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Primerica, Inc. provides financial products and services to middle-income households in the United States and Canada through a licensed representative distribution model. Recurring company news covers term life insurance production, Investment and Savings Products sales, client asset values, mortgage brokerage volume, recruiting and licensing trends, quarterly earnings, credit ratings, and the Primerica Household Budget Index™, a monthly measure focused on purchasing power for middle-income families.
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.
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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.
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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.
Primerica, Inc. (NYSE:PRI) will host a webcast on August 9, 2022, at 9:00 a.m. Eastern time to discuss its financial results for the quarter ended June 30, 2022. A news release detailing these results will be issued after market close on August 8, 2022. The earnings release and financial supplement will be accessible via the Primerica Investors website. As of December 31, 2021, Primerica insured over 5.7 million lives and managed over 2.7 million client investment accounts.