US Market News
5月前
Primerica Reports Fourth Quarter 2025 ResultsFebruary 11, 2026 4:15 PM
Business Wire
Record Investment and Savings Products (ISP) sales up 24%; ISP client asset values up 15% to end the year at all-time high of $129 billion
Life-licensed sales force totaled 151,524 at year end
Term Life direct premiums grew 2%; adjusted direct premiums increased 4%
Net earnings per diluted share (EPS) of $6.13 compared to EPS from continuing operations of $4.98 in the prior year period; Diluted adjusted operating EPS of $6.13 compared to $5.03 in the prior year period
Return on stockholder’s equity (ROE) of 33.2% compared to 31.9% in the prior year period
Adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 33.5% compared to 31.3% in the prior year period
Completed the Board authorization to repurchase $450 million in 2025; the Board authorized a new $475 million share repurchase program to occur through December 31, 2026
Declared a quarterly dividend of $1.20 per share, payable on March 13, 2026, up 15% compared to the prior quarterly dividend
Strong capital return with 79% of full year adjusted net operating income returned to stockholders in 2025
Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended December 31, 2025. Total revenues were $853.7 million, an increase of 8% from the fourth quarter of 2024. Net income of $197.0 million increased 18% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $6.13 increased 23% compared to net earnings per diluted share from continuing operations in the prior year period.
Adjusted operating revenues of $853.5 million increased 8% compared to the fourth quarter of 2024. Adjusted net operating income of $196.9 million increased 16%, while adjusted operating earnings per diluted share of $6.13 grew 22% compared to the prior year period.
Comparing financial results for the full year, net income of $751.2 million in 2025 increased 4% compared to net income from continuing operations in 2024, while net earnings per diluted share of $22.91 in 2025 increased 9% compared to net earnings per diluted share from continuing operations in 2024. Adjusted net operating income of $751.4 million in 2025 increased 10% compared to 2024, while adjusted operating earnings per diluted share of $22.92 in 2025 increased 16% compared to 2024.
Fourth quarter results were driven by record ISP sales and rising client asset values, supported by favorable equity market performance. The Term Life segment also saw continued earnings growth.
“I am pleased with our 2025 financial results, which reflected the complementary balance of our business model. The Term Life business continues to provide stability through its large in-force block of business, while the Investment and Savings Products business is increasingly driving growth,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “At the core of our success is the strength of our sales force and their continued commitment to serving middle-income families.”
Fourth Quarter Distribution & Segment Results
Distribution Results
Q4 2025
Q4 2024
% Change
Life-Licensed Sales Force
151,524
151,611
*
Recruits
75,369
95,497
(21
)%
New Life-Licensed Representatives
10,998
14,620
(25
)%
Life Insurance Policies Issued
76,143
89,664
(15
)%
Life Productivity (1)
0.17
0.20
*
Issued Term Life Face Amount ($ billions) (2)
$
26.1
$
29.6
(12
)%
ISP Product Sales ($ billions)
$
4.1
$
3.3
24
%
Average Client Asset Values ($ billions)
$
128.2
$
112.3
14
%
Closed U.S. Mortgage Volume ($ million brokered)
$
130.9
$
121.0
8
%
________________________________
(1)
Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
(2)
Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.
* Not calculated or less than 1%
Segment Results
Q4 2025
Q4 2024
% Change
($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance
$
456,832
$
450,578
1
%
Investment and Savings Products
340,335
286,048
19
%
Corporate and Other Distributed Products (1)
56,341
53,508
5
%
Total adjusted operating revenues (1)
$
853,508
$
790,134
8
%
Adjusted Operating Income (Loss) before
income taxes:
Term Life Insurance
$
146,578
$
139,541
5
%
Investment and Savings Products
100,608
81,988
23
%
Corporate and Other Distributed Products (1)
(288
)
(993
)
71
%
Total adjusted operating income before income taxes (1)
$
246,898
$
220,536
12
%
(1)
See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.
Life Insurance Licensed Sales Force
The Company’s life licensed sales force ended the fourth quarter of 2025 largely unchanged from year-end 2024 at 151,524 representatives. While recruiting and new licenses were lower than the prior year quarter, we recruited a total of 75,369 individuals and 10,998 new representatives obtained their life insurance licenses, demonstrating the continued interest in the Primerica opportunity and our commitment to helping families achieve financial independence.
Term Life Insurance
The number of new life insurance policies issued during the fourth quarter decreased 15% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.17. The Company continues to support the sales force with training designed to help representatives guide clients in understanding and prioritizing their financial needs.
