 671 662 705
Discontinuation of Associates Housing Finance -- -- -- --
-------- -------- -------- -------
ADJUSTED PROVISIONS FOR BENEFITS, CLAIMS AND CREDIT LOSSES 4,062 4,179 4,112 4,234
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 4,338 4,513 4,460 4,787
Taxes on Core Income 1,555 1,628 1,600 1,719
Minority Interest, Net of Income Taxes 60 65 56 70
-------- -------- -------- -------
CORE INCOME 2,723 2,820 2,804 2,998
Restructuring and Merger-Related Items (1) 52 (29) (15) 17
Discontinuation of Associates Housing Finance -- -- -- --
Cumulative Effect of Accounting Changes (2) (127) -- -- --
-------- -------- -------- -------
NET INCOME $ 2,648 $ 2,791 $ 2,789 $ 3,015
======== ======== ======== =======
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense $ 19,130 $ 18,220 $ 18,835 $ 19,003
Effect of Credit Card Securitization Activity 662 574 573 650
Discontinuation of Associates Housing Finance 47 -- -- --
-------- -------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 19,839 18,794 19,408 19,653
Total Operating Expenses 9,367 9,290 9,620 10,282
Restructuring and Merger-Related Items (1) (20) (3) (70) (666)
Discontinuation of Associates Housing Finance (25) -- -- --
-------- -------- -------- --------
ADJUSTED OPERATING EXPENSES 9,322 9,287 9,550 9,616
OPERATING MARGIN 10,517 9,507 9,858 10,037
-------- -------- -------- --------
Provisions for Benefits, Claims and Credit Losses 3,685 3,753 3,760 4,288
Effect of Credit Card Securitization Activity 662 574 573 650
Discontinuation of Associates Housing Finance (40) -- -- --
-------- -------- -------- --------
ADJUSTED PROVISIONS FOR BENEFITS, CLAIMS AND CREDIT LOSSES 4,307 4,327 4,333 4,938
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 6,210 5,180 5,525 5,099
Taxes on Core Income 2,216 1,819 1,983 1,757
Minority Interest, Net of Income Taxes 55 20 13 11
-------- -------- -------- --------
CORE INCOME 3,939 3,341 3,529 3,331
Restructuring and Merger-Related Items (1) (12) (2) (45) (491)
Discontinuation of Associates Housing Finance (71) -- -- --
Cumulative Effect of Accounting Changes (2) -- -- -- --
-------- -------- -------- --------
NET INCOME $ 3,856 $ 3,339 $ 3,484 $ 2,840
======== ======== ======== ========
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- -------- -------- ---------------------
<S> <C> <C> <C> <C>
Total Revenues, Net of Interest Expense 12% $ 65,722 $ 75,188 14%
Effect of Credit Card Securitization Activity (8%) 2,707 2,459 (9%)
Discontinuation of Associates Housing Finance -- -- 47 NM
-------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 11% 68,429 77,694 14%
Total Operating Expenses 18% 33,691 38,559 14%
Restructuring and Merger-Related Items (1) NM 53 (759) NM
Discontinuation of Associates Housing Finance -- -- (25) NM
-------- --------
ADJUSTED OPERATING EXPENSES 10% 33,744 37,775 12%
OPERATING MARGIN 11% 34,685 39,919 15%
-------- --------
Provisions for Benefits, Claims and Credit Losses 22% 13,880 15,486 12%
Effect of Credit Card Securitization Activity (8%) 2,707 2,459 (9%)
Discontinuation of Associates Housing Finance -- -- (40) NM
-------- --------
ADJUSTED PROVISIONS FOR BENEFITS, CLAIMS AND CREDIT LOSSES 17% 16,587 17,905 8%
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 7% 18,098 22,014 22%
Taxes on Core Income 2% 6,502 7,775 20%
Minority Interest, Net of Income Taxes (84%) 251 99 (61%)
-------- --------
CORE INCOME 11% 11,345 14,140 25%
Restructuring and Merger-Related Items (1) NM 25 (550) NM
Discontinuation of Associates Housing Finance -- -- (71) NM
Cumulative Effect of Accounting Changes (2) -- (127) -- NM
-------- --------
NET INCOME (6%) $ 11,243 $ 13,519 20%
======== ========
</TABLE>
(1) Includes restructuring charges of $35 million pretax ($22 million
after-tax) in the 1999 first quarter, $49 million pretax ($31 million
after-tax) in the 1999 third quarter, $82 million pretax ($51 million
after-tax) in the 1999 fourth quarter, $22 million pretax ($14 million
after-tax) in the 2000 second quarter, $24 million pretax ($15 million
after-tax) in the 2000 third quarter and $538 million pretax ($381 million
after-tax) in the 2000 fourth quarter, merger-related expenses of $34
million pretax ($22 million after-tax) in the 2000 third quarter and $143
million pretax ($119 million after-tax) in the 2000 fourth quarter, and
credits for reversals of prior charges of $211 million pretax ($125
million after-tax) in the 1999 first quarter, $68 million pretax ($41
million after-tax) in the 1999 third quarter, $122 million pretax ($76
million after-tax) in the 1999 fourth quarter, $48 million pretax ($31
million after-tax) in the 2000 second quarter and $22 million pretax ($13
million after-tax) in the 2000 fourth quarter. Also includes accelerated
depreciation charges of $81 million pretax ($51 million after-tax) in the
1999 first quarter, $47 million pretax ($29 million after-tax) in the 1999
second quarter, $41 million pretax ($25 million after-tax) in the 1999
third quarter, $13 million pretax ($8 million after-tax) in the 1999
fourth quarter, $20 million pretax ($12 million after-tax) in the 2000
first quarter, $29 million pretax ($19 million after-tax) in the 2000
second quarter, $12 million pretax ($8 million after-tax) in the 2000
third quarter, and $7 million pretax ($4 million after-tax) in the 2000
fourth quarter.
