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Primerica Marks Over $900 Billion of Term Life Insurance Coverage in Force at Close of 2021
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Rhea-AI Summary
Primerica, Inc. (NYSE:PRI) reported record investment and savings product sales exceeding $11 billion for the year, with client asset values projected at $97 billion. CEO Glenn Williams highlighted ongoing support for middle-income households, with $109 billion in term life insurance coverage issued and $2.1 billion in death claims paid. The firm also recruited 348,000 new representatives and repurchased $18.7 million of its common stock, reflecting a commitment to shareholder value.
Positive
Record investment and savings product sales of over $11 billion.
Client asset values projected at $97 billion.
Issued $109 billion in new term life insurance coverage.
348,000 new representatives recruited, with 39,600 obtaining life insurance licenses.
$2.1 billion in death claims paid, indicating strong customer support.
Repurchased $18.7 million of common stock in Q4 under a $275 million repurchase program.
Negative
None.
Investment & savings product sales hit record at over $11 billion with $97 billion of client asset values estimated at year-end
DULUTH, Ga.--(BUSINESS WIRE)--
Primerica, Inc. (NYSE:PRI), a leading provider of financial services to families throughout the United States and Canada, will announce today projected year-end production results at its annual gathering of senior sales force leaders. The meeting serves as a kickoff to the year to discuss opportunities ahead and celebrate achievements.
“During another year filled with uncertainty, working families across North America are prioritizing efforts to protect their incomes and build financial security. Our over 129,500 Primerica life-licensed representatives continued to assist middle-income households as they implemented plans to protect their futures,” said Glenn Williams, Primerica CEO.
The Company issued $109 billion of new term life insurance coverage in 2021. In addition, 348,000 new representatives were recruited during the year, with 39,600 obtaining their life insurance licenses in 2021. Primerica ended the year with nearly 26,300 securities licensed representatives, 2,870 of which were newly licensed.
Williams continued, “In 2021, Primerica paid $2.1 billion in death claims that help families in their time of loss. With over $900 billion of term life insurance coverage in force, we are positioned to protect more households in the future. Our record investment sales of $11 billion and client asset values of $97 billion demonstrate we are assisting more families than ever with their savings and investment goals.”
e-TeleQuote, acquired by Primerica in July 2021, is projected to close out the year with 31,000 approved senior health policies during the fourth quarter. Primerica’s U.S. mortgage distribution business continued to gain momentum with over $1.2 billion of closed loans during the year. The Company also continued to return value to its stockholders by repurchasing $18.7 million of its common stock in the fourth quarter of 2021 under its recently announced $275 million repurchase program.
Note - All production results contained herein are projected.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in the United States and Canada. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which the company underwrites, and mutual funds, annuities and other financial products, which the company distributes primarily on behalf of third parties. Primerica insured over 5.5 million lives and had approximately 2.6 million client investment accounts at December 31, 2020. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2020. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI.”
