Key Highlights

  • Diluted adjusted operating EPS was USD 6.77 against an estimate of USD 6.40, while GAAP diluted EPS was USD 6.76.
  • Total revenues were USD 901.654 million against an estimate of USD 901.00 million and USD 839.852 million a year earlier.
  • Investment and savings product sales were USD 4.4 billion, and client asset values ended the quarter at USD 140 billion.
  • The company returned USD 159 million to stockholders and approved a Dividend of USD 1.20 per share.

Primerica (NYSE:PRI) reported results that again include its annual actuarial assumption changes, which are recognized in the third quarter. The future policy benefits remeasurement produced a pre-tax gain of USD 12 million, against a gain of USD 23 million in the prior-year period. Diluted adjusted operating EPS was USD 6.77 against an estimate of USD 6.40, and GAAP diluted EPS was USD 6.76 against USD 6.35.

Reported Results and Returns

Total revenues were USD 901.654 million, against USD 839.852 million and an estimate of USD 901.00 million. Net Income was USD 209.127 million, against USD 206.793 million, and adjusted net Operating Income was USD 209.257 million, against USD 206.052 million. Income before income taxes was USD 271.912 million. Return on stockholders' Equity was 31.3%, and adjusted net operating income return on adjusted stockholders' equity was 33.9%.

Net premiums were USD 453.63 million, against USD 454.547 million, while commissions and fees rose to USD 386.717 million from USD 325.49 million. Benefits and claims were USD 167.452 million, against USD 172.152 million, and the remeasurement gain was USD 11.833 million, against USD 23.114 million. Sales commissions were USD 210.916 million, against USD 174.688 million.

Investment Sales and Term Life Distribution

The Investment and Savings Products segment had adjusted operating revenues were USD 378.026 million, against USD 318.788 million, and adjusted operating income before taxes was USD 114.054 million, against USD 94.222 million. Product sales rose 19% to USD 4.4 billion, client asset values were USD 139.6 billion against USD 126.8 billion, and net inflows were USD 407 million.

Term Life insurance adjusted operating revenues were USD 461.567 million, against USD 463.301 million, and adjusted operating income before taxes was USD 152.693 million, against USD 172.685 million. Issued Term Life face amount was USD 25.7 billion, against USD 27.1 billion, on 73,813 policies issued, and face amount in force was USD 969 billion. The life-licensed sales force stood at 147,058 representatives, against 152,200, recruits were 90,818 against 101,156, and life productivity was 0.17 in both periods. Closed Mortgage Volume was USD 142.6 million, against USD 143.4 million.

Capital, Balance Sheet and Dividend

The company returned USD 159 million to stockholders, made up of USD 122 million of share repurchases and USD 37 million of dividends paid. Diluted weighted-average shares were 30.82 million, against 32.451 million. The board approved a dividend of USD 1.20 per share payable on December 14, 2026 to holders of record on November 20.

The estimated statutory risk-based Capital ratio of Primerica Life Insurance Company was approximately 445% at September 30. Cash and cash equivalents were USD 782.723 million, the note payable was USD 595.917 million and the surplus note was USD 1,018.167 million. Parent-company debt-to-capital was 20.9%, and total stockholders' equity was USD 2,826.594 million. No financial guidance was provided with these results.

Quarter in Numbers

Diluted adjusted operating EPS of USD 6.77 sits alongside investment and savings product sales of USD 4.4 billion, a risk-based capital ratio of approximately 445% and USD 159 million returned to stockholders.

Chief Executive Glenn Williams described the quarter as showing the consistency of the Business fundamentals and pointed to stable Term Life Earnings and investment sales that the company called a record. Dated items named are the webcast on November 5, the Record Date of November 20 and the dividend payment on December 14. The company also said its large in-force block of term life policies continues to generate stable earnings and predictable cash flow.