New life-licensed representatives up 11%
with life-licensed sales force ending the quarter at 136,430, up
5%
Term Life face amount issued up 14% to $28.1
billion
Investment and Savings Products positive net
flows of $642 million, however market volatility continues to
pressure sales and client asset values
Senior Health approved policies and annual
policy renewal rates in line with expectations
Net earnings per diluted share (EPS) of
$3.38 increased 16%; return on stockholders’ equity (ROE) of
25.5%
Diluted adjusted operating EPS of $3.49
increased 18%; adjusted net operating income return on adjusted
stockholders’ equity (ROAE) of 24.2%
Declared dividend of $0.65 per share,
payable on June 12, 2023, and repurchased $85 million of common
stock during the quarter
Primerica, Inc. (NYSE: PRI) today announced financial results
for the quarter ended March 31, 2023. Total revenues of $690.0
million were largely unchanged compared to the first quarter of
2022. Net income attributable to Primerica of $125.1 million
increased 9%, while earnings per diluted share of $3.38 increased
16% compared to the same period in the prior year. ROE was 25.5%
for the quarter.
Adjusted operating revenues of $695.0 million were relatively
unchanged compared to the first quarter of 2022. Adjusted net
operating income of $128.9 million increased 10%, while adjusted
operating earnings per diluted share of $3.49 increased 18%
compared to the same period in the prior year. ROAE was 24.2% for
the quarter.
The Company adopted ASU 2018-12 – Targeted Improvements to the
Accounting for Long-Duration Contracts, or LDTI, on January 1, 2023
with a transition date of January 1, 2021. All prior period
financial information contained herein has been restated to reflect
the adoption of LDTI.
First quarter results reflected the continued growth of adjusted
direct premiums in the Term Life segment, the benefit of higher
interest rates on net investment income in the Corporate and Other
Distributed Products segment and the Company’s progress in
improving the profitability of the Senior Health segment. Economic
uncertainty and equity market volatility continued to pressure
sales and client asset values in the Investment and Savings
Products segment.
“Our performance in the first quarter demonstrates the ongoing
needs of middle-income families for financial guidance and
solutions, along with Primerica’s unique ability to serve our
market,” said Glenn Williams, Chief Executive Officer. “This
combination led to growth in our term life sales as well as strong
results in building distribution. Positive net flows in our ISP
business indicate that our clients continue in their commitment to
saving for the future.”
First Quarter Distribution & Segment Results
Distribution Results
Q1 2023
Q1 2022
% Change
Adjusted Q1 2022
% Change
Life-Licensed Sales Force
136,430
130,206
5
%
Recruits
93,540
84,707
10
%
New Life-Licensed Representatives
11,118
9,983
11
%
Life Insurance Policies Issued (1)
84,561
71,324
N/A
83,050
2
%
Life Productivity (1) (2)
0.21
0.18
N/A
0.21
*
Issued term life face amount ($ billions)
(3)
$
28.1
$
24.8
14
%
ISP Product Sales ($ billions)
$
2.3
$
3.1
(25
)%
Average Client Asset Values ($
billions)
$
86.6
$
94.2
(8
)%
Senior Health Submitted Policies (4)
19,826
26,231
(24
)%
Senior Health Approved Policies (5)
18,413
23,594
(22
)%
Closed U.S. Mortgage Volume ($ million
brokered)
$
55.6
$
235.9
(76
)%
_______________
(1)
Previously reported numbers for the three
months ended March 31, 2022 have been adjusted as a result of a
product change made near the end of 2022, which modified how
policies are structured in relation to individual lives. To make
year-over year comparisons more consistent, we have provided
estimates for the prior year period.
(2)
Life productivity equals policies issued
divided by the average number of life insurance licensed
representatives per month.
(3)
Includes face amount on issued term life
policies, additional riders added to existing policies, and face
increases under increasing benefit riders.
(4)
Represents the number of completed
applications that, with respect to each such application, the
applicant has authorized us to submit to the health insurance
carrier.
(5)
Represents an estimate of submitted
policies approved by health insurance carriers during the indicated
period. Not all approved policies will go in force.