(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, "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 26
<PAGE>
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)
<TABLE>
<CAPTION>
EOP
LOANS 90 DAYS OR MORE PAST DUE (1)
--------- -------------------------------
4Q00 4Q00 3Q00 4Q99
--------- ------- ------- -------
<S> <C> <C> <C> <C>
Citibanking North America $ 7.3 $ 35 $ 33 $ 55
Ratio 0.48% 0.46% 0.78%
Mortgage Banking 41.7 828 709 696
Ratio 1.99% 1.82% 2.31%
N.A. Bankcards 86.8 1,140 1,022 1,066
Ratio 1.31% 1.23% 1.44%
Other Cards 1.7 6 20 21
Ratio 0.35% 1.05% 1.31%
Citifinancial 20.1 277 239 203
Ratio 1.38% 1.29% 1.31%
Western Europe 15.4 782 766 868
Ratio 5.09% 5.38% 5.75%
CEEMEA 2.3 32 34 46
Ratio 1.37% 1.73% 2.25%
Asia (excluding Japan) 22.2 335 350 442
Ratio 1.51% 1.57% 1.93%
Japan 3.6 8 9 11
Ratio 0.22% 0.24% 0.49%
Latin America 6.8 250 319 320
Ratio 3.66% 4.55% 4.10%
Global Private Bank (3) 26.4 61 90 120
Ratio 0.23% 0.36% 0.54%
Associates 72.4 1,381 1,473 1,461
Ratio 1.91% 2.26% 2.62%
Other 0.4 -- -- 4
--------- ------- ------- -------
Total Managed 307.1 5,135 5,064 5,313
Ratio 1.67% 1.75% 2.07%
SECURITIZATION ACTIVITIES:
--------------------------
Securitized Credit Card Receivables (65.0) (1,012) (911) (916)
Loans Held for Sale (13.3) (110) (68) (32)
--------- ------- ------- -------
(78.3) (1,122) (979) (948)
Total Loans $ 228.8 $ 4,013 $ 4,085 $ 4,365
========= ======= ======= =======
Ratio 1.75% 1.84% 2.24%
<CAPTION>
AVERAGE
LOANS NET CREDIT LOSSES (1)
--------- -------------------------------
4Q00 4Q00(2) 3Q00 4Q99
--------- ------- ------- -------
<S> <C> <C> <C> <C>
Citibanking North America $ 7.0 $ 16 $ 15 $ 23
Ratio 0.90% 0.86% 1.27%
Mortgage Banking 40.5 25 5 11
Ratio 0.25% 0.06% 0.15%
N.A. Bankcards 84.3 776 714 788
Ratio 3.66% 3.50% 4.43%
Other Cards 1.8 29 13 12
Ratio 6.44% 3.00% 2.95%
Citifinancial 19.2 98 86 83
Ratio 2.04% 1.92% 2.19%
Western Europe 14.6 65 57 59
Ratio 1.77% 1.55% 1.54%
CEEMEA 2.0 11 7 8
Ratio 2.10% 1.45% 1.76%
Asia (excluding Japan) 21.8 65 64 68
Ratio 1.18% 1.14% 1.20%
Japan 3.6 4 6 3
Ratio 0.48% 0.65% 0.61%
Latin America 7.0 98 69 94
Ratio 5.58% 3.89% 4.71%
Global Private Bank (3) 25.8 8 2 7
Ratio 0.13% 0.03% 0.13%
Associates 67.7 718 571 546
Ratio 4.22% 3.63% 3.98%
Other 0.3 -- -- 4
--------- ------- ------- -------
Total Managed 295.6 1,913 1,609 1,706
Ratio 2.57% 2.27% 2.72%
SECURITIZATION ACTIVITIES:
--------------------------
Securitized Credit Card Receivables (60.8) (588) (513) (627)
Loans Held for Sale (10.6) (58) (59) (30)
--------- ------- ------- -------
(71.4) (646) (572) (657)
Total Loans $ 224.2 $ 1,267 $ 1,037 $ 1,049
========= ======= ======= =======
Ratio 2.24% 2.25% 1.90% 2.19%
</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.
(2) As a result of the adoption of revised FFIEC policies, the 4Q00 net credit
loss ratio includes an increase of 10 bps in Citibanking North America, 17
bps In Mortgage Banking, 368 bps in Other Cards, 27 bps in Western Europe,
59 bps in CEEMEA, and 232 bps in Latin America.
(3) The net credit loss ratio increased 8 bps in the 4Q00 due to ICERC
mandated write-offs.
Reclassified to conform to the current period's presentation.
