Life-licensed sales force grew 4% to
139,053, driven by continued strength in recruiting and
licensing
Term Life pre-tax income grew 7%; Issued
Term Life policies up 9% and total face amount issued up
13%
Investment and Savings Products pre-tax
income grew 9%; Average client asset values up 10%
Net earnings per diluted share (EPS) of
$4.23 versus $2.11 (including a non-cash goodwill impairment of
$1.59 per diluted share) in the prior year period. Return on
stockholders’ equity (ROE) was 28.1%
Diluted adjusted operating EPS of $4.28
increased 14%; adjusted net operating income return on adjusted
stockholders’ equity (ROAE) was 28.0%
Primerica, Inc. (NYSE: PRI) today announced financial results
for the quarter ended September 30, 2023. Total revenues of $710.9
million increased 6% compared to the third quarter of 2022. Net
income of $152.1 million increased 91%, while earnings per diluted
share of $4.23 doubled compared to the same period in the prior
year. The prior year period results included a non-cash goodwill
impairment charge of $60.0 million, or $1.59 per diluted share. ROE
was 28.1% for the current period.
Adjusted operating revenues of $713.2 million increased 5%
compared to the third quarter of 2022. Adjusted net operating
income of $153.8 million increased 9%, while adjusted operating
earnings per diluted share of $4.28 increased 14% compared to the
same period in the prior year. ROAE was 28.0% for the quarter.
Third quarter results reflect the strength of the Company’s
business model. The life-licensed sales force continued to grow
both sequentially and on a year-over-year basis. Financial results
in the Term Life segment benefited from the size and stability of
the in-force block, predictable margins and strong sales during the
period. Financial results in the Investment and Savings Products
segment were positively impacted by growth in client asset values
compared to the prior year period, although equity markets were
volatile during the third quarter of 2023. Net investment income,
reflected in the Corporate and Other Distributed Product segment,
continued to benefit from higher interest rates and growth in the
size of the portfolio, while the Senior Health segment had a net
loss due to elevated contract acquisition costs and limited sales
opportunities ahead of the Medicare Annual Enrollment Period
(“AEP”).
“Our results reflect the solid financial performance underlying
our business and another quarter of double-digit growth in adjusted
earnings per share,” said Glenn Williams, Chief Executive Officer.
“Robust recruiting and licensing numbers and nearly 4% growth in
the size of the life-licensed sales force validate the appeal of
our entrepreneurial opportunity.”
Third Quarter Distribution & Segment Results
Distribution Results
Q3 2023
Q3 2022
% Change
Adjusted Q3 2022
% Change
Life-Licensed Sales Force
139,053
134,313
4
%
Recruits
92,269
127,788
(28
)%
New Life-Licensed Representatives
12,311
12,518
(2
)%
Life Insurance Policies Issued (1)
88,589
71,104
N/A
81,372
9
%
Life Productivity (1) (2)
0.21
0.18
N/A
0.20
*
Issued Term Life Face Amount ($ billions)
(3)
$
29.5
$
26.0
13
%
ISP Product Sales ($ billions)
$
2.2
$
2.2
1
%
Average Client Asset Values ($
billions)
$
91.5
$
83.3
10
%
Senior Health Submitted Policies (4)
10,718
16,095
(33
)%
Senior Health Approved Policies (5)
9,948
14,862
(33
)%
Closed U.S. Mortgage Volume ($ million
brokered)
$
82.7
$
99.8
(17
)%
_____________________
(1)
Previously reported numbers for the three
months ended September 30, 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
Q3 2023
Q3 2022
% Change
($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance
$
428,772
$
414,589
3
%
Investment and Savings Products
218,898
201,697
9
%
Senior Health
13,436
17,184
(22
)%
Corporate and Other Distributed Products
(1)
52,102
42,586
22
%
Total adjusted operating revenues
(1)
$
713,208
$
676,056
5
%
Adjusted Operating Income (Loss) before
income taxes:
Term Life Insurance
$
141,222
$
131,707
7
%
Investment and Savings Products
64,373
59,221
9
%
Senior Health (1)
(7,583
)
(3,723
)
(104
)%
Corporate and Other Distributed Products
(1)
3,065
(3,308
)
193
%
Total adjusted operating income before
income taxes (1)
$
201,077
$
183,897
9
%
_____________________
(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 appeal of Primerica’s entrepreneurial opportunity and
continued focus on the fundamental building blocks of the business
are driving strong recruiting and licensing trends with 92,269 new
recruits and 12,311 new life licenses added during the quarter.