Fourth quarter revenues of $456.8 million increased 1% compared to the prior year period, while pre-tax operating income of $146.6 million increased 5%. The benefits and claims ratio was 57.8% compared to 58.6% in the prior year period. Excluding the $5.2 million remeasurement gain recognized in the current year period and the $1.5 million remeasurement loss recognized in the prior year period, the benefits and claims ratio was largely consistent year over year. The DAC amortization and insurance commissions ratio remained stable at 12.2%, while the insurance expense ratio at 8.5% was up modestly compared to 8.0% in the prior year period. The Term Life operating margin was 21.5%, up modestly compared to 21.3% in the prior year period.
Investment and Savings Products
During the fourth quarter of 2025, total product sales were $4.1 billion, a new Company record and a 24% increase compared to the prior year period. Strong demand across all major product lines supported sales growth, while favorable equity market performance led to a 15% increase in client asset values year-over-year. Net inflows during the fourth quarter of 2025 were $325 million.
Fourth quarter revenues of $340.3 million increased 19% year-over-year, while income before income taxes of $100.6 million increased 23%. Growth in sales-based commission revenues modestly outpaced revenue-generating sales due to the continued strong demand for variable annuities. Asset-based commission revenues grew 21%, supported by a favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model, compared to a 14% increase in average client asset values. Sales-based and asset-based commission expenses grew in line with related revenues.
Corporate and Other Distributed Products
During the fourth quarter of 2025, the segment recorded a pre-tax adjusted operating loss of $0.3 million compared to a pre-tax adjusted operating loss of $1.0 million in the prior year period. Adjusted net investment income increased $3.6 million compared to the prior year period largely due to the continued growth of the invested asset portfolio.
Taxes
The effective income tax rate was 20.2% during the fourth quarter of 2025 compared to the effective income tax rate from continuing operations of 23.3% in the fourth quarter of 2024. During the fourth quarter of 2025, we recognized an income tax benefit of $7.4 million, or $0.23 per diluted share, from the purchase of transferable federal income tax credits. Excluding the impact from these credits, our effective income tax rate was 23.3%.
Capital
During the fourth quarter, the Company repurchased $74.0 million of its common stock, completing the Board of Directors' authorization to repurchase $450 million of common stock during 2025. The Board of Directors authorized a new $475 million share repurchase program to occur through December 31, 2026. In addition, the Board of Directors approved a 15% increase to our first quarter dividend, now at $1.20 per share and payable on March 13, 2026 to stockholders of record on February 23, 2026. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be 455% as of December 31, 2025.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the IPO coinsurance transactions) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (MTM) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds in the second quarter of 2024 under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.
Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges in 2024 associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.
Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in the second quarter of 2024 for e-TeleQuote’s state net operating losses (NOLs), which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast on Thursday, February 12, 2026, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts on December 31, 2025. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
December 31, 2025
December 31, 2024
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value
$
3,265,246
$
2,946,126
Fixed-maturity security held-to-maturity, at amortized cost
1,175,380
1,303,880
Equity securities, at fair value
26,433
27,144
Trading securities, at fair value
12,801
3,011
Policy loans and other invested assets
56,233
50,881
Total investments
4,536,093
4,331,042
Cash and cash equivalents
756,227
687,821
Accrued investment income
30,122
28,100
Reinsurance recoverables
2,564,952
2,744,165
Deferred policy acquisition costs, net
3,915,998
3,680,430
Agent balances, due premiums and other receivables
275,171
282,607
Intangible asset
45,275
45,275
Income taxes
177,302
122,664
Operating lease right-of-use assets
41,900
47,023
Other assets
387,776
403,608
Separate account assets
2,281,520
2,209,287
Total assets
$
15,012,336
$
14,582,022
Liabilities and stockholders' equity
Liabilities:
Future policy benefits
$
6,818,179
$
6,503,064
Unearned and advance premiums
15,521
15,606
Policy claims and other benefits payable
495,356
488,350
Other policyholders' funds
356,427
402,323
Note payable
595,315
594,512
Surplus note
1,175,119
1,303,556
Income taxes
