Latest news with #Primerica
Business Wire
3 days ago
- Business
- Business Wire
Primerica Household Budget Index™: Purchasing Power for Middle-Income Households Held Steady in April
DULUTH, Ga.--(BUSINESS WIRE)--The latest Primerica Household Budget Index™ (HBI™) data, a monthly economic metric that examines how inflation and wage trends impact the ability of middle-income families to afford life's everyday necessities, was 99.6% in April, unchanged from a month ago and up 1.7% from a year ago. Purchasing power held steady as the average earned income of middle-income households rose enough to offset the increase in the cost of necessity goods in April. The cost of necessity goods for middle-income households rose 0.4% in April, double the average inflation rate represented by the Consumer Price Index, which rose 0.2%. 'The fact that the costs of necessity goods bought by middle-income households rose two times faster than the overall CPI in April illustrates how volatile food and energy inflation disproportionately impacts middle-income families who have little room in their budgets for unexpected cost increases,' said Amy Crews Cutts, consulting economist at Primerica. 'The official CPI inflation measure doesn't accurately depict this critical inflation narrative to account for the impact on these families' budgets month-to-month.' For more information on the Primerica Household Budget Index™ metric, visit About the Primerica Household Budget Index™ (HBI™) The Primerica Household Budget Index™ (HBI™) data is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE ®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, auto insurance, utilities, and health care and earned income to track differences in inflation and wage growth. Primerica's HBI™ metric was created to fill an information void around the economy's impact on middle-income families. Metrics like the Consumer Price Index (CPI) measure overall inflation but don't offer a clear picture of how it impacts middle-income Americans. Middle-income households play a key role in driving consumer spending and the overall economy as they account for over 55% of the U.S. population. The purchasing power of middle-income families are a key barometer of real-time economic trends. Understanding middle-income households' purchasing power is important because it shows whether they are gaining financial ground or falling behind. The HBI™ data uses January 2019 as its baseline, with the value set to 100% at that point in time. Periodically, prior HBI™ values may be modified due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the December 2024 release of the index, the expenditure weights have been updated to the most recent (Q1 2024) data and auto insurance has been added to the group of necessity items. For more information, visit About Primerica, Inc. Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol 'PRI'. For more information, visit
Yahoo
3 days ago
- Business
- Yahoo
Primerica Household Budget Index™: Purchasing Power for Middle-Income Households Held Steady in April
DULUTH, Ga., May 30, 2025--(BUSINESS WIRE)--The latest Primerica Household Budget Index™ (HBI™) data, a monthly economic metric that examines how inflation and wage trends impact the ability of middle-income families to afford life's everyday necessities, was 99.6% in April, unchanged from a month ago and up 1.7% from a year ago. Purchasing power held steady as the average earned income of middle-income households rose enough to offset the increase in the cost of necessity goods in April. The cost of necessity goods for middle-income households rose 0.4% in April, double the average inflation rate represented by the Consumer Price Index, which rose 0.2%. "The fact that the costs of necessity goods bought by middle-income households rose two times faster than the overall CPI in April illustrates how volatile food and energy inflation disproportionately impacts middle-income families who have little room in their budgets for unexpected cost increases," said Amy Crews Cutts, consulting economist at Primerica. "The official CPI inflation measure doesn't accurately depict this critical inflation narrative to account for the impact on these families' budgets month-to-month." For more information on the Primerica Household Budget Index™ metric, visit About the Primerica Household Budget Index™ (HBI™) The Primerica Household Budget Index™ (HBI™) data is constructed monthly on behalf of Primerica by its chief economic consultant Amy Crews Cutts, PhD, CBE®. The index measures the purchasing power of middle-income families with household incomes from $30,000 to $130,000 and is developed using data from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Census, and the Federal Reserve Bank of Kansas City. The index looks at the cost of necessities including food, gas, auto insurance, utilities, and health care and earned income to track differences in inflation and wage growth. Primerica's HBI™ metric was created to fill an information void around the economy's impact on middle-income families. Metrics like the Consumer Price Index (CPI) measure overall inflation but don't offer a clear picture of how it impacts middle-income Americans. Middle-income households play a key role in driving consumer spending and the