Year-over-year comparisons are not meaningful due to the
significant recruiting incentives offered following our biennial
convention in July 2022. As of September 30, 2023, the Company had
a total of 139,053 independent life-licensed representatives,
representing a 1% increase over June 30, 2023, and a 4% increase
compared to the end of September 2022.
Term Life Insurance
During the third quarter of 2023, the Company issued 88,589 new
term life insurance policies, up 9% compared to the estimated
number of policies issued in the prior year period (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 13% to $29.5 billion compared to $26.0 billion
in the prior year period. Productivity at 0.21 policies per
life-licensed representative per month during the quarter compares
favorably to the adjusted 0.20 policies in the prior year
period.
Third quarter revenues of $428.8 million increased 3%, while
pre-tax income of $141.2 million increased 7% driven by 6% growth
in adjusted direct premiums. The Company continues to see elevated
lapses most notably on policies sold near the onset of or during
the COVID-19 pandemic when various financial aid programs were
widely available to the middle-income marketplace. Ongoing
cost-of-living pressures and the elimination of these programs are
likely contributors to the timing of these lapses. Persistency for
policies issued over the last year and policies in later durations
are generally in line with the historical trends underlying our
LDTI assumptions. The benefits and claims, DAC amortization and net
insurance expense ratios at 57.9%, 11.7% and 7.3%, respectively,
were consistent with the prior year period resulting in a pre-tax
operating margin of 23.0% for the quarter.
Investment and Savings Products
Ending client asset values increased 12% year-over-year to $88.4
billion as of September 30, 2023. Total product sales remained
unchanged at $2.2 billion, while revenue-generating sales grew 8%
driven by higher investor demand for variable annuities and the
guarantee features they offer. During the quarter, the Company
transitioned to a new managed account custodial platform. The
conversion created temporary headwinds in sales as
securities-licensed representatives familiarized themselves with
the new technology and helped their clients navigate to the new
platform. The Company successfully retained 98% of client account
balances on the new platform, with the 2%, or approximately $150
million, that was not retained reflected as redemptions in the
quarter. Net client inflows were $192 million, or approximately
$342 million after adjusting for the platform conversion.
Third quarter revenues of $218.9 million and pre-tax income of
$64.4 million each increased 9%. Sales-based commission revenues
and expenses each increased 7%, in line with the increase in
revenue-generating sales. Asset-based revenues increased 11%, in
line with the increase in average client asset values, while
commission expenses increased 14%. The change in asset-based
commission expenses is consistent with asset-based revenues,
excluding revenue on Canadian Segregated funds for which commission
expenses are recognized as insurance commission and amortization of
DAC.
Senior Health
Approximately 10,000 policies were approved during the third
quarter. We added new agents to position the business for AEP, but
hiring delays resulted in fewer agents on the phones and a higher
mix of less experienced agents than in the prior year period. The
lifetime value of commissions per approved policy (“LTV”) was $911,
while contract acquisition costs per approved policy (“CAC”) was
$1,263. CAC in the third quarter is typically elevated as approved
policies are seasonally low, there is generally a higher mix of
less tenured agents than in other periods and training costs are
high ahead of AEP.
Third quarter revenues of $13.4 million included a $2.3 million
positive tail adjustment, reflecting stabilized persistency and
annual rate increases. The pre-tax loss of $7.6 million reflects a
ramp-up of costs in preparation for AEP and lower sales volume due
to less effective lead conversion. The Company remains committed to
growing the Senior Health business responsibly and will not need to
provide capital to the segment in 2023.
Corporate and Other Distributed Products
During the third quarter of 2023, the segment recorded pre-tax
income of $3.1 million compared to a pre-tax loss of $3.3 million
in the prior year period. The improvement is principally due to the
$10.8 million, or 44%, increase in adjusted net investment income
driven by the continued benefit of significantly higher yields on
new investments and growth in the portfolio over the past year.
Commissions on our other products portfolio were generally
consistent with the prior year period.