Page 27
<PAGE>
DETAILS OF CREDIT LOSS EXPERIENCE
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------ ------ ------ -------
<S> <C> <C> <C> <C>
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $8,596 $8,929 $8,882 $ 8,877
------ ------ ------ -------
PROVISION FOR CREDIT LOSSES
Consumer 1,070 1,066 981 1,052
Commercial 170 176 100 145
------ ------ ------ -------
1,240 1,242 1,081 1,197
------ ------ ------ -------
GROSS CREDIT LOSSES
Consumer 1,205 1,233 1,206 1,218
Commercial 195 192 149 210
------ ------ ------ -------
1,400 1,425 1,355 1,428
------ ------ ------ -------
CREDIT RECOVERIES
Consumer 186 211 203 169
Commercial 29 34 27 66
------ ------ ------ -------
215 245 230 235
------ ------ ------ -------
NET CREDIT LOSSES 1,185 1,180 1,125 1,193
------ ------ ------ -------
Other--net 278 (109) 39 (28)
------ ------ ------ -------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $8,929 $8,882 $8,877 $ 8,853
====== ====== ====== =======
Net consumer credit losses $1,019 $1,022 $1,003 $ 1,049
As a percentage of average consumer loans 2.32% 2.30% 2.17% 2.19%
Net commercial credit losses $ 166 $ 158 $ 122 $ 144
As a percentage of average commercial loans 0.59% 0.55% 0.42% 0.48%
ALLOWANCE FOR CREDIT LOSSES
---------------------------
Consumer $5,267 $5,203 $5,243 $ 5,220
Commercial 3,662 3,679 3,634 3,633
------ ------ ------ -------
Total Allowance for Credit Losses $8,929 $8,882 $8,877 $ 8,853
====== ====== ====== =======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.96% 2.89% 2.80% 2.68%
Commercial 3.07% 2.98% 3.00% 3.02%
Total 3.00% 2.93% 2.88% 2.81%
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------- ------- ------
<S> <C> <C> <C> <C>
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $8,853 $ 8,713 $ 8,852 $8,900
------ ------- ------- ------
PROVISION FOR CREDIT LOSSES
Consumer 1,094 1,065 1,085 1,122
Commercial 215 237 136 385
------ ------- ------- ------
1,309 1,302 1,221 1,507
------ ------- ------- ------
GROSS CREDIT LOSSES
Consumer 1,284 1,290 1,266 1,512
Commercial 198 252 169 287
------ ------- ------- ------
1,482 1,542 1,435 1,799
------ ------- ------- ------
CREDIT RECOVERIES
Consumer 209 246 229 245
Commercial 24 27 35 49
------ ------- ------- ------
233 273 264 294
------ ------- ------- ------
NET CREDIT LOSSES 1,249 1,269 1,171 1,505
------ ------- ------- ------
Other (200) 106 (2) 59
------ ------- ------- ------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $8,713 $ 8,852 $ 8,900 $8,961
====== ======= ======= ======
Net consumer credit losses $1,075 $ 1,044 $ 1,037 $1,267
As a percentage of average consumer loans 2.23% 2.07% 1.90% 2.25%
Net commercial credit losses $ 174 $ 225 $ 134 $ 238
As a percentage of average commercial loans 0.60% 0.72% 0.41% 0.69%
ALLOWANCE FOR CREDIT LOSSES
---------------------------
Consumer $5,127 $ 5,154 $ 5,207 $5,055
Commercial 3,586 3,698 3,693 3,906
------ ------- ------- ------
Total Allowance for Credit Losses $8,713 $ 8,852 $ 8,900 $8,961
====== ======= ======= ======
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.61% 2.44% 2.35% 2.21%
Commercial 2.89% 2.77% 2.65% 2.83%
Total 2.72% 2.57% 2.46% 2.44%
</TABLE>
Page 28
<PAGE>
CITIGROUP SUPPLEMENTAL DATA
(In millions of dollars)
<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) $ 681 $ 536 $ 622 $ 559
------- ------ ------ ------
Other 1,277 1,341 1,232 1,162
------- ------ ------ ------
Total Commercial Cash-Basis Loans $ 1,958 $1,877 $1,854 $1,721
======= ====== ====== ======
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
Associates 323 322 345 318
Investment Activities 14 13 13 14
------- ------ ------ ------
Total Commercial Cash-Basis Loans $ 1,958 $1,877 $1,854 $1,721
======= ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 1,050 $1,117 $1,076 $ 953
======= ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $ 3,832 $3,845 $3,904 $3,917
======= ====== ====== ======
OTHER REAL ESTATE OWNED, ASSETS PENDING DISPOSITION,
----------------------------------------------------
AND OTHER REPOSSESSED ASSETS
----------------------------
Consumer (2) $ 384 $ 375 $ 405 $ 364
------- ------ ------ ------
Emerging Markets 26 28 50 44
Global Relationship Banking 212 178 178 156
Insurance Subsidiaries 242 445 445 311
------- ------ ------ ------
Total Commercial (2) 480 651 673 511
------- ------ ------ ------
Corporate/Other 8 8 8 14
------- ------ ------ ------
TOTAL OTHER REAL ESTATE OWNED $ 872 $1,034 $1,086 $ 889
----------------------------- ======= ====== ====== ======
ASSETS PENDING DISPOSITION (3) $ 783 $ 837 $ 888 $ 908
------------------------------ ======= ====== ====== ======
OTHER REPOSSESSED ASSETS (4) $ 141 $ 181 $ 214 $ 229
---------------------------- ======= ====== ====== ======
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------ ------
CASH-BASIS AND RENEGOTIATED LOANS
--------------------------------
Commercial Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value) (1) $ 493 $ 520 $ 476 $ 610
Other 1,218 1,428 1,515 1,580
------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,711 $1,948 $1,991 $2,190
====== ====== ====== ======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets $1,066 $1,132 $1,163 $1,147
Global Relationship Banking 319 465 475 539
Insurance Subsidiaries 59 38 40 44
Associates 256 310 309 458
Investment Activities 11 3 4 2
------ ------ ------ ------
Total Commercial Cash-Basis Loans $1,711 $1,948 $1,991 $2,190
====== ====== ====== ======
COMMERCIAL RENEGOTIATED LOANS $ 795 $ 783 $ 782 $ 784
====== ====== ====== ======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $3,771 $3,704 $3,663 $3,892
====== ====== ====== ======
OTHER REAL ESTATE OWNED, ASSETS PENDING DISPOSITION,
----------------------------------------------------
AND OTHER REPOSSESSED ASSETS
----------------------------
Consumer (2) $ 404 $ 415 $ 461 $ 404
------ ------ ------ ------
Emerging Markets 43 43 42 74
Global Relationship Banking 141 135 122 115
Insurance Subsidiaries 310 114 113 102
------ ------ ------ ------
Total Commercial (2) 494 292 277 291
------ ------ ------ ------
Corporate/Other 9 8 8 8
------ ------ ------ ------
TOTAL OTHER REAL ESTATE OWNED $ 907 $ 715 $ 746 $ 703
---------------------------- ====== ====== ====== ======
ASSETS PENDING DISPOSITION (3) $1,068 $1,099 $1,094 $1,222
----------------------------- ====== ====== ====== ======
OTHER REPOSSESSED ASSETS (4) $ 284 $ 345 $ 365 $ 352
--------------------------- ====== ====== ====== ======
</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 fair
value, less costs to sell.
(3) Represents consumer residential mortgage loans that have a high
probability of foreclosure, carried at lower of cost or collateral value.
(4) Primarily commercial transportation equipment and manufactured housing,
carried at fair value less costs to sell.