147,960
115,611
Operating lease liabilities
49,565
55,478
Other liabilities
546,596
549,160
Payable under securities lending
84,876
86,034
Separate account liabilities
2,281,520
2,209,287
Total liabilities
12,566,434
12,322,981
Stockholders' equity:
Common stock
318
334
Retained earnings
2,416,149
2,231,483
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits
134,594
224,833
Unrealized foreign currency translation gains (losses)
(15,836
)
(34,767
)
Net unrealized gains (losses) on available-for-sale securities
(89,323
)
(162,842
)
Total stockholders' equity
2,445,902
2,259,041
Total liabilities and stockholders' equity
$
15,012,336
$
14,582,022
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended December 31,
2025
2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums
$
869,030
$
854,748
Ceded premiums
(420,843
)
(414,463
)
Net premiums
448,187
440,285
Commissions and fees
347,386
293,850
Net investment income
42,122
38,134
Investment gains (losses)
641
(1,179
)
Other, net
15,347
17,019
Total revenues
853,683
788,109
Benefits and expenses:
Benefits and claims
166,420
167,449
Future policy benefits remeasurement (gain) loss
(5,107
)
1,374
Amortization of deferred policy acquisition costs
82,813
76,905
Sales commissions
187,823
157,703
Insurance expenses
70,168
66,256
Insurance commissions
5,621
7,795
Interest expense
5,968
6,070
Other operating expenses
92,904
86,046
Total benefits and expenses
606,610
569,598
Income from continuing operations before income taxes
247,073
218,511
Income taxes from continuing operations
50,027
50,835
Income from continuing operations
197,046
167,676
Loss from discontinued operations, net of income tax
-
(606
)
Net income
$
197,046
$
167,070
Basic earnings per share:
Continuing operations
$
6.14
$
4.99
Discontinued operations
-
(0.02
)
Basic earnings per share
$
6.14
$
4.97
Diluted earnings per share:
Continuing operations
$
6.13
$
4.98
Discontinued operations
-
(0.02
)
Diluted earnings per share
$
6.13
$
4.96
Weighted-average shares used in computing earnings per share:
Basic
31,979
33,482
Diluted
32,032
33,541
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
Year ended December 31,
2025
2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums
$
3,462,780
$
3,393,604
Ceded premiums
(1,678,877
)
(1,664,433
)
Net premiums
1,783,903
1,729,171
Commissions and fees
1,275,864
1,082,889
Net investment income
167,152
155,501
Investment gains (losses)
(816
)
2,236
Other, net
65,610
119,346
Total revenues
3,291,713
3,089,143
Benefits and expenses:
Benefits and claims
665,927
648,163
Future policy benefits remeasurement (gain) loss
(37,389
)
(25,920
)
Amortization of deferred policy acquisition costs
322,903
298,136
Sales commissions
686,920
573,249
Insurance expenses
263,467
255,619
Insurance commissions
22,995
32,008
Interest expense
23,958
25,034
Other operating expenses
368,368
343,607
Total benefits and expenses
2,317,149
2,149,896
Income from continuing operations before income taxes
974,564
939,247
Income taxes from continuing operations
223,330
219,118
Income from continuing operations
751,234
720,129
Loss from discontinued operations, net of income tax
-
(249,611
)
Net income
$
751,234
$
470,518
Basic earnings per share:
Continuing operations
$
22.95
$
21.02
Discontinued operations
-
(7.29
)
Basic earnings per share
$
22.95
$
13.73
Diluted earnings per share:
Continuing operations
$
22.91
$
20.99
Discontinued operations
-
(7.28
)
Diluted earnings per share
$
22.91
$
13.71
Weighted-average shares used in computing earnings per share:
Basic
32,632
34,142
Diluted
32,680
34,199
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2025
2024
% Change
(In thousands, except per-share amounts)
Total revenues
$
853,683
$
788,109
8
%
Less: Investment (losses) gains
641
(1,179
)
Less: 10% deposit asset MTM included in NII
(466
)
(846
)
Adjusted operating revenues
$
853,508
$
790,134
8
%
Income from continuing operations before income taxes
$
247,073
$
218,511
13
%
Less: Investment (losses) gains
641
(1,179
)
Less: 10% deposit asset MTM included in NII
(466
)
(846
)
Adjusted operating income before income taxes
$
246,898
$
220,536
12
%
Income from continuing operations
$
197,046
$
167,676
18
%
Less: Investment (losses) gains
641
(1,179
)
Less: 10% deposit asset MTM included in NII
(466
)
(846
)
Less: Tax impact of preceding items
(35
)
471
Adjusted net operating income
$
196,906
$
169,230
16
%
Diluted earnings per share from continuing operations
$
6.13
$
4.98
23
%
Less: Net after-tax impact of operating adjustments
-
(0.05
)
Diluted adjusted operating earnings per share
$
6.13
$
5.03
22
%
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Year ended December 31,
2025
2024
% Change
(In thousands, except per-share amounts)
Total revenues
$
3,291,713
$
3,089,143
7
%
Less: Investment (losses) gains
(816
)
2,236
Less: 10% deposit asset MTM included in NII
567
1,037
Less: Insurance claim proceeds
-
50,000
Adjusted operating revenues
$
3,291,962
$
3,035,870
8
%
Income from continuing operations before income taxes
$
974,564
$
939,247
4
%
Less: Investment (losses) gains
