[CITIGROUP LOGO]
CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT
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Page Number
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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
Personal Lines 10
INTERNATIONAL
Western Europe 11
Japan 12
Asia 13
Latin America 14
Central & Eastern Europe. Middle East & Africa 15
Other Consumer 16
GLOBAL CORPORATES AND INSTITUTIONS:
Corporate and Investment Bank 17
Emerging Markets Corporate Banking and Global Transaction Services 18
Commercial Lines 19
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Citigroup Asset Management 20
The Citigroup Private Bank 21
INVESTMENT ACTIVITIES 22
CITIGROUP SUPPLEMENTAL DETAIL
Global Cards 23
Global Corporates and Institutions -- Supplemental Product 24
and Regional Results
Citigroup Emerging Markets -- Excluding Investment Activities 25
Global Wealth Management 26
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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 120 COUNTRIES WITH
A BROAD RANGE OF FINANCIAL PRODUCTS AND SERVICES.
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
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CORE INCOME $ 2,723 $ 2,820 $ 2,804 $ 2,998 $ 3,939 $ 3,341 $ 3,529 $ 3,331
Restructuring and Merger-Related
Items 52 (29) (15) 17 (83) (2) (45) (491)
Cumulative Effect of Accounting
Changes (127) - - - - - - -
------- ------- ------- ------- ------- ------- ------- -------
NET INCOME $ 2,648 $ 2,791 $ 2,789 $ 3,015 $ 3,856 $ 3,339 $ 3,484 $ 2,840
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BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.54 $ 0.56 $ 0.56 $ 0.60 $ 0.79 $ 0.67 $ 0.70 $ 0.66
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NET INCOME $ 0.52 $ 0.55 $ 0.55 $ 0.60 $ 0.77 $ 0.67 $ 0.69 $ 0.57
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WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,987.1 4,977.7 4,976.6 4,975.5 4,975.5 4,977.1 4,978.7 4,976.5
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PREFERRED DIVIDENDS - BASIC $ 40 $ 38 $ 38 $ 33 $ 30 $ 29 $ 29 $ 28
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DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.52 $ 0.54 $ 0.54 $ 0.58 $ 0.76 $ 0.65 $ 0.68 $ 0.65
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NET INCOME $ 0.51 $ 0.54 $ 0.54 $ 0.58 $ 0.75 $ 0.65 $ 0.67 $ 0.55
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CORE DILUTED EARNINGS PER SHARE
EXCLUDING
GOODWILL AMORTIZATION $ 0.53 $ 0.55 $ 0.55 $ 0.59 $ 0.78 $ 0.67 $ 0.70 $ 0.67
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ADJUSTED WEIGHTED AVERAGE COMMON
SHARES
APPLICABLE TO DILUTED EPS 5,123.3 5,137.7 5,123.5 5,126.6 5,115.4 5,121.6 5,134.8 5,116.8
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PREFERRED DIVIDENDS - DILUTED $ 37 $ 35 $ 34 $ 33 $ 30 $ 29 $ 29 $ 28
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COMMON SHARES OUTSTANDING, AT PERIOD
END 5,041.0 5,036.4 5,023.1 5,024.1 5,028.4 5,027.2 5,026.2 5,022.2
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TIER 1 CAPITAL RATIO 8.02% 8.45% 8.68% 8.87% 9.00% 8.03% 7.76% 8.38%
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TOTAL CAPITAL RATIO 10.49% 10.92% 11.14% 11.32% 11.47% 10.34% 9.96% 11.23%
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LEVERAGE RATIO 5.98% 6.16% 6.39% 6.61% 6.60% 5.99% 5.91% 5.97%
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TOTAL ASSETS, AT PERIOD END (IN
BILLIONS) $ 769.7 $ 771.6 $ 768.3 $ 795.6 $ 821.0 $ 877.2 $ 896.6 $ 902.2
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STOCKHOLDERS' EQUITY, AT PERIOD END
(IN BILLIONS) $ 52.4 $ 53.7 $ 55.4 $ 58.3 $ 59.9 $ 61.4 $ 63.7 $ 66.2
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STOCKHOLDERS' EQUITY AND TRUST
SECURITIES, AT PERIOD END (IN
BILLIONS) $ 57.3 $ 58.6 $ 60.3 $ 63.2 $ 64.8 $ 66.3 $ 68.6 $ 71.1
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BOOK VALUE PER SHARE, AT PERIOD END $ 9.98 $ 10.25 $ 10.62 $ 11.23 $ 11.57 $ 11.86 $ 12.33 $ 12.84
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RETURN ON COMMON EQUITY (NET INCOME) 21.5% 21.7% 20.9% 21.8% 26.7% 22.9% 22.7% 17.9%
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RETURN ON COMMON EQUITY (CORE
INCOME) 22.1% 21.9% 21.0% 21.6% 27.3% 22.9% 22.9% 21.0%
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4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
CORE INCOME 11% $11,345 $14,140 25%
Restructuring and Merger-Related
Items 25 (621)
Cumulative Effect of Accounting
Changes (127) -
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NET INCOME (6%) $11,243 $13,519 20%
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BASIC EARNINGS PER SHARE:
CORE INCOME 10% $ 2.25 $ 2.82 25%
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NET INCOME (5%) $ 2.23 $ 2.69 21%
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WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,979.2 4,977.0
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PREFERRED DIVIDENDS - BASIC $ 149 $ 116
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DILUTED EARNINGS PER SHARE:
CORE INCOME 12% $ 2.19 $ 2.74 25%
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NET INCOME (5%) $ 2.17 $ 2.62 21%
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CORE DILUTED EARNINGS PER SHARE
EXCLUDING
GOODWILL AMORTIZATION 14% $ 2.23 $ 2.82 26%
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ADJUSTED WEIGHTED AVERAGE COMMON
SHARES
APPLICABLE TO DILUTED EPS 5,127.8 5,122.2
PREFERRED DIVIDENDS - DILUTED $ 139 $ 116
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COMMON SHARES OUTSTANDING, AT PERIOD
END 5,024.1 5,022.2
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TIER 1 CAPITAL RATIO 8.87% 8.38%
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TOTAL CAPITAL RATIO 11.32% 11.23%
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LEVERAGE RATIO 6.61% 5.97%
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TOTAL ASSETS, AT PERIOD END (IN
BILLIONS) $ 795.6 $ 902.2
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STOCKHOLDERS' EQUITY, AT PERIOD END
(IN BILLIONS) $ 58.3 $ 66.2
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STOCKHOLDERS' EQUITY AND TRUST
SECURITIES, AT PERIOD END (IN
BILLIONS) $ 63.2 $ 71.1
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BOOK VALUE PER SHARE, AT PERIOD END $ 11.23 $ 12.84
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RETURN ON COMMON EQUITY (NET INCOME) 21.5% 22.4%
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RETURN ON COMMON EQUITY (CORE
INCOME) 21.7% 23.5%
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Page 1
CITIGROUP -- SEGMENT NET REVENUES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
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GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 519 $ 526 $ 530 $ 545 $ 579 $ 567 $ 567 $ 564
Mortgage Banking 186 201 217 215 223 226 225 238
North America Cards 2,410 2,454 2,439 2,561 2,551 2,557 2,737 2,911
CitiFinancial 1,134 1,146 1,156 1,164 1,222 1,269 1,262 1,318
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Total Banking / Lending 4,249 4,327 4,342 4,485 4,575 4,619 4,791 5,031
INSURANCE
Travelers Life and Annuity 771 867 869 887 1,010 983 899 999
Primerica Financial Services 432 443 444 456 472 479 474 490
Personal Lines 989 1,012 1,025 1,045 1,034 1,050 1,058 1,088
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Total Insurance 2,192 2,322 2,338 2,388 2,516 2,512 2,431 2,577
INTERNATIONAL
Western Europe 600 594 608 622 618 600 579 591
Japan 422 441 510 557 593 664 714 816
Asia 432 449 470 496 539 519 521 517
Latin America 464 496 499 511 513 466 436 526
Central & Eastern Europe, Middle
East and Africa 71 77 112 91 100 106 110 117
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Total Emerging Markets Consumer
Banking 967 1,022 1,081 1,098 1,152 1,091 1,067 1,160
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Total International 1,989 2,057 2,199 2,277 2,363 2,355 2,360 2,567
E-CONSUMER 24 23 27 34 31 28 76 35
OTHER 91 106 52 199 33 (21) 94 33
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TOTAL GLOBAL CONSUMER 8,545 8,835 8,958 9,383 9,518 9,493 9,752 10,243
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GLOBAL CORPORATES AND INSTITUTIONS:
Corporate Finance 2,720 2,516 1,997 2,350 3,086 2,820 2,925 2,752
Private Client 1,404 1,458 1,466 1,605 1,916 1,690 1,681 1,628
CitiCapital 234 245 246 225 275 288 301 302
------- ------- ------- ------- ------- ------- ------- -------
Corporate and Investment Bank 4,358 4,219 3,709 4,180 5,277 4,798 4,907 4,682
Emerging Markets Corporate Banking
and Global Transaction Services 1,453 1,404 1,376 1,381 1,600 1,670 1,669 1,720
Commercial Lines 1,659 1,696 1,718 1,742 1,719 1,788 1,928 2,062
------- ------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL CORPORATES AND
INSTITUTIONS 7,470 7,319 6,803 7,303 8,596 8,256 8,504 8,464
------- ------- ------- ------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING:
Citigroup Asset Management 355 358 371 408 436 479 490 486
The Citigroup Private Bank 274 301 305 332 362 338 337 369
------- ------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT
MANAGEMENT &
PRIVATE BANKING 629 659 676 740 798 817 827 855
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INVESTMENT ACTIVITIES 153 274 311 343 1,016 387 495 347
CORPORATE / OTHER (2) 61 11 (42) (89) (159) (170) (256)
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TOTAL ADJUSTED NET REVENUES $16,795 $17,148 $16,759 $17,727 $19,839 $18,794 $19,408 $19,653
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SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL.
INVESTMENT ACTIVITIES $ 2,375 $ 2,465 $ 2,491 $ 2,492 $ 2,838 $ 2,815 $ 2,771 $ 2,897
GLOBAL WEALTH MANAGEMENT $ 3,334 $ 3,541 $ 3,565 $ 3,829 $ 4,384 $ 4,127 $ 4,039 $ 4,099
GLOBAL CARDS $ 2,884 $ 2,924 $ 2,933 $ 3,089 $ 3,112 $ 3,157 $ 3,322 $ 3,515
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 3% $ 2,120 $ 2,277 7%
Mortgage Banking 11% 819 912 11%
North America Cards 14% 9,864 10,756 9%
CitiFinancial 13% 4,600 5,071 10%
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Total Banking / Lending 12% 17,403 19,016 9%
INSURANCE
Travelers Life and Annuity 13% 3,394 3,891 15%
Primerica Financial Services 7% 1,775 1,915 8%
Personal Lines 4% 4,071 4,230 4%
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Total Insurance 8% 9,240 10,036 9%
INTERNATIONAL
Western Europe (5%) 2,424 2,388 (1%)
Japan 46% 1,930 2,787 44%
Asia 4% 1,847 2,096 13%
Latin America 3% 1,970 1,941 (1%)
Central & Eastern Europe, Middle
East and Africa 29% 351 433 23%
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Total Emerging Markets Consumer
Banking 6% 4,168 4,470 7%
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Total International 13% 8,522 9,645 13%
E-CONSUMER 3% 108 170 57%
OTHER (83%) 448 139 (69%)
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TOTAL GLOBAL CONSUMER 9% 35,721 39,006 9%
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GLOBAL CORPORATES AND INSTITUTIONS:
Corporate Finance 17% 9,583 11,583 21%
Private Client 1% 5,933 6,915 17%
CitiCapital 34% 950 1,166 23%
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Corporate and Investment Bank 12% 16,466 19,664 19%
Emerging Markets Corporate Banking
and Global Transaction Services 25% 5,614 6,659 19%
Commercial Lines 18% 6,815 7,497 10%
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TOTAL GLOBAL CORPORATES AND
INSTITUTIONS 16% 28,895 33,820 17%
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GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING:
Citigroup Asset Management 19% 1,492 1,891 27%
The Citigroup Private Bank 11% 1,212 1,406 16%
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TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 16% 2,704 3,297 22%
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INVESTMENT ACTIVITIES 1% 1,081 2,245 108%
CORPORATE / OTHER NM 28 (674) NM
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TOTAL ADJUSTED NET REVENUES 11% $68,429 $77,694 14%
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SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL.
INVESTMENT ACTIVITIES 16% $ 9,823 $11,321 15%
GLOBAL WEALTH MANAGEMENT 7% $14,269 $16,649 17%
GLOBAL CARDS 14% $11,830 $13,106 11%
NM Not meaningful.
Reclassified to conform to the current presentation.
Page 2
CITIGROUP -- SEGMENT CORE INCOME
(IN MILLIONS OF DOLLARS)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
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GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America $ 76 $ 91 $ 107 $ 106 $ 132 $ 137 $ 138 $ 143
Mortgage Banking 65 58 65 61 66 71 77 84
North America Cards 330 338 362 406 382 390 494 529
CitiFinancial 171 185 242 163 179 205 213 213
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Total Banking / Lending 642 672 776 736 759 803 922 969
INSURANCE
Travelers Life and Annuity 147 173 168 135 187 202 179 209
Primerica Financial Services 110 113 114 115 119 125 124 124
Personal Lines 83 79 23 95 74 82 68 83
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Total Insurance 340 365 305 345 380 409 371 416
INTERNATIONAL
Western Europe 50 78 95 89 97 92 95 108
Japan 105 114 136 153 155 178 209 207
Asia 80 84 90 98 141 140 140 132
Latin America 47 41 52 82 66 41 32 69
Central & Eastern Europe, Middle
East and Africa 1 4 26 8 15 16 16 14
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Total Emerging Markets Consumer
Banking 128 129 168 188 222 197 188 215
------- ------- ------- ------- ------- ------- ------- -------
Total International 283 321 399 430 474 467 492 530
E-CONSUMER (23) (29) (30) (35) (68) (46) (43) (46)
OTHER 9 (2) (20) 64 (39) (36) (9) 17
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TOTAL GLOBAL CONSUMER 1,251 1,327 1,430 1,540 1,506 1,597 1,733 1,886
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GLOBAL CORPORATES AND INSTITUTIONS:
Corporate Finance 676 586 400 599 862 643 618 523
Private Client 212 226 216 264 359 254 250 207
CitiCapital 47 52 53 34 57 9 9 (146)
------- ------- ------- ------- ------- ------- ------- -------
Corporate and Investment Bank 935 864 669 897 1,278 906 877 584
Emerging Markets Corporate Banking
and Global Transaction Services 256 229 256 217 361 371 397 424
Commercial Lines 196 212 265 211 247 272 317 257
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TOTAL GLOBAL CORPORATES AND
INSTITUTIONS 1,387 1,305 1,190 1,325 1,886 1,549 1,591 1,265
------- ------- ------- ------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING:
Citigroup Asset Management 81 84 84 78 94 92 95 78
The Citigroup Private Bank 55 71 70 73 80 79 80 85
------- ------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 136 155 154 151 174 171 175 163
------- ------- ------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES 89 165 194 204 633 234 292 203
CORPORATE / OTHER (140) (132) (164) (222) (260) (210) (262) (186)
------- ------- ------- ------- ------- ------- ------- -------
TOTAL CORE INCOME $ 2,723 $ 2,820 $ 2,804 $ 2,998 $ 3,939 $ 3,341 $ 3,529 $ 3,331
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SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL.