overall economy as they account for over 55% of the U.S. population. The purchasing power of middle-income families are a key barometer of real-time economic trends. Understanding middle-income households' purchasing power is important because it shows whether they are gaining financial ground or falling behind. The HBI™ data uses January 2019 as its baseline, with the value set to 100% at that point in time. Periodically, prior HBI™ values may be modified due to revisions in the CPI series and Consumer Expenditure Survey releases by the U.S. Bureau of Labor Statistics (BLS). Beginning with the December 2024 release of the index, the expenditure weights have been updated to the most recent (Q1 2024) data and auto insurance has been added to the group of necessity items. For more information, visit About Primerica, Inc. Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI". For more information, visit View source version on Contacts Media Contact: Gana Ahn678-431-9266Email: Investor Contact: Nicole Russell470-564-6663Email: Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Do you have the top predictor for financial well-being? Here's what the
It doesn't take $1 million to achieve the top predictor of financial well-being, according to new research from investment firm Vanguard. Instead, it's something far more attainable: Socking away at least $2,000 in an emergency savings account. People with at least $2,000 saved for an unexpected expense report a greater improvement in financial well-being than those who have incomes of more than $500,000 or assets of more than $1 million, the survey of more than 12,000 Vanguard investors found. The findings come as many Americans are feeling more financially stressed, with a separate study from Primerica finding that about half of middle-class households expect to be worse off financially in 2026, almost double the share in December, due to worries about the cost of living and the economy. Taking small steps to build an emergency savings account could prove to help alleviate financial anxiety, noted Paulo Costa, a behavioral economist and certified financial planner at Vanguard who co-authored the research. "What's so powerful about this research is that it's not about gathering a lot of money to have that peace of mind," Costa told CBS MoneyWatch. "That initial $2,000 makes a big difference." While it may seem that having $1 million in assets should boost financial well-being more than $2,000 in a savings account, the results show the importance of being prepared for an unplanned expense, Costa added. The median cost of an emergency is about $2,000, which means having that cash on hand gives people the confidence that they can handle a sudden money stressor, he said. "When is $2,000 more than a million dollars? It's when it comes to emergency savings," Costa said. "The point of emergency savings is to have that money readily available if you need it. A lot of people have money, for example, in retirement accounts that may have some requirements about when you can withdraw that money and may have some tax consequences and some penalties." Retirement assets are generally not readily available to cover unexpected expenses, with people younger than 59 1/2 incurring a 10% penalty for taking out money. But having $2,000 set aside in a bank account means that you've got the peace of mind that you'll be able to handle a surprise car repair or medical bill. And people with $2,000 in emergency savings typically spend about 2 hours less each week thinking about their finances versus those without any savings, the study found. How many people can handle emergency expenses? To be sure, obtaining $2,000 in savings could prove out of reach for many Americans, especially those who are low income, struggling with debt or who reside in an area with a high cost of living. Vanguard's survey includes only people who have investment accounts at the company, which signals they access to 401(k)s and other types of investment accounts that many Americans lack. Almost 4 in 10 Americans say they don't have the cash on hand to pay for an $400 emergency expense, according to research from the Federal Reserve. Still, more Americans appear to be socking away money for a rainy day, with the Primerica study finding that 64% of those surveyed in March said they had an emergency fund of at least $1,000, up from 58% two years earlier. Even if saving $2,000 seems out of reach, you can start small by saving as little as $10 week, Costa said. The best idea is to find a strategy that works for you, whether that's budgeting or automating savings by directing a certain amount into a dedicated account with each paycheck, he said. "I love the idea of, 'out of sight, out of mind,' so when you get paid, you immediately send money to your savings account," he said. "By saving $50 per week, you will build up to $2,000 in less than a year." He added, "Saving something is better than saving nothing. So just getting started, that really makes a big difference." Trump delivers Memorial Day remarks at Arlington National Cemetery SpaceX loses contact with its Starship, spins out of control Elon Musk says Trump's "big, beautiful bill" undermines work of DOGE team Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Primerica Shares Up Since Q1 Earnings Surpass Estimates
