Welcome to our dedicated page for Primerica news (Ticker: PRI), a resource for investors and traders seeking the latest updates and insights on Primerica stock.
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) has authorized a $275 million share repurchase program effective through December 31, 2022. This follows a previous $300 million program and reflects the company's commitment to returning value to shareholders. Repurchases will commence in 2021 through various market methods, depending on conditions. CEO Glenn Williams highlighted the company's strong financial performance and ongoing growth in its investment and savings sector, alongside increased demand for life insurance.
Primerica, Inc. (NYSE: PRI) has priced a public offering of $600 million in 2.800% Senior Notes due 2031, expected to close on November 19, 2021. The proceeds will be used to redeem $375 million in 4.750% senior unsecured notes due July 2022, repay $125 million of borrowings under its revolving credit facility, and for general corporate purposes including potential share repurchases. Wells Fargo Securities, Citigroup Global Markets, and J.P. Morgan Securities are managing the offering. Forward-looking statements indicate uncertainties in completion and usage of proceeds.
Primerica reported strong financial results for Q3 2021, with total revenues of $693.2 million, a 22% increase year-over-year. Investment and Savings Products sales surged 52% to $2.79 billion, enhancing client asset values to $92 billion. While net income remained steady at $112.4 million and diluted EPS at $2.82, the acquisition of e-TeleQuote resulted in a $4.6 million net loss, affecting earnings per diluted share by $0.12. The company declared a $0.47 dividend, payable on December 14, 2021, marking continued shareholder returns.
Primerica, Inc. (NYSE:PRI) will host a webcast on November 9, 2021, at 10:00 a.m. Eastern Time to discuss its earnings for the quarter ended September 30, 2021. The earnings announcement will be released after market close on November 8, 2021. Primerica is a leader in providing financial services to middle-income households in North America, with approximately 5.5 million lives insured and 2.6 million client investment accounts as of December 31, 2020.
Primerica, Inc. (NYSE: PRI) released its Middle-Income Financial Security Monitor, revealing that while 65% of middle-income families feel positive about their financial situation, the same percentage report their income is falling behind the cost of living, a 9% increase since April. The survey indicates widespread awareness of rising costs, particularly in essentials such as gas and groceries. Moreover, 53% of respondents have life insurance, with increased interest attributed to COVID-19. The overall data highlights an ongoing struggle between optimism and rising financial pressures.
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.
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