INVESTMENT ACTIVITIES $ 461 $ 477 $ 534 $ 463 $ 700 $ 630 $ 642 $ 686
GLOBAL WEALTH MANAGEMENT $ 603 $ 680 $ 660 $ 680 $ 882 $ 772 $ 756 $ 717
GLOBAL CARDS $ 385 $ 386 $ 422 $ 501 $ 478 $ 516 $ 607 $ 653
NM Not meaningful
Reclassified to conform to the
current presentation.
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
GLOBAL CONSUMER:
BANKING / LENDING
Citibanking North America 35% $ 380 $ 550 45%
Mortgage Banking 38% 249 298 20%
North America Cards 30% 1,436 1,795 25%
CitiFinancial 31% 761 810 6%
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Total Banking / Lending 32% 2,826 3,453 22%
INSURANCE
Travelers Life and Annuity 55% 623 777 25%
Primerica Financial Services 8% 452 492 9%
Personal Lines (13%) 280 307 10%
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Total Insurance 21% 1,355 1,576 16%
INTERNATIONAL
Western Europe 21% 312 392 26%
Japan 35% 508 749 47%
Asia 35% 352 553 57%
Latin America (16%) 222 208 (6%)
Central & Eastern Europe, Middle
East and Africa 75% 39 61 56%
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Total Emerging Markets Consumer
Banking 14% 613 822 34%
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Total International 23% 1,433 1,963 37%
E-CONSUMER (31%) (117) (203) (74%)
OTHER (73%) 51 (67) NM
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TOTAL GLOBAL CONSUMER 22% 5,548 6,722 21%
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GLOBAL CORPORATES AND INSTITUTIONS:
Corporate Finance (13%) 2,261 2,646 17%
Private Client (22%) 918 1,070 17%
CitiCapital NM 186 (71) (138%)
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Corporate and Investment Bank (35%) 3,365 3,645 8%
Emerging Markets Corporate Banking
and Global Transaction Services 95% 958 1,553 62%
Commercial Lines 22% 884 1,093 24%
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TOTAL GLOBAL CORPORATES AND
INSTITUTIONS (5%) 5,207 6,291 21%
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GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING:
Citigroup Asset Management - 327 359 10%
The Citigroup Private Bank 16% 269 324 20%
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TOTAL GLOBAL INVESTMENT MANAGEMENT &
PRIVATE BANKING 8% 596 683 15%
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INVESTMENT ACTIVITIES - 652 1,362 109%
CORPORATE / OTHER 16% (658) (918) (40%)
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TOTAL CORE INCOME 11% $11,345 $14,140 25%
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SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL.
INVESTMENT ACTIVITIES 48% $ 1,935 $ 2,658 37%
GLOBAL WEALTH MANAGEMENT 5% $ 2,623 $ 3,127 19%
GLOBAL CARDS 30% $ 1,694 $ 2,254 33%
NM Not meaningful
Reclassified to conform to the
current presentation.
Page 3
GLOBAL CONSUMER - BANKING/LENDING
CITIBANKING NORTH AMERICA
(in millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 519 $ 526 $ 530 $ 545 $ 579 $ 567 $ 567 $ 564
Adjusted Operating Expenses 366 354 336 347 348 331 328 328
Provision for Loan Losses 23 15 11 15 9 7 7 6
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 130 157 183 183 222 229 232 230
Income Taxes 54 66 76 77 90 92 94 87
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 76 $ 91 $ 107 $ 106 $ 132 $ 137 $ 138 $ 143
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Average Assets (in billions of
dollars) $ 10 $ 9 $ 9 $ 9 $ 9 $ 9 $ 9 $ 9
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 3.08% 4.06% 4.72% 4.67% 5.90% 6.12% 6.10% 6.32%
======= ======= ======= ======= ======= ======= ======= =======
Average Loans (in billions of
dollars) $ 7.5 $ 7.4 $ 7.3 $ 7.1 $ 7.0 $ 7.0 $ 7.0 $ 7.0
Average Customer Deposits (in
billions of dollars) $ 41.6 $ 42.3 $ 42.3 $ 42.4 $ 43.6 $ 44.3 $ 44.8 $ 46.0
EOP Accounts (in millions) 5.9 6.0 6.2 6.3 6.3 6.4 6.5 6.7
Non-Interest Revenue as % of Total
Revenues 25.9% 26.3% 25.1% 26.5% 27.2% 26.6% 26.7% 25.0%
Net Credit Loss Ratio (1) 1.31% 1.23% 1.06% 1.27% 1.00% 0.88% 0.86% 0.90%
Proprietary Mutual Funds / UIT $ 186 $ 180 $ 126 $ 232 $ 373 $ 124 $ 280 $ 280
Proprietary Money Market Funds 441 394 470 584 1,015 679 748 690
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary Funds 627 574 596 816 1,388 803 1,028 970
Third Party Funds 659 715 540 608 947 599 426 346
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) $ 1,286 $ 1,289 $ 1,136 $ 1,424 $ 2,335 $ 1,402 $ 1,454 $ 1,316
======= ======= ======= ======= ======= ======= ======= =======
Variable Annuity Premiums & Deposits
(in millions of dollars) $ 127 $ 210 $ 169 $ 233 $ 270 $ 330 $ 385 $ 381
Branches 380 372 373 371 371 367 367 367
ATM-only locations 739 462 158 306 114 111 109 108
Proprietary ATMs 2,838 2,477 2,151 2,295 2,092 2,086 2,080 2,080
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 3% $ 2,120 $ 2,277 7%
Adjusted Operating Expenses (5%) 1,403 1,335 (5%)
Provision for Loan Losses (60%) 64 29 (55%)
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Core Income Before Taxes 26% 653 913 40%
Income Taxes 13% 273 363 33%
------- -------
Core Income 35% $ 380 $ 550 45%
======= =======
Average Assets (in billions of
dollars) - $ 9 $ 9 -
======= =======
Return on Assets 4.22% 6.11%
======= =======
Average Loans (in billions of
dollars) (1%) $ 7.3 $ 7.0 (4%)
Average Customer Deposits (in
billions of dollars) 8% $ 42.2 $ 44.7 6%
EOP Accounts (in millions) 6%
Non-Interest Revenue as % of Total
Revenues 25.9% 26.4%
Net Credit Loss Ratio (1)
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 $ 1,366 85%
Branches (1%)
ATM-only locations (65%)
Proprietary ATMs (9%)
(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 presentation.
GLOBAL CONSUMER - BANKING/LENDING
MORTGAGE BANKING (1)
(IN MILLIONS OF DOLLARS)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 186 $ 201 $ 217 $ 215 $ 223 $ 226 $ 225 $ 238
Adjusted Operating Expenses 67 90 99 98 99 102 92 101
Provision for Loan Losses 6 8 4 9 9 (1) 1 (7)
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes and
Minority Interest 113 103 114 108 115 125 132 144
Income Taxes 43 40 45 42 44 48 49 55
Minority Interest, Net of Tax 5 5 4 5 5 6 6 5
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 65 $ 58 $ 65 $ 61 $ 66 $ 71 $ 77 $ 84
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 29 $ 30 $ 30 $ 32 $ 34 $ 37 $ 42 $ 45
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 0.91% 0.78% 0.86% 0.76% 0.78% 0.77% 0.73% 0.74%
======= ======= ======= ======= ======= ======= ======= =======
EOP ACCOUNTS OWNED AND SERVICED
(IN MILLIONS):
Student Loans 2.2 2.3 2.5 2.7 2.8 3.0 3.3 3.5
Mortgages 0.6 0.7 0.7 1.2 0.7 0.9 0.9 0.9
Consumer Finance 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
------- ------- ------- ------- ------- ------- ------- -------
Total 2.9 3.1 3.3 4.0 3.6 4.0 4.3 4.5
======= ======= ======= ======= ======= ======= ======= =======
TOTAL OWNED AND SERVICED AVERAGE
LOANS (IN BILLIONS OF DOLLARS):
Mortgages (2) $ 17.5 $ 18.1 $ 18.3 $ 18.8 $ 20.1 $ 21.6 $ 23.7 $ 25.8
Student Loans 9.2 9.2 9.3 10.6 11.6 12.3 14.2 15.3
Consumer Finance 1.0 1.1 0.6 0.4 0.4 0.5 0.7 0.9
------- ------- ------- ------- ------- ------- ------- -------
Average Loans - On Balance Sheet 27.7 28.4 28.2 29.8 32.1 34.4 38.6 42.0
Other Serviced Loans 40.5 46.4 51.0 52.5 54.1 59.9 61.8 62.6
------- ------- ------- ------- ------- ------- ------- -------
Total $ 68.2 $ 74.8 $ 79.2 $ 82.3 $ 86.2 $ 94.3 $ 100.4 $ 104.6
======= ======= ======= ======= ======= ======= ======= =======
Mortgage Originations (in billions
of dollars) $ 4.0 $ 5.1 $ 4.9 $ 5.0 $ 3.7 $ 5.1 $ 6.2 $ 5.5
Student Loan Originations $ 0.7 $ 0.3 $ 0.7 $ 0.6 $ 1.0 $ 0.7 $ 1.4 $ 1.3
Consumer Finance Originations $ 0.2 $ 0.3 $ 0.2 $ 0.2 $ 0.2 $ 0.3 $ 0.3 $ 0.3
Net Credit Loss Ratio (3) 0.21% 0.20% 0.15% 0.18% 0.19% 0.08% 0.09% 0.27%
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 11% $ 819 $ 912 11%
Adjusted Operating Expenses 3% 354 394 11%
Provision for Loan Losses NM 27 2 NM
------- -------
Core Income Before Taxes and
Minority Interest 33% 438 516 18%
Income Taxes 31% 170 196 15%
Minority Interest, Net of Tax - 19 22 16%
------- -------
Core Income 38% $ 249 $ 298 20%
======= =======
Average Assets (in billions of
dollars) 41% $ 30 $ 40 33%
======= =======
Return on Assets 0.83% 0.75%
======= =======
EOP ACCOUNTS OWNED AND SERVICED
(IN MILLIONS):
Student Loans 30%
Mortgages (25%)
Consumer Finance -
Total 13%
TOTAL OWNED AND SERVICED AVERAGE
LOANS (IN BILLIONS OF DOLLARS):
Mortgages (2) 37% $ 18.2 $ 22.8 25%
Student Loans 44% 9.6 13.4 40%
Consumer Finance 125% 0.8 0.6 (25%)
------- -------
Average Loans - On Balance Sheet 41% 28.6 36.8 29%
Other Serviced Loans 19% 47.6 59.6 25%
------- -------
Total 27% $ 76.2 $ 96.4 27%
======= =======
Mortgage Originations (in billions
of dollars) 10% $ 19.0 $ 20.5 8%
Student Loan Originations 117% $ 2.3 $ 4.4 91%
Consumer Finance Originations 50% $ 0.9 $ 1.1 22%
Net Credit Loss Ratio (3)
(1) Includes Student Loans.
(2) Includes loans held for sale.
(3) The 4Q00 net credit loss ratio includes a 16 basis point increase related to
the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current presentation.
Page 5
GLOBAL CONSUMER - BANKING/LENDING
NORTH AMERICA CARDS (1)
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Adjusted Revenues, Net of Interest
Expense $ 2,410 $ 2,454 $ 2,439 $ 2,561 $ 2,551 $ 2,557 $ 2,737 $ 2,911
Adjusted Operating Expenses 887 905 889 926 954 972 1,002 1,014
Adjusted Provision for Loan Losses
(2) 999 1,013 975 992 990 961 957 1,065
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 524 536 575 643 607 624 778 832
Income Taxes 194 198 213 237 225 234 284 303
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 330 $ 338 $ 362 $ 406 $ 382 $ 390 $ 494 $ 529
======= ======= ======= ======= ======= ======= ======= =======
Managed Average Assets (in billions
of dollars) $ 84 $ 86 $ 86 $ 87 $ 90 $ 94 $ 101 $ 106
======= ======= ======= ======= ======= ======= ======= =======
Return on Managed Assets 1.59% 1.58% 1.67% 1.85% 1.71% 1.67% 1.95% 1.99%
======= ======= ======= ======= ======= ======= ======= =======
N.A. CARDS DATA :(3)
(in billions of dollars)
Net Interest Revenue (in millions of
dollars) (4) $ 1,906 $ 1,861 $ 1,885 $ 1,922 $ 1,956 $ 1,899 $ 2,055 $ 2,198
% of Average Managed Loans 10.03% 9.41% 9.32% 9.41% 9.29% 8.66% 8.62% 8.83%
Risk Adjusted Revenue (in millions
of dollars) (5) $ 1,345 $ 1,372 $ 1,399 $ 1,500 $ 1,471 $ 1,516 $ 1,701 $ 1,769
% of Average Managed Loans 7.07% 6.94% 6.92% 7.35% 6.99% 6.91% 7.14% 7.11%
Adjusted Operating Expenses as % of
Average Managed Loans 4.29% 4.22% 4.05% 4.22% 4.18% 4.13% 3.92% 3.77%
End of Period Managed Receivables $ 79.1 $ 80.6 $ 81.4 $ 85.6 $ 86.1 $ 92.3 $ 97.7 $ 103.2
Total EOP Open Accounts (in
millions) 69.8 70.1 73.3 76.7 78.5 83.9 89.4 90.8
Total Sales $ 41.1 $ 45.5 $ 46.5 $ 50.0 $ 48.4 $ 55.3 $ 55.2 $ 56.8
END OF PERIOD LOANS:
On Balance Sheet $ 25.7 $ 25.3 $ 25.0 $ 27.4 $ 27.9 $ 33.5 $ 37.9 $ 37.0
Securitized 50.0 51.4 52.5 55.6 54.5 51.6 53.3 57.2
Held for Sale 2.9 3.5 3.4 2.1 3.4 6.5 5.8 8.1
------- ------- ------- ------- ------- ------- ------- -------
Total $ 78.6 $ 80.2 $ 80.9 $ 85.1 $ 85.8 $ 91.6 $ 97.0 $ 102.3
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS:
On Balance Sheet $ 26.6 $ 26.3 $ 25.0 $ 25.2 $ 26.9 $ 32.1 $ 36.9 $ 36.9
Securitized 47.6 50.1 51.9 53.0 54.7 51.7 51.1 55.4
Held for Sale 2.9 2.9 3.3 2.8 3.1 4.4 6.8 6.7
------- ------- ------- ------- ------- ------- ------- -------
Total $ 77.1 $ 79.3 $ 80.2 $ 81.0 $ 84.7 $ 88.2 $ 94.8 $ 99.0
======= ======= ======= ======= ======= ======= ======= =======
NET CREDIT LOSSES (IN MILLIONS OF
DOLLARS):
On Balance Sheet $ 315 $ 355 $ 328 $ 324 $ 328 $ 347 $ 362 $ 398
Securitized 628 610 589 625 631 561 524 592
Held for Sale 32 29 38 30 21 40 56 61
------- ------- ------- ------- ------- ------- ------- -------
Total $ 975 $ 994 $ 955 $ 979 $ 980 $ 948 $ 942 $ 1,051
======= ======= ======= ======= ======= ======= ======= =======
Coincident Net Credit Loss Ratio 5.13% 5.03% 4.72% 4.80% 4.65% 4.32% 3.95% 4.22%
12 Month Lagged Net Credit Loss
Ratio 7.24% 5.84% 5.43% 5.27% 5.11% 4.81% 4.67% 5.16%
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 14% $ 9,864 $10,756 9%
Adjusted Operating Expenses 10% 3,607 3,942 9%
Adjusted Provision for Loan Losses
(2) 7% 3,979 3,973 -
------- -------
Core Income Before Taxes 29% 2,278 2,841 25%
Income Taxes 28% 842 1,046 24%
------- -------
Core Income 30% $ 1,436 $ 1,795 25%
======= =======
Managed Average Assets (in billions
of dollars) 22% $ 86 $ 98 14%
======= =======
Return on Managed Assets 1.67% 1.83%
======= =======
N.A. CARDS DATA :(3)
(in billions of dollars)
Net Interest Revenue (in millions of
dollars) (4) 14% $ 7,574 $ 8,108 7%
% of Average Managed Loans 9.53% 8.84%
Risk Adjusted Revenue (in millions
of dollars) (5) 18% $ 5,616 $ 6,457 15%
% of Average Managed Loans 7.06% 7.04%
Adjusted Operating Expenses as % of
Average Managed Loans 4.20% 3.99%
End of Period Managed Receivables 21%
Total EOP Open Accounts (in
millions) 18%
Total Sales 14% $ 183.1 $ 215.7 18%
END OF PERIOD LOANS:
On Balance Sheet 35%
Securitized 3%
Held for Sale 286%
Total 20%
AVERAGE LOANS:
On Balance Sheet 46% $ 25.8 33.2 29%
Securitized 5% 50.7 53.2 5%
Held for Sale 139% 3.0 5.3 77%
------- -------
Total 22% $ 79.5 $ 91.7 15%
======= =======
NET CREDIT LOSSES (IN MILLIONS OF
DOLLARS):
On Balance Sheet 23% $ 1,322 $ 1,435 9%
Securitized (5%) 2,452 2,308 (6%)
Held for Sale 103% 129 178 38%
------- -------
Total 7% $ 3,903 $ 3,921 -
======= =======
Coincident Net Credit Loss Ratio
12 Month Lagged Net Credit Loss
Ratio
(1) Includes N.A. Bankcards, Associates Cards and Diners Club.
