Citigroup Inc. hopes to raise $100 million through an initial public offering of its life insurance and investment vehicle, Primerica, Inc.

New York-based Citigroup announced its intent Nov. 5, through a filing with the U.S. Securities and Exchange Commission.  Primerica sells its insurance and investment products, including variable annuities, through approximately 100,000 licensed agents nationwide.

Michael Corbat

Michael Corbat, chief executive officer for Citi Holdings, said the announcement “represents an important step in simplifying our organization and demonstrates our continued success in finding solutions for Citi Holdings, our non-core businesses.

“We believe this is the best separation alternative for this franchise,” Corbat said in a statement.

Primerica’s co-CEO, John Addison, said the firm is looking forward to completing the IPO and becoming a public company.

“Becoming a public company is an opportunity to align the interests of our independent sales force and our employees with our future performance,” he said.

Citigroup announced it will continue to receive a significant stream of income from Primerica business, through reinsurance agreements covering term life insurance policies in place as of Dec. 31. Primerica will continue administering policies under this arrangement, and policies will continue to retain the underlying reserve and capital strength Primerica and Citi provide, according to the companies.

Following the IPO, Citigroup said it intends to divest its remaining interest in Primerica “as soon as is practicable,” subject to market and other conditions.

The number of shares offered and the price were not included in the SEC filing.

Citigroup tried to find a buyer for Primerica last year, discussing a sale with New York-based public equity firm J.C. Flowers & Co. and insurer Protective Life Corp., according to Bloomberg. The global credit crisis negatively impacted the insurers’ assets, ending those negotiations, but Citigroup executives tried again this year to reach a deal with Flowers, according to a report.