Primerica
August 5, 2021
Primerica reported second-quarter total revenue of 654.7 million dollars, up 25 percent. Net income rose 26 percent to 128.2 million dollars. Diluted earnings were 3.22 dollars a share, up 28 percent. Return on stockholders equity was 26.3 percent. Adjusted operating earnings were 3.25 dollars a share, up 33 percent, after excluding 2.1 million dollars of transaction costs tied to the e-TeleQuote purchase.
Investment and savings product sales were 3.04 billion dollars, up 80 percent from 1.69 billion dollars and the first time those sales passed 3 billion dollars. The company issued 90,071 term life policies. The life-licensed sales force was 132,041, down 2 percent. Recruits fell 33 percent to 89,285. The July 1 close of the 80 percent e-TeleQuote stake was noted in the results. A dividend of 0.47 dollars a share was declared, payable September 14, 2021.
Chief executive Glenn Williams said core sales stayed strong and that the company was focused on growing the sales force as licensing returned toward pre-COVID patterns. Management also said term life death claims remained elevated from COVID-related deaths and other excess mortality.