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CITIGROUP—Financial Highlights
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Income from Continuing Operations | $ | 13,448 | $ | 13,229 | $ | 12,231 | $ | 10,193 | $ | 5,846 | $ | 6,648 | ||||||||
Discontinued Operations, after-tax(1) | 1,875 | 1,055 | 1,288 | 1,177 | 1,104 | 1,034 | ||||||||||||||
Cumulative Effect of Accounting Changes(2) | (47 | ) | (158 | ) | — | (127 | ) | — | — | |||||||||||
Net Income | $ | 15,276 | $ | 14,126 | $ | 13,519 | $ | 11,243 | $ | 6,950 | $ | 7,682 | ||||||||
Basic Earnings per Share: | ||||||||||||||||||||
Income from Continuing Operations | $ | 2.63 | $ | 2.61 | $ | 2.43 | $ | 2.02 | $ | 1.13 | $ | 1.27 | ||||||||
Net Income | $ | 2.99 | $ | 2.79 | $ | 2.69 | $ | 2.23 | $ | 1.35 | $ | 1.48 | ||||||||
Diluted Earnings per Share: | ||||||||||||||||||||
Income from Continuing Operations | $ | 2.59 | $ | 2.55 | $ | 2.37 | $ | 1.96 | $ | 1.10 | $ | 1.23 | ||||||||
Net Income | $ | 2.94 | $ | 2.72 | $ | 2.62 | $ | 2.17 | $ | 1.31 | $ | 1.42 | ||||||||
Total Revenue, Net of Interest Expense | $ | 71,308 | $ | 67,367 | $ | 63,572 | $ | 54,809 | $ | 44,964 | $ | 43,467 | ||||||||
Total Assets | $ | 1,097,190 | $ | 1,051,450 | $ | 902,210 | $ | 795,584 | $ | 740,336 | $ | 755,167 | ||||||||
Common Stockholders' Equity | $ | 85,318 | $ | 79,722 | $ | 64,461 | $ | 56,395 | $ | 48,761 | $ | 44,610 | ||||||||
Total Stockholders' Equity | $ | 86,718 | $ | 81,247 | $ | 66,206 | $ | 58,290 | $ | 51,035 | $ | 47,956 | ||||||||
Return on Avg. Common Equity | 18.6 | % | 19.7 | % | 22.4 | % | 21.5 | % | 14.4 | % | 17.5 | % | ||||||||
Book Value per Share | $ | 16.60 | $ | 15.48 | $ | 12.84 | $ | 11.23 | $ | 9.66 | $ | 8.80 | ||||||||
Diluted Common Shares Outstanding (millions) | 5,166 | 5,147 | 5,122 | 5,128 | 5,144 | 5,226 | ||||||||||||||
Market Capitalization (at year-end) | $ | 180,900 | $ | 259,900 | $ | 256,400 | $ | 209,800 | $ | 125,400 | $ | 136,500 | ||||||||
Employees (full number)(3) | 250,000 | 268,000 | 233,000 | 212,500 | 202,400 | 184,300 |
- (1)
- On August 20, 2002, Citigroup completed the distribution to its stockholders of a majority portion of its remaining ownership interest in Travelers Property Casualty Corp. (TPC). As required by SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets", the results of TPC are reported in the Company's Statement of Income separately as discontinued operations for all periods presented. In accordance with SFAS No. 144, the Statement of Consolidated Financial Position has not been restated. TPC represented the primary vehicle by which Citigroup engaged in the property and casualty insurance business.
- (2)
- Accounting changes in 2002 of ($47) million include the adoption of the remaining provisions of SFAS 142. Accounting changes in 2001 include ($42) million and ($116) million relating to the adoption of SFAS 133 and EITF 99-20, respectively. Accounting changes in 1999 include the adoption of SOP 97-3 of ($135) million, SOP 98-7 of $23 million and SOP 98-5 of ($15) million.
- (3)
- Includes TPC employees prior to 2002.
CITIGROUP—Key Data
(In millions of dollars, except per share amounts)
| 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Capital Ratios: | |||||||||||||||||||||
Tier 1 Capital Ratio | 8.47 | % | 8.42 | % | 8.38 | % | 8.87 | % | 8.43 | % | N/A | ||||||||||
Total Capital Ratio | 11.25 | % | 10.92 | % | 11.23 | % | 11.32 | % | 10.97 | % | N/A | ||||||||||
Leverage Ratio | 5.67 | % | 5.64 | % | 5.97 | % | 6.61 | % | 6.19 | % | N/A | ||||||||||
Citigroup Tax Rate | 34.1 | % | 35.1 | % | 36.4 | % | 37.1 | % | 36.9 | % | N/A | ||||||||||
Stock Price(1): | |||||||||||||||||||||
High | $ | 48.69 | $ | 53.51 | $ | 55.14 | $ | 40.75 | $ | 34.28 | $ | 26.76 | |||||||||
Low | 22.83 | 32.19 | 32.96 | 22.85 | 13.29 | 13.60 | |||||||||||||||
Close | $ | 35.19 | $ | 47.08 | $ | 47.62 | $ | 38.95 | $ | 23.17 | $ | 25.12 | |||||||||
Repurchases: | |||||||||||||||||||||
Number of shares (in thousands) | 151,102 | 64,184 | 87,149 | 116,697 | 126,742 | 153,680 | |||||||||||||||
Cost | $ | 5,483 | $ | 3,045 | $ | 4,066 | $ | 3,954 | $ | 3,139 | $ | 3,467 | |||||||||
Cumulative | $ | 31,662 | $ | 26,179 | $ | 23,134 | $ | 19,068 | $ | 15,114 | $ | 11,975 | |||||||||
Valuation at year-end(1): | |||||||||||||||||||||
Price/earnings (Diluted—Income from Continuing Operations) | 14 | x | 18 | x | 20 | x | 20 | x | 21 | x | 20 | x | |||||||||
Price/earnings (Diluted—Net Income) | 12 | x | 17 | x | 18 | x | 18 | x | 18 | x | 18 | x | |||||||||
Revenue / Expense Ratios: | |||||||||||||||||||||
Global Consumer | 2.26 | 2.07 | 1.89 | 1.89 | |||||||||||||||||
Global Corporate and Investment Bank | 1.58 | 1.64 | 1.61 | 1.59 | |||||||||||||||||
Global Investment Management | 2.83 | 2.89 | 2.72 | 2.85 | |||||||||||||||||
Total Citigroup | 1.91 | 1.84 | 1.78 | 1.77 | |||||||||||||||||
- (1)
- Adjusted for stock splits through 4/01. All periods adjusted to reflect the TPC distribution.