(2) On a managed basis.
(3) Excludes Diners Club
(4) Includes delinquency and other risk-based charges.
(5) Risk Adjusted Revenue is adjusted revenues less net credit losses.
Reclassified to conform to the current presentation.
Page 6
GLOBAL CONSUMER - BANKING/LENDING
CITIFINANCIAL
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
--------- --------- --------- --------- --------- --------- --------- ---------
Total Revenues, Net of Interest
Expense* $ 1,134 $ 1,146 $ 1,156 $ 1,164 $ 1,222 $ 1,269 $ 1,262 $ 1,318
Adjusted Operating Expenses 499 485 453 543 536 571 568 581
Provision for Benefits, Claims,
and Credit Losses 362 367 322 363 404 373 362 407
--------- --------- --------- --------- --------- --------- --------- ---------
Core Income Before Taxes 273 294 381 258 282 325 332 330
Income Taxes 102 109 139 95 103 120 119 117
--------- --------- --------- --------- --------- --------- --------- ---------
Core Income $ 171 $ 185 $ 242 $ 163 $ 179 $ 205 $ 213 $ 213
========= ========= ========= ========= ========= ========= ========= =========
Average Assets (in billions of
dollars) $ 47 $ 48 $ 48 $ 50 $ 51 $ 55 $ 58 $ 61
========= ========= ========= ========= ========= ========= ========= =========
Return on Assets 1.48% 1.55% 2.00% 1.29% 1.41% 1.50% 1.46% 1.39%
========= ========= ========= ========= ========= ========= ========= =========
NET RECEIVABLES (in billions
of dollars):
- ----------------------------
Real estate-secured loans (1) $ 28.7 $ 29.6 $ 31.2 $ 32.7 $ 33.7 $ 35.5 $ 36.7 $ 38.1
Personal loans (2) 9.8 10.0 10.0 10.0 9.8 9.7 9.7 9.9
Auto 1.6 1.7 1.8 2.5 3.0 3.8 4.2 4.6
Sales finance and other 3.5 3.1 2.9 2.9 2.8 2.6 2.6 2.7
--------- --------- --------- --------- --------- --------- --------- ---------
Total $ 43.6 $ 44.4 $ 45.9 $ 48.1 $ 49.3 $ 51.6 $ 53.2 $ 55.3
========= ========= ========= ========= ========= ========= ========= =========
Number of offices 3,317 3,174 3,005 2,876 2,767 2,738 2,699 2,720
Average yield (3) 14.54% 14.41% 14.28% 14.05% 14.26% 14.16% 14.11% 14.03%
Average net interest margin (3) 8.64% 8.49% 8.29% 7.94% 8.21% 7.84% 7.61% 7.55%
Net credit loss ratio (3) 2.76% 2.57% 2.50% 2.78% 2.92% 2.49% 2.33% 2.57%
(1)Includes fully secured
$.M.A.R.T. receivables, as
follows: $ 2,817.6 $ 3,117.4 $ 3,415.7 $ 3,766.0 $ 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: $ 337.9 $ 334.2 $ 331.2 $ 329.6 $ 319.1 $ 315.7 $ 311.6 $ 309.3
(3) Includes loans held for sale
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense* 13% $ 4,600 $ 5,071 10%
Adjusted Operating Expenses 7% 1,980 2,256 14%
Provision for Benefits, Claims,
and Credit Losses 12% 1,414 1,546 9%
------- -------
Core Income Before Taxes 28% 1,206 1,269 5%
Income Taxes 23% 445 459 3%
------- -------
Core Income 31% $ 761 $ 810 6%
======= =======
Average Assets (in billions of
dollars) 22% $ 48 $ 56 17%
======= =======
Return on Assets 1.59% 1.45%
======= =======
NET RECEIVABLES (in billions of dollars):
Real estate-secured loans (1) 17%
Personal loans (2) (1%)
Auto 84%
Sales finance and other (7%)
Total 15%
Number of offices (5%)
Average yield (3) 14.32% 14.14%
Average net interest margin (3) 8.33% 7.79%
Net credit loss ratio (3) 2.66% 2.57%
(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
Page 7
GLOBAL CONSUMER - INSURANCE
TRAVELERS LIFE AND ANNUITY
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
--------- --------- --------- --------- --------- --------- --------- ---------
Total Revenues, Net of Interest
Expense* $ 771 $ 867 $ 869 $ 887 $ 1,010 $ 983 $ 899 $ 999
Total Operating Expenses 107 110 107 127 126 97 103 83
Provision for Benefits and Claims 442 494 509 552 603 586 531 605
--------- --------- --------- --------- --------- --------- --------- ---------
Core Income Before Taxes 222 263 253 208 281 300 265 311
Income Taxes 75 90 85 73 94 98 86 102
--------- --------- --------- --------- --------- --------- --------- ---------
Core Income $ 147 $ 173 $ 168 $ 135 $ 187 $ 202 $ 179 $ 209
========= ========= ========= ========= ========= ========= ========= =========
PRE-TAX CONTRIBUTION BY SOURCE:
- -------------------------------
Individual annuities $ 89 $ 106 $ 93 $ 86 $ 108 $ 118 $ 117 $ 122
Group annuities 60 77 77 65 92 114 91 123
Life and long term care insurance 40 51 44 40 60 55 40 46
Other (includes run-off and return
on excess capital) 33 29 39 17 21 13 17 20
--------- --------- --------- --------- --------- --------- --------- ---------
Total $ 222 $ 263 $ 253 $ 208 $ 281 $ 300 $ 265 $ 311
========= ========= ========= ========= ========= ========= ========= =========
INDIVIDUAL ANNUITIES:
- ---------------------
Net written premiums & deposits:
Fixed $ 194.2 $ 249.7 $ 271.0 $ 292.6 $ 293.5 $ 302.6 $ 320.3 $ 350.0
Variable 975.7 1,048.3 1,089.8 1,151.3 1,245.0 1,258.5 1,273.6 1,247.7
Individual Payout 20.6 15.9 20.9 21.4 20.5 21.7 20.6 17.0
--------- --------- --------- --------- --------- --------- --------- ---------
Total $ 1,190.5 $ 1,313.9 $ 1,381.7 $ 1,465.3 $ 1,559.0 $ 1,582.8 $ 1,614.5 $ 1,614.7
========= ========= ========= ========= ========= ========= ========= =========
Policyholder account balances &
benefit reserves: (1)
Fixed $ 7,839.3 $ 7,874.2 $ 7,958.5 $ 7,993.6 $ 7,911.3 $ 7,904.0 $ 7,939.8 $ 8,050.0
Variable 14,172.9 15,770.8 15,897.0 19,310.6 21,072.7 21,013.2 21,678.1 20,704.0
Individual Payout 599.6 604.4 611.8 617.3 619.6 626.2 630.0 630.3
--------- --------- --------- --------- --------- --------- --------- ---------
Total $22,611.8 $24,249.4 $24,467.3 $27,921.5 $29,603.6 $29,543.4 $30,247.9 $29,384.3
========= ========= ========= ========= ========= ========= ========= =========
GROUP ANNUITIES:
- ----------------
Net written premiums & deposits (2) $ 1,859.6 $ 1,609.2 $ 1,212.3 $ 937.5 $ 1,456.9 $ 1,439.1 $ 1,481.8 $ 1,149.9
Policyholder account balances &
benefit reserves: (1)
GICs and other investment
contracts $ 9,766.4 $10,982.9 $10,917.7 $10,753.8 $11,087.0 $11,204.2 $11,966.9 $12,598.6
Payout group annuities 4,175.1 4,236.9 4,284.9 4,362.7 4,514.9 4,624.0 4,713.8 4,861.5
--------- --------- --------- --------- --------- --------- --------- ---------
Total $13,941.5 $15,219.8 $15,202.6 $15,116.5 $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 $ 84.5 $ 86.7 $ 88.3 $ 149.2 $ 116.7 $ 113.4 $ 135.8 $ 144.7
Single premium deposits 16.2 20.8 17.2 30.0 18.3 21.0 22.3 37.6
Reinsurance (16.8) (17.8) (17.9) (18.5) (19.1) (20.3) (21.4) (23.0)
--------- --------- --------- --------- --------- --------- --------- ---------
Total $ 83.9 $ 89.7 $ 87.6 $ 160.7 $ 115.9 $ 114.1 $ 136.7 $ 159.3
========= ========= ========= ========= ========= ========= ========= =========
Policyholder account balances &
benefit reserves $ 2,468.3 $ 2,511.0 $ 2,535.3 $ 2,682.0 $ 2,755.3 $ 2,801.9 $ 2,911.0 $ 2,983.3
Life insurance in force (in
billions, face amt.) $ 56.6 $ 57.7 $ 58.4 $ 60.6 $ 61.7 $ 63.2 $ 65.2 $ 66.9
Life insurance issued (in billions,
face amt.) $ 2.5 $ 2.4 $ 2.0 $ 3.8 $ 2.7 $ 3.0 $ 3.1 $ 2.9
ALL BUSINESSES:
- ---------------
Net investment income (pretax) $ 525.4 $ 578.8 $ 593.2 $ 579.1 $ 594.9 $ 639.1 $ 609.1 $ 655.9
Interest credited to
contractholders $ 225.7 $ 230.9 $ 239.0 $ 241.4 $ 244.7 $ 248.7 $ 266.7 $ 290.4
STATUTORY DATA:
- ---------------
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 4,955.9 $ 4,976.9 $ 5,010.2 $ 5,027.3 $ 5,011.2 $ 4,977.4 $ 5,355.1 $ 5,123.4
Surplus to liabilities ratio 19.8% 19.5% 20.2% 21.2% 20.5% 20.3% 21.3% 20.2%
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
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%
Surplus to liabilities ratio
(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
GLOBAL CONSUMER - INSURANCE
PRIMERICA FINANCIAL SERVICES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- -------- -------- ------- -------
Total Revenues, Net of Interest
Expense* $ 432 $ 443 $ 444 $ 456 $ 472 $ 479 $ 474 $ 490
Total Operating Expenses 142 146 146 152 162 159 177 161
Provision for Benefits and Claims 120 121 121 125 125 126 106 139
------- ------- ------- ------- -------- -------- ------- -------
Core Income Before Taxes 170 176 177 179 185 194 191 190
Income Taxes 60 63 63 64 66 69 67 66
------- ------- ------- ------- -------- -------- ------- -------
Core Income $ 110 $ 113 $ 114 $ 115 $ 119 $ 125 $ 124 $ 124
======= ======= ======= ======= ======== ======== ======= =======
LIFE INSURANCE
- --------------
Face value (in billions) of:
Life insurance issued $ 13.6 $ 15.5 $ 12.4 $ 14.7 $ 15.0 $ 18.5 $ 16.8 $ 17.1
Life insurance in force $ 386.3 $ 391.7 $ 392.8 $ 394.9 $ 397.8 $ 403.6 $ 408.4 $ 412.7
Annualized issued premiums $ 42.4 $ 48.4 $ 39.3 $ 43.4 $ 44.1 $ 54.1 $ 49.5 $ 50.0
Direct premiums $ 315.2 $ 321.0 $ 320.5 $ 322.9 $ 324.5 $ 330.9 $ 333.3 $ 337.6
Earned premiums $ 267.1 $ 268.6 $ 264.8 $ 270.8 $ 270.6 $ 277.4 $ 275.0 $ 282.6
OTHER PRODUCTS
- --------------
Mutual fund sales at NAV:
Proprietary $ 407.7 $ 453.1 $ 393.7 $ 389.3 $ 465.0 $ 468.7 $ 448.5 $ 428.9
Other funds 233.5 277.3 257.6 307.6 497.1 552.5 397.8 368.5
------- ------- ------- ------- -------- -------- ------- -------
Total U.S. mutual fund sales 641.2 730.4 651.3 696.9 962.1 1,021.2 846.3 797.4
Mutual fund sales - Canada 143.2 76.2 86.2 98.2 228.8 128.1 117.4 119.0
------- ------- ------- ------- -------- -------- ------- -------
Total mutual fund sales $ 784.4 $ 806.6 $ 737.5 $ 795.1 $1,190.9 $1,149.3 $ 963.7 $ 916.4
======= ======= ======= ======= ======== ======== ======= =======
Cash advanced on $.M.A.R.T. and
$.A.F.E. loans (1) $ 419.2 $ 492.7 $ 488.3 $ 519.8 $ 492.0 $ 475.6 $ 457.2 $ 667.5
Variable annuity net written
premiums and deposits $ 223.4 $ 278.6 $ 247.6 $ 240.5 $ 249.9 $ 248.0 $ 270.6 $ 288.2
AGENTS LICENSED FOR:
- --------------------
Life insurance 79,738 79,251 77,259 79,809 79,818 82,288 85,183 86,900
Mutual funds 27,129 27,053 26,873 24,566 25,570 25,968 27,300 27,961
$.M.A.R.T. / $.A.F.E. loans 129,556 118,762 108,377 95,816 93,055 99,481 105,640 116,491
Variable annuities 13,816 14,497 16,042 16,424 16,453 16,692 17,281 17,777
Long term care - - 3,419 6,540 8,010 7,785 9,612 10,134
Home & auto insurance 15,102 14,734 15,425 14,284 13,238 13,038 12,194 11,647
Financial Needs Analyses submitted 142,451 122,958 111,136 113,748 110,900 109,451 108,838 108,705
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
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%
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%)
(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
GLOBAL CONSUMER - INSURANCE
PERSONAL LINES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense* $ 989 $ 1,012 $ 1,025 $ 1,045 $ 1,034 $ 1,050 $ 1,058 $ 1,088
Total Operating Expenses 248 244 273 256 250 256 246 250
Claims and Claim Adjustment Expenses 598 632 719 623 659 673 717 718
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes and
Minority Interest 143 136 33 166 125 121 95 120
Income Taxes 44 41 5 54 38 36 27 37
Minority Interest, Net of Tax 16 16 5 17 13 3 - -
------- ------- ------- ------- ------- ------- ------- -------
Core Income (1) $ 83 $ 79 $ 23 $ 95 $ 74 $ 82 $ 68 $ 83
======= ======= ======= ======= ======= ======= ======= =======
NET WRITTEN PREMIUMS BY PRODUCT
LINE: (2)
Auto $ 623.9 $ 602.0 $ 585.9 $ 576.0 $ 588.7 $ 614.7 $ 608.7 $ 596.1
Homeowners and other 365.1 356.4 373.3 349.5 307.9 378.6 397.1 372.5
