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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) is set to gather its top sales leaders in Dallas, Texas on January 4-5, 2023, to discuss initiatives for the year ahead. In 2022, Primerica achieved significant milestones, growing its life-licensed representatives to over 135,000 and issuing $104 billion in term life insurance, raising its total coverage to $916 billion. The company paid out approximately $1.9 billion in death claims and helped clients invest nearly $10 billion, reaching total client assets of $84 billion. Looking forward, Primerica plans to introduce innovative products to support middle-income families.
Primerica, Inc. (NYSE: PRI) has authorized a $375 million share repurchase program effective from January 1, 2023 to December 31, 2023. The program allows buybacks through various methods, subject to market conditions and regulations. CEO Glenn Williams emphasized the company's commitment to middle-income families, with over $912 billion in term life coverage and $80 billion in client assets as of September 30, 2022. The Board is also focused on returning capital to shareholders, showcasing their commitment to enhancing shareholder value.
Primerica reported its Q3 2022 results, indicating a 3% growth in its life-licensed sales force, with term life net premiums increasing 6%. However, total revenues fell 3% to $673.3 million, driven by a 23% drop in Investment and Savings Products sales to $2.2 billion. The net income decreased 54% to $51.8 million, impacted by a $60 million goodwill impairment. Adjusted EPS increased 1% to $3.02. Primerica declared a $0.55 dividend and repurchased $97 million in stock. Despite market volatility, net client inflows in Investment and Savings Products remained positive at $0.7 billion.
Primerica, Inc. (NYSE:PRI) will hold a webcast on November 9, 2022, at 10:00 a.m. Eastern time to discuss the financial results for the quarter ended September 30, 2022. The earnings release will be available after the market close on November 8, 2022. Interested parties can access the webcast and financial supplements via the Primerica Investors website. The company provides financial services primarily to middle-income households in North America, including term life insurance and mutual funds.
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings of 'aa-' (Superior) for Primerica Life Insurance Company and its affiliates. Additionally, Primerica, Inc. (NYSE: PRI) received a Long-Term ICR of 'a-' (Excellent). The ratings reflect Primerica Group's very strong balance sheet strength and operating performance, alongside good liquidity and financial flexibility. However, it faces challenges like high reinsurance leverage and rising operating expenses. The outlook for these ratings remains stable.
Primerica announced a $50 million increase to its share repurchase program, raising the total authorization to $375 million. The company expects to repurchase $356 million of its stock by December 31, 2022. This move reflects confidence in the company's financial performance, as highlighted by CEO Glenn Williams, who noted the consistent capital generation from their Term Life business. The buyback will occur subject to market conditions and is aligned with regulatory guidelines.
Primerica, Inc. (PRI) reported Q2 2022 results with total revenues of $668.7 million, up 2% YoY. Net income fell 16% to $107.9 million, and net earnings per diluted share were $2.79, down 13%. Term Life net premiums rose 7%, while Investment and Savings Products sales decreased 12% to $2.7 billion. Adjusted operating income dropped 16% to $144 million. The company repurchased $128 million in stock and declared a $0.55 dividend. The sales force increased to 132,149 representatives, indicating growth despite pandemic impacts.
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