Momentum in recruiting and licensing drove
life-licensed sales force to a record 151,611, up 7%
Investment and Savings Products ("ISP")
sales up 41%; ending client asset values grew 16%
Term Life net premiums grew 4%; adjusted
direct premiums increased 6%
Net earnings per diluted share from
continuing operations (EPS) of $4.98 increased 14%; return from
continuing operations on stockholders’ equity (ROE) of
31.9%
Diluted adjusted operating earnings per
share of $5.03 increased 17%; adjusted net operating income return
on adjusted stockholders’ equity (ROAE) of 31.3%
Declared a 16% increase in dividend to $1.04
per share, payable on March 14, 2025
Primerica, Inc. (NYSE: PRI) today announced financial results
for the quarter ended December 31, 2024. Total revenues of $788.1
million increased 12% compared to the fourth quarter of 2023. Net
income from continuing operations of $167.7 million increased 9%
while net earnings per diluted share from continuing operations of
$4.98 increased 14% compared to the prior year period.
Adjusted operating revenues of $790.1 million increased 12%
compared to the fourth quarter of 2023. Adjusted net operating
income of $169.2 million increased 11%, while adjusted operating
earnings per diluted share of $5.03 grew 17% compared to the prior
year period.
Continued momentum during the fourth quarter led to a record
number of life-licensed representatives at year-end, reflecting the
ongoing interest and appeal of Primerica’s business opportunity.
Financial results were notably strong, driven by steady premium
revenue growth due to the cumulative impact of new policy sales in
recent periods adding to the Company’s large block of in-force term
life insurance policies. This growth, combined with higher ISP
sales and rising client asset values which benefited from favorable
equity market conditions, further strengthened overall
performance.
“Strong growth in 2024 has fueled another year of double-digit
adjusted operating earnings growth for our stockholders and
positioned us for continued success,” said Glenn Williams, Chief
Executive Officer of Primerica, Inc. “Our independent sales
representatives remain well-positioned to deliver much needed
advice to middle-income families in the U.S. and Canada.”
Sustained recruiting and licensing momentum throughout 2024
drove a 15% increase in new insurance licenses and 7% growth in the
size of the life-licensed sales force from year-end 2023. Issued
term life insurance policies and newly issued term life face amount
both increased 3%. ISP sales were very strong, increasing 31% to a
total of $12.1 billion in 2024. Favorable equity market conditions
served as an added catalyst for growth and helped push client asset
values to a record $112.1 billion, up 16% compared to December 31,
2023.
Comparing financial results for the full year 2024 to 2023, net
income from continuing operations of $720.1 million increased 22%,
while earnings per diluted share from continuing operations of
$20.99 increased 28%. Adjusted net operating income of $680.9
million increased 14%, while adjusted operating earnings per
diluted share of $19.84 increased 20%. Net income and diluted
earnings per share, including discontinued operations, were $470.5
million and $13.71, respectively, compared to $576.6 million and
$15.94, respectively, in the prior year.
Fourth Quarter Distribution & Segment Results
Distribution Results
Q4 2024
Q4 2023
% Change
Life-Licensed Sales Force
151,611
141,572
7
%
Recruits
95,497
89,992
6
%
New Life-Licensed Representatives
14,620
13,029
12
%
Life Insurance Policies Issued
89,664
88,757
1
%
Life Productivity (1)
0.20
0.21
*
Issued Term Life Face Amount ($ billions)
(2)
$
29.6
$
29.3
1
%
ISP Product Sales ($ billions)
$
3.3
$
2.4
41
%
Average Client Asset Values ($
billions)
$
112.3
$
91.0
23
%
Closed U.S. Mortgage Volume ($ million
brokered)
$
121.0
$
72.9
66
%
________________________________________
(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
Segment Results
Q4 2024
Q4 2023
% Change
($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance
$
450,578
$
431,327
4
%
Investment and Savings Products
286,048
221,656
29
%
Corporate and Other Distributed Products
(1)
53,508
51,157
5
%
Total adjusted operating revenues
(1)
$
790,134
$
704,140
12
%
Adjusted Operating Income (Loss) before
income taxes:
Term Life Insurance
$
139,541
$
140,285
(1
)%
Investment and Savings Products
81,988
62,763
31
%
Corporate and Other Distributed Products
(1)
(993
)
(5,375
)
NM
Total adjusted operating income before
income taxes (1)
$
220,536
$
197,673
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
Primerica’s entrepreneurial opportunity continues to resonate
strongly, with the Company experiencing sustained high interest
from individuals who are attracted to the flexibility offered by
Primerica. During the fourth quarter of 2024, the Company recruited
a total of 95,497 individuals and added 14,620 new life-licensed
representatives, representing a 12% increase in the number of newly
licensed individuals compared to the prior year period. The size of
the sales force increased year-over-year to a record of 151,611
life-licensed representatives as of December 31, 2024.