Page 29
<PAGE>
INSURANCE INVESTMENT PORTFOLIO (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------- ------- -------- --------
<S> <C> <C> <C> <C>
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $10,541 $10,288 $ 10,108 $ 10,007
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 4,147 3,618 3,371 3,189
Corporates (including redeemable preferreds) 28,602 28,802 28,841 27,784
Obligations of states and political subdivisions 11,461 11,112 10,777 10,374
Debt securities issued by foreign governments 1,872 1,889 1,656 1,741
Held to maturity, at amortized cost 28 26 24 33
------- ------- -------- --------
Total fixed income 56,651 55,735 54,777 53,128
Equity securities, at market 1,914 1,972 2,052 2,311
Short-term and other 6,692 5,384 5,638 5,398
------- ------- -------- --------
Total investments held by Insurance companies $65,257 $63,091 $ 62,467 $ 60,837
======= ======= ======== ========
After tax unrealized gains / (losses) on invested assets $ 957 $ 48 $ (309) $ (668)
======= ======= ======== ========
<CAPTION>
4Q 2000 VS.
1Q 2Q 3Q 4Q 4Q 1999 INCREASE/
2000 2000 2000 2000 (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 $ 10,422 $ 10,430 $ 10,759 $11,619 16%
U.S. Treasury securities and obligations of U.S.
Government corporations and agencies 3,439 3,063 3,176 3,247 2%
Corporates (including redeemable preferreds) 28,500 29,125 28,811 28,895 4%
Obligations of states and political subdivisions 10,411 10,311 10,435 10,784 4%
Debt securities issued by foreign governments 1,623 1,700 1,966 1,607 (8%)
Held to maturity, at amortized cost 32 31 30 29 (12%)
-------- -------- -------- -------
Total fixed income 54,427 54,660 55,177 56,181 6%
Equity securities, at market 2,302 2,208 2,075 2,326 1%
Short-term and other 6,561 6,673 7,853 8,108 50%
-------- -------- -------- -------
Total investments held by Insurance companies $ 63,290 $ 63,541 $ 65,105 $66,615 9%
======== ======== ======== =======
After tax unrealized gains / (losses) on invested assets $ (290) $ (461) $ (56) $ 531 NM
======== ======== ======== =======
</TABLE>
(1) Includes investments held by insurance companies managed by The Travelers
Insurance business, as well as investments held by insurance subsidiaries
of Associates.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
Page 30
<PAGE>
GLOBAL CONSUMER
GLOBAL CARDS SUPPLEMENTAL DATA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 2,952 $ 2,985 $ 3,022 $ 3,162
Adjusted Operating Expenses 1,200 1,203 1,216 1,221
Adjusted Provision for Loan Losses (1) 1,150 1,178 1,122 1,157
--------- --------- --------- ---------
Core Income Before Taxes 602 604 684 784
Income Taxes 223 224 253 286
--------- --------- --------- ---------
Core Income $ 379 $ 380 $ 431 $ 498
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 95 $ 95 $ 98 $ 99
========= ========= ========= =========
Return on Managed Assets 1.62% 1.60% 1.74% 2.00%
========= ========= ========= =========
KEY INDICATORS
--------------
(in billions of dollars)
End of Period Managed Receivables $ 92.0 $ 93.5 $ 94.7 $ 99.4
Total EOP Open Accounts (in millions) 81.6 83.8 87.1 90.7
Total Sales $ 51.0 $ 56.5 $ 57.5 $ 61.4
Coincident Net Credit Loss Ratio % (2) 5.14% 5.09% 4.76% 4.80%
Loans 90+ Days Past Due % 1.59% 1.49% 1.50% 1.54%
GEOGRAPHIC DISTRIBUTION
-----------------------
CORE INCOME
-----------
North America $ 277 $ 280 $ 301 $ 324
International 50 45 52 91
Associates 52 55 78 83
--------- --------- --------- ---------
Total $ 379 $ 380 $ 431 $ 498
========= ========= ========= =========
AVERAGE LOANS
-------------
North America $ 69.2 $ 71.2 $ 71.7 $ 72.3
International 8.4 8.5 8.7 8.9
Associates 11.7 12.2 12.7 13.6
--------- --------- --------- ---------
Total $ 89.3 $ 91.9 $ 93.1 $ 94.8
========= ========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
-------------------------------------
North America 42.8 42.4 42.0 42.1
International 9.8 9.9 10.1 10.1
Associates 29.0 31.5 35.0 38.5
--------- --------- --------- ---------
Total 81.6 83.8 87.1 90.7
========= ========= ========= =========
TOTAL SALES
-----------
North America $ 39.6 $ 44.0 $ 44.2 $ 47.2
International 6.7 7.2 7.4 7.8
Associates 4.7 5.3 5.9 6.4
--------- --------- --------- ---------
Total $ 51.0 $ 56.5 $ 57.5 $ 61.4
========= ========= ========= ==========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
-------------------------------------------
North America $ 798 $ 818 $ 790 $ 801
International 111 118 109 86
Associates 222 229 219 259
--------- --------- --------- ---------
Total $ 1,131 $ 1,165 $ 1,118 $ 1,146
