Direct Selling News Spotlights Primerica
DSA profiles Primerica in its December 2006 issue of Direct Selling News. Read Insuring Middle America.
Primerica Wins Dalbar Service Award for Fourth Year in a Row
2007 marks the fourth year in a row that Primerica has received the prestigious Dalbar Service Award — one of the most coveted awards in the financial services industry — for its top-notch customer service in mutual funds.
Dalbar, Inc. is a client service rating organization focused on raising the standards of customer satisfaction and quality in the financial services industry. Dalbar develops ratings for:
- Mutual Funds
- Broker/Dealers
- Life Insurance … and more
Read Dalbar’s press announcement.
Primerica, a subsidiary of Citigroup, improves order efficiency and accuracy with AppForge Crossfire.
Press Release, December 4, 2006
Primerica is a financial services company providing families with life insurance plans, retirement options and debt consolidation counseling, among other services.
In order to minimize errors, increase efficiency, and provide clients with the best possible customer service, Primerica decided it needed a paperless customer application process. The challenge for the company was how to build a solution that could potentially support its 91,000 licensed representatives across the country, many of whom carry a handheld device of their choice.
In addition, Primerica needed a solution that would pass the rigorous testing standards of each state's insurance department.
The cost and complexity of building a separate solution for each of the major handheld operating systems (PalmOS, Windows Mobile, and Symbian) to support the sales representatives, plus testing each operating system version for each state was a scenario that made the project all but unapproachable.
It was at this point that Palm, Inc., a market leader in PalmOS handhelds, recommended AppForge as a consulting and development partner that could help Primerica create a customized solution to meet their needs.
"Our top priority was to find a solution that would enable us to maintain only one set of code," said David Wade, CIO, Primerica. "AppForge offers an effective and flexible solution that would not only allow us to extend our application processes to a mobile workforce, but also help us protect our investment by ensuring the solution would work with multiple devices or newer software versions down the road. Using Crossfire, we were able to reduce implementation time, as only one set of code had to be submitted for certification, versus multiple codes for multiple devices."
Primerica used the Crossfire platform to develop software that allows sales representatives to input a customer application directly to his/her handheld device.
One major advantage of a handheld solution over paper forms is the ability for business rules to be built directly into the customer application process. This eliminates errors and greatly reduces operational costs by not having to enter redundant data. Representatives are able to better focus on the customer as the application steps them through the process and offers helpful reminders and guidance.
This new system has also increased the speed with which the customer information can be entered and processed in the company's central database. As a result, customer applications are processed faster with a greater level of accuracy.
"Eighty percent of every form requests the same information: name, address, age, etc.," said Wade. "We are now able to pre-populate the forms that run on the representative's device with this information so they only need to capture the additional twenty percent of information needed for the particular service in question. This saves time for both our sales representatives and our customers."
Currently, the solution has been rolled out to about 5,000 of Primerica's sales representatives. New representatives are added each quarter and moving forward, Primerica plans to use Crossfire to develop additional customized solutions for their growing sales force.
"We want our sales representatives to be able to choose their own handheld device," said Wade. "Crossfire allows us to do this. AppForge is a company focused on helping its customers throughout the development and deployment process."
Kids to Get Board Games
By Allen Howard
The Cincinnati Enquirer, December 19, 2006
The Ben-Gals, local businesspeople and celebrities will play Santa Claus and give more than $10,000 in gifts to about 500 children from the FreestoreFoodbank’s Kids Café program.
Board games, donated by Primerica Financial Services, will be distributed by Covington Mayor Butch Callery, Hamilton County Commissioner-elect David Pepper and U.S. Rep. Steve Chabot. The Ben-Gals will assist.
Callery will pass out gifts at 4 p.m. today at Covington Heights housing community, 2500 Todd Ave.
Pepper will play Santa Claus at 3:15 p.m. Wednesday at Evanston Recreation Center, 3204 Woodburn Ave. And Chabot will be at the Salvation Army, 3503 Warsaw Ave., Price Hill, at 5:30 p.m. Wednesday.
Pat Lause, vice president of Primerica, said board games encourage family togetherness.
“Many of the children who come to Kids Café have siblings who also attend,” Lause said. “Each child will get two games, which they can share with their brothers and sisters to create fun family memories during this holiday season.”
Each week, the Kids Café program serves more than 1,000 meals to children from across Cincinnati and Northern Kentucky. Meals are prepared and delivered for Kids Café sites by Cincinnati Cooks, also a FreestoreFoodbank program in which adult students from low-income households learn cooking, commercial kitchen operation and skills that prepare them for jobs.