CITIGROUP
Segment Net Income
Product View
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | |||||||||||||||
Cards | $ | 3,081 | $ | 2,522 | $ | 2,184 | $ | 1,643 | |||||||
Consumer Finance | 2,199 | 1,905 | 1,393 | 1,193 | |||||||||||
Retail Banking | 3,031 | 2,443 | 1,640 | 1,838 | |||||||||||
Other | (52 | ) | (55 | ) | (86 | ) | 27 | ||||||||
Total Global Consumer | 8,259 | 6,815 | 5,131 | 4,701 | |||||||||||
Global Corporate and Investment Bank: | |||||||||||||||
Capital Markets and Banking | 3,995 | 3,918 | 3,802 | 3,119 | |||||||||||
Transaction Services | 558 | 440 | 469 | 184 | |||||||||||
Other(1) | (1,394 | ) | 36 | (38 | ) | 34 | |||||||||
Total Global Corporate and Investment Bank | 3,159 | 4,394 | 4,233 | 3,337 | |||||||||||
Private Client Services | 799 | 877 | 1,173 | 1,009 | |||||||||||
Global Investment Management: | |||||||||||||||
Life Insurance and Annuities | 617 | 871 | 761 | 699 | |||||||||||
Private Bank | 463 | 370 | 319 | 271 | |||||||||||
Asset Management | 443 | 296 | 249 | 248 | |||||||||||
Total Global Investment Management | 1,523 | 1,537 | 1,329 | 1,218 | |||||||||||
Proprietary Investment Activities | (229 | ) | 224 | 1,387 | 497 | ||||||||||
Corporate/Other | (63 | ) | (618 | ) | (1,022 | ) | (569 | ) | |||||||
Income from Continuing Operations | 13,448 | 13,229 | 12,231 | 10,193 | |||||||||||
Income from Discontinued Operations | 1,875 | 1,055 | 1,288 | 1,177 | |||||||||||
Cumulative Effect of Accounting Changes | (47 | ) | (158 | ) | — | (127 | ) | ||||||||
Total Net Income | $ | 15,276 | $ | 14,126 | $ | 13,519 | $ | 11,243 | |||||||
- (1)
- 2002 includes a $1.3 billion after-tax reserve for settlement-in-principle and charge for regulatory and legal matters.
CITIGROUP
Segment Net Income
Regional View(1)
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico) | |||||||||||||||
Consumer | $ | 5,507 | $ | 4,693 | $ | 3,296 | $ | 3,416 | |||||||
Corporate | 974 | 1,949 | 1,632 | 1,573 | |||||||||||
Private Client Services | 799 | 877 | 1,173 | 1,009 | |||||||||||
Investment Management | 1,085 | 1,253 | 1,127 | 1,057 | |||||||||||
Total North America | 8,365 | 8,772 | 7,228 | 7,055 | |||||||||||
Mexico(2) | |||||||||||||||
Consumer | 521 | (14 | ) | (60 | ) | 27 | |||||||||
Corporate | 450 | 233 | 96 | 56 | |||||||||||
Investment Management | 235 | 73 | 27 | 13 | |||||||||||
Total Mexico | 1,206 | 292 | 63 | 96 | |||||||||||
Europe, Middle East and Africa (EMEA) | |||||||||||||||
Consumer | 708 | 467 | 380 | 297 | |||||||||||
Corporate | 857 | 927 | 1,044 | 635 | |||||||||||
Investment Management | 22 | 36 | 8 | 26 | |||||||||||
Total Europe, Middle East and Africa | 1,587 | 1,430 | 1,432 | 958 | |||||||||||
Japan | |||||||||||||||
Consumer | 950 | 966 | 746 | 493 | |||||||||||
Corporate | 96 | 96 | 349 | 127 | |||||||||||
Investment Management | 56 | 33 | 16 | 18 | |||||||||||
Total Japan | 1,102 | 1,095 | 1,111 | 638 | |||||||||||
Asia (excluding Japan) | |||||||||||||||
Consumer | 718 | 641 | 560 | 342 | |||||||||||
Corporate | 722 | 662 | 584 | 460 | |||||||||||
Investment Management | 107 | 81 | 55 | 35 | |||||||||||
Total Asia | 1,547 | 1,384 | 1,199 | 837 | |||||||||||
Latin America | |||||||||||||||
Consumer | (145 | ) | 62 | 209 | 126 | ||||||||||
Corporate | 60 | 527 | 528 | 486 | |||||||||||
Investment Management | 18 | 61 | 96 | 69 | |||||||||||
Total Latin America | (67 | ) | 650 | 833 | 681 | ||||||||||
Proprietary Investment Activities | (229 | ) | 224 | 1,387 | 497 | ||||||||||
Corporate/Other | (63 | ) | (618 | ) | (1,022 | ) | (569 | ) | |||||||
Income from Continuing Operations | 13,448 | 13,229 | 12,231 | 10,193 | |||||||||||
Income from Discontinued Operations | 1,875 | 1,055 | 1,288 | 1,177 | |||||||||||
Cumulative Effect of Accounting Changes | (47 | ) | (158 | ) | — | (127 | ) | ||||||||
Total Net Income | $ | 15,276 | $ | 14,126 | $ | 13,519 | $ | 11,243 | |||||||
- (1)
- Proprietary Investment Activities and Corporate/Other are not allocated to the geographic regions.
- (2)
- Mexico's results include the operations of Banamex from August 2001 forward.
CITIGROUP
Segment Revenues, Net of Interest Expense
Product View
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | |||||||||||||||
Cards | $ | 13,688 | $ | 11,978 | $ | 10,505 | $ | 8,916 | |||||||
Consumer Finance | 9,807 | 9,003 | 7,910 | 6,827 | |||||||||||
Retail Banking | 14,181 | 12,450 | 10,619 | 10,063 | |||||||||||
Other | 444 | 281 | 284 | 611 | |||||||||||
Total Global Consumer | 38,120 | 33,712 | 29,318 | 26,417 | |||||||||||
Global Corporate and Investment Bank: | |||||||||||||||
Capital Markets and Banking | 15,739 | 16,153 | 15,132 | 12,507 | |||||||||||
Transaction Services | 3,620 | 3,601 | 3,429 | 2,891 | |||||||||||
Other | (216 | ) | (204 | ) | (276 | ) | (209 | ) | |||||||
Total Global Corporate and Investment Bank | 19,143 | 19,550 | 18,285 | 15,189 | |||||||||||
Private Client Services | 5,830 | 6,090 | 7,064 | 6,066 | |||||||||||
Global Investment Management: | |||||||||||||||
Life Insurance and Annuities | 4,076 | 4,432 | 3,967 | 3,562 | |||||||||||
Private Bank | 1,704 | 1,546 | 1,420 | 1,214 | |||||||||||
Asset Management | 1,841 | 1,867 | 1,673 | 1,309 | |||||||||||
Total Global Investment Management | 7,621 | 7,845 | 7,060 | 6,085 | |||||||||||
Proprietary Investment Activities | (35 | ) | 503 | 2,427 | 930 | ||||||||||
Corporate/Other | 629 | (333 | ) | (582 | ) | 122 | |||||||||
Total Revenue, Net of Interest Expense | $ | 71,308 | $ | 67,367 | $ | 63,572 | $ | 54,809 | |||||||
Managed Basis Net Revenues(1) | $ | 75,431 | $ | 70,935 | $ | 65,982 | $ | 57,516 | |||||||
- (1)
- Segment net revenues disclosed above are prepared on an owned basis in accordance with Generally Accepted Accounting Principles (GAAP). The managed basis disclosures treat the receivables as if they had not been securitized and are still on our balance sheet, reflecting the interest revenue and expense associated with the portfolio, as well as the credit costs incurred. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way the business is managed. For a reconciliation of managed basis revenue to GAAP revenues, see the Cards business.
