<Page>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 15, 2002
----------
Citigroup Inc.
-------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 1-9924 52-1568099
---------- -------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
399 Park Avenue, New York, New York 10043
-------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 559-1000
-------------------------------------------------------------------
(Registrant's telephone number, including area code)
<Page>
Citigroup Inc.
Current Report on Form 8-K
ITEM 5. OTHER EVENTS.
On April 15, 2002, Citigroup Inc. reported core income for the first quarter
ended March 31, 2002, of $3.86 billion, increasing 5% over the first quarter of
2001. Core income for the quarter included an $816 million pre-tax, or $519
million after-tax, charge reflecting the impact of the economic conditions in
Argentina. This charge reduced Citigroup's core income per share by $0.10
after-tax. In addition, Citigroup's equity was reduced by $512 million as a
result of the effect of currency translation in Argentina. Core income per
share, diluted, rose 4% to $0.74, after the Argentina-related charges. Revenues
increased 5%, or by nearly $1 billion, to $22 billion in the quarter. During the
quarter, Citigroup's Travelers Property Casualty subsidiary successfully
completed an initial public offering of 23.1% of the company's equity, yielding
a $1.06 billion after-tax gain to Citigroup, net of a deferral of $520 million
after-tax for potential asbestos claims. Net income for the first quarter,
including the gain, was $4.84 billion, or $0.93 per share.
"Our businesses once again delivered exceptional results in the face of
difficult economic conditions," said Sanford I. Weill, Chairman and Chief
Executive Officer of Citigroup. "Despite the sizable charges that we took in the
quarter, related to Argentina, our core earnings per share increased over last
year. Our Global Consumer businesses recorded 26% income growth in the quarter
on the strength of 20% revenue growth. Our Corporate and Investment Bank once
again outperformed its competitors, extending its lead as the top-ranked global
underwriter. Our Global Investment Management and Private Banking group core
income was up 6%, despite weak equity markets worldwide.
"Recent events in Argentina, including the imposition of currency translation
regulations, the structuring of compensation bonds and the resumption of foreign
exchange trading of the peso, have enabled us to determine with a greater degree
of certainty the impact of the economic crisis in that country. Given this
extraordinary situation, including actions taken by the Argentine government, we
have taken substantial write-downs against our corporate and consumer loan
portfolios and made prudent additions to our loan loss reserve.
"The very successful initial public offering of 23.1% of Travelers Property
Casualty resulted in a $1.06 billion after-tax gain and roughly $5 billion in
proceeds, and added $0.20 per share to our net income in the first quarter,"
said Weill.
Highlights of the quarter included:
- - Strong performance in key businesses:
- Citigroup's Corporate and Investment Bank once again was the number one
underwriter of global debt and equity, as well as the leader in disclosed
fees. For the first time, Citigroup was also the top global equity
underwriter and it continued to occupy the number one position in fixed
income, with market share approaching 23% in U.S. investment grade debt
issuance, and ranked number two in U.S. announced M&A. Citigroup's foreign
exchange business was honored during the quarter, as GLOBAL FINANCE
MAGAZINE named Citigroup "World's Best Foreign Exchange Bank."
- Revenue for Citigroup's Global Cards franchise advanced 15%, and core
income rose 11% to $664 million. The business continued to expand
internationally with 32% account growth and 22% loan growth outside North
America, and now serves over 108 million accounts globally.
- Citigroup continued to expand its Global Consumer Finance franchise, with
the acquisition of Taihei Financial in Japan, and the opening of additional
offices in Mexico, Puerto Rico and India. Core income for Global Consumer
Finance rose 38% to $563 million.
<Page>
[CITIGROUP LOGO]
- In the Emerging Markets, the combination of Citigroup and Banamex has
created the #1 bank in Mexico, and generated 34% income growth from the
fourth quarter, as expenses were reduced by $65 million. Banamex also
consolidated its position in the retirement services and insurance
businesses by completing the acquisition of AEGON's 48% stake in Afore
Banamex and Seguros Banamex.
- - Citigroup continued to increase its operating leverage, as revenues increased
5% while expenses declined 6%. Expenses declined approximately $600 million
from the first quarter of 2001, driven by reductions in headcount and other
fixed and variable expenses in the Corporate and Investment Bank, expense
savings related to recent acquisitions, the elimination of goodwill
amortization in the first quarter, and the implementation of company-wide
expense initiatives, including the consolidation of technology
infrastructure.
- - Increases in credit cost were evident in a number of Citigroup's consumer
businesses. The net credit loss rate for the Citi Cards portfolio rose to
6.41% and loss rates at CitiFinancial increased 47 basis points year over
year to 2.97%. In Japan, higher bankruptcies have driven loss rates on the
company's consumer businesses there to 5.47%. Loss rates in Citigroup's
Corporate and Investment Bank's credit portfolios have improved since the
fourth quarter, largely due to a lower level of write-downs related to
CitiCapital as well as to Enron, while cash basis loans in the CIB have
remained flat. Cash basis loans in the Emerging Markets have increased,
largely due to the situation in Argentina. Citigroup has continued to
aggressively write down exposures to problem credits in its corporate loans
and commercial leasing portfolios.
- - To reflect the impact of the economic situation in Argentina, Citigroup
recorded a total of $858 million in pre-tax charges, including a $475 million
addition to the loan loss provision, $269 million in loan and investment
write-downs, a $72 million charge for currency redenomination, and a $42
million restructuring charge.
<Table>
<Caption>
TOTAL CORPORATE CONSUMER INVESTMENT
------------- ------------- ------------- -------------
ADDITION TO LOAN LOSS PROVISION $ (475) $ (240) $ (235)
CREDIT AND INVESTMENT WRITE-DOWNS (269) (117) (52) (100)
REDENOMINATION CHARGE (72) (101) 29
------------- ------------- ------------- -------------
PRE TAX IMPACT - CORE INCOME (816) (458) (258) (100)
RESTRUCTURING CHARGE (42) (9) (33)
------------- ------------- ------------- -------------
TOTAL PRE TAX INCOME IMPACT $ (858) $ (467) $ (291) $ (100)
============= ============= ============= =============
</Table>
In addition, the impact of the devaluation of the peso since January 1, 2002,
reduced Citigroup's equity by $512 million.
- - Citigroup continues to have among the strongest capital levels in the
financial services industry, with total equity, including trust preferred
securities, increasing to $90.1 billion at March 31, 2002. Citigroup's return
on common equity for the first quarter was 19.1%. The company repurchased
17.9 million shares during the quarter and redeemed $419 million in trust
preferred securities and $125 million in preferred stock.
CONSUMER BANKING IN THE DEVELOPED MARKETS
Core income of $1.64 billion for the first quarter, up 21%. Highlights included:
- - Revenue increased 12% to $8.0 billion, while expenses declined 6%.
- - CitiFinancial income increased 45% due to an 11% increase in revenues combined
with a 17% decrease in expenses largely related to continued efficiencies from
the Associates integration. Pricing actions and lower funding costs more than
offset a 47 basis point increase in the loss rate over the prior year period.
<Page>
- - North America Cards income rose 10%. Revenues increased 14% as receivables
grew 5%, reaching $105 billion. Pricing and funding initiatives led to a 190
basis point improvement in the net interest margin, which combined with an 8%
drop in expenses to offset an increase in the net credit loss rate, to 6.41%.
- - Citibanking income increased 23%, reflecting the integration of EAB. Revenues
grew 25% as deposits rose 23%.
- - Japan consumer income increased 16%, reflecting continued growth in consumer
finance receivables and reduced processing and technology expenses, partly
offset by higher credit costs. Excluding the impact of the declining value of
the yen versus the U.S. dollar, income growth would have been 31%.
EMERGING MARKETS
Core Income of $559 million, down 15%. Highlights included:
- - Income for Mexico, which includes the combined operations of Banamex and
Citibank Mexico, was $280 million in the first quarter, as compared to $4
million in the year ago period.
- - Emerging Markets consumer income (excluding Mexico) fell 64% to $84 million,
reflecting an $89 million after-tax loss in Latin America, resulting from
$287 million in credit losses and additions to the loan loss reserve in
Argentina. Revenue growth in Asia and CEEMEA was driven by continued
expansion of the cards business and stronger investment product sales.
- - Income from Emerging Markets Corporate Banking and Global Transaction
Services declined 54% from the year ago period to $195 million, as a result
of actions taken in Argentina, including a $240 million addition to the loan
loss reserve, a $101 million charge relating to redenomination of the
currency, and $100 million in credit write-offs. Results for Asia and CEEMEA
reflected strong trading-related revenues and continued expense management,
as expenses for this segment declined 13%.
CORPORATE AND INVESTMENT BANKING
Core income of $987 million for the first quarter, down 4%. Highlights included:
- - Income for Corporate Finance was $789 million, declining only 4% from the
year ago quarter, despite market volume declines of 65% in completed global
M&A and 10% in equity issuance. Income was 54% ahead of the fourth quarter of
2001. Revenues decreased 14% from the first quarter of 2001, as a result of
lower investment banking and trading-related revenues. Offsetting this
decline was a 16% reduction in operating expenses. The provision for credit
losses rose from $230 million one year ago, to $312 million, including $17
million in write-offs related to project finance exposure in Argentina, but
declined from $476 million in the fourth quarter.
- - The Private Client business contributed income of $198 million for the
quarter, unchanged from the prior year period and up 3% from the fourth
quarter. Lower revenues were offset by tight expense controls, as expenses
were reduced by 6%. Net flows were $15 billion in the first quarter, with
assets under fee based management rising 12%, to $210 billion. Total client
assets were $994 billion at quarter end.
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Core income of $406 million for the first quarter, up 6%. Highlights included:
- - Income for the Private Bank rose 18% to a record $112 million. Revenue growth
of 8% was driven by increases across a range of products, including client
trading activity, investments and lending, while expense growth was limited
to 6%. Client business volumes rose 14% to $166 billion.
- - Asset Management income increased 19%. Expenses declined across the board,
falling 13%, which offset a 4% drop in revenues, the result of weak global
equity markets. Institutional net flows were strong, with assets under
management reaching $455 billion, an increase of 13%. Sales of Citigroup
Asset Management's products were strong throughout proprietary channels, with
market share of 56% in the Smith Barney retail channel, 70% at Primerica
Financial Services and 45% in the Citibanking North America channel.
- - Travelers Life and Annuity income decreased 5% as lower net investment income
was partially offset by continued expense management. Business volumes were
strong, with double-digit account balance growth in our individual annuity,
group annuity and life businesses.
<Page>
PROPERTY AND CASUALTY
Core income of $327 million for the first quarter, down 4%. Highlights included:
- - Personal Lines income fell 25%, reflecting increased weather-related costs,
continued higher loss costs and a drop in net investment income, which offset
8% earned premium growth.
- - Commercial Lines' income declined 6%, largely resulting from a decrease in
net investment income and favorable reserve development in the prior year.
INVESTMENT ACTIVITIES AND CORPORATE/OTHER
Income for Citigroup's Investment Activities was $70 million in the first
quarter, reflecting $100 million in pre-tax write-downs on certain investments
in Argentina, offset by realized gains in the private equity and insurance
portfolios, as well as marked to market gains on an investment in India.
Expenses for Corporate/Other were $78 million, a $118 million improvement from
the first quarter of 2001, reflecting lower funding costs.
###
A financial summary follows. Additional financial, statistical and
business-related information, as well as business and segment trends, is
included in the Financial Supplement.
<Page>
<Table>
<Caption>
- -----------------------------------------------------------------------------------------------------
CITIGROUP SEGMENT INCOME FIRST QUARTER
------------------
(In Millions of Dollars, except per share data) 2002 2001 % Change
- -----------------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Citibanking North America ...................................... $ 183 $ 149 23
Mortgage Banking ............................................... 93 75 24
North America Cards ............................................ 520 472 10
CitiFinancial .................................................. 320 220 45
Primerica Financial Services ................................... 128 125 2
------- -------
North America ..................................................... 1,244 1,041 20
------- -------
Western Europe ................................................. 155 112 38
Japan .......................................................... 238 205 16
------- -------
Developed Markets Consumer Banking ............................. 1,637 1,358 21
------- -------
Mexico ........................................................ 280 4 NM
Other Emerging Markets Consumer Banking ....................... 84 233 (64)
------- -------
Emerging Markets Consumer Banking .............................. 364 237 54
------- -------
e-Consumer ........................................................ (20) (24) 17
Other Consumer .................................................... (29) (17) (71)
------- -------
TOTAL GLOBAL CONSUMER ............................................. 1,952 1,554 26
------- -------
GLOBAL CORPORATE
Corporate Finance .............................................. 789 826 (4)
Private Client ................................................. 198 197 1
------- -------
Corporate and Investment Bank ..................................... 987 1,023 (4)
Emerging Markets Corporate Banking and Global Transaction Services. 195 421 (54)
------- -------
TOTAL GLOBAL CORPORATE ............................................ 1,182 1,444 (18)
------- -------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Travelers Life and Annuity ........................................ 200 210 (5)
The Citigroup Private Bank ........................................ 112 95 18
Citigroup Asset Management ........................................ 94 79 19
------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ............ 406 384 6
------- -------
PROPERTY AND CASUALTY (EXCL. PORTFOLIO REALIZED G/L)
Personal Lines .................................................... 65 87 (25)
Commercial Lines .................................................. 261 278 (6)
Interest and Other ................................................ 1 (23) NM
------- -------
TOTAL PROPERTY AND CASUALTY ....................................... 327 342 (4)
------- -------
INVESTMENT ACTIVITIES ............................................. 70 132 (47)
CORPORATE / OTHER ................................................. (78) (196) 60
------- -------
CORE INCOME ....................................................... 3,859 3,660 5
------- -------
Restructuring-Related Items -- After-Tax (A) ...................... (30) (80) 63
Gain on Sale of Stock by Subsidiary -- After-Tax (B) .............. 1,061 - -
Cumulative Effect of Accounting Changes (C) ....................... (47) (42) (12)
------- -------
NET INCOME ........................................................ $ 4,843 $ 3,538 37
=====================================================================================================
DILUTED EARNINGS PER SHARE:
CORE INCOME ....................................................... $ 0.74 $ 0.71 4
NET INCOME ........................................................ $ 0.93 $ 0.69 35
=====================================================================================================
</Table>
(A) Restructuring and merger-related items in the 2001 first quarter related
principally to severance and costs associated with the reduction of staff in
the Global Corporate businesses, and in the 2002 first quarter primarily
related to severance and costs associated with the reduction of staff in
Argentina within the Latin America consumer and corporate businesses.
(B) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of class A common
stock at $18.50 per share in an initial public offering on March 27, 2002.
The offering resulted in an after-tax gain of $1.061 billion to Citigroup.
Citigroup plans to make a tax-free distribution to its stockholders of a
portion of its ownership interest in TPC by year-end 2002, such that
following the distribution, Citigroup would remain a holder of approximately
9.9% of TPC's common equity. The distribution is subject to various
regulatory approvals as well as a private letter ruling from the Internal
Revenue Service and various other conditions. Citigroup has no obligation to
consummate the distribution by the end of 2002 or at all, whether or not
these conditions are satisfied. Income statement minority interest will be
recognized on the initial public offering portion beginning on April 1,
2002.
(C) Accounting Changes refer to the first quarter 2001 adoption of Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities," as amended (SFAS 133), and the first
quarter 2002 adoption of the remaining provisions of SFAS No. 142, "Goodwill
and Other Intangible Assets" (SFAS 142).
