Primerica, Inc. SEC 10-Q Report

Primerica, Inc., a leading provider of financial services to middle-income households in North America, has released its latest Form 10-Q report, showcasing robust financial and operational performance for the quarter ended March 31, 2025. The report highlights significant growth in revenues, net income, and earnings per share, alongside strong business metrics across its key segments.

Financial Highlights

• Total Revenues: $804.8 million, reflecting a growth driven by increased sales in both Term Life Insurance and Investment and Savings Products segments.
• Income from Continuing Operations: $169.1 million, an increase from the previous year, indicating improved operational efficiency.
• Net Income: $169.1 million, up from $137.9 million in the prior year, showcasing strong financial performance.
• Basic EPS: $5.06, compared to $3.94 in the previous year, highlighting significant earnings growth per share.
• Diluted EPS: $5.05, up from $3.93 in the prior year, reflecting enhanced profitability and shareholder value.

Business Highlights

• Revenue Segments: The Term Life Insurance segment reported total revenues of $457.8 million, with significant contributions from other net revenues amounting to $12.7 million. The Investment and Savings Products segment generated $290.8 million in total revenues, with $277.9 million coming from contracts with customers, including sales-based, asset-based, and account-based revenues. The Corporate and Other Distributed Products segment reported total revenues of $56.2 million, with $10.5 million from contracts with customers.
• Geographical Performance: The financial and distribution results of operations in Canada, reported in U.S. dollars, are affected by changes in the currency exchange rate. A stronger U.S. dollar in relation to the Canadian dollar had an insignificant impact on the translated face amount in-force in the 2025 period.
• Sales Units: The number of new term life insurance policies issued was 86,415 during the three months ended March 31, 2025, which was consistent with the same period in 2024. The average monthly rate of new policies issued per life-licensed independent sales representative was slightly below historical levels at 0.19.
• Size of Independent Sales Force: The number of life-licensed independent sales representatives increased to 152,167 as of March 31, 2025, from 151,611 at the end of 2024, driven by strong recruiting and licensing activity.
• Investment and Savings Product Sales: Total product sales increased by 28% to $3.6 billion for the three months ended March 31, 2025, compared to the same period in 2024. This growth was driven by a 13% increase in U.S. retail mutual funds sales and a 33% increase in annuities and other product sales.
• Future Outlook: Management anticipates that economic conditions, including unemployment levels and consumer confidence, will continue to influence investment and spending decisions by middle-income consumers, impacting demand for the company's products. The continuation of cost of living pressures and economic uncertainty could adversely impact demand for products.

SEC Filing: Primerica, Inc. [ PRI ] - 10-Q - May. 08, 2025