Primerica - PRI STOCK NEWS

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.

Primerica reported robust results for the second quarter of 2024. The company saw a 14% increase in new life licenses, reaching 145,789 representatives. Term Life net premiums rose by 4%, while adjusted direct premiums increased 5%. Primerica issued $33 billion in Term Life face amounts and held $951 billion in total in-force coverage. Investment and Savings Products (ISP) sales surged by 29% to $3.1 billion, with client asset values up 15% to a record $105 billion.

GAAP diluted EPS was $0.03, with adjusted EPS at $4.71. The company declared a 20% dividend increase to $0.90 per share, payable on September 12, 2024, and repurchased $143 million in common stock. Total revenue increased 17% year-over-year to $803.4 million, while adjusted operating revenue rose 9% to $753.3 million. The exit from the Senior Health business impacted GAAP earnings but contributed to a 12% increase in adjusted net operating income to $162.7 million.

Strong sales of investment products, rising client asset values, and steady premium growth drove positive results despite some weakness in the Senior Health segment.

Primerica, Inc. (NYSE: PRI) has released its latest Primerica Household Budget Index™ (HBI™) for June 2024, showing a modest improvement in purchasing power for middle-income households. The index rose to 101.0% from 100.3% in May 2024, marking the second consecutive month of increase. This improvement is primarily attributed to declining gas and food prices coupled with rising incomes.

Despite this positive trend, economic consultant Amy Crews Cutts notes that middle-income families have made progress in recovering from the high inflation period of 2021-2023. The total gain in earned incomes over necessity goods prices is approximately $45, which is described as 'barely making a dent' in the financial setback caused by previous inflation.

Primerica (NYSE:PRI) has announced a webcast scheduled for Thursday, August 8, 2024, at 10:00 a.m. Eastern time. The webcast will discuss the company's financial results for the second quarter ended June 30, 2024, along with other business-related matters and future expectations. A news release detailing the quarter's results will be distributed after market close on Wednesday, August 7, 2024. Investors can access the earnings news release, financial supplement, and live webcast on the Primerica Investors website. A replay of the call will be available for approximately 30 days following the event.