Primerica Reports Third Quarter 2024 Results
Primerica (NYSE: PRI) reported strong Q3 2024 results with total revenues of $774.1 million, up 11% year-over-year. Net income from continuing operations reached $194.7 million, increasing 24%. The company's life-licensed sales force grew 7% to 148,890 representatives, with new life licenses up 17%. Term Life net premiums grew 5% with adjusted direct premiums up 6%. Investment and Savings Products showed remarkable growth with sales up 34% to $2.9 billion and client asset values increasing 26% to $111 billion. The company declared a dividend of $0.90 per share and repurchased $128.8 million of common stock during the quarter.
Primerica (NYSE: PRI) ha riportato risultati solidi per il terzo trimestre del 2024, con ricavi totali di 774,1 milioni di dollari, in aumento dell'11% rispetto all'anno precedente. L'utile netto dalle operazioni continuative ha raggiunto 194,7 milioni di dollari, aumentando del 24%. La forza vendita con licenza vita dell'azienda è cresciuta del 7%, arrivando a 148.890 rappresentanti, con nuove licenze vita in aumento del 17%. I premi netti sulle polizze di vita a termine sono aumentati del 5%, con premi diretti rettificati in crescita del 6%. I prodotti di investimento e risparmio hanno mostrato una crescita notevole, con vendite in aumento del 34% a 2,9 miliardi di dollari e i valori degli asset dei clienti aumentati del 26%, raggiungendo i 111 miliardi di dollari. L'azienda ha dichiarato un dividendo di 0,90 dollari per azione e ha riacquistato azioni ordinarie per un valore di 128,8 milioni di dollari durante il trimestre.
Primerica (NYSE: PRI) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos totales de 774,1 millones de dólares, un aumento del 11% en comparación con el año anterior. El ingreso neto de las operaciones continuas alcanzó 194,7 millones de dólares, aumentando un 24%. La fuerza de ventas licenciada en vida de la empresa creció un 7%, alcanzando 148,890 representantes, con nuevas licencias de vida en aumento del 17%. Las primas netas de vida a plazo crecieron un 5% y las primas directas ajustadas aumentaron un 6%. Los productos de inversión y ahorro mostraron un crecimiento notable, con ventas en aumento del 34% a 2.9 mil millones de dólares y los valores de activos de los clientes aumentando un 26%, alcanzando los 111 mil millones de dólares. La empresa declaró un dividendo de 0,90 dólares por acción y recompró acciones comunes por un total de 128,8 millones de dólares durante el trimestre.
Primerica (NYSE: PRI)는 2024년 3분기 강력한 실적을 발표했으며, 총 수익이 7억 7410만 달러로 작년 대비 11% 증가했습니다. 지속적인 운영에서의 순이익은 1억 9470만 달러에 도달했으며, 24% 증가했습니다. 회사의 생명보험 판매 인력은 7% 증가하여 148,890명의 대리인에 도달하였고, 새로운 생명 보험 면허도 17% 증가했습니다. Term Life의 순 보험료는 5% 증가하였고, 조정된 직접 보험료는 6% 증가했습니다. 투자 및 저축 상품은 매출이 34% 증가하여 29억 달러에 이르고, 고객 자산 가치는 26% 증가하여 1110억 달러에 이르는 놀라운 성장을 보였습니다. 회사는 주당 0.90달러의 배당금을 선언하였으며, 분기 동안 1억 2880만 달러의 보통주를 재매입했습니다.
Primerica (NYSE: PRI) a annoncé de bons résultats pour le troisième trimestre de 2024, avec un chiffre d'affaires total de 774,1 millions de dollars, en hausse de 11% par rapport à l'année précédente. Le bénéfice net des opérations continues a atteint 194,7 millions de dollars, augmentant de 24%. La force de vente titulaire d'une licence vie de l'entreprise a augmenté de 7%, atteignant 148 890 représentants, avec une augmentation de 17% des nouvelles licences vie. Les primes nettes pour l'assurance vie temporaire ont augmenté de 5%, avec des primes directes ajustées en hausse de 6%. Les produits d'investissement et d'épargne ont montré une croissance remarquable avec des ventes en hausse de 34% à 2,9 milliards de dollars et la valeur des actifs des clients augmentant de 26% pour atteindre 111 milliards de dollars. L'entreprise a déclaré un dividende de 0,90 dollar par action et a racheté des actions ordinaires pour un montant de 128,8 millions de dollars au cours du trimestre.
