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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.
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Primerica, Inc. (NYSE: PRI) reported strong financial results for Q3 2020, with total revenues of $568.5 million, up 9% year-over-year. Net income rose 17% to $112.1 million, and earnings per diluted share increased 23% to $2.81. The company's return on equity (ROE) improved to 26.7% from 24.1%. Term life insurance policy sales surged 36% year-over-year, reflecting growing demand for protection products amid the pandemic. Despite pressures on investment products, the firm saw an 8% rise in average client asset values. Additionally, Primerica repurchased $41.5 million of common stock during the quarter.
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Primerica, Inc. (NYSE:PRI) will hold a webcast on November 5, 2020, at 10:00 a.m. ET to discuss its financial results for Q3 2020, alongside future business expectations. A news release detailing these results will be published on November 4, 2020, after market close. Primerica, based in Duluth, GA, is a key financial services provider for middle-income households in North America, with approximately 5 million lives insured and over 2.5 million client investment accounts as of December 31, 2019.
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" for Primerica Life Insurance Company and its affiliates, as well as the Long-Term ICR of "a-" for Primerica, Inc. (NYSE: PRI). The outlook is stable. Key highlights include very strong balance sheet strength, operating performance, and favorable business profile. However, risks include reliance on captive reinsurance solutions and higher allocations to NAIC class 2 bonds. The group maintains a robust agent distribution network, essential for its term life insurance focus.