UPS' Big Bird Gift Delivery
By Matt Kempner
The Atlanta Journal-Constitution, December 9, 2006
Excerpt: "Primerica Financial Services, a Duluth-based subsidiary of Citigroup, budgeted $70,000 this year to give each of its 1,800 employees — minus the most senior executives — a $20 Kroger gift card at Thanksgiving as well as a $25 certificate this month for the HoneyBaked Ham Company of Georgia.
'The amount of goodwill it creates among your employee population is more
than worth it' company spokesman Mark Supic said."
Primerica, a subsidiary of Citigroup, improves order efficiency and accuracy with AppForge Crossfire.
Press Release, December 4, 2006
Primerica is a financial services company providing families with life insurance plans, retirement options and debt consolidation counseling, among other services.
In order to minimize errors, increase efficiency, and provide clients with the best possible customer service, Primerica decided it needed a paperless customer application process. The challenge for the company was how to build a solution that could potentially support its 91,000 licensed representatives across the country, many of whom carry a handheld device of their choice.
In addition, Primerica needed a solution that would pass the rigorous testing standards of each state's insurance department.
The cost and complexity of building a separate solution for each of the major handheld operating systems (PalmOS, Windows Mobile, and Symbian) to support the sales representatives, plus testing each operating system version for each state was a scenario that made the project all but unapproachable.
It was at this point that Palm, Inc., a market leader in PalmOS handhelds, recommended AppForge as a consulting and development partner that could help Primerica create a customized solution to meet their needs.
"Our top priority was to find a solution that would enable us to maintain only one set of code," said David Wade, CIO, Primerica. "AppForge offers an effective and flexible solution that would not only allow us to extend our application processes to a mobile workforce, but also help us protect our investment by ensuring the solution would work with multiple devices or newer software versions down the road. Using Crossfire, we were able to reduce implementation time, as only one set of code had to be submitted for certification, versus multiple codes for multiple devices."
Primerica used the Crossfire platform to develop software that allows sales representatives to input a customer application directly to his/her handheld device.
One major advantage of a handheld solution over paper forms is the ability for business rules to be built directly into the customer application process. This eliminates errors and greatly reduces operational costs by not having to enter redundant data. Representatives are able to better focus on the customer as the application steps them through the process and offers helpful reminders and guidance.
This new system has also increased the speed with which the customer information can be entered and processed in the company's central database. As a result, customer applications are processed faster with a greater level of accuracy.
"Eighty percent of every form requests the same information: name, address, age, etc.," said Wade. "We are now able to pre-populate the forms that run on the representative's device with this information so they only need to capture the additional twenty percent of information needed for the particular service in question. This saves time for both our sales representatives and our customers."
Currently, the solution has been rolled out to about 5,000 of Primerica's sales representatives. New representatives are added each quarter and moving forward, Primerica plans to use Crossfire to develop additional customized solutions for their growing sales force.
"We want our sales representatives to be able to choose their own handheld device," said Wade. "Crossfire allows us to do this. AppForge is a company focused on helping its customers throughout the development and deployment process."
Imagining the “Pastabilities”
Gwinnett News, November 20, 2006
More than 100 area volunteers spent much of Saturday preparing meals for some 100 foster children and their families at Creekland Middle School.
The volunteers, from Citigroup and its affilliates, took to the school's kitchen on behalf of Foster Children's Foundation, a local non-profit that serves foster children and their families.
Primerica will present FCF with a $10,000 grant to fund a mentoring program called "Tomorrow Matters," geared toward middle- and high-school-age foster children.
Conning Signs Agreement with Citigroup to Manage the Assets of Its Insurance Affiliates
PR Newswire Association LLC., January 11, 2006
HARTFORD, Conn., Jan. 11 /PRNewswire/ - Conning Asset Management announced today that it has been selected to manage the assets of Citigroup's insurance affiliates, consisting of Primerica Life Insurance Company, American Health & Life Insurance and CitiFinancial International, with combined assets of approximately $8 billion. The mandate became effective on January 1, 2006.
Coincident with this mandate, Conning will be expanding its staff by 20 employees, including Citigroup personnel and former employees of Travelers Life, who had been responsible for providing investment management-related services to the Citigroup entities. David Miller, who formerly headed the portfolio management team at Citigroup Insurance Investments, will become a managing director at Conning responsible for the Citigroup portfolios. John Calcagni will head Conning's investment accounting and reporting team, having formerly held the same position at Citigroup Insurance Investments. Additional new staff will expand Conning's expertise in high yield, emerging market and private placement bonds. These additions will enhance Conning's ability to offer an expanding suite of product offerings.