Primerica (NYSE: PRI) hat im dritten Quartal 2024 starke Ergebnisse gemeldet, mit Gesamtumsätzen von 774,1 Millionen US-Dollar, was einer Steigerung von 11% im Vergleich zum Vorjahr entspricht. Der Nettogewinn aus fortgeführten Betrieben erreichte 194,7 Millionen US-Dollar, was einem Anstieg von 24% entspricht. Die lizenzierte Vertriebsmitarbeiterzahl im Bereich Lebensversicherungen wuchs um 7% auf 148.890 Vertreter, wobei die neuen Lebensversicherungs lizenzen um 17% zunahmen. Die Nettoprämien für Lebensversicherungen wuchsen um 5%, die bereinigten Direktprämien stiegen um 6%. Die Produkte für Investitionen und Ersparnisse zeigten bemerkenswertes Wachstum mit einem Anstieg der Verkaufszahlen um 34% auf 2,9 Milliarden US-Dollar und einem Anstieg des Kundenvermögens um 26% auf 111 Milliarden US-Dollar. Das Unternehmen erklärte eine Dividende von 0,90 US-Dollar pro Aktie und kaufte im Laufe des Quartals eigene Aktien im Wert von 128,8 Millionen US-Dollar zurück.
- Net income from continuing operations increased 24% to $194.7 million
- Total revenues grew 11% to $774.1 million
- Investment and Savings Products sales up 34% to $2.9 billion
- Client asset values increased 26% to $111 billion
- Life-licensed sales force grew 7% with 17% increase in new licenses
- Term Life net premiums grew 5% with adjusted direct premiums up 6%
- Corporate and Other Distributed Products segment recorded a pre-tax adjusted operating loss of $5.7 million
Insights
The Q3 2024 results demonstrate robust financial performance across key metrics. Net earnings per diluted share grew
- Term Life segment shows healthy growth with
6% increase in adjusted direct premiums - Investment & Savings Products segment excelled with
34% sales growth to$2.9 billion - Strong capital management with
$128.8 million in share repurchases and$0.90 dividend declared
The
Distribution metrics reveal impressive market penetration and growth potential. The
The
Life-licensed sales force grew
Term Life net premiums grew
Issued Term Life face amount of
Investment and Savings Products sales of
Investment and Savings Products client asset values up
Net earnings per diluted share from continuing operations (EPS) of
Diluted adjusted operating earnings per share of
Declared dividend of
Comparisons to the prior year period were impacted by the Company’s annual actuarial assumption review, as described below, which resulted in a net remeasurement gain of
Net income and diluted earnings per share, including discontinued operations, were
Adjusted operating revenues of
Distribution results during the third quarter were strong, driven by sustained recruiting momentum and growth in new life-licensed representatives. Financial results in the Term Life segment, excluding the remeasurement gain, benefited from continued strong sales and stable margins. Results in the Investment and Savings Products segment were positively impacted by favorable equity market conditions, which fueled sales growth and higher client asset values.
“Our results continue to reflect the power of Primerica’s distribution model as we meet the increasing financial needs of middle-income families,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “In the third quarter, we were able to successfully leverage the momentum created by our convention in July 2024 to accelerate growth.”
