spin-off

 Citigroup Inc. filed plans for an initial public offering of its Primerica Inc. life insurance unit late Thursday, and said it will sell the rest of the unit after it goes public.

Divesting Primerica is part of Citi's effort to simplify its operations and raise cash. The bank, one of the hardest hit during the credit crisis and recession, has reported huge losses in the past two years as its investments and consumer loans and credit cards soured.