------- ------- ------- ------- ------- ------- ------- -------
Total net written premiums (a) $ 989.0 $ 958.4 $ 959.2 $ 925.5 $ 896.6 $ 993.3 $1,005.8 $ 968.6
======= ======= ======= ======= ======= ======= ======= =======
NET WRITTEN PREMIUMS BY DISTRIBUTION
CHANNEL: (2)
Independent agents $ 549.0 $ 568.2 $ 579.5 $ 548.2 $ 523.0 $ 592.8 $ 612.3 $ 578.8
Strategic Distribution Group 136.8 138.6 152.0 154.6 147.3 165.1 176.2 172.2
Domestics 221.6 159.6 145.7 151.9 168.9 177.0 166.9 171.3
Other 81.6 92.0 82.0 70.8 57.4 58.4 50.4 46.3
------- ------- ------- ------- ------- ------- ------- -------
Total net written premiums (a) $ 989.0 $ 958.4 $ 959.2 $ 925.5 $ 896.6 $ 993.3 $1,005.8 $ 968.6
======= ======= ======= ======= ======= ======= ======= =======
STATUTORY RATIO DEVELOPMENT:
Earned premiums (b) $ 897.7 $ 911.5 $ 922.2 $ 928.3 $ 917.2 $ 927.7 $ 937.8 $ 972.5
Losses and loss adjustment expenses
(c) 598.2 631.6 708.0 624.1 661.5 674.0 719.3 721.0
Other underwriting expenses (d) 271.8 244.9 260.7 246.7 242.1 254.3 260.3 245.3
------- ------- ------- ------- ------- ------- ------- -------
Total deductions 870.0 876.5 968.7 870.8 903.6 928.3 979.6 966.3
------- ------- ------- ------- ------- ------- ------- -------
Statutory underwriting gain/ (loss) $ 27.7 $ 35.0 $ (46.5) $ 57.5 $ 13.6 $ (0.6) $ (41.8) $ 6.2
======= ======= ======= ======= ======= ======= ======= =======
STATUTORY COMBINED RATIO: (2)
Loss and loss adjustment expense
ratio (c / b) 66.6% 69.3% 76.8% 67.2% 72.1% 72.7% 76.7% 74.1%
Other underwriting expense ratio
(d / a) 27.5% 25.6% 27.2% 26.7% 27.0% 25.6% 25.9% 25.3%
------- ------- ------- ------- ------- ------- ------- -------
Combined ratio 94.1% 94.9% 104.0% 93.9% 99.1% 98.3% 102.6% 99.4%
======= ======= ======= ======= ======= ======= ======= =======
Net investment income (pre-tax) $ 90.8 $ 99.4 $ 102.5 $ 109.6 $ 113.1 $ 115.2 $ 113.0 $ 107.7
Effective tax rate on net investment
income 27.2% 27.7% 28.4% 28.9% 29.3% 29.5% 29.4% 29.2%
Catastrophe losses, net of
reinsurance (after-tax) $ 8.1 $ 23.2 $ 48.2 $ - $ 30.4 $ 17.2 $ 1.9 $ 4.1
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense* 4% $ 4,071 $ 4,230 4%
Total Operating Expenses (2%) 1,021 1,002 (2%)
Claims and Claim Adjustment Expenses 15% 2,572 2,767 8%
------- -------
Core Income Before Taxes and
Minority Interest (28%) 478 461 (4%)
Income Taxes (31%) 144 138 (4%)
Minority Interest, Net of Tax (100%) 54 16 (70%)
------- -------
Core Income (1) (13%) $ 280 $ 307 10%
======= =======
NET WRITTEN PREMIUMS BY PRODUCT
LINE: (2)
Auto 3% $2,387.8 $2,408.2 1%
Homeowners and other 7% 1,444.3 1,456.1 1%
------- -------
Total net written premiums (a) 5% $3,832.1 $3,864.3 1%
======= =======
NET WRITTEN PREMIUMS BY DISTRIBUTION
CHANNEL: (2)
Independent agents 6% $2,244.9 $2,306.9 3%
Strategic Distribution Group 11% 582.0 660.8 14%
Domestics 13% 678.8 684.1 1%
Other (35%) 326.4 212.5 (35%)
------- -------
Total net written premiums (a) 5% $3,832.1 $3,864.3 1%
======= =======
STATUTORY RATIO DEVELOPMENT:
Earned premiums (b) 5% $3,659.7 $3,755.2 3%
Losses and loss adjustment expenses
(c) 16% 2,561.9 2,775.8 8%
Other underwriting expenses (d) (1%) 1,024.1 1,002.0 (2%)
------- -------
Total deductions 11% 3,586.0 3,777.8 5%
------- -------
Statutory underwriting gain/ (loss) (89%) $ 73.7 $ (22.6) NM
======= =======
STATUTORY COMBINED RATIO: (2)
Loss and loss adjustment expense
ratio (c / b) 70.0% 73.9%
Other underwriting expense ratio
(d / a) 26.7% 25.9%
------- -------
Combined ratio 96.7% 99.8%
======= =======
Net investment income (pre-tax) (2%) $ 402.3 $ 449.0 12%
Effective tax rate on net investment
income 28.1% 29.4%
Catastrophe losses, net of
reinsurance (after-tax) NM $ 79.5 $ 53.6 (33%)
(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%, 26.7% and 93.3%, respectively, and for the 1999
full year were 70.0%, 26.5%, and 96.5%, respectively.
* Excludes realized gains/(losses) on investments
Reclassified to conform to the current presentation
NM - Not meaningful
Page 10
GLOBAL CONSUMER - INTERNATIONAL
WESTERN EUROPE
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 600 $ 594 $ 608 $ 622 $ 618 $ 600 $ 579 $ 591
Adjusted Operating Expenses 373 362 367 372 360 363 331 333
Provision for Benefits, Claims, and
Credit Losses 147 107 90 108 104 92 97 97
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 80 125 151 142 154 145 151 161
Income Taxes 30 47 56 53 57 53 56 53
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 50 $ 78 $ 95 $ 89 $ 97 $ 92 $ 95 $ 108
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 23 $ 23 $ 23 $ 22 $ 22 $ 21 $ 21 $ 21
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 0.88% 1.36% 1.64% 1.60% 1.77% 1.76% 1.80% 2.05%
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Cards $ 2.2 $ 2.2 $ 2.3 $ 2.3 $ 2.3 $ 2.2 $ 2.2 $ 2.2
Mortgages 2.3 2.1 2.2 2.2 2.1 2.1 2.1 2.1
Auto 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5
Personal 10.3 10.1 10.7 10.5 10.1 10.0 9.9 9.9
Other 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.0
------- ------- ------- ------- ------- ------- ------- -------
Total $ 17.1 $ 16.7 $ 17.6 $ 17.4 $ 16.9 $ 16.8 $ 16.7 $ 16.7
======= ======= ======= ======= ======= ======= ======= =======
Average Customer Deposits (in
billions of dollars) $ 14.5 $ 13.6 $ 13.5 $ 13.1 $ 13.0 $ 12.5 $ 12.1 $ 12.0
EOP Accounts (in millions) 9.5 9.6 9.6 9.6 9.8 9.9 10.0 10.1
EOP Card Accounts (in millions) 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.6
Non-Interest Revenue as % of Total
Revenues 31.8% 30.8% 29.5% 34.7% 32.3% 30.7% 30.8% 31.5%
Net Credit Loss Ratio (1) 2.06% 2.02% 1.94% 1.99% 1.88% 1.84% 2.01% 2.40%
Proprietary Mutual Funds / UIT $ 260 $ 747 $ 386 $ 397 $ 356 $ 367 $ 225 $ 228
Proprietary Money Market Funds 471 431 252 174 193 109 98 104
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary Funds 731 1,178 638 571 549 476 323 332
Third Party Funds 195 77 124 232 469 326 436 337
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) $ 926 $ 1,255 $ 762 $ 803 $ 1,018 $ 802 $ 759 $ 669
======= ======= ======= ======= ======= ======= ======= =======
Branches 442 436 433 434 434 434 437 436
Consumer Finance Offices 179 130 132 126 128 131 132 130
ATM-only locations 31 34 35 33 33 34 36 33
Proprietary ATMs 826 828 828 832 839 859 875 883
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense (5%) $ 2,424 $ 2,388 (1%)
Adjusted Operating Expenses (10%) 1,474 1,387 (6%)
Provision for Benefits, Claims, and
Credit Losses (10%) 452 390 (14%)
------- -------
Core Income Before Taxes 13% 498 611 23%
Income Taxes - 186 219 18%
------- -------
Core Income 21% $ 312 $ 392 26%
======= =======
Average Assets (in billions of
dollars) (5%) $ 23 $ 21 (9%)
======= =======
Return on Assets 1.36% 1.87%
======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Cards (4%) $ 2.3 $ 2.2 (4%)
Mortgages (5%) 2.2 2.1 (5%)
Auto 15% 1.3 1.4 8%
Personal (6%) 10.4 10.0 (4%)
Other (9%) 1.1 1.1 --
------- -------
Total (4%) $ 17.3 $ 16.8 (3%)
======= =======
Average Customer Deposits (in
billions of dollars) (8%) $ 13.7 $ 12.4 (9%)
EOP Accounts (in millions) 5%
EOP Card Accounts (in millions) 8%
Non-Interest Revenue as % of Total
Revenues 31.7% 31.3%
Net Credit Loss Ratio (1)
Proprietary Mutual Funds / UIT (43%) $ 1,790 $ 1,176 (34%)
Proprietary Money Market Funds (40%) 1,328 504 (62%)
------- -------
Total Proprietary Funds (42%) 3,118 1,680 (46%)
Third Party Funds 45% 628 1,568 150%
------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) (17%) $ 3,746 $ 3,248 (13%)
======= =======
Branches -
Consumer Finance Offices 3%
ATM-only locations -
Proprietary ATMs 6%
(1) The 4Q00 net credit loss ratio includes a 24 basis point increase related to
the adoption of revised FFIEC write-off policies.
Reclassified to conform to the current presentation.
Page 11
GLOBAL CONSUMER - INTERNATIONAL
JAPAN
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 422 $ 441 $ 510 $ 557 $ 593 $ 664 $ 714 $ 816
Adjusted Operating Expenses 180 187 208 220 243 261 268 355
Provision for Benefits, Claims, and
Credit Losses 71 70 82 92 105 121 127 147
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 171 184 220 245 245 282 319 314
Income Taxes 66 70 84 92 90 104 110 107
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 105 $ 114 $ 136 $ 153 $ 155 $ 178 $ 209 $ 207
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 11 $ 12 $ 13 $ 15 $ 15 $ 16 $ 18 $ 20
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 3.87% 3.81% 4.15% 4.05% 4.16% 4.47% 4.62% 4.12%
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Mortgages $ 2.2 $ 2.4 $ 2.9 $ 3.3 $ 3.4 $ 3.8 $ 4.2 $ 4.2
Cards 0.4 0.4 0.4 0.5 0.8 1.1 1.1 1.1
Personal 4.0 4.1 4.7 5.2 5.2 6.0 6.9 8.0
Other 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3
------- ------- ------- ------- ------- ------- ------- -------
Total $ 6.7 $ 7.0 $ 8.1 $ 9.2 $ 9.6 $ 11.1 $ 12.4 $ 13.6
------- ------- ------- ------- ------- ------- ------- -------
Average Customer Deposits (in
billions of dollars) $ 10.4 $ 10.5 $ 11.7 $ 12.9 $ 13.1 $ 13.5 $ 13.9 $ 13.9
EOP Accounts (in millions) 2.8 3.1 3.2 3.3 4.0 4.2 4.7 4.8
EOP Card Accounts (in millions) 0.4 0.4 0.4 0.4 0.9 0.9 1.0 1.0
Non-Interest Revenue as % of Total
Revenues 6.4% 8.5% 9.5% 6.7% 11.0% 12.0% 11.0% 10.4%
Net Credit Loss Ratio 3.53% 3.39% 3.37% 3.64% 3.68% 3.19% 3.15% 3.81%
Proprietary Mutual Funds / UIT $ 31 $ 59 $ 69 $ 96 $ 67 $ 78 $ 178 $ 75
Proprietary Money Market Funds 164 166 306 258 273 246 207 71
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary Funds 195 225 375 354 340 324 385 146
Third Party Funds - - 29 82 113 104 36 110
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) $ 195 $ 225 $ 404 $ 436 $ 453 $ 428 $ 421 $ 256
======= ======= ======= ======= ======= ======= ======= =======
Branches 20 20 22 22 22 22 22 22
Consumer Finance Offices 666 687 668 676 685 751 878 902
ATM-only locations/ Unmanned Kiosks 47 49 52 68 78 110 139 161
Proprietary ATMs 54 54 60 60 61 61 61 61
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 46% $ 1,930 $ 2,787 44%
Adjusted Operating Expenses 61% 795 1,127 42%
Provision for Benefits, Claims, and
Credit Losses 60% 315 500 59%
------- -------
Core Income Before Taxes 28% 820 1,160 41%
Income Taxes 16% 312 411 32%
------- -------
Core Income 35% $ 508 $ 749 47%
======= =======
Average Assets (in billions of
dollars) 33% $ 13 $ 17 31%
======= =======
Return on Assets 3.91% 4.41%
======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Mortgages 27% $ 2.7 $ 3.9 44%
Cards 120% 0.4 1.0 150%
Personal 54% 4.5 6.5 44%
Other 50% 0.1 0.2 100%
------- -------
Total 48% $ 7.7 $ 11.6 51%
======= =======
Average Customer Deposits (in
billions of dollars) 8% $ 11.4 $ 13.6 19%
EOP Accounts (in millions) 45%
EOP Card Accounts (in millions) 150%
Non-Interest Revenue as % of Total
Revenues 7.8% 11.1%
Net Credit Loss Ratio
Proprietary Mutual Funds / UIT (22%) $ 255 $ 398 56%
Proprietary Money Market Funds (72%) 894 797 (11%)
------- -------
Total Proprietary Funds (59%) 1,149 1,195 4%
Third Party Funds 34% 111 363 227%
------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) (41%) $ 1,260 $ 1,558 24%
======= =======
Branches -
Consumer Finance Offices 33%
ATM-only locations/ Unmanned Kiosks 137%
Proprietary ATMs 2%
Reclassified to conform to the current presentation.
