Primerica
May 8, 2023
DULUTH, Ga., May 8, 2023 --
Primerica, Inc. reported first-quarter 2023 GAAP revenue of 690.0 million dollars, largely unchanged from a year earlier, with net income of 125.1 million dollars and diluted EPS of 3.38 dollars, up 16 percent. Diluted adjusted operating EPS was 3.49 dollars, up 18 percent, and adjusted net operating income was 128.9 million dollars, up 10 percent. Return on stockholders' equity was 25.5 percent.
The life-licensed sales force grew 5 percent to 136,430 representatives, with new life licenses up 11 percent. Issued term life face amount rose 14 percent to 28.1 billion dollars. Investment and Savings Products sales were 2.3 billion dollars, down 25 percent amid equity-market volatility, though net client inflows were 642 million dollars.
Chief executive Glenn Williams said middle-income families' need for financial guidance continued to drive term-life growth and distribution building. The company repurchased 85.2 million dollars of stock in the quarter and declared a 0.65 dollar dividend payable June 12, 2023.