* Not calculated
Segment Results
Q1 2023
Q1 2022
% Change
($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance
$
421,069
$
406,983
3
%
Investment and Savings Products
210,202
241,039
(13
)%
Senior Health
18,710
5,831
221
%
Corporate and Other Distributed Products
(1)
44,990
38,721
16
%
Total adjusted operating revenues
(1)
$
694,971
$
692,574
0
%
Adjusted Operating Income (Loss) before
income taxes:
Term Life Insurance
$
126,736
$
118,576
7
%
Investment and Savings Products
56,106
67,039
(16
)%
Senior Health (1)
(3,762
)
(19,018
)
80
%
Corporate and Other Distributed Products
(1)
(11,008
)
(14,529
)
24
%
Total adjusted operating income before
income taxes (1)
$
168,072
$
152,068
11
%
_______________
(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
Recruiting increased 10% compared to the first quarter of 2022
as the Company continued to see a high degree of interest from
people who are attracted to the flexibility provided by the
Primerica business opportunity. Licensing momentum remained strong
with more than 11,000 new life-licensed representatives added
during the quarter, an 11% increase compared to the prior year
period. As of March 31, 2023, the Company had a total of 136,430
independent life-licensed representatives, representing a 5%
increase year-over-year.
Term Life Insurance
Sales remain robust with 84,561 new term life insurance policies
issued during the quarter, up 2% compared to the estimated number
of policies issued in the first quarter of 2022 as adjusted to
reflect a comparable one life per policy basis. Issued term life
face amount, which captures the number of policies issued and the
face amount of both new policies issued and additions to in force
policies, increased 14% to $28.1 billion compared to $24.8 billion
in the prior year period. Policy lapses were modestly unfavorable
compared to pre-pandemic levels, most likely due to the impact of a
higher cost of living pressuring our marketplace.
First quarter revenues of $421.1 million and net premiums of
$408.8 million grew 3% and 4%, respectively, year-over-year, while
adjusted direct premiums increased 6%. Pre-tax income increased 7%
to $126.7 million for the quarter. The benefits and claims ratio of
58.7% and the DAC amortization ratio of 11.8% were consistent with
the prior year ratios, as expected under LDTI. The benefits and
claims ratio was higher than projected during the fourth quarter
earnings call, reflecting our finalization of LDTI processes. We
expect the benefit and claims ratio to be in the high 58% range for
2023.
Investment and Savings Products
Total sales during the quarter were $2.3 billion, decreasing 25%
compared to the first quarter of 2022 as equity markets continued
to experience heightened volatility. Average client asset values
for the quarter were $86.6 billion, decreasing 8% year-over-year.
Nonetheless, clients remained focused on long-term goals as
evidenced by net client inflows of $642 million during the
quarter.
Revenues of $210.2 million decreased 13% year-over-year, while
operating income of $56.1 million decreased 16%. Sales-based
commission revenues and expenses each decreased 30%, largely in
line with the change in revenue-generating sales. While average
client asset values declined 8%, asset-based revenues benefited
from a mix-shift toward products on which the Company earns higher
asset-based fees and decreased only 1% compared to the prior year
period. The change in asset-based commission expenses was
consistent with asset-based revenues, excluding revenues on
Canadian segregated funds. Expenses related to Canadian segregated
funds are reflected in insurance commissions and amortization of
DAC.
Senior Health
The Company continued to control sales levels in the Senior
Health segment through the first quarter’s Open Enrollment Period,
with an emphasis on agent and lead efficiency and the quality of
business. Leads sourced by Primerica’s senior health certified
representatives represented approximately 10% of total submitted
volume and continued to exhibit favorable conversion and retention
characteristics. The lifetime value of commissions per approved
policy (“LTV”) was $856 and contract acquisition costs per approved
policy (“CAC”) was $814, for an LTV/CAC ratio of 1.1x for the
period.
The Company’s Senior Health business made progress toward
achieving profitability with a modest operating loss of $3.8
million recognized in the quarter down from a $19.0 million
operating loss in the prior year period. Chargebacks of policies
approved during the Annual Election Period and policy renewal rates
during the January 1st annual renewal cycle were largely in line
with expectations. The Company does not anticipate a need to
provide capital to the segment in 2023.
