![]() ![]() Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month. To make year-over year comparisons more consistent, we have provided estimates for the prior year period. Previously reported numbers for the three months ended Jhave been adjusted as a result of a product change made near the end of 2022, which modified how policies are structured in relation to individual lives. ![]() Issued term life face amount ($ billions) (3)Ĭlosed U.S. Second Quarter Distribution & Segment Results “We continue to be a much-needed resource to guide middle-income households on their path toward financial security.” “Second quarter results reflect our distribution strength and the depth of field leadership,” said Glenn Williams, Chief Executive Officer. The effect of higher interest rates on the invested asset portfolio benefitted the Corporate and Other Distributed Product segment. Senior Health segment results, which are typically weak in the second quarter due to limited sales opportunities in the market, also improved year-over-year since the Company did not recognize a negative tail revenue adjustment in the current year period, while it did so in the prior year period. We believe inflationary pressure on middle-income families remained a headwind to new savings for retirement and term life policy retention. Results in the Investment and Savings Product segment improved as equity market recovery positively impacted client asset values. Second quarter results reflect the benefit of continued, predictable growth in the Term Life segment. A table summarizing the impact of the changes on second quarter 2022 results is included at the end of this release. Prior year comparisons throughout this release reflect the revised results. Accordingly, financial information prior to the second quarter of 2023 has been revised as reflected in the fourth quarter 2022 Revised Restated Financial Supplement and the second quarter 2023 Financial Supplement, which are furnished as exhibits to the Current Report on Form 8-K dated August 7, 2023. ROAE was 26.7% for the quarter.ĭuring the second quarter, the Company identified immaterial errors in previously presented financial information in connection with the newly adopted accounting standard for Long-Duration Insurance Contracts (“LDTI”). Adjusted net operating income of $145.4 million increased 11%, while adjusted operating earnings per diluted share of $3.99 increased 18% compared to the same period in the prior year. ROE was 29.2% for the quarter.Īdjusted operating revenues of $689.6 million increased 3% compared to the second quarter of 2022. ![]() Net income attributable to Primerica of $144.5 million increased 13%, while earnings per diluted share of $3.97 increased 20% compared to the same period in the prior year. Total revenues of $688.4 million increased 3% compared to the second quarter of 2022. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2023. Net earnings per diluted share (EPS) of $3.97 increased 20% return on stockholders’ equity (ROE) of 29.2%ĭiluted adjusted operating EPS of $3.99 increased 18% adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 26.7%ĭeclared dividend of $0.65 per share, payable on September 11, 2023, and repurchased $111 million of common stock during the quarter Investment and Savings Products results improving as equity markets strengthened over the last few quarters Issued nearly 97,000 new Term Life policies, up 9% total face amount issued during the quarter of $32 billion, up 16% 10% increase in new life-licensed representatives fuels 4% growth in life-licensed sales force to nearly 138,000 ![]()
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