Primerica
November 7, 2023
DULUTH, Ga., November 7, 2023 --
Primerica, Inc. reported third-quarter 2023 total revenue of 710.9 million dollars, up 6 percent from a year earlier. Net income rose 91 percent to 152.1 million dollars and diluted EPS doubled to 4.23 dollars from 2.11 dollars; the year-earlier period included a 60.0 million dollar non-cash goodwill impairment. Adjusted operating revenue rose 5 percent to 713.2 million dollars, adjusted net operating income rose 9 percent to 153.8 million dollars and adjusted operating EPS rose 14 percent to 4.28 dollars.
The life-licensed sales force grew 4 percent to 139,053 representatives on continued strength in recruiting and licensing. Issued term life policies rose 9 percent and total face amount issued rose 13 percent, while Term Life pre-tax income grew 7 percent and Investment and Savings Products pre-tax income grew 9 percent as average client asset values rose 10 percent. The Senior Health segment posted a net loss ahead of the Medicare annual enrollment period.
Chief Executive Glenn Williams said robust recruiting and licensing validated the appeal of the company's entrepreneurial opportunity.