UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
|
|
|||||
(State or other jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer |
||
|
|
|
|
|
||
|
(Address of Principal Executive Offices, and Zip Code) |
|
(
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 8, 2022, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended September 30, 2022. A copy of the press release is attached hereto as Exhibit 99.1.
The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination and non-cash goodwill impairment charges. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges as these are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares, which were ultimately redeemed at zero value. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company. Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore,
2
management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.
Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at https://investors.primerica.com.
Item 7.01 Regulation FD Disclosure.
On November 8, 2022, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended September 30, 2022. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.
The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.
Item 9.01. |
|
Financial Statements and Exhibits. |
|
|
|
(d) Exhibits.
|
|
|
|
|
|
99.1 |
|
Press Release dated November 8, 2022 – Primerica Reports Third Quarter 2022 Results
|
99.2 |
|
Primerica, Inc. Supplemental Financial Information – Third Quarter 2022
|
104 |
|
Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 8, 2022 |
|
PRIMERICA, INC. |
|
|
|
|
|
|
|
|
|
|
|
/s/ Alison S. Rand |
|
|
|
Alison S. Rand |
|
|
|
Executive Vice President and Chief Financial Officer |
4
Exhibit 99.1
PRIMERICA REPORTS THIRD QUARTER 2022 RESULTS
Life-licensed sales force grew 3% driven by strong new life licenses
Term Life net premiums increased 6%; adjusted direct premiums increased 7%
Investment and Savings Products sales of $2.2 billion declined 23% reflecting market conditions; net client inflows remained positive at $0.7 billion
Net earnings per diluted share (EPS) of $1.37 (including a non-cash goodwill impairment of $1.59 per diluted share) decreased 51%; return on stockholders’ equity (ROE) of 12.2%
Diluted adjusted operating EPS of $3.02 increased 1%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 23.8%
Declared dividend of $0.55 per share, payable on December 14, 2022, and repurchased $97 million of common stock during the quarter
Duluth, GA, Nov. 8, 2022 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended September 30, 2022. Total revenues were $673.3 million, decreasing 3% compared to the third quarter of 2021. Net income of $51.8 million decreased 54%, while net earnings per diluted share of $1.37 decreased 51% compared to the same period in the prior year. Results reflect a non-cash goodwill impairment charge of $60.0 million, or $1.59 per diluted share, in connection with the annual goodwill impairment test for the Senior Health reporting unit. The calculated decline in fair value was primarily attributable to an increase in the market-based weighted average cost of capital (“WACC”) used to discount forecasted cash flows. The increase in the WACC was driven by higher equity market risk premiums and interest rates.
The Company excludes the goodwill impairment charge from adjusted operating results as it represents a non-recurring item that causes incomparability of the Company’s core results between periods. Adjusted operating revenues were $676.1 million, decreasing 2% compared to the third quarter of 2021. Adjusted net operating income of $113.9 million decreased 4% year-over-year, while adjusted operating net earnings per diluted share of $3.02 increased 1%.
Operating results during the quarter were pressured by market volatility, which led to a substantial decline in client asset values and lower sales volume in the Investment and
1
Savings Product segment. Continued growth in Term Life earnings partly offset the negative impact of equity markets on the current period’s financial results. The Company continues to make progress in addressing challenges in the senior health distribution marketplace. Insurance and other operating expense growth has normalized as expected from the higher growth levels reported earlier in the year. The Company continues to make significant progress in growing the size of the independent life-licensed sales force by leveraging improvements in the licensing process and the excitement generated at the biennial convention.
“Our focus remains on serving the protection and savings needs of our clients during these times of market volatility and economic uncertainty as we expand the size of our sales force,” said Glenn Williams, Chief Executive Officer. “Our biennial convention had the desired impact of adding energy and excitement to our organization.”
Third Quarter Distribution & Segment Results
Distribution Results |
|||||||||||||
|
|
Q3 2022 |
|
|
Q3 2021 |
|
|
% Change |
|
|
|||
Life-Licensed Sales Force (1) |
|
|
134,313 |
|
|
|
130,023 |
|
|
|
3 |
% |
|
Recruits |
|
|
127,788 |
|
|
|
91,884 |
|
|
|
39 |
% |
|
New Life-Licensed Representatives |
|
|
12,518 |
|
|
|
9,381 |
|
|
|
33 |
% |
|
Life Insurance Policies Issued |
|
|
71,104 |
|
|
|
75,914 |
|
|
|
(6 |
)% |
|
Life Productivity (2) |
|
|
0.18 |
|
|
|
0.19 |
|
|
* |
|
|
|
ISP Product Sales ($ billions) |
|
$ |
2.16 |
|
|
$ |
2.79 |
|
|
|
(23 |
)% |
|
Average Client Asset Values ($ billions) |
|
$ |
83.32 |
|
|
$ |
92.65 |
|
|
|
(10 |
)% |
|
Senior Health Submitted Policies (3) |
|
|
16,095 |
|
|
|
20,867 |
|
|
|
(23 |
)% |
|
Senior Health Approved Policies (4) |
|
|
14,862 |
|
|
|
18,276 |
|
|
|
(19 |
)% |
|
Closed U.S. Mortgage Volume ($ million brokered) |
|
$ |
99.8 |
|
|
$ |
337.6 |
|
|
|
(70 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
* Not calculated
2
Segment Results |
|||||||||||||
|
|
Q3 2022 |
|
|
Q3 2021 |
|
|
% Change |
|
|
|||
|
|
($ in thousands) |
|||||||||||
Adjusted Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|||
Term Life Insurance |
|
$ |
427,830 |
|
|
$ |
401,451 |
|
|
|
7 |
% |
|
Investment and Savings Products |
|
|
201,697 |
|
|
|
233,337 |
|
|
|
(14 |
)% |
|
Senior Health (1) |
|
|
17,184 |
|
|
|
22,936 |
|
|
|
(25 |
)% |
|
Corporate and Other Distributed Products (1) |
|
|
29,345 |
|
|
|
34,745 |
|
|
|
(16 |
)% |
|
Total adjusted operating revenues (1) |
|
$ |
676,056 |
|
|
$ |
692,469 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted Operating Income (Loss) before |
|
|
|
|
|
|
|
|
|
|
|||
Term Life Insurance |
|
$ |
111,764 |
|
|
$ |
107,589 |
|
|
|
4 |
% |
|
Investment and Savings Products |
|
|
58,377 |
|
|
|
69,368 |
|
|
|
(16 |
)% |
|
Senior Health (1) |
|
|
(3,723 |
) |
|
|
(6,608 |
) |
|
|
(44 |
)% |
|
Corporate and Other Distributed Products (1) |
|
|
(17,752 |
) |
|
|
(13,529 |
) |
|
|
31 |
% |
|
Total adjusted operating income before |
|
$ |
148,666 |
|
|
$ |
156,820 |
|
|
|
(5 |
)% |
|
Life Insurance Licensed Sales Force
Licensing momentum continued with 12,518 new life-licensed representatives being added during the third quarter of 2022, a 33% increase compared to the prior year period. Part of this growth was driven by significant recruiting incentives launched at the convention for the month of July that offered various levels of licensing fee discounts. The Company recruited approximately 83,000 individuals in July and 127,788 in total for the quarter, demonstrating the attractiveness of our business model to middle-income households today. The size of the sales force has increased nearly 4% since the end of last year with a total of 134,313 independent life-licensed representatives as of September 30, 2022.