(816
)
2,236
Less: 10% deposit asset MTM included in NII
567
1,037
Less Insurance proceeds
-
50,000
Less: Restructuring costs
-
(2,837
)
Adjusted operating income before income taxes
$
974,813
$
888,811
10
%
Income from continuing operations
$
751,234
$
720,129
4
%
Less: Investment (losses) gains
(816
)
2,236
Less: 10% deposit asset MTM included in NII
567
1,037
Less: Insurance claims proceeds
-
50,000
Less: Restructuring costs
-
(2,837
)
Less: Tax impact of preceding items
71
(123
)
Less: Valuation allowance on Senior Health NOLs
-
(11,080
)
Adjusted net operating income
$
751,412
$
680,896
10
%
Diluted earnings per share from continuing operations
$
22.91
$
20.99
9
%
Less: Net after-tax impact of operating adjustments
(0.01
)
1.15
Diluted adjusted operating earnings per share
$
22.92
$
19.84
16
%
TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended December 31,
2025
2024
% Change
(In thousands)
Direct premiums
$
865,138
$
850,667
2
%
Less: Premiums ceded to IPO coinsurers
183,123
195,039
Adjusted direct premiums
682,015
655,628
4
%
Ceded premiums
(419,273
)
(412,916
)
Less: Premiums ceded to IPO coinsurers
(183,123
)
(195,039
)
Other ceded premiums
(236,150
)
(217,877
)
Net premiums
$
445,865
$
437,751
2
%
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2025
2024
% Change
(In thousands)
Total revenues
$
56,516
$
51,483
10
%
Less: Investment gains (losses)
641
(1,179
)
Less: 10% deposit asset MTM included in NII
(466
)
(846
)
Adjusted operating revenues
$
56,341
$
53,508
5
%
Income (loss) before income taxes
$
(113
)
$
(3,018
)
96
%
Less: Investment gains (losses)
641
(1,179
)
Less: 10% deposit asset MTM included in NII
(466
)
(846
)
Adjusted operating income (loss) before income taxes
$
(288
)
$
(993
)
71
%
PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
December 31, 2025
December 31, 2024
% Change
(In thousands)
Stockholders' equity
$
2,445,902
$
2,259,041
8
%
Less: Net unrealized gains (losses)
(89,323
)
(162,842
)
Less: Effect of change in discount rate assumptions on the liability for future policy benefits
134,594
224,833
Adjusted stockholders' equity
$
2,400,631
$
2,197,050
9
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211597821/en/
Investor Contact:
Nicole Russell
470-564-6663
Email: Nicole.Russell@Primerica.com
Media Contact:
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com
Original: Primerica Reports Fourth Quarter 2025 Results
daretodream
14年前
New Report: Middle Class Americans Acknowledge Past Financial Mistakes
Primerica, Inc. (NYSE:PRI)
Intraday Stock Chart
Today : Tuesday 18 September 2012
In an analysis of two new sources of information about family finances, the Consumer Federation of America and Primerica found that two-thirds of middle class Americans acknowledge having made financial mistakes, often costly ones.
The new report, “The Financial Status and Decision-Making of the American Middle Class,” also concluded that the financial condition of most middle class families is challenging. For example, in 2010 the typical middle class family had financial assets of $27,300 – including retirement savings but not pensions – which was 28 percent less than the $37,800 held in 2007.
The comprehensive analysis includes a national survey of 2015 representative adult Americans by ORC International in July of this year and a statistical examination of the Federal Reserve Board’s 2010 Survey of Consumer Finances, by Professor Catherine Montalto of The Ohio State University.
In the ORC International survey, 843 out of 2015 respondents reported household incomes between $30,000 and $100,000 and were considered to be middle class. Key findings from an analysis of the survey data are:
Two-thirds of middle class Americans (67%) said that, in the past, they had made at least one “really bad financial decision,” and nearly half of those questioned (47%) acknowledged that they had made more than one bad decision. The typical (median) cost of these bad decisions was $5,000, but the average cost was $23,000.
Few of these Americans said their main source of information or advice about specific financial decisions would be from the Internet, books, magazines, or TV. And a number said they would not seek information or advice in making these decisions. For example, for “saving and investing,” only 15 percent said they would rely on the Internet, publications, or TV for the information, yet another 17 percent said they “wouldn’t seek any information or advice, and just make a decision.” However, for this kind of decision, 45 percent said they would use information and advice from a financial professional.
These middle class Americans are much more risk-averse than those with higher incomes. If given $1,000,000 to invest for retirement, only 21 percent of middle class Americans, compared to 48 percent of higher-income persons (incomes $100,000 and over), would invest mainly in “stocks, bonds, and/or mutual funds.” And 19 percent of the middle class group would “invest” most of their funds in a savings account while 25 percent would invest mainly in real estate.