========= ========= ========= =========
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense $ 3,187 $ 3,229 $ 3,407 $ 3,589
Adjusted Operating Expenses 1,309 1,323 1,370 1,369
Adjusted Provision for Loan Losses (1) 1,171 1,109 1,107 1,199
--------- --------- --------- ---------
Core Income Before Taxes 707 797 930 1,021
Income Taxes 260 293 337 371
--------- --------- --------- ---------
Core Income $ 447 $ 504 $ 593 $ 650
========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 104 $ 108 $ 115 $ 121
========= ========= ========= =========
Return on Managed Assets 1.73% 1.88% 2.05% 2.14%
========= ========= ========= =========
KEY INDICATORS
-------------
(in billions of dollars)
End of Period Managed Receivables $ 100.5 $ 106.7 $ 111.9 $ 117.7
Total EOP Open Accounts (in millions) 88.6 94.6 97.5 100.1
Total Sales $ 60.2 $ 68.1 $ 68.0 $ 69.6
Coincident Net Credit Loss Ratio % (2) 4.76% 4.35% 4.00% 4.28%
Loans 90+ Days Past Due % 1.53% 1.26% 1.27% 1.31%
GEOGRAPHIC DISTRIBUTION
-----------------------
CORE INCOME
-----------
North America $ 296 $ 308 $ 369 $ 408
International 91 119 108 115
Associates 60 77 116 127
--------- --------- --------- ---------
Total $ 447 $ 504 $ 593 $ 650
========= ========= ========= =========
AVERAGE LOANS
-------------
North America $ 74.3 $ 77.5 $ 83.0 $ 86.1
International 9.3 9.5 9.6 9.6
Associates 14.8 15.3 16.2 17.4
--------- --------- --------- ---------
Total $ 98.4 $ 102.3 $ 108.8 $ 113.1
========= ========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
-------------------------------------
North America 42.3 43.7 45.0 45.0
International 10.7 11.0 11.3 11.7
Associates 35.6 39.9 41.2 43.4
--------- --------- --------- ---------
Total 88.6 94.6 97.5 100.1
========= ========= ========= =========
TOTAL SALES
-----------
North America $ 45.7 $ 52.1 $ 51.3 $ 52.0
International 8.1 8.8 9.0 9.1
Associates 6.4 7.2 7.7 8.5
--------- --------- --------- ---------
Total $ 60.2 $ 68.1 $ 68.0 $ 69.6
========= ========= ========= =========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
-------------------------------------------
North America $ 797 $ 758 $ 728 $ 805
International 93 80 79 77
Associates 274 269 286 335
--------- --------- --------- ---------
Total $ 1,164 $ 1,107 $ 1,093 $ 1,217
========= ========= ========= =========
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
<S> <C> <C> <C> <C>
Adjusted Revenues, Net of Interest Expense 14% $12,121 $13,412 11%
Adjusted Operating Expenses 12% 4,840 5,371 11%
Adjusted Provision for Loan Losses (1) 4% 4,607 4,586 --
------- -------
Core Income Before Taxes 30% 2,674 3,455 29%
Income Taxes 30% 986 1,261 28%
------- -------
Core Income 31% $ 1,688 $ 2,194 30%
======= =======
Managed Average Assets (in billions of dollars) 22% $ 97 $ 112 15%
======= =======
Return on Managed Assets 1.74% 1.96%
======= =======
KEY INDICATORS
-------------
(in billions of dollars)
End of Period Managed Receivables 18%
Total EOP Open Accounts (in millions) 10%
Total Sales 13%
GEOGRAPHIC DISTRIBUTION
-----------------------
CORE INCOME
-----------
North America 26% $ 1,182 $ 1,381 17%
International 26% 238 433 82%
Associates 53% 268 380 42%
------- -------
Total 31% $ 1,688 $ 2,194 30%
======= =======
AVERAGE LOANS
-------------
North America 19% $ 71.1 $ 80.2 13%
International 8% 8.6 9.5 10%
Associates 28% 12.6 15.9 26%
------- -------
Total 19% $ 92.3 $ 105.6 14%
======= =======
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
-------------------------------------
North America 7%
International 16%
Associates 13%
Total 10%
TOTAL SALES
-----------
North America 10% $ 175.0 $ 201.1 15%
International 17% 29.1 35.0 20%
Associates 33% 22.3 29.8 34%
------- -------
Total 13% $ 226.4 $ 265.9 17%
======= =======
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
-------------------------------------------
North America -- $ 3,207 $ 3,088 (4%)
International (10%) 424 329 (22%)
Associates 29% 929 1,164 25%
------- -------
Total 6% $ 4,560 $ 4,581 --
======= =======
</TABLE>
(1) On a managed basis.
(2) The 4Q00 net credit loss ratio includes a 7 basis point increase related to
the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current period's presentation.
Page 31
<PAGE>
GLOBAL CORPORATE AND INVESTMENT BANK
SUPPLEMENTAL PRODUCT AND REGIONAL RESULTS
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------ ------ ------- ------
<S> <C> <C> <C> <C>
PRODUCT VIEW
------------
TOTAL REVENUE
Global Corporate Finance (1) $3,348 $3,176 $ 2,819 $2,954
Transaction Services (2) 695 712 748 770
Private Client 1,404 1,458 1,466 1,605