Page 12
GLOBAL CONSUMER - INTERNATIONAL
ASIA (Excluding Japan)
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 432 $ 449 $ 470 $ 496 $ 539 $ 519 $ 521 $ 517
Adjusted Operating Expenses 219 229 251 245 245 240 233 246
Provision for Benefits, Claims, and
Credit Losses 85 86 74 96 74 62 71 66
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 128 134 145 155 220 217 217 205
Income Taxes 48 50 55 57 79 77 77 73
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 80 $ 84 $ 90 $ 98 $ 141 $ 140 $ 140 $ 132
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 25 $ 25 $ 26 $ 27 $ 27 $ 26 $ 27 $ 26
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 1.30% 1.35% 1.37% 1.44% 2.10% 2.17% 2.06% 2.02%
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Mortgages $ 11.8 $ 12.1 $ 12.3 $ 12.5 $ 12.5 $ 12.2 $ 12.0 $ 11.6
Cards 4.2 4.3 4.5 4.6 4.7 4.7 4.8 4.8
Auto 2.1 2.2 2.2 2.2 2.3 2.3 2.4 2.4
Personal 1.2 1.2 1.3 1.2 1.2 1.2 1.3 1.3
Other 1.6 1.7 1.6 1.9 1.9 1.8 1.8 1.7
------- ------- ------- ------- ------- ------- ------- -------
Total $ 20.9 $ 21.5 $ 21.9 $ 22.4 $ 22.6 $ 22.2 $ 22.3 $ 21.8
======= ======= ======= ======= ======= ======= ======= =======
Average Customer Deposits (in
billions of dollars) $ 29.5 $ 30.2 $ 30.6 $ 32.3 $ 33.3 $ 33.5 $ 34.2 $ 34.2
EOP Accounts (in millions) 6.4 6.8 7.1 7.2 7.3 7.5 7.8 8.1
EOP Card Accounts (in millions) 4.0 4.1 4.2 4.1 4.4 4.5 4.7 4.9
Non-Interest Revenue as % of Total
Revenues 29.2% 29.1% 27.1% 28.6% 34.5% 31.1% 32.4% 30.7%
Net Credit Loss Ratio 1.46% 1.36% 1.27% 1.20% 1.24% 1.07% 1.14% 1.18%
Proprietary Mutual Funds / UIT $ 154 $ 141 $ 106 $ 184 $ 115 $ 126 $ 149 $ 215
Proprietary Money Market Funds 109 85 128 106 67 60 49 97
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary Funds 263 226 234 290 182 186 198 312
Third Party Funds 414 691 758 968 1,823 825 953 970
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) $ 677 $ 917 $ 992 $ 1,258 $ 2,005 $ 1,011 $ 1,151 $ 1,282
======= ======= ======= ======= ======= ======= ======= =======
Branches 68 68 69 72 71 73 76 77
ATM-only locations 62 62 63 78 79 75 74 73
Proprietary ATMs 278 287 284 293 300 300 301 303
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 4% $ 1,847 $ 2,096 13%
Adjusted Operating Expenses - 944 964 2%
Provision for Benefits, Claims, and
Credit Losses (31%) 341 273 (20%)
------- -------
Core Income Before Taxes 32% 562 859 53%
Income Taxes 28% 210 306 46%
------- -------
Core Income 35% $ 352 $ 553 57%
======= =======
Average Assets (in billions of
dollars) (4%) $ 26 $ 27 4%
======= =======
Return on Assets 1.35% 2.05%
======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Mortgages (7%) $ 12.2 $ 12.1 (1%)
Cards 4% 4.4 $ 4.8 9%
Auto 9% 2.2 $ 2.4 9%
Personal 8% 1.2 $ 1.3 8%
Other (11%) 1.7 $ 1.6 (6%)
------- -------
Total (3%) $ 21.7 $ 22.2 2%
======= =======
Average Customer Deposits (in
billions of dollars) 6% $ 30.7 $ 33.8 10%
EOP Accounts (in millions) 13%
EOP Card Accounts (in millions) 20%
Non-Interest Revenue as % of Total
Revenues 28.4% 32.0%
Net Credit Loss Ratio
Proprietary Mutual Funds / UIT 17% $ 585 $ 605 3%
Proprietary Money Market Funds (8%) 428 273 (36%)
------- -------
Total Proprietary Funds 8% 1,013 878 (13%)
Third Party Funds - 2,831 4,571 61%
------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) 2% $ 3,844 $ 5,449 42%
======= =======
Branches 7%
ATM-only locations (6%)
Proprietary ATMs 3%
Reclassified to conform to the current presentation.
Page 13
GLOBAL CONSUMER - INTERNATIONAL
LATIN AMERICA
(In millions of dollars)
4Q 2000 VS.
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4Q 1999 INCREASE/
1999 1999 1999 1999 2000 2000 2000 2000 (DECREASE)
-------- -------- -------- -------- -------- -------- -------- -------- -----------------
Total Revenues, Net
of Interest Expense
(1) $ 464 $ 496 $ 499 $ 511 $ 513 $ 466 $ 436 $ 526 3%
Adjusted Operating
Expenses 291 299 302 302 323 327 318 339 12%
Provision for
Benefits, Claims,
and Credit Losses
(1) 101 135 117 94 90 76 69 100 6%
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before
Taxes 72 62 80 115 100 63 49 87 (24%)
Income Taxes 25 21 28 33 34 22 17 18 (45%)
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 47 $ 41 $ 52 $ 82 $ 66 $ 41 $ 32 $ 69 (16%)
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in
billions of
dollars) $ 14 $ 15 $ 14 $ 14 $ 14 $ 12 $ 11 $ 11 (21%)
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 1.36% 1.10% 1.47% 2.32% 1.90% 1.37% 1.16% 2.50%
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS (IN
BILLIONS OF
DOLLARS)
Cards $ 1.8 $ 1.8 $ 1.7 $ 1.7 $ 1.8 $ 1.8 $ 1.7 $ 1.7 -
Mortgages 2.0 1.9 2.0 2.0 2.0 2.0 2.1 2.1 5%
Auto 1.9 1.7 1.7 1.7 1.4 1.0 0.9 0.9 (47%)
Personal 1.6 1.6 1.8 1.8 1.8 1.8 1.8 1.8 -
Other 0.5 1.0 0.7 0.7 0.6 0.6 0.5 0.5 (29%)
------- ------- ------- ------- ------- ------- ------- -------
Total $ 7.8 $ 8.0 $ 7.9 $ 7.9 $ 7.6 $ 7.2 $ 7.0 $ 7.0 (11%)
======= ======= ======= ======= ======= ======= ======= =======
Average Customer
Deposits (in
billions of
dollars) $ 12.9 $ 13.7 $ 13.6 $ 13.6 $ 13.8 $ 13.7 $ 13.6 $ 13.5 (1%)
EOP Accounts (in
millions) 8.5 8.1 9.0 8.9 8.9 9.3 9.3 9.3 4%
EOP Card Accounts (in
millions) 2.1 2.1 2.0 1.9 2.0 1.9 1.9 2.0 5%
Non-Interest Revenue
as % of Total
Revenues 30.5% 35.9% 32.7% 33.7% 36.7% 37.4% 39.8% 45.9%
Net Credit Loss Ratio
(2) 4.74% 6.17% 5.55% 4.71% 4.77% 4.25% 3.89% 5.58%
Proprietary Mutual
Funds/UIT Funds $ 197 $ 240 $ 204 $ 268 $ 357 $ 193 $ 294 $ 185 (31%)
Proprietary Money
Market Funds 1,075 1,200 1,165 1,087 1,174 1,167 939 996 (8%)
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary
Funds $ 1,272 $ 1,440 $ 1,369 $ 1,355 $ 1,531 $ 1,360 $ 1,233 $ 1,181 (13%)
Third Party Funds 143 232 282 278 218 146 126 129 (54%)
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT
Sales at NAV (in
millions of
dollars) $ 1,415 $ 1,672 $ 1,651 $ 1,633 $ 1,749 $ 1,506 $ 1,359 $ 1,310 (20%)
======= ======= ======= ======= ======= ======= ======= =======
Branches 466 447 450 447 453 447 404 406 (9%)
Consumer Finance
Offices 43 43 99 100 101 101 101 110 10%
ATM-only locations 69 73 84 85 84 84 89 85 -
Proprietary ATMs 649 660 745 747 749 753 730 718 (4%)
YTD YTD YTD 4Q 2000 VS.
4Q 4Q YTD 4Q 1999 INCREASE/
1999 2000 (DECREASE)
-------- -------- ---------------------
Total Revenues, Net
of Interest Expense
(1) $ 1,970 $ 1,941 (1%)
Adjusted Operating
Expenses 1,194 1,307 9%
Provision for
Benefits, Claims,
and Credit Losses
(1) 447 335 (25%)
------- -------
Core Income Before
Taxes 329 299 (9%)
Income Taxes 107 91 (15%)
------- -------
Core Income $ 222 $ 208 (6%)
======= =======
Average Assets (in
billions of
dollars) $ 14 $ 12 (14%)
======= =======
Return on Assets 1.59% 1.73%
======= =======
AVERAGE LOANS (IN
BILLIONS OF
DOLLARS)
Cards 1.8 1.7 (6%)
Mortgages 2.0 2.1 5%
Auto 1.8 1.1 (39%)
Personal 1.7 1.7 -
Other 0.6 0.6 -
------- -------
Total $ 7.9 $ 7.2 (9%)
======= =======
Average Customer
Deposits (in
billions of
dollars) $ 13.5 $ 13.7 1%
EOP Accounts (in
millions)
EOP Card Accounts (in
millions)
Non-Interest Revenue
as % of Total
Revenues 33.2% 40.0%
Net Credit Loss Ratio
(2)
Proprietary Mutual
Funds/UIT Funds $ 909 $ 1,029 13%
Proprietary Money
Market Funds 4,527 4,276 (6%)
------- -------
Total Proprietary
Funds $ 5,436 $ 5,305 (2%)
Third Party Funds 935 619 (34%)
------- -------
Mutual Fund / UIT
Sales at NAV (in
millions of
dollars) $ 6,371 $ 5,924 (7%)
======= =======
Branches
Consumer Finance
Offices
ATM-only locations
Proprietary ATMs
(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 presentation.
GLOBAL CONSUMER - INTERNATIONAL
CENTRAL & EASTERN EUROPE, MIDDLE EAST & AFRICA
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 71 $ 77 $ 112 $ 91 $ 100 $ 106 $ 110 $ 117
Adjusted Operating Expenses 60 63 62 69 67 72 78 88
Provision for Benefits, Claims, and
Credit Losses 9 7 8 8 10 8 7 8
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 2 7 42 14 23 26 25 21
Income Taxes 1 3 16 6 8 10 9 7
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 1 $ 4 $ 26 $ 8 $ 15 $ 16 $ 16 $ 14
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3 $ 4
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 0.14% 0.53% 3.44% 1.06% 2.01% 2.15% 2.12% 1.39%
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Cards $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.5 $ 0.6 $ 0.6
Mortgages 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Auto 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Personal 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.5
Other 0.3 0.3 0.4 0.5 0.5 0.5 0.4 0.4
------- ------- ------- ------- ------- ------- ------- -------
Total $ 1.5 $ 1.6 $ 1.7 $ 1.8 $ 1.9 $ 1.9 $ 1.9 $ 2.0
======= ======= ======= ======= ======= ======= ======= =======
Average Customer Deposits (in
billions of dollars) $ 3.6 $ 3.5 $ 3.6 $ 3.5 $ 3.6 $ 3.7 $ 3.9 $ 4.2
EOP Accounts (in millions) 1.7 1.8 2.0 2.1 2.2 2.4 2.7 2.8
EOP Card Accounts (in millions) 1.2 1.3 1.4 1.4 1.5 1.6 1.7 1.8
Non-Interest Revenue as % of Total
Revenues 45.1% 39.9% 54.9% 41.6% 42.3% 42.5% 40.1% 40.8%
Net Credit Loss Ratio (1) 2.33% 1.89% 1.93% 1.76% 2.60% 1.66% 1.45% 2.10%
Proprietary Mutual Funds / UIT $ 18 $ 24 $ 8 $ 47 $ 8 $ 19 $ 11 $ 9
Proprietary Money Market Funds 2 2 1 2 - - 1 -
------- ------- ------- ------- ------- ------- ------- -------
Total Proprietary Funds 20 26 9 49 8 19 12 9
Third Party Funds 32 56 79 75 154 118 72 36
------- ------- ------- ------- ------- ------- ------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) $ 52 $ 82 $ 88 $ 124 $ 162 $ 137 $ 84 $ 45
======= ======= ======= ======= ======= ======= ======= =======
Branches 29 30 31 32 36 41 55 58
ATM-only locations 43 44 43 43 50 53 57 65
Proprietary ATMs 97 99 102 103 112 113 119 129
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 29% $ 351 $ 433 23%
Adjusted Operating Expenses 28% 254 305 20%
Provision for Benefits, Claims, and
Credit Losses - 32 33 3%
------- -------
Core Income Before Taxes 50% 65 95 46%
Income Taxes 17% 26 34 31%
------- -------
Core Income 75% $ 39 $ 61 56%
======= =======
Average Assets (in billions of
dollars) 33% $ 3 $ 3 -
======= =======
Return on Assets 1.30% 2.03%
======= =======
AVERAGE LOANS (IN BILLIONS OF
DOLLARS)
Cards 20% $ 0.5 $ 0.6 20%
Mortgages - 0.2 0.2 -
Auto - 0.3 0.3 -
Personal 67% 0.3 0.4 33%
Other (20%) 0.3 0.5 67%
------- -------
Total 11% $ 1.6 $ 2.0 25%
======= =======
Average Customer Deposits (in
billions of dollars) 20% $ 3.6 $ 3.9 8%
EOP Accounts (in millions) 33%
EOP Card Accounts (in millions) 29%
Non-Interest Revenue as % of Total
Revenues 46.2% 41.4%
Net Credit Loss Ratio (1)
Proprietary Mutual Funds / UIT (81%) $ 97 $ 47 (52%)
Proprietary Money Market Funds (100%) 7 1 (86%)
------- -------
Total Proprietary Funds (82%) 104 48 (54%)
Third Party Funds (52%) 242 380 57%
------- -------
Mutual Fund / UIT Sales at NAV (in
millions of dollars) (64%) $ 346 $ 428 24%
======= =======
Branches 81%
ATM-only locations 51%
Proprietary ATMs 25%
(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 presentation.
