Primerica ( (PRI) ) has released its Q3 earnings. Here is a breakdown of the information Primerica presented to its investors.
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Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America, offering term life insurance as well as mutual funds, annuities, and other financial products.
In its third quarter of 2024, Primerica reported robust financial results, highlighted by a net income increase of 24% from continuing operations, bringing in $194.7 million. The company’s revenue saw an 11% growth compared to the same period last year, reaching $774.1 million.
Key performance indicators reveal a 31% increase in net earnings per diluted share at $5.72, alongside a return on stockholders’ equity of 38.3%. The Term Life segment experienced a 5% growth in net premiums, while the Investment and Savings Products segment saw a remarkable 34% rise in sales, fueled by favorable market conditions. Additionally, Primerica expanded its life-licensed sales force by 7%, driven by a strong recruiting effort.
The company also exited its senior health business during the quarter, reporting these results under discontinued operations. Despite this change, Primerica managed to maintain momentum by leveraging its distribution model to meet the financial needs of middle-income families.
Looking ahead, Primerica’s management remains optimistic about continuing to harness its distribution model’s strengths and adapt to changing market conditions, aiming to further solidify its position in the financial services sector.