Corporate and Other Distributed Products
During the first quarter of 2023, the segment recorded an
operating loss of $11.0 million compared to an operating loss of
$14.5 million in the prior year period. The improvement was driven
by higher revenues, primarily due to a $10.4 million increase in
adjusted net investment income as reinvestment rates have increased
significantly since the prior year period. Partially offsetting
this increase was a reduction in revenues from mortgage sales,
which were adversely impacted by lower loan volumes due to higher
mortgage interest rates.
Taxes
The effective tax rate remained relatively unchanged at 23.3% in
the first quarter of 2023 compared to 23.0% in the first quarter of
2022.
Capital
During the first quarter, the Company repurchased 530,723 shares
of common stock for $85.2 million. The Company expects to
repurchase a total of $375 million of common stock during 2023. The
Board of Directors has approved a dividend of $0.65 per share,
payable on June 12, 2023, to stockholders of record on May 22,
2023.
Primerica has a strong balance sheet, including invested assets
and cash at the holding company of $330 million. Primerica Life
Insurance Company’s statutory risk-based capital (RBC) ratio was
estimated to be approximately 455% as of March 31, 2023.
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, adjusted stockholders’
equity and diluted adjusted operating earnings per share. 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) and fair value mark-to-market (“MTM”)
investment adjustments, including credit impairments, 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. Adjusted operating income before taxes, adjusted net
operating income, and diluted adjusted operating earnings per share
also exclude transaction-related expenses/recoveries associated
with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries
(collectively, “e-TeleQuote”), adjustments to share-based
compensation expense for shares exchanged in the business
combination, and non-cash goodwill impairment charges. We exclude
e-TeleQuote transaction-related expenses/recoveries and non-cash
goodwill impairment charges as these are non-recurring items that
will cause incomparability between period-over-period results. We
exclude adjustments to share-based compensation expense for shares
exchanged in the business combination to eliminate
period-over-period fluctuations that may obscure comparisons of
operating results primarily due to the volatility of changes in the
fair value of shares which were acquired for no additional
consideration. Adjusted operating income before income taxes and
adjusted net operating income exclude income attributable to the
noncontrolling interest to present only the income that is
attributable to stockholders of the Company. 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. 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 investors 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 Tuesday, May 9, 2023, at 10:00
a.m. Eastern, 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 sales representatives or
license or maintain the licensing of sales representatives; new
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 sales representatives’ violation of or
non-compliance with laws and regulations; any failure to protect
the confidentiality of client information; differences between our
actual experience and our expectations regarding mortality or
persistency 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; litigation
and regulatory investigations and actions concerning us or sales
representatives; heightened standards of conduct or more stringent
licensing requirements for sales representatives; inadequate
policies and procedures regarding suitability review of client
transactions; revocation of our subsidiary’s status as a non-bank
custodian; economic down cycles 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 information technology systems, breach of our information
security, failure of our business continuity plan or the loss of
the Internet; 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; 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; any acquisition or investment in
businesses that do not perform as we expect or are difficult to
integrate; due to our very limited history with e-TeleQuote, we
cannot be certain that its business will be successful or that we
will successfully address any risks not known to us that may become
