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Primerica, Inc. - PRI STOCK NEWS

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.

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Primerica (NYSE:PRI) has announced its decision to exit the senior health business by relinquishing ownership of e-TeleQuote Insurance, Inc. The Board of Directors determined that the senior health subsidiary, acquired in July 2021, lacks a clear path to profitability within an acceptable timeframe. Primerica plans to terminate its rights to e-TeleQuote no later than September 30, 2024. The company expects e-TeleQuote to issue shares to a yet-to-be-identified third party, who will ultimately own the business. This decision was driven by significant structural changes in the sector and an uncertain regulatory environment. Primerica will continue to support client relationships and maintain staffing levels at e-TeleQuote during the transition.

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The 2024 Primerica International Convention, hosted by Primerica, a leading financial services provider, kicks off today in Atlanta and will run through July 13. Expected to attract 40,000 attendees, the event will have an estimated economic impact of $46 million on the local economy.

Primerica, which has nearly 146,000 life insurance-licensed representatives, achieved a significant milestone with $951 billion in term life coverage in force. The company has seen a 15% year-to-date increase in new recruits and life insurance-licensed representatives.

Preliminary data shows that client asset values have reached $105 billion as of June 30, 2024, with investment product sales increasing by 25% year-to-date to $5.8 billion. The company has averaged $1.8 billion in death claim payouts annually over the last five years.

The event aims to celebrate Primerica's successes and plan for further growth through its 50th anniversary in 2027.

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Primerica's Financial Security Monitor™ (FSM™) survey for Q2 2024 highlights the financial struggles of middle-income families. Despite reports of an improving economy, two-thirds of these families feel they are falling behind the cost of living. The Household Budget Index™ (HBI™) shows a slight rise in purchasing power to 100.3% in May 2024, up from 100.1% in April 2024, marking the first increase in five months. The survey reveals that 80% of households prefer cooking at home due to budget concerns and high restaurant prices. Savings behaviors remain strained, with many families cutting costs or using credit cards more frequently. Financial confidence is high for basic money management but lower for complex tasks like retirement planning. Anxiety and time are major barriers to financial planning. The survey also notes a small improvement in the number of households with an emergency fund and a slight decline in credit card debt.

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Primerica has released its latest Household Budget Index™ (HBI™), highlighting a decline in purchasing power for middle-income families.

In April 2024, the index fell to 100.1%, down from 100.5% in March 2024, marking the fourth consecutive month of decline from a high of 102.5% in December 2023.

The primary cause of this decline is a 12% increase in gas prices over the past two months.

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Primerica released its latest Financial Security Monitor™ survey, indicating that most middle-income Canadians lack basic financial education. The survey reveals 68% believe their education didn't prepare them for managing finances. Specific gaps include understanding taxes (85%), managing loans (81%), and setting budgets (77%). Despite financial challenges and inflation concerns, 65% rate their personal finances positively, though 75% see their province's economic health as poor. Saving habits are improving, with 72% holding a savings account. Inflation and health expenses are top worries (61% each). Most (72%) think financial advice should be universal, but only 38% think they can afford it.

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Primerica, Inc. (NYSE: PRI) reported strong financial results for the first quarter of 2024, with total revenues up 8% to $742.8 million. Net income increased by 8% to $137.9 million, and earnings per diluted share rose by 14% to $3.93. The company saw growth in recruiting and licensing, with a 5% increase in the life-licensed sales force and a 16% increase in new representatives. Term life net premiums grew by 5%, and Investment and Savings Products sales increased by 20% to $2.8 billion. Client asset values also rose by 18% to $103 billion. Adjusted operating EPS increased by 10% to $3.91, and the company declared a dividend of $0.75 per share. Primerica remains optimistic about future growth opportunities.

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Primerica, Inc. (NYSE: PRI) reported a decline in the Primerica Household Budget Index™ for middle-income households for the third consecutive month. The average purchasing power in March 2024 dropped to 100.5% from 101.2% in February 2024, attributed to the increasing prices of necessity goods, with gas prices rising by 6.4% since the beginning of the year.

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Primerica, Inc. (PRI) has scheduled a webcast to discuss its first quarter 2024 financial results on May 7, 2024. The company will release its results for the quarter ended March 31, 2024, along with future expectations. Investors can access the earnings news release, financial supplement, and webcast on the Primerica Investors website.
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Primerica, Inc. (PRI) addresses misinformation circulated by a blogger. The company reaffirms its commitment to providing financial services in the US and Canada. Primerica emphasizes its strong track record and dedication to clients.
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Primerica, Inc. released its Financial Security Monitor survey for Q1 2024, revealing 66% of middle-income Americans feel their education did not prepare them for financial management. The Household Budget Index for middle-income households slightly decreased to 101.2% in February 2024. A majority of individuals under 65 expressed dissatisfaction with their financial education, highlighting gaps in preparing for tasks like taxes and loans.
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FAQ

What does Primerica, Inc. do?

Primerica provides financial services including life insurance, mutual funds, annuities, and debt solutions, primarily for middle-income households.

When was Primerica founded?

Primerica was founded in 1977.

What is the philosophy of Primerica?

Primerica's philosophy is 'buy term and invest the difference,' encouraging affordable term life insurance and investment of surplus funds.

How many clients does Primerica serve?

Primerica serves over 6 million clients in the U.S., Canada, and Puerto Rico.

What are the main segments of Primerica's business?

The main segments are Term Life Insurance, Investment and Savings Products, Senior Health, and Corporate and Other Distributed Products.

How many licensed representatives does Primerica have?

Primerica has more than 100,000 licensed representatives and over 24,000 licensed mutual fund representatives.

What assets does Primerica manage?

Primerica's securities clients have nearly $25 billion in assets under management.

Where does Primerica derive most of its revenue?

Primerica derives the majority of its revenue from the United States.

What is Primerica's approach to debt?

Primerica offers solutions to help families eliminate debt and save more money for the future.

Who are Primerica's primary subsidiaries?

Primerica's primary subsidiaries are Primerica Financial Services, Primerica Life Insurance Company, and PFS Investments.

Primerica, Inc.

NYSE:PRI

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8.62B
34.41M
0.65%
93%
1.91%
Direct Life Insurance Carriers
Finance and Insurance
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United States of America
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