Third Quarter Distribution & Segment Results
Distribution Results |
|
|||||||||||
|
|
Q3 2024 |
|
Q3 2023 |
|
% Change |
|
|||||
Life-Licensed Sales Force |
|
|
148,890 |
|
|
|
139,053 |
|
|
|
7 |
% |
Recruits |
|
|
142,655 |
|
|
|
92,269 |
|
|
|
55 |
% |
New Life-Licensed Representatives |
|
|
14,349 |
|
|
|
12,311 |
|
|
|
17 |
% |
Life Insurance Policies Issued |
|
|
93,377 |
|
|
|
88,589 |
|
|
|
5 |
% |
Life Productivity (1) |
|
|
0.21 |
|
|
|
0.21 |
|
|
* |
|
|
Issued Term Life Face Amount ($ billions) (2) |
|
$ |
30.8 |
|
|
$ |
29.5 |
|
|
|
5 |
% |
ISP Product Sales ($ billions) |
|
$ |
2.9 |
|
|
$ |
2.2 |
|
|
|
34 |
% |
Average Client Asset Values ($ billions) |
|
$ |
108.2 |
|
|
$ |
91.5 |
|
|
|
18 |
% |
Closed |
|
$ |
105.4 |
|
|
$ |
82.7 |
|
|
|
27 |
% |
__________________________ |
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(1) |
Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives. |
(2) |
Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders. |
* Not calculated
Segment Results |
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|
|
Q3 2024 |
|
Q3 2023 |
|
% Change |
|
|||||
|
|
($ in thousands) |
||||||||||
Adjusted Operating Revenues: |
|
|
|
|
|
|
|
|
|
|||
Term Life Insurance |
|
$ |
450,306 |
|
|
$ |
428,772 |
|
|
|
5 |
% |
Investment and Savings Products |
|
|
266,073 |
|
|
|
218,898 |
|
|
|
22 |
% |
Corporate and Other Distributed Products (1) |
|
|
53,711 |
|
|
|
52,102 |
|
|
|
3 |
% |
Total adjusted operating revenues (1) |
|
$ |
770,090 |
|
|
$ |
699,772 |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Operating Income (Loss) before income taxes: |
|
|
|
|
|
|
|
|
|
|||
Term Life Insurance |
|
$ |
178,354 |
|
|
$ |
141,222 |
|
|
|
26 |
% |
Investment and Savings Products |
|
|
79,911 |
|
|
|
64,373 |
|
|
|
24 |
% |
Corporate and Other Distributed Products (1) |
|
|
(5,713 |
) |
|
|
3,065 |
|
|
NM |
|
|
Total adjusted operating income before income taxes (1) |
|
$ |
252,552 |
|
|
$ |
208,660 |
|
|
|
21 |
% |
__________________________ |
||||||||||||
(1) |
See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information. |
Life Insurance Licensed Sales Force
The Company introduced new recruiting incentives for July and the beginning of August to further the momentum created at the convention. This led to a record number of new recruits and a
Term Life Insurance
During the third quarter of 2024, the Company issued 93,377 new life insurance policies, up
Third quarter revenues of
Investment and Savings Products
Ending client asset values continued to benefit from strong equity market appreciation, ending the quarter at
Third quarter revenues of
Corporate and Other Distributed Products
During the third quarter of 2024, the segment recorded a pre-tax adjusted operating loss of
Taxes
The effective tax rate from continuing operations remained largely unchanged at
Capital
The Company repurchased 510,911 shares of common stock for
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations.
Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast on Thursday, November 7, 2024, at 10:00 a.m. Eastern, to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in
PRIMERICA, INC. AND SUBSIDIARIES |
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Condensed Consolidated Balance Sheets |
|
|||||||
(Unaudited) |
|
|||||||
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|
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|