Page 15
GLOBAL CONSUMER
OTHER CONSUMER (1)
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 91 $ 106 $ 52 $ 199 $ 33 $ (21) $ 94 $ 33
Adjusted Operating Expenses 107 139 108 113 101 49 84 17
Provision for Loan Losses (32) (31) (22) (12) (4) (8) 26 (9)
------- ------- ------- ------- ------- ------- ------- -------
Core Income (Loss) Before Taxes
(Benefits) 16 (2) (34) 98 (64) (62) (16) 25
Income Taxes (Benefits) 7 - (14) 34 (25) (26) (7) 8
------- ------- ------- ------- ------- ------- ------- -------
Core Income (Loss) $ 9 $ (2) $ (20) $ 64 $ (39) $ (36) $ (9) $ 17
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense (83%) $ 448 $ 139 (69%)
Adjusted Operating Expenses (85%) 467 251 (46%)
Provision for Loan Losses 25% (97) 5 NM
------- -------
Core Income (Loss) Before Taxes
(Benefits) (74%) 78 (117) NM
Income Taxes (Benefits) (76%) 27 (50) NM
------- -------
Core Income (Loss) (73%) $ 51 $ (67) NM
======= =======
(1) Includes unallocated marketing, staff expenses, and certain treasury
functions.
NM Not meaningful
Reclassified to conform to the current presentation.
Page 16
GLOBAL CORPORATES AND INSTITUTIONS
CORPORATE AND INVESTMENT BANK
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Revenues:
Commissions & Fees $ 923 $ 923 $ 838 $ 1,041 $ 1,339 $ 1,049 $ 1,021 $ 1,074
Asset Management and
Administration Fees 377 401 432 431 500 546 551 572
Investment Banking 705 862 861 921 999 964 1,123 1,001
Principal Transactions 1,312 859 602 838 1,289 996 1,115 841
Other Income 147 175 114 140 299 315 196 219
------- ------- ------- ------- ------- ------- ------- -------
Total Non-Interest Revenues 3,464 3,220 2,847 3,371 4,426 3,870 4,006 3,707
Net Interest and Dividends 894 999 862 809 851 928 901 975
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of
Interest Expense 4,358 4,219 3,709 4,180 5,277 4,798 4,907 4,682
------- ------- ------- ------- ------- ------- ------- -------
Non-Interest Expenses:
Compensation and Benefits 2,195 2,097 1,951 1,970 2,412 2,415 2,542 2,462
Communications 196 189 204 220 223 242 254 276
Occupancy and Equipment 162 157 163 161 166 176 182 194
Floor Brokerage and Other
Production 103 133 117 131 162 161 184 182
Other Operating and Administrative
Expenses 203 235 161 217 198 283 252 265
------- ------- ------- ------- ------- ------- ------- -------
Total Non-Interest Expenses 2,859 2,811 2,596 2,699 3,161 3,277 3,414 3,379
------- ------- ------- ------- ------- ------- ------- -------
Provision for Credit Losses 41 46 53 53 90 160 113 392
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Income Taxes 1,458 1,362 1,060 1,428 2,026 1,361 1,380 911
Income Taxes and Minority Interest,
After Tax 523 498 391 531 748 455 503 327
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 935 $ 864 $ 669 $ 897 $ 1,278 $ 906 $ 877 $ 584
======= ======= ======= ======= ======= ======= ======= =======
Pre-tax profit margin 33.5% 32.3% 28.6% 34.2% 38.4% 28.4% 28.1% 19.5%
Non-Compensation Expenses as a
Percent of Net Revenues 15.2% 16.9% 17.4% 17.4% 14.2% 18.0% 17.8% 19.6%
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Revenues:
Commissions & Fees 3% $ 3,725 $ 4,483 20%
Asset Management and
Administration Fees 33% 1,641 2,169 32%
Investment Banking 9% 3,349 4,087 22%
Principal Transactions - 3,611 4,241 17%
Other Income 56% 576 1,029 79%
------- -------
Total Non-Interest Revenues 10% 12,902 16,009 24%
Net Interest and Dividends 21% 3,564 3,655 3%
------- -------
Total Revenues, Net of
Interest Expense 12% 16,466 19,664 19%
------- -------
Non-Interest Expenses:
Compensation and Benefits 25% 8,213 9,831 20%
Communications 25% 809 995 23%
Occupancy and Equipment 20% 643 718 12%
Floor Brokerage and Other
Production 39% 484 689 42%
Other Operating and Administrative
Expenses 22% 816 998 22%
------- -------
Total Non-Interest Expenses 25% 10,965 13,231 21%
------- -------
Provision for Credit Losses NM 193 755 291%
------- -------
Core Income Before Income Taxes (36%) 5,308 5,678 7%
Income Taxes and Minority Interest,
After Tax (38%) 1,943 2,033 5%
------- -------
Core Income (35%) $ 3,365 $ 3,645 8%
======= =======
Pre-tax profit margin 32.2% 28.9%
Non-Compensation Expenses as a
Percent of Net Revenues 16.7% 17.3%
NM - Not Meaningful
Reclassified to conform to the current presentation.
17
GLOBAL CORPORATES AND INSTITUTIONS
EMERGING MARKETS CORPORATE BANKING AND GLOBAL TRANSACTION SERVICES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 1,453 $ 1,404 $ 1,376 $ 1,381 $ 1,600 $ 1,670 $ 1,669 $ 1,720
Adjusted Operating Expenses 924 922 928 938 944 1,000 1,008 1,050
Provision for Loan Losses 115 110 32 91 87 80 24 1
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes and
Minority Interest 414 372 416 352 569 590 637 669
Income Taxes 157 141 158 134 208 216 232 240
Minority Interest, Net of Tax 1 2 2 1 - 3 8 5
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 256 $ 229 $ 256 $ 217 $ 361 $ 371 $ 397 $ 424
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 97 $ 98 $ 96 $ 96 $ 98 $ 102 $ 107 $ 112
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 1.07% 0.94% 1.06% 0.90% 1.48% 1.46% 1.48% 1.51%
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense 25% $ 5,614 $ 6,659 19%
Adjusted Operating Expenses 12% 3,712 4,002 8%
Provision for Loan Losses (99%) 348 192 (45%)
------- -------
Core Income Before Taxes and
Minority Interest 90% 1,554 2,465 59%
Income Taxes 79% 590 896 52%
Minority Interest, Net of Tax 400% 6 16 167%
------- -------
Core Income 95% $ 958 $ 1,553 62%
======= =======
Average Assets (in billions of
dollars) 17% $ 97 $ 105 8%
======= =======
Return on Assets 0.99% 1.48%
======= =======
Reclassified to conform to the current presentation.
18
GLOBAL CORPORATES AND INSTITUTIONS
COMMERCIAL LINES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense* $ 1,659 $ 1,696 $ 1,718 $ 1,742 $ 1,719 $ 1,788 $ 1,928 $ 2,062
Total Operating Expenses 426 419 338 448 397 403 380 519
Claims and Claim Adjustment Expenses 929 946 951 969 931 1,009 1,114 1,200
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes and
Minority Interest 304 331 429 325 391 376 434 343
Income Taxes 72 80 115 77 102 96 117 86
Minority Interest, Net of Tax 36 39 49 37 42 8 - -
------- ------- ------- ------- ------- ------- ------- -------
Core Income (1) $ 196 $ 212 $ 265 $ 211 $ 247 $ 272 $ 317 $ 257
======= ======= ======= ======= ======= ======= ======= =======
NET WRITTEN PREMIUMS BY MARKET: (2)
Commercial accounts $ 443.6 $ 440.1 $ 469.9 $ 462.7 $ 487.4 $ 457.4 $ 563.1 $ 591.0
Select accounts 372.3 393.4 355.4 373.0 387.3 406.8 382.4 398.9
Specialty accounts 263.0 299.8 318.8 285.0 332.5 481.0 463.6 478.3
National accounts 149.9 101.4 148.8 88.3 92.0 58.5 131.4 70.4
------- ------- ------- ------- ------- ------- ------- -------
Total net written premiums (a) $1,228.8 $1,234.7 $1,292.9 $1,209.0 $1,299.2 $1,403.7 $1,540.5 $1,538.6
======= ======= ======= ======= ======= ======= ======= =======
STATUTORY RATIO DEVELOPMENT:
Earned premiums (b) $1,189.6 $1,226.1 $1,240.0 $1,229.0 $1,220.2 $1,275.0 $1,402.8 $1,471.4
Losses and loss adjustment expenses
(3) (c) 880.6 899.8 1,000.7 910.2 880.0 959.9 1,079.7 1,152.5
Other underwriting expenses (d) 358.1 380.7 401.9 408.4 367.1 424.8 409.4 432.3
------- ------- ------- ------- ------- ------- ------- -------
Total deductions 1,238.7 1,280.5 1,402.6 1,318.6 1,247.1 1,384.7 1,489.1 1,584.8
------- ------- ------- ------- ------- ------- ------- -------
Statutory underwriting loss $ (49.1) $ (54.4) $(162.6) $ (89.6) $ (26.9) $(109.7) $ (86.3) $(113.4)
======= ======= ======= ======= ======= ======= ======= =======
STATUTORY COMBINED RATIO: (2), (3),
(4)
Loss and loss adjustment expense
ratio (c/b) 74.0% 73.4% 80.7% 74.1% 72.1% 75.3% 77.0% 78.3%
Other underwriting expense ratio (d/a) 29.1% 30.8% 31.1% 33.8% 28.3% 30.3% 26.6% 28.1%
------- ------- ------- ------- ------- ------- ------- -------
Combined ratio 103.1% 104.2% 111.8% 107.9% 100.4% 105.6% 103.6% 106.4%
======= ======= ======= ======= ======= ======= ======= =======
Net investment income (pre-tax) $ 424.9 $ 423.8 $ 435.0 $ 461.3 $ 451.3 $ 454.6 $ 435.6 $ 440.7
Effective tax rate on net investment
income 26.6% 26.5% 26.7% 27.0% 26.8% 26.8% 26.5% 26.5%
Catastrophe losses, net of
reinsurance (after-tax) $ - $ 9.9 $ 17.4 $ - $ - $ - $ - $ -
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Total Revenues, Net of Interest
Expense* 18% $ 6,815 $ 7,497 10%
Total Operating Expenses 16% 1,631 1,699 4%
Claims and Claim Adjustment Expenses 24% 3,795 4,254 12%
------- -------
Core Income Before Taxes and
Minority Interest 6% 1,389 1,544 11%
Income Taxes 12% 344 401 17%
Minority Interest, Net of Tax (100%) 161 50 (69%)
------- -------
Core Income (1) 22% $ 884 $ 1,093 24%
------- -------
NET WRITTEN PREMIUMS BY MARKET: (2)
Commercial accounts 28% $1,816.3 $2,098.9 16%
Select accounts 7% 1,494.1 1,575.4 5%
Specialty accounts 68% 1,166.6 1,755.4 50%
National accounts (20%) 488.4 352.3 (28%)
------- -------
Total net written premiums (a) 27% $4,965.4 $5,782.0 16%
------- -------
STATUTORY RATIO DEVELOPMENT:
Earned premiums (b) 20% $4,884.7 $5,369.4 10%
Losses and loss adjustment expenses
(3) (C) 27% 3,691.3 4,072.1 10%
Other underwriting expenses (d) 6% 1,549.1 1,633.6 5%
------- -------
Total deductions 20% 5,240.4 5,705.7 9%
------- -------
Statutory underwriting loss (27%) $(355.7) $(336.3) 5%
======= =======
STATUTORY COMBINED RATIO: (2), (3),
(4)
Loss and loss adjustment expense
ratio (c/b) 75.6% 75.8%
Other underwriting expense ratio (d/a) 31.2% 28.3%
------- -------
Combined ratio 106.8% 104.1%
======= =======
Net investment income (pre-tax) (4%) $1,745.0 $1,782.2 2%
Effective tax rate on net investment
income 26.0% 26.7%
Catastrophe losses, net of
reinsurance (after-tax) - $ 27.3 $ - (100%)
(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 75.3%, 29.2% and 104.5%, respectively, and for the 2000
full year were 75.8%, 28.0% and 103.8%, 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 72.2%,
31.1% and 103.3%, respectively, and for the 1999 full year were 73.4%, 31.2%
and 104.6%, respectively.
(4) Before policyholder dividends.
* Excludes realized gains/(losses) on investments
NM - Not meaningful
Reclassified to conform to the current presentation.