Conning's CEO, Sal Correnti, commented, "We are very excited about this mandate and the addition of talented staff and new capabilities that will strengthen Conning's value proposition."
Conning is a wholly-owned subsidiary of Swiss Re. Conning's assets under management have grown from $23 billion in 2001, when it was acquired by Swiss Re, to approximately $62 billion inclusive of this mandate.
Conning
Conning Asset Management is a client-focused, global investment manager. As a global third-party insurance asset manager, Conning offers three core investment management services: (1) a broad array of portfolio management offerings focused on fixed income, (2) insurance ALM advisory, including strategic asset allocation, and (3) comprehensive investment accounting and financial reporting services.
Additionally, Conning provides life and health, as well as property and casualty insurance industry strategic insights and forecasts, in addition to customized strategic financial analysis. The company is headquartered in Hartford, Connecticut, with additional offices in London and Dublin.
Primerica Financial Services
Primerica Financial Services, headquartered in Duluth, Georgia, is the largest financial services marketing organization in North America, with more than 100,000 licensed independent representatives. The company provides to its 6 million clients quality financial products and services, including term life insurance, mutual funds, variable annuities, loans and long-term care insurance. Primerica conducts business in the US, Canada, and Puerto Rico; the company also operates in Spain as Citisoluciones and in the United Kingdom as CitiSolutions.
Primerica and its affiliate companies are subsidiaries of Citigroup, the leading global financial services company with some 200 million-customer accounts in approximately 100 countries. Along with Primerica, other major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Smith Barney, and Banamex.
Additional information about Primerica and Citigroup is available on
their respective web sites: (http://www.primerica.com/) and (http://www.citigroup.com/).
Co-op gets big food donation from Primerica
Gwinnett Daily Post, September 7, 2006
Kay Whithear from the Lilburn Cooperative Ministry recently called to tell us about Primerica Financial Services' summer food drive, which brought in five pickup trucks full of food.
This year, the company decided to make their annual food drive for the co-op a competition between the departments, leading to their biggest drive yet, Whithear said. Summer is often a hard time for the county's cooperative ministries, which provide food, clothing and bill-paying assistance for local low-income families. The Lilburn co-op helps about 150 families per week.
"We're always short on food this time of year," Whithear said. "That help has just made an amazing difference."
Citi Insurance Units’ Asset Oversight Deal
Matt Ackermann
American Banker and SourceMedia, Inc., January 12, 2006
WASHINGTON - Conning Asset Management said Wednesday it has been chosen to manage the assets of Citigroup's insurance affiliates in a move an analyst called a cleaning up of "loose ends" of the insurance business Citi has been leaving.
The Hartford, Conn., company began managing about $8 billion of assets for Primerica Life Insurance Co., American Health and Life Insurance, and CitiFinancial International on Jan. 1.
Andrew Collins, a senior research analyst at Piper Jaffray who covers Citigroup Inc., said the move continues Citi's departure from the insurance business. "Citi is steadily getting rid of all ties to the insurance business," he said. "They have done away with most of their insurance business already. This is just cleaning up some of the loose ends."
Conning is to expand its staff by 20 employees, including Citigroup people and former employees of the divested Travelers Life who had managed assets for the banking company subsidiaries.
David Miller, who formerly headed the portfolio management team at Citigroup Insurance Investments, will be a managing director at Conning responsible for the Citigroup portfolios. John Calcagni is to head Conning's investment accounting and reporting team. He held the same post at Citigroup Insurance Investments. Conning's assets under management have grown from $23 billion in 2001, when it was bought by Swiss Re, to about $62 billion, including the Citi mandate.
Tennessee Lottery — President & CEO Interview
Neil Cavuto
Fox News: Your World w/ Neil Cavuto, February 22, 2006
Primerica had a study of families under $35,000 income. Forty percent of them think the only way they are ever going to be able to retire is to win the lottery. So, there's a lot of fantasy out there, and a lot of losers, and a lot of pain.
Is the lottery the best bet for workers?
The Wichita Eagle, February 24, 2006
A 1999 survey by Consumer Federation of America and Primerica found that nearly half of low-income Americans believe they have a better chance of gaining $500,000 through winning the lottery than through saving or investing a portion of their incomes.
"If Americans understood that their chances of winning a big lottery jackpot were 10 to 20 million to one but that they could accumulate hundreds of thousands of dollars through regular saving, more families would put the $50 away rather than spending it on gambling or unneeded consumption," said Joseph Plumeri, chairman of Primerica.