Taxes
The effective tax rate was 23.5% in the third quarter of 2023
compared to 34.3% in the prior year period. Excluding the non-cash,
non-deductible goodwill impairment charge in 2022, the effective
tax rate for the third quarter of 2022 was 22.9%. On an adjusted
basis, the effective tax rate was higher than in the prior year
period due to higher state income taxes in the current year
period.
Capital
During the third quarter, the Company repurchased $106.5 million
of its common stock, for a total of $302.5 million year-to-date and
expects to complete the repurchase of $375 million of common stock
during 2023 as authorized by the Board of Directors. The Board of
Directors has approved a dividend of $0.65 per share, payable on
December 12, 2023, to stockholders of record on November 21,
2023.
Primerica has a strong balance sheet, including invested assets
and cash at the holding company of $337 million. Primerica Life
Insurance Company’s statutory risk-based capital (RBC) ratio was
estimated to be approximately 445% as of September 30, 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 non-cash goodwill impairment charges. We exclude
non-cash goodwill impairment charges as a non-recurring item 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. 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 Wednesday, November 8, 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 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 5.7 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)
September 30, 2023
December 31, 2022
(In thousands)
Assets
Investments:
Fixed-maturity securities
available-for-sale, at fair value
$
2,589,000
$
2,495,456
Fixed-maturity security held-to-maturity,
at amortized cost
1,417,460
1,444,920
Short-term investments available-for-sale,
at fair value
20,051
69,406
Equity securities, at fair value
29,123
35,404
Trading securities, at fair value
18,160
3,698
Policy loans and other invested assets
49,840
48,713
Total investments
4,123,634
4,097,597
Cash and cash equivalents
468,762
489,240
Accrued investment income
23,797
20,885
Reinsurance recoverables
2,954,245
3,209,540
Deferred policy acquisition costs, net
3,374,627
3,188,502
Renewal commissions receivable
191,818
200,043
Agent balances, due premiums and other
receivables
287,138
254,276
Goodwill
127,707
127,707
Intangible assets, net
177,650
185,525
Income taxes
106,033
93,632
Operating lease right-of-use assets
55,203
40,500
Other assets
359,010
428,259
Separate account assets
2,183,435
2,305,717
Total assets
$
14,433,059
$
14,641,423
Liabilities and Stockholders'
Equity
Liabilities:
Future policy benefits
$
6,045,151
$
6,297,906
Unearned and advance premiums
15,387
15,422
Policy claims and other benefits
payable
475,403
538,250
Other policyholders' funds
447,876
483,769
Notes payable
593,508
592,905
Surplus note
1,417,056
1,444,469
Income taxes
227,866
204,018
Operating lease liabilities
61,783
45,995
Other liabilities
575,143
580,780
Payable under securities lending
77,956
100,938
Separate account liabilities
2,183,435
2,305,717
Total liabilities
12,120,564
12,610,169
Stockholders' equity
Common stock
353
368
Paid-in capital
-
-
Retained earnings
2,215,378
2,153,617
Effect of change in discount rate
assumptions on the liability for future policy benefits, net of
income tax
377,635
130,416
Net unrealized gains (losses) and foreign
currency translation, net of income tax
(280,871
)
(253,147
)
Total stockholders' equity
2,312,495
2,031,254
Total liabilities and stockholders'
equity
$
14,433,059
$
14,641,423
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(Unaudited)
Three months ended September
30,
2023
2022
(In thousands, except
per-share amounts)
Revenues:
Direct premiums
$
831,681
$
810,079
Ceded premiums
(411,015
)
(404,870
)
Net premiums
420,666
405,209
Commissions and fees
238,902
225,468
Net investment income
34,730
24,346
Investment gains (losses)
(1,795
)
(2,699
)
Other, net
18,429
20,965
Total revenues
710,932
673,289