NM Not meaningful
<Page>
<Table>
<Caption>
=====================================================================================================
CORE INCOME SUPPLEMENTAL DISCLOSURE FIRST QUARTER
------------------
(In Millions of Dollars) 2002 2001 % Change
- -----------------------------------------------------------------------------------------------------
CITIGROUP EMERGING MARKETS (EXCLUDING INVESTMENT ACTIVITIES)
ASIA
Consumer ....................................................... $ 148 $ 148 -
Corporate ...................................................... 175 116 51
Asset Management & Private Banking ............................. 28 28 -
------- -------
TOTAL ASIA ........................................................ 351 292 20
------- -------
MEXICO ............................................................ 280 4 NM
------- -------
LATIN AMERICA
Consumer ....................................................... (75) 72 NM
Corporate ...................................................... (88) 161 NM
Asset Management & Private Banking ............................. 13 21 (38)
------- -------
TOTAL LATIN AMERICA ............................................... (150) 254 NM
------- -------
CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA
Consumer ....................................................... 25 18 39
Corporate ...................................................... 138 165 (16)
Asset Management & Private Banking ............................. 4 4 -
------- -------
TOTAL CENTRAL AND EASTERN EUROPE, MIDDLE EAST AND AFRICA .......... 167 187 (11)
------- -------
Other ............................................................. (16) (26) 38
------- -------
TOTAL EMERGING MARKETS ............................................ $ 632 $ 711 (11)
=====================================================================================================
GLOBAL WEALTH MANAGEMENT
Private Client .................................................... $ 198 $ 197 1
Citigroup Asset Management ........................................ 94 79 19
The Citigroup Private Bank ........................................ 112 95 18
Travelers Life and Annuity ........................................ 200 210 (5)
Global Consumer Investment Products ............................... 179 165 8
------- -------
Total Global Wealth Management .................................... $ 783 $ 746 5
=====================================================================================================
GLOBAL CARDS
North America ..................................................... $ 520 $ 472 10
International ..................................................... 144 126 14
------- -------
TOTAL GLOBAL CARDS ................................................ $ 664 $ 598 11
=====================================================================================================
GLOBAL CONSUMER FINANCE
North America ..................................................... $ 320 $ 220 45
International ..................................................... 243 188 29
------- -------
TOTAL GLOBAL CONSUMER FINANCE ..................................... $ 563 $ 408 38
=====================================================================================================
</Table>
<Page>
================================================================================
<Table>
<Caption>
CITIGROUP SEGMENT REVENUE FIRST QUARTER
------------------
(In Millions of Dollars) 2002 2001 % Change
- -----------------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Citibanking North America ....................................... $ 768 $ 615 25
Mortgage Banking ................................................ 299 239 25
North America Cards ............................................. 3,438 3,012 14
CitiFinancial ................................................... 1,479 1,330 11
Primerica Financial Services .................................... 512 490 4
------- -------
North America ..................................................... 6,496 5,686 14
------- -------
Western Europe .................................................. 682 626 9
Japan ........................................................... 826 835 (1)
------- -------
Developed Markets Consumer Banking .............................. 8,004 7,147 12
------- -------
Mexico ........................................................ 1,085 153 NM
Other Emerging Markets Consumer Banking ....................... 1,094 1,142 (4)
------- -------
Emerging Markets Consumer Banking ............................... 2,179 1,295 68
------- -------
e-Consumer ........................................................ 40 47 (15)
Other Consumer .................................................... (3) (5) 40
------- -------
TOTAL GLOBAL CONSUMER ............................................. 10,220 8,484 20
------- -------
GLOBAL CORPORATE
Corporate Finance ............................................... 3,566 4,131 (14)
Private Client .................................................. 1,479 1,551 (5)
------- -------
Corporate and Investment Bank ..................................... 5,045 5,682 (11)
Emerging Markets Corporate Banking and Global Transaction Services 1,605 1,798 (11)
------- -------
TOTAL GLOBAL CORPORATE ............................................ 6,650 7,480 (11)
------- -------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
Travelers Life and Annuity ........................................ 888 1,130 (21)
The Citigroup Private Bank ........................................ 423 392 8
Citigroup Asset Management ........................................ 425 444 (4)
------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING ............ 1,736 1,966 (12)
------- -------
PROPERTY AND CASUALTY (EXCL. PORTFOLIO REALIZED G/L)
Personal Lines .................................................... 1,146 1,080 6
Commercial Lines .................................................. 2,011 1,970 2
Interest and Other ................................................ 11 (32) NM
------- -------
TOTAL TRAVELERS PROPERTY AND CASUALTY ............................. 3,168 3,018 5
------- -------
INVESTMENT ACTIVITIES ............................................. 146 233 (37)
CORPORATE / OTHER ................................................. 96 (134) NM
------- -------
TOTAL ADJUSTED REVENUE ............................................ 22,016 21,047 5
======= =======
</Table>
NM Not meaningful
================================================================================
<Page>
CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT
<Table>
<Caption>
PAGE NUMBER
---------------
CITIGROUP CONSOLIDATED
Financial Summary 1
Segment Net Revenues 2
Segment Core Income 3
SEGMENT DETAIL
GLOBAL CONSUMER:
NORTH AMERICA
Citibanking North America 4
Mortgage Banking 5
North America Cards 6
CitiFinancial 7
Primerica Financial Services 8
INTERNATIONAL
Western Europe 9
Japan 10
Asia 11
Mexico 12
Latin America 13
Central & Eastern Europe, Middle East & Africa 14
GLOBAL CORPORATE:
Corporate and Investment Bank 15
Salomon Smith Barney 16
Emerging Markets Corporate Banking and Global Transaction Services 17
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 18
The Citigroup Private Bank 19
Citigroup Asset Management 20
PROPERTY AND CASUALTY:
Personal Lines 21
Commercial Lines 22
INVESTMENT ACTIVITIES 23
CITIGROUP SUPPLEMENTAL DETAIL
Consolidated Statement of Income 24
Earnings Analysis - Managed Basis 25
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios 26
Details of Credit Loss Experience 27
Cash Basis and Renegotiated Loans, Other Real Estate Owned and Other Repossessed Assets 28
Insurance Investment Portfolio 29
Global Cards 30
Global Consumer Finance 31
Global Corporate - Supplemental Product and Regional Results 32
Citigroup Emerging Markets 33
Global Wealth Management 34
CITICORP SUPPLEMENTAL DATA 35
</Table>
<Page>
CITIGROUP -- FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
CITIGROUP, THE PREEMINENT GLOBAL FINANCIAL SERVICES COMPANY WITH 193 MILLION
CUSTOMER ACCOUNTS IN MORE THAN 100 COUNTRIES, PROVIDES CONSUMERS, CORPORATIONS,
GOVERNMENTS AND INSTITUTIONS A COMPLETE RANGE OF FINANCIAL PRODUCTS AND
SERVICES.
<Table>
<Caption>
1Q 2Q 3Q 4Q
2001 2001 2001 2001
--------- --------- --------- ---------
CORE INCOME $ 3,660 $ 3,785 $ 3,262 $ 3,862
Restructuring - Related Items (80) (133) (85) 13
Gain on Sale of Stock by Subsidiary - - - -
Cumulative Effect of Accounting Changes (42) (116) - -
--------- --------- --------- ---------
NET INCOME $ 3,538 $ 3,536 $ 3,177 $ 3,875
========= ========= ========= =========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.73 $ 0.75 $ 0.64 $ 0.75
========= ========= ========= =========
NET INCOME $ 0.70 $ 0.70 $ 0.62 $ 0.75
========= ========= ========= =========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 4,984.7 4,979.6 5,060.8 5,101.8
========= ========= ========= =========
PREFERRED DIVIDENDS - BASIC $ 28 $ 28 $ 28 $ 26
========= ========= ========= =========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.71 $ 0.74 $ 0.63 $ 0.74
========= ========= ========= =========
NET INCOME $ 0.69 $ 0.69 $ 0.61 $ 0.74
========= ========= ========= =========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,110.0 5,100.0 5,169.0 5,209.1
========= ========= ========= =========
PREFERRED DIVIDENDS - DILUTED $ 28 $ 28 $ 28 $ 26
========= ========= ========= =========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,033.7 5,026.1 5,144.2 5,148.7
========= ========= ========= =========
TIER 1 CAPITAL RATIO 8.56% 8.82% 8.20% 8.42%
========= ========= ========= =========
TOTAL CAPITAL RATIO 11.31% 11.49% 10.77% 10.92%
========= ========= ========= =========
LEVERAGE RATIO 6.10% 6.17% 5.65% 5.64%
========= ========= ========= =========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 944.3 $ 953.4 $ 1,068.2 $ 1,051.5
========= ========= ========= =========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 68.7 $ 70.5 $ 78.4 $ 81.2
========= ========= ========= =========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 73.6 $ 75.1 $ 85.5 $ 88.4
========= ========= ========= =========
BOOK VALUE PER SHARE, AT PERIOD END $ 13.29 $ 13.68 $ 14.90 $ 15.47
========= ========= ========= =========
RETURN ON COMMON EQUITY (NET INCOME) 21.7% 20.9% 17.1% 19.5%
========= ========= ========= =========
RETURN ON COMMON EQUITY (CORE INCOME) 22.5% 22.4% 17.5% 19.4%
========= ========= ========= =========
<Caption>
1Q 2002 VS.
1Q 1Q 2001 INCREASE/
2002 (DECREASE)
--------- -----------------
CORE INCOME $ 3,859 5%
Restructuring -Related Items (30)
Gain on Sale of Stock by Subsidiary 1,061
Cumulative Effect of Accounting Changes (47)
---------
NET INCOME $ 4,843 37%
=========
BASIC EARNINGS PER SHARE:
CORE INCOME $ 0.75 3%
=========
NET INCOME $ 0.94 34%
=========
WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO BASIC EPS 5,110.5
=========
PREFERRED DIVIDENDS - BASIC $ 21
=========
DILUTED EARNINGS PER SHARE:
CORE INCOME $ 0.74 4%
=========
NET INCOME $ 0.93 35%
=========
ADJUSTED WEIGHTED AVERAGE COMMON SHARES
APPLICABLE TO DILUTED EPS 5,209.8
=========
PREFERRED DIVIDENDS - DILUTED $ 21
=========
COMMON SHARES OUTSTANDING, AT PERIOD END 5,165.4
=========
TIER 1 CAPITAL RATIO 9.1%*
=========
TOTAL CAPITAL RATIO 11.6%*
=========
LEVERAGE RATIO 6.0%*
=========
TOTAL ASSETS, AT PERIOD END (IN BILLIONS) $ 1,058*
=========
STOCKHOLDERS' EQUITY, AT PERIOD END (IN BILLIONS) $ 83.4*
=========
STOCKHOLDERS' EQUITY AND TRUST SECURITIES, AT PERIOD END (IN BILLIONS) $ 90.1*
=========
BOOK VALUE PER SHARE, AT PERIOD END $ 16.15*
=========
RETURN ON COMMON EQUITY (NET INCOME) 24.0%*
=========
RETURN ON COMMON EQUITY (CORE INCOME) 19.1%*
=========
</Table>
* Preliminary
PAGE 1
<Page>
CITIGROUP -- SEGMENT NET REVENUES
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
GLOBAL CONSUMER:
NORTH AMERICA:
Citibanking North America $ 615 $ 666 $ 716 $ 730 $ 768 25%
Mortgage Banking 239 265 257 261 299 25%
North America Cards 3,012 3,085 3,340 3,548 3,438 14%
CitiFinancial 1,330 1,346 1,430 1,405 1,479 11%
Primerica Financial Services 490 497 493 499 512 4%
-------- -------- -------- -------- --------
Total North America 5,686 5,859 6,236 6,443 6,496 14%
-------- -------- -------- -------- --------
INTERNATIONAL
Western Europe 626 611 660 680 682 9%
Japan 835 837 880 880 826 (1)%
Asia 540 537 555 571 562 4%
Mexico (1) 153 165 681 1,127 1,085 NM
Latin America 472 464 494 179 383 (19)%
Central & Eastern Europe, Middle East and Africa 130 135 140 143 149 15%
-------- -------- -------- -------- --------
Total Emerging Markets Consumer Banking 1,295 1,301 1,870 2,020 2,179 68%
-------- -------- -------- -------- --------
Total International 2,756 2,749 3,410 3,580 3,687 34%
e-Consumer 47 35 54 41 40 (15)%
OTHER (5) 85 49 14 (3) 40%
-------- -------- -------- -------- --------
TOTAL GLOBAL CONSUMER 8,484 8,728 9,749 10,078 10,220 20%
-------- -------- -------- -------- --------
GLOBAL CORPORATE:
Corporate Finance 4,131 3,181 2,889 3,256 3,566 (14)%
Private Client 1,551 1,510 1,449 1,436 1,479 (5)%
-------- -------- -------- -------- --------
Corporate and Investment Bank 5,682 4,691 4,338 4,692 5,045 (11)%
Emerging Markets Corporate Banking and Global Transaction Services 1,798 1,768 1,699 1,648 1,605 (11)%
-------- -------- -------- -------- --------
TOTAL GLOBAL CORPORATE 7,480 6,459 6,037 6,340 6,650 (11)%
-------- -------- -------- -------- --------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 1,130 975 875 1,108 888 (21)%
The Citigroup Private Bank 392 376 366 408 423 8%
Citigroup Asset Management 444 420 426 414 425 (4)%
-------- -------- -------- -------- --------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 1,966 1,771 1,667 1,930 1,736 (12)%
-------- -------- -------- -------- --------
PROPERTY AND CASUALTY (EXCL. REALIZED PORTFOLIO G/L)
Personal Lines 1,080 1,106 1,132 1,146 1,146 6%
Commercial Lines 1,970 2,018 1,977 1,998 2,011 2%
Interest and Other (32) (21) (11) 8 11 NM
-------- -------- -------- -------- --------
TOTAL PROPERTY AND CASUALTY 3,018 3,103 3,098 3,152 3,168 5%
-------- -------- -------- -------- --------
CORPORATE / OTHER (134) (106) (91) (9) 96 NM
INVESTMENT ACTIVITIES 233 360 (166) 478 146 (37)%
=======================================================================================================================