Term Life Insurance
The number of new life insurance policies issued during the
fourth quarter increased 1% year-over-year. Productivity as
measured by the average monthly rate of new policies issued per
life-licensed independent sales representative was 0.20, in line
with the historical range. Cost of living pressure continued to
impact sales during the fourth quarter and are expected to further
affect middle-income families in 2025.
Fourth quarter revenues of $450.6 million increased 4% compared
to the prior year period, driven by 6% growth in adjusted direct
premiums. During the quarter, the benefits and claims ratio was
58.6% which included a one-time adjustment from an actuarial model
refinement that led to a $4.2 million increase in reserves.
Excluding this model refinement adjustment, the benefits and claims
ratio was 57.9% compared to 58.2% in the prior year period. The DAC
amortization and insurance commissions ratio at 12.2% was
consistent with the prior year period. Insurance expenses increased
year-over-year due to an increase in variable expenses associated
with the growth in direct premiums, recruiting and licensing,
higher employee incentive compensation reflecting the Company’s
strong performance in 2024, as well as higher technology costs.
Investment and Savings Products
Total product sales during the quarter were $3.3 billion,
reflecting growth of 41% year-over-year as client demand for mutual
funds, annuities and managed accounts remained strong. Client asset
values continued to benefit from solid equity market gains,
reaching $112.1 billion at the end of the quarter, a 16% increase
compared to December 31, 2023. During the fourth quarter, net
inflows were $731 million compared to inflows of $172 million in
the prior year period.
Revenues of $286.0 million increased 29% compared to the fourth
quarter of 2023, while income before income taxes of $82.0 million
increased 31%. Results were driven by higher up-front
revenue-generating product sales and an increase in average client
asset values. Sales-based revenues increased 42% and sales-based
commission expenses increased 40%. Revenue growth slightly outpaced
correlated product sales due to continued strong demand for
variable annuities on which we earn higher up-front fees.
Asset-based revenues increased 27%, outpacing 23% growth in average
client asset values due to a continued mix-shift toward managed
accounts and Canadian mutual funds sold under the proprietary
distributor model on which we earn higher asset-based fees.
Year-over-year, operating expenses increased $5.3 million largely
due to an increase in variable growth-related expenses, higher
performance-based employee incentive compensation and investments
in technology.
Corporate and Other Distributed Products
During the fourth quarter of 2024, the segment recorded a
pre-tax adjusted operating loss of $1.0 million compared to a
pre-tax adjusted operating loss of $5.4 million in the prior year
period. The year-over-year improvement was due in part to a $3.3
million adjustment in the prior year period to the ceded reserve
estimate for a closed block of non-term life insurance business and
higher net investment income in the 2024 period. The segment also
incurred higher performance-based employee incentive compensation
costs in the fourth quarter of 2024.
Taxes
The effective tax rate from continuing operations remained
largely consistent at 23.3% in the fourth quarter of 2024 compared
to 23.0% in the prior year period.
Capital
During the fourth quarter, the Company repurchased $44.4 million
of its common stock, completing the Board of Directors’
authorization to repurchase $425 million of common stock during
2024, and authorized a new $450 million share repurchase program to
occur through December 31, 2025. The Board of Directors has
approved a 16% dividend increase to $1.04 per share, payable on
March 14, 2025 to stockholders of record on February 21, 2025.
Primerica Life Insurance Company’s statutory risk-based capital
(RBC) ratio was estimated to be about 430% as of December 31,
2024.
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 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 exclude
corporate restructuring and related charges 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 for e-TeleQuote's state net
operating losses, 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 Wednesday, February 12, 2025,
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; the
current regulatory climate with regard to financial services and
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 3.0 million
client investment accounts on December 31, 2024. Primerica, through
its insurance company subsidiaries, was the #2 issuer of Term Life
insurance coverage in the United States and Canada in 2023.