Commercial Lines 1,534 1,558 1,578 1,595
Other 156 59 (165) 35
------ ------ ------- ------
Total GCIB $7,137 $6,963 $ 6,446 $6,959
====== ====== ======= ======
CORE INCOME
Global Corporate Finance (1) $ 821 $ 750 $ 698 $ 750
Transaction Services (2) 41 42 54 58
Private Client 212 226 216 264
Commercial Lines 189 201 255 200
Other 73 24 (90) 12
------ ------ ------- ------
Total GCIB $1,336 $1,243 $ 1,133 $1,284
====== ====== ======= ======
REGIONAL VIEW
-------------
TOTAL REVENUE
JENA (3) $5,914 $5,726 $ 5,243 $5,794
Emerging Markets 1,223 1,237 1,203 1,165
------ ------ ------- ------
Total GCIB $7,137 $6,963 $ 6,446 $6,959
====== ====== ======= ======
CORE INCOME
JENA (3) $1,022 $ 927 $ 796 $1,021
Emerging Markets 314 316 337 263
------ ------ ------- ------
Total GCIB $1,336 $1,243 $ 1,133 $1,284
====== ====== ======= ======
TRADING RELATED REVENUE
-----------------------
Fixed Income $ 851 $ 582 $ 443 $ 434
Equities 292 395 292 312
Foreign Exchange 440 313 316 336
All Other 305 134 (51) 94
------ ------ ------- ------
Total Trading Related Revenue $1,888 $1,424 $ 1,000 $1,176
====== ====== ======= ======
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------ ------- -------
<S> <C> <C> <C> <C>
PRODUCT VIEW
------------
TOTAL REVENUE
Global Corporate Finance (1) $3,799 $3,627 $ 3,795 $ 3,657
Transaction Services (2) 826 869 884 907
Private Client 1,916 1,690 1,681 1,628
Commercial Lines 1,568 1,626 1,747 1,759
Other 92 44 (10) (11)
------ ------ ------- -------
Total GCIB $8,201 $7,856 $ 8,097 $ 7,940
====== ====== ======= =======
CORE INCOME
Global Corporate Finance (1) $1,065 $ 843 $ 880 $ 829
Transaction Services (2) 103 138 141 130
Private Client 364 256 251 199
Commercial Lines 240 267 315 250
Other 57 35 1 6
------ ------ ------- -------
Total GCIB $1,829 $1,539 $ 1,588 $ 1,414
====== ====== ======= =======
REGIONAL VIEW
-------------
TOTAL REVENUE
JENA (3) $6,776 $6,427 $ 6,681 $ 6,519
Emerging Markets 1,425 1,429 1,416 1,421
------ ------ ------- -------
Total GCIB $8,201 $7,856 $ 8,097 $ 7,940
====== ====== ======= =======
CORE INCOME
JENA (3) $1,407 $1,158 $ 1,183 $ 994
Emerging Markets 422 381 405 420
------ ------ ------- -------
Total GCIB $1,829 $1,539 $ 1,588 $ 1,414
====== ====== ======= =======
TRADING RELATED REVENUE
-----------------------
Fixed Income $ 695 $ 533 $ 716 $ 425
Equities 508 436 391 394
Foreign Exchange 339 352 220 332
All Other 104 63 82 52
------ ------ ------- -------
Total Trading Related Revenue $1,646 $1,384 $ 1,409 $ 1,203
====== ====== ======= =======
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
<S> <C> <C> <C> <C>
PRODUCT VIEW
------------
TOTAL REVENUE
Global Corporate Finance (1) 24% $12,297 $14,878 21%
Transaction Services (2) 18% 2,925 3,486 19%
Private Client 1% 5,933 6,915 17%
Commercial Lines 10% 6,265 6,700 7%
Other NM 85 115 35%
------- -------
Total GCIB 14% $27,505 $32,094 17%
======= =======
CORE INCOME
Global Corporate Finance (1) 11% $ 3,019 $ 3,617 20%
Transaction Services (2) 124% 195 512 163%
Private Client (25%) 918 1,070 17%
Commercial Lines 25% 845 1,072 27%
Other (50%) 19 99 421%
------- -------
Total GCIB 10% $ 4,996 $ 6,370 28%
======= =======
REGIONAL VIEW
-------------
TOTAL REVENUE
JENA (3) 13% $22,677 $26,403 16%
Emerging Markets 22% 4,828 5,691 18%
------- -------
Total GCIB 14% $27,505 $32,094 17%
======= =======
CORE INCOME
JENA (3) (3%) $ 3,766 $ 4,742 26%
Emerging Markets 60% 1,230 1,628 32%
------- -------
Total GCIB 10% $ 4,996 $ 6,370 28%
======= =======
TRADING RELATED REVENUE
-----------------------
Fixed Income (2%) $ 2,310 $ 2,369 3%
Equities 26% 1,291 1,729 34%
Foreign Exchange (1%) 1,405 1,243 (12%)
All Other (45%) 482 301 (38%)
------- -------
Total Trading Related Revenue 2% $ 5,488 $ 5,642 3%
======= =======
</TABLE>
(1) Global Corporate Finance includes Global Fixed Income, FX and Structured
Products, Global Equities, Global Investment Banking, Global Equipment
Finance, Emerging Markets (EM) Sales & Trading, EM Local Finance, Loan
Portfolio, Phibro, Robinson Humphrey, Municipals & Stock Loans.
(2) Transaction Services includes e-Business, Cash Management, Trade Finance
and Worldwide Securities Services.
(3) JENA includes Japan, Western Europe and North America.
NM Not meaningful
Reclassified to conform to the current period's presentation.
Page 32
<PAGE>
EMERGING MARKETS - CONSUMER AND CORPORATE BANKING (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------- ------- ------ -------
<S> <C> <C> <C> <C>
REVENUE
Asia $ 960 $ 1,052 $1,033 $ 1,021
Latin America 1,107 1,045 1,007 1,044
