Primerica
May 5, 2021
Primerica reported total revenue of 637.7 million dollars for the first quarter of 2021, up 21 percent from a year earlier. Net income rose 35 percent to 97.9 million dollars, and diluted earnings rose 41 percent to 2.46 dollars a share. Adjusted operating earnings were 2.44 dollars a share, up 19 percent.
Investment and savings product sales rose 27 percent to a record 2.9 billion dollars. The company issued 82,667 term life policies, up 16 percent. Recruiting rose 12 percent to 94,633 new recruits. The life-licensed sales force ended the quarter at 132,030. Client asset values ended at 85.9 billion dollars, up 45 percent.
Chief executive Glenn Williams said COVID-19 raised demand for protection and investing among middle-income families. COVID-related death claims, net of reinsurance, were about 21 million dollars in the quarter. Buybacks remained suspended to fund the planned e-TeleQuote purchase. The board declared a dividend of 0.47 dollars a share payable June 14, 2021.