CITIGROUP
Segment Revenues, Net of Interest Expense
Regional View(1)
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico) | ||||||||||||||
Consumer | $ | 25,047 | $ | 22,686 | $ | 20,006 | $ | 18,250 | ||||||
Corporate | 8,809 | 8,908 | 8,010 | 6,973 | ||||||||||
Private Client Services | 5,830 | 6,090 | 7,064 | 6,066 | ||||||||||
Investment Management | 5,424 | 5,901 | 5,481 | 4,918 | ||||||||||
Total North America | 45,110 | 43,585 | 40,561 | 36,207 | ||||||||||
Mexico(2) | ||||||||||||||
Consumer | 2,637 | 1,238 | 270 | 348 | ||||||||||
Corporate | 860 | 620 | 289 | 202 | ||||||||||
Investment Management | 727 | 410 | 148 | 60 | ||||||||||
Total Mexico | 4,224 | 2,268 | 707 | 610 | ||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||
Consumer | 3,387 | 2,727 | 2,482 | 2,514 | ||||||||||
Corporate | 5,151 | 5,454 | 5,432 | 4,040 | ||||||||||
Investment Management | 435 | 415 | 436 | 381 | ||||||||||
Total Europe, Middle East and Africa | 8,973 | 8,596 | 8,350 | 6,935 | ||||||||||
Japan | ||||||||||||||
Consumer | 3,723 | 3,442 | 2,795 | 1,930 | ||||||||||
Corporate | 290 | 324 | 675 | 383 | ||||||||||
Investment Management | 270 | 220 | 184 | 148 | ||||||||||
Total Japan | 4,283 | 3,986 | 3,654 | 2,461 | ||||||||||
Asia (excluding Japan) | ||||||||||||||
Consumer | 2,645 | 2,432 | 2,288 | 1,938 | ||||||||||
Corporate | 2,403 | 2,394 | 2,197 | 2,015 | ||||||||||
Investment Management | 423 | 369 | 317 | 300 | ||||||||||
Total Asia | 5,471 | 5,195 | 4,802 | 4,253 | ||||||||||
Latin America | ||||||||||||||
Consumer | 681 | 1,187 | 1,477 | 1,437 | ||||||||||
Corporate | 1,630 | 1,850 | 1,682 | 1,576 | ||||||||||
Investment Management | 342 | 530 | 494 | 278 | ||||||||||
Total Latin America | 2,653 | 3,567 | 3,653 | 3,291 | ||||||||||
Proprietary Investment Activities | (35 | ) | 503 | 2,427 | 930 | |||||||||
Corporate/Other | 629 | (333 | ) | (582 | ) | 122 | ||||||||
Total Revenue, Net of Interest Expense | $ | 71,308 | $ | 67,367 | $ | 63,572 | $ | 54,809 | ||||||
- (1)
- Proprietary Investment Activities and Corporate/Other are not allocated to the geographic regions.
- (2)
- Includes the operations of Banamex from August 6, 2001 forward.
CITIGROUP
GLOBAL CONSUMER
Cards
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 13,688 | $ | 11,978 | $ | 10,505 | $ | 8,916 | ||||||
Effect of securitization activities | 4,115 | 3,454 | 2,410 | 2,707 | ||||||||||
Adjusted revenues, net of interest expense(1) | 17,803 | 15,432 | 12,915 | 11,623 | ||||||||||
Operating expenses | 5,535 | 5,421 | 5,237 | 4,607 | ||||||||||
Provision for credit losses | 3,410 | 2,593 | 1,902 | 1,705 | ||||||||||
Effect of securitization activities | 4,115 | 3,454 | 2,410 | 2,707 | ||||||||||
Adjusted provision for credit losses(1) | 7,525 | 6,047 | 4,312 | 4,412 | ||||||||||
Income before taxes | 4,743 | 3,964 | 3,366 | 2,604 | ||||||||||
Income taxes | 1,662 | 1,442 | 1,182 | 961 | ||||||||||
Income from continuing operations | $ | 3,081 | $ | 2,522 | $ | 2,184 | $ | 1,643 | ||||||
Average assets (in billions of dollars) | $ | 63 | $ | 60 | $ | 56 | $ | 43 | ||||||
Return on assets | 4.89 | % | 4.20 | % | 3.90 | % | 3.82 | % | ||||||
Return on managed assets | 2.43 | % | 2.10 | % | 2.00 | % | 1.83 | % | ||||||
KEY INDICATORS (On a Managed Basis) | ||||||||||||||
Total EOP Open Accounts (in millions): | ||||||||||||||
North America | 88.7 | 93.0 | 85.8 | 77.2 | ||||||||||
International | 13.5 | 12.5 | 11.3 | 9.4 | ||||||||||
Total | 102.2 | 105.5 | 97.1 | 86.6 | ||||||||||
Total Sales (in billions of dollars): | ||||||||||||||
North America | $ | 244.9 | $ | 234.3 | $ | 231.4 | $ | 200.4 | ||||||
International | 33.4 | 31.5 | 34.2 | 33.4 | ||||||||||
Total | $ | 278.3 | $ | 265.8 | $ | 265.6 | $ | 233.8 | ||||||
Average Managed Loans (in billions of dollars): | ||||||||||||||
Securitized | $ | 65.2 | $ | 61.1 | $ | 53.2 | $ | 50.7 | ||||||
Held for Sale | 6.5 | 7.3 | 5.3 | 3.0 | ||||||||||
On Balance Sheet | 49.2 | 46.2 | 44.5 | 36.0 | ||||||||||
Total Managed | $ | 120.9 | $ | 114.6 | $ | 103.0 | $ | 89.7 | ||||||
Managed Net Credit Losses (in millions of dollars): | ||||||||||||||
North America | $ | 6,669 | $ | 5,655 | $ | 4,017 | $ | 3,979 | ||||||
International | 500 | 393 | 307 | 394 | ||||||||||
Total Managed | $ | 7,169 | $ | 6,048 | $ | 4,324 | $ | 4,373 | ||||||
End of Period Managed Receivables | $ | 131.8 | $ | 122.7 | $ | 114.0 | $ | 95.7 | ||||||
(in billions of dollars) | ||||||||||||||
Net Credit Loss Ratio | 5.93 | % | 5.28 | % | 4.20 | % | 4.88 | % | ||||||
Loans 90+Days Past Due: | ||||||||||||||
In millions of dollars | $ | 2,397 | $ | 2,386 | $ | 1,648 | $ | 1,513 | ||||||
% | 1.84 | % | 1.97 | % | 1.45 | % | 1.58 | % |
- (1)
- The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. Securitization changes Citigroup's role from that of a lender to that of a loan servicer and removes the receivables from Citigroup's balance sheet. For securitized receivables, amounts that would otherwise be reported as net interest revenue, fee and commission revenue, and credit losses are instead components of the servicing fees earned. However, Citigroup's exposure to credit losses on the securitized receivables is contractually limited to the cash flows from the receivables. The managed basis disclosures treat the receivables as if they had not been securitized and are still on the Company's balance sheet, with related income statement amounts reported as net interest revenue, fee and commission revenue, and credit losses. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way management reviews operating performance and allocates resources. Furthermore, investors utilize information about the credit quality of the entire managed portfolio as the results of both the held and securitized portfolios impact the overall performance of the cards business.
