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CITIGROUP INC Annual Report (Amendment), Year Ended Dec 31, 1993

Filing Date
Filed June 24, 1994
Period End
December 31, 1993
Securities
CC-PNC-PR
In the record · 2016–202610-K1110-Q328-K279

C filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 279 current reports (8-K) between 2016 and 2026.

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01—Abstract

Summary

Summary of the 10-K/A filed June 24, 1994. Cited figures are marked; the original filing is the authoritative source.

This is not a Citigroup filing.

The document is Amendment No. 1 (Form 10-K/A-1) for fiscal 1993 from The Travelers Inc. (formerly Primerica Corporation, NYSE: TRV), filed under Commission file 1-9924. The amendment was filed solely to add employee savings plan financial statements as exhibits under Rule 15d-21 (Form 11-K information). Item 14's text is otherwise unchanged from the original 10-K, and the annual report financials are incorporated by reference from Exhibit 13.01, which is not included in this document.

The filing therefore contains no consolidated income statement, balance sheet, or segment results for the company itself, so it cannot support a full investment assessment on its own. The most material corporate context is the December 31, 1993 merger of Primerica with The Travelers Corporation, following Primerica's agreement to acquire the roughly 73%a of Travelers common stock it did not already own. The merger also brought in Smith Barney Shearson-related employee plans, which were consolidated into the Travelers 401(k) plan.

As of May 31, 1994, there were 324,544,023 common shares outstanding, and the aggregate market value of stock held by nonaffiliates was approximately $10.13 billionb. The filing lists a broad set of exchange-listed securities, including common stock on the NYSE and Pacific Stock Exchange, several preferred and depositary share series, and 7 3/4% and 7 5/8% notes. The exhibits show the scale of the employee benefit plans.

The Travelers Inc. 401(k) Savings Plan held total assets of about $781.7 millionc at December 31, 1993, with plan equity of $772.2 million, including a $423.0 million transfer of net assets from the Shearson plan. Its Travelers Common Stock Fund was valued at $110.8 million.

The American Capital Management & Research Profit Sharing and Savings Plan held about $24.8 milliond in total assets. These are plan-level figures, not company financial results, and investors should not read them as indicators of corporate performance.

02—Key points

Key Highlights

  1. Filer identity: The Travelers Inc. (formerly Primerica Corporation), not Citigroup Inc. This is a 10-K/A-1 for fiscal year ended December 31, 1993, filed to add exhibits.
  2. Purpose of amendment: To include 1993 financial statements of employee savings plans (401(k) and profit sharing) as exhibits, per Rule 15d-21. Item 14 text is otherwise unchanged from the original filing.
  3. Corporate transaction: The December 31, 1993 merger of Primerica and The Travelers Corporation followed Primerica's agreement to acquire the approximately 73% of Travelers stock it did not own; Primerica was renamed The Travelers Inc.
  4. Share base and market value: 324,544,023 common shares outstanding as of May 31, 1994; nonaffiliate market value of approximately $10.13 billion.
  5. Plan scale: The Travelers 401(k) Savings Plan reported total assets of about $781.7 million and plan equity of $772.2 million at year-end 1993, including the consolidated Shearson plan.
  6. Financial data gap: Consolidated company financials are incorporated by reference to the 1993 Annual Report (Exhibit 13.01, pages 24-57) and are not included in this document, limiting analysis of corporate results.
  7. Securities: Common stock is listed on the NYSE and Pacific Stock Exchange; preferred stock, depositary shares, notes, and 1998 warrants are listed on the NYSE.

03—Questions

Frequently Asked Questions

  1. Is this filing from Citigroup Inc., and what does this amendment actually contain?

    No. The filing is from The Travelers Inc. (formerly Primerica Corporation), not Citigroup. It is Amendment No. 1 to the 10-K for fiscal 1993, filed on June 24, 1994 according to the request, and its main content is the addition of employee savings plan financial statements as exhibits. Core company financials are incorporated by reference to the annual report and are not included here.

  2. What major corporate event shaped the 1993 results and structure?

    The December 31, 1993 merger of Primerica with The Travelers Corporation was the key event. Primerica had agreed to acquire the roughly 73% of Travelers common stock it did not already own, and the combined company took the name The Travelers Inc. The merger also consolidated Smith Barney Shearson-related employee plans into the Travelers 401(k) plan.

  3. How large is the equity base and public float?

    As of May 31, 1994, there were 324,544,023 common shares outstanding. The aggregate market value of voting stock held by nonaffiliates was approximately $10.13 billion on that date. Investors should note that per-share earnings, book value, and revenue figures are not disclosed in this amendment and would be found in the incorporated annual report.

  4. What do the employee plan financials tell investors about the company?

    The 401(k) Savings Plan held about $781.7 million in total assets at December 31, 1993, with its largest holding being $110.8 million of Travelers common stock. Employer contributions were about $8.5 million in 1993. These figures reflect plan participants' assets and the company's matching obligations, not the parent company's operating performance, so they offer limited insight into profitability or financial health.

04—Continue

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