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)
December 31, 2024
December 31, 2023
(In thousands)
Assets
Investments:
Fixed-maturity securities
available-for-sale, at fair value
$
2,946,126
$
2,719,467
Fixed-maturity security held-to-maturity,
at amortized cost
1,303,880
1,386,980
Short-term investments available-for-sale,
at fair value
-
276
Equity securities, at fair value
27,144
29,680
Trading securities, at fair value
3,011
18,383
Policy loans and other invested assets
50,881
51,175
Total investments
4,331,042
4,205,961
Cash and cash equivalents
687,821
594,148
Accrued investment income
28,100
23,958
Reinsurance recoverables
2,744,165
3,015,777
Deferred policy acquisition costs, net
3,680,430
3,447,234
Agent balances, due premiums and other
receivables
282,607
269,216
Intangible asset
45,275
45,275
Income taxes
122,664
120,035
Operating lease right-of-use assets
47,023
51,506
Other assets
403,608
439,940
Separate account assets
2,209,287
2,395,842
Assets from discontinued operations
entities
-
418,840
Total assets
$
14,582,022
$
15,027,732
Liabilities and Stockholders'
Equity
Liabilities:
Future policy benefits
$
6,503,064
$
6,742,025
Unearned and advance premiums
15,606
14,876
Policy claims and other benefits
payable
488,350
513,803
Other policyholders' funds
402,323
435,094
Note payable
594,512
593,709
Surplus note
1,303,556
1,386,592
Income taxes
115,611
76,257
Operating lease liabilities
55,478
58,893
Other liabilities
549,160
579,045
Payable under securities lending
86,034
99,785
Separate account liabilities
2,209,287
2,395,842
Liabilities from discontinued operations
entities
-
65,844
Total liabilities
12,322,981
12,961,765
Stockholders' equity
Common stock
334
350
Retained earnings
2,231,483
2,276,946
Accumulated other comprehensive income
(loss), net of income tax:
Effect of change in discount rate
assumptions on the liability for future policy benefits
224,833
(39,086
)
Unrealized foreign currency translation
gains (losses)
(34,767
)
(2,235
)
Net unrealized gains (losses) on
available-for-sale securities
(162,842
)
(170,008
)
Total stockholders' equity
2,259,041
2,065,967
Total liabilities and stockholders'
equity
$
14,582,022
$
15,027,732
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(Unaudited)
Three months ended December
31,
2024
2023
(In thousands, except
per-share amounts)
Revenues:
Direct premiums
$
854,748
$
834,275
Ceded premiums
(414,463
)
(410,182
)
Net premiums
440,285
424,093
Commissions and fees
293,850
227,788
Net investment income
38,134
37,644
Investment gains (losses)
(1,179
)
835
Other, net
17,019
15,830
Total revenues
788,109
706,190
Benefits and expenses:
Benefits and claims
167,449
168,739
Future policy benefits remeasurement
(gain) loss
1,374
746
Amortization of deferred policy
acquisition costs
76,905
70,378
Sales commissions
157,703
116,747
Insurance expenses
66,256
57,420
Insurance commissions
7,795
9,030
Interest expense
6,070
6,586
Other operating expenses
86,046
76,821
Total benefits and expenses
569,598
506,467
Income from continuing operations before
income taxes
218,511
199,723
Income taxes from continuing
operations
50,835
45,953
Income from continuing operations
167,676
153,770
Loss from discontinued operations, net of
income tax
(606
)
(1,834
)
Net income
$
167,070
$
151,936
Basic earnings per share:
Continuing operations
$
4.99
$
4.36
Discontinued operations
(0.02
)
(0.06
)
Basic earnings per share
$
4.97
$
4.30
Diluted earnings per share:
Continuing operations
$
4.98
$
4.35
Discontinued operations
(0.02
)
(0.05
)
Diluted earnings per share
$
4.96
$
4.30
Weighted-average shares used in
computing earnings per share:
Basic
33,482
35,149
Diluted
33,541
35,208
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(Unaudited)
Year ended December
31,
2024
2023
(In thousands, except
per-share amounts)
Revenues:
Direct premiums
$
3,393,604
$
3,312,125
Ceded premiums
(1,664,433
)
(1,651,811
)
Net premiums
1,729,171
1,660,314
Commissions and fees
1,082,889
892,853
Net investment income
155,501
135,837
Investment gains (losses)
2,236
(5,896
)
Other, net
119,346
65,399
Total revenues
3,089,143
2,748,507
Benefits and expenses:
Benefits and claims
648,163
642,979
Future policy benefits remeasurement
(gain) loss
(25,920
)
(384
)
Amortization of deferred policy
acquisition costs
298,136
275,816
Sales commissions
573,249
457,444
Insurance expenses
255,619
235,460
Insurance commissions
32,008
34,222
Interest expense
25,034
26,594
Other operating expenses
343,607
304,638
Total benefits and expenses
2,149,896
1,976,769
Income from continuing operations before
income taxes
939,247
771,738
Income taxes from continuing
operations
219,118