Page 19
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
CITIGROUP ASSET MANAGEMENT
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Revenues:
Investment advisory, admin. &
distribution fees $ 340 $ 338 $ 344 $ 387 $ 413 $ 468 $ 472 $ 485
Unit Investment Trust revenues -
net 9 10 21 8 12 7 16 4
Other revenues, net interest
expense 6 10 6 13 11 4 2 (3)
------- ------- ------- ------- ------- ------- ------- -------
Total revenues 355 358 371 408 436 479 490 486
------- ------- ------- ------- ------- ------- ------- -------
Expenses:
Employee compensation and benefits 107 100 111 124 135 144 150 166
Mutual fund commission expense 30 28 34 28 29 34 26 29
Other expenses 85 90 86 126 114 148 153 158
------- ------- ------- ------- ------- ------- ------- -------
Total expenses 222 218 231 278 278 326 329 353
------- ------- ------- ------- ------- ------- ------- -------
Core income before income taxes 133 140 140 130 158 153 161 133
Provision for income taxes 52 56 56 52 64 61 66 55
------- ------- ------- ------- ------- ------- ------- -------
Core income $ 81 $ 84 $ 84 $ 78 $ 94 $ 92 $ 95 $ 78
======= ======= ======= ======= ======= ======= ======= =======
Pre-tax profit margin 37.5% 39.1% 37.7% 31.9% 36.2% 31.9% 32.9% 27.4%
ASSETS UNDER MANAGEMENT BY PRODUCT
TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional
liquidity funds:
Retail $ 73.6 $ 72.8 $ 74.2 $ 77.5 $ 86.5 $ 82.6 $ 86.8 $ 90.6
Institutional 17.3 15.6 17.0 19.3 17.4 18.6 20.4 23.9
------- ------- ------- ------- ------- ------- ------- -------
Total money market and
institutional liquidity funds 90.9 88.4 91.2 96.8 103.9 101.2 107.2 114.5
------- ------- ------- ------- ------- ------- ------- -------
Long-term mutual funds:
Equity / Balanced 44.9 46.9 45.5 51.5 54.7 54.6 55.9 53.8
Taxable Fixed Income 24.7 25.5 24.1 18.1 16.4 16.5 15.1 14.4
Tax Exempt Fixed Income 10.9 10.2 9.7 8.8 8.5 8.3 8.5 8.9
Annuities 4.1 4.5 4.6 5.4 5.8 5.8 6.1 6.0
------- ------- ------- ------- ------- ------- ------- -------
Total long-term mutual funds 84.6 87.1 83.9 83.8 85.4 85.2 85.6 83.1
------- ------- ------- ------- ------- ------- ------- -------
Managed accounts:
Private client 43.2 46.3 47.5 51.1 54.4 55.5 59.5 61.2
Institutional 91.4 95.6 96.2 100.0 97.8 96.7 94.0 91.7
Emerging Markets Pension
Administration - - - - 1.1 4.5 4.9 5.4
------- ------- ------- ------- ------- ------- ------- -------
Total managed accounts 134.6 141.9 143.7 151.1 153.3 156.7 158.4 158.3
------- ------- ------- ------- ------- ------- ------- -------
Unit Investment Trusts held in
client accounts 12.8 12.9 12.3 12.9 12.3 11.2 10.9 9.4
------- ------- ------- ------- ------- ------- ------- -------
Alternative Investment Strategies 28.1 30.0 32.6 32.7 33.0 34.3 34.4 35.8
------- ------- ------- ------- ------- ------- ------- -------
Total assets under management (1) $ 351.0 $ 360.3 $ 363.7 $ 377.3 $ 387.9 $ 388.6 $ 396.5 $ 401.1
======= ======= ======= ======= ======= ======= ======= =======
ASSETS UNDER MANAGEMENT BY CLIENT
TYPE (IN BILLIONS OF DOLLARS):
Retail $ 210.9 $ 215.4 $ 214.8 $ 222.6 $ 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) 140.1 144.9 148.9 154.7 150.6 152.9 151.0 153.5
------- ------- ------- ------- ------- ------- ------- -------
Total assets under management $ 351.0 $ 360.3 $ 363.7 $ 377.3 $ 387.9 $ 388.6 $ 396.5 $ 401.1
======= ======= ======= ======= ======= ======= ======= =======
Number of Morningstar 4-and 5-star
funds 22 17 20 20 20 19 22 22
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
Revenues:
Investment advisory, admin. &
distribution fees 25% $ 1,409 $ 1,838 30%
Unit Investment Trust revenues -
net (50%) 48 39 (19%)
Other revenues, net interest
expense (125%) 35 14 (60%)
------- -------
Total revenues 19% 1,492 1,891 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% 543 605 11%
Provision for income taxes 6% 216 246 14%
------- -------
Core income - $ 327 $ 359 10%
======= =======
Pre-tax profit margin 36.4% 32.0%
ASSETS UNDER MANAGEMENT BY PRODUCT
TYPE (IN BILLIONS OF DOLLARS):
Money market and institutional
liquidity funds:
Retail 17%
Institutional 24%
Total money market and
institutional liquidity funds 18%
Long-term mutual funds:
Equity / Balanced 4%
Taxable Fixed Income (20%)
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) $ 10.6 $ 11.5 $ 11.8 $ 12.3 $ 13.9 $ 13.7 $ 13.8 $ 14.3
Number of Participants /
Affiliates (in millions) 5.2 5.3 5.5 5.7 5.9 6.1 6.2 6.5
CitiStreet Joint Venture - Assets
Under Administration - - - - - 189.2 196.4 180.7
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
(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 Citigroup
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 presentation.
Page 20
GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING
THE CITIGROUP PRIVATE BANK
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues, Net of Interest
Expense $ 274 $ 301 $ 305 $ 332 $ 362 $ 338 $ 337 $ 369
Adjusted Operating Expenses 179 186 190 215 213 210 214 233
Provision for Loan Losses 8 2 2 - 22 3 (3) 2
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 87 113 113 117 127 125 126 134
Income Taxes 32 42 43 44 47 46 46 49
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 55 $ 71 $ 70 $ 73 $ 80 $ 79 $ 80 $ 85
======= ======= ======= ======= ======= ======= ======= =======
Average Assets (in billions of
dollars) $ 18 $ 19 $ 21 $ 23 $ 23 $ 25 $ 26 $ 27
======= ======= ======= ======= ======= ======= ======= =======
Return on Assets 1.24% 1.50% 1.32% 1.26% 1.40% 1.27% 1.22% 1.25%
======= ======= ======= ======= ======= ======= ======= =======
Client Business Volumes (in billions
of dollars) $ 119 $ 125 $ 128 $ 140 $ 144 $ 149 $ 154 $ 153
======= ======= ======= ======= ======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS
OF DOLLARS):
Proprietary Managed Assets $ 28 $ 28 $ 28 $ 30 $ 30 $ 31 $ 32 $ 32
Other Assets under Fee based
Management 2 2 2 2 4 4 4 4
Banking and Fiduciary Deposits 27 27 27 27 28 28 28 31
Loans 17 20 23 24 25 27 27 28
Other, Principally Custody
Accounts 45 48 48 57 57 59 63 58
------- ------- ------- ------- ------- ------- ------- -------
Total Client Business Volumes $ 119 $ 125 $ 128 $ 140 $ 144 $ 149 $ 154 $ 153
======= ======= ======= ======= ======= ======= ======= =======
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 197 $ 200 $ 205 $ 224 $ 229 $ 237 $ 239 $ 252
Transaction Revenues 39 57 62 69 84 65 63 74
------- ------- ------- ------- ------- ------- ------- -------
Total Customer Revenues 236 257 267 293 313 302 302 326
Other Revenues (Principally
Allocated Equity and Treasury
Revenues) 38 44 38 39 49 36 35 43
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues $ 274 $ 301 $ 305 $ 332 $ 362 $ 338 $ 337 $ 369
======= ======= ======= ======= ======= ======= ======= =======
United States $ 101 $ 109 $ 107 $ 112 $ 121 $ 120 $ 124 $ 128
International 173 192 198 220 241 218 213 241
------- ------- ------- ------- ------- ------- ------- -------
$ 274 $ 301 $ 305 $ 332 $ 362 $ 338 $ 337 $ 369
======= ======= ======= ======= ======= ======= ======= =======
Net Credit Loss Ratio (1) 0.18% 0.05% 0.05% 0.13% 0.18% 0.05% 0.03% 0.13%
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
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)
(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 presentation.
Page 21
INVESTMENT ACTIVITIES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
REVENUES:
Proprietary Investments (1) $ 103 $ 219 $ 289 $ 191 $ 1,363 $ 294 $ 92 $ 228
LDC Debt Sales/Refinancing 20 18 19 21 (112) 69 354 20
Insurance Portfolio Gains (Losses)
(2) 30 37 3 131 (235) 24 49 99
------- ------- ------- ------- ------- ------- ------- -------
Total Revenues $ 153 $ 274 $ 311 $ 343 $ 1,016 $ 387 $ 495 $ 347
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME:
Proprietary Investments (1) $ 59 $ 133 $ 179 $ 115 $ 850 $ 175 $ 39 $ 126
LDC Debt Sales/Refinancing 13 11 11 12 (69) 42 222 12
Insurance Portfolio Gains (Losses)
(2) 17 21 4 77 (148) 17 31 65
------- ------- ------- ------- ------- ------- ------- -------
Total Core Income $ 89 $ 165 $ 194 $ 204 $ 633 $ 234 $ 292 $ 203
======= ======= ======= ======= ======= ======= ======= =======
PERIOD END ASSETS:
Proprietary Investments $ 5,200 $ 5,429 $ 6,194 $ 7,081 $ 7,804 $ 8,170 $ 7,997 $ 8,186
LDC Debt Sales/Refinancing 3,377 3,358 3,304 3,371 3,285 3,002 2,651 2,118
------- ------- ------- ------- ------- ------- ------- -------
Total Period End Assets $ 8,577 $ 8,787 $ 9,498 $10,452 $11,089 $11,172 $10,648 $10,304
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
REVENUES:
Proprietary Investments (1) 19% $ 802 $ 1,977 147%
LDC Debt Sales/Refinancing (5%) 78 331 324%
Insurance Portfolio Gains (Losses)
(2) (24%) 201 (63) NM
------- -------
Total Revenues 1% $ 1,081 $ 2,245 108%
======= =======
CORE INCOME:
Proprietary Investments (1) 10% $ 486 $ 1,190 145%
LDC Debt Sales/Refinancing - 47 207 340%
Insurance Portfolio Gains (Losses)
(2) (16%) 119 (35) NM
------- -------
Total Core Income - $ 652 $ 1,362 109%
======= =======
PERIOD END ASSETS:
Proprietary Investments 16%
LDC Debt Sales/Refinancing (37%)
Total Period End Assets (1%)
(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.
NM - Not meaningful
Reclassified to conform to the current presentation.
22
GLOBAL CONSUMER
GLOBAL CARDS SUPPLEMENTAL DATA
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
Adjusted Revenues, Net of Interest
Expense $ 2,884 $ 2,924 $ 2,933 $ 3,089 $ 3,112 $ 3,157 $ 3,322 $ 3,515
Adjusted Operating Expenses 1,148 1,163 1,167 1,203 1,258 1,283 1,314 1,343
Adjusted Provision for Loan Losses
(1) 1,125 1,147 1,096 1,098 1,098 1,058 1,055 1,162
------- ------- ------- ------- ------- ------- ------- -------
Core Income Before Taxes 611 614 670 788 756 816 953 1,010
Income Taxes 226 228 248 287 278 300 346 357
------- ------- ------- ------- ------- ------- ------- -------
Core Income $ 385 $ 386 $ 422 $ 501 $ 478 $ 516 $ 607 $ 653
======= ======= ======= ======= ======= ======= ======= =======
Managed Average Assets (in billions
of dollars) $ 92 $ 93 $ 95 $ 96 $ 100 $ 104 $ 111 $ 115
======= ======= ======= ======= ======= ======= ======= =======
Return on Managed Assets 1.70% 1.66% 1.76% 2.07% 1.92% 2.00% 2.18% 2.26%
======= ======= ======= ======= ======= ======= ======= =======
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables $ 90.1 $ 91.7 $ 92.7 $ 97.0 $ 98.4 $ 104.9 $ 110.2 $ 115.8
Total EOP Open Accounts (in
millions) 80.8 81.3 84.7 87.9 90.6 96.3 102.3 104.0
Total Sales $ 50.7 $ 56.0 $ 57.1 $ 60.6 $ 60.0 $ 67.8 $ 67.8 $ 69.4
Coincident Net Credit Loss Ratio % 5.12% 5.05% 4.72% 4.68% 4.57% 4.22% 3.90% 4.19%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 330 $ 338 $ 362 $ 406 $ 382 $ 390 $ 494 $ 529
International 55 48 60 95 96 126 113 124
------- ------- ------- ------- ------- ------- ------- -------
Total $ 385 $ 386 $ 422 $ 501 $ 478 $ 516 $ 607 $ 653
======= ======= ======= ======= ======= ======= ======= =======
AVERAGE LOANS
North America $ 78.6 $ 81.0 $ 81.8 $ 82.8 $ 86.3 $ 90.1 $ 96.6 $ 100.8
International 9.0 9.2 9.4 9.6 10.1 10.3 10.5 10.5
------- ------- ------- ------- ------- ------- ------- -------
Total $ 87.6 $ 90.2 $ 91.2 $ 92.4 $ 96.4 $ 100.4 $ 107.1 $ 111.3
======= ======= ======= ======= ======= ======= ======= =======
TOTAL EOP OPEN ACCOUNTS (IN
MILLIONS)
North America 70.8 71.1 74.3 77.7 79.5 84.9 90.5 91.8
International 10.0 10.2 10.4 10.2 11.1 11.4 11.8 12.2
------- ------- ------- ------- ------- ------- ------- -------
Total 80.8 81.3 84.7 87.9 90.6 96.3 102.3 104.0
======= ======= ======= ======= ======= ======= ======= =======
TOTAL SALES
North America $ 43.7 $ 48.6 $ 49.5 $ 53.0 $ 51.6 $ 58.7 $ 58.5 $ 60.0
International 7.0 7.4 7.6 7.6 8.4 9.1 9.3 9.4
------- ------- ------- ------- ------- ------- ------- -------
Total $ 50.7 $ 56.0 $ 57.1 $ 60.6 $ 60.0 $ 67.8 $ 67.8 $ 69.4
======= ======= ======= ======= ======= ======= ======= =======
NET CREDIT LOSSES (IN MILLIONS OF
DOLLARS):
North America $ 986 $ 1,006 $ 968 $ 992 $ 990 $ 961 $ 956 $ 1,080
International 120 129 118 99 105 93 94 93
------- ------- ------- ------- ------- ------- ------- -------
Total $ 1,106 $ 1,135 $ 1,086 $ 1,091 $ 1,095 $ 1,054 $ 1,050 $ 1,173
======= ======= ======= ======= ======= ======= ======= =======
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 14% $11,830 $13,106 11%
Adjusted Operating Expenses 12% 4,681 5,198 11%
Adjusted Provision for Loan Losses
(1) 6% 4,466 4,373 (2%)
------- -------
Core Income Before Taxes 28% 2,683 3,535 32%
Income Taxes 24% 989 1,281 30%
------- -------
Core Income 30% $ 1,694 $ 2,254 33%
======= =======
Managed Average Assets (in billions
of dollars) 20% $ 94 $ 108 15%
======= =======
Return on Managed Assets 1.80% 2.09%
======= =======
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables 19%
Total EOP Open Accounts (in
millions) 18%
Total Sales 15%
Coincident Net Credit Loss Ratio %
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America 30% $ 1,436 $ 1,795 25%
International 31% 258 459 78%
------- -------
Total 30% $ 1,694 $ 2,254 33%
======= =======
AVERAGE LOANS
North America 22% $ 81.1 $ 93.5 15%
International 9% 9.3 10.4 12%
------- -------
Total 20% $ 90.4 $ 103.9 15%
======= =======
TOTAL EOP OPEN ACCOUNTS (IN
MILLIONS)
North America 18%
International 20%
Total 18%
TOTAL SALES
North America 13% $ 194.8 $ 228.8 17%
International 24% 29.6 36.2 22%
------- -------
Total 15% $ 224.4 $ 265.0 18%
======= =======
NET CREDIT LOSSES (IN MILLIONS OF
DOLLARS):
North America 9% $ 3,952 $ 3,987 1%
International (6%) 466 385 (17%)
------- -------
Total 8% $ 4,418 $ 4,372 (1%)
======= =======
(1) On a managed basis.