Term Life Insurance
During the third quarter of 2022, the Company issued 71,104 new life insurance policies, a decrease of 6% compared to the third quarter of 2021. The Company believes the year-over-year decline in sales was attributable in part to the impact of economic uncertainty and a higher cost of living on middle-income families. Productivity at 0.18 policies per life-licensed representative per month remained in line with the Company’s historical range, but down slightly from 0.19 in the prior year period.
Third quarter revenues of $427.8 million increased 7% year-over-year, driven by 7% growth in adjusted direct premiums. Overall persistency continues to normalize and policies that were sold during the current year are generally performing in line with pre-pandemic levels. Lapse rates for policies issued during the first year of the pandemic continued to trend around 15% higher than historical norms. The DAC amortization ratio of 16.0% was generally in line with typical third quarter levels. The benefits and claims ratio during the quarter was 59.5%, reflecting $2 million in excess claims split between COVID-related deaths and normal volatility.
3
Investment and Savings Products
Total product sales during the quarter were $2.2 billion, or 23% lower compared to the third quarter of 2021 as equity markets continued to decline, pressuring sales and client asset values. Despite heightened market volatility, clients remain committed to long-term retirement savings and net client flows were robust at $714 million during the quarter. Client asset values on September 30, 2022 were $78.7 billion, declining 14% year-over-year.
Revenues of $201.7 million during the quarter declined 14% compared to the third quarter of 2021 as a result of a 28% drop in revenue-generating sales and a 10% decline in average client asset values. Asset-based net revenues declined slightly less than average client asset values due to the continued growth in managed account assets, while sales-based net revenues declined in line with commission-generating sales.
Senior Health
The third quarter results reflected seasonally lower activity levels ahead of the Annual Enrollment Period, which started on October 15. A total of 14,862 policies were approved during the quarter with lifetime value of commissions ("LTV") per approved policy of $868 and contract acquisition costs ("CAC") per approved policy of $905, resulting in an LTV/CAC ratio slightly below 1.0x.
The pre-tax operating loss during the third quarter was $3.7 million compared to a pre-tax operating loss attributable to Primerica of $6.6 million in the prior year period. The current period results include an increase in insurance carriers’ commission rates, which led to a $1.7 million positive tail adjustment. During the first nine months of 2022, the Company did not need to provide funding to the Senior Health segment as cash tax benefits from net operating losses were sufficient to cover operating needs.
Corporate and Other Distributed Products
During the third quarter, the segment recorded an adjusted operating loss before taxes of $17.8 million, increasing $4.2 million year-over-year. The increase was due to a $2.7 million lower contribution from the mortgage business as interest rate headwinds accelerated during the quarter, as well as higher insurance and other operating expenses.
Invested Asset Portfolio
Consolidated net investment income increased $4.3 million compared to the prior year period, reflecting higher yields on investments and growth in the size of the invested asset portfolio. Most of the increase was allocated to the Term Life segment, reflecting the growth in the business.
The invested asset portfolio ended the quarter with an unrealized loss of $321 million, compared to an unrealized loss of $223 million at June 30, reflecting the substantial rise in interest rates, and to a lesser extent, changes in credit spreads, during the period.
Taxes
4
The effective tax rate was 39.7% in the third quarter of 2022 compared to 24.2% in the prior year period. The increase in the effective tax rate during the third quarter of 2022 was driven by the non-cash goodwill impairment charge that is not deductible for income tax purposes. Excluding the goodwill impairment, the effective tax rate in the third quarter of 2022 would have been 23.4%. This rate is lower compared to the third quarter of 2021 because of e-TeleQuote state income tax benefits recorded in the current year.
Capital
During the third quarter, the Company repurchased $97.4 million of common stock, for a total of $324.3 million year-to-date. The Company expects to complete an additional $32 million by the end of 2022. The Board of Directors has approved a dividend of $0.55 per share, payable on December 14, 2022 to stockholders of record on November 22, 2022.
Primerica has a strong balance sheet, including invested assets and cash at the holding company of $240 million at quarter-end. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 460% as of September 30, 2022.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination and non-cash goodwill impairment charges. We exclude e-TeleQuote transaction-related expenses/recoveries
5
and non-cash goodwill impairment charges as these are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares, which were ultimately redeemed at zero value. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company. Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast on Wednesday, November 9, 2022, at 10:00 a.m. Eastern, to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent
6
contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; any failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality or persistency as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; litigation and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; economic down cycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; due to our very limited history with e-TeleQuote, we cannot be certain that its business will be successful or that we will successfully address any risks not known to us that may become material; a failure by e-TeleQuote to comply with the requirements of the United States government’s Centers for Medicare and Medicaid Services and those of its carrier partners; legislative or regulatory changes to Medicare Advantage or changes to the implementing guidance by the Centers for Medicare and Medicaid Services; e-TeleQuote’s inability to acquire or generate leads on commercially viable terms, convert leads to sales or if customer policy retention is lower than assumed; e-TeleQuote’s inability to enroll individuals during the Medicare annual election period; the loss of a key carrier, or the modification of commission rates or underwriting practices with a key carrier partner could adversely affect e-TeleQuote’s business; cyber-attack(s), security breaches or if e-TeleQuote is otherwise unable to safeguard the security and privacy of confidential data, including personal health information; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
7
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.7 million lives and had over 2.7 million client investment accounts on December 31, 2021. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2021. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.