CITIGROUP
GLOBAL CONSUMER
Cards
Geographic Distribution
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEOGRAPHIC DISTRIBUTION | |||||||||||||||
North America: | |||||||||||||||
Revenues, net of interest expense | $ | 11,402 | $ | 9,867 | $ | 8,439 | $ | 7,204 | |||||||
Effect of securitization activities | 4,115 | 3,454 | 2,410 | 2,707 | |||||||||||
Adjusted revenues, net of interest expense(1) | 15,517 | 13,321 | 10,849 | 9,911 | |||||||||||
Operating expenses | 4,388 | 4,281 | 4,071 | 3,610 | |||||||||||
Provision for credit losses | 2,843 | 2,192 | 1,593 | 1,300 | |||||||||||
Effect of securitization activities | 4,115 | 3,454 | 2,410 | 2,707 | |||||||||||
Adjusted provision for credit losses(1) | 6,958 | 5,646 | 4,003 | 4,007 | |||||||||||
Income before taxes | 4,171 | 3,394 | 2,775 | 2,294 | |||||||||||
Income taxes | 1,468 | 1,227 | 1,012 | 847 | |||||||||||
Income from continuing operations | $ | 2,703 | $ | 2,167 | $ | 1,763 | $ | 1,447 | |||||||
Average assets (in billions of dollars) | $ | 52 | $ | 50 | $ | 46 | $ | 36 | |||||||
Return on assets | 5.20 | % | 4.33 | % | 3.83 | % | 4.02 | % | |||||||
Return on managed assets | 2.33 | % | 1.97 | % | 1.78 | % | 1.74 | % | |||||||
International: | |||||||||||||||
Revenues, net of interest expense | $ | 2,286 | $ | 2,111 | $ | 2,066 | $ | 1,712 | |||||||
Operating expenses | 1,147 | 1,140 | 1,166 | 997 | |||||||||||
Provision for credit losses | 567 | 401 | 309 | 405 | |||||||||||
Income before taxes | 572 | 570 | 591 | 310 | |||||||||||
Income taxes | 194 | 215 | 170 | 114 | |||||||||||
Income from continuing operations | $ | 378 | $ | 355 | $ | 421 | $ | 196 | |||||||
Average assets (in billions of dollars) | $ | 11 | $ | 10 | $ | 10 | $ | 7 | |||||||
Return on assets | 3.44 | % | 3.55 | % | 4.21 | % | 2.80 | % | |||||||
- (1)
- The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. For a discussion of managed basis reporting see the Cards business on the previous page.
CITIGROUP
GLOBAL CONSUMER
Consumer Finance
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 9,807 | $ | 9,003 | $ | 7,910 | $ | 6,827 | |||||||
Operating expenses | 3,114 | 3,444 | 3,548 | 2,945 | |||||||||||
Provision for credit losses | 3,294 | 2,564 | 2,208 | 1,957 | |||||||||||
Income before taxes | 3,399 | 2,995 | 2,154 | 1,925 | |||||||||||
Income taxes | 1,200 | 1,090 | 761 | 732 | |||||||||||
Income from continuing operations | $ | 2,199 | $ | 1,905 | $ | 1,393 | $ | 1,193 | |||||||
Average assets (in billions of dollars) | $ | 96 | $ | 89 | $ | 78 | $ | 65 | |||||||
Return on assets | 2.29 | % | 2.14 | % | 1.79 | % | 1.84 | % | |||||||
KEY INDICATORS | |||||||||||||||
Average Loans (in billions of dollars): | |||||||||||||||
Real estate secured loans | $ | 48.0 | $ | 45.1 | $ | 39.7 | $ | 34.8 | |||||||
Personal loans | 21.6 | 19.9 | 17.3 | 15.1 | |||||||||||
Auto | 8.4 | 6.3 | 3.7 | 2.0 | |||||||||||
Sales finance and other | 4.0 | 3.7 | 3.5 | 3.7 | |||||||||||
Total | $ | 82.0 | $ | 75.0 | $ | 64.2 | $ | 55.6 | |||||||
Average Loans (in billions of dollars): | |||||||||||||||
North America | $ | 62.2 | $ | 57.7 | $ | 51.2 | $ | 45.2 | |||||||
International | 19.8 | 17.3 | 13.0 | 10.4 | |||||||||||
Total | $ | 82.0 | $ | 75.0 | $ | 64.2 | $ | 55.6 | |||||||
Average Yield: | |||||||||||||||
North America | 12.94 | % | 13.58 | % | 14.17 | % | 14.46 | % | |||||||
International | 19.70 | % | 21.41 | % | 23.69 | % | 22.89 | % | |||||||
Total | 14.57 | % | 15.37 | % | 15.89 | % | 15.80 | % | |||||||
Average Net Interest Margin: | |||||||||||||||
North America | 8.43 | % | 8.11 | % | 8.01 | % | 8.45 | % | |||||||
International | 17.55 | % | 18.05 | % | 21.66 | % | 20.59 | % | |||||||
Total | 10.63 | % | 10.39 | % | 10.46 | % | 10.38 | % | |||||||
Net Credit Loss Ratio | 3.69 | % | 2.99 | % | 2.98 | % | 3.00 | % | |||||||
Loans 90+ Days Past Due: | |||||||||||||||
In millions of dollars | $ | 2,197 | $ | 2,269 | $ | 1,477 | $ | 1,175 | |||||||
% | 2.48 | % | 2.92 | % | 2.14 | % | 1.96 | % | |||||||
Number of Offices: | |||||||||||||||
North America | 2,411 | 2,413 | 2,863 | 3,008 | |||||||||||
International | 1,137 | 1,149 | 1,170 | 915 | |||||||||||
Total | 3,548 | 3,562 | 4,033 | 3,923 | |||||||||||
CITIGROUP
GLOBAL CONSUMER
Consumer Finance
Geographic Distribution
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEOGRAPHIC DISTRIBUTION | |||||||||||||
North America: | |||||||||||||
Revenues, net of interest expense | $ | 6,112 | $ | 5,632 | $ | 5,151 | $ | 4,690 | |||||
Operating expenses | 1,893 | 2,146 | 2,433 | 2,045 | |||||||||
Provision for credit losses | 2,074 | 1,757 | 1,527 | 1,448 | |||||||||
Income before taxes | 2,145 | 1,729 | 1,191 | 1,197 | |||||||||
Income taxes | 778 | 640 | 433 | 443 | |||||||||
Income from continuing operations | $ | 1,367 | $ | 1,089 | $ | 758 | $ | 754 | |||||
Average Assets (in billions of dollars) | $ | 72 | $ | 67 | $ | 61 | $ | 52 | |||||
Return on Assets | 1.90 | % | 1.63 | % | 1.24 | % | 1.45 | % | |||||
International: | |||||||||||||
Revenues, net of interest expense | $ | 3,695 | $ | 3,371 | $ | 2,759 | $ | 2,137 | |||||
Operating expenses | 1,221 | 1,298 | 1,115 | 900 | |||||||||
Provision for credit losses | 1,220 | 807 | 681 | 509 | |||||||||
Income before taxes | 1,254 | 1,266 | 963 | 728 | |||||||||
Income taxes | 422 | 450 | 328 | 289 | |||||||||
Income from continuing operations | $ | 832 | $ | 816 | $ | 635 | $ | 439 | |||||
Average assets (in billions of dollars) | $ | 24 | $ | 22 | $ | 19 | $ | 13 | |||||
Return on assets | 3.47 | % | 3.71 | % | 3.34 | % | 3.38 | % | |||||
CITIGROUP
GLOBAL CONSUMER
Retail Banking
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 14,181 | $ | 12,450 | $ | 10,619 | $ | 10,063 | |||||||
Operating expenses | 7,702 | 6,946 | 6,273 | 5,753 | |||||||||||
Provision for credit losses | 1,755 | 1,645 | 1,585 | 1,353 | |||||||||||