The Personal Touch
Marsha Boone Kelly
Essence magazine, July 2006
Sister Friendly Direct Selling Offers Perks and Pay
Selling your wares in a client's home has come a long way since Amway and Tupperware parties. Today direct selling and multilevel ventures (where you move up and earn more by recruiting others) are among the fastest-growing entrepreneurial opportunities. Black women make up 12 percent of an estimated 14 million sellers, and total sales are close to $30 billion. From cosmetics to investment products, we've put together what you need to know and a few words from sisters who are doing it well. For more info, contact the Direct Selling Association, dsa.org.
MARY KAY |
WARM SPIRIT |
LIA SOPHIA (formerly Lady Remington) |
PRIMERICA |
OUR OWN IMAGE |
|
Skin-care and cosmetics giant |
Herbal beauty and health-care products |
Fashion accessories and jewelry |
Financial Services |
Culturally inspired home decor and accessories |
|
Start-Up Costs |
$100 plus tax for starter kit (product samples and instructional materials) |
$100 to sign up and get minimum number of samples
|
$99 gets you $400 worth of jewelry and $100 worth of supplies (carrying case, catalogs, DVDs) |
$199 includes training and the prelicensing and test fees required to sell life insurance |
$175 plus tax for sample products, training and sales materials, and carrying case |
You Get |
50 percent of sales, with commissions from sellers you recruit |
25 percent of sales, with higher percentages as you recruit new sellers |
30 percent of sales, with higher percentages as you recruit new sellers |
25 percent of the cost of an annual life insurance premium, to start |
Up to 40 percent of sales, with higher percentages as you recruit new sellers |
Perks |
"There's no boss, and this opportunity will always appeal to women, no matter what their ethnicity" says spokesperson Kathrina McAfee. | "I feel I can take this business opportunity and fly," says consultant Lauren Turner, who learned about the biz and its Black female cofounder through a friend. |
"You can easily move up the ladder of success," says toplevel manager Roz Savage, who after 23 years makes $25,000* a month. |
"We make a difference in clients' financial lives," says Rene Turner, who turned full-time 14 years ago and earns about $18,000** a month. | Patricia Smith Mackey has been a consultant for three years. She earns about $2,000 a month and last year grossed more than $25,000. |
Challenges |
With some 700,000 consultants in the United States, many neighborhoods are saturated with sellers. | There's competition from similar products. | "Convincing sisters that they can be successful in this business and not stuck in low-paying jobs," says Savage. | You must have a passion for helping people and an aptitude for financial matters. | Getting repeat customers when the product line doesn't call for refills. |
*Typical monthly part-time earnings are $1,000-$2,000. **Typical monthly part-time earnings are $500-$4,000.
Princeton Softech and Primerica to Co-Present at the CIO Forum & Executive IT Summit in Atlanta
Business Wire, May 9, 2006
PRINCETON, N.J. — (BUSINESS WIRE) — May 9, 2006 — Princeton Softech, the market leader in enterprise data management, and Primerica, a subsidiary and distribution hub serving for the family of financial companies of Citigroup, today announced that Steve Tallant, director of product line management at Princeton Softech, and David L. Wade, CIO of Primerica Financial Services, will be co-presenting at the IT Solutions for Business Problems CIO Forum & Executive IT Summit taking place May 16 to 17 in Atlanta, Georgia.
From a business perspective, companies have focused on the burdens and costs of regulatory compliance. However, more companies are realizing that by protecting customer privacy, they can build confidence and loyalty. Protecting data privacy is becoming an important competitive advantage that reinforces sound business practices.
To illustrate this topic, Tallant and Wade will lead a practical, in-depth panel discussion, entitled, "Unlocking Business Value: Enterprise Data Management Strategies to Boost Performance, Cut Risk and Control Cost."
The presentation by Princeton Softech and Primerica will take place May 16 at 3:30 PM (CDT) at the Crowne Plaza Ravinia Hotel, located at 4355 Ashford Dunwoody Road in Atlanta, Georgia.
For more information about the forum and the presentations by Princeton Softech and Primerica, please visit: http://www.premiertce.com/atlanta/atlanta06conference.htm
Operation HOPE and Primerica Team Up for Kids
Citigroup World, March 9, 2006
Citigroup and Primerica believe that it's never too early to begin teaching children about the importance of money management. In the U.S., children between the ages of 8 and 14 control some 39 billion "shopping dollars." Add to that, college loans and other major debts accumulated as they head toward adulthood and too many young people end up with dangerously high debt levels before they even have a "real" job.
But there is hope – in this case, Operation HOPE and Primerica. In recognition of the volunteer efforts of Primerica employees, as well as to celebrate the advancements and progress in enhancing financial literacy in many local schools, Operation HOPE recently hosted an awards event at Kanoheda Elementary School in Atlanta, Georgia.
