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Primerica Reports Second Quarter 2013 Results

Stocks in this article: PRI

Primerica, Inc. (NYSE: PRI) announced today financial results for the quarter ended June 30, 2013. Total revenues were $312.3 million in the second quarter of 2013 and net income was $43.5 million, or $0.74 per diluted share.

In the second quarter of 2013 operating revenues increased by 4% to $308.8 million compared with $296.2 million in the second quarter of 2012, driven by strong Investment and Savings Products performance and growth in Term Life net premium, partially offset by lower net investment income. Net operating income was $41.4 million in the second quarter of 2013 compared with $45.5 million in the prior year period, while net operating income of $0.71 per diluted share remained consistent with the second quarter of 2012 partially due to the retirement of $155 million of Primerica common stock and warrants. Net operating income was negatively impacted by higher expenses related to the move to our new headquarters as well as legal fees and expenses. Net income return on stockholders’ equity (ROE) was strong at 14.2% (14.6% on a net operating income and adjusted stockholders’ equity (ROAE) basis) for the quarter ended June 30, 2013.

Rick Williams, Chairman of the Board and Co-Chief Executive Officer said, “Second quarter results reflect our focus on driving long-term, organic growth as well as share repurchases. Enhancements made to our Investment and Savings Products business continued to gain traction with a 10% increase in ISP sales in the second quarter. Our $155 million retirement of shares and warrants in June was accretive to earnings per share and drove ROAE to 14.6%.”

John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer said, “We feel good about the growth in the size of the sales force and the growth in ISP sales we achieved in the second quarter as we prepared for our convention in mid-June. The excitement generated by the incentives, technology and product enhancements launched at the convention should build on this momentum to generate growth in the second half of 2013.”

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