This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Primerica, Inc. (NYSE: PRI) announced today financial results for the third quarter ended September 30, 2012. Total revenues were $299.1 million in the third quarter of 2012 and net income was $45.6 million, or $0.72 per diluted share. Operating revenues increased by 7% to $295.2 million in the third quarter of 2012, compared with $276.0 million in the third quarter of 2011. Net operating income grew by 21% to $45.1 million, or $0.72 per diluted share, in the third quarter of 2012, compared with $37.3 million, or $0.49 per diluted share, in the third quarter of 2011. The year-over-year results reflect the continued growth in Term Life income as well as the impact of favorable market performance on Investment and Savings Products sales, client asset-based earnings and Canadian segregated fund DAC amortization. Net investment income was enhanced by certain unusual items during the quarter but otherwise reflects the expected pressure of lower invested assets from stock repurchases over the past 12 months and lower market yields. Net income return on stockholders’ equity (ROE) was 14.0% (15.1% on a net operating income and adjusted stockholders’ equity basis) for the quarter ended September 30, 2012.
Rick Williams, Chairman of the Board and Co-Chief Executive Officer said, “Our strong third quarter results were marked by solid core performance across business segments. Our long-term recurring life insurance revenues coupled with positive Investment and Savings Product performance and share repurchases drove net operating income return on adjusted stockholders’ equity to 15.1%, underscoring the strength of our franchise.”
John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer said, “The size of our life licensed sales force remained consistent with the prior quarter and prior year period despite the challenging year-over-year comparisons. Recruiting and licensing of new representatives were significantly higher in the prior year period following the short-term recruiting initiative launched at our convention. Our continued focus is on growing the size of our sales force to generate long-term organic growth.”