CEEMEA 310 366 440 401
Other (2) 6 7 24
------- ------- ------ -------
TOTAL $ 2,375 $ 2,469 $2,487 $ 2,490
======= ======= ====== =======
CORE INCOME
Asia $ 172 $ 229 $ 237 $ 183
Latin America 269 202 178 217
CEEMEA 49 68 107 81
Other (24) (10) 24 7
------- ------- ------ -------
TOTAL $ 466 $ 489 $ 546 $ 488
======= ======= ====== =======
CORE INCOME
ASIA:
Global Consumer (2) $ 81 $ 84 $ 92 $ 99
Global Corporate & Investment Bank 87 131 132 76
Global Investment Management & Private Banking 4 14 13 8
------- ------- ------ -------
TOTAL ASIA $ 172 $ 229 $ 237 $ 183
======= ======= ====== =======
LATIN AMERICA:
Global Consumer (2) $ 49 $ 44 $ 53 $ 82
Global Corporate & Investment Bank 203 133 103 108
Global Investment Management & Private Banking 17 25 22 27
------- ------- ------ -------
TOTAL LATIN AMERICA $ 269 $ 202 $ 178 $ 217
======= ======= ====== =======
CEEMEA:
Global Consumer (2) $ 2 $ 6 $ 27 $ 10
Global Corporate & Investment Bank 48 62 78 72
Global Investment Management & Private Banking (1) -- 2 (1)
------- ------- ------ -------
TOTAL CEEMEA $ 49 $ 68 $ 107 $ 81
======= ======= ====== =======
OTHER (24) (10) 24 7
EMERGING MARKETS:
Global Consumer (2) $ 132 $ 134 $ 172 $ 191
Global Corporate & Investment Bank 314 316 337 263
Global Investment Management & Private Banking 20 39 37 34
------- ------- ------ -------
TOTAL EMERGING MARKETS $ 466 $ 489 $ 546 $ 488
======= ======= ====== =======
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------ ------- ------ ------
<S> <C> <C> <C> <C>
REVENUE
Asia $1,198 $ 1,152 $1,114 $1,114
Latin America 1,166 1,153 1,091 1,173
CEEMEA 446 480 533 573
Other 29 32 34 34
------ ------- ------ ------
TOTAL $2,839 $ 2,817 $2,772 $2,894
====== ======= ====== ======
CORE INCOME
Asia $ 312 $ 298 $ 284 $ 270
Latin America 269 229 213 245
CEEMEA 115 112 127 137
Other 7 (5) 20 41
------ ------- ------ ------
TOTAL $ 703 $ 634 $ 644 $ 693
====== ======= ====== ======
CORE INCOME
ASIA:
Global Consumer (2) $ 142 $ 140 $ 141 $ 135
Global Corporate & Investment Bank 149 144 132 127
Global Investment Management & Private Banking 21 14 11 8
------ ------- ------ ------
TOTAL ASIA $ 312 $ 298 $ 284 $ 270
====== ======= ====== ======
LATIN AMERICA:
Global Consumer (2) $ 68 $ 44 $ 36 $ 73
Global Corporate & Investment Bank 172 147 145 136
Global Investment Management & Private Banking 29 38 32 36
------ ------- ------ ------
TOTAL LATIN AMERICA $ 269 $ 229 $ 213 $ 245
====== ======= ====== ======
CEEMEA:
Global Consumer (2) $ 14 $ 16 $ 15 $ 13
Global Corporate & Investment Bank 94 95 108 116
Global Investment Management & Private Banking 7 1 4 8
------ ------- ------ ------
TOTAL CEEMEA $ 115 $ 112 $ 127 $ 137
====== ======= ====== ======
OTHER 7 (5) 20 41
EMERGING MARKETS:
Global Consumer (2) $ 224 $ 200 $ 192 $ 221
Global Corporate & Investment Bank 422 381 405 420
Global Investment Management & Private Banking 57 53 47 52
------ ------- ------ ------
TOTAL EMERGING MARKETS $ 703 $ 634 $ 644 $ 693
====== ======= ====== ======
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- --------------------
<S> <C> <C> <C> <C>
REVENUE
Asia 9% $ 4,066 $ 4,578 13%
Latin America 12% 4,203 4,583 9%
CEEMEA 43% 1,517 2,032 34%
Other 42% 35 129 269%
------- -------
TOTAL 16% $ 9,821 $11,322 15%
======= =======
CORE INCOME
Asia 48% $ 821 $ 1,164 42%
Latin America 13% 866 956 10%
CEEMEA 69% 305 491 61%
Other 486% (3) 63 NM
------- -------
TOTAL 42% $ 1,989 $ 2,674 34%
======= =======
CORE INCOME
ASIA:
Global Consumer (2) 36% $ 356 $ 558 57%
Global Corporate & Investment Bank 67% 426 552 30%
Global Investment Management & Private Banking -- 39 54 38%
------- -------
TOTAL ASIA 48% $ 821 $ 1,164 42%
======= =======
LATIN AMERICA:
Global Consumer (2) (11%) $ 228 $ 221 (3%)
Global Corporate & Investment Bank 26% 547 600 10%
Global Investment Management & Private Banking 33% 91 135 48%
------- -------
TOTAL LATIN AMERICA 13% $ 866 $ 956 10%
======= =======
CEEMEA:
Global Consumer (2) 30% $ 45 $ 58 29%
Global Corporate & Investment Bank 61% 260 413 59%
Global Investment Management & Private Banking NM -- 20 NM
------- -------
TOTAL CEEMEA 69% $ 305 $ 491 61%
======= =======
OTHER 486% (3) 63 NM
EMERGING MARKETS:
Global Consumer (2) 16% $ 629 $ 837 33%
Global Corporate & Investment Bank 60% 1,230 1,628 32%
Global Investment Management & Private Banking 53% 130 209 61%
------- -------
TOTAL EMERGING MARKETS 42% $ 1,989 $ 2,674 34%
======= =======
</TABLE>
(1) Also includes Global Investment Management and Private Banking.
Excludes Investment Activities.
(2) Includes Associates.