Yet, large majorities of these Americans believe their ability to make financial decisions is “good” or “excellent” – for example, 81 percent for ability to budget income and 80 percent for ability to manage credit card debt though only 63 percent for ability to save for retirement and 67 percent for their ability to purchase a mortgage loan.
“Considering their past mistakes and the complexity of the financial services marketplace, we were surprised at how highly most middle class Americans rate their ability to make a variety of financial decisions and how infrequently they rely on information from the Internet and publications,” said CFA Executive Director Stephen Brobeck.
The second source of information was the Federal Reserve Board’s 2010 Survey of Consumer Finances, which was released several months ago. Professor Catherine Montalto of The Ohio State University used its database, and that of the Fed’s 2007 survey, to compute financial statistics for the 40 percent of households in the third and fourth income quintiles -- incomes between $35,600 and $94,600 in 2010. Analysis of these data revealed that:
This typical middle class family had financial assets of $27,300, including $3,900 in checking and/or savings accounts. These financial assets were 28 percent less than the $37,800 held in 2007.
Most of these financial assets represented money in contributory retirement accounts, but only about three-fifths of all families (61%) had such an account (though a number of middle class families did have pensions).
For middle class families, the typical debt payments to income ratio was 20 percent with only 9 percent having debt payments that were overdue by 60 days or more. But nearly half (49%) still carried credit card debt from month to month, and the typical (median) debt for these families was $2,700.
The decline in housing prices was the main reason that the net assets of the typical middle income family declined 35 percent, from $145,600 to $94,700.
“Families without a lot of resources are balancing difficult and expensive priorities such as saving enough for college and retirement or paying off a mortgage and consumer debt. When you consider these demands within the context of the last decade’s falling incomes, we are nearing a crisis in this country,” said John Addison, Primerica Co-CEO. “Primerica’s representatives specialize in working with families that earn between $30-$100,000, and trust me, this can be a lonely field to be in. The trend on Wall Street is to work with wealthier and wealthier clients, but this report lays out very clearly the urgent need for more financial services aimed at middle income earners.”
Other findings from the analysis of the Fed data include:
Only 21 percent of the middle class families had a cash value life insurance policy, 15 percent stocks outside a retirement account, 14 percent certificates of deposit, and 13 percent U.S. Savings Bonds.
Over half of these families (53%) had installment debt whose typical amount was $13,500. Almost all of this debt represented auto loans and student loans.
These families held consumer and mortgage debt that was, typically, $85,400 in 2007 and $84,400 in 2010.
Other findings from the analysis of the ORCI survey data include:
More older middle class persons (65 and older) than younger persons (18-34 years) rated their financial decision-making ability as good or excellent, for example, 56 percent vs. 27 percent for budgeting one’s income.
Two-fifths of middle class persons (40%) said they would not seek information or advice about managing credit card debt, and about one-quarter would not do so for purchasing auto insurance (25%) and life insurance (24%).
Few said they would use information and advice from a financial professional for managing credit card debt (18%) and purchasing auto insurance (13%).
The least well-educated middle class persons were the least likely to seek information or advice. For example, 23 percent of those with a high school degree or less, but only 10 percent of those with a college degree, would not seek information about saving and investing.
A very small percentage would invest the bulk of $10,000 (7%), $100,000 (6%), or $1,000,000 (6%) in gold or precious metals.
Fewer middle class persons (63%) than those with incomes of $100,000 or higher (76%) rated their decision-making about saving for retirement as good or excellent.
More middle class persons (67%) than upper income persons (61%) said they had made at least one bad financial decision but the latter group lost more money -- $61,000 vs. $23,000 on average, presumably because they had more to lose.
The Consumer Federation of America is a nonprofit association of some 270 consumer groups that was established in 1968 to advance the consumer interest through research, advocacy, and education. While its primary focus is public policy issues, CFA founded and manages the America Saves campaign in which more than 300,000 Americans have enrolled or pledged as Savers.
Primerica, Inc. headquartered in Duluth, GA, is a leading distributor of financial products to middle-income families in North America. Primerica representatives educate their Main Street clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing the company’s financial products. We insure more than 4.3 million lives and approximately 2 million clients maintain investment accounts with us. Primerica is a member of the Russell 2000 Stock index and is traded on The New York Stock Exchange under the symbol “PRI”.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50408839&lang=en
daretodream
14年前
Primerica Reports Second Quarter 2012 Results
Primerica, Inc. (NYSE:PRI)
Intraday Stock Chart
Today : Tuesday 7 August 2012
Primerica, Inc. (NYSE: PRI) announced today financial results for the second quarter ended June 30, 2012. Total revenues were $300.5 million in the second quarter of 2012 and net income was $46.2 million, or $0.72 per diluted share. Operating revenues increased by 8% to $296.2 million in the second quarter of 2012, compared with $273.1 million in the second quarter of 2011. Net operating income grew by 18% to $45.5 million, or $0.71 per diluted share, in the second quarter of 2012, compared with $38.6 million, or $0.51 per diluted share, in the second quarter of 2011. The year-over-year trends reflect strong performance in the Term Life segment and the impact of our share repurchases as well as higher prior year insurance and operating expenses. Net operating income return on adjusted stockholders’ equity (ROAE) was 14.8% (13.9% on a net income and stockholders’ equity basis) for the quarter ended June 30, 2012, the highest since becoming a public company in 2010.