In 2005, Operation HOPE and Primerica volunteers helped over 400 Gwinnett
County students
successfully complete Operation HOPE's award-winning financial literacy
program, "Banking on the Future." Operation HOPE Chairman and
CEO John Bryant saluted the Primerica volunteer instructors for teaching
the participating students the importance of learning about basic financial
concepts.
Kanoheda Elementary Principal Terry Watlington said, "This program really opened the eyes of our student participants about the importance of learning how money works. I wish to thank the enthusiastic Primerica volunteers, and am extremely gratified to have the opportunity to work with them and John Bryant."
Founded in 1996, "Banking on our Future" is Operation HOPE's premier financial education program for youth in underserved communities, emphasizing the value of learning to manage money and plan their finances effectively. The innovative course takes a highly interactive approach to train students in four banking fundamentals, including: the Basics of Banking, Checking and Savings Accounts, the Power of Credit, and Basics Investments.
"Primerica has always taken an educational approach with our clients to show them how to improve their financial futures. That's why we're so gratified to team with Operation HOPE and help teach students in our community about the basic financial concepts that will help them better prepare to make sound financial decisions as they move forward with their education and careers," said Jeff Fendler, president and CEO, Primerica Life Insurance Company, and member of Operation HOPE's Board of Directors.
Added Sonya Hawkins, a Primerica volunteer instructor, "We all really enjoyed working with these great kids. You know the lesson has made a real impression when a 12-year-old tells you that the way compound interest works is 'cool.' Many times the students actually asked us to stay beyond the scheduled time to talk even more about personal finance concepts."
Citigroup and Operation HOPE share a commitment to financial education for young people. In 2005, Citigroup announced a $500,000 grant from the Citigroup Foundation to expand the "Banking on Our Future" program to reach 10,000 students in seven cities. In addition, Citigroup employees, such as those Primerica employees who have been working in Gwinnett County, volunteer as HOPE Corps banker-teachers to educate students about the basics of earning income, budgeting, saving, and investing.
Primerica and Citigroup's partnership with Operation HOPE is just another success story made possible by Citigroup's 10-year, $200 million commitment to financial education.
Primerica Financial Services and Waddell & Reed Select Portfolio BuilderSM, Morningstar's New Asset Allocation and Portfolio Construction Tool
Press Release, Nov. 16, 2006
Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced that Primerica Financial Services and Waddell & Reed, Inc. have selected Morningstar® Portfolio BuilderSM, Morningstar's new asset allocation and portfolio construction tool, for use by their financial advisors. Morningstar Portfolio Builder is a Web-based workflow licensed by institutions to help their advisors efficiently and consistently construct client portfolios and present recommendations. The tool helps mitigate compliance risks by assisting firms in standardizing their approach to risk profiling, asset allocation, and investment selection. Portfolio Builder combines Ibbotson Associates' asset allocation methodology with Morningstar's investment research, investor-friendly design and technology. Ibbotson Associates, which Morningstar acquired in March 2006, is a leading authority on asset allocation.
"We're pleased to expand our relationships with Waddell & Reed and Primerica to provide them with a portfolio-building tool that standardizes their work process and creates efficiency, while mitigating compliance concerns," said Chris Boruff, president of Morningstar's advisor business. "Portfolio Builder takes the guesswork out of portfolio construction for advisors, which in turn, helps them provide consistent, high quality advice to their clients."
Portfolio Builder provides a step-by-step workflow that prompts advisors to capture client data, determine risk tolerance, identify an appropriate asset allocation, construct a recommended portfolio, and create a presentation document for the client. Firms have the flexibility to use standard risk tolerance questions and asset allocation models or create custom versions. They can also create fund-level model portfolios to use in their proposals to clients. The final proposal provides the client with a comprehensive portfolio recommendation that has been NASD-reviewed.
In addition to Portfolio Builder, Primerica also licenses Morningstar® Advisor Hypothetical IllustratorSM and Morningstar's mutual fund research for use by its 28,000 registered representatives. As part of its INVESTMENTPlan platform, Waddell & Reed also licenses Morningstar® Advisor Hypothetical IllustratorSM and Morningstar research for mutual funds, closed-end funds, variable annuity products, U.S. stocks, and exchange-traded funds for use by its 2,400 advisors.
"Primerica is excited to team with Morningstar, one of the most respected names in the industry, to launch Portfolio Builder, a powerful new program that will greatly benefit both our representatives and their clients," said David Siegel, executive vice president and chief marketing officer for Primerica Financial Services Investments. "Portfolio Builder is a terrific product that offers the kind of common sense approach to portfolio construction that will enhance the ability of our reps to help our customers meet their long-term investment goals."
