(Reuters) – Executives at Citigroup Inc’s (C.N) Primerica Financial Services unit are looking to sell the division’s marketing arm, Bloomberg said, citing four people familiar with the matter.
Private-equity firms including J.C. Flowers & Co, Blackstone Group (BX.N), and TPG Inc have been approached by the executives to gauge their interest in the division, the people told the news agency.
Citigroup has not endorsed the plan, the news agency said, citing the people.
As per one plan under discussion, the marketing arm would split from Citigroup and start selling policies backed by a new insurer, while the New York company would retain assets and liabilities from Primerica policies that have already been sold, two of the people told Bloomberg.
Primerica could not be immediately reached for comment by Reuters. (Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)