TOTAL ADJUSTED NET REVENUES $ 21,047 $ 20,315 $ 20,294 $ 21,969 $ 22,016 5%
=======================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT ACTIVITIES $ 3,110 $ 3,078 $ 3,547 $ 3,749 $ 3,851 24%
GLOBAL WEALTH MANAGEMENT $ 4,231 $ 3,981 $ 3,944 $ 4,216 $ 4,051 (4)%
GLOBAL CARDS $ 3,604 $ 3,674 $ 4,036 $ 4,306 $ 4,132 15%
GLOBAL CONSUMER FINANCE $ 2,200 $ 2,238 $ 2,374 $ 2,369 $ 2,376 8%
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001
forward.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 2
<Page>
CITIGROUP -- SEGMENT CORE INCOME
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
GLOBAL CONSUMER:
NORTH AMERICA:
Citibanking North America $ 149 $ 146 $ 152 $ 169 $ 183 23%
Mortgage Banking 75 86 90 92 93 24%
North America Cards 472 448 566 623 520 10%
CitiFinancial 220 275 317 293 320 45%
Primerica Financial Services 125 128 125 134 128 2%
------- ------- ------- ------- -------
Total North America 1,041 1,083 1,250 1,311 1,244 20%
------- ------- ------- ------- -------
INTERNATIONAL
Western Europe 112 111 129 142 155 38%
Japan 205 242 258 257 238 16%
Asia 147 145 160 158 149 1%
Mexico (1) 4 12 123 209 280 NM
Latin America 68 74 74 (83) (89) NM
Central & Eastern Europe, Middle East and Africa 18 21 24 26 24 33%
------- ------- ------- ------- -------
Total Emerging Markets Consumer Banking 237 252 381 310 364 54%
------- ------- ------- ------- -------
Total International 554 605 768 709 757 37%
e-Consumer (24) (22) (15) (18) (20) 17%
OTHER (17) (8) (9) (35) (29) (71)%
------- ------- ------- ------- -------
TOTAL GLOBAL CONSUMER 1,554 1,658 1,994 1,967 1,952 26%
------- ------- ------- ------- -------
GLOBAL CORPORATE:
Corporate Finance 826 718 684 511 789 (4)%
Private Client 197 208 181 192 198 1%
------- ------- ------- ------- -------
Corporate and Investment Bank 1,023 926 865 703 987 (4)%
Emerging Markets Corporate Banking and Global Transaction Services 421 434 426 343 195 (54)%
------- ------- ------- ------- -------
TOTAL GLOBAL CORPORATE 1,444 1,360 1,291 1,046 1,182 (18)%
------- ------- ------- ------- -------
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING:
Travelers Life and Annuity 210 231 178 202 200 (5)%
The Citigroup Private Bank 95 92 91 94 112 18%
Citigroup Asset Management 79 73 82 89 94 19%
------- ------- ------- ------- -------
TOTAL GLOBAL INVESTMENT MANAGEMENT & PRIVATE BANKING 384 396 351 385 406 6%
------- ------- ------- ------- -------
PROPERTY AND CASUALTY (EXCL. REALIZED PORTFOLIO G/L)
Personal Lines 87 39 29 53 65 (25)%
Commercial Lines 278 286 (136) 263 261 (6)%
Interest and Other (23) (14) (8) (2) 1 NM
------- ------- ------- ------- -------
TOTAL PROPERTY AND CASUALTY 342 311 (115) 314 327 (4)%
------- ------- ------- ------- -------
CORPORATE / OTHER (196) (180) (137) (129) (78) 60%
INVESTMENT ACTIVITIES 132 240 (122) 279 70 (47)%
======================================================================================================================
TOTAL CORE INCOME $ 3,660 $ 3,785 $ 3,262 $ 3,862 $ 3,859 5%
======================================================================================================================
SUPPLEMENTAL INFORMATION:
CITIGROUP EMERGING MARKETS - EXCL. INVESTMENT ACTIVITIES $ 711 $ 774 $ 795 $ 772 $ 632 (11)%
GLOBAL WEALTH MANAGEMENT $ 746 $ 760 $ 719 $ 749 $ 783 5%
GLOBAL CARDS $ 598 $ 565 $ 723 $ 803 $ 664 11%
GLOBAL CONSUMER FINANCE $ 408 $ 502 $ 564 $ 547 $ 563 38%
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001
forward.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 3
<Page>
GLOBAL CONSUMER - NORTH AMERICA
CITIBANKING NORTH AMERICA (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 615 $ 666 $ 716 $ 730 $ 768 25%
Adjusted Operating Expenses 368 418 442 435 453 23%
Provision for Credit Losses 7 13 28 22 24 NM
-------- -------- -------- -------- --------
Core Income Before Taxes 240 235 246 273 291 21%
Income Taxes 91 89 94 104 108 19%
-------- -------- -------- -------- --------
CORE INCOME $ 149 $ 146 $ 152 $ 169 $ 183 23%
======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 9 $ 10 $ 18 $ 17 $ 16 78%
======== ======== ======== ======== ========
Return on Assets 6.71% 5.86% 3.35% 3.94% 4.64%
======== ======== ======== ======== ========
Average Loans (in billions of dollars) $ 7.4 $ 7.4 $ 12.0 $ 12.2 $ 12.0 62%
Average Customer Deposits (in billions of dollars) $ 47.9 $ 48.1 $ 56.0 $ 57.5 $ 59.0 23%
EOP Accounts (in millions) 6.7 6.8 7.8 7.7 7.7 15%
Non-Interest Revenue as % of Total Revenues 22.3% 29.4% 20.9% 26.4% 21.9%
Net Credit Loss Ratio 0.80% 0.97% 1.09% 0.97% 0.90%
Loans 90+Days Past Due:
In millions of dollars $ 41 $ 41 $ 85 $ 96 $ 85 NM
% 0.56% 0.55% 0.65% 0.78% 0.71%
Proprietary Mutual Funds / UIT $ 331 $ 255 $ 251 $ 229 $ 280 (15)%
Proprietary Money Market Funds 958 722 339 278 217 (77)%
-------- -------- -------- -------- --------
Total Proprietary Funds 1,289 977 590 507 497 (61)%
Third Party Funds 420 294 392 460 344 (18)%
-------- -------- -------- -------- --------
Mutual Fund / UIT Sales at NAV (in millions of dollars) $ 1,709 $ 1,271 $ 982 $ 967 $ 841 (51)%
======== ======== ======== ======== ========
Variable Annuity Premiums & Deposits (in millions of dollars) $ 304 $ 302 $ 316 $ 372 $ 367 21%
Branches 368 368 446 445 445 21%
ATM-only locations 153 156 162 165 165 8%
Proprietary ATMs 2,048 2,043 2,174 2,175 2,167 6%
</Table>
(1) Includes the results of The European American Bank from July 2001 forward.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 4
<Page>
GLOBAL CONSUMER - NORTH AMERICA
MORTGAGE BANKING (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 239 $ 265 $ 257 $ 261 $ 299 25%
Adjusted Operating Expenses 109 116 104 102 115 6%
Provision for Credit Losses - (3) (4) (5) 16 -
-------- -------- -------- -------- --------
Core Income Before Taxes and Minority Interest 130 152 157 164 168 29%
Income Taxes 50 59 61 63 65 30%
Minority Interest, Net of Tax 5 7 6 9 10 100%
-------- -------- -------- -------- --------
CORE INCOME $ 75 $ 86 $ 90 $ 92 $ 93 24%
======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 47 $ 48 $ 47 $ 48 $ 49 4%
======== ======== ======== ======== ========
Return on Assets 0.65% 0.72% 0.76% 0.76% 0.77%
======== ======== ======== ======== ========
EOP ACCOUNTS OWNED AND SERVICED (IN MILLIONS):
Student Loans 3.5 3.5 3.7 3.8 3.8 9%
Mortgages 0.9 0.9 0.9 0.9 1.0 11%
Consumer Finance 0.1 0.1 0.1 0.1 0.1 -
-------- -------- -------- -------- --------
Total 4.5 4.5 4.7 4.8 4.9 9%
======== ======== ======== ======== ========
OWNED AND SERVICED AVERAGE LOANS (IN BILLION OF DOLLARS):
Mortgages (2) $ 26.8 $ 27.3 $ 25.8 $ 25.3 $ 26.2 (2)%
Student Loans 16.8 17.2 17.6 18.3 19.2 14%
Consumer Finance 1.0 1.2 1.4 1.6 1.8 80%
-------- -------- -------- -------- --------
Average Loans - On Balance Sheet 44.6 45.7 44.8 45.2 47.2 6%
Other Serviced Loans 64.2 66.0 69.6 70.1 68.7 7%
-------- -------- -------- -------- --------
Total $ 108.8 $ 111.7 $ 114.4 $ 115.3 $ 115.9 7%
======== ======== ======== ======== ========
Mortgage Originations (in billions of dollars) $ 5.9 $ 8.8 $ 8.1 $ 9.5 $ 10.7 81%
Student Loan Originations $ 1.5 $ 0.5 $ 1.2 $ 1.2 $ 1.5 -
Consumer Finance Originations $ 0.3 $ 0.4 $ 0.5 $ 0.6 $ 0.5 67%
Net Credit Loss Ratio 0.06% 0.08% 0.10% 0.12% 0.14%
Loans 90+ Days Past Due:
In millions of dollars $ 957 $ 1,191 $ 1,204 $ 1,157 $ 1,344 40%
% 2.12% 2.61% 2.74% 2.53% 2.87%
</Table>
(1) Includes Student Loans.
(2) Includes loans held for sale.
Reclassified to conform to the current period's presentation.
PAGE 5
<Page>
GLOBAL CONSUMER - NORTH AMERICA
NORTH AMERICA CARDS (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 3,012 $ 3,085 $ 3,340 $ 3,548 $ 3,438 14%
Adjusted Operating Expenses 1,040 1,002 1,002 1,019 953 (8)%
Adjusted Provision for Credit Losses 1,221 1,371 1,434 1,567 1,659 36%
-------- -------- -------- -------- --------
Core Income Before Taxes 751 712 904 962 826 10%
Income Taxes 279 264 338 339 306 10%
-------- -------- -------- -------- --------
CORE INCOME $ 472 $ 448 $ 566 $ 623 $ 520 10%
======== ======== ======== ======== ========
Managed Average Assets (in billions of dollars) $ 106 $ 106 $ 109 $ 110 $ 110 4%
======== ======== ======== ======== ========
Return on Managed Assets 1.81% 1.70% 2.06% 2.25% 1.92%
======== ======== ======== ======== ========
CITI CARDS DATA (2):
(in billions of dollars)
Net Interest Revenue (in millions of dollars) (3) $ 2,379 $ 2,421 $ 2,696 $ 2,904 $ 2,767 16%
% of Average Managed Loans 9.63% 9.65% 10.38% 11.04% 10.77%
Risk Adjusted Revenue (in millions of dollars) (4) $ 1,716 $ 1,613 $ 1,838 $ 1,909 $ 1,705 (1)%
% of Average Managed Loans 6.95% 6.43% 7.08% 7.25% 6.64%
Adjusted Operating Expenses as % of Average Managed Loans 3.93% 3.73% 3.61% 3.50% 3.48%
End of Period Managed Receivables $ 100.5 $ 103.9 $ 105.6 $ 108.9 $ 105.4 5%
Total EOP Open Accounts (in millions) 93.2 94.1 93.4 92.9 91.6 (2)%
Total Sales $ 51.2 $ 55.6 $ 55.0 $ 56.7 $ 50.8 (1)%
END OF PERIOD LOANS:
On Balance Sheet $ 32.6 $ 32.6 $ 33.0 $ 34.2 $ 31.8 (2)%
Securitized 60.1 61.4 65.2 67.0 65.9 10%
Held for Sale 7.0 9.0 6.5 6.5 6.5 (7)%
-------- -------- -------- -------- --------
Total $ 99.7 $ 103.0 $ 104.7 $ 107.7 $ 104.2 5%
======== ======== ======== ======== ========
AVERAGE LOANS:
On Balance Sheet $ 34.7 $ 33.5 $ 33.5 $ 33.0 $ 30.9 (11)%
Securitized 58.5 59.7 61.3 64.9 66.8 14%
Held for Sale 7.0 7.4 8.2 6.5 6.5 (7)%
-------- -------- -------- -------- --------
Total $ 100.2 $ 100.6 $ 103.0 $ 104.4 $ 104.2 4%
======== ======== ======== ======== ========
NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
On Balance Sheet $ 465 $ 481 $ 541 $ 615 $ 633 36%
Securitized 668 812 790 870 935 40%
Held for Sale 63 90 92 69 78 24%
-------- -------- -------- -------- --------
Total $ 1,196 $ 1,383 $ 1,423 $ 1,554 $ 1,646 38%
======== ======== ======== ======== ========
Coincident Net Credit Loss Ratio 4.84% 5.51% 5.48% 5.91% 6.41%
12 Month Lagged Net Credit Loss Ratio 5.72% 6.29% 5.96% 6.23% 6.66%
LOANS 90+ DAYS PAST DUE:
In millions of dollars $ 1,836 $ 1,775 $ 1,908 $ 2,135 $ 2,266 23%
% 1.84% 1.72% 1.82% 1.98% 2.17%
</Table>
(1) Includes Citi Cards (bankcards and private-label cards) and Diners Club.
(2) Excludes Diners Club
(3) Includes delinquency and other risk-based charges.
(4) Risk Adjusted Revenue is adjusted revenues less managed net credit losses.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 6
<Page>
GLOBAL CONSUMER - NORTH AMERICA
CITIFINANCIAL
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2001
1Q 2Q 3Q 4Q 1Q INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE* $ 1,330 $ 1,346 $ 1,430 $ 1,405 $ 1,479 11%
Adjusted Operating Expenses 569 502 492 443 475 (17)%
Adjusted Provision for Benefits, Claims, and Credit Losses 408 412 431 495 500 23%
-------- -------- -------- -------- --------
Core Income Before Taxes 353 432 507 467 504 43%
Income Taxes 133 157 190 174 184 38%
-------- -------- -------- -------- --------
CORE INCOME $ 220 $ 275 $ 317 $ 293 $ 320 45%
======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 64 $ 66 $ 67 $ 67 $ 68 6%
======== ======== ======== ======== ========
Return on Assets 1.39% 1.67% 1.88% 1.73% 1.91%
======== ======== ======== ======== ========
AVERAGE NET RECEIVABLES (IN BILLIONS OF DOLLARS):
Real estate secured loans - Other $ 34.5 $ 34.2 $ 34.1 $ 33.9 $ 33.3 (3)%
Real estate secured loans - PFS Sourced 5.4 6.1 6.8 7.5 8.2 52%
Personal loans 9.7 9.7 9.6 9.6 9.6 (1)%
Auto 3.5 4.1 4.6 5.1 5.4 54%
Sales finance and other 2.6 2.4 2.6 2.6 2.7 4%
-------- -------- -------- -------- --------
Total $ 55.7 $ 56.5 $ 57.7 $ 58.7 $ 59.2 6%
======== ======== ======== ======== ========
Number of offices 2,430 2,336 2,320 2,221 2,199 (10)%
Average yield 13.87% 13.65% 13.30% 12.95% 13.07%
Average net interest margin 7.76% 7.98% 8.09% 8.13% 8.41%
Net credit loss ratio 2.50% 2.46% 2.45% 3.06% 2.97%
Loans 90+ Days Past Due:
In millions of dollars $ 1,580 $ 1,751 $ 1,898 $ 1,991 $ 1,969 25%
% 2.82% 3.07% 3.25% 3.38% 3.30%
</Table>
* Excludes realized gains / (losses) on investments.
Reclassified to conform to the current period's presentation.
PAGE 7
<Page>
GLOBAL CONSUMER - NORTH AMERICA
PRIMERICA FINANCIAL SERVICES
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- ----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 490 $ 497 $ 493 $ 499 $ 512 4%
Adjusted Operating Expenses 169 172 171 171 181 7%
Provision for Benefits and Claims 128 127 129 122 134 5%
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 193 198 193 206 197 2%
Income Taxes 68 70 68 72 69 1%
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 125 $ 128 $ 125 $ 134 $ 128 2%
========== =========== =========== =========== ==========
LIFE INSURANCE
Face value (in billions) of:
Life insurance issued $ 16.3 $ 18.6 $ 17.6 $ 19.0 $ 18.3 12%
Life insurance in force $ 415.4 $ 422.9 $ 427.7 $ 434.8 $ 441.3 6%
Annualized issued premiums $ 47.4 $ 53.7 $ 50.9 $ 53.8 $ 51.8 9%
Direct premiums $ 340.4 $ 346.9 $ 348.1 $ 352.2 $ 356.1 5%
Earned premiums $ 284.0 $ 285.2 $ 287.1 $ 288.9 $ 293.6 3%
OTHER PRODUCTS
Mutual fund sales at NAV:
Proprietary $ 479.9 $ 509.1 $ 496.7 $ 491.0 $ 535.0 11%
Other funds 330.1 259.1 195.4 197.6 226.0 (32%)
---------- ----------- ----------- ----------- ----------
Total U.S. mutual fund sales 810.0 768.2 692.1 688.6 761.0 (6%)
Mutual fund sales - Canada 183.8 100.1 84.4 81.6 175.8 (4%)
---------- ----------- ----------- ----------- ----------
Total mutual fund sales $ 993.8 $ 868.3 $ 776.5 $ 770.2 $ 936.8 (6%)
========== =========== =========== =========== ==========
Cash advanced on $.M.A.R.T. and $.A.F.E.
loans (1) $ 694.5 $ 1,091.9 $ 1,006.1 $ 1,077.3 $ 1,253.8 81%
Variable annuity net written premiums and
deposits $ 247.6 $ 237.1 $ 222.1 $ 217.2 $ 224.9 (9%)
AGENTS LICENSED FOR:
Life insurance 88,907 93,998 93,156 95,679 98,272 11%
Mutual funds 27,671 28,766 29,653 30,305 30,052 9%
$.M.A.R.T. / $.A.F.E. loans 125,450 133,200 143,738 149,127 160,101 28%
Variable annuities 18,665 19,642 20,179 20,613 21,224 14%
Long term care 10,869 11,319 12,010 12,724 13,234 22%
Home & auto insurance 11,275 12,834 12,473 11,738 11,497 2%
Financial Needs Analyses submitted 114,991 122,009 119,093 114,287 109,473 (5%)
</Table>
(1) The $.M.A.R.T. and $.A.F.E. loan products are marketed by PFS; the
receivables are reflected in the assets of CitiFinancial.