Investor Contact:
Nicole Russell
470-564-6663
Email: Nicole.Russell@primerica.com
Media Contact:
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com
8
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||
Condensed Consolidated Balance Sheets |
|
|||||||
|
|
|||||||
|
|
(Unaudited) |
|
|
|
|
||
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
||
|
|
(In thousands) |
|
|||||
Assets |
|
|
|
|
|
|
||
Investments: |
|
|
|
|
|
|
||
Fixed-maturity securities available-for-sale, at fair value |
|
$ |
2,457,989 |
|
|
$ |
2,702,567 |
|
Fixed-maturity security held-to-maturity, at amortized cost |
|
|
1,433,760 |
|
|
|
1,379,100 |
|
Short-term investments available-for-sale, at fair value |
|
|
- |
|
|
|
85,243 |
|
Equity securities, at fair value |
|
|
33,079 |
|
|
|
42,551 |
|
Trading securities, at fair value |
|
|
3,718 |
|
|
|
24,355 |
|
Policy loans and other invested assets |
|
|
48,787 |
|
|
|
30,612 |
|
Total investments |
|
|
3,977,333 |
|
|
|
4,264,428 |
|
Cash and cash equivalents |
|
|
438,025 |
|
|
|
392,501 |
|
Accrued investment income |
|
|
19,949 |
|
|
|
18,702 |
|
Reinsurance recoverables |
|
|
4,033,897 |
|
|
|
4,268,419 |
|
Deferred policy acquisition costs, net |
|
|
3,049,102 |
|
|
|
2,943,782 |
|
Renewal commissions receivable |
|
|
198,027 |
|
|
|
231,751 |
|
Agent balances, due premiums and other receivables |
|
|
266,831 |
|
|
|
257,675 |
|
Goodwill |
|
|
127,707 |
|
|
|
179,154 |
|
Intangible assets |
|
|
188,150 |
|
|
|
195,825 |
|
Income taxes |
|
|
90,719 |
|
|
|
81,799 |
|
Operating lease right-of-use assets |
|
|
42,343 |
|
|
|
47,942 |
|
Other assets |
|
|
403,452 |
|
|
|
441,253 |
|
Separate account assets |
|
|
2,206,608 |
|
|
|
2,799,992 |
|
Total assets |
|
$ |
15,042,143 |
|
|
$ |
16,123,223 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Future policy benefits |
|
$ |
7,314,688 |
|
|
$ |
7,138,649 |
|
Unearned and advance premiums |
|
|
16,153 |
|
|
|
16,437 |
|
Policy claims and other benefits payable |
|
|
496,563 |
|
|
|
585,382 |
|
Other policyholders' funds |
|
|
492,479 |
|
|
|
501,823 |
|
Notes payable - short term |
|
|
- |
|
|
|
15,000 |
|
Notes payable - long term |
|
|
592,705 |
|
|
|
592,102 |
|
Surplus note |
|
|
1,433,293 |
|
|
|
1,378,585 |
|
Income taxes |
|
|
129,347 |
|
|
|
241,311 |
|
Operating lease liabilities |
|
|
47,935 |
|
|
|
53,920 |
|
Other liabilities |
|
|
611,646 |
|
|
|
615,710 |
|
Payable under securities lending |
|
|
80,754 |
|
|
|
94,529 |
|
Separate account liabilities |
|
|
2,206,608 |
|
|
|
2,799,992 |
|
Total liabilities |
|
|
13,422,171 |
|
|
|
14,033,440 |
|
|
|
|
|
|
|
|
||
Temporary Stockholders' Equity |
|
|
|
|
|
|
||
Redeemable noncontrolling interests in consolidated entities |
|
|
- |
|
|
|
7,271 |
|
|
|
|
|
|
|
|
||
Permanent Stockholders' equity |
|
|
|
|
|
|
||
Equity attributable to Primerica, Inc.: |
|
|
|
|
|
|
||
Common stock |
|
|
370 |
|
|
|
394 |
|
Paid-in capital |
|
|
- |
|
|
|
5,224 |
|
Retained earnings |
|
|
1,887,952 |
|
|
|
2,004,506 |
|
Accumulated other comprehensive income (loss), net of income tax |
|
|
(268,350 |
) |
|
|
72,388 |
|
Total permanent stockholders' equity |
|
|
1,619,972 |
|
|
|
2,082,512 |
|
Total liabilities and temporary and permanent stockholders' equity |
|
$ |
15,042,143 |
|
|
$ |
16,123,223 |
|
9
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||
Condensed Consolidated Statements of Income |
|
|||||||
(Unaudited) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
Three months ended September 30, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
|
|
(In thousands, except per-share amounts) |
|
|||||
Revenues: |
|
|
|
|
|
|
||
Direct premiums |
|
$ |
810,079 |
|
|
$ |
785,277 |
|
Ceded premiums |
|
|
(404,870 |
) |
|
|
(401,295 |
) |
Net premiums |
|
|
405,209 |
|
|
|
383,982 |
|
Commissions and fees |
|
|
225,468 |
|
|
|
269,796 |
|
Net investment income |
|
|
24,346 |
|
|
|
20,000 |
|
Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
Other, net |
|
|
20,965 |
|
|
|
18,051 |
|
Total revenues |
|
|
673,289 |
|
|
|
693,239 |
|
|
|
|
|
|
|
|
||
Benefits and expenses: |
|
|
|
|
|
|
||
Benefits and claims |
|
|
171,293 |
|
|
|
183,425 |
|
Amortization of deferred policy acquisition costs |
|
|
90,925 |
|
|
|
62,214 |
|
Sales commissions |
|
|
105,915 |
|
|
|
129,268 |
|
Insurance expenses |
|
|
57,552 |
|
|
|
51,901 |
|
Insurance commissions |
|
|
7,666 |
|
|
|
8,412 |
|
Contract acquisition costs |
|
|
13,446 |
|
|
|
23,524 |
|
Interest expense |
|
|
6,802 |
|
|
|
7,529 |
|
Goodwill impairment loss |
|
|
60,000 |
|
|
|
- |
|
Other operating expenses |
|
|
73,791 |
|
|
|
79,864 |
|
Total benefits and expenses |
|
|
587,390 |
|
|
|
546,137 |
|
Income before income taxes |
|
|
85,899 |
|
|
|
147,102 |
|
Income taxes |
|
|
34,092 |
|
|
|
35,663 |
|
Net income |
|
$ |
51,807 |
|
|
$ |
111,439 |
|
Net income attributable to noncontrolling interests |
|
|
- |
|
|
|
(1,017 |
) |
Net income attributable to Primerica, Inc. |
|
$ |
51,807 |
|
|
$ |
112,456 |
|
|
|
|
|
|
|
|
||
Earnings per share attributable to common stockholders: |
|
|
|
|
|
|
||
Basic earnings per share |
|
$ |
1.38 |
|
|
$ |
2.83 |
|
Diluted earnings per share |
|
$ |
1.37 |
|
|
$ |
2.82 |
|
|
|
|
|
|
|
|
||
Weighted-average shares used in computing |
|
|
|
|
|
|
||
Basic |
|
|
37,438 |
|
|
|
39,561 |
|
Diluted |
|
|
37,541 |
|
|
|
39,679 |
|
10
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||||||
Consolidated Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited – in thousands, except per share amounts) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended September 30, |
|
|
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
Total revenues |
|
$ |
673,289 |
|
|
$ |
693,239 |
|
|
|
(3 |
)% |
Less: Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
(68 |
) |
|
|
(640 |
) |
|
|
|
|
Adjusted operating revenues |
|
$ |
676,056 |
|
|
$ |