material; a failure by e-TeleQuote to comply with the requirements
of the United States government’s Centers for Medicare and Medicaid
Services and those of its carrier partners; legislative or
regulatory changes to Medicare Advantage or changes to the
implementing guidance by the Centers for Medicare and Medicaid
Services; e-TeleQuote’s inability to acquire or generate leads on
commercially viable terms, convert leads to sales or if customer
policy retention is lower than assumed; e-TeleQuote’s inability to
enroll individuals during the Medicare annual election period; the
loss of a key carrier, or the modification of commission rates or
underwriting practices with a key carrier partner could adversely
affect e-TeleQuote’s business; cyber-attack(s), security breaches
or if e-TeleQuote is otherwise unable to safeguard the security and
privacy of confidential data, including personal health
information; 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 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 5.7 million
lives and had over 2.8 million client investment accounts on
December 31, 2022. Primerica, through its insurance company
subsidiaries, was the #3 issuer of Term Life insurance coverage in
the United States and Canada in 2022. 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
(Unaudited)
March 31, 2023
December 31, 2022
(In thousands)
Assets
Investments:
Fixed-maturity securities
available-for-sale, at fair value
$
2,558,626
$
2,495,456
Fixed-maturity security held-to-maturity,
at amortized cost
1,460,000
1,444,920
Short-term investments available-for-sale,
at fair value
70,187
69,406
Equity securities, at fair value
33,984
35,404
Trading securities, at fair value
18,497
3,698
Policy loans and other invested assets
50,003
48,713
Total investments
4,191,297
4,097,597
Cash and cash equivalents
515,090
489,240
Accrued investment income
22,153
20,885
Reinsurance recoverables
3,179,074
3,176,397
Deferred policy acquisition costs, net
3,256,845
3,194,029
Renewal commissions receivable
194,409
200,043
Agent balances, due premiums and other
receivables
259,759
254,276
Goodwill
127,707
127,707
Intangible assets
182,900
185,525
Income taxes
106,310
97,972
Operating lease right-of-use assets
38,575
40,500
Other assets
391,605
428,259
Separate account assets
2,329,968
2,305,717
Total assets
$
14,795,692
$
14,618,147
Liabilities and Stockholders'
Equity
Liabilities:
Future policy benefits
$
6,561,624
$
6,297,906
Unearned and advance premiums
16,703
15,422
Policy claims and other benefits
payable
498,483
538,250
Other policyholders' funds
481,561
483,769
Notes payable
593,106
592,905
Surplus note
1,459,565
1,444,469
Income taxes
199,394
202,462
Operating lease liabilities
43,955
45,995
Other liabilities
615,780
580,780
Payable under securities lending
74,452
100,938
Separate account liabilities
2,329,968
2,305,717
Total liabilities
12,874,591
12,608,613
Stockholders' equity
Common stock
364
368
Paid-in capital
-
-
Retained earnings
2,151,771
2,130,935
Effect of change in discount rate
assumptions on the liability for future policy benefits, net of
income tax
(11,679
)
131,295
Net unrealized gains (losses) and foreign
currency translation, net of income tax
(219,355
)
(253,064
)
Total stockholders' equity
1,921,101
2,009,534
Total liabilities and stockholders'
equity
$
14,795,692
$
14,618,147
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(Unaudited)
Three months ended March
31,
2023
2022
(In thousands, except
per-share amounts)
Revenues:
Direct premiums
$
817,872
$
798,666
Ceded premiums
(405,347
)
(399,885
)
Net premiums
412,525
398,781
Commissions and fees
231,547
251,800
Net investment income
31,065
18,905
Investment gains (losses)
(4,608
)
751
Other, net
19,507
20,989
Total revenues
690,036
691,226
Benefits and expenses:
Benefits and claims
168,702
168,288
Future policy benefits remeasurement
(gain)/loss
(508
)
(1,272
)
Amortization of deferred policy
acquisition costs
67,358
63,223
Sales commissions
110,874
133,924
Insurance expenses
61,125
59,509
Insurance commissions
8,138
7,721
Contract acquisition costs
14,984
20,649
Interest expense
6,690
6,853
Other operating expenses
89,536
86,435
Total benefits and expenses
526,899
545,330
Income before income taxes
163,137
145,896
Income taxes
38,031
33,512
Net income
125,106
112,384
Net income attributable to noncontrolling
interests
-
(2,655
)
Net income attributable to Primerica,
Inc.
