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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.
Primerica, Inc. (NYSE: PRI) reported Q2 2021 revenues of $654.7 million, marking a 25% increase year-over-year. Net income rose 26% to $128.2 million, with earnings per share increasing 28% to $3.22. Adjusted operating revenues also increased 25%, reflecting strong demand for investment products and term life protection. However, the company saw elevated death claims due to COVID-19. The investment segment achieved record sales exceeding $3 billion.
Primerica, Inc. (NYSE:PRI) will host a webcast on August 6, 2021, at 9:00 a.m. Eastern to discuss its Q2 2021 results and future expectations. A news release with the earnings details will be published on August 5, 2021, after market close. Primerica, a leading financial services provider for middle-income households in North America, serves about 5.5 million insured lives and oversees over 2.6 million investment accounts as of December 31, 2020. The company ranks as the #2 issuer of Term Life insurance in North America.
Primerica, Inc. (NYSE:PRI) has successfully completed its acquisition of an 80% stake in e-TeleQuote, a Medicare insurance distributor, for an enterprise value of $600 million. The deal, initially announced on April 18, 2021, includes plans to acquire the remaining 20% within four years. e-TeleQuote offers a wide range of Medicare plans from various carriers, enhancing Primerica's distribution capabilities. CEO Glenn Williams highlighted the potential synergies and value this acquisition brings to Primerica's clients and sales representatives.
Primerica Canada’s recent study highlights financial challenges faced by middle-income Canadians, with 75% feeling income is falling behind the cost of living. Despite this, nearly half express positive sentiments about their personal finances. The study reveals that 42% can't afford an emergency cost of $1,000, while 34% worry about retirement savings. However, 26% have improved their financial situation over the past year. Primerica aims to assist families in building a secure financial future through education and resources.
Primerica reported Q1 2021 financial results, revealing a 21% revenue increase to $637.7 million and 35% rise in net income to $97.9 million.
Earnings per diluted share surged 41% to $2.46, driven by robust performance in the Investment and Savings Products (ISP) and Term Life segments.
ISP sales reached $2.9 billion (+27% YoY), while Term Life policies issued increased 16% to 82,667. The company also incurred $21 million in COVID-related claims.
Primerica, Inc. (NYSE:PRI) will hold a webcast on May 6, 2021, at 10:00 a.m. Eastern to discuss its Q1 2021 results and future expectations. A news release announcing these results will be distributed on May 5, 2021, after market close. Primerica provides financial services to North American middle-income households, offering solutions such as term life insurance and mutual funds. As of December 31, 2020, the company insured approximately 5.5 million lives and managed over 2.6 million client investment accounts.
Primerica, Inc. (NYSE:PRI) announced its acquisition of 80% of e-TeleQuote Limited for $600 million, with plans to purchase the remaining stake over four years. This strategic move is aimed at enhancing Primerica's offerings in the Medicare insurance sector, leveraging e-TeleQuote's technology and sales expertise to reach middle-income families. The deal is expected to be accretive to earnings and will expand Primerica's distribution capabilities. However, Primerica has suspended stock buybacks for 2021 but plans to resume them in 2022.
Primerica, Inc. (NYSE:PRI) reported a historic milestone in March 2021, achieving over $1 billion in Investment & Savings Products (ISP) sales within a single month, marking a first in its 44-year history. The company anticipates first quarter ISP sales to reach approximately $2.8 billion, driven by strong mutual fund and variable annuity sales. CEO Glenn Williams highlighted that the COVID-19 pandemic has heightened the demand from middle-income families for financial guidance and protection. Primerica remains dedicated to helping clients navigate their financial challenges amid ongoing economic pressures.
Primerica, Inc. (NYSE: PRI) reported Q4 2020 revenues of $598.3 million, a 12% increase year-over-year. Net income rose 7% to $100.1 million, with diluted EPS of $2.52, up 13%. Adjusted operating revenues were $594.7 million. The COVID-19 pandemic significantly affected the Term Life segment, resulting in $14 million in death claims. The Investment and Savings Products segment achieved record client assets of $82 billion. For the full year, total revenues reached $2.2 billion, marking an 8% increase, with net income at $386.2 million. The company increased dividends by 18% to $0.47 per share.
Primerica, Inc. (NYSE:PRI) will hold a webcast on February 10, 2021, at 10:00 a.m. ET to discuss its Q4 2020 results and future expectations. The earnings release will be available after market close on February 9. Primerica serves middle-income households in North America, providing financial solutions through term life insurance and investment products. As of December 31, 2020, it insured approximately 5.5 million lives and managed over 2.6 million client investment accounts. Primerica is a leading issuer of Term Life insurance in North America.
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