180,556
Income from continuing operations
$
720,129
$
591,182
Loss from discontinued operations, net of
income tax
(249,611
)
(14,581
)
Net income
$
470,518
$
576,601
Basic earnings per share:
Continuing operations
$
21.02
$
16.37
Discontinued operations
(7.29
)
(0.40
)
Basic earnings per share
$
13.73
$
15.97
Diluted earnings per share:
Continuing operations
$
20.99
$
16.34
Discontinued operations
(7.28
)
(0.40
)
Diluted earnings per share
$
13.71
$
15.94
Weighted-average shares used in
computing earnings per share:
Basic
34,142
35,954
Diluted
34,199
36,027
PRIMERICA, INC. AND
SUBSIDIARIES
Consolidated Adjusted
Operating Results Reconciliation
(Unaudited)
Three months ended December
31,
2024
2023
% Change
(In thousands, except
per-share amounts)
Total revenues
$
788,109
$
706,190
12
%
Less: Investment (losses) gains
(1,179
)
835
Less: 10% deposit asset MTM included in
NII
(846
)
1,215
Adjusted operating revenues
$
790,134
$
704,140
12
%
Income from continuing operations before
income taxes
$
218,511
$
199,723
9
%
Less: Investment (losses) gains
(1,179
)
835
Less: 10% deposit asset MTM included in
NII
(846
)
1,215
Adjusted operating income before income
taxes
$
220,536
$
197,673
12
%
Income from continuing operations
$
167,676
$
153,770
9
%
Less: Investment (losses) gains
(1,179
)
835
Less: 10% deposit asset MTM included in
NII
(846
)
1,215
Less: Tax impact of preceding items
471
(469
)
Adjusted net operating income
$
169,230
$
152,189
11
%
Diluted earnings per share from continuing
operations
$
4.98
$
4.35
14
%
Less: Net after-tax impact of operating
adjustments
(0.05
)
0.05
Diluted adjusted operating earnings per
share
$
5.03
$
4.30
17
%
PRIMERICA, INC. AND
SUBSIDIARIES
Consolidated Adjusted
Operating Results Reconciliation
(Unaudited)
Year ended December
31,
2024
2023
% Change
(In thousands, except
per-share amounts)
Total revenues
$
3,089,143
$
2,748,507
12
%
Less: Investment (losses) gains
2,236
(5,896
)
Less: 10% deposit asset MTM included in
NII
1,037
(446
)
Less: Insurance claim proceeds
50,000
-
Adjusted operating revenues
$
3,035,870
$
2,754,849
10
%
Income from continuing operations before
income taxes
$
939,247
$
771,738
22
%
Less: Investment (losses) gains
2,236
(5,896
)
Less: 10% deposit asset MTM included in
NII
1,037
(446
)
Less Insurance proceeds
50,000
-
Less: Restructuring costs
(2,837
)
-
Adjusted operating income before income
taxes
$
888,811
$
778,080
14
%
Income from continuing operations
$
720,129
$
591,182
22
%
Less: Investment (losses) gains
2,236
(5,896
)
Less: 10% deposit asset MTM included in
NII
1,037
(446
)
Less: Insurance claims proceeds
50,000
-
Less: Restructuring costs
(2,837
)
-
Less: Tax impact of preceding items
(123
)
1,494
Less: Valuation allowance on Senior Health
NOLs
(11,080
)
-
Adjusted net operating income
$
680,896
$
596,030
14
%
Diluted earnings per share from continuing
operations
$
20.99
$
16.34
28
%
Less: Net after-tax impact of operating
adjustments
1.15
(0.13
)
Diluted adjusted operating earnings per
share
$
19.84
$
16.47
20
%
TERM LIFE INSURANCE
SEGMENT
Adjusted Premiums
Reconciliation
(Unaudited)
Three months ended December
31,
2024
2023
% Change
(In thousands)
Direct premiums
$
850,667
$
829,918
3
%
Less: Premiums ceded to IPO coinsurers
195,039
210,310
Adjusted direct premiums
655,628
619,608
6
%
Ceded premiums
(412,916
)
(410,456
)
Less: Premiums ceded to IPO coinsurers
(195,039
)
(210,310
)
Other ceded premiums
(217,877
)
(200,146
)
Net premiums
$
437,751
$
419,462
4
%
CORPORATE AND OTHER
DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited)
Three months ended December
31,
2024
2023
% Change
(In thousands)
Total revenues
$
51,483
$
53,207
(3
)%
Less: Investment gains (losses)
(1,179
)
835
Less: 10% deposit asset MTM included in
NII
(846
)
1,215
Adjusted operating revenues
$
53,508
$
51,157
5
%
Income (loss) before income taxes
$
(3,018
)
$
(3,325
)
9
%
Less: Investment gains (losses)
(1,179
)
835
Less: 10% deposit asset MTM included in
NII
(846
)
1,215
Adjusted operating income (loss) before
income taxes
$
(993
)
$
(5,375
)
NM
PRIMERICA, INC. AND
SUBSIDIARIES
Adjusted Stockholders' Equity
Reconciliation
(Unaudited)
December 31, 2024
December 31, 2023
% Change
(In thousands)
Stockholders' equity
$
2,259,041
$
2,065,967
9
%
Less: Net unrealized gains (losses)
(162,842
)
(170,008
)
Less: Effect of change in discount rate
assumptions on the liability for future policy benefits
224,833
(39,086
)
Adjusted stockholders' equity
$
2,197,050
$
2,275,061
(3
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211850025/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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