NM - Not meaningful
Page 33
<PAGE>
GLOBAL WEALTH MANAGEMENT
SUPPLEMENTAL DATA
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
------- ------- ------- -------
<S> <C> <C> <C> <C>
REVENUES
Private Client $ 1,404 $ 1,458 $ 1,466 $ 1,605
SSB Citi Asset Management 356 358 371 409
Global Private Bank 274 301 305 332
Global Consumer Investment, Life Insurance & Annuity Products 1,301 1,424 1,422 1,483
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 3,335 $ 3,541 $ 3,564 $ 3,829
======= ======= ======= =======
CORE INCOME
Private Client $ 212 $ 226 $ 216 $ 264
SSB Citi Asset Management 81 85 84 78
Global Private Bank 55 71 70 73
Global Consumer Investment, Life Insurance & Annuity Products 259 301 293 269
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 607 $ 683 $ 663 $ 684
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 816 $ 852 $ 845 $ 965
SSB Citi Asset Management -Assets Under Management 351 360 364 377
PBG - Client Business Volumes 119 125 128 140
Global Consumer Investment, Life Insurance & Annuity Products 547 560 560 578
Less Cross-Sell Volumes Included Above (263) (269) (268) (280)
------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,570 $ 1,628 $ 1,629 $ 1,780
======= ======= ======= =======
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
------- ------- ------- -------
<S> <C> <C> <C> <C>
REVENUES
Private Client $ 1,916 $ 1,690 $ 1,681 $ 1,628
SSB Citi Asset Management 436 479 491 487
Global Private Bank 362 338 337 369
Global Consumer Investment, Life Insurance & Annuity Products 1,670 1,617 1,532 1,616
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 4,384 $ 4,124 $ 4,041 $ 4,100
======= ======= ======= =======
CORE INCOME
Private Client $ 364 $ 256 $ 251 $ 199
SSB Citi Asset Management 95 92 96 78
Global Private Bank 80 79 80 85
Global Consumer Investment, Life Insurance & Annuity Products 353 357 351 353
------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 892 $ 784 $ 778 $ 715
======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 1,032 $ 1,032 $ 1,047 $ 977
SSB Citi Asset Management -Assets Under Management 388 389 397 401
PBG - Client Business Volumes 144 149 154 153
Global Consumer Investment, Life Insurance & Annuity Products 593 599 608 608
Less Cross-Sell Volumes Included Above (294) (300) (309) (308)
------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,863 $ 1,869 $ 1,897 $ 1,831
======= ======= ======= =======
<CAPTION>
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- -------- -------- ---------------------
<S> <C> <C> <C> <C>
REVENUES
Private Client 1% $ 5,933 $ 6,915 17%
SSB Citi Asset Management 19% 1,494 1,893 27%
Global Private Bank 11% 1,212 1,406 16%
Global Consumer Investment, Life Insurance & Annuity Products 9% 5,630 6,435 14%
-------- --------
TOTAL GLOBAL WEALTH MANAGEMENT 7% $ 14,269 $ 16,649 17%
======== ========
CORE INCOME
Private Client (25%) $ 918 $ 1,070 17%
SSB Citi Asset Management -- 328 361 10%
Global Private Bank 16% 269 324 20%
Global Consumer Investment, Life Insurance & Annuity Products 31% 1,122 1,414 26%
-------- --------
TOTAL GLOBAL WEALTH MANAGEMENT 5% $ 2,637 $ 3,169 20%
======== ========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets 1% $ 965 $ 977 1%
SSB Citi Asset Management -Assets Under Management 6% 377 401 6%
PBG - Client Business Volumes 9% 140 153 9%
Global Consumer Investment, Life Insurance & Annuity Products 5% 578 608 5%
Less Cross-Sell Volumes Included Above 10% (280) (308) 10%
-------- --------
TOTAL CLIENT BUSINESS VOLUMES 3% $ 1,780 $ 1,831 3%
======== ========
</TABLE>
Note: Global Wealth Management includes businesses that provide services
related to the accumulation and management of wealth.
Page 34
<PAGE>
CITICORP SUPPLEMENTAL DATA (1)
(In millions of dollars)
<TABLE>
<CAPTION>
1Q 2Q 3Q 4Q
1999 1999 1999 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET INTEREST REVENUE STATISTICS
-------------------------------
(TAXABLE EQUIVALENT BASIS)
--------------------------
Net Interest Revenue $ 5,082 $ 5,164 $ 5,187 $ 5,366
Effect of Credit Card Securitization Activity 1,476 1,405 1,517 1,371
--------- --------- --------- ---------
Total Adjusted $ 6,558 $ 6,569 $ 6,704 $ 6,737
========= ========= ========= =========
Average Interest Earning Assets (in billions of dollars) $ 377.5 $ 379.8 $ 383.4 $ 391.8
Effect of Credit Card Securitization Activity 48.6 52.9 55.8 56.6
--------- --------- --------- ---------
Total Adjusted $ 426.1 $ 432.7 $ 439.2 $ 448.4
========= ========= ========= =========
Net Interest Margin (%) 5.46% 5.45% 5.37% 5.43%
Effect of Credit Card Securitization Activity 0.78% 0.64% 0.69% 0.53%
--------- --------- --------- ---------
Total Adjusted 6.24% 6.09% 6.06% 5.96%
========= ========= ========= =========
<CAPTION>
1Q 2Q 3Q 4Q
2000 2000 2000 2000
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET INTEREST REVENUE STATISTICS
-------------------------------
(TAXABLE EQUIVALENT BASIS)
--------------------------
Net Interest Revenue $ 5,317 $ 5,455 $ 5,620 $ 5,835
Effect of Credit Card Securitization Activity 1,602 1,546 1,509 1,619
--------- --------- --------- ---------
Total Adjusted $ 6,919 $ 7,001 $ 7,129 $ 7,454
========= ========= ========= =========
Average Interest Earning Assets (in billions of dollars) $ 399.5 $ 425.4 $ 449.6 $ 464.0
Effect of Credit Card Securitization Activity 61.7 58.3 57.6 62.5
--------- --------- --------- ---------
Total Adjusted $ 461.2 $ 483.7 $ 507.2 $ 526.5
========= ========= ========= =========
Net Interest Margin (%) 5.35% 5.16% 4.97% 5.00%
Effect of Credit Card Securitization Activity 0.68% 0.66% 0.62% 0.63%
--------- --------- --------- ---------
Total Adjusted 6.03% 5.82% 5.59% 5.63%
========= ========= ========= =========
<CAPTION>
YTD YTD
4Q 4Q
1999 2000
---------- ----------
<S> <C> <C>
NET INTEREST REVENUE STATISTICS
-------------------------------
(TAXABLE EQUIVALENT BASIS)
--------------------------
Net Interest Revenue $ 20,799 $ 22,227
Effect of Credit Card Securitization Activity 5,769 6,276
---------- ----------
Total Adjusted $ 26,568 $ 28,503
========== ==========
Average Interest Earning Assets (in billions of dollars) $ 382.9 $ 433.2
Effect of Credit Card Securitization Activity 53.8 59.7
---------- ----------
Total Adjusted $ 436.7 $ 492.9
========== ==========
Net Interest Margin (%) 5.43% 5.13%
Effect of Credit Card Securitization Activity 0.65% 0.65%
---------- ----------
Total Adjusted 6.08% 5.78%
========== ==========
</TABLE>
(1) Excludes manufactured housing and Arcadia's previously securitized
receivables.
Page 35
<PAGE>
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 17, 2001 CITIGROUP INC.
By: /s/ Roger W. Trupin
--------------------
Name: Roger W. Trupin
Title: Controller
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