* Excludes realized gains / (losses) on investments.
PAGE 8
<Page>
GLOBAL CONSUMER - INTERNATIONAL
WESTERN EUROPE
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 626 $ 611 $ 660 $ 680 $ 682 9%
Adjusted Operating Expenses 350 333 353 358 352 1%
Provision for Benefits, Claims, and Credit
Losses 99 101 106 108 99 -
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 177 177 201 214 231 31%
Income Taxes 65 66 72 72 76 17%
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 112 $ 111 $ 129 $ 142 $ 155 38%
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 23 $ 22 $ 23 $ 24 $ 24 4%
========== =========== =========== =========== ==========
Return on Assets 1.97% 2.02% 2.23% 2.35% 2.62%
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 2.0 $ 2.2 $ 2.3 $ 2.4 $ 2.5 25%
Mortgages 2.4 2.4 2.8 3.0 3.2 33%
Auto 1.8 1.8 2.0 2.0 1.9 6%
Personal 10.9 10.5 11.3 11.4 11.3 4%
Other 1.2 1.3 1.4 1.2 0.8 (33%)
---------- ----------- ----------- ----------- ----------
Total $ 18.3 $ 18.2 $ 19.8 $ 20.0 $ 19.7 8%
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 12.9 $ 13.0 $ 13.6 $ 13.7 $ 13.0 1%
EOP Accounts (in millions) 10.4 10.7 10.7 10.7 10.8 4%
EOP Card Accounts (in millions) 2.1 2.3 2.3 2.4 2.4 14%
Non-Interest Revenue as % of Total Revenues 28.5% 27.7% 30.4% 25.5% 26.6%
Net Credit Loss Ratio 2.01% 2.05% 1.99% 2.00% 1.99%
Loan 90+ Days Past Due:
In millions of dollars $ 811 $ 761 $ 836 $ 824 $ 817 1%
% 4.52% 4.19% 4.13% 4.07% 4.10%
Proprietary Mutual Funds / UIT $ 189 $ 212 $ 174 $ 182 $ 111 (41%)
Proprietary Money Market Funds 162 152 152 232 211 30%
---------- ----------- ----------- ----------- ----------
Total Proprietary Funds 351 364 326 414 322 (8%)
Third Party Funds 322 258 224 280 354 10%
---------- ----------- ----------- ----------- ----------
Mutual Fund / UIT Sales at NAV (in millions
of dollars) $ 673 $ 622 $ 550 $ 694 $ 676 -
========== =========== ============ =========== ==========
Branches 432 434 436 436 429 (1%)
Consumer Finance Offices 307 307 307 355 345 12%
ATM-only locations 45 50 98 97 108 NM
Proprietary ATMs 888 909 946 939 946 7%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 9
<Page>
GLOBAL CONSUMER - INTERNATIONAL
JAPAN
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 835 $ 837 $ 880 $ 880 $ 826 (1%)
Adjusted Operating Expenses 353 313 315 300 259 (27%)
Provision for Benefits, Claims, and Credit
Losses 162 147 163 177 195 20%
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 320 377 402 403 372 16%
Income Taxes 115 135 144 146 134 17%
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 205 $ 242 $ 258 $ 257 $ 238 16%
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 19 $ 20 $ 21 $ 20 $ 20 5%
========== =========== =========== =========== ==========
Return on Assets 4.38% 4.85% 4.87% 5.10% 4.83%
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 4.2 $ 4.3 $ 4.7 $ 4.5 $ 4.4 5%
Cards 1.0 1.0 1.1 1.0 0.9 (10%)
Personal 7.9 8.3 8.6 8.7 8.5 8%
Other 0.4 0.4 0.3 1.0 0.6 50%
---------- ----------- ----------- ----------- ----------
Total $ 13.5 $ 14.0 $ 14.7 $ 15.2 $ 14.4 7%
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 14.3 $ 14.7 $ 15.4 $ 15.3 $ 15.8 10%
EOP Accounts (in millions) 4.9 5.0 5.2 5.2 5.4 10%
EOP Card Accounts (in millions) 1.0 1.0 1.0 1.0 0.9 (10%)
Non-Interest Revenue as % of Total Revenues 9.6% 10.5% 14.7% 15.7% 13.1%
Net Credit Loss Ratio 4.06% 3.74% 4.04% 4.53% 5.47%
Loan 90+ Days Past Due:
In millions of dollars $ 107 $ 129 $ 174 $ 178 $ 187 75%
% 0.81% 0.91% 1.12% 1.24% 1.23%
Proprietary Mutual Funds / UIT $ 99 $ 130 $ 162 $ 92 $ 45 (55%)
Proprietary Money Market Funds 91 116 100 65 57 (37%)
---------- ----------- ----------- ----------- ----------
Total Proprietary Funds 190 246 262 157 102 (46%)
Third Party Funds 92 84 126 166 229 NM
---------- ----------- ----------- ----------- ----------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 282 $ 330 $ 388 $ 323 $ 331 17%
========== =========== =========== =========== ==========
Branches 22 22 22 22 20 (9%)
Consumer Finance Offices 902 907 906 877 879 (3%)
ATM-only locations/Unmanned Kiosks 205 269 335 381 392 91%
Proprietary ATMs 61 62 65 65 57 (7%)
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 10
<Page>
GLOBAL CONSUMER - INTERNATIONAL
ASIA (EXCLUDING JAPAN)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 540 $ 537 $ 555 $ 571 $ 562 4%
Adjusted Operating Expenses 245 243 236 250 248 1%
Provision for Benefits, Claims, and Credit
Losses 62 67 67 72 82 32%
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 233 227 252 249 232 -
Income Taxes 86 82 92 91 83 (3%)
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 147 $ 145 $ 160 $ 158 $ 149 1%
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 25 $ 25 $ 25 $ 25 $ 26 4%
========== =========== =========== =========== ==========
Return on Assets 2.38% 2.33% 2.54% 2.51% 2.32%
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 11.7 $ 11.3 $ 11.3 $ 11.1 $ 10.8 (8%)
Cards 4.8 4.8 5.1 5.2 5.3 10%
Auto 2.4 2.3 2.2 2.1 2.1 (13%)
Personal 1.3 1.3 1.4 1.4 1.5 15%
Other 1.4 1.4 1.4 1.3 1.5 7%
---------- ----------- ----------- ----------- ----------
Total $ 21.6 $ 21.1 $ 21.4 $ 21.1 $ 21.2 (2%)
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 36.1 $ 35.5 $ 35.3 $ 34.9 $ 35.0 (3%)
EOP Accounts (in millions) 8.6 9.0 9.3 9.8 10.0 16%
EOP Card Accounts (in millions) 5.0 5.5 5.7 6.0 6.2 24%
Non-Interest Revenue as % of Total Revenues 31.5% 30.6% 29.4% 28.0% 27.4%
Net Credit Loss Ratio 1.14% 1.23% 1.21% 1.28% 1.51%
Loans 90+ Days Past Due:
In millions of dollars $ 334 $ 338 $ 348 $ 367 $ 374 12%
% 1.58% 1.59% 1.65% 1.73% 1.79%
Proprietary Mutual Funds / UIT $ 107 $ 306 $ 180 $ 90 $ 239 NM
Proprietary Money Market Funds 91 73 73 65 34 (63%)
---------- ----------- ----------- ----------- ----------
Total Proprietary Funds 198 379 253 155 273 38%
Third Party Funds 828 834 1,170 1,331 1,240 50%
---------- ----------- ----------- ----------- ----------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,026 $ 1,213 $ 1,423 $ 1,486 $ 1,513 47%
========== =========== =========== =========== ==========
Branches 77 77 77 79 80 4%
ATM-only locations 77 75 75 75 75 (3%)
Proprietary ATMs 303 302 304 309 304 -
</Table>
Reclassified to conform to the current period's presentation.
PAGE 11
<Page>
GLOBAL CONSUMER - INTERNATIONAL
MEXICO (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2001 2001 2001 2001 2002
---------- ----------- ----------- ----------- ----------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 153 $ 165 $ 681 $ 1,127 $ 1,085
Adjusted Operating Expenses 129 134 461 679 614
Provision for Benefits, Claims, and Credit
Losses 11 7 57 179 121
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 13 24 163 269 350
Income Taxes 9 12 31 42 70
Minority Interest, Net of Tax - - 9 18 -
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 4 $ 12 $ 123 $ 209 $ 280
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 11 $ 11 $ 49 $ 70 $ 69
========== =========== =========== =========== ==========
Return on Assets 0.15% 0.44% 1.00% 1.18% 1.65%
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Consumer $ 0.3 $ 0.4 $ 3.8 $ 5.8 $ 6.0
Corporate 3.2 3.4 9.6 12.4 9.8
Government / Government Agencies 0.2 0.2 2.9 3.1 3.7
---------- ----------- ----------- ----------- ----------
Total $ 3.7 $ 4.0 $ 16.3 $ 21.3 $ 19.5
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 3.0 $ 2.6 $ 23.7 $ 28.0 $ 30.2
EOP Accounts (in millions) 1.7 1.7 17.1 17.2 17.5
EOP Card Accounts (in millions) 0.5 0.5 2.6 2.7 2.6
Consumer Non-Interest Revenue as % of Total
Consumer Revenues 38.1% 33.8% 34.4% 48.0% 41.5%
Consumer Net Credit Loss Ratio 4.13% 3.20% 3.43% 3.88% 3.89%
Consumer Loans 90+ Days Past Due:
In millions of dollars $ 16 $ 25 $ 507 $ 523 $ 470
% 5.19% 6.33% 9.06% 8.75% 7.89%
Branches 196 196 1,560 1,483 1,489
Commercial Cash Basis Loans:
In millions of dollars $ 68 $ 164 $ 600 $ 1,030 $ 1,095
% 2.01% 4.52% 3.72% 7.28% 8.26%
Assets Under Management - Retirement Services
(in millions of dollars) $ 1,703 $ 1,988 $ 12,893 $ 15,403 $ 17,973
</Table>
(1) Comprises both Consumer and Corporate operations in Mexico, including the
results of Banamex (excluding Investment Activities) from August 2001 forward.
Reclassified to conform to the current period's presentation.
PAGE 12
<Page>
GLOBAL CONSUMER - INTERNATIONAL
LATIN AMERICA (EXCLUDING MEXICO)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 472 $ 464 $ 494 $ 179 $ 383 (19%)
Adjusted Operating Expenses 287 272 278 252 218 (24%)
Provision for Benefits, Claims, and Credit
Losses 84 85 110 75 324 NM
---------- ----------- ----------- ----------- ----------
Core Income (Loss) Before Taxes 101 107 106 (148) (159) NM
Income Taxes (Benefit) 33 33 32 (65) (70) NM
---------- ----------- ----------- ----------- ----------
CORE INCOME (LOSS) $ 68 $ 74 $ 74 $ (83) $ (89) NM
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 9 $ 9 $ 8 $ 8 $ 7 (22%)
========== =========== =========== =========== ==========
Return on Assets 3.06% 3.30% % 3.67% NM NM
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Mortgages $ 2.1 $ 2.0 $ 1.9 $ 1.9 $ 1.6 (24%)
Cards 1.5 1.5 1.4 1.4 1.0 (33%)
Auto 0.8 0.7 0.6 0.5 0.5 (38%)
Personal 1.8 1.7 1.6 1.6 1.2 (33%)
Other 0.3 0.3 0.3 0.2 0.5 67%
---------- ----------- ----------- ----------- ----------
Total $ 6.5 $ 6.2 $ 5.8 $ 5.6 $ 4.8 (26%)
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 11.0 $ 10.6 $ 10.2 $ 9.9 $ 9.1 (17%)
EOP Accounts (in millions) 8.2 8.2 8.1 8.2 8.4 2%
EOP Card Accounts (in millions) 1.6 1.5 1.5 1.5 1.4 (13%)
Non-Interest Revenue as % of Total Revenues 46.0% 43.7% 50.5% NM 36.8%
Net Credit Loss Ratio 4.24% 4.28% 5.20% 4.93% 6.50%
Loans 90+ Days Past Due:
In millions of dollars $ 302 $ 285 $ 255 $ 248 $ 171 (43%)
% 4.74% 4.69% 4.51% 4.71% 4.03%
Proprietary Mutual Funds/UIT Funds $ 320 $ 148 $ 141 $ 165 $ 178 (44%)
Proprietary Money Market Funds 908 911 885 1,059 486 (46%)
---------- ----------- ----------- ----------- ----------
Total Proprietary Funds $ 1,228 $ 1,059 $ 1,026 $ 1,224 $ 664 (46%)
Third Party Funds 143 161 217 160 133 (7%)
---------- ----------- ----------- ----------- ----------
Mutual Fund / UIT Sales at NAV (in millions of
dollars) $ 1,371 $ 1,220 $ 1,243 $ 1,384 $ 797 (42%)
========== =========== =========== =========== ==========
Branches 210 211 209 211 211 -
Consumer Finance Offices 120 119 110 110 103 (14%)
ATM-only locations 85 86 85 84 84 (1%)
Proprietary ATMs 476 448 456 460 454 (5%)
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 13
<Page>
GLOBAL CONSUMER - INTERNATIONAL
CENTRAL & EASTERN EUROPE, MIDDLE EAST & AFRICA
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 130 $ 135 $ 140 $ 143 $ 149 15%
Adjusted Operating Expenses 93 94 91 91 100 8%
Provision for Benefits, Claims, and Credit
Losses 9 10 10 10 11 22%
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes 28 31 39 42 38 36%
Income Taxes 10 10 15 16 14 40%
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 18 $ 21 $ 24 $ 26 $ 24 33%
========== =========== =========== =========== ==========
Average Assets (in billions of dollars) $ 4 $ 4 $ 4 $ 4 $ 4 -
========== =========== =========== =========== ==========
Return on Assets 1.83% 2.11% 2.38% 2.58% 2.43%
========== =========== =========== =========== ==========
AVERAGE LOANS (IN BILLIONS OF DOLLARS)
Cards $ 0.6 $ 0.6 $ 0.6 $ 0.7 $ 0.7 17%
Mortgages 0.2 0.2 0.2 0.2 0.2 -
Auto 0.4 0.4 0.4 0.4 0.4 -
Personal 0.5 0.6 0.6 0.6 0.6 20%
Other 0.5 0.5 0.5 0.5 0.6 20%
---------- ----------- ----------- ----------- ----------
Total $ 2.2 $ 2.3 $ 2.3 $ 2.4 $ 2.5 14%
========== =========== =========== =========== ==========
Average Customer Deposits (in billions of
dollars) $ 5.6 $ 5.8 $ 6.0 $ 6.1 $ 6.1 9%
EOP Accounts (in millions) 3.3 3.5 3.7 3.9 4.0 21%
EOP Card Accounts (in millions) 1.9 1.9 2.0 2.1 2.1 11%
Non-Interest Revenue as % of Total Revenues 39.2% 41.7% 42.4% 42.2% 42.2% 8%
Net Credit Loss Ratio 1.66% 1.70% 1.62% 1.60% 1.75%
Loans 90+ Days Past Due:
In millions of dollars $ 33 $ 32 $ 32 $ 36 $ 36 9%
% 1.40% 1.31% 1.30% 1.41% 1.42%
Proprietary Mutual Funds / UIT $ 4 $ 3 $ 1 $ 1 $ 1 (75%)
Proprietary Money Market Funds - 1 6 12 3 -
---------- ----------- ----------- ----------- ----------
Total Proprietary Funds 4 4 7 13 4 -
Third Party Funds 88 107 132 234 148 68%
---------- ----------- ----------- ----------- ----------
Mutual Fund / UIT Sales at NAV (in millions
of dollars) $ 92 $ 111 $ 139 $ 247 $ 152 65%
========== =========== =========== =========== ==========
Branches 169 178 178 182 187 11%
ATM-only locations 76 93 105 107 111 46%
Proprietary ATMs 144 185 197 205 214 49%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 14
<Page>
GLOBAL CORPORATE
CORPORATE AND INVESTMENT BANK
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ----------- ----------- ----------- ---------- -----------------
REVENUES:
Commissions and Fees $ 1,072 $ 974 $ 877 $ 895 $ 992 (7%)
Asset Management and Administration Fees 536 503 526 470 513 (4%)
Investment Banking 1,239 1,138 929 1,210 1,043 (16%)
Principal Transactions 1,561 835 451 401 928 (41%)
Other Income 271 109 358 75 60 (78%)
---------- ----------- ----------- ----------- ----------
Total Non-Interest Revenues 4,679 3,559 3,141 3,051 3,536 (24%)
Net Interest and Dividends 1,003 1,132 1,197 1,641 1,509 50%