Benefits and expenses:
Benefits and claims
162,062
159,396
Future policy benefits remeasurement
(gain)/loss
179
1,514
Amortization of deferred policy
acquisition costs
69,405
66,077
Sales commissions
116,200
105,915
Insurance expenses
57,821
57,552
Insurance commissions
7,911
7,666
Contract acquisition costs
12,568
13,446
Interest expense
6,632
6,802
Goodwill impairment loss
-
60,000
Other operating expenses
79,353
73,791
Total benefits and expenses
512,131
552,159
Income before income taxes
198,801
121,130
Income taxes
46,738
41,569
Net income
$
152,063
$
79,561
Earnings per share attributable to
common stockholders:
Basic earnings per share
$
4.23
$
2.12
Diluted earnings per share
$
4.23
$
2.11
Weighted-average shares used in
computing earnings per share:
Basic
35,760
37,438
Diluted
35,822
37,541
PRIMERICA, INC. AND
SUBSIDIARIES
Consolidated Adjusted
Operating Results Reconciliation
(Unaudited)
Three months ended September
30,
2023
2022
% Change
(In thousands, except
per-share amounts)
Total revenues
$
710,932
$
673,289
6
%
Less: Investment gains (losses)
(1,795
)
(2,699
)
Less: 10% deposit asset MTM included in
NII
(481
)
(68
)
Adjusted operating revenues
$
713,208
$
676,056
5
%
Income before income taxes
$
198,801
$
121,130
64
%
Less: Investment gains (losses)
(1,795
)
(2,699
)
Less: 10% deposit asset MTM included in
NII
(481
)
(68
)
Less: Goodwill impairment
-
(60,000
)
Adjusted operating income before income
taxes
$
201,077
$
183,897
9
%
Net income
$
152,063
$
79,561
91
%
Less: Investment gains (losses)
(1,795
)
(2,699
)
Less: 10% deposit asset MTM included in
NII
(481
)
(68
)
Less: Goodwill impairment
-
(60,000
)
Less: Tax impact of preceding items
535
647
Adjusted net operating income
$
153,804
$
141,681
9
%
Diluted earnings per share (1)
$
4.23
$
2.11
100
%
Less: Net after-tax impact of operating
adjustments
(0.05
)
(1.65
)
Diluted adjusted operating earnings per
share (1)
$
4.28
$
3.76
14
%
_____________________
(1)
Percentage change in earnings per share is
calculated prior to rounding per share amounts.
TERM LIFE INSURANCE
SEGMENT
Adjusted Premiums
Reconciliation
(Unaudited)
Three months ended September
30,
2023
2022
% Change
(In thousands)
Direct premiums
$
826,665
$
804,586
3
%
Less: Premiums ceded to IPO coinsurers
212,951
226,869
Adjusted direct premiums
613,714
577,717
6
%
Ceded premiums
(409,801
)
(403,417
)
Less: Premiums ceded to IPO coinsurers
(212,951
)
(226,869
)
Other ceded premiums
(196,850
)
(176,548
)
Net premiums
$
416,864
$
401,169
4
%
SENIOR HEALTH SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited)
Three months ended September
30,
2023
2022
% Change
(In thousands)
Income/(loss) before income taxes
$
(7,583
)
$
(63,723
)
88
%
Less: Goodwill impairment
-
(60,000
)
Adjusted operating income before taxes
$
(7,583
)
$
(3,723
)
(104
)%
CORPORATE AND OTHER
DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited)
Three months ended September
30,
2023
2022
% Change
(In thousands)
Total revenues
$
49,826
$
39,819
25
%
Less: Investment gains (losses)
(1,795
)
(2,699
)
Less: 10% deposit asset MTM included in
NII
(481
)
(68
)
Adjusted operating revenues
$
52,102
$
42,586
22
%
Loss before income taxes
$
789
$
(6,075
)
113
%
Less: Investment gains (losses)
(1,795
)
(2,699
)
Less: 10% deposit asset MTM included in
NII
(481
)
(68
)
Adjusted operating loss before income
taxes
$
3,065
$
(3,308
)
193
%
PRIMERICA, INC. AND
SUBSIDIARIES
Adjusted Stockholders' Equity
Reconciliation
(Unaudited)
September 30, 2023
December 31, 2022
% Change
(In thousands)
Stockholders' equity
$
2,312,495
$
2,031,254
14
%
Less: Net unrealized gains (losses)
(269,602
)
(240,868
)
Less: Effect of change in discount rate
assumptions on the liability for future policy benefits
377,635
130,416
Adjusted stockholders' equity
$
2,204,462
$
2,141,706
3
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107208154/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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