$
125,106
$
115,039
Earnings per share attributable to
common stockholders:
Basic earnings per share
$
3.39
$
2.92
Diluted earnings per share
$
3.38
$
2.91
Weighted-average shares used in
computing earnings per share:
Basic
36,710
39,221
Diluted
36,804
39,332
PRIMERICA, INC. AND
SUBSIDIARIES
Consolidated Adjusted
Operating Results Reconciliation
(Unaudited – in thousands,
except per share amounts)
Three months ended March
31,
2023
2022
% Change
Total revenues
$
690,036
$
691,226
0
%
Less: Investment gains (losses)
(4,608
)
751
Less: 10% deposit asset MTM included in
NII
(327
)
(2,099
)
Adjusted operating revenues
$
694,971
$
692,574
0
%
Income before income taxes
$
163,137
$
145,896
12
%
Less: Investment gains (losses)
(4,608
)
751
Less: 10% deposit asset MTM included in
NII
(327
)
(2,099
)
Less: e-TeleQuote transaction-related
expenses
-
(900
)
Less: Equity comp for awards exchanged
during acquisition
-
(256
)
Less: Noncontrolling interest
-
(3,668
)
Adjusted operating income before income
taxes
$
168,072
$
152,068
11
%
Net income
$
125,106
$
112,384
11
%
Less: Investment gains (losses)
(4,608
)
751
Less: 10% deposit asset MTM included in
NII
(327
)
(2,099
)
Less: e-TeleQuote transaction-related
expenses
-
(900
)
Less: Equity comp for awards exchanged
during acquisition
-
(256
)
Less: Noncontrolling interest
-
(3,668
)
Less: Tax impact of preceding items
1,151
1,603
Adjusted net operating income
$
128,890
$
116,953
10
%
Diluted earnings per share (1)
$
3.38
$
2.91
16
%
Less: Net after-tax impact of operating
adjustments
(0.11
)
(0.05
)
Diluted adjusted operating earnings per
share (1)
$
3.49
$
2.96
18
%
_______________
(1)
Percentage change in earnings per share is
calculated prior to rounding per share amounts.
TERM LIFE INSURANCE
SEGMENT
Adjusted Premiums
Reconciliation
(Unaudited – in
thousands)
Three months ended March
31,
2023
2022
% Change
Direct premiums
$
812,880
$
793,254
2
%
Less: Premiums ceded to IPO coinsurers
220,240
234,614
Adjusted direct premiums
592,640
558,640
6
%
Ceded premiums
(404,044
)
(398,446
)
Less: Premiums ceded to IPO coinsurers
(220,240
)
(234,614
)
Other ceded premiums
(183,804
)
(163,832
)
Net premiums
$
408,836
$
394,808
4
%
SENIOR HEALTH SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited – in
thousands)
Three months ended March
31,
2023
2022
% Change
Income/(loss) before income taxes
$
(3,762
)
$
(23,085
)
(84
)%
Less: e-TeleQuote transaction-related
costs
-
(399
)
Less: Noncontrolling interest
-
(3,668
)
Adjusted operating income before taxes
$
(3,762
)
$
(19,018
)
(80
)%
CORPORATE AND OTHER
DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited – in
thousands)
Three months ended March
31,
2023
2022
% Change
Total revenues
$
40,055
$
37,373
7
%
Less: Investment gains (losses)
(4,608
)
751
Less: 10% deposit asset MTM included in
NII
(327
)
(2,099
)
Adjusted operating revenues
$
44,990
$
38,721
16
%
Loss before income taxes
$
(15,943
)
$
(16,634
)
(4
)%
Less: Investment gains (losses)
(4,608
)
751
Less: 10% deposit asset MTM included in
NII
(327
)
(2,099
)
Less: e-TeleQuote transaction-related
expenses
-
(501
)
Less: Equity comp for awards exchanged
during acquisition
-
(256
)
Adjusted operating loss before income
taxes
$
(11,008
)
$
(14,529
)
(24
)%
PRIMERICA, INC. AND
SUBSIDIARIES
Adjusted Stockholders' Equity
Reconciliation
(Unaudited – in
thousands)
March 31, 2023
December 31, 2022
% Change
Stockholders' equity
$
1,921,101
$
2,009,534
(4
)%
Less: Net unrealized gains (losses)
(208,157
)
(240,868
)
Less: Effect of change in discount rate
assumptions on the liability for future policy benefits
(11,679
)
131,295
Adjusted stockholders' equity
$
2,140,937
$
2,119,107
1
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005631/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
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