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 (NYSE: PRI) reported its financial results for the fourth quarter of 2022, highlighting a 4.4% growth in its life-licensed sales force, reaching a record 135,208 representatives. Term Life net premiums rose by 5%, with adjusted direct premiums up by 6%. Despite GAAP revenues decreasing by 5% to $686.9 million, net income was $131.8 million, translating to earnings per share (EPS) of $3.54, and a return on equity (ROE) of 31.6%. Adjusted operating EPS increased by 19% to $3.49. Investment and Savings Products sales totaled $10 billion for the year, marking the second-highest in company history, despite ongoing market volatility.
Primerica, Inc. (NYSE:PRI) has announced an 18% increase in stockholder dividends to $0.65 per share. This dividend will be payable on March 14, 2023, to stockholders of record on February 21, 2023. CEO Glenn Williams expressed satisfaction with the company's ongoing cash generation, which has enabled yearly dividend increases since its IPO in April 2010. Primerica, headquartered in Duluth, GA, provides financial services to middle-income households, offering term life insurance and investment products.
Primerica, Inc. (NYSE: PRI) has released a report highlighting the financial struggles faced by middle-income families in the U.S. As inflation rises, especially in essentials like food, gas, and utilities, many families are tapping into savings or ceasing to save altogether. The report indicates that 82% of respondents are impacted financially, with prices for necessities peaking at 18.2% above last year. Despite these challenges, 53% of families still rate their financial situation positively. However, there is a disconnect between budgeting plans and actual spending.
Primerica, Inc. (NYSE:PRI) will host a webcast on February 24, 2023, at 10:00 a.m. Eastern time to discuss its results for the quarter ended December 31, 2022, and future business expectations. A news release with financial results will be issued after market close on February 23, 2023. Primerica provides financial services to middle-income households in North America, focusing on term life insurance and investment products. As of December 31, 2021, the company insured over 5.7 million lives and managed over 2.7 million client investment accounts.
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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.