Income before taxes and minority interest | 4,724 | 3,859 | 2,761 | 2,957 | |||||||||||
Income taxes | 1,655 | 1,391 | 1,102 | 1,100 | |||||||||||
Minority interest, after-tax | 38 | 25 | 19 | 19 | |||||||||||
Income from continuing operations | $ | 3,031 | $ | 2,443 | $ | 1,640 | $ | 1,838 | |||||||
Average assets (in billions of dollars) | $ | 187 | $ | 154 | $ | 138 | $ | 108 | |||||||
Return on assets | 1.62 | % | 1.59 | % | 1.19 | % | 1.70 | % | |||||||
KEY INDICATORS: | |||||||||||||||
Average Customer Deposits (in billions of dollars): | |||||||||||||||
North America | $ | 90.8 | $ | 68.3 | $ | 47.0 | $ | 44.9 | |||||||
International | 75.8 | 78.0 | 9.5 | 71.6 | |||||||||||
Total | $ | 169.6 | $ | 133.4 | $ | 56.5 | $ | 54.3 | |||||||
Average Loans (in billions of dollars): | |||||||||||||||
North America | $ | 97.6 | $ | 84.4 | $ | 52.9 | $ | 42.1 | |||||||
International | 34.3 | 34.2 | 35.3 | 35.8 | |||||||||||
Total | $ | 122.8 | $ | 118.7 | $ | 88.2 | $ | 116.5 | |||||||
Net Credit Loss Ratio—Excluding Commercial Markets | 0.71 | % | 0.68 | % | |||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.76 | % | 2.14 | % | |||||||||||
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 3,647 | $ | 2,755 | |||||||||||
% of EOP Loans | 3.18 | % | 3.31 | % | |||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,299 | $ | 1,301 | |||||||||||
% of EOP Loans | 2.90 | % | 3.13 | % | |||||||||||
EOP Accounts (in millions): | |||||||||||||||
North America | 29.7 | 26.0 | 14.4 | 12.6 | |||||||||||
International | 17.0 | 17.2 | 17.6 | 16.0 | |||||||||||
Total | 46.7 | 43.2 | 32.0 | 28.6 | |||||||||||
Citibanking North America and Consumer Assets: | |||||||||||||||
Mutual Fund/UIT Sales at NAV (in millions of dollars) | $ | 3,225 | $ | 4,722 | $ | 6,507 | $ | 5,135 | |||||||
Variable Annuity Net Written Premiums & Deposits (in millions of dollars) | $ | 329 | $ | 372 | $ | 381 | $ | 233 | |||||||
EOP Mortgage Servicing Portfolio (in billions of dollars) | $ | 162.9 | $ | 75.5 | |||||||||||
Mortgage Orginations | $ | 55.2 | $ | 32.3 | $ | 19.1 | $ | 18.2 | |||||||
Student Loan Originations | $ | 6.0 | $ | 4.4 | $ | 4.4 | $ | 2.3 | |||||||
Primerica Financial Services: | |||||||||||||||
Agents Licensed for Life Insurance | 107,378 | 95,679 | 86,900 | 79,809 | |||||||||||
Life Insurance in Force (in billions of dollars) | $ | 466.8 | $ | 434.8 | $ | 412.7 | $ | 394.9 | |||||||
Loan Volumes (in millions of dollars)(1) | $ | 4,736.4 | $ | 3,869.8 | $ | 2,092.3 | $ | 1,920.1 | |||||||
Mutual Fund/UIT Sales at NAV (in millions of dollars) | $ | 3,306 | $ | 3,409 | $ | 4,220 | $ | 3,124 | |||||||
Variable Annuity Net Written Premiums & Deposits | $ | 156 | $ | 217 | $ | 288 | $ | 241 |
- (1)
- Represents loan products marketed by PFS; the receivables are primarily reflected in the assets of Consumer Finance.
CITIGROUP
GLOBAL CONSUMER
Retail Banking
Geographic and Business Distribution
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America: | |||||||||||||
Revenues, net of interest expense | |||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 5,919 | $ | 5,256 | $ | 4,376 | $ | 4,041 | |||||
Primerica Financial Services | 2,058 | 2,055 | 1,868 | 1,777 | |||||||||
Mexico | 1,848 | 833 | 158 | 275 | |||||||||
Total Revenues, Net of Interest Expense | 9,825 | 8,144 | 6,402 | 6,093 | |||||||||
Operating expenses | 5,246 | 4,526 | 3,822 | 3,293 | |||||||||
Provision for credit losses | 1,326 | 1,241 | 1,183 | 815 | |||||||||
Income before taxes | 3,253 | 2,377 | 1,397 | 1,985 | |||||||||
Income taxes | 1,140 | 867 | 576 | 752 | |||||||||
Minority interest, after-tax | 38 | 25 | 19 | 19 | |||||||||
Income from continuing operations | $ | 2,075 | $ | 1,485 | $ | 802 | $ | 1,214 | |||||
International: | |||||||||||||
Revenues, net of interest expense | |||||||||||||
EMEA | $ | 2,009 | $ | 1,696 | $ | 1,622 | $ | 1,666 | |||||
Japan | 491 | 435 | 420 | 342 | |||||||||
Asia (excluding Japan) | 1,486 | 1,403 | 1,321 | 1,115 | |||||||||
Latin America | 370 | 772 | 854 | 847 | |||||||||
Total Revenues, Net of Interest Expense | 4,356 | 4,306 | 4,217 | 3,970 | |||||||||
Operating expenses | 2,456 | 2,420 | 2,451 | 2,460 | |||||||||
Provision for credit losses | 429 | 404 | 402 | 538 | |||||||||
Income before taxes | 1,471 | 1,482 | 1,364 | 972 | |||||||||
Income taxes | 515 | 524 | 526 | 348 | |||||||||
Income from continuing operations | $ | 956 | $ | 958 | $ | 838 | $ | 624 | |||||
BRANCHES: | |||||||||||||
North America: | |||||||||||||
Citibanking North America | 812 | 460 | 380 | 384 | |||||||||
Mexico | 1,422 | 1,485 | 196 | 241 | |||||||||
Total North America Retail Banking | 2,234 | 1,945 | 576 | 625 | |||||||||
International: | |||||||||||||
EMEA | 606 | 602 | 436 | 434 | |||||||||
Japan | 23 | 22 | 22 | 22 | |||||||||
Asia (excluding Japan) | 98 | 93 | 77 | 72 | |||||||||
Latin America | 164 | 196 | 210 | 206 | |||||||||
Total International Retail Banking | 891 | 913 | 745 | 734 | |||||||||
Total Retail Banking | 3,125 | 2,858 | 1,321 | 1,359 | |||||||||
CITIGROUP
GLOBAL CONSUMER
Other Consumer
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 444 | $ | 281 | $ | 284 | $ | 611 | |||||
Operating expenses | 536 | 449 | 423 | 661 | |||||||||
Provision for credit losses | — | (89 | ) | 5 | (103 | ) | |||||||
Income before taxes | (92 | ) | (79 | ) | (144 | ) | 53 | ||||||
Income taxes | (40 | ) | (24 | ) | (58 | ) | 26 | ||||||
Minority interest, after-tax | — | — | — | — | |||||||||
Income (loss) from continuing operations | $ | (52 | ) | $ | (55 | ) | $ | (86 | ) | $ | 27 | ||
CITIGROUP
GLOBAL CORPORATE AND INVESTMENT BANK
Income Statement
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense: | ||||||||||||||||
Commissions and Fees | $ | 2,180 | $ | 2,060 | $ | 2,071 | $ | 1,518 | ||||||||
Asset Management and Administration Fees | 1,824 | 1,632 | 1,431 | 1,138 | ||||||||||||