692,469 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Income before income taxes |
|
$ |
85,899 |
|
|
$ |
147,102 |
|
|
|
(42 |
)% |
Less: Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
(68 |
) |
|
|
(640 |
) |
|
|
|
|
Less: e-TeleQuote transaction-related expenses |
|
|
- |
|
|
|
(10,027 |
) |
|
|
|
|
Less: Equity comp for awards exchanged during acquisition |
|
|
- |
|
|
|
1,004 |
|
|
|
|
|
Less: Noncontrolling interest |
|
|
- |
|
|
|
(1,465 |
) |
|
|
|
|
Less: Goodwill impairment |
|
|
(60,000 |
) |
|
|
- |
|
|
|
|
|
Adjusted operating income before income taxes |
|
$ |
148,666 |
|
|
$ |
156,820 |
|
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
51,807 |
|
|
$ |
111,439 |
|
|
|
(54 |
)% |
Less: Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
(68 |
) |
|
|
(640 |
) |
|
|
|
|
Less: e-TeleQuote transaction-related expenses |
|
|
- |
|
|
|
(10,027 |
) |
|
|
|
|
Less: Equity comp for awards exchanged during acquisition |
|
|
- |
|
|
|
1,004 |
|
|
|
|
|
Less: Noncontrolling interest |
|
|
- |
|
|
|
(1,465 |
) |
|
|
|
|
Less: Goodwill impairment |
|
|
(60,000 |
) |
|
|
- |
|
|
|
|
|
Less: Tax impact of preceding items |
|
|
647 |
|
|
|
2,449 |
|
|
|
|
|
Adjusted net operating income |
|
$ |
113,927 |
|
|
$ |
118,708 |
|
|
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per share (1) |
|
$ |
1.37 |
|
|
$ |
2.82 |
|
|
|
(51 |
)% |
Less: Net after-tax impact of operating adjustments |
|
|
(1.65 |
) |
|
|
(0.16 |
) |
|
|
|
|
Diluted adjusted operating earnings per share (1) |
|
$ |
3.02 |
|
|
$ |
2.98 |
|
|
|
1 |
% |
TERM LIFE INSURANCE SEGMENT |
|
|||||||||||
Adjusted Premiums Reconciliation |
|
|||||||||||
(Unaudited – in thousands) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended September 30, |
|
|
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
Direct premiums |
|
$ |
804,586 |
|
|
$ |
779,490 |
|
|
|
3 |
% |
Less: Premiums ceded to IPO coinsurers |
|
|
226,869 |
|
|
|
241,439 |
|
|
|
|
|
Adjusted direct premiums |
|
|
577,717 |
|
|
|
538,051 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Ceded premiums |
|
|
(403,416 |
) |
|
|
(399,835 |
) |
|
|
|
|
Less: Premiums ceded to IPO coinsurers |
|
|
(226,869 |
) |
|
|
(241,439 |
) |
|
|
|
|
Other ceded premiums |
|
|
(176,548 |
) |
|
|
(158,396 |
) |
|
|
|
|
Net premiums |
|
$ |
401,169 |
|
|
$ |
379,655 |
|
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|||
SENIOR HEALTH SEGMENT |
|
|||||||||||
Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited – in thousands) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended September 30, |
|
|
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
Loss before income taxes |
|
$ |
(63,723 |
) |
|
$ |
(8,490 |
) |
|
|
651 |
% |
Less: e-TeleQuote transaction-related costs |
|
|
- |
|
|
|
(417 |
) |
|
|
|
|
Less: Noncontrolling interest |
|
|
- |
|
|
|
(1,465 |
) |
|
|
|
|
Less: Goodwill impairment |
|
|
(60,000 |
) |
|
|
- |
|
|
|
|
|
Adjusted operating loss before taxes |
|
$ |
(3,723 |
) |
|
$ |
(6,608 |
) |
|
|
(44 |
)% |
|
|
|
|
|
|
|
|
|
|
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT |
|
|||||||||||
Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited – in thousands) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended September 30, |
|
|
|
|
||||||
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
Total revenues |
|
$ |
26,578 |
|
|
$ |
35,515 |
|
|
|
(25 |
)% |
Less: Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
(68 |
) |
|
|
(640 |
) |
|
|
|
|
Adjusted operating revenues |
|
$ |
29,345 |
|
|
$ |
34,745 |
|
|
|
(16 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Loss before income taxes |
|
$ |
(20,519 |
) |
|
$ |
(21,365 |
) |
|
|
(4 |
)% |
Less: Investment gains (losses) |
|
|
(2,699 |
) |
|
|
1,410 |
|
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
(68 |
) |
|
|
(640 |
) |
|
|
|
|
Less: e-TeleQuote transaction-related expenses |
|
|
- |
|
|
|
(9,610 |
) |
|
|
|
|
Less: Equity comp for awards exchanged during acquisition |
|
|
- |
|
|
|
1,004 |
|
|
|
|
|
Adjusted operating loss before income taxes |
|
$ |
(17,752 |
) |
|
$ |
(13,529 |
) |
|
|
31 |
% |
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||||||
Adjusted Stockholders' Equity Reconciliation |
|
|||||||||||
(Unaudited – in thousands) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
|
% Change |
|
|||
Stockholders' equity (1) |
|
$ |
1,619,972 |
|
|
$ |
2,082,512 |
|
|
|
(22 |
)% |
Less: Unrealized net investment gains (losses) recorded |
|
|
(252,913 |
) |
|
|
63,777 |
|
|
|
|
|
Adjusted stockholders' equity (1) |
|
$ |
1,872,885 |
|
|
$ |
2,018,735 |
|
|
|
(7 |
)% |
12
Exhibit 99.2
Supplemental Financial Information
Third Quarter 2022
Table of Contents |
PRIMERICA, INC. Financial Supplement |
|
Page |
Preface, definition of Non-GAAP financial measures |
3 |
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures |
4 |
Financial results and other statistical data |
5 |
Statements of income |
6 |
Reconciliation of statement of income GAAP to non-GAAP financial measures |
7-8 |
Segment operating results |
|
Term Life Insurance segment - financial results, key statistics, and financial analysis |
9-10 |
Investment and Savings Products segment - financial results, financial analysis, and key statistics |
11-12 |
Senior Health segment - financial results, financial analysis, and key statistics |
13 |
Corporate & Other Distributed Products segment - financial results |
14 |
Investment portfolio |
15-17 |
Five-year historical key statistics |
18 |
This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2021.
2 of 18
Preface |
PRIMERICA, INC. Financial Supplement |
Third Quarter 2022
This document is a financial supplement to our third quarter 2022 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:
Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.
Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.