---------- ----------- ----------- ----------- ----------
Total Revenues, Net of Interest Expense 5,682 4,691 4,338 4,692 5,045 (11%)
---------- ----------- ----------- ----------- ----------
Non-Interest Expenses:
Compensation and Benefits 2,831 2,251 2,034 2,320 2,519 (11%)
Communications 222 221 217 223 192 (14%)
Occupancy and Equipment 178 169 164 156 150 (16%)
Floor Brokerage and Other Production 204 164 163 175 145 (29%)
Other Operating and Administrative Expenses 433 239 217 246 179 (59%)
---------- ----------- ----------- ----------- ----------
Total Non-Interest Expenses 3,868 3,044 2,795 3,120 3,185 (18%)
---------- ----------- ----------- ----------- ----------
Provision for Credit Losses 230 230 181 476 312 36%
---------- ----------- ----------- ----------- ----------
Core Income Before Taxes and Minority Interest 1,584 1,417 1,362 1,096 1,548 (2%)
Income Taxes and Minority Interest, Net of Tax 561 491 497 393 561 -
---------- ----------- ----------- ----------- ----------
CORE INCOME $ 1,023 $ 926 $ 865 $ 703 $ 987 (4%)
========== =========== =========== =========== ==========
Pre-tax profit Margin 27.9% 30.2% 31.4% 23.4% 30.7%
Non-Compensation Expenses as a Percent of
Net Revenues 18.3% 16.9% 17.5% 17.1% 13.2%
Compensation and Benefits Expenses as a
Percent of Net Revenues 49.8% 48.0% 46.9% 49.4% 49.9%
TRADING RELATED REVENUE BY INCOME STATEMENT
LINE
Principal Transactions $ 1,561 $ 835 $ 451 $ 401 $ 928 (41%)
Net Interest Revenue 183 361 422 688 664 NM
---------- ----------- ----------- ----------- ----------
Total Trading Related Revenue $ 1,744 $ 1,196 $ 873 $ 1,089 $ 1,592 (9%)
========== =========== =========== =========== ==========
</Table>
PAGE 15
<Page>
GLOBAL CORPORATE
SALOMON SMITH BARNEY
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
CLIENT ASSETS (IN BILLIONS OF DOLLARS)
ASSETS UNDER FEE-BASED MANAGEMENT:
Consulting Group and Internally Managed $ 134.4 $ 149.3 $ 134.9 $ 150.2 $ 154.3 15%
Financial Consultant (FC) Managed 51.9 57.0 49.4 54.9 55.2 6%
---------- ---------- ---------- ---------- ----------
Total assets under fee-based management (1) $ 186.3 $ 206.3 $ 184.3 $ 205.1 $ 209.5 12%
========== ========== ========== ========== ==========
Total client assets $ 910.5 $ 981.0 $ 905.4 $ 976.7 $ 994.2 9%
PRIVATE CLIENT
Financial Consultants 12,675 12,802 12,963 12,927 12,767 1%
Annualized revenue per FC (000) $ 501 $ 473 $ 450 $ 440 $ 473 (6)%
Branch offices 530 530 538 536 527 (1)%
INVESTMENT BANKING AND PUBLIC FINANCE
UNDERWRITING (FULL CREDIT TO BOOK MANAGER):
DEBT AND EQUITY:
Global volume (2) $130,991.8 $118,924.4 $ 95,712.1 $150,495.7 $132,098.2 1%
Global market share 12.2% 11.0% 10.8% 14.2% 11.6%
Rank 2 2 1 1 1
U.S. volume (3) $ 99,734.8 $ 94,938.4 $ 80,201.3 $127,913.1 $109,422.5 10%
U.S. market share 14.1% 12.5% 11.8% 16.6% 13.5%
Rank 2 2 1 1 1
MUNICIPALS:
Volume (4) $ 8,688.9 $ 10,191.3 $ 8,941.5 $ 11,698.2 $ 11,478.1 32%
Market share 14.7% 13.1% 15.1% 12.9% 17.4%
Rank 1 1 1 2 1
CAPITAL MARKETS/RESEARCH
Number of stocks in which markets are made 1,834 1,521 1,213 1,202 1,215 (34)%
% of S&P Groups covered by research 99% 99% 99% 96% 95%
</Table>
(1) Includes some assets jointly managed with Citigroup Asset Management.
(2) Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A
non-convertible preferred, non-convertible preferred, preferred, taxable
municipal debt, mortgage and asset backed debt, all common stock,
convertible debt and convertible preferred. Excludes all closed end funds.
(3) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible
debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all
U.S. common stock, U.S. convertible debt and U.S. convertible preferred.
Excludes all closed end funds, 144A common stock, 144A convertible stock,
and 144A convertible preferred.
(4) Total long term excluding private placement.
Reclassified to conform to the current period's presentation.
PAGE 16
<Page>
GLOBAL CORPORATE
EMERGING MARKETS CORPORATE BANKING AND GLOBAL TRANSACTION SERVICES
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 1,798 $ 1,768 $ 1,699 $ 1,648 $ 1,605 (11)%
Adjusted Operating Expenses 1,091 1,026 997 936 946 (13)%
Provision for Credit Losses 39 54 32 175 368 NM
---------- ---------- ---------- ---------- ----------
Core Income Before Taxes and Minority Interest 668 688 670 537 291 (56)%
Income Taxes 243 246 238 188 93 (62)%
Minority Interest, Net of Tax 4 8 6 6 3 (25)%
---------- ---------- ---------- ---------- ----------
CORE INCOME $ 421 $ 434 $ 426 $ 343 $ 195 (54)%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 109 $ 112 $ 112 $ 114 $ 112 3%
========== ========== ========== ========== ==========
Return on Assets 1.57% 1.55% 1.51% 1.19% 0.71%
========== ========== ========== ========== ==========
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 17
<Page>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
TRAVELERS LIFE AND ANNUITY
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,130 $ 975 $ 875 $ 1,108 $ 888 (21)%
Total Operating Expenses 88 87 69 85 65 (26)%
Provision for Benefits and Claims 729 546 549 728 534 (27)%
---------- ---------- ---------- ---------- ----------
Core Income Before Taxes 313 342 257 295 289 (8)%
Income Taxes 103 111 79 93 89 (14)%
---------- ---------- ---------- ---------- ----------
CORE INCOME $ 210 $ 231 $ 178 $ 202 $ 200 (5)%
========== ========== ========== ========== ==========
PRE-TAX CONTRIBUTION BY SOURCE:
Individual annuities $ 119 $ 121 $ 94 $ 99 $ 123 3%
Group annuities 111 128 95 105 98 (12)%
Life and long-term care insurance 61 73 51 75 51 (16)%
Other (includes run-off and return on excess
capital) 22 20 17 16 17 (23)%
---------- ---------- ---------- ---------- ----------
Total $ 313 $ 342 $ 257 $ 295 $ 289 (8)%
========== ========== ========== ========== ==========
INDIVIDUAL ANNUITIES:
Net written premiums & deposits:
Fixed $ 427 $ 572 $ 464 $ 657 $ 614 44%
Variable 1,099 1,068 952 881 898 (18)%
Individual Payout 19 15 14 11 14 (26)%
---------- ---------- ---------- ---------- ----------
Total $ 1,545 $ 1,655 $ 1,430 $ 1,549 $ 1,526 (1)%
========== ========== ========== ========== ==========
Policyholder account balances & benefit
reserves: (1)
Fixed $ 8,272 $ 8,609 $ 8,908 $ 9,289 $ 9,681 17%
Variable 18,948 20,438 17,952 20,117 20,381 8%
Individual Payout 632 632 630 626 622 (2)%
---------- ---------- ---------- ---------- ----------
Total $ 27,852 $ 29,679 $ 27,490 $ 30,032 $ 30,684 10%
========== ========== ========== ========== ==========
GROUP ANNUITIES:
Net written premiums & deposits (2) $ 2,502 $ 1,397 $ 1,717 $ 1,452 $ 1,525 (39)%
Policyholder account balances & benefit
reserves: (1)
GIC's and other investment contracts $ 13,732 $ 14,091 $ 14,795 $ 15,345 $ 15,563 13%
Payout Group annuities 5,141 5,259 5,360 5,647 5,740 12%
---------- ---------- ---------- ---------- ----------
Total $ 18,873 $ 19,350 $ 20,155 $ 20,992 $ 21,303 13%
========== ========== ========== ========== ==========
INDIVIDUAL LIFE INSURANCE:
Net written premiums and deposits:
Direct periodic premiums and deposits $ 187 $ 142 $ 126 $ 197 $ 233 25%
Single premium deposits 47 48 36 77 76 62%
Reinsurance (22) (24) (25) (25) (26) (18)%
---------- ---------- ---------- ---------- ----------
Total $ 212 $ 166 $ 137 $ 249 $ 283 33%
========== ========== ========== ========== ==========
Policyholder account balances & benefit reserves $ 3,085 $ 3,193 $ 3,175 $ 3,401 $ 3,592 16%
Life insurance in force (in billions, face amt.) $ 69.4 $ 71.0 $ 72.5 $ 75.0 $ 77.8 12%
Life insurance issued (in billions, face amt.) $ 3.8 $ 2.9 $ 2.9 $ 4.2 $ 4.5 18%
ALL BUSINESSES:
Net investment income (pretax) $ 655 $ 674 $ 608 $ 635 $ 619 (5)%
Interest credited to contractholders $ 291 $ 306 $ 303 $ 300 $ 287 (1)%
STATUTORY DATA:
TRAVELERS INSURANCE COMPANY
Statutory capital and surplus $ 5,025 $ 5,048 $ 4,973 $ 5,098 $ 6,838 36%
Surplus to liabilities ratio 18.8% 18.9% 17.5% 17.4% 21.5%
</Table>
(1) Includes general account, separate accounts and managed funds.
(2) Excludes deposits of $167.0 for the first quarter of 2002 and $28.0, $12.0,
$594.0 and $275.0 in the first, second, third and fourth quarters of 2001,
respectively, related to Travelers plans previously managed externally.
* Excludes realized gains / (losses) on investments.
Reclassified to conform to the current period's presentation.
PAGE 18
<Page>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
THE CITIGROUP PRIVATE BANK
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE $ 392 $ 376 $ 366 $ 408 $ 423 8%
Adjusted Operating Expenses 239 230 225 245 254 6%
Provision for Credit Losses 2 1 4 16 6 NM
---------- ---------- ---------- ---------- ----------
Core Income Before Taxes 151 145 137 147 163 8%
Income Taxes 56 53 46 53 51 (9)%
---------- ---------- ---------- ---------- ----------
CORE INCOME $ 95 $ 92 $ 91 $ 94 $ 112 18%
========== ========== ========== ========== ==========
Average Assets (in billions of dollars) $ 25 $ 26 $ 26 $ 26 $ 28 12%
========== ========== ========== ========== ==========
Return on Assets 1.54% 1.42% 1.39% 1.43% 1.62%
========== ========== ========== ========== ==========
Client Business Volumes (in billions of dollars) $ 146 $ 151 $ 150 $ 159 $ 166 14%
========== ========== ========== ========== ==========
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS):
Proprietary Managed Assets $ 29 $ 28 $ 29 $ 31 $ 31 7%
Other Assets under Fee based Management 5 7 6 8 9 80%
Banking and Fiduciary Deposits 31 31 33 34 35 13%
Loans 26 26 27 27 29 12%
Other, Principally Custody Accounts 55 59 55 59 62 13%
---------- ---------- ---------- ---------- ----------
Total Client Business Volumes $ 146 $ 151 $ 150 $ 159 $ 166 14%
========== ========== ========== ========== ==========
REVENUES:
Customer Revenues
Net Interest Spread and Recurring
Fee Based Revenues $ 250 $ 247 $ 253 $ 256 $ 271 8%
Transaction Revenues 99 81 62 94 92 (7)%
---------- ---------- ---------- ---------- ----------
Total Customer Revenues 349 328 315 350 363 4%
Other Revenues (Principally Allocated Equity
and Treasury Revenues) 43 48 51 58 60 40%
---------- ---------- ---------- ---------- ----------
Total Revenues $ 392 $ 376 $ 366 $ 408 $ 423 8%
========== ========== ========== ========== ==========
United States $ 131 $ 138 $ 140 $ 150 $ 170 30%
International 261 238 226 258 253 (3)%
---------- ---------- ---------- ---------- ----------
$ 392 $ 376 $ 366 $ 408 $ 423 8%
========== ========== ========== ========== ==========
Net Credit Loss Ratio (0.01)% 0.04% 0.03% 0.15% 0.04%
</Table>
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 19
<Page>
GLOBAL INVESTMENT MANAGEMENT AND PRIVATE BANKING
CITIGROUP ASSET MANAGEMENT
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
REVENUES: $ 444 $ 420 $ 426 $ 414 $ 425 (4)%
---------- ---------- ---------- ---------- ----------
Expenses:
Employee compensation and benefits 144 149 143 129 141 (2)%
Mutual fund commission expense 38 37 38 36 38 -
Other expenses 130 111 109 101 91 (30)%
---------- ---------- ---------- ---------- ----------
Total expenses 312 297 290 266 270 (13)%
---------- ---------- ---------- ---------- ----------
Core income before taxes and minority interest 132 123 136 148 155 17%
Income taxes and minority interest, net of tax 53 50 54 59 61 15%
---------- ---------- ---------- ---------- ----------
CORE INCOME $ 79 $ 73 $ 82 $ 89 $ 94 19%
========== ========== ========== ========== ==========
Pre-tax profit margin 29.7% 29.3% 31.9% 35.7% 36.5%
NET FLOWS BY BUSINESS (IN BILLIONS OF DOLLARS):
Retail/Private Bank $ 8.7 $ 7.6 $ 7.3 $ 6.2 $ 5.2 (40)%
Institutional 6.6 12.5 10.1 5.0 12.8 94%
---------- ---------- ---------- ---------- ----------
Net Flows Excluding US Retail Money Markets $ 15.3 $ 20.1 $ 17.4 $ 11.2 $ 18.0 18%
---------- ---------- ---------- ---------- ----------
US Retail Money Markets (6.5) (12.6) (2.5) (4.6) (1.6) 75%
ASSETS UNDER MANAGEMENT BY BUSINESS
(IN BILLIONS OF DOLLARS):
Retail $ 233.6 $ 231.6 $ 217.6 $ 230.1 $ 231.0 (1)%
Institutional 116.5 131.0 137.2 141.6 154.6 33%
Citigroup Alternative Investments 46.2 48.3 48.3 48.1 48.9 6%
Latin America Affiliates 6.7 7.3 18.9 20.4 20.9 NM
---------- ---------- ---------- ---------- ----------
Total assets under management (1) $ 403.0 $ 418.2 $ 422.0 $ 440.2 $ 455.4 13%
========== ========== ========== ========== ==========
ASSETS UNDER MANAGEMENT BY PRODUCT
(IN BILLIONS OF DOLLARS):
Equity/Balanced $ 158.4 $ 169.4 $ 152.4 $ 168.3 $ 169.7 7%
Fixed Income 87.3 93.5 106.0 107.1 110.5 27%
Money Markets/Liquidity 120.1 115.2 123.4 124.1 133.3 11%
Alternative Investments 37.2 40.1 40.2 40.7 41.9 13%
---------- ---------- ---------- ---------- ----------
Total assets under management (1) $ 403.0 $ 418.2 $ 422.0 $ 440.2 $ 455.4 13%
========== ========== ========== ========== ==========
NUMBER OF MORNINGSTAR 4- AND 5-STAR
MUTUAL FUND SHARE CLASSES (2)
Equity 12 11 11 10 11 (8)%
Fixed Income 11 5 8 7 10 (9)%
CITISTREET JOINT VENTURE - ASSETS UNDER
ADMINISTRATION $ 183.5 $ 181.6 $ 178.8 $ 179.3 $ 181.0 (1)%
(in billions of dollars)
</Table>
(1) Includes $29 billion for the first, second and third quarters of 2001, $31
billion for the fourth quarter of 2001 and $31 billion for the first quarter
of 2002 for Citigroup Private Bank clients.
