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.
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.
Summary not available.
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.
Summary not available.
PFSL Fund Management Ltd. announced that as of July 6, 2022, its Primerica Concert™ Allocation Series of Funds will open for limited trading, exclusively for existing investors. The funds, managing over $4.6 billion in assets, will accept pre-authorized purchases, redemptions, and client-directed trades at their discretion. PFSL will continue active management with a focus on achieving superior performance. LifeWorks Investment Management Ltd. and AGF Investments Inc. will assist in asset allocation and daily trades, respectively.
Primerica, Inc. announced its upcoming International Convention in Atlanta from June 29 to July 2, projected to host 35,000 attendees and generate an economic impact of $36 million. This significant corporate gathering will highlight the company’s achievements under the theme “Decade of Dominance.” The event promises workshops, inspiring speakers, and exhibits, showcasing Primerica's dedication to helping middle-income families with financial education and services. Primerica aims to hold the convention again in 2024.
Primerica, Inc. (NYSE:PRI) has been named to the Fortune 1000 list for the third consecutive year, ranking 895 with approximately $2.7 billion in revenue for fiscal year 2021. This marks an improvement from its 2020 debut at number 980. CEO Glenn Williams highlighted the company's resilience during the pandemic and credited their representatives for successfully adapting to challenges. Primerica serves middle-income families across the U.S., Canada, and Puerto Rico, providing essential financial services and insurance products.
Primerica, Inc. (NYSE:PRI) has elected Amber Cottle to its Board of Directors, enhancing female representation to 36%. She replaces former Senator Saxby Chambliss, who served for five years. Cottle brings over 25 years of experience in government affairs, having held significant roles at Dropbox and Apple. This move reflects Primerica's commitment to diversity and aims to strengthen governance through her extensive background in public policy and corporate governance.