Portfolio Builder is part of Morningstar® Advisor Focused Solutions, a series of research, data and technology workflows that institutions may license to help their advisors complete specific tasks. Advisor Focused Solutions are currently available for integration with a firm's existing systems or can be licensed in conjunction with Morningstar® Advisor WorkstationSM Enterprise Edition. More information on these products is available at global.morningstar.com.
About Waddell & Reed, Inc.
Founded in 1937, Waddell & Reed has grown to include more than 200
financial advisor offices nationwide. The company offers a wide array
of investment products and financial planning services, as well as a variety
of insurance products through arrangements with outside insurance companies.
For more information about Waddell & Reed, visit www.waddell.com.
About Primerica Financial Services
Primerica Financial Services, headquartered in Duluth, Georgia, is the
largest financial services marketing organization in North America, with
more than 100,000 licensed independent representatives. The company provides
financial products and services, including term life insurance, mutual
funds, variable annuities, loans and long-term care insurance. Primerica
and its affiliate companies are subsidiaries of Citigroup (NYSE:C), the
leading global financial services company with some 200 million-customer
accounts in approximately 100 countries. Additional information about
Primerica and Citigroup is available on their respective Web sites: www.primerica.com
and www.citigroup.com.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research
in the United States and in major international markets. The company offers
an extensive line of Internet, software, and print-based products and
services for individuals, financial advisors, and institutions. Morningstar
provides data on approximately 145,000 investment offerings, including
stocks, mutual funds, and similar vehicles. The company has operations
in 14 countries and minority ownership interests in companies in three
other countries.
Primerica Volunteers Support Citigroup Global Community Day
Citigroup’s Inaugural “Global Community Day” Mobilizes over 25,000 Volunteers on more than 700 Projects in 400 cities across 100 Countries
Press Release, November 15, 2006
Primerica and other Atlanta-area Citigroup subsidiaries will be doing their share to contribute locally as part of Citigroup’s global effort. Primerica has chosen to volunteer to help the Foster Children’s Foundation, a local non-profit dedicated to serving the needs of foster children. Primerica employees will be hosting a special “Pasta-bilities” dinner for an anticipated 100 foster children and 70 foster parents.
This local employee volunteer project is part of Citigroup’s first “Global Community Day,” a worldwide effort involving more than 25,000 volunteers, along with family and friends, participating in over 700 projects in 400 cities across 100 countries. Recognizing that many Citigroup employees volunteer year-round in their communities, Global Community Day celebrates Citigroup’s volunteer spirit on one day around the globe. Local volunteer teams will be working on a variety of projects addressing specific community needs, including literacy, housing, environmental protection, nutrition, and health care.
“With more than 300,000 employees working in 100 countries, Citigroup is committed to mobilizing the enthusiasm and talents of our employees for community service,” said Charles Prince, Chairman and Chief Executive Officer of Citigroup. “Citigroup’s Global Community Day is a company-wide effort, with thousands of volunteers working in Asia Pacific, Latin America, Europe, the Middle East, Africa, and North America. This initiative certainly highlights the power and diversity of Citigroup’s employees and our company’s unwavering commitment to giving back to the communities in which we live and work,” said Prince.
Primerica, a Citigroup subsidiary, is located in Duluth and is the largest financial services marketing organization in North America. Primerica is Gwinnett County’s 5th largest employer, with 1,800 employees. Additional information may be found at Primerica.
Primerica Financial Services : A Cross-Sell Powerhouse
Citigroup World, Third Quarter 2006
Thirty minutes that could change your life. That's Primerica Financial Services' Financial Needs Analysis (FNA) and it's the foundation of the relationships the business's 100,000 licensed independent representatives across the US, Canada, and Puerto Rico have established with their middle-income clients.
"This is a real crusade for our company, " said Glenn Williams, president of the Citigroup subsidiary based in Duluth, Georgia. "The FNA is the tool we use to help our client base of six million individuals and families become debt-free and financially independent."
It's a crusade that starts with customer focus and, in 2005, produced $4.8 billion in cross-sales of 37,000 $.M.A.R.T. (Save Money and Reduce Taxes) loans in the US and Canda. Administered through Citicorp Trust Bank, the average $.M.A.R.T. Loan is $135,000 and is often the gateway to sales of more products and services.
Daryl and Connie Hawes of Portland, Oregon, have been with Primerica for 22 years. "I sit down with the customer and review their outstanding debt, mortgages balances, and insurance," said Daryl. "We talk about their financial goals and I input the information into a handheld device or PC."
