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Primerica, Inc. (symbol: PRI) is a leading provider of financial services dedicated to helping middle-income families achieve financial independence. Founded in 1977, Primerica revolutionized the life insurance industry with its 'buy term and invest the difference' philosophy. This approach encourages families to purchase affordable term life insurance, allowing them to allocate more funds toward investments for their future.
Primerica's commitment extends beyond life insurance to address the critical issue of household debt. The company offers comprehensive solutions designed to help families eliminate debt and boost their savings. Operating in the U.S., Canada, and Puerto Rico, Primerica serves over 6 million clients with the support of more than 100,000 licensed representatives and 24,000 licensed mutual fund representatives, making it the largest sales force in North America.
The company's primary subsidiaries include Primerica Financial Services, specializing in marketing, Primerica Life Insurance Company, the principal life insurance underwriting entity, and PFS Investments, which provides investment and savings products, brokerage services, and registered investment advisory.
Primerica operates through four main segments: Term Life Insurance, Investment and Savings Products, Senior Health, and Corporate and Other Distributed Products. The majority of its revenue is derived from operations in the United States. Securities clients under Primerica have nearly $25 billion in assets under management, and in 2008, the company placed in force more than $90 billion in life insurance.
With its steadfast focus on financial empowerment, Primerica continues to support families in reaching their financial goals through innovative products and dedicated service.
PFSL Fund Management has announced a risk rating change for the Primerica Income Fund from 'low' to 'low to medium'. This adjustment follows the Canadian Securities Administrators' risk rating methodology and PFSL's periodic review of its publicly-offered mutual funds. The Fund's investment objective, strategies, and management remain unchanged. The updated risk rating will be incorporated into the Fund's offering documents in compliance with securities laws.
Primerica (NYSE: PRI) has announced a new $450 million share repurchase program extending through December 31, 2025. The program, authorized by the Board of Directors, will be executed through open market transactions, block trades, and/or privately negotiated transactions, subject to market and regulatory conditions. CEO Glenn Williams attributed the decision to the company's success in revenue growth and free cash flow generation. The company maintains discretion to discontinue the program at any time and will conduct repurchases in compliance with regulatory guidelines, including Rule 10b-18 of the Securities Exchange Act.
Primerica (NYSE: PRI) reported strong Q3 2024 results with total revenues of $774.1 million, up 11% year-over-year. Net income from continuing operations reached $194.7 million, increasing 24%. The company's life-licensed sales force grew 7% to 148,890 representatives, with new life licenses up 17%. Term Life net premiums grew 5% with adjusted direct premiums up 6%. Investment and Savings Products showed remarkable growth with sales up 34% to $2.9 billion and client asset values increasing 26% to $111 billion. The company declared a dividend of $0.90 per share and repurchased $128.8 million of common stock during the quarter.
Primerica (NYSE: PRI) released its latest Household Budget Index™ (HBI™) showing improved purchasing power for middle-income households. The index, which tracks families with incomes between $30,000 and $130,000, reached 102.7% in September 2024, up from 102.1% in August 2024. This marks the fifth consecutive monthly increase in purchasing power, primarily driven by sharp declines in gas prices.
Primerica (NYSE:PRI) has announced it will host a webcast on Thursday, November 7, 2024, at 10:00 a.m. Eastern time. The webcast will discuss the company's third quarter 2024 financial results for the period ended September 30, 2024, along with other business matters and future expectations. The earnings release will be distributed after market close on Wednesday, November 6, 2024. Both the earnings release and webcast will be accessible via the Primerica Investors website, with a replay available for approximately 30 days.
Primerica's Q3 2024 Financial Security Monitor™ survey reveals middle-income Americans are increasingly pessimistic about their finances, despite an uptick in purchasing power. Key findings include:
1. 55% rate their personal financial situation negatively, a 6-point increase from the previous survey.
2. 35% report increased credit card debt in the past three months, a 5-point jump.
3. Inflation remains the top concern (40%), followed by paying for food and groceries (33%).
4. Only 51% can afford a doctor's visit.
5. The Household Budget Index™ reached 102.2% in August 2024, up from 97.2% a year ago.
Despite economic improvements, the lingering effects of pandemic-era inflation continue to impact middle-income families' financial outlook.
Primerica, Inc. (NYSE: PRI) has released the Primerica Household Budget Index™ (HBI™) for August 2024, showing an increase in purchasing power for middle-income families. The index, which measures the purchasing power of households with incomes between $30,000 and $130,000, rose to 102.2% in August from 101.5% in July 2024.
This marks the highest level since February 2021 and represents a 5% increase from August 2023, when the index stood at 97.2%. The improvement in purchasing power is attributed to falling gas and utilities prices, along with steady food prices. For more information, visit www.householdbudgetindex.com.
Primerica, Inc. (NYSE:PRI) has announced the appointment of Robert H. Peterman Jr. as Executive Vice President and Chief Operating Officer, effective October 1, 2024. Peterman will succeed Gregory C. Pitts, who plans to retire after 40 years of service on or about April 1, 2025. Pitts will relinquish the COO title on October 1, 2024.
Peterman brings over 40 years of experience at Primerica to his new role. He most recently served as Executive Vice President and Chief Distribution Officer since March 2023. Previously, he held positions such as Chief Marketing Officer and President of Primerica Distribution. Peterman joined the company in October 1984 and has held various leadership roles throughout his tenure.
CEO Glenn Williams praised both Pitts for his high-impact leadership and Peterman for his strategic thought leadership and experience within the organization.
Primerica's report on Empowering Middle-Income Women's Financial Decisions reveals significant gaps in women's financial confidence despite their increasing role in household financial management. The study, based on surveys of over 7,800 women, highlights that while women excel in budgeting and saving, they lack confidence in complex financial activities like investing. Key findings include:
1. Women are confident in basic financial tasks but less secure in investment decisions.
2. They seek financial advice to compensate for perceived lack of experience.
3. Over 50% prefer financial professionals who can relate to their background.
4. 75% prefer human advisors over AI-powered robo-advisors.
The report emphasizes the need for increased female representation in financial services, as women are projected to control $30 trillion in personal wealth by 2030.
Primerica (NYSE: PRI) has released its Household Budget Index™ (HBI™) for July 2024, showing stable purchasing power for middle-income families. The index, which tracks households with incomes between $30,000 and $130,000, stood at 101.1% in July, virtually unchanged from 101.0% in June. This represents a significant improvement from 97.5% a year ago.
The HBI™ serves as a barometer for the financial health of middle-income households in the United States and Canada. Primerica, a leading provider of financial services and products, uses this index to illustrate the economic conditions affecting its target market. The stability in purchasing power suggests that middle-income families are maintaining their economic footing despite ongoing economic challenges.
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