Primerica
November 8, 2021
Primerica reported third quarter total revenue of 693.2 million dollars, up 22 percent. Net income attributable to Primerica was 112.4 million dollars and diluted earnings per share were 2.82 dollars, both little changed from a year earlier. Return on equity was 21.8 percent. Adjusted operating revenue was 692.5 million dollars. Adjusted net operating income was 118.7 million dollars and adjusted operating earnings per share were 2.98 dollars, both up 7 percent.
Results include 22.9 million dollars of revenue and a 4.6 million dollar net loss from e-TeleQuote, the Medicare business Primerica bought 80 percent of on July 1. That loss reduced diluted earnings per share by about 0.12 dollars.
Investment and savings product sales rose 52 percent, and client asset values ended at 92 billion dollars. Term life net premiums grew 12 percent. The company said issued term policies were moving back toward pre-pandemic levels, persistency stayed favorable, and claims remained elevated because of COVID-19. Senior health policy approvals were seasonally low while the company spent to prepare licensed agents.