September 30, 2024 |
|
December 31, 2023 |
||||
|
|
(In thousands) |
|
|||||
Assets |
|
|
|
|
|
|
||
Investments: |
|
|
|
|
|
|
||
Fixed-maturity securities available-for-sale, at fair value |
|
$ |
2,994,955 |
|
|
$ |
2,719,467 |
|
Fixed-maturity security held-to-maturity, at amortized cost |
|
|
1,330,430 |
|
|
|
1,386,980 |
|
Short-term investments available-for-sale, at fair value |
|
|
- |
|
|
|
276 |
|
Equity securities, at fair value |
|
|
28,411 |
|
|
|
29,680 |
|
Trading securities, at fair value |
|
|
3,235 |
|
|
|
18,383 |
|
Policy loans and other invested assets |
|
|
52,842 |
|
|
|
51,175 |
|
Total investments |
|
|
4,409,873 |
|
|
|
4,205,961 |
|
Cash and cash equivalents |
|
|
550,142 |
|
|
|
594,148 |
|
Accrued investment income |
|
|
26,389 |
|
|
|
23,958 |
|
Reinsurance recoverables |
|
|
2,873,528 |
|
|
|
3,015,777 |
|
Deferred policy acquisition costs, net |
|
|
3,636,964 |
|
|
|
3,447,234 |
|
Agent balances, due premiums and other receivables |
|
|
300,697 |
|
|
|
269,216 |
|
Intangible assets, net |
|
|
45,275 |
|
|
|
45,275 |
|
Income taxes |
|
|
128,479 |
|
|
|
120,035 |
|
Operating lease right-of-use assets |
|
|
48,190 |
|
|
|
51,506 |
|
Other assets |
|
|
394,494 |
|
|
|
439,940 |
|
Separate account assets |
|
|
2,401,137 |
|
|
|
2,395,842 |
|
Assets from discontinued operations entities |
|
|
- |
|
|
|
418,840 |
|
Total assets |
|
$ |
14,815,168 |
|
|
$ |
15,027,732 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Future policy benefits |
|
$ |
6,919,418 |
|
|
$ |
6,742,025 |
|
Unearned and advance premiums |
|
|
16,186 |
|
|
|
14,876 |
|
Policy claims and other benefits payable |
|
|
496,835 |
|
|
|
513,803 |
|
Other policyholders' funds |
|
|
398,464 |
|
|
|
435,094 |
|
Note payable |
|
|
594,311 |
|
|
|
593,709 |
|
Surplus note |
|
|
1,330,090 |
|
|
|
1,386,592 |
|
Income taxes |
|
|
20,524 |
|
|
|
76,257 |
|
Operating lease liabilities |
|
|
56,930 |
|
|
|
58,893 |
|
Other liabilities |
|
|
549,209 |
|
|
|
579,045 |
|
Payable under securities lending |
|
|
85,236 |
|
|
|
99,785 |
|
Separate account liabilities |
|
|
2,401,137 |
|
|
|
2,395,842 |
|
Liabilities from discontinued operations entities |
|
|
- |
|
|
|
65,844 |
|
Total liabilities |
|
|
12,868,340 |
|
|
|
12,961,765 |
|
|
|
|
|
|
|
|
||
Stockholders' equity |
|
|
|
|
|
|
||
Common stock |
|
|
335 |
|
|
|
350 |
|
Paid-in capital |
|
|
- |
|
|
|
- |
|
Retained earnings |
|
|
2,132,015 |
|
|
|
2,276,946 |
|
Accumulated other comprehensive income (loss), net of income tax: |
|
|
|
|
|
|
||
Effect of change in discount rate assumptions on the liability for future policy benefits |
|
|
(71,241 |
) |
|
|
(39,086 |
) |
Unrealized foreign currency translation gains (losses) |
|
|
(10,771 |
) |
|
|
(2,235 |
) |
Net unrealized gains (losses) on available-for-sale securities |
|
|
(103,510 |
) |
|
|
(170,008 |
) |
Total stockholders' equity |
|
|
1,946,828 |
|
|
|
2,065,967 |
|
Total liabilities and stockholders' equity |
|
$ |
14,815,168 |
|
|
$ |
15,027,732 |
|
PRIMERICA, INC. AND SUBSIDIARIES |
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Condensed Consolidated Statements of Income |
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(Unaudited) |
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|
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|
|
Three months ended September 30, |
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|
