Excluding certain non-GAAP adjustments, such as the impact of a $60 million goodwill impairment in the prior year, adjusted net operating income of $581.4 million increased 8%, while adjusted operating earnings per diluted share of $16.07 increased 15%.įourth Quarter Distribution & Segment Results Comparing financial results for the year ended Decemto the year ended December 31, 2022, net income of $576.6 million increased 23%, while earnings per diluted share of $15.94 increased 29%. Investment product sales were solid at $9.2 billion, declining 8% year-over-year due to pressures from volatile equity markets in the first half of 2023. The momentum of the sales force led to an 8% increase in issued term life insurance policies and a 15% increase in new issued term life face amount. “Our expanding sales force plays a crucial role in our success, and I believe 2024 holds exciting opportunities to build momentum as we work toward our biennial convention in July.”įor the full year ended December 31, 2023, the Company recruited nearly 362,000 individuals, resulting in 9% increase in new insurance licenses and 5% growth in the size of the life-licensed sales force. “Strong fourth quarter results completed another solid year at Primerica as we continue to meet the growing financial needs of middle-income families,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. The Company continued to experience pressures in senior health, resulting in a small loss in the segment. The Company’s financial results during the fourth quarter reflected the benefit of a large and stable block of in-force term life insurance policies, higher investment products sales and appreciation of client asset values, while net investment income was higher due to an increase in interest rates and growth in the size of the investment portfolio. Strong recruiting and licensing trends continue to reflect the attractiveness of Primerica’s business model and fuel the growth of its powerful distribution platform that now exceeds 141,500 life-licensed individuals. Adjusted net operating income of $150.4 million increased 4%, while adjusted operating earnings per diluted share of $4.25 increased 9% compared to the prior year period. Net income of $151.9 million increased 4%, while earnings per diluted share of $4.30 increased 9% compared to the prior year period.Īdjusted operating revenues of $724.3 million increased 6% compared to the fourth quarter of 2022. Total revenues of $726.3 million increased 6% compared to the fourth quarter of 2022. (NYSE: PRI) today announced financial results for the quarter ended December 31, 2023. Investment and Savings Product sales up 13% and ending client asset values up 15%Įarnings per diluted share (EPS) of $4.30 increased 9% return on stockholders’ equity (ROE) was 27.8%ĭiluted adjusted operating EPS of $4.25 increased 9% adjusted net operating income return on adjusted stockholders’ equity (ROAE) was 26.9% Issued Term Life policies up 12% and total face amount issued up 16% ![]() Recruiting and licensing momentum drove life-licensed sales force to a record 141,572 up 5% compared to the prior year end
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