Primerica
February 9, 2021
Primerica reported total revenue of 598.3 million dollars for the fourth quarter of 2020, up 12 percent from a year earlier. Net income rose 7 percent to 100.1 million dollars, and diluted earnings rose 13 percent to 2.52 dollars a share. Adjusted operating earnings were 2.45 dollars a share, up 10 percent.
The life-licensed sales force ended the year at 134,907, up 3 percent. The company issued 87,307 term life policies in the quarter, up 22 percent, and said full-year face amount issued reached a record 109 billion dollars. Investment and savings product sales rose 4 percent to 2.1 billion dollars, and client asset values ended at a record 82 billion dollars. Recruiting rose 33 percent to 80,599 new recruits.
Chief executive Glenn Williams said the pandemic made protection and long-term investing more urgent for middle-income clients and that the sales force adapted to meet that demand. COVID-19 death claims, net of reinsurance, were about 14 million dollars in the quarter, the highest since the pandemic began, and about 33 million dollars for the full year.
The board approved a share repurchase program of up to 300 million dollars through June 2022 and raised the quarterly dividend 18 percent to 0.47 dollars a share, payable March 15, 2021, to holders of record on February 22. Full-year revenue was a record 2.2 billion dollars, up 8 percent, and full-year diluted earnings were a record 9.57 dollars a share.