2024 |
|
2023 |
||||
|
|
(In thousands, except per-share amounts) |
|
|||||
Revenues: |
|
|
|
|
|
|
||
Direct premiums |
|
$ |
852,452 |
|
|
$ |
831,681 |
|
Ceded premiums |
|
|
(412,645 |
) |
|
|
(411,015 |
) |
Net premiums |
|
|
439,807 |
|
|
|
420,666 |
|
Commissions and fees |
|
|
271,901 |
|
|
|
227,514 |
|
Net investment income |
|
|
41,109 |
|
|
|
34,730 |
|
Investment gains (losses) |
|
|
2,209 |
|
|
|
(1,795 |
) |
Other, net |
|
|
19,103 |
|
|
|
16,381 |
|
Total revenues |
|
|
774,129 |
|
|
|
697,496 |
|
|
|
|
|
|
|
|
||
Benefits and expenses: |
|
|
|
|
|
|
||
Benefits and claims |
|
|
164,363 |
|
|
|
162,062 |
|
Future policy benefits remeasurement (gain) loss |
|
|
(23,019 |
) |
|
|
179 |
|
Amortization of deferred policy acquisition costs |
|
|
75,539 |
|
|
|
69,405 |
|
Sales commissions |
|
|
142,254 |
|
|
|
116,200 |
|
Insurance expenses |
|
|
63,529 |
|
|
|
57,821 |
|
Insurance commissions |
|
|
7,180 |
|
|
|
7,911 |
|
Interest expense |
|
|
6,093 |
|
|
|
6,632 |
|
Other operating expenses |
|
|
83,612 |
|
|
|
70,902 |
|
Total benefits and expenses |
|
|
519,551 |
|
|
|
491,112 |
|
Income from continuing operations before income taxes |
|
|
254,578 |
|
|
|
206,384 |
|
Income taxes from continuing operations |
|
|
59,841 |
|
|
|
48,930 |
|
Income from continuing operations |
|
|
194,737 |
|
|
|
157,454 |
|
Loss from discontinued operations, net of income tax |
|
|
(30,364 |
) |
|
|
(5,391 |
) |
Net income |
|
$ |
164,373 |
|
|
$ |
152,063 |
|
|
|
|
|
|
|
|
||
Basic earnings per share: |
|
|
|
|
|
|
||
Continuing operations |
|
$ |
5.73 |
|
|
$ |
4.38 |
|
Discontinued operations |
|
|
(0.89 |
) |
|
|
(0.15 |
) |
Basic earnings per share |
|
$ |
4.84 |
|
|
$ |
4.23 |
|
|
|
|
|
|
|
|
||
Diluted earnings per share: |
|
|
|
|
|
|
||
Continuing operations |
|
$ |
5.72 |
|
|
$ |
4.38 |
|
Discontinued operations |
|
|
(0.89 |
) |
|
|
(0.15 |
) |
Diluted earnings per share |
|
$ |
4.83 |
|
|
$ |
4.23 |
|
|
|
|
|
|
|
|
||
Weighted-average shares used in computing earnings per share: |
|
|
|
|
|
|
||
Basic |
|
|
33,834 |
|
|
|
35,760 |
|
Diluted |
|
|
33,891 |
|
|
|
35,822 |
|
PRIMERICA, INC. AND SUBSIDIARIES |
|
||||||||||
Consolidated Adjusted Operating Results Reconciliation |
|
||||||||||
(Unaudited) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
Three months ended September 30, |
|
|
|
||||||
|
|
2024 |
|
2023 |
|
% Change |
|||||
|
|
(In thousands, except per-share amounts) |
|
|
|
||||||
Total revenues |
|
$ |
774,129 |
|
|
$ |
697,496 |
|
|
11 |
% |
Less: Investment (losses) gains |
|
|
2,209 |
|
|
|
(1,795 |
) |
|
|
|
Less: |
|
|
1,830 |
|
|
|
(481 |
) |
|
|
|
Adjusted operating revenues |
|
$ |
770,090 |
|
|
$ |
699,772 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
||
Income from continuing operations before income taxes |
|
$ |
254,578 |
|
|
$ |
206,384 |
|
|
23 |
% |
Less: Investment (losses) gains |
|
|
2,209 |
|
|
|
(1,795 |
) |
|
|
|
Less: |
|
|
1,830 |
|
|
|
(481 |
) |
|
|
|
Less: Restructuring costs |
|
|
(2,013 |
) |
|
|
- |
|
|
|
|
Adjusted operating income before income taxes |
|
$ |
252,552 |
|
|
$ |
208,660 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
||
Income from continuing operations |
|
$ |
194,737 |
|
|
$ |
157,454 |
|
|
24 |
% |
Less: Investment (losses) gains |
|
|
2,209 |
|
|
|
(1,795 |
) |
|
|
|
Less: |
|
|
1,830 |
|
|
|
(481 |
) |
|
|
|
Less: Restructuring costs |
|
|
(2,013 |
) |
|
|