"Next, we review the completed FNA, which lays out in a detailed, yet easily understood way, what the customer needs to do to reach the goals," Connie added. "It's a comprehensive approach to finances and one where many Citigroup products, such as $.M.A.R.T. Loans and first and second mortgages, are appropriate for the client's needs."
Hal and Carrie Campbell have been clients of the Hawes since 1994, becoming Primerica representatives later that year. "Our first FNA revealed that we would be in debt until age 81," said Hal. "We started our journey toward financial independence with a $.M.A.R.T. Loan to consolidate debt. The knowledge we've gained by becoming licensed Primerica representatives put us on track to enjoy our retirement and see our dreams come true."
In 2005, the doors of opportunity that Primerica representatives opened for clients resulted in the sale of 2,300 home loans with a value of $344 million through CitiMortgage. As a distribution channel of Citigroup and non-Citigroup products, Primerica excels.
Last year, Primerica produced sales of $4.1 billion in total securities sales, including $2.9 billion in mutual funds — over 60 percent of which were Legg Mason, formerly Smith Barney, mutual funds — and $1.2 billion in variable annuities. In addition, Primerica's life insurance affiliate makes it an industry leader with a staggering $600 billion of life insurance in force.
"The FNA helps us establish a relationship with customers while drawing their financial roadmap for the future," said Daryl Hawes. "It shows how they can reach their dreams one dollar at a time."
A.M. Best Affirms Ratings of Primerica Life
Press Release, Nov. 2, 2006
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of "aa" of Primerica Life Insurance Company and its subsidiaries, National Benefit Life Insurance Company and Primerica Life Insurance Company of Canada (collectively known as Primerica Life). These companies are indirect insurance subsidiaries of Citigroup, Inc. [NYSE: C], one of the world's largest financial services companies with consolidated assets of approximately $1.75 trillion.
The rating of Primerica Life is based upon its continued strong profitability, leading position in the U.S. term life insurance marketplace, strong risk-adjusted capitalization and favorable liability profile. In addition, the rating recognizes the considerable strategic and financial advantages the company enjoys as part of the retail distribution division of Citigroup. A.M. Best believes the dedicated distribution source of over 100,000 agents in Primerica Financial Services (PFS) provides significant cross-marketing opportunities for Citigroup's consumer finance products including banking products and loans.
Partially offsetting these strengths is Primerica Life's operational concentration in commodity term life insurance products, the competitive challenges inherent in the U.S. individual insurance market and high dividend requirements to its ultimate parent.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
For current Best's Ratings, independent data and analysis on more than 1,050 health companies and A.M. Best groups, please visit www.ambest.com/health.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.
Relay for Life fund-raising closes at record $2.4 million
KEN SUGIURA
The Atlanta Journal-Constitution, September 2, 2006
Bake sales, raffles, carnivals and a 24-hour walkathon turned into another record-breaking year for the American Cancer Society's Relay for Life in Gwinnett County.
With the closing of its books on Thursday, the society tabulated $2.4 million, $150,000 more than its goal. No other Relay for Life in the world — and there are about 4,000 — raised more money.
"We just can't thank the community enough," said society area manager Randy Redner. "Nobody else does it like the Gwinnett community."
The Gwinnett relay, held May 12-13 at the Gwinnett County Fairgrounds in Lawrenceville, retained its title as the society's leading relay fund-raiser for the fifth straight year. The second-highest total raised was about $1.3 million, Redner said. In the Gwinnett relay's 13 years, it has raised $17 million.
The Gwinnett relay received its biggest contributions from two companies, Scientific-Atlanta and Primerica, and Norcross High School.
The three raised about $359,000.
Teams representing churches, schools, neighborhoods and companies used all means to raise money.
At Norcross, in addition to traditional letter-writing campaigns, students held a carnival, a carwash and collected change, among other things. Then-principal Mary Anne Charron offered teachers two weeks of casual dress if they donated a certain amount, which they did.
"Teachers, when they can wear jeans, are positive about anything," said Norcross teacher and relay team co-captain Kirsten Mixter.
One teacher promised to shave her head if she received $2,000 in donations. She received $3,500, Mixter said.
Money raised by the American Cancer Society goes to research, education, services and public policy.
Relay for Life sees another record year
Shelley Mann
Gwinnett Daily Post, May 16, 2006
Collections break previous record
LAWRENCEVILLE — The results won't be final until August, but this year's Gwinnett Relay for Life fundraiser has already broken previous records.
As of Monday afternoon, the annual American Cancer Society fundraiser had brought in a total of $2,225,529, said American Cancer Society area director Randy Redner. That number already surpasses last year's final total of $2,217,000.
"We are expecting to hit $2.4 million," Redner said. "Any way we can measure it, we had a record year."