(2) Asset calculations based on classes of such funds ranked by Morningstar.
Number of funds reflects only one class per fund and are based on
performance of non-money market retail funds.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 20
<Page>
PROPERTY AND CASUALTY
PERSONAL LINES (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,080 $ 1,106 $ 1,132 $ 1,146 $ 1,146 6%
Adjusted Operating Expenses 267 261 276 275 271 1%
Claims and Claim Adjustment Expenses 688 793 820 798 786 14%
---------- ---------- ---------- ---------- ----------
Core Income Before Taxes and Minority Interest 125 52 36 73 89 (29)%
Income Taxes 38 13 7 20 24 (37)%
Minority Interest, Net of Tax - - - - - -
---------- ---------- ---------- ---------- ----------
CORE INCOME $ 87 $ 39 $ 29 $ 53 $ 65 (25)%
========== ========== ========== ========== ==========
NET WRITTEN PREMIUMS BY PRODUCT LINE (2):
Auto $ 639.1 $ 669.0 $ 682.2 $ 652.3 $ 687.1 8%
Homeowners and other 322.7 404.5 414.6 381.9 350.3 9%
---------- ---------- ---------- ---------- ----------
Total net written premiums (a) $ 961.8 $ 1,073.5 $ 1,096.8 $ 1,034.2 $ 1,037.4 8%
========== ========== ========== ========== ==========
NET WRITTEN PREMIUMS BY DISTRIBUTION CHANNEL:
Independent agents $ 775.2 $ 865.0 $ 889.5 $ 836.6 $ 850.7 10%
Additional distribution 159.1 174.5 179.7 173.8 165.0 4%
Other 27.5 34.0 27.6 23.8 21.7 (21)%
---------- ---------- ---------- ---------- ----------
Total net written premiums (a) $ 961.8 $ 1,073.5 $ 1,096.8 $ 1,034.2 $ 1,037.4 8%
========== ========== ========== ========== ==========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $ 957.9 $ 994.9 $ 1,021.5 $ 1,038.8 $ 1,030.0 8%
Losses and loss adjustment expenses (c) 688.5 793.1 819.7 798.4 785.7 14%
Other underwriting expenses (d) 254.6 264.9 280.8 261.4 261.6 3%
---------- ---------- ---------- ---------- ----------
Total deductions 943.1 1,058.0 1,100.5 1,059.8 1,047.3 11%
---------- ---------- ---------- ---------- ----------
Statutory underwriting gain/(loss) $ 14.8 $ (63.1) $ (79.0) $ (21.0) $ (17.3) NM
========== ========== ========== ========== ==========
STATUTORY COMBINED RATIO (2):
Loss and loss adjustment expense ratio (c/b) 71.9% 79.7% 80.2% 76.9% 76.3%
Other underwriting expense ratio (d/a) 26.5% 24.7% 25.6% 25.3% 25.2%
---------- ---------- ---------- ---------- ----------
Combined ratio 98.4% 104.4% 105.8% 102.2% 101.5%
========== ========== ========== ========== ==========
Net investment income (pre-tax) $ 114.1 $ 102.7 $ 101.4 $ 97.4 $ 104.3 (9)%
Effective tax rate on net investment income 29.2% 28.1% 28.8% 27.9% 28.2%
Catastrophe losses, net of reinsurance (after-tax) $ - $ 42.3 $ 41.6 $ 2.3 $ 10.4 -
</Table>
(1) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of class A common
stock at $18.50 per share in an initial public offering on March 27, 2002.
The offering resulted in an after-tax gain of $1.061 billion to Citigroup.
Citigroup plans to make a tax-free distribution to its stockholders of a
portion of its ownership interest in TPC by year-end 2002, such that
following the distribution, Citigroup would remain a holder of
approximately 9.9% of TPC's common equity. The distribution is subject to
various regulatory approvals as well as a private letter ruling from the
Internal Revenue Service and various other conditions. Citigroup has no
obligation to consummate the distribution by the end of 2002 or at all,
whether or not these conditions are satisfied. Income statement minority
interest will be recognized on the initial public offering portion
beginning on April 1, 2002.
(2) The 2001 third quarter results include the effects of the events of
September 11, 2001, which resulted in a decrease of $4.0 million to
premiums, an increase of $60.0 million to losses and loss adjustment
expenses and a decrease of $64.0 million to statutory underwriting loss.
Excluding the effects of these events, the loss and loss adjustment expense
ratio, other underwriting expense ratio, and combined ratio for the 2001
third quarter were 74.1%, 25.5%, and 99.6%, respectively.
* Excludes realized gains/(losses) on investments.
NM - Not meaningful
PAGE 21
<Page>
PROPERTY AND CASUALTY
COMMERCIAL LINES (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
TOTAL REVENUES, NET OF INTEREST EXPENSE* $ 1,970 $ 2,018 $ 1,977 $ 1,998 $ 2,011 2%
Adjusted Operating Expenses 499 506 479 502 485 (3)%
Claims and Claim Adjustment Expenses 1,095 1,124 1,762 1,146 1,190 9%
---------- ---------- ---------- ---------- ----------
Core Income (Loss) Before Taxes and Minority
Interest 376 388 (264) 350 336 (11)%
Income Taxes (Benefits) 98 102 (128) 87 75 (23)%
Minority Interest, Net of Tax - - - - - -
---------- ---------- ---------- ---------- ----------
CORE INCOME (LOSS) (1) $ 278 $ 286 $ (136) $ 263 $ 261 (6)%
========== ========== ========== ========== ==========
NET WRITTEN PREMIUMS BY MARKET: (2)
Commercial accounts $ 761.3 $ 707.7 $ 684.8 $ 792.9 $ 848.9 12%
Select accounts 429.4 439.6 411.7 432.5 455.0 6%
Bond 167.6 142.4 147.8 132.4 131.6 (21)%
Gulf 174.8 189.5 153.9 90.0 145.0 (17)%
National accounts 126.2 77.0 115.8 99.9 96.8 (23)%
---------- ---------- ---------- ---------- ----------
Total net written premiums (a) $ 1,659.3 $ 1,556.2 $ 1,514.0 $ 1,547.7 $ 1,677.3 1%
========== ========== ========== ========== ==========
STATUTORY RATIO DEVELOPMENT (2):
Earned premiums (b) $ 1,481.6 $ 1,504.6 $ 1,498.6 $ 1,518.3 $ 1,539.0 4%
Losses and loss adjustment expenses (c) 1,049.7 1,089.8 1,714.4 1,102.5 1,139.8 9%
Other underwriting expenses (d) 493.0 449.1 450.2 434.4 460.5 (7)%
---------- ---------- ---------- ---------- ----------
Total deductions 1,542.7 1,538.9 2,164.6 1,536.9 1,600.3 4%
---------- ---------- ---------- ---------- ----------
Statutory underwriting loss $ (61.1) $ (34.3) $ (666.0) $ (18.6) $ (61.3) -
========== ========== ========== ========== ==========
STATUTORY COMBINED RATIO: (2,3)
Loss and loss adjustment expense ratio (c/b) 70.8% 72.4% 114.4% 72.6% 74.1%
Other underwriting expense ratio (d/a) 29.7% 28.9% 29.7% 28.1% 27.5%
---------- ---------- ---------- ---------- ----------
Combined ratio 100.5% 101.3% 144.1% 100.7% 101.6%
========== ========== ========== ========== ==========
Net investment income (pre-tax) $ 435.0 $ 435.7 $ 407.6 $ 399.2 $ 382.5 (12)%
Effective tax rate on net investment income 26.6% 26.8% 26.4% 25.8% 25.4%
Catastrophe losses, net of reinsurance (after-tax) $ 8.2 $ 12.3 $ 447.9 $ 2.1 $ - NM
</Table>
(1) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of class A common
stock at $18.50 per share in an initial public offering on March 27, 2002.
The offering resulted in an after-tax gain of $1.061 billion to Citigroup.
Citigroup plans to make a tax-free distribution to its stockholders of a
portion of its ownership interest in TPC by year-end 2002, such that
following the distribution, Citigroup would remain a holder of
approximately 9.9% of TPC's common equity. The distribution is subject to
various regulatory approvals as well as a private letter ruling from the
Internal Revenue Service and various other conditions. Citigroup has no
obligation to consummate the distribution by the end of 2002 or at all,
whether or not these conditions are satisfied. Income statement minority
interest will be recognized on the initial public offering portion
beginning on April 1, 2002.
(2) The 2001 third quarter results include the effects of the events of
September 11, 2001, which resulted in a decrease of $45.0 million and
$689.0 million to premiums and statutory underwriting loss, respectively,
and an increase of $644.0 million to losses and loss adjustment expenses.
Excluding the effects of these events, the loss and loss adjustment expense
ratio, other underwriting expense ratio, and combined ratio for the 2001
third quarter were 69.3%, 28.9% and 98.2%, respectively.
(3) Before policyholder dividends.
* Excludes realized gains/(losses) on investments.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 22
<Page>
INVESTMENT ACTIVITIES (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
---------- ---------- ---------- ---------- ---------- -----------------
REVENUES:
Proprietary Investments (2) $ (94) $ 294 $ (371) $ 552 $ 88 NM
LDC Debt Sales/Refinancing 20 16 10 13 4 (80)%
Insurance Portfolio Realized Gains (Losses) (3) 307 50 195 (87) 54 (82)%
---------- ---------- ---------- ---------- ----------
Total Revenues $ 233 $ 360 $ (166) $ 478 $ 146 (37)%
========== ========== ========== ========== ==========
CORE INCOME:
Proprietary Investments (2) $ (80) $ 197 $ (255) $ 328 $ 32 NM
LDC Debt Sales/Refinancing 12 10 6 7 3 (75)%
Insurance Portfolio Realized Gains (Losses) (3) 200 33 127 (56) 35 (83)%
---------- ---------- ---------- ---------- ----------
Total Core Income $ 132 $ 240 $ (122) $ 279 $ 70 (47)%
========== ========== ========== ========== ==========
PERIOD END ASSETS:
Proprietary Investments $ 8,348 $ 8,057 $ 7,610 $ 8,512 $ 8,563 3%
LDC Debt Sales/Refinancing 2,069 1,980 1,393 815 743 (64)%
---------- ---------- ---------- ---------- ----------
Total Period End Assets $ 10,417 $ 10,037 $ 9,003 $ 9,327 $ 9,306 (11)%
========== ========== ========== ========== ==========
</Table>
(1) Includes the investment portfolio relating to Banamex beginning in the
third quarter 2001.
(2) Includes Venture Capital Activities and certain other corporate
investments.
(3) Represents realized gains (losses) on investments held by insurance
companies.
NM Not meaningful
PAGE 23
<Page>
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------------
REVENUES
Loan interest, including fees $ 10,004 $ 9,753 $ 10,289 $ 9,570 $ 9,166 (8)%
Other interest and dividends 7,169 7,013 6,827 5,940 5,436 (24)%
Insurance premiums 3,361 3,217 3,310 3,572 3,364 -
Commissions and fees 4,132 3,752 3,840 4,220 4,032 (2)%
Principal transactions 2,325 1,417 1,019 783 1,666 (28)%
Asset management and administration fees 1,389 1,331 1,371 1,298 1,320 (5)%
Realized gains (losses) from sales of investments 451 60 213 (146) 54 (88)%
Other income 973 1,311 845 1,413 856 (12)%
-------- -------- -------- -------- --------
Total revenues 29,804 27,854 27,714 26,650 25,894 (13)%
Interest expense 9,523 8,469 8,327 5,646 4,899 (49)%
-------- -------- -------- -------- --------
Total revenues, net of interest expense 20,281 19,385 19,387 21,004 20,995 4%
-------- -------- -------- -------- --------
BENEFITS, CLAIMS, AND CREDIT LOSSES
Policyholder benefits and claims 2,727 2,681 3,403 2,948 2,789 2%
Provision for credit losses 1,474 1,485 1,580 2,261 2,559 74%
-------- -------- -------- -------- --------
Total benefits, claims, and credit losses 4,201 4,166 4,983 5,209 5,348 27%
-------- -------- -------- -------- --------
OPERATING EXPENSES
Non-insurance compensation and benefits 5,329 4,762 4,525 4,833 5,090 (4)%
Insurance underwriting, acquisition and operating 999 990 956 976 992 (1)%
Restructuring-related items (1) 132 213 134 (21) 47 (64)%
Other operating 4,041 3,627 3,908 4,197 3,683 (9)%
-------- -------- -------- -------- --------
Total operating expenses 10,501 9,592 9,523 9,985 9,812 (7)%
-------- -------- -------- -------- --------
GAIN ON SALE OF STOCK BY SUBSIDIARY (2) - - - - 1,270 -
-------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 5,579 5,627 4,881 5,810 7,105 27%
Provision for income taxes 1,990 1,960 1,678 1,898 2,198 10%
Minority interest, net of income taxes 9 15 26 37 17 89%
-------- -------- -------- -------- --------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 3,580 3,652 3,177 3,875 4,890 37%
Cumulative Effect of Accounting Changes (3) (42) (116) - - (47) (12)%
-------- -------- -------- -------- --------
NET INCOME $ 3,538 $ 3,536 $ 3,177 $ 3,875 $ 4,843 37%
======== ======== ======== ======== ========
</Table>
(1) Restructuring-related items in the 2001 first quarter related principally
to severance and costs associated with the reduction of staff in the
Global Corporate businesses, in the 2001 second quarter related
principally to severance and costs associated with the reduction of staff
primarily in the Global Corporate and Global Consumer businesses, in the
2001 third quarter primarily related to the acquisition of Banamex and
the integration of its operations within the Global Consumer business, in
the 2001 fourth quarter primarily related to reductions in the reserve
due to changes in estimates, and in the 2002 first quarter primarily
related to severance and costs associated with the reduction of staff in
Argentina within the Latin America consumer and corporate businesses.