Rick Williams, Chairman of the Board and Co-Chief Executive Officer said, “Our 18% increase in net operating income in the second quarter and share repurchases drove a 40% increase in net operating earnings per diluted share and increased net operating return on adjusted stockholders equity to 14.8% from 11.6% in the year ago period. Our simple products and disciplined approach to business enhancements and capital management will continue to provide opportunities for strong long-term results.”
John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer said, “Sales force distribution development showed strength this quarter with the size of our life licensed sales force growing and our focus on licensing resulting in a 21% increase in new life insurance licenses. Our Investment and Savings Products sales also grew 5% in the second quarter as we continued to demonstrate the power of our large scale distribution model by producing over $100 million of fixed indexed annuity sales in the first full quarter the product was offered.”
Distribution Results
The size of our life-licensed insurance sales force grew to 90,868 at June 30, 2012 from 90,519 at June 30, 2011 and 89,651 at March 31, 2012. Sales force growth was driven by 9,786 new life licenses in the second quarter of 2012, a 21% increase from the second quarter of 2011 and a 28% increase from the first quarter of 2012. Recruiting of new representatives in the second quarter of 2012 declined 25% to 48,976 compared with the second quarter of 2011 and was down 16% from the first quarter of 2012 largely reflecting the strong focus on getting new representatives through the licensing process. Recruiting in the second quarter of 2011 also benefited from the post-convention recruiting surge in June and July of 2011.
Term life insurance policies issued increased slightly to 60,583 in the second quarter of 2012, compared with the year ago period. Sequentially, term life insurance policies issued increased 8% compared with the first quarter of 2012, largely reflecting typical seasonality. Term Life net premium revenue increased 28% to $138.3 million in the second quarter of 2012, compared with the second quarter a year ago and increased by 8% from the first quarter as we continue to build the Term Life book of business.
Investment and Savings Products sales grew 5% to $1.19 billion in the second quarter of 2012 from the year ago quarter primarily as a result of sales growth in our recently launched fixed indexed annuity and managed account products. Total sales levels were consistent with the first quarter of 2012. Client asset values at June 30, 2012 declined 2% to $35.29 billion relative to a year ago and declined 3% compared with March 31, 2012, primarily reflecting market conditions in the U.S. and Canada.
Segment Results
Primerica operates in two primary business segments: Term Life Insurance and Investment and Savings Products, and has a third segment, Corporate and Other Distributed Products. Results for the segments are shown below.
Actual Operating (1)
Q2 2012 Q2 2011 (2) % Change Q2 2012 Q2 2011 (2) % Change
Revenues: ($ in thousands) ($ in thousands)
Term Life Insurance $ 162,732 $ 131,641 24 % $ 162,732 $ 131,641 24 %
Investment and Savings Products 102,967 104,586 -2 % 102,967 104,586 -2 %
Corporate and Other Distributed Products 34,826 38,868 -10 % 30,505 36,833 -17 %
Total revenues $ 300,525 $ 275,095 9 % $ 296,204 $ 273,060 8 %
Income (loss) before income taxes:
Term Life Insurance $ 51,724 $ 36,026 44 % $ 51,724 $ 36,026 44 %
Investment and Savings Products 29,444 30,470 -3 % 29,444 30,470 -3 %
Corporate and Other Distributed Products (9,247 ) (8,031 ) -15 % (10,376 ) (6,520 ) -59 %
Total income before income taxes $ 71,921 $ 58,465 23 % $ 70,792 $ 59,976 18 %
(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconcilations at the end of this release for additional information.
(2) Reflects revised accounting standards related to costs associated with acquiring or renewing insurance contracts.
Term Life Insurance. Operating revenues grew by 24% to $162.7 million in the second quarter of 2012, compared with the same period a year ago. Net premiums continue to build with the in force block, up 28% from the prior year period. Net investment income increased year-over-year consistent with the growth in assets allocated to support the Term Life business. Net investment income was not notably impacted by low prevailing market interest rates.
