Primerica Stock Price, News & Analysis

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.

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.

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.

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.

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.

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.