(2) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of class A common
stock at $18.50 per share in an initial public offering on March 27,
2002. The offering resulted in an after-tax gain of $1.061 billion to
Citigroup. Citigroup plans to make a tax-free distribution to its
stockholders of a portion of its ownership interest in TPC by year-end
2002, such that following the distribution, Citigroup would remain a
holder of approximately 9.9% of TPC's common equity. The distribution is
subject to various regulatory approvals as well as a private letter
ruling from the Internal Revenue Service and various other conditions.
Citigroup has no obligation to consummate the distribution by the end of
2002 or at all, whether or not these conditions are satisfied. Income
statement minority interest will be recognized on the initial public
offering portion beginning on April 1, 2002.
(3) Accounting Changes refer to the first quarter 2001 adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", as amended (SFAS 133), the second
quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest
Income and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets" (EITF 99-20), and the first quarter 2002
adoption of the remaining provisions of SFAS No. 142, "Goodwill and Other
Intangible Assets" (SFAS 142).
PAGE 24
<Page>
CITIGROUP EARNINGS ANALYSIS - MANAGED BASIS
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- ----------------
Total Revenues, Net of Interest Expense $ 20,281 $ 19,385 $ 19,387 $ 21,004 $ 20,995 4%
Effect of Securitization Activities 766 930 907 965 1,021 33%
-------- -------- -------- -------- --------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE 21,047 20,315 20,294 21,969 22,016 5%
Total Operating Expenses 10,501 9,592 9,523 9,985 9,812 (7)%
Restructuring-Related Items (1) (132) (213) (134) 21 (47) 64%
-------- -------- -------- -------- --------
ADJUSTED OPERATING EXPENSES 10,369 9,379 9,389 10,006 9,765 (6)%
Benefits, Claims and Credit Losses 4,201 4,166 4,983 5,209 5,348 27%
Effect of Securitization Activities 766 930 907 965 1,021 33%
-------- -------- -------- -------- --------
ADJUSTED BENEFITS, CLAIMS AND CREDIT LOSSES 4,967 5,096 5,890 6,174 6,369 28%
CORE INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 5,711 5,840 5,015 5,789 5,882 3%
Taxes on Core Income 2,042 2,040 1,727 1,890 2,006 (2)%
Minority Interest, Net of Income Taxes 9 15 26 37 17 89%
-------- -------- -------- -------- --------
CORE INCOME 3,660 3,785 3,262 3,862 3,859 5%
Restructuring-Related Items, after-tax (1) (80) (133) (85) 13 (30) 63%
Gain on Sale of Stock by Subsidiary, after-tax (2) - - - - 1,061 -
Cumulative Effect of Accounting Changes (3) (42) (116) - - (47) (12)%
-------- -------- -------- -------- --------
NET INCOME $ 3,538 $ 3,536 $ 3,177 $ 3,875 $ 4,843 37%
======== ======== ======== ======== ========
</Table>
(1) Restructuring-related items in the 2001 first quarter related principally
to severance and costs associated with the reduction of staff in the
Global Corporate businesses, in the 2001 second quarter related
principally to severance and costs associated with the reduction of staff
primarily in the Global Corporate and Global Consumer businesses, in the
2001 third quarter primarily related to the acquisition of Banamex and
the integration of its operations within the Global Consumer business, in
the 2001 fourth quarter primarily related to reductions in the reserve
due to changes in estimates, and in the 2002 first quarter primarily
related to severance and costs associated with the reduction of staff in
Argentina within the Latin America consumer and corporate businesses.
(2) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of class A common
stock at $18.50 per share in an initial public offering on March 27,
2002. The offering resulted in an after-tax gain of $1.061 billion to
Citigroup. Citigroup plans to make a tax-free distribution to its
stockholders of a portion of its ownership interest in TPC by year-end
2002, such that following the distribution, Citigroup would remain a
holder of approximately 9.9% of TPC's common equity. The distribution is
subject to various regulatory approvals as well as a private letter
ruling from the Internal Revenue Service and various other conditions.
Citigroup has no obligation to consummate the distribution by the end of
2002 or at all, whether or not these conditions are satisfied. Income
statement minority interest will be recognized on the initial public
offering portion beginning on April 1, 2002.
3) Accounting Changes refer to the first quarter 2001 adoption of Statement
of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities", as amended (SFAS 133), the second
quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest
Income and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets" (EITF 99-20), and the first quarter 2002
adoption of the remaining provisions of SFAS No. 142, "Goodwill and Other
Intangible Assets" (SFAS 142).
PAGE 25
<Page>
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS (In millions of
dollars, except loan amounts in billions)
<Table>
<Caption>
EOP AVERAGE
90 DAYS OR MORE PAST DUE (1) LOANS NET CREDIT LOSSES (1) LOANS
---------------------------- -------- -------------------------- ---------
1Q01 4Q01 1Q02 1Q02 1Q01 4Q01 1Q02 1Q02
------- ------- -------- -------- ------- ------- ------ ---------
CITIBANKING NORTH AMERICA $ 41 $ 96 $ 85 $ 12.0 $ 15 $ 30 $ 27 12.0
Ratio 0.56% 0.78% 0.71% 0.80% 0.97% 0.90%
MORTGAGE BANKING 957 1,157 1,344 46.9 7 13 16 47.2
Ratio 2.12% 2.53% 2.87% 0.06% 0.12% 0.14%
CITI CARDS 1,836 2,135 2,266 104.2 1,196 1,554 1,646 104.2
Ratio 1.84% 1.98% 2.17% 4.84% 5.91% 6.41%
OTHER CARDS 6 6 5 1.4 12 13 12 1.2
Ratio 0.32% 0.61% 0.40% 2.90% 4.39% 4.08%
CITIFINANCIAL 1,580 1,991 1,969 59.7 344 452 434 59.2
Ratio 2.82% 3.38% 3.30% 2.50% 3.06% 2.97%
WESTERN EUROPE 811 824 817 19.9 91 101 97 19.7
Ratio 4.52% 4.07% 4.10% 2.01% 2.00% 1.99%
CEEMEA 33 36 36 2.6 9 10 11 2.5
Ratio 1.40% 1.41% 1.42% 1.66% 1.60% 1.75%
ASIA (EXCLUDING JAPAN) 334 367 374 20.9 61 68 79 21.2
Ratio 1.58% 1.73% 1.79% 1.14% 1.28% 1.51%
JAPAN 107 178 187 15.1 135 174 195 14.4
Ratio 0.81% 1.24% 1.23% 4.06% 4.53% 5.47%
MEXICO 16 523 470 6.0 3 57 57 6.0
Ratio 5.19% 8.75% 7.89% 4.13% 3.88% 3.89%
LATIN AMERICA 302 248 171 4.3 68 69 77 4.8
Ratio 4.74% 4.71% 4.03% 4.24% 4.93% 6.50%
THE CITIGROUP PRIVATE BANK 65 135 143 27.5 (1) 10 2 27.0
Ratio 0.27% 0.53% 0.52% -0.01% 0.15% 0.04%
OTHER 17 5 - 0.8 (9) 29 1 1.3
------- ------- -------- -------- ------- ------- ------ ---------
TOTAL MANAGED $ 6,105 $ 7,701 $ 7,867 $ 321.3 $ 1,931 $ 2,580 $2,654 $ 320.7
Ratio 2.04% 2.37% 2.45% 2.61% 3.20% 3.36%
======= ======= ======== ======== ======= ======= ====== =========
</Table>
(1) The ratios of 90 days or more past due and net credit losses are calculated
based on end-of-period and average loans, respectively, both net of
unearned income.
Reclassified to conform to the current period's presentation.
PAGE 26
<Page>
DETAILS OF CREDIT LOSS EXPERIENCE
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2001 2001 2001 2001 2002
-------- -------- -------- -------- --------
ALLOWANCE FOR CREDIT LOSSES AT BEGINNING OF PERIOD $ 8,961 $ 8,957 $ 8,917 $ 9,918 $ 10,088
-------- -------- -------- -------- --------
PROVISION FOR CREDIT LOSSES
Consumer 1,197 1,196 1,360 1,563 1,876
Commercial 277 289 220 698 683
-------- -------- -------- -------- --------
1,474 1,485 1,580 2,261 2,559
-------- -------- -------- -------- --------
GROSS CREDIT LOSSES
Consumer 1,364 1,407 1,588 1,874 1,896
Commercial 331 369 402 953 559
-------- -------- -------- -------- --------
1,695 1,776 1,990 2,827 2,455
-------- -------- -------- -------- --------
CREDIT RECOVERIES
Consumer 199 183 211 260 255
Commercial 54 82 119 152 72
-------- -------- -------- -------- --------
253 265 330 412 327
-------- -------- -------- -------- --------
NET CREDIT LOSSES 1,442 1,511 1,660 2,415 2,128
-------- -------- -------- -------- --------
Other -- net (1) (36) (14) 1,081 324 1
-------- -------- -------- -------- --------
ALLOWANCE FOR CREDIT LOSSES AT END OF PERIOD $ 8,957 $ 8,917 $ 9,918 $ 10,088 $ 10,520
======== ======== ======== ======== ========
Net consumer credit losses $ 1,165 $ 1,224 $ 1,377 $ 1,614 $ 1,641
As a percentage of Average consumer loans 2.10% 2.19% 2.31% 2.66% 2.76%
Net commercial credit losses $ 277 $ 287 $ 283 $ 801 $ 487
As a percentage of Average commercial loans 0.81% 0.82% 0.73% 2.14% 1.38%
ALLOWANCE FOR CREDIT LOSSES
Consumer $ 4,956 $ 4,914 $ 5,239 $ 5,169 $ 5,401
Commercial 4,001 4,003 4,679 4,919 5,119
-------- -------- -------- -------- --------
Total Allowance for Credit Losses $ 8,957 $ 8,917 $ 9,918 $ 10,088 $ 10,520
======== ======== ======== ======== ========
ALLOWANCE AS A PERCENT OF TOTAL LOANS
Consumer 2.24% 2.20% 2.17% 2.13% 2.22%
Commercial 2.75% 2.79% 2.97% 3.31% 3.49%
Total 2.44% 2.43% 2.48% 2.57% 2.78%
</Table>
(1) The third quarter 2001 includes the addition of $1 billion of credit loss
reserves related to the acquisition of Banamex. A review of the Banamex
credit portfolio was completed in the fourth quarter resulting in an
increase to the allowance for credit losses. This increase does not relate
to credit deterioration in the 2001 fourth quarter.
PAGE 27
<Page>
CITIGROUP SUPPLEMENTAL DATA(1)
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2001 2001 2001 2001 2002
------- ------- ------- ------- -------
CASH-BASIS AND RENEGOTIATED LOANS
Commercial Cash-Basis Loans
Collateral Dependent (at lower of cost or collateral value) (2) $ 528 $ 527 $ 699 $ 699 $ 493
Other 1,889 2,102 2,721 3,342 4,006
------- ------- ------- ------- -------
Total Commercial Cash-Basis Loans $ 2,417 $ 2,629 $ 3,420 $ 4,041 $ 4,499
======= ======= ======= ======= =======
COMMERCIAL CASH-BASIS LOANS
Emerging Markets Corporate Banking and Global Transaction Services $ 1,137 $ 1,279 $ 1,563 $ 1,465 $ 1,767
Mexico 68 164 600 1,030 1,095
Corporate and Investment Bank 1,149 1,149 1,225 1,525 1,598
Insurance Subsidiaries 55 24 26 19 38
Investment Activities 8 13 6 2 1
------- ------- ------- ------- -------
Total Commercial Cash-Basis Loans $ 2,417 $ 2,629 $ 3,420 $ 4,041 $ 4,499
======= ======= ======= ======= =======
COMMERCIAL RENEGOTIATED LOANS $ 909 $ 864 $ 748 $ 681 $ 630
======= ======= ======= ======= =======
CONSUMER LOANS ON WHICH ACCRUAL OF INTEREST
HAS BEEN SUSPENDED $ 3,804 $ 4,111 $ 4,431 $ 4,234 $ 4,272
======= ======= ======= ======= =======
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED
ASSETS
Consumer (3) $ 268 $ 289 $ 407 $ 393 $ 384
------- ------- ------- ------- -------
Emerging Markets Corporate Banking and Global Transaction Services 63 61 38 38 35
Mexico 2 1 1 - -
Corporate and Investment Bank 108 107 110 64 110
Insurance Subsidiaries 123 111 112 118 125
------- ------- ------- ------- -------
Total Commercial (3) 296 280 261 220 270
------- ------- ------- ------- -------
Corporate/Other 8 8 9 8 -
------- ------- ------- ------- -------
TOTAL OTHER REAL ESTATE OWNED $ 572 $ 577 $ 677 $ 621 $ 654
======= ======= ======= ======= =======
OTHER REPOSSESSED ASSETS (4) $ 419 $ 409 $ 479 $ 439 $ 381
======= ======= ======= ======= =======
</Table>
(1) Includes Banamex loan data from the third quarter of 2001 forward. A review
of the Banamex credit portfolio was completed in the fourth quarter which
caused commercial cash-basis loans to increase. This increase does not
relate to credit deterioration in the 2001 fourth quarter.
(2) A cash-basis loan is defined as collateral dependent when repayment is
expected to be provided solely by the underlying collateral and there are
no other available and reliable sources of repayment, in which case the
loans are written down to the lower of cost or collateral value.
(3) Represents repossessed real estate, carried at lower of cost or fair value,
less costs to sell.
(4) Primarily commercial transportation equipment, carried at lower of cost or
fair value, less costs to sell.
PAGE 28
<Page>
INSURANCE INVESTMENT PORTFOLIO (1)
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------------
Fixed-income investments:
Available for sale, at market:
Mortgage-backed securities - principally
obligations of U.S. Government agencies $ 13,032 $ 13,541 $ 14,137 $ 13,723 $ 13,646 5%
U.S. Treasury securities and Obligations of U.S.
Government corporations and agencies 3,099 2,248 2,472 3,284 3,451 11%
Corporates (including redeemable preferreds) 30,872 31,321 31,510 31,091 31,668 3%
Obligations of states and political subdivisions 11,349 11,330 11,475 11,170 11,157 (2)%
Debt securities issued by foreign governments 1,368 1,566 1,330 1,474 1,289 (6)%
Held to maturity, at amortized cost 29 28 27 15 13 (55)%
-------- -------- -------- -------- --------
Total fixed income 59,749 60,034 60,951 60,757 61,224 2%
Equity securities, at market 2,443 2,321 2,112 1,633 1,572 (36)%
Short-term and other 8,029 6,947 9,616 9,863 9,168 14%
-------- -------- -------- -------- --------
Total investments held by Insurance companies $ 70,221 $ 69,302 $ 72,679 $ 72,253 $ 71,964 2%
======== ======== ======== ======== ========
After tax unrealized gains / (losses) on invested assets $ 793 $ 458 $ 904 $ 470 $ (26) NM
======== ======== ======== ======== ========
</Table>
(1) Includes investments held by insurance companies.