Primerica, Inc. PRI shares have risen 0.3% since the company reported first-quarter earnings on May 7, 2025. The quarterly results benefited from strong Term Life sales, Investment and Savings Product sales and higher premiums. Growth in policies issued and equity market appreciation also favored the results. However, higher benefits and expenses might have dampened investor confidence in the stock. Primerica reported first-quarter 2025 adjusted earnings of $5.02 per share, which beat the Zacks Consensus Estimate by 5.2%. The bottom line jumped 28.4% from the prior-year quarter. The top line increased 8.3% year over year to $803.6 million. The figure beat the consensus mark by 2.1%. Primerica, Inc. price-consensus-eps-surprise-chart | Primerica, Inc. Quote Primerica reported net premiums of $448.3 million in the first quarter, up 4% from the year-ago level. The metric missed the consensus mark by 0.7%. Net investment income rose 10.2% year over year to $41.7 million. The metric beat the consensus mark by 4.8%. Commissions and fees increased 19.3% from the year-ago period to $297 million. It beat the consensus mark by 7.3%. Total benefits and expenses jumped 7.6% in the first quarter to $583.5 million due to higher benefits and claims, amortization of deferred policy acquisition costs, sales commissions and other operating expenses. Adjusted net operating income jumped 14% year over year to $168.1 million in the first quarter. At March-end, PRI's total independent life-licensed representatives were 152,167, which rose 7% from the prior year. (Find the latest earnings estimates and surprises on Zacks Earnings Calendar.) Term Life Insurance: Adjusted operating revenues from the segment increased 4% year over year to $457.8 million. Adjusted operating income before income taxes increased 6% year over year to $146.8 million. The metric beat the consensus mark by 1.5%. The segment was supported by increased policies issued and an increase in adjusted direct premiums. Investment and Savings Products: Adjusted operating revenues from the segment improved 19% year over year to $290.8 million. Adjusted operating income before income taxes rose 24% year over year to $81.3 million. The segment benefited from an increase in sales of mutual funds, annuities and managed accounts. It beat the consensus mark by 11.5%. Corporate and Other Distributed Products: Adjusted operating revenues from the unit rose 8% year over year to $54.9 million. Adjusted operating loss before income taxes was $8 million. The segment benefited from higher net investment income. Primerica exited the first quarter with cash and cash equivalents of $625.1 million, which declined from the 2024-end level of $687.8 million. Total assets of $14.6 billion were in line with the figure at 2024-end. Surplus note was $1.3 billion at the first-quarter end, down 1.4% from the figure at 2024-end. Total shareholders' equity of $2.3 billion decreased 0.1% from the 2024-end level. Operating cash flow in the first three months of 2025 was recorded at $197.5 million, down from $210.9 million in the year-ago period. PRI bought back shares worth $118 million in the first quarter. The company approved a dividend of $1.04 per share, which will be paid on June 13 to shareholders on record as of May 22, 2025. PRI currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Finance space are Horace Mann Educators Corp HMN, EverQuote Inc. EVER and Heritage Insurance Holdings Inc. HRTG, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. The Zacks Consensus Estimate for Horace Mann Educators' current-year earnings of $4.01 per share has witnessed two upward revisions in the past 30 days against none in the opposite direction. Horace Mann Educators beat earnings estimates in three of the trailing four quarters and met once, with the average surprise being 24.1%. The consensus estimate for current-year revenues is pegged at $1.7 billion, implying 6.6% year-over-year growth. The Zacks Consensus Estimate for EverQuote's current-year earnings is pegged at $1.17 per share. EverQuote beat earnings estimates in each of the trailing four quarters, with the average surprise being 122.6%. The consensus estimate for current-year revenues is pegged at $644.1 million, suggesting 28.8% year-over-year growth. The Zacks Consensus Estimate for Heritage Insurance's current-year earnings of $3.25 per share has witnessed two upward revisions in the past 30 days against no movement in the opposite direction. Heritage Insurance beat earnings estimates in each of the trailing four quarters, with the average surprise being 363.2%. The consensus estimate for current-year revenues is pegged at $854.9 million, calling for 4.6% year-over-year growth. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Primerica, Inc. (PRI) : Free Stock Analysis Report EverQuote, Inc. (EVER) : Free Stock Analysis Report Horace Mann Educators Corporation (HMN) : Free Stock Analysis Report Heritage Insurance Holdings, Inc. (HRTG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
07-05-2025
- Business
- Business Wire
Primerica Reports First Quarter 2025 Results