3 of 18
Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
||||||||||||||
Condensed Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Investments and cash excluding securities held to maturity |
$ |
3,096,703 |
|
$ |
3,133,860 |
|
$ |
3,431,825 |
|
$ |
3,056,395 |
|
$ |
3,277,830 |
|
$ |
3,191,154 |
|
$ |
3,048,974 |
|
$ |
2,981,598 |
|
|||||
|
Securities held to maturity |
|
1,346,350 |
|
|
1,362,210 |
|
|
1,368,740 |
|
|
1,376,090 |
|
|
1,379,100 |
|
|
1,390,310 |
|
|
1,415,940 |
|
|
1,433,760 |
|
|||||
|
|
|
Total investments and cash |
|
4,443,053 |
|
|
4,496,070 |
|
|
4,800,565 |
|
|
4,432,485 |
|
|
4,656,930 |
|
|
4,581,464 |
|
|
4,464,914 |
|
|
4,415,358 |
|
|||
|
Due from reinsurers |
|
4,273,904 |
|
|
4,345,483 |
|
|
4,239,510 |
|
|
4,278,322 |
|
|
4,268,419 |
|
|
4,240,481 |
|
|
4,069,039 |
|
|
4,033,897 |
|
|||||
|
Deferred policy acquisition costs |
|
2,629,644 |
|
|
2,712,169 |
|
|
2,808,347 |
|
|
2,877,921 |
|
|
2,943,782 |
|
|
2,994,367 |
|
|
3,028,511 |
|
|
3,049,102 |
|
|||||
|
Goodwill |
|
— |
|
|
— |
|
|
— |
|
|
224,180 |
|
|
179,154 |
|
|
179,154 |
|
|
187,707 |
|
|
127,707 |
|
|||||
|
Other assets |
|
899,165 |
|
|
921,236 |
|
|
925,621 |
|
|
1,330,620 |
|
|
1,274,946 |
|
|
1,242,457 |
|
|
1,219,847 |
|
|
1,209,471 |
|
|||||
|
Separate account assets |
|
2,659,520 |
|
|
2,638,901 |
|
|
2,745,827 |
|
|
2,672,606 |
|
|
2,799,992 |
|
|
2,696,891 |
|
|
2,358,987 |
|
|
2,206,608 |
|
|||||
|
|
|
Total assets |
$ |
14,905,286 |
|
$ |
15,113,858 |
|
$ |
15,519,871 |
|
$ |
15,816,135 |
|
$ |
16,123,222 |
|
$ |
15,934,813 |
|
$ |
15,329,005 |
|
$ |
15,042,143 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Future policy benefits |
$ |
6,790,557 |
|
$ |
6,885,115 |
|
$ |
6,984,272 |
|
$ |
7,057,599 |
|
$ |
7,138,649 |
|
$ |
7,216,597 |
|
$ |
7,276,278 |
|
$ |
7,314,688 |
|
|||||
|
Other policy liabilities |
|
984,612 |
|
|
1,020,349 |
|
|
977,373 |
|
|
1,054,925 |
|
|
1,103,642 |
|
|
1,108,047 |
|
|
999,789 |
|
|
1,005,195 |
|
|||||
|
Income taxes |
|
223,496 |
|
|
235,233 |
|
|
204,197 |
|
|
260,264 |
|
|
241,311 |
|
|
217,326 |
|
|
164,971 |
|
|
129,347 |
|
|||||
|
Other liabilities |
|
618,874 |
|
|
633,719 |
|
|
641,025 |
|
|
668,643 |
|
|
669,631 |
|
|
683,865 |
|
|
646,660 |
|
|
659,582 |
|
|||||
|
Debt obligations |
|
374,415 |
|
|
374,511 |
|
|
499,606 |
|
|
514,702 |
|
|
607,102 |
|
|
598,303 |
|
|
592,504 |
|
|
592,705 |
|
|||||
|
Surplus note |
|
1,345,772 |
|
|
1,361,648 |
|
|
1,368,194 |
|
|
1,375,559 |
|
|
1,378,585 |
|
|
1,389,811 |
|
|
1,415,457 |
|
|
1,433,293 |
|
|||||
|
Payable under securities lending |
|
72,154 |
|
|
87,190 |
|
|
80,613 |
|
|
105,264 |
|
|
94,529 |
|
|
93,171 |
|
|
96,603 |
|
|
80,754 |
|
|||||
|
Separate account liabilities |
|
2,659,520 |
|
|
2,638,901 |
|
|
2,745,827 |
|
|
2,672,606 |
|
|
2,799,992 |
|
|
2,696,891 |
|
|
2,358,987 |
|
|
2,206,608 |
|
|||||
|
|
|
Total liabilities |
|
13,069,401 |
|
|
13,236,666 |
|
|
13,501,107 |
|
|
13,709,563 |
|
|
14,033,442 |
|
|
14,004,011 |
|
|
13,551,249 |
|
|
13,422,171 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interest |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7,631 |
|
$ |
7,271 |
|
$ |
4,616 |
|
$ |
2,233 |
|
$ |
(0 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common stock ($0.01 par value) (1) |
|
393 |
|
|
394 |
|
|
394 |
|
|
395 |
|
|
394 |
|
|
388 |
|
|
378 |
|
|
370 |
|
|||||
|
Paid-in capital |
|
(0 |
) |
|
8,138 |
|
|
12,880 |
|
|
17,454 |
|
|
5,224 |
|
|
(0 |
) |
|
(0 |
) |
|
(0 |
) |
|||||
|
Retained earnings |
|
1,705,786 |
|
|
1,785,037 |
|
|
1,894,539 |
|
|
1,988,324 |
|
|
2,004,506 |
|
|
1,980,467 |
|
|
1,948,244 |
|
|
1,887,952 |
|
|||||
|
Treasury stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Accumulated other comprehensive income (loss), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Net unrealized gains (losses) |
|
128,128 |
|
|
77,053 |
|
|
96,990 |
|
|
84,701 |
|
|
63,775 |
|
|
(66,439 |
) |
|
(175,746 |
) |
|
(252,913 |
) |
||||
|
|
Cumulative translation adjustment |
|
1,578 |
|
|
6,570 |
|
|
13,960 |
|
|
8,068 |
|
|
8,611 |
|
|
11,769 |
|
|
2,648 |
|
|
(15,437 |
) |
||||
|
|
|
Total stockholders’ equity (2) |
|
1,835,885 |
|
|
1,877,192 |
|
|
2,018,764 |
|
|
2,098,941 |
|
|
2,082,510 |
|
|
1,926,185 |
|
|
1,775,524 |
|
|
1,619,971 |
|
|||
|
|
|
Total liabilities and stockholders' equity |
$ |
14,905,286 |
|
$ |
15,113,858 |
|
$ |
15,519,871 |
|
$ |
15,816,135 |
|
$ |
16,123,222 |
|
$ |