Investment Banking | 3,512 | 4,002 | 3,696 | 2,878 | ||||||||||||
Principal Transactions | 3,729 | 4,260 | 4,613 | 3,928 | ||||||||||||
Other Revenue | 214 | 535 | 1,019 | 410 | ||||||||||||
Total Non-Interest Revenues | 11,459 | 12,489 | 12,830 | 9,872 | ||||||||||||
Net Interest and Dividends | 7,684 | 7,061 | 5,455 | 5,317 | ||||||||||||
Total Revenues, Net of Interest Expense | 19,143 | 19,550 | 18,285 | 15,189 | ||||||||||||
Non-Interest Expenses: | ||||||||||||||||
Compensation and Benefits | 6,410 | 7,333 | 6,841 | 5,924 | ||||||||||||
Other Operating and Administrative Expenses | 5,683 | 4,572 | 4,523 | 3,611 | ||||||||||||
Total Non-Interest Expenses | 12,093 | 11,905 | 11,364 | 9,535 | ||||||||||||
Provision for Credit Losses | 2,255 | 844 | 310 | 349 | ||||||||||||
Income Before Taxes and Minority Interest | 4,795 | 6,801 | 6,611 | 5,305 | ||||||||||||
Income Taxes | 1,611 | 2,381 | 2,360 | 1,960 | ||||||||||||
Minority Interest, after-tax | 25 | 26 | 18 | 8 | ||||||||||||
Income from continuing operations | $ | 3,159 | $ | 4,394 | $ | 4,233 | $ | 3,337 | ||||||||
Pre-tax Profit Margin | 25.0 | % | 34.8 | % | 36.2 | % | 34.9 | % | ||||||||
Non-Compensation Expenses as a Percent of Net Revenues | 29.7 | % | 23.4 | % | 24.7 | % | 23.8 | % | ||||||||
Compensation and Benefits Expenses as a Percent of Net Revenues | 33.5 | % | 37.5 | % | 37.4 | % | 39.0 | % | ||||||||
Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues(1) | 38.0 | % | 39.2 | % | 38.1 | % | 39.9 | % |
- (1)
- Risk Adjusted Revenues represent Revenues net of Interest Expense less Provision for Credit Losses.
CITIGROUP
GLOBAL CORPORATE AND INVESTMENT BANK
Capital Markets and Banking
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 15,739 | $ | 16,153 | $ | 15,132 | $ | 12,507 | ||||||
Operating expenses | 7,671 | 9,209 | 8,787 | 7,241 | ||||||||||
Provision for credit losses | 2,046 | 823 | 283 | 275 | ||||||||||
Income before taxes and minority interest | 6,022 | 6,121 | 6,062 | 4,991 | ||||||||||
Income taxes | 2,003 | 2,183 | 2,235 | 1,864 | ||||||||||
Minority interest, after-tax | 24 | 20 | 25 | 8 | ||||||||||
Income from continuing operations | $ | 3,995 | $ | 3,918 | $ | 3,802 | $ | 3,119 | ||||||
Investment Banking | ||||||||||||||
Underwriting (full credit to book manager): | ||||||||||||||
Debt and equity: | ||||||||||||||
Global Volume(1) | $ | 440,092 | $ | 515,712 | ||||||||||
Global Market Share | 10.3 | % | 12.1 | % | ||||||||||
Rank | 1 | 1 | ||||||||||||
U.S. Volume(2) | $ | 340,304 | $ | 404,427 | ||||||||||
U.S. Market Share | 11.8 | % | 13.9 | % | ||||||||||
Rank | 1 | 1 |
- (1)
- Includes 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, all common stock, convertible debt and convertible preferred. Excludes all closed end funds.
- (2)
- 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.
CITIGROUP
GLOBAL CORPORATE AND INVESTMENT BANK
Transaction Services
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 3,620 | $ | 3,601 | $ | 3,429 | $ | 2,891 | ||||
Operating expenses | 2,583 | 2,874 | 2,675 | 2,516 | ||||||||
Provision for credit losses | 209 | 21 | 27 | 74 | ||||||||
Income before taxes and minority interest | 828 | 706 | 727 | 301 | ||||||||
Income taxes and minority interest, after-tax | 270 | 266 | 258 | 117 | ||||||||
Income from continuing operations | $ | 558 | $ | 440 | $ | 469 | $ | 184 | ||||
Liability Balances (Average in billions) | $ | 85 | $ | 77 | $ | 64 | $ | 56 | ||||
Assets Under Custody (EOP in trillions) | $ | 5.1 | $ | 4.8 | $ | 4.1 | $ | 3.8 |
CITIGROUP
GLOBAL CORPORATE AND INVESTMENT BANK
Other Corporate
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | (216 | ) | $ | (204 | ) | $ | (276 | ) | $ | (209 | ) | |
Operating expenses(1) | 1,839 | (178 | ) | (98 | ) | (222 | ) | ||||||
Loss before taxes | (2,055 | ) | (26 | ) | (178 | ) | 13 | ||||||
Income tax benefits | (661 | ) | (62 | ) | (140 | ) | (21 | ) | |||||
Income (loss) from continuing operations | $ | (1,394 | ) | $ | 36 | $ | (38 | ) | $ | 34 | |||
- (1)
- 2002 includes a $1.3 billion after-tax reserve for settlement-in-principle and charge for regulatory and legal matters.
CITIGROUP
PRIVATE CLIENT SERVICES
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||||||||
Fee-based and net interest revenue | $ | 2,955 | $ | 3,081 | $ | 3,420 | $ | 2,445 | |||||||
Commissions and other transactional revenue | 2,875 | 3,009 | 3,644 | 3,621 | |||||||||||
Total Revenues, net of interest expense | 5,830 | 6,090 | 7,064 | 6,066 | |||||||||||
Operating expenses | 4,555 | 4,710 | 5,192 | 4,456 | |||||||||||
Provision for credit losses | 6 | 4 | — | — | |||||||||||
Income before taxes | 1,269 | 1,376 | 1,872 | 1,610 | |||||||||||
Income taxes | 470 | 499 | 699 | 601 | |||||||||||
Income from continuing operations | $ | 799 | $ | 877 | $ | 1,173 | $ | 1,009 | |||||||
Pretax Profit Margin | 22 | % | 23 | % | 27 | % | 27 | % | |||||||
Financial Consultants | 12,690 | 12,927 | 12,353 | 11,463 | |||||||||||
Annualized Revenue per FC (in thousands of dollars) | $ | 418 | $ | 451 | $ | 635 | $ | 513 | |||||||
Branch offices | 536 | 536 | 522 | 485 | |||||||||||
Client Assets (in billions of dollars) | |||||||||||||||
Assets Under Fee-Based Management: | |||||||||||||||
Consulting Group and Internally Managed Accounts | $ | 106 | $ | 126 | |||||||||||
Financial Consultant Managed Accounts | 52 | 59 | |||||||||||||
Total Private Client(1) | $ | 158 | $ | 185 | |||||||||||
Total Client Assets: | |||||||||||||||
Private Client | $ | 762 | $ | 848 | |||||||||||
Other Investor Assets within Citigroup Global Markets | 129 | 119 | |||||||||||||
Total(1) | $ | 891 | $ | 967 | |||||||||||
Net Client Asset Flows | $ | 3 | $ | 13 | |||||||||||
Bank Deposit Program | $ | 41 | $ | 35 |
- (1)
- Includes some assets jointly managed with Citigroup Asset Management.