- |
|
|
|
|
Less: Tax impact of preceding items |
|
|
(476 |
) |
|
|
535 |
|
|
|
|
Adjusted net operating income |
|
$ |
193,187 |
|
|
$ |
159,195 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
||
Diluted earnings per share from continuing operations |
|
$ |
5.72 |
|
|
$ |
4.38 |
|
|
31 |
% |
Less: Net after-tax impact of operating adjustments |
|
|
0.04 |
|
|
|
(0.05 |
) |
|
|
|
Diluted adjusted operating earnings per share |
|
$ |
5.68 |
|
|
$ |
4.43 |
|
|
28 |
% |
TERM LIFE INSURANCE SEGMENT |
|
||||||||||
Adjusted Premiums Reconciliation |
|
||||||||||
(Unaudited) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
Three months ended September 30, |
|
|
|
||||||
|
|
2024 |
|
2023 |
|
% Change |
|
||||
|
|
(In thousands) |
|
|
|
||||||
Direct premiums |
|
$ |
847,626 |
|
|
$ |
826,665 |
|
|
3 |
% |
Less: Premiums ceded to IPO coinsurers |
|
|
198,726 |
|
|
|
212,951 |
|
|
|
|
Adjusted direct premiums |
|
|
648,900 |
|
|
|
613,714 |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
||
Ceded premiums |
|
|
(411,526 |
) |
|
|
(409,801 |
) |
|
|
|
Less: Premiums ceded to IPO coinsurers |
|
|
(198,726 |
) |
|
|
(212,951 |
) |
|
|
|
Other ceded premiums |
|
|
(212,800 |
) |
|
|
(196,850 |
) |
|
|
|
Net premiums |
|
$ |
436,100 |
|
|
$ |
416,864 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
||
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT |
|
||||||||||
Adjusted Operating Results Reconciliation |
|
||||||||||
(Unaudited) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
Three months ended September 30, |
|
|
|
||||||
|
|
2024 |
|
2023 |
|
% Change |
|||||
|
|
(In thousands) |
|
|
|
||||||
Total revenues |
|
$ |
57,750 |
|
|
$ |
49,826 |
|
|
16 |
% |
Less: Investment gains (losses) |
|
|
2,209 |
|
|
|
(1,795 |
) |
|
|
|
Less: |
|
|
1,830 |
|
|
|
(481 |
) |
|
|
|
Adjusted operating revenues |
|
$ |
53,711 |
|
|
$ |
52,102 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
||
Income (loss) before income taxes |
|
$ |
(3,687 |
) |
|
$ |
789 |
|
|
NM |
|
Less: Investment gains (losses) |
|
|
2,209 |
|
|
|
(1,795 |
) |
|
|
|
Less: |
|
|
1,830 |
|
|
|
(481 |
) |
|
|
|
Less: Restructuring costs |
|
|
(2,013 |
) |
|
|
- |
|
|
|
|
Adjusted operating income (loss) before income taxes |
|
$ |
(5,713 |
) |
|
$ |
3,065 |
|
|
NM |
|
PRIMERICA, INC. AND SUBSIDIARIES |
|
||||||||||
Adjusted Stockholders' Equity Reconciliation |
|
||||||||||
(Unaudited) |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
September 30, 2024 |
|
December 31, 2023 |
|
% Change |
|||||
|
|
(In thousands) |
|
|
|
|
|||||
Stockholders' equity |
|
$ |
1,946,828 |
|
|
$ |
2,065,967 |
|
|
(6 |
)% |
Less: Net unrealized gains (losses) |
|
|
(103,510 |
) |
|
|
(170,008 |
) |
|
|
|
Less: Effect of change in discount rate assumptions on the liability for future policy benefits |
|
|
(71,241 |
) |
|
|
(39,086 |
) |
|
|
|
Adjusted stockholders' equity |
|
$ |
2,121,579 |
|
|
$ |
2,275,061 |
|
|
(7 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106746785/en/
Investor Contact:
Nicole Russell
470-564-6663
Email: Nicole.Russell@primerica.com
Media Contact:
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com
Source: Primerica, Inc.
FAQ
What was Primerica's (PRI) earnings per share in Q3 2024?
How much did Primerica (PRI) spend on stock buybacks in Q3 2024?
What was Primerica's (PRI) total revenue in Q3 2024?
What dividend did Primerica (PRI) declare for Q3 2024?