15,934,813 |
|
$ |
15,329,005 |
|
$ |
15,042,143 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total stockholders' equity |
$ |
1,835,885 |
|
$ |
1,877,192 |
|
$ |
2,018,764 |
|
$ |
2,098,941 |
|
$ |
2,082,510 |
|
$ |
1,926,185 |
|
$ |
1,775,524 |
|
$ |
1,619,971 |
|
||||||
|
Less: Net unrealized gains (losses) |
|
128,128 |
|
|
77,053 |
|
|
96,990 |
|
|
84,701 |
|
|
63,775 |
|
|
(66,439 |
) |
|
(175,746 |
) |
|
(252,913 |
) |
|||||
|
|
|
Adjusted stockholders’ equity |
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
$ |
1,872,885 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Stockholders' Equity Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period |
$ |
1,614,688 |
|
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
||||||
|
Net Income attributable to Primerica, Inc. |
|
100,084 |
|
|
97,872 |
|
|
128,162 |
|
|
112,456 |
|
|
34,868 |
|
|
81,418 |
|
|
107,947 |
|
|
51,807 |
|
|||||
|
Shareholder dividends |
|
(15,851 |
) |
|
(18,620 |
) |
|
(18,660 |
) |
|
(18,671 |
) |
|
(18,686 |
) |
|
(21,645 |
) |
|
(21,178 |
) |
|
(20,571 |
) |
|||||
|
Retirement of shares and warrants |
|
(13,426 |
) |
|
(5,966 |
) |
|
(521 |
) |
|
(88 |
) |
|
(18,829 |
) |
|
(103,862 |
) |
|
(127,963 |
) |
|
(97,515 |
) |
|||||
|
Net foreign currency translation adjustment |
|
16,398 |
|
|
4,992 |
|
|
7,390 |
|
|
(5,892 |
) |
|
543 |
|
|
3,158 |
|
|
(9,121 |
) |
|
(18,086 |
) |
|||||
|
Other, net |
|
5,864 |
|
|
14,105 |
|
|
5,264 |
|
|
4,662 |
|
|
6,597 |
|
|
14,820 |
|
|
8,961 |
|
|
5,979 |
|
|||||
Balance, end of period |
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
$ |
1,872,885 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred Policy Acquisition Costs Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period |
$ |
2,532,409 |
|
$ |
2,629,644 |
|
$ |
2,712,169 |
|
$ |
2,808,347 |
|
$ |
2,877,921 |
|
$ |
2,943,782 |
|
$ |
2,994,367 |
|
$ |
3,028,511 |
|
||||||
|
General expenses deferred |
|
9,510 |
|
|
10,558 |
|
|
10,055 |
|
|
9,248 |
|
|
9,062 |
|
|
9,519 |
|
|
9,321 |
|
|
9,726 |
|
|||||
|
Commission costs deferred |
|
128,084 |
|
|
134,188 |
|
|
136,085 |
|
|
129,287 |
|
|
124,515 |
|
|
123,739 |
|
|
119,794 |
|
|
119,734 |
|
|||||
|
Amortization of deferred policy acquisition costs |
|
(53,342 |
) |
|
(66,105 |
) |
|
(54,286 |
) |
|
(62,214 |
) |
|
(68,575 |
) |
|
(86,063 |
) |
|
(85,379 |
) |
|
(90,925 |
) |
|||||
|
Foreign currency impact and other, net |
|
12,984 |
|
|
3,884 |
|
|
4,324 |
|
|
(6,748 |
) |
|
858 |
|
|
3,390 |
|
|
(9,593 |
) |
|
(17,943 |
) |
|||||
Balance, end of period |
$ |
2,629,644 |
|
$ |
2,712,169 |
|
$ |
2,808,347 |
|
$ |
2,877,921 |
|
$ |
2,943,782 |
|
$ |
2,994,367 |
|
$ |
3,028,511 |
|
$ |
3,049,102 |
|
4 of 18
Financial Results and Other Statistical Data |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except per-share data) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
39,455,948 |
|
|
39,530,691 |
|
|
39,560,786 |
|
|
39,568,470 |
|
|
39,221,003 |
|
|
38,385,520 |
|
|
37,438,254 |
|
|
(2,122,532 |
) |
|
-5.4 |
% |
|
39,516,193 |
|
|
38,341,729 |
|
|
(1,174,464 |
) |
|
-3.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(417 |
) |
|
(525 |
) |
|
(458 |
) |
|
(141 |
) |
|
(337 |
) |
|
(477 |
) |
|
(244 |
) |
|
214 |
|
|
46.7 |
% |
|
(1,403 |
) |
|
(1,067 |
) |
|
336 |
|
|
23.9 |
% |
|||
|
|
Net income used in computing basic EPS |
$ |
97,455 |
|
$ |
127,636 |
|
$ |
111,997 |
|
$ |
34,728 |
|
$ |
81,081 |
|
$ |
107,470 |
|
$ |
51,563 |
|
$ |
(60,435 |
) |
|
-54.0 |
% |
$ |
337,086 |
|
$ |
240,105 |
|
$ |
(96,981 |
) |
|
-28.8 |
% |
||
|
|
Basic earnings per share |
$ |
2.47 |
|
$ |
3.23 |
|
$ |
2.83 |
|
$ |
0.88 |
|
$ |
2.07 |
|
$ |
2.80 |
|
$ |
1.38 |
|
$ |
(1.45 |
) |
|
-51.4 |
% |
$ |
8.53 |
|
$ |
6.26 |
|
$ |
(2.27 |
) |
|
-26.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(414 |
) |
|
(530 |
) |
|
(484 |
) |
|
(472 |
) |
|
(345 |
) |
|
(490 |
) |
|
(537 |
) |
|
(53 |
) |
|
-11.0 |
% |
|
(1,431 |
) |
|
(1,362 |
) |
|
68 |
|
|
4.8 |
% |
|||
|
|
Adjusted net operating income used in computing basic operating EPS |
$ |
96,715 |
|
$ |
128,825 |
|
$ |
118,224 |
|
$ |
116,535 |
|
$ |
82,988 |
|
$ |
110,212 |
|
$ |
113,391 |
|
$ |
(4,833 |
) |
|
-4.1 |
% |
$ |
343,762 |
|
$ |
306,599 |
|
$ |
(37,163 |
) |
|
-10.8 |
% |
||
|
|
Basic adjusted operating income per share |
$ |
2.45 |
|
$ |
3.26 |
|
$ |
2.99 |
|
$ |
2.95 |
|
$ |
2.12 |
|
$ |
2.87 |
|
$ |
3.03 |
|
$ |
0.04 |
|
|
1.3 |
% |
$ |