Reclassified to conform to the current presentation.
Page 23
GLOBAL CORPORATES AND INSTITUTIONS
SUPPLEMENTAL PRODUCT AND REGIONAL RESULTS
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
PRODUCT VIEW
TOTAL REVENUE
Global Corporate Finance (1) $ 3,474 $ 3,206 $ 2,624 $ 2,961 $ 3,861 $ 3,612 $ 3,683 $ 3,548
Transaction Services (2) 699 714 749 770 825 878 911 924
Private Client 1,404 1,458 1,466 1,605 1,916 1,690 1,681 1,628
CitiCapital 234 245 246 225 275 288 301 302
Commercial Lines 1,659 1,696 1,718 1,742 1,719 1,788 1,928 2,062
------- ------- ------- ------- ------- ------- ------- -------
Total Corporates and Institutions $ 7,470 $ 7,319 $ 6,803 $ 7,303 $ 8,596 $ 8,256 $ 8,504 $ 8,464
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME
Global Corporate Finance (1) $ 888 $ 771 $ 601 $ 757 $ 1,119 $ 872 $ 867 $ 817
Transaction Services (2) 44 44 55 59 104 142 148 130
Private Client 212 226 216 264 359 254 250 207
CitiCapital 47 52 53 34 57 9 9 (146)
Commercial Lines 196 212 265 211 247 272 317 257
------- ------- ------- ------- ------- ------- ------- -------
Total Corporates and Institutions $ 1,387 $ 1,305 $ 1,190 $ 1,325 $ 1,886 $ 1,549 $ 1,591 $ 1,265
======= ======= ======= ======= ======= ======= ======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) $ 6,247 $ 6,082 $ 5,600 $ 6,140 $ 7,170 $ 6,826 $ 7,085 $ 7,040
Emerging Markets 1,223 1,237 1,203 1,163 1,426 1,430 1,419 1,424
------- ------- ------- ------- ------- ------- ------- -------
Total Corporates and Institutions $ 7,470 $ 7,319 $ 6,803 $ 7,303 $ 8,596 $ 8,256 $ 8,504 $ 8,464
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME
JENA (3) $ 1,074 $ 990 $ 854 $ 1,064 $ 1,465 $ 1,168 $ 1,184 $ 845
Emerging Markets 313 315 336 261 421 381 407 420
------- ------- ------- ------- ------- ------- ------- -------
Total Corporates and Institutions $ 1,387 $ 1,305 $ 1,190 $ 1,325 $ 1,886 $ 1,549 $ 1,591 $ 1,265
======= ======= ======= ======= ======= ======= ======= =======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 851 $ 582 $ 443 $ 434 $ 695 $ 533 $ 716 $ 425
Equities 292 395 292 312 508 436 391 394
Foreign Exchange 440 313 316 336 339 352 220 332
All Other 305 134 (51) 94 104 63 82 52
------- ------- ------- ------- ------- ------- ------- -------
Total Trading Related Revenue $ 1,888 $ 1,424 $ 1,000 $ 1,176 $ 1,646 $ 1,384 $ 1,409 $ 1,203
======= ======= ======= ======= ======= ======= ======= =======
TRADING RELATED REVENUE BY INCOME
STATEMENT LINE
Principal Transactions 1,647 1,114 816 986 1,512 1,250 1,394 1,119
Net Interest Revenue 241 310 184 190 134 134 15 84
------- ------- ------- ------- ------- ------- ------- -------
Total Trading Related Revenue $ 1,888 $ 1,424 $ 1,000 $ 1,176 $ 1,646 $ 1,384 $ 1,409 $ 1,203
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
PRODUCT VIEW
TOTAL REVENUE
Global Corporate Finance (1) 20% $12,265 $14,704 20%
Transaction Services (2) 20% 2,932 3,538 21%
Private Client 1% 5,933 6,915 17%
CitiCapital 34% 950 1,166 23%
Commercial Lines 18% 6,815 7,497 10%
------- -------
Total Corporates and Institutions 16% $28,895 $33,820 17%
======= =======
CORE INCOME
Global Corporate Finance (1) 8% $ 3,017 $ 3,675 22%
Transaction Services (2) 120% 202 524 159%
Private Client (22%) 918 1,070 17%
CitiCapital NM 186 (71) NM
Commercial Lines 22% 884 1,093 24%
------- -------
Total Corporates and Institutions (5%) $ 5,207 $ 6,291 21%
======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) 15% $24,069 $28,121 17%
Emerging Markets 22% 4,826 5,699 18%
------- -------
Total Corporates and Institutions 16% $28,895 $33,820 17%
======= =======
CORE INCOME
JENA (3) (21%) $ 3,982 $ 4,662 17%
Emerging Markets 61% 1,225 1,629 33%
------- -------
Total Corporates and Institutions (5%) $ 5,207 $ 6,291 21%
======= =======
TRADING RELATED REVENUE BY PRODUCT
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%
======= =======
TRADING RELATED REVENUE BY INCOME
STATEMENT LINE
Principal Transactions 13% 4,563 5,275 16%
Net Interest Revenue (56%) 925 367 (60%)
------- -------
Total Trading Related Revenue 2% $ 5,488 $ 5,642 3%
======= =======
(1) Global Corporate Finance includes Global Fixed Income, FX and Structured
Products, Global Equities, Global Investment Banking, 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 presentation.
Page 24
CITIGROUP EMERGING MARKETS - EXCLUDING INVESTMENT ACTIVITIES
(In millions of dollars)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
REVENUE
Asia $ 960 $ 1,048 $ 1,033 $ 1,021 $ 1,196 $ 1,150 $ 1,110 $ 1,114
Latin America 1,105 1,044 1,009 1,046 1,163 1,148 1,087 1,170
CEEMEA 312 367 442 401 450 485 540 579
Other (2) 6 7 24 29 32 34 34
------- ------- ------- ------- ------- ------- ------- -------
TOTAL $ 2,375 $ 2,465 $ 2,491 $ 2,492 $ 2,838 $ 2,815 $ 2,771 $ 2,897
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME
Asia $ 172 $ 226 $ 227 $ 164 $ 309 $ 297 $ 281 $ 268
Latin America 264 196 177 215 269 228 212 239
CEEMEA 48 65 106 77 115 110 128 138
Other (23) (10) 24 7 7 (5) 21 41
------- ------- ------- ------- ------- ------- ------- -------
TOTAL $ 461 $ 477 $ 534 $ 463 $ 700 $ 630 $ 642 $ 686
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME
ASIA:
Global Consumer (1) $ 81 $ 83 $ 83 $ 80 $ 140 $ 138 $ 138 $ 133
Corporates & Institutions 87 132 132 76 148 145 133 127
Global Investment Management &
Private Banking 4 11 12 8 21 14 10 8
------- ------- ------- ------- ------- ------- ------- -------
TOTAL ASIA $ 172 $ 226 $ 227 $ 164 $ 309 $ 297 $ 281 $ 268
======= ======= ======= ======= ======= ======= ======= =======
LATIN AMERICA:
Global Consumer (1) $ 46 $ 40 $ 52 $ 81 $ 67 $ 43 $ 35 $ 72
Corporates & Institutions 202 132 103 108 173 147 145 136
Global Investment Management &
Private Banking 16 24 22 26 29 38 32 31
------- ------- ------- ------- ------- ------- ------- -------
TOTAL LATIN AMERICA $ 264 $ 196 $ 177 $ 215 $ 269 $ 228 $ 212 $ 239
======= ======= ======= ======= ======= ======= ======= =======
CEEMEA:
Global Consumer (1) $ 1 $ 4 $ 26 $ 8 $ 15 $ 16 $ 16 $ 13
Corporates & Institutions 47 61 77 70 93 94 108 116
Global Investment Management &
Private Banking - - 3 (1) 7 - 4 9
------- ------- ------- ------- ------- ------- ------- -------
TOTAL CEEMEA $ 48 $ 65 $ 106 $ 77 $ 115 $ 110 $ 128 $ 138
======= ======= ======= ======= ======= ======= ======= =======
OTHER $ (23) $ (10) $ 24 $ 7 $ 7 $ (5) $ 21 $ 41
======= ======= ======= ======= ======= ======= ======= =======
EMERGING MARKETS:
Global Consumer (1) $ 128 $ 127 $ 161 $ 169 $ 222 $ 197 $ 189 $ 218
Corporates & Institutions 313 315 336 261 421 381 407 420
Global Investment Management &
Private Banking 20 35 37 33 57 52 46 48
------- ------- ------- ------- ------- ------- ------- -------
TOTAL EMERGING MARKETS $ 461 $ 477 $ 534 $ 463 $ 700 $ 630 $ 642 $ 686
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
REVENUE
Asia 9% $ 4,062 $ 4,570 13%
Latin America 12% 4,204 4,568 9%
CEEMEA 44% 1,522 2,054 35%
Other 42% 35 129 269%
------- -------
TOTAL 16% $ 9,823 $11,321 15%
======= =======
CORE INCOME
Asia 63% $ 789 $ 1,155 46%
Latin America 11% 852 948 11%
CEEMEA 79% 296 491 66%
Other 486% (2) 64 NM
------- -------
TOTAL 48% $ 1,935 $ 2,658 37%
======= =======
CORE INCOME
ASIA:
Global Consumer (1) 66% $ 327 $ 549 68%
Corporates & Institutions 67% 427 553 30%
Global Investment Management &
Private Banking - 35 53 51%
------- -------
TOTAL ASIA 63% $ 789 $ 1,155 46%
======= =======
LATIN AMERICA:
Global Consumer (1) (11%) $ 219 $ 217 (1%)
Corporates & Institutions 26% 545 601 10%
Global Investment Management &
Private Banking 19% 88 130 48%
------- -------
TOTAL LATIN AMERICA 11% $ 852 $ 948 11%
======= =======
CEEMEA:
Global Consumer (1) 63% $ 39 $ 60 54%
Corporates & Institutions 66% 255 411 61%
Global Investment Management &
Private Banking NM 2 20 NM
------- -------
TOTAL CEEMEA 79% $ 296 $ 491 66%
======= =======
OTHER 486% $ (2) $ 64 NM
======= =======
EMERGING MARKETS:
Global Consumer (1) 29% $ 585 $ 826 41%
Corporates & Institutions 61% 1,225 1,629 33%
Global Investment Management &
Private Banking 45% 125 203 62%
------- -------
TOTAL EMERGING MARKETS 48% $ 1,935 $ 2,658 37%
======= =======
(1) Includes Associates.
NM - Notmeaningful
Reclassified to conformtothe current presentation.
PAGE 25
GLOBAL WEALTH MANAGEMENT
SUPPLEMENTAL DATA
(IN MILLIONS OF DOLLARS)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1999 1999 1999 1999 2000 2000 2000 2000
------- ------- ------- ------- ------- ------- ------- -------
REVENUES
Private Client $ 1,404 $ 1,458 $ 1,466 $ 1,605 $ 1,916 $ 1,690 $ 1,681 $ 1,628
Citigroup Asset Management 355 358 371 408 436 479 490 486
The Citigroup Private Bank 274 301 305 332 362 338 337 369
Global Consumer Investment, Life
Insurance & Annuity Products 1,301 1,424 1,423 1,484 1,670 1,620 1,531 1,616
------- ------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 3,334 $ 3,541 $ 3,565 $ 3,829 $ 4,384 $ 4,127 $ 4,039 $ 4,099
======= ======= ======= ======= ======= ======= ======= =======
CORE INCOME
Private Client $ 212 $ 226 $ 216 $ 264 $ 359 $ 254 $ 250 $ 207
Citigroup Asset Management 81 84 84 78 94 92 95 78
The Citigroup Private Bank 55 71 70 73 80 79 80 85
Global Consumer Investment, Life
Insurance & Annuity Products 255 299 290 265 349 347 331 347
------- ------- ------- ------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 603 $ 680 $ 660 $ 680 $ 882 $ 772 $ 756 $ 717
======= ======= ======= ======= ======= ======= ======= =======
CLIENT BUSINESS VOLUMES
(IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 816 $ 852 $ 845 $ 965 $ 1,032 $ 1,032 $ 1,047 $ 977
Citigroup Asset Management -
Assets Under Management 351 360 364 377 388 389 397 401
PBG - Client Business Volumes 119 125 128 140 144 149 154 153
Global Consumer Investment, Life
Insurance & Annuity Products 546 560 560 578 593 599 608 608
Less Cross-Sell Volumes Included
Above (263) (269) (268) (280) (294) (300) (309) (308)
------- ------- ------- ------- ------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,569 $ 1,628 $ 1,629 $ 1,780 $ 1,863 $ 1,869 $ 1,897 $ 1,831
======= ======= ======= ======= ======= ======= ======= =======
4Q 2000 VS. YTD YTD YTD 4Q 2000 VS.
4Q 1999 INCREASE/ 4Q 4Q YTD 4Q 1999 INCREASE/
(DECREASE) 1999 2000 (DECREASE)
----------------- ------- ------- ---------------------
REVENUES
Private Client 1% $ 5,933 $ 6,915 17%
Citigroup Asset Management 19% 1,492 1,891 27%
The Citigroup Private Bank 11% 1,212 1,406 16%
Global Consumer Investment, Life
Insurance & Annuity Products 9% 5,632 6,437 14%
------- -------
TOTAL GLOBAL WEALTH MANAGEMENT 7% $14,269 $16,649 17%
======= =======
CORE INCOME
Private Client (22%) $ 918 $ 1,070 17%
Citigroup Asset Management - 327 359 10%
The Citigroup Private Bank 16% 269 324 20%
Global Consumer Investment, Life
Insurance & Annuity Products 31% 1,109 1,374 24%
------- -------
TOTAL GLOBAL WEALTH MANAGEMENT 5% $ 2,623 $ 3,127 19%
======= =======
CLIENT BUSINESS VOLUMES (IN
BILLIONS OF DOLLARS)
Private Client - Client Assets 1% $ 965 $ 977 1%
Citigroup 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%
======= =======
Note: Global Wealth Management includes businesses that provide services related
to the accumulation and management of wealth.
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