CITIGROUP
GLOBAL INVESTMENT MANAGEMENT
Life Insurance and Annuities
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 4,076 | $ | 4,432 | $ | 3,967 | $ | 3,562 | |||||||
Operating expenses | 501 | 394 | 447 | 468 | |||||||||||
Provision for credit losses | 2,726 | 2,745 | 2,387 | 2,032 | |||||||||||
Income before taxes and minority interest | 849 | 1,293 | 1,133 | 1,062 | |||||||||||
Income taxes and minority interest, net of tax | 232 | 422 | 372 | 363 | |||||||||||
Minority interest, after-tax | — | — | — | — | |||||||||||
Income from continuing operations | $ | 617 | $ | 871 | $ | 761 | $ | 699 | |||||||
Income from continuing operations(1): | |||||||||||||||
Travelers Life & Annuity | $ | 562 | $ | 854 | $ | 744 | $ | 688 | |||||||
International Insurance Manufacturing | $ | 55 | $ | 17 | $ | 17 | $ | 11 | |||||||
Income before tax (contribution by source): | |||||||||||||||
Individual annuities | $ | 418 | $ | 433 | $ | 466 | $ | 373 | |||||||
Group annuities | 365 | 439 | 418 | 280 | |||||||||||
Life and long-term care insurance | 207 | 205 | 202 | 174 | |||||||||||
Realized Insurance Investment Portfolio Gains / (Losses) | (329 | ) | 52 | (51 | ) | 98 | |||||||||
Other | 118 | 128 | 72 | 120 | |||||||||||
Total Travelers Life & Annuity | 779 | 1,257 | 1,107 | 1,045 | |||||||||||
Total International Insurance Manufacturing | 70 | 36 | 26 | 17 | |||||||||||
Total Life Insurance and Annuities | $ | 849 | $ | 1,293 | $ | 1,133 | $ | 1,062 | |||||||
Travelers Life and Annuity: | |||||||||||||||
Individual annuities | |||||||||||||||
Net written premiums and deposits | |||||||||||||||
Fixed | $ | 1,294 | $ | 1,148 | $ | 1,267 | $ | 1,008 | |||||||
Variable | 4,081 | 4,972 | 5,025 | 4,265 | |||||||||||
Individual Payout | 58 | 59 | 80 | 78 | |||||||||||
Total | $ | 5,433 | $ | 6,179 | $ | 6,372 | $ | 5,351 | |||||||
Policyholder account balances & benefit reserves(2) | |||||||||||||||
Fixed | $ | 8,647 | $ | 7,564 | $ | 8,050 | $ | 7,994 | |||||||
Variable | 19,152 | 21,837 | 20,704 | 19,311 | |||||||||||
Individual Payout | 649 | 648 | 630 | 617 | |||||||||||
Total | $ | 28,448 | $ | 30,049 | $ | 29,384 | $ | 27,922 | |||||||
Group annuities: | |||||||||||||||
Net written premiums and deposits(3) | $ | 6,292 | $ | 7,068 | $ | 5,528 | $ | 5,619 | |||||||
Policyholder account balances & benefit reserves:(2) | |||||||||||||||
GIC's and other investment contracts | $ | 16,099 | $ | 15,345 | $ | 12,599 | $ | 10,754 | |||||||
Payout Group annuities | 6,202 | 5,630 | 4,861 | 4,363 | |||||||||||
Total | $ | 22,301 | $ | 20,975 | $ | 17,460 | $ | 15,117 | |||||||
Individual life insurance: | |||||||||||||||
Net written premiums and deposits | |||||||||||||||
Direct periodic premiums and deposits | $ | 771 | $ | 652 | $ | 511 | $ | 409 | |||||||
Single premium deposits | 285 | 208 | 98 | 84 | |||||||||||
Reinsurance | (113 | ) | (96 | ) | (83 | ) | (71 | ) | |||||||
Total | $ | 943 | $ | 764 | $ | 526 | $ | 422 | |||||||
Policyholder account balances & benefit reserves | $ | 3,852 | $ | 3,401 | $ | 2,983 | $ | 2,682 | |||||||
Life insurance in force (in billions, face amt.) | $ | 82.0 | $ | 75.0 | $ | 66.9 | $ | 60.6 | |||||||
Life insurance issued (in billions, face amt.) | $ | 15.0 | $ | 13.8 | $ | 11.7 | $ | 10.7 |
- (1)
- Includes Realized Gain/(Losses) on Investments.
- (2)
- Includes general account, separate accounts and managed funds.
- (3)
- Excludes deposits of $250.0 million, $909.0 million, $320.0 million and $580.2 million in 2002, 2001, 2000 and 1999, respectively, related to Citigroup plans previously managed externally.
CITIGROUP
GLOBAL INVESTMENT MANAGEMENT
Private Bank
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 1,704 | $ | 1,546 | $ | 1,420 | $ | 1,214 | |||||||
Operating expenses | 1,007 | 946 | 892 | 768 | |||||||||||
Provision for credit losses | 18 | 23 | 23 | 12 | |||||||||||
Income before taxes | 679 | 577 | 505 | 434 | |||||||||||
Income taxes | 216 | 207 | 185 | 163 | |||||||||||
Minority interest, after-tax | — | — | — | — | |||||||||||
Income from continuing operations | $ | 463 | $ | 370 | $ | 319 | $ | 271 | |||||||
Average assets (in billions of dollars) | $ | 29 | $ | 26 | $ | 25 | $ | 20 | |||||||
Return on average assets | 1.60 | % | 1.42 | % | 1.28 | % | 1.36 | % | |||||||
Client Business Volumes (in billions of dollars) | $ | 170 | $ | 159 | $ | 153 | $ | 140 | |||||||
Client Business Volumes (in billions of dollars): | |||||||||||||||
Proprietary managed assets | $ | 32 | $ | 31 | $ | 31 | $ | 30 | |||||||
Other assets under fee based management | 8 | 8 | 5 | 3 | |||||||||||
Banking and fiduciary deposits | 38 | 34 | 31 | 27 | |||||||||||
Loans | 33 | 27 | 28 | 24 | |||||||||||
Other, principally custody accounts | 59 | 59 | 58 | 56 | |||||||||||
Total | $ | 170 | $ | 159 | $ | 153 | $ | 140 | |||||||
Revenues: | |||||||||||||||
Customer Revenues | |||||||||||||||
Net Interest Spread and Recurring Fee-Based Revenues | $ | 1,095 | $ | 1,010 | $ | 973 | $ | 827 | |||||||
Transaction Revenues | 351 | 336 | 297 | 227 | |||||||||||
Total Customer Revenues | 1,446 | 1,346 | 1,270 | 1,054 | |||||||||||
Other Revenues (Principally Allocated Equity and Treasury Revenues) | 258 | 200 | 150 | 160 | |||||||||||
Total Revenues | $ | 1,704 | $ | 1,546 | $ | 1,420 | $ | 1,214 | |||||||
North America | $ | 755 | $ | 624 | $ | 557 | $ | 487 | |||||||
International | 949 | 922 | 863 | 727 | |||||||||||
Total Revenues | $ | 1,704 | $ | 1,546 | $ | 1,420 | $ | 1,214 | |||||||