8.70 |
|
$ |
8.00 |
|
$ |
(0.70 |
) |
|
-8.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
39,455,948 |
|
|
39,530,691 |
|
|
39,560,786 |
|
|
39,568,470 |
|
|
39,221,003 |
|
|
38,385,520 |
|
|
37,438,254 |
|
|
(2,122,532 |
) |
|
-5.4 |
% |
|
39,516,193 |
|
|
38,341,729 |
|
|
(1,174,464 |
) |
|
-3.0 |
% |
|||
|
Dilutive impact of contingently issuable shares |
|
124,505 |
|
|
121,595 |
|
|
117,923 |
|
|
122,929 |
|
|
110,941 |
|
|
115,058 |
|
|
102,810 |
|
|
(15,113 |
) |
|
-12.8 |
% |
|
121,341 |
|
|
109,603 |
|
|
(11,738 |
) |
|
-9.7 |
% |
|||
|
|
Shares used to calculate diluted EPS |
|
39,580,453 |
|
|
39,652,286 |
|
|
39,678,709 |
|
|
39,691,399 |
|
|
39,331,944 |
|
|
38,500,578 |
|
|
37,541,064 |
|
|
(2,137,645 |
) |
|
-5.4 |
% |
|
39,637,534 |
|
|
38,451,332 |
|
|
(1,186,202 |
) |
|
-3.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(416 |
) |
|
(524 |
) |
|
(457 |
) |
|
(140 |
) |
|
(337 |
) |
|
(476 |
) |
|
(244 |
) |
|
213 |
|
|
46.7 |
% |
|
(1,399 |
) |
|
(1,065 |
) |
|
335 |
|
|
23.9 |
% |
|||
|
|
Net income used in computing diluted EPS |
$ |
97,456 |
|
$ |
127,638 |
|
$ |
111,998 |
|
$ |
34,728 |
|
$ |
81,081 |
|
$ |
107,471 |
|
$ |
51,563 |
|
$ |
(60,435 |
) |
|
-54.0 |
% |
$ |
337,090 |
|
$ |
240,107 |
|
$ |
(96,982 |
) |
|
-28.8 |
% |
||
|
|
Diluted earnings per share |
$ |
2.46 |
|
$ |
3.22 |
|
$ |
2.82 |
|
$ |
0.87 |
|
$ |
2.06 |
|
$ |
2.79 |
|
$ |
1.37 |
|
$ |
(1.45 |
) |
|
-51.3 |
% |
$ |
8.50 |
|
$ |
6.24 |
|
$ |
(2.26 |
) |
|
-26.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(413 |
) |
|
(529 |
) |
|
(483 |
) |
|
(471 |
) |
|
(344 |
) |
|
(488 |
) |
|
(536 |
) |
|
(53 |
) |
|
-11.0 |
% |
|
(1,427 |
) |
|
(1,359 |
) |
|
68 |
|
|
4.7 |
% |
|||
|
|
Adjusted net operating income used in computing diluted operating EPS |
$ |
96,717 |
|
$ |
128,827 |
|
$ |
118,225 |
|
$ |
116,536 |
|
$ |
82,988 |
|
$ |
110,213 |
|
$ |
113,392 |
|
$ |
(4,833 |
) |
|
-4.1 |
% |
$ |
343,766 |
|
$ |
306,602 |
|
$ |
(37,163 |
) |
|
-10.8 |
% |
||
|
|
Diluted adjusted operating income per share |
$ |
2.44 |
|
$ |
3.25 |
|
$ |
2.98 |
|
$ |
2.94 |
|
$ |
2.11 |
|
$ |
2.86 |
|
$ |
3.02 |
|
$ |
0.04 |
|
|
1.4 |
% |
$ |
8.67 |
|
$ |
7.97 |
|
$ |
(0.70 |
) |
|
-8.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||
Annualized Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Average stockholders' equity (1) |
$ |
1,856,539 |
|
$ |
1,947,978 |
|
$ |
2,058,852 |
|
$ |
2,090,726 |
|
$ |
2,004,348 |
|
$ |
1,850,855 |
|
$ |
1,697,748 |
|
$ |
(361,105 |
) |
|
-17.5 |
% |
$ |
1,954,456 |
|
$ |
1,850,983 |
|
$ |
(103,473 |
) |
|
-5.3 |
% |
|||
|
Average adjusted stockholders' equity (1) |
$ |
1,753,948 |
|
$ |
1,860,956 |
|
$ |
1,968,007 |
|
$ |
2,016,488 |
|
$ |
2,005,679 |
|
$ |
1,971,947 |
|
$ |
1,912,077 |
|
$ |
(55,930 |
) |
|
-2.8 |
% |
$ |
1,860,971 |
|
$ |
1,963,235 |
|
$ |
102,264 |
|
|
5.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net income attributable to Primerica, Inc. return on stockholders' equity |
|
21.1 |
% |
|
26.3 |
% |
|
21.8 |
% |
|
6.7 |
% |
|
16.2 |
% |
|
23.3 |
% |
|
12.2 |
% |
|
-9.6 |
% |
nm |
|
|
23.1 |
% |
|
17.4 |
% |
|
-5.7 |
% |
nm |
|
|||||
|
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity |
|
22.3 |
% |
|
27.5 |
% |
|
22.9 |
% |
|
6.9 |
% |
|
16.2 |
% |
|
21.9 |
% |
|
10.8 |
% |
|
-12.0 |
% |
nm |
|
|
24.3 |
% |
|
16.4 |
% |
|
-7.9 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income return on adjusted stockholders' equity |
|
22.2 |
% |
|
27.8 |
% |
|
24.1 |
% |
|
23.2 |
% |
|
16.6 |
% |
|
22.5 |
% |
|
23.8 |
% |
|
-0.3 |
% |
nm |
|
|
24.7 |
% |
|
20.9 |
% |
|
-3.8 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Capital Structure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Debt-to-capital (2) |
|
16.6 |
% |
|
19.8 |
% |
|
19.7 |
% |
|
22.6 |
% |
|
23.7 |
% |
|
25.0 |
% |
|
26.8 |
% |
|
7.1 |
% |
nm |
|
|
19.7 |
% |
|
26.8 |
% |
|
7.1 |
% |
nm |
|
|||||
|
Debt-to-capital, excluding AOCI (2) |
|
17.3 |
% |
|
20.8 |
% |
|
20.4 |
% |
|
23.2 |
% |
|
23.2 |
% |
|
23.3 |
% |
|
23.9 |
% |
|
3.5 |
% |
nm |
|
|
20.4 |
% |
|
23.9 |
% |
|
3.5 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Cash and invested assets to stockholders' equity |
|
2.4 |
x |
|
2.4 |
x |
|
2.1 |
x |
|
2.2 |
x |
|
2.4 |
x |
|
2.5 |
x |
|
2.7 |
x |
|
0.6 |
x |
nm |
|
|
2.1 |
x |
|
2.7 |
x |
|
0.6 |
x |
nm |
|
|||||
|
Cash and invested assets to adjusted stockholders' equity |
|
2.5 |
x |
|
2.5 |
x |
|
2.2 |
x |
|
2.3 |
