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UPDATE 1-Citigroup to sell Primerica shares to public

Thu Nov 5, 2009 4:52pm EST

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NEW YORK, Nov 5 (Reuters) - Citigroup Inc (C.N) said on Thursday that it plans to sell shares of its Primerica Inc life insurance business to the public, as the bank looks to shed assets outside its main businesses.

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Citigroup tried earlier this year to sell Primerica, an insurer that specializes in door-to-door sales, but failed to do so.

Most of Primerica's insurance risk from policies sold through the end of this year will be kept by Citigroup, according to Primerica's regulatory filing. (Reporting by Dan Wilchins; editing by Carol Bishopric)

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