Operating income before income taxes increased by 44% over the prior year period to $51.7 million additionally reflecting higher deferrals of commissions consistent with incentive program changes as well as prior year new product launch and convention-related expenses, partially offset by growth in premium-related expenses. Interest expense increased in the quarter due to the redundant reserve financing executed in March 2012. Persistency and mortality experience were both consistent with the prior year period.
Sequentially, operating income before income taxes increased by 17% reflecting continued premium growth, seasonally stronger persistency and lower incurred claims in the second quarter of 2012, compared with the first quarter of 2012. The stronger seasonal second quarter persistency resulted in lower DAC amortization partially offset by higher reserve increases in the second quarter of 2012, compared with the prior quarter. Results were also impacted by higher interest expense associated with the new redundant reserve financing and higher life insurance licensing-related expenses.
Investment and Savings Products. Operating revenues declined 2% to $103.0 million and operating income before income taxes declined 3% to $29.4 million in the second quarter of 2012, compared with the second quarter of 2011, reflecting a slight decline in average client asset values consistent with market performance. We also experienced a modest shift in sales mix towards managed accounts, which provide ongoing asset-based revenues rather than sales-based revenues.
Sequentially, operating income before income taxes increased 2% from the first quarter of 2012 reflecting higher sales of sales-based revenue generating products and slightly higher average client asset values.
Corporate and Other Distributed Products. Operating revenues decreased by 17%, or $6.3 million, to $30.5 million in the second quarter of 2012 from the second quarter of 2011 largely reflecting a lower invested asset base following our stock repurchases. As is the case with the Term Life segment, the low interest rate environment did not meaningfully impact Corporate and Other Distributed Products segment results. Year-over-year operating losses before income taxes for this segment increased by $3.9 million to $10.4 million as lower investment income was partially offset by lower claims on the short-term disability products underwritten by our New York insurance subsidiary.
Taxes
Our effective income tax rate for the second quarter of 2012 was 35.8%, compared with 35.7% for the same quarter a year ago. Our effective income tax rate increased from 34.2% in the first quarter of 2012 due to a lower effective Canadian tax rate in the first quarter of 2012.
Capital and Liquidity
In April 2012, we repurchased 5.7 million shares of common stock from equity funds managed by Warburg Pincus for a purchase price of $150 million. As of June 30, 2012, our investments and cash totaled $2.02 billion, compared with $2.17 billion as of March 31, 2012. Our invested asset portfolio had a net unrealized gain of $166.7 million (net of unrealized losses of $6.2 million) at June 30, 2012, down from a net unrealized gain of $170.6 million (net of unrealized losses of $5.9 million) at March 31, 2012. Net realized gains for the quarter were $4.3 million, which included $0.1 million of other-than-temporary impairments.
Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio is estimated to be in excess of 570% as of June 30, 2012, and well positioned to support existing operations and fund future growth.
Our debt-to-capital ratio remained low at 19.0% as of June 30, 2012. In July 2012, we completed our first public debt offering of $375 million in aggregate principal amount of Senior Notes due 2022. The notes bear an annual interest rate of 4.750%. The majority of the offering proceeds were used to repay Primerica’s $300 million note payable to a subsidiary of Citigroup Inc. and the remaining proceeds will be used for general corporate purposes including share repurchases. If this offering had been completed as of June 30, 2012 our debt-to capital ratio would have been 22.7%.
Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (GAAP). We also present operating revenues, operating income before income taxes, net operating income and adjusted stockholders’ equity. Operating revenues, operating income before income taxes and net operating income exclude the impact of realized investment gains and losses for all periods presented. Operating income before income taxes and net operating income exclude the expense associated with our IPO-related equity awards for all periods presented. Adjusted stockholders' equity excludes the impact of net unrealized gains and losses on invested assets for all periods presented. Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Reconciliations of non-GAAP to GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast Wednesday, August 8, 2012 at 9:00 am EDT, to discuss second quarter results. This release and a detailed financial supplement will be posted on Primerica’s website. Investors are encouraged to review these materials. To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software.
A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of our sales representatives; our or our sales representatives’ violation of or non-compliance with laws and regulations; incorrect assumptions used to price our insurance policies; the failure of our investment products to remain competitive with other investment options; our failure to meet RBC standards or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; heightened standards of conduct or more stringent licensing requirements for our sales representatives; the inability of our subsidiaries to pay dividends or make distributions; the loss of key personnel; and general changes in economic and financial conditions, including the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading distributor of financial products to middle-income families in North America. Primerica representatives educate their Main Street clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing the company’s financial products. We insure more than 4.3 million lives and approximately 2 million clients maintain investment accounts with us. Primerica is a member of the Russell 2000 stock index and is traded on The New York Stock Exchange under the symbol “PRI”.