NM Not meaningful
PAGE 29
<Page>
GLOBAL CONSUMER
GLOBAL CARDS SUPPLEMENTAL DATA
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
--------- --------- --------- --------- --------- -----------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE (1) $ 3,604 $ 3,674 $ 4,036 $ 4,306 $ 4,132 15%
Adjusted Operating Expenses 1,337 1,299 1,360 1,389 1,310 (2)%
Adjusted Provision for Credit Losses (1) 1,322 1,483 1,541 1,693 1,792 36%
--------- --------- --------- --------- ---------
Core Income Before Taxes 945 892 1,135 1,224 1,030 9%
Income Taxes 347 327 412 421 366 5%
--------- --------- --------- --------- ---------
CORE INCOME $ 598 $ 565 $ 723 $ 803 $ 664 11%
========= ========= ========= ========= =========
Managed Average Assets (in billions of dollars) $ 116 $ 117 $ 121 $ 123 $ 122 5%
========= ========= ========= ========= =========
Return on Managed Assets 2.09% 1.94% 2.37% 2.59% 2.21%
========= ========= ========= ========= =========
KEY INDICATORS
(in billions of dollars)
End of Period Managed Receivables $ 112.1 $ 116.2 $ 119.2 $ 122.5 $ 118.8 6%
Total EOP Open Accounts (in millions) 106.2 107.8 109.4 109.4 108.4 2%
Total Sales $ 62.6 $ 67.2 $ 66.7 $ 69.2 $ 62.6 -
Coincident Net Credit Loss Ratio % 4.73% 5.33% 5.23% 5.70% 6.17%
Loans 90+ Days Past Due % 1.82% 1.73% 1.80% 1.96% 2.15%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 472 $ 448 $ 566 $ 623 $ 520 10%
International 126 117 157 180 144 14%
--------- --------- --------- --------- ---------
Total $ 598 $ 565 $ 723 $ 803 $ 664 11%
========= ========= ========= ========= =========
AVERAGE MANAGED LOANS
North America $ 101.8 $ 102.3 $ 104.5 $ 105.5 $ 105.4 4%
International 10.1 10.2 12.2 12.2 12.3 22%
--------- --------- --------- --------- ---------
Total $ 111.9 $ 112.5 $ 116.7 $ 117.7 $ 117.7 5%
========= ========= ========= ========= =========
TOTAL EOP OPEN ACCOUNTS (IN MILLIONS)
North America 94.3 95.1 94.5 93.9 92.7 (2)%
International 11.9 12.7 14.9 15.5 15.7 32%
--------- --------- --------- --------- ---------
Total 106.2 107.8 109.4 109.4 108.4 2%
========= ========= ========= ========= =========
TOTAL SALES
North America $ 54.4 $ 58.7 $ 57.5 $ 58.9 $ 53.2 (2)%
International 8.2 8.5 9.2 10.3 9.4 15%
--------- --------- --------- --------- ---------
Total $ 62.6 $ 67.2 $ 66.7 $ 69.2 $ 62.6 -
========= ========= ========= ========= =========
MANAGED NET CREDIT LOSSES (IN MILLIONS OF DOLLARS):
North America $ 1,207 $ 1,395 $ 1,433 $ 1,567 $ 1,657 37%
International 99 110 104 124 134 35%
--------- --------- --------- --------- ---------
Total $ 1,306 $ 1,505 $ 1,537 $ 1,691 $ 1,791 37%
========= ========= ========= ========= =========
</Table>
(1) On a managed basis.
Reclassified to conform to the current period's presentation.
PAGE 30
<Page>
GLOBAL CONSUMER
GLOBAL CONSUMER FINANCE SUPPLEMENTAL DATA
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
-------- -------- -------- -------- -------- -----------------
ADJUSTED REVENUES, NET OF INTEREST EXPENSE $ 2,200 $ 2,238 $ 2,374 $ 2,369 $ 2,376 8%
Adjusted Operating Expenses 935 838 840 786 760 (19)%
Adjusted Provision for Credit Losses 619 611 645 726 740 20%
-------- -------- -------- -------- --------
Core Income Before Taxes 646 789 889 857 876 36%
Income Taxes 238 287 325 310 313 32%
-------- -------- -------- -------- --------
CORE INCOME $ 408 $ 502 $ 564 $ 547 $ 563 38%
======== ======== ======== ======== ========
Average Assets (in billions of dollars) $ 82 $ 84 $ 86 $ 88 $ 88 7%
======== ======== ======== ======== ========
Return on Assets 2.02% 2.40% 2.60% 2.47% 2.59%
======== ======== ======== ======== ========
Average Net Receivables (in billions of dollars) $ 69.9 $ 71.4 $ 73.6 $ 75.2 $ 75.1 7%
Number of Offices 3,760 3,670 3,644 $ 3,567 3,530 (6)%
Net Credit Loss Ratio 3.04% 2.95% 2.98% 3.57% 3.64%
Loans 90+Days Past Due:
In millions of dollars $ 1,789 $ 1,963 $ 2,172 $ 2,284 $ 2,261 26%
% 2.55% 2.72% 2.89% 3.04% 2.96%
GEOGRAPHIC DISTRIBUTION
CORE INCOME
North America $ 220 $ 275 $ 317 $ 293 $ 320 45%
International 188 227 247 254 243 29%
-------- -------- -------- -------- --------
Total $ 408 $ 502 $ 564 $ 547 $ 563 38%
======== ======== ======== ======== ========
AVERAGE NET RECEIVABLES
North America $ 55.7 $ 56.5 $ 57.7 $ 58.7 $ 59.2 6%
International 14.2 14.9 15.9 16.5 15.9 12%
-------- -------- -------- -------- --------
Total $ 69.9 $ 71.4 $ 73.6 $ 75.2 $ 75.1 7%
======== ======== ======== ======== ========
NUMBER OF OFFICES
North America 2,430 2,336 2,320 2,221 2,199 (10)%
International 1,330 1,334 1,324 1,346 1,331 -
-------- -------- -------- -------- --------
Total 3,760 3,670 3,644 3,567 3,530 (6)%
======== ======== ======== ======== ========
</Table>
Reclassified to conform to the current period's presentation.
PAGE 31
<Page>
GLOBAL CORPORATE
SUPPLEMENTAL PRODUCT AND REGIONAL RESULTS
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
------- ------- ------- ------- ------- -----------------
TOTAL REVENUE
Global Corporate Finance (1) $ 5,045 $ 4,078 $ 3,756 $ 4,068 $ 4,357 (14)%
Global Transaction Services (2) 884 871 832 836 814 (8)%
Private Client 1,551 1,510 1,449 1,436 1,479 (5)%
------- ------- ------- ------- -------
Total Global Corporate $ 7,480 $ 6,459 $ 6,037 $ 6,340 $ 6,650 (11)%
======= ======= ======= ======= =======
CORE INCOME
Global Corporate Finance (1) $ 1,135 $ 1,023 $ 999 $ 739 $ 869 (23)%
Global Transaction Services (2) 112 129 111 115 115 3%
Private Client 197 208 181 192 198 1%
------- ------- ------- ------- -------
Total Global Corporate $ 1,444 $ 1,360 $ 1,291 $ 1,046 $ 1,182 (18)%
======= ======= ======= ======= =======
REGIONAL VIEW
TOTAL REVENUE
JENA (3) $ 5,942 $ 4,930 $ 4,611 $ 4,890 $ 5,253 (12)%
Emerging Markets 1,538 1,529 1,426 1,450 1,397 (9)%
------- ------- ------- ------- -------
Total Global Corporate $ 7,480 $ 6,459 $ 6,037 $ 6,340 $ 6,650 (11)%
======= ======= ======= ======= =======
CORE INCOME
JENA (3) $ 1,028 $ 883 $ 927 $ 661 $ 973 (5)%
Emerging Markets 416 477 364 385 209 (50)%
------- ------- ------- ------- -------
Total Global Corporate $ 1,444 $ 1,360 $ 1,291 $ 1,046 $ 1,182 (18)%
======= ======= ======= ======= =======
TRADING RELATED REVENUE BY PRODUCT
Fixed Income $ 1,289 $ 959 $ 824 $ 935 $ 1,327 3%
Equities 472 214 101 95 147 (69)%
Foreign Exchange 360 394 288 422 435 21%
All Other 64 47 38 48 77 20%
------- ------- ------- ------- -------
Total Trading Related Revenue $ 2,185 $ 1,614 $ 1,251 $ 1,500 $ 1,986 (9)%
======= ======= ======= ======= =======
TRADING RELATED REVENUE BY INCOME STATEMENT LINE
Principal Transactions $ 2,063 $ 1,255 $ 834 $ 575 $ 1,261 (39)%
Net Interest Revenue 122 359 417 925 725 NM
------- ------- ------- ------- -------
Total Trading Related Revenue $ 2,185 $ 1,614 $ 1,251 $ 1,500 $ 1,986 (9)%
======= ======= ======= ======= =======
</Table>
(1) Global Corporate Finance includes Global Fixed Income, Global Equities,
Global Investment Banking, Emerging Markets (EM) Sales & Trading, EM Local
Finance, Loan Portfolio, Municipals, Equity Finance, Phibro and CitiCapital.
(2) Global Transaction Services includes e-Business, Cash Management, Trade
Finance and Global Securities Services.
(3) JENA includes Japan, Western Europe and North America.
NM Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 32
<Page>
CITIGROUP EMERGING MARKETS - EXCLUDING INVESTMENT ACTIVITIES
(IN MILLIONS OF DOLLARS)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
------- ------- ------- ------- ------- -----------------
REVENUE
Asia $ 1,203 $ 1,268 $ 1,147 $ 1,232 $ 1,226 2%
Mexico 153 165 681 1,127 1,085 NM
Latin America 1,064 1,032 1,111 764 905 (15)%
CEEMEA 666 588 597 621 628 (6)%
Other 24 25 11 5 7 (71)%
------- ------- ------- ------- -------
TOTAL $ 3,110 $ 3,078 $ 3,547 $ 3,749 $ 3,851 24%
======= ======= ======= ======= =======
CORE INCOME
Asia $ 292 $ 382 $ 251 $ 350 $ 351 20%
Mexico 4 12 123 209 280 NM
Latin America 254 250 274 25 (150) NM
CEEMEA 187 131 151 167 167 (11)%
Other (26) (1) (4) 21 (16) 38%
------- ------- ------- ------- -------
TOTAL $ 711 $ 774 $ 795 $ 772 $ 632 (11)%
======= ======= ======= ======= =======
CORE INCOME
ASIA:
Consumer (1) $ 148 $ 147 $ 159 $ 161 $ 148 -
Corporate 116 221 75 169 175 51%
Asset Management & Private Banking 28 14 17 20 28 -
------- ------- ------- ------- -------
TOTAL ASIA $ 292 $ 382 $ 251 $ 350 $ 351 20%
======= ======= ======= ======= =======
MEXICO $ 4 $ 12 $ 123 $ 209 $ 280 NM
LATIN AMERICA:
Consumer (1) $ 72 $ 81 $ 84 $ (54) $ (75) NM
Corporate 161 151 170 58 (88) NM
Asset Management & Private Banking 21 18 20 21 13 (38)%
------- ------- ------- ------- -------
TOTAL LATIN AMERICA $ 254 $ 250 $ 274 $ 25 $ (150) NM
======= ======= ======= ======= =======
CEEMEA:
Consumer (1) $ 18 $ 21 $ 24 $ 23 $ 25 39%
Corporate 165 106 123 137 138 (16)%
Asset Management & Private Banking 4 4 4 7 4 -
------- ------- ------- ------- -------
TOTAL CEEMEA $ 187 $ 131 $ 151 $ 167 $ 167 (11)%
======= ======= ======= ======= =======
Other $ (26) $ (1) $ (4) $ 21 $ (16) 38%
======= ======= ======= ======= =======
EMERGING MARKETS:
Consumer (1) $ 242 $ 261 $ 390 $ 339 $ 378 56%
Corporate 416 477 364 385 209 (50)%
Asset Management & Private Banking 53 36 41 48 45 (15)%
------- ------- ------- ------- -------
TOTAL EMERGING MARKETS $ 711 $ 774 $ 795 $ 772 $ 632 (11)%
======= ======= ======= ======= =======
</Table>
(1) Includes Associates.
NM - Not meaningful
Reclassified to conform to the current period's presentation.
PAGE 33
<Page>
GLOBAL WEALTH MANAGEMENT
SUPPLEMENTAL DATA
(In millions of dollars)
<Table>
<Caption>
1Q 2002 VS.
1Q 2Q 3Q 4Q 1Q 1Q 2001 INCREASE/
2001 2001 2001 2001 2002 (DECREASE)
------- ------- ------- ------- ------- -----------------
REVENUES
Private Client $ 1,551 $ 1,510 $ 1,449 $ 1,436 $ 1,479 (5)%
Citigroup Asset Management 444 420 426 414 425 (4)%
The Citigroup Private Bank 392 376 366 408 423 8%
Travelers Life & Annuity 1,130 975 875 1,108 888 (21)%
Global Consumer Investment Products 714 700 828 850 836 17%
------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 4,231 $ 3,981 $ 3,944 $ 4,216 $ 4,051 (4)%
======= ======= ======= ======= =======
CORE INCOME
Private Client $ 197 $ 208 $ 181 $ 192 $ 198 1%
Citigroup Asset Management 79 73 82 89 94 19%
The Citigroup Private Bank 95 92 91 94 112 18%
Travelers Life & Annuity 210 231 178 202 200 (5)%
Global Consumer Investment Products 165 156 187 172 179 8%
------- ------- ------- ------- -------
TOTAL GLOBAL WEALTH MANAGEMENT $ 746 $ 760 $ 719 $ 749 $ 783 5%
======= ======= ======= ======= =======
CLIENT BUSINESS VOLUMES (IN BILLIONS OF DOLLARS)
Private Client - Client Assets $ 911 $ 981 $ 905 $ 977 $ 994 9%
Citigroup Asset Management - Assets Under Management 403 418 422 440 455 13%
The Citigroup Private Bank - Client Business Volumes 146 151 150 159 166 14%
Travelers Life & Annuity Investment Products 116 120 120 126 130 12%
Global Consumer Investment Products 499 512 520 536 547 10%
Less Cross-Sell Volumes Included Above (296) (319) (305) (323) (329) (11)%
------- ------- ------- ------- -------
TOTAL CLIENT BUSINESS VOLUMES $ 1,779 $ 1,863 $ 1,812 $ 1,915 $ 1,963 10%
======= ======= ======= ======= =======
</Table>
Note: Global Wealth Management includes businesses that provide services
related to the accumulation and management of wealth.
Reclassified to conform to the current period's presentation.
PAGE 34
<Page>
CITICORP SUPPLEMENTAL DATA
(In millions of dollars)
<Table>
<Caption>
1Q 2Q 3Q 4Q 1Q
2001 2001 2001 2001 2002
------- ------- ------- ------- -------
NET INTEREST REVENUE STATISTICS
(TAXABLE EQUIVALENT BASIS)
Net Interest Revenue $ 6,240 $ 6,545 $ 7,111 $ 7,990 $ 7,798
Effect of Securitization Activities 1,524 1,509 1,464 1,604 1,622
------- ------- ------- ------- -------
Total Adjusted $ 7,764 $ 8,054 $ 8,575 $ 9,594 $ 9,420
======= ======= ======= ======= =======
Average Interest Earning Assets (in billions of dollars) $ 477.1 $ 477.6 $ 530.3 $ 535.3 $ 533.3
Effect of Securitization Activities 62.2 62.3 63.1 67.6 66.8
------- ------- ------- ------- -------
Total Adjusted $ 539.3 $ 539.9 $ 593.4 $ 602.9 $ 600.1*
======= ======= ======= ======= =======
Net Interest Margin (%) 5.30% 5.50% 5.32% 5.92% 5.93%
Effect of Securitization Activities 0.54% 0.48% 0.41% 0.39% 0.44%
------- ------- ------- ------- -------
TOTAL ADJUSTED 5.84% 5.98% 5.73% 6.31% 6.37%
======= ======= ======= ======= =======
</Table>
* Preliminary
Reclassified to conform to the current period's presentation.
END OF FILE
PAGE 35
<Page>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 15, 2002 CITIGROUP INC.
By: /s/ William P. Hannon
-----------------------------
Name: William P. Hannon
Title: Controller