The goal for this year's fundraiser was $2.5 million.
In the past, an additional couple hundred thousand dollars has been raised in the months following the Relay event, Redner said. Many companies have vowed to match the funds raised by employees, and individual donors can still contribute money via the Gwinnett Relay for Life Web site through August.
More than 8,500 people signed up online for this year's Relay, held Friday and Saturday, at the Gwinnett County Fairgrounds. Past experience has shown that those registered participants sometimes bring along a friend or two, Redner said.
"We know we are well over 10,000 participants, but who knows how many for sure?" Redner said. "We're still calculating the number of survivors, but we are very close to the 2,000 survivor goal we set for ourselves."
Redner praised three teams specifically for their outstanding fundraising efforts. Scientific-Atlanta, for years a top team, brought in $120,000 — a $20,000 increase over last year's total. Primerica showed an even bigger jump; the company also raised $120,000, in contrast with the $65,000 raised last year. The two companies were named co-corporate champions Redner said.
"Between those two, we've never seen anything like that," he said.
And this year's top school Norcross High School, broke records again with its $112,000 donation.
To make a donation to Gwinnett's Relay for Life fundraiser, call the local American Cancer Society office at: 770-814-0123 or visit www.gwinnettrelayforIife.org.
Race for fund-raising honors boosts Relay for Life total
Ken Sugiura
The Atlanta Journal-Constitution, May 18, 2006
Seeking donations for the American Cancer Society's biggest fund-raising event in the country is all noble and good.
Angling to be recognized as the biggest fund-raiser at the society's May 12-13 Relay for Life? It wouldn't be Gwinnett County if it were any different.
Pushed by the standout fund-raising of Norcross High School, Gwinnett-based companies Scientific-Atlanta and Primerica escalated their last-minute giving until they both promised donations of $120,000 each and were named co-corporate champions of last weekend's Relay for Life.
Their contributions were part of the $2.3 million to $2.4 million haul Gwinnett's American Cancer Society chapter expects to raise when the dust finally settles from the relay.
Most likely, the Gwinnett Relay for Life will retain its title as the top fund-raising relay in the country for a fifth consecutive year. The next biggest relay event in Georgia, in Cobb County, raised about $1 million.
"It was win, win, win," Gwinnett relay co-chairman Duane Downs said.
The competition for top honors within the county intensified this year when, for the first time, the society tracked donations online.
While the intent was to make donating easier, it also enabled relay members to easily monitor how other companies, schools, churches and friends were doing.
At the relay, in the wee hours at the Gwinnett County Fairgrounds, the Norcross High team tabulated its total as $108,000. It far surpassed the school's goal of $70,000. The students and teachers were elated; it was a tribute to Dorothy Lewis, a beloved math teacher who died in February after a long bout with cancer.
Aside from that, an idea hatched.
"The kids were thinking 'Maybe we'll beat Scientific-Atlanta,' " Norcross High teacher and relay team co-captain Kirsten Mixter said.
Word began to spread. Scientific-Atlanta's goal was $100,000. Primerica's was $50,000.
"I got visits during the night [Friday], wanting to know where the school was at [with its total]," American Cancer Society area manager Randy Redner said. "They'd heard rumors around the fairgrounds."
By Saturday morning, the competition had kicked into high gear. Primerica and Scientific-Atlanta team organizers kept tabs on each other through Redner. They called company executives to ask for more donations. Redner confirmed that an additional $8,000 was coming from Scientific-Atlanta through a cellphone recycling fund-raiser.
"It got to the point it became a bidding war," Primerica Executive Vice President Mark Supic said.
"Finally," Redner said, "we got them both together and said, `OK, let's call an end to the catfight and can we say you guys are tied?"'
Both committed to $120,000 and were declared co-winners.
"We were just incredibly elated," Supic said. "It involved a lot of hard work by a lot of employees here."
Norcross High, which last year was the only school in the country to raise more than $50,000, will likely retain its status as top fund-raising school in the country for the society. In post-relay giving — donations can be made through August at www. gwinnettrelayfor life.org — the total has reached $112,000.
Primerica and Scientific-Atlanta also will be among the top corporate givers nationwide.
At first, the Norcross students were crestfallen. They accused their fellow participants of cheating.
"I said, 'That's not cheating because we forced them to put about $10,000 [more] in the pot,"' Mixter said. "The kids were like 'Oh OK then!
"They thought that was all right."
Norcross High senior Nick Nonneman leads a chant with other students as they walk the trail during the Gwinnett Relay for Life on May 12. The school's team was called Hope Floats. Norcross' total has reached $112,000, making it likely it will retain its title as top fundraising school in the nation.