Net Credit Loss Ratio | 0.05 | % | 0.06 | % | 0.09 | % | 0.10 | % |
CITIGROUP
GLOBAL INVESTMENT MANAGEMENT
Asset Management(1)
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 1,841 | $ | 1,867 | $ | 1,673 | $ | 1,309 | |||||||
Operating expenses | 1,189 | 1,373 | 1,252 | 897 | |||||||||||
Income before taxes and minority interest | 652 | 494 | 421 | 412 | |||||||||||
Income taxes and minority interest, after-tax | 209 | 198 | 172 | 164 | |||||||||||
Income from continuing operations | $ | 443 | $ | 296 | $ | 249 | $ | 248 | |||||||
Pre-tax Profit Margin | 35.4 | % | 26.5 | % | 25.2 | % | 31.5 | % | |||||||
Asset Management (excl. Retirement Services): | |||||||||||||||
Revenues, net of interest expense | $ | 1,500 | $ | 1,489 | $ | 1,428 | $ | 1,292 | |||||||
Operating expenses | 1,006 | 1,125 | 1,078 | 891 | |||||||||||
Income before taxes | 494 | 364 | 350 | 401 | |||||||||||
Income taxes | 187 | 144 | 140 | 160 | |||||||||||
Income from continuing operations | $ | 307 | $ | 220 | $ | 210 | $ | 241 | |||||||
Retirement Services: | |||||||||||||||
Revenues, net of interest expense | $ | 341 | $ | 378 | $ | 245 | $ | 17 | |||||||
Operating expenses | 183 | 248 | 174 | 6 | |||||||||||
Income before taxes and minority interest | 158 | 130 | 71 | 11 | |||||||||||
Income taxes and minority interest, after-tax | 22 | 54 | 32 | 4 | |||||||||||
Income from continuing operations | $ | 136 | $ | 76 | $ | 39 | $ | 7 | |||||||
Net Flows by Business (in billions of dollars): | |||||||||||||||
Retail/Private Bank | $ | 10.7 | $ | 30.8 | $ | 15.0 | $ | 8.5 | |||||||
Institutional | |||||||||||||||
Long Term | 10.7 | 8.8 | (4.1 | ) | 5.7 | ||||||||||
Liquidity | 13.5 | 25.8 | 1.9 | 1.8 | |||||||||||
Total Institutional | 24.2 | 34.6 | (2.2 | ) | 7.5 | ||||||||||
Net Flows excluding US Retail Money Markets | 34.9 | 65.4 | 12.8 | 16.0 | |||||||||||
US Retail Money Markets | $ | (12.6 | ) | $ | (26.2 | ) | $ | 10.1 | $ | 6.7 | |||||
Assets Under Management by Business (in billions of dollars): | |||||||||||||||
Retail/ Private Bank(2) | $ | 205.1 | $ | 237.1 | $ | 244.1 | $ | 225.1 | |||||||
Institutional | 163.9 | 142.5 | 115.3 | 119.3 | |||||||||||
Retirement Services | 11.1 | 12.1 | 6.0 | 0.3 | |||||||||||
Other(3) | 82.8 | 45.8 | 34.5 | 30.8 | |||||||||||
Total Assets Under Management(2) | $ | 462.9 | $ | 437.5 | $ | 399.9 | $ | 375.5 | |||||||
Assets Under Management by Product (in billions of dollars): | |||||||||||||||
Equity/Balanced | $ | 132.9 | $ | 167.2 | $ | 168.6 | $ | 163.1 | |||||||
Fixed Income | 152.9 | 99.8 | 77.9 | 73.6 | |||||||||||
Money Markets/Liquidity | 132.3 | 132.2 | 127.5 | 107.6 | |||||||||||
Alternative Investments | 44.8 | 38.3 | 25.9 | 31.2 | |||||||||||
Total Assets Under Management(2,3) | $ | 462.9 | $ | 437.5 | $ | 399.9 | $ | 375.5 | |||||||
Number of Morningstar 4- and 5-star Mutual Fund share classes(4) | |||||||||||||||
Equity | 14 | 10 | 11 | 9 | |||||||||||
Fixed Income | 12 | 7 | 11 | 11 | |||||||||||
CitiStreet Joint Venture—Asset Under Administration (in billions of dollars) | $ | 162.7 | $ | 179.3 | $ | 180.7 | N/A |
- (1)
- Includes Retirement Services Businesses.
- (2)
- Includes $31 billion, $29 billion, $30 billion, and $31 billion in 2002, 2001, 2000 and 1999, respectively, for Private Bank clients.
- (3)
- Includes $35 billion of Travelers Property Casualty Corp. assets in 2002 which Asset Management manages on a third-party basis following the spin-off.
- (4)
- Asset calculations are based on classes of such funds ranked by Morningstar. Number of funds reflects only one class per fund and are based on performance of non-money market retail funds.
CITIGROUP
PROPRIETARY INVESTMENT ACTIVITIES(1)
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense(2) | $ | (35 | ) | $ | 503 | $ | 2,427 | $ | 930 | ||||
Operating expenses | $ | 238 | $ | 177 | $ | 181 | $ | 124 | |||||
Income (loss) from continuing operations | $ | (229 | ) | $ | 224 | $ | 1,387 | $ | 497 | ||||
Total Revenue, Net of Interest Expense (by Type): | |||||||||||||
Private Equity | $ | (754 | ) | $ | 373 | ||||||||
Hedge Funds | 71 | 10 | |||||||||||
Refinancing Portfolio | 14 | 59 | |||||||||||
Other(2) | 634 | 61 | 2,427 | 930 | |||||||||
Total | $ | (35 | ) | $ | 503 | $ | 2,427 | $ | 930 | ||||
Total End-of-Period Assets (in billions of dollars) | $ | 9.4 | $ | 9.7 | $ | 10.9 | $ | 11.1 |
- (1)
- Includes Venture Capital Activities and certain other corporate investments.
- (2)
- 2002 includes $527 million related to the gain on sale of 399 Park Avenue.
CITIGROUP
CORPORATE/OTHER
(In millions of dollars)
| 2002 | 2001 | 2000 | 1999 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues, net of interest expense | $ | 629 | $ | (333 | ) | $ | (582 | ) | $ | 122 | |||
Operating expenses | 828 | 763 | 1,000 | 835 | |||||||||
Provision for benefits, claims, and credit losses | (22 | ) | (9 | ) | 39 | 208 | |||||||
Loss from continuing operations before taxes, minority interest, and cumulative effect of accounting changes | (177 | ) | (1,087 | ) | (1,621 | ) | (921 | ) | |||||
Income tax benefits | (116 | ) | (480 | ) | (599 | ) | (352 | ) | |||||
Minority interest, after-tax | 2 | 11 | — | — | |||||||||
Loss from continuing operations | (63 | ) | (618 | ) | (1,022 | ) | (569 | ) | |||||
Income from discontinued operations | 1,875 | 1,055 | 1,288 | 1,177 | |||||||||
Cumulative effect of accounting changes | (47 | ) | (158 | ) | — | (127 | ) | ||||||
Net income | $ | 1,765 | $ | 279 | $ | 266 | $ | 481 | |||||