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Balance Sheets
June 30, December 31,
2012 (1) 2011 (2)
(In thousands)
Assets
Investments:
Fixed maturity securities available for sale, at fair value $ 1,823,729 $ 1,959,156
Equity securities available for sale, at fair value 31,811 26,712
Trading securities, at fair value 29,038 9,640
Policy loans and other invested assets 24,201 25,996
Total investments 1,908,779 2,021,504
Cash and cash equivalents 108,062 136,078
Accrued investment income 20,220 21,579
Due from reinsurers 3,903,028 3,855,318
Deferred policy acquisition costs 990,558 904,485
Premiums and other receivables 167,746 163,845
Intangible assets 70,226 71,928
Other assets 281,818 268,485
Separate account assets 2,500,640 2,408,598
Total assets $ 9,951,077 $ 9,851,820
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 4,723,359 $ 4,614,860
Unearned premiums 9,476 7,022
Policy claims and other benefits payable 236,717 241,754
Other policyholders' funds 347,763 340,766
Note payable 300,000 300,000
Income taxes 82,755 81,316
Other liabilities 329,538 381,496
Payable under securities lending 143,963 149,358
Separate account liabilities 2,500,640 2,408,598
Total liabilities 8,674,211 8,525,170
Stockholders' equity:
Common stock 599 649
Paid-in capital 693,717 835,232
Retained earnings 426,936 344,104
Accumulated other comprehensive income, net of income tax 155,614 146,665
Total stockholders' equity 1,276,866 1,326,650
Total liabilities and stockholders' equity $ 9,951,077 $ 9,851,820
(1) Unaudited
(2) Reflects revised accounting standards related to costs associated with acquiring or renewing insurance contracts.
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Statements of Income
Three months ended June 30,
2012 (1) 2011 (1) (2)
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 570,073 $ 560,881
Ceded premiums (415,815 ) (435,564 )
Net premiums 154,258 125,317
Commissions and fees 106,761 108,698
Net investment income 23,605 27,229
Realized investment gains, including OTTI 4,321 2,035
Other, net 11,580 11,816
Total revenues 300,525 275,095
Benefits and expenses:
Benefits and claims 68,925 57,272
Amortization of deferred policy acquisition costs 28,205 23,975
Sales commissions 51,475 50,273
Insurance expenses 24,589 26,988
Insurance commissions 6,458 9,534
Interest expense 8,506 6,998
Other operating expenses 40,446 41,590
Total benefits and expenses 228,604 216,630
Income before income taxes 71,921 58,465
Income taxes 25,741 20,845
Net income $ 46,180 $ 37,620
Earnings per share:
Basic $ 0.73 $ 0.50
Diluted $ 0.72 $ 0.49
Shares used in computing earnings per share:
Basic 61,531 73,457
Diluted 62,687 74,201
(1) Unaudited
(2) Reflects revised accounting standards related to costs associated with acquiring or renewing insurance contracts.
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2012
2011 (1)
% Change
Operating revenues $ 296,204 $ 273,060 8 %
Realized investment gains, including OTTI 4,321 2,035
Total revenues $ 300,525 $ 275,095 9 %
Operating income before income taxes $ 70,792 $ 59,976 18 %
Realized investment gains, including OTTI 4,321 2,035
Other operating expense - equity awards (3,192 ) (3,546 )
Income before income taxes $ 71,921 $ 58,465 23 %
Net operating income $ 45,455 $ 38,592 18 %
Realized investment gains, including OTTI 4,321 2,035
Other operating expense - equity awards (3,192 ) (3,546 )
Tax impact of reconciling items (404 ) 539
Net income $ 46,180 $ 37,620 23 %
Diluted operating earnings per share $ 0.71 $ 0.51 40 %
Net after-tax impact of operating adjustments 0.01 (0.02 )
Diluted earnings per share $ 0.72 $ 0.49 46 %
(1) Reflects revised accounting standards related to costs associated with acquiring or renewing insurance contracts.
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2012 2011 (1)
Operating revenues $ 30,505 $ 36,833
Realized investment gains, including OTTI 4,321 2,035
Total revenues $ 34,826 $ 38,868
Operating loss before income taxes $ (10,376 ) $ (6,520 )
Realized investment gains, including OTTI 4,321 2,035
Other operating expense - equity awards (3,192 ) (3,546 )
Loss before income taxes $ (9,247 ) $ (8,031 )
(1) Reflects revised accounting standards related to costs associated with acquiring or renewing insurance contracts.
PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
June 30, 2012
Adjusted stockholders' equity $ 1,171,710
Unrealized net investment gains recorded in stockholders' equity 105,156
Stockholders' equity $ 1,276,866
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2年前
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