DULUTH, Ga.--(BUSINESS WIRE)--Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended March 31, 2025. Total revenues were $804.8 million, an increase of 9% from the first quarter of 2024. Net income of $169.1 million increased 14% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $5.05 increased 19% compared to net earnings per diluted share from continuing operations in the prior year period. Adjusted operating revenues were $803.6 million, increasing 9% year-over-year. Adjusted net operating income totaled $168.1 million, reflecting 14% growth, while diluted adjusted operating earnings per share of $5.02 increased 20% compared to the first quarter of 2024. The continued strength in distribution following a record year in 2024 underscores the appeal of Primerica's entrepreneurial model. Results in the ISP segment were driven by strong product sales and higher client asset values due to favorable equity markets throughout most of 2024. The Term Life segment benefited from the stability of the Company's large block of in-force term life insurance policies. 'Our results this quarter highlight the strength and consistency of our business. Momentum in our Investment and Savings Products Segment, along with steady performance in our Term Life business, contributed to strong financial results this quarter,' said Glenn Williams, Chief Executive Officer of Primerica, Inc. 'As economic uncertainty increases, we anticipate that our balanced business model and the personalized support provided to our clients by our independent sales force will demonstrate Primerica's resilience as it has in uncertain times in the past.' _____________ (1) Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives. (2) Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders. * Not calculated or less than 1% Expand (1) See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information. Expand Life Insurance Licensed Sales Force During the first quarter of 2025, the Company continued to attract individuals motivated by the opportunity to create a flexible career path while helping families achieve financial independence. The appeal of our business opportunity led to 100,867 new recruits and 12,339 newly licensed representatives during the first quarter of 2025. The size of the life-licensed sales force was up slightly from year end 2024 and increased 7% compared to March 31, 2024, for a total of 152,167 life-licensed representatives as of March 31, 2025. Term Life Insurance During the first quarter of 2025, the Company issued 86,415 new life insurance policies, consistent with the prior year period. Productivity was 0.19 policies per month per life-licensed representative, slightly below the historical range of 0.20 to 0.24 policies per representative. The Company believes that growing economic uncertainty and the ongoing impact of cost of living pressures on middle-income families may have impacted productivity. First quarter Term Life revenues of $457.8 million increased 4% compared to the first quarter of 2024, driven by 5% growth in adjusted direct premiums. The benefits and claims ratio was 58.2%, generally consistent with the prior year period. The DAC amortization and insurance commissions ratio at 12.0% and the insurance expense ratio at 7.7% remained stable year-over-year. The Term Life operating margin was 22.1%, in line with the prior year period. Investment and Savings Products Total product sales during the first quarter of 2025 reached $3.6 billion, a 28% increase over the prior year period. Strong investor demand for mutual funds, annuities and managed accounts continued to drive growth in the ISP segment. Net inflows were $839 million compared to $274 million in the prior year period. Average client asset values were up 14% year-over-year despite increasing market volatility during the first quarter of 2025. Segment revenues were $290.8 million, up 19% year-over-year, while income before income taxes of $81.3 million increased 24%, largely driven by strong sales and higher average client asset values. Sales-based commissions and fees increased 25%, outpacing a 22% increase in revenue generating product sales, driven by strong variable annuities sales. Sales-based commission expenses remained largely consistent with revenue growth. Asset-based revenues increased 18%, outpacing the 14% increase in average client asset values due to a continued mix-shift toward managed accounts and Canadian mutual funds sold under the principal distributor model on which we earn higher asset-based fees. Operating expenses were $51.4 million, up 10% compared to the prior year period, primarily due to higher growth-related variable costs and investments in technology. Corporate and Other Distributed Products During the first quarter of 2025, the segment recorded a pre-tax adjusted operating loss of $8.0 million compared to a pre-tax adjusted operating loss of $11.7 million in the prior year period. Adjusted net investment income increased $3.2 million compared to the prior year period due to the continued growth of the invested asset portfolio. Operating expenses were consistent with the prior year period. Taxes The effective income tax rate remained largely consistent with the prior year period at 23.6% during the first quarter of 2025 compared to the effective income tax rate from continuing operations of 23.3% in the prior year period. Capital The Company repurchased 413,670 shares of common stock for $118 million during the first quarter of 2025 and the Board of Directors has approved a dividend of $1.04 per share, payable on June 13, 2025, to stockholders of record on May 22, 2025. Primerica Life Insurance Company's statutory risk-based capital (RBC) ratio was estimated to be about 470% as of March 31, 2025. Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. generally accepted accounting principles ('GAAP'), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the 'IPO coinsurance transactions') for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market ('MTM') investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments that will cause incomparability between period-over-period results. Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled. Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release. Earnings Webcast Information Primerica will hold a webcast on Thursday, May 8, 2025, at 10:00 a.m. (ET), to discuss the quarter's results. To access the webcast, go to at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica's website. Forward-Looking Statements Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives' violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary's status as a non-bank custodian; a significant change to or disruption in the mortgage lenders' mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner's information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; the current regulatory climate with regard to financial services and climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at Primerica assumes no duty to update its forward-looking statements as of any future date. About Primerica, Inc. Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol 'PRI'. PRIMERICA, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) Three months ended March 31, 2025 2024 (In thousands, except per-share amounts) Revenues: Direct premiums $ 858,845 $ 841,047 Ceded premiums (410,521 ) (409,764 ) Net premiums 448,324 431,283 Commissions and fees 296,957 248,944 Net investment income 41,671 37,806 Investment gains (losses) 757 1,305 Other, net 17,134 16,612 Total revenues 804,843 735,950 Benefits and expenses: Benefits and claims 174,862 166,321 Future policy benefits remeasurement (gain) loss (3,273 ) 55 Amortization of deferred policy acquisition costs 78,550 72,049 Sales commissions 158,118 131,138 Insurance expenses 64,805 63,149 Insurance commissions 6,124 9,634 Interest expense 6,004 6,771 Other operating expenses 98,338 93,444 Total benefits and expenses 583,528 542,561 Income from continuing operations before income taxes 221,315 193,389 Income taxes from continuing operations 52,264 44,975 Income from continuing operations 169,051 148,414 Loss from discontinued operations, net of income tax - (10,510 ) Net income $ 169,051 $ 137,904 Basic earnings per share: Continuing operations $ 5.06 $ 4.24 Discontinued operations - (0.30 ) Basic earnings per share $ 5.06 $ 3.94 Diluted earnings per share: Continuing operations $ 5.05 $ 4.23 Discontinued operations - (0.30 ) Diluted earnings per share $ 5.05 $ 3.93 Weighted-average shares used in computing earnings per share: Basic 33,292 34,883 Diluted 33,342 34,937 Expand PRIMERICA, INC. AND SUBSIDIARIES Consolidated Adjusted Operating Results Reconciliation (Unaudited) Three months ended March 31, 2025 2024 % Change (In thousands, except per-share amounts) Total revenues $ 804,843 $ 735,950 9 % Less: Investment (losses) gains 757 1,305 Less: 10% deposit asset MTM included in NII 530 (137 ) Adjusted operating revenues $ 803,556 $ 734,782 9 % Income from continuing operations before income taxes $ 221,315 $ 193,389 14 % Less: Investment (losses) gains 757 1,305 Less: 10% deposit asset MTM included in NII 530 (137 ) Adjusted operating income before income taxes $ 220,028 $ 192,221 14 % Income from continuing operations $ 169,051 $ 148,414 14 % Less: Investment (losses) gains 757 1,305 Less: 10% deposit asset MTM included in NII 530 (137 ) Less: Tax impact of preceding items (304 ) (269 ) Adjusted net operating income $ 168,068 $ 147,515 14 % Diluted earnings per share from continuing operations $ 5.05 $ 4.23 19 % Less: Net after-tax impact of operating adjustments 0.03 0.03 Diluted adjusted operating earnings per share $ 5.02 $ 4.20 20 % Expand Adjusted Operating Results Reconciliation (Unaudited) Three months ended March 31, 2025 2024 % Change (In thousands) Total revenues $ 56,190 $ 51,822 8 % Less: Investment gains (losses) 757 1,305 Less: 10% deposit asset MTM included in NII 530 (137 ) Adjusted operating revenues $ 54,903 $ 50,654 8 % Income (loss) before income taxes $ (6,741 ) $ (10,540 ) 36 % Less: Investment gains (losses) 757 1,305 Less: 10% deposit asset MTM included in NII 530 (137 ) Adjusted operating income (loss) before income taxes $ (8,028 ) $ (11,708 ) 31 % Expand PRIMERICA, INC. AND SUBSIDIARIES Adjusted Stockholders' Equity Reconciliation (Unaudited) (In thousands) Stockholders' equity $ 2,256,409 $ 2,259,041 * Less: Net unrealized gains (losses) on available-for-sale securities (133,764 ) (162,842 ) Less: Effect of change in discount rate assumptions on the liability for future policy benefits 171,599 224,833 Adjusted stockholders' equity $ 2,218,574 $ 2,197,050 * * Not calculated or less than 1% Expand