x |
|
2.3 |
x |
|
2.3 |
x |
|
2.4 |
x |
|
0.2 |
x |
nm |
|
|
2.2 |
x |
|
2.4 |
x |
|
0.2 |
x |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Share count, end of period (3) |
|
39,414,085 |
|
|
39,443,561 |
|
|
39,470,748 |
|
|
39,367,754 |
|
|
38,751,885 |
|
|
37,768,052 |
|
|
37,026,600 |
|
|
(2,444,148 |
) |
|
-6.2 |
% |
|
39,470,748 |
|
|
37,026,600 |
|
|
(2,444,148 |
) |
|
-6.2 |
% |
|||
|
Adjusted stockholders' equity per share |
$ |
45.67 |
|
$ |
48.72 |
|
$ |
51.03 |
|
$ |
51.28 |
|
$ |
51.42 |
|
$ |
51.66 |
|
$ |
50.58 |
|
$ |
(0.45 |
) |
|
-0.9 |
% |
$ |
51.03 |
|
$ |
50.58 |
|
$ |
(0.45 |
) |
|
-0.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Strength Ratings - Primerica Life Insurance Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Moody's |
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
S&P |
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
A.M. Best |
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Holding Company Senior Debt Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Moody's |
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
S&P |
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
A.M. Best |
a- |
|
a- |
|
a- |
|
a- |
|
a- |
|
a- |
|
a- |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
5 of 18
Statements of Income |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Statement of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Direct premiums |
$ |
762,227 |
|
$ |
780,299 |
|
$ |
785,277 |
|
$ |
794,344 |
|
$ |
798,666 |
|
$ |
808,894 |
|
$ |
810,079 |
|
$ |
24,802 |
|
|
3.2 |
% |
$ |
2,327,804 |
|
$ |
2,417,639 |
|
$ |
89,835 |
|
|
3.9 |
% |
|||||
|
Ceded premiums |
|
(395,973 |
) |
|
(413,850 |
) |
|
(401,295 |
) |
|
(405,147 |
) |
|
(399,885 |
) |
|
(419,048 |
) |
|
(404,870 |
) |
|
(3,576 |
) |
|
-0.9 |
% |
|
(1,211,117 |
) |
|
(1,223,804 |
) |
|
(12,687 |
) |
|
-1.0 |
% |
|||||
|
|
Net premiums |
|
366,254 |
|
|
366,450 |
|
|
383,983 |
|
|
389,197 |
|
|
398,781 |
|
|
389,846 |
|
|
405,209 |
|
|
21,226 |
|
|
5.5 |
% |
|
1,116,687 |
|
|
1,193,836 |
|
|
77,149 |
|
|
6.9 |
% |
||||
|
Net investment income |
|
20,052 |
|
|
20,535 |
|
|
20,000 |
|
|
20,001 |
|
|
18,905 |
|
|
21,284 |
|
|
24,346 |
|
|
4,346 |
|
|
21.7 |
% |
|
60,588 |
|
|
64,535 |
|
|
3,947 |
|
|
6.5 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Sales-based (1) |
|
98,112 |
|
|
104,716 |
|
|
95,229 |
|
|
103,451 |
|
|
103,242 |
|
|
88,701 |
|
|
67,962 |
|
|
(27,267 |
) |
|
-28.6 |
% |
|
298,057 |
|
|
259,905 |
|
|
(38,153 |
) |
|
-12.8 |
% |
||||
|
|
Asset-based (2) |
|
101,241 |
|
|
108,490 |
|
|
113,558 |
|
|
118,015 |
|
|
113,112 |
|
|
108,101 |
|
|
107,483 |
|
|
(6,074 |
) |
|
-5.3 |
% |
|
323,288 |
|
|
328,696 |
|
|
5,407 |
|
|
1.7 |
% |
||||
|
|
Account-based (3) |
|
21,120 |
|
|
21,848 |
|
|
21,456 |
|
|
22,514 |
|
|
21,541 |
|
|
22,592 |
|
|
22,910 |
|
|
1,454 |
|
|
6.8 |
% |
|
64,424 |
|
|
67,043 |
|
|
2,619 |
|
|
4.1 |
% |
||||
|
|
Other commissions and fees |
|
13,571 |
|
|
15,635 |
|
|
39,553 |
|
|
44,304 |
|
|
13,905 |
|
|
21,294 |
|
|
27,113 |
|
|
(12,441 |
) |
|
-31.5 |
% |
|
68,759 |
|
|
62,312 |
|
|
(6,446 |
) |
|
-9.4 |
% |
||||
|
Investment (losses) gains |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
|
(4,109 |
) |
nm |
|
|
3,876 |
|
|
(3,841 |
) |
|
(7,717 |
) |
nm |
|
|||||||
|
Other, net |
|
15,595 |
|
|
16,313 |
|
|
18,051 |
|
|
24,616 |
|
|
20,988 |
|
|
18,755 |
|
|
20,964 |
|
|
2,914 |
|
|
16.1 |
% |
|
49,958 |
|
|
60,708 |
|
|
10,750 |
|
|
21.5 |
% |
|||||
|
Total revenues |
|
637,711 |
|
|
654,687 |
|
|
693,240 |
|
|
724,094 |
|
|
691,225 |
|
|
668,681 |
|
|
673,288 |
|
|
(19,952 |
) |
|
-2.9 |
% |
|
1,985,638 |
|
|
2,033,194 |
|
|
47,556 |
|
|
2.4 |
% |
|||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Benefits and claims |
|
183,789 |
|
|
168,347 |
|
|
183,425 |
|
|
187,192 |
|
|
187,069 |
|
|
153,257 |
|
|
171,293 |
|
|
(12,132 |
) |
|
-6.6 |
% |
|
535,561 |
|
|
511,619 |
|
|
(23,942 |
) |
|
-4.5 |
% |
|||||
|
Amortization of DAC |
|
66,105 |
|
|
54,286 |
|
|
62,214 |
|
|
68,575 |
|
|
86,063 |
|
|
85,379 |
|
|
90,925 |
|
|
28,711 |
|
|
46.1 |
% |
|
182,604 |
|
|
262,367 |
|
|
79,763 |
|
|
43.7 |
% |
|||||
|
Insurance commissions |
|
8,740 |
|
|
8,838 |
|
|
8,412 |
|
|
8,542 |
|
|
7,721 |
|
|
7,594 |
|
|
7,666 |
|
|
(746 |
) |
|
-8.9 |
% |
|
25,990 |
|
|
22,982 |
|
|
(3,008 |
) |
|
-11.6 |
% |
|||||
|
Insurance expenses |
|
48,766 |
|
|
48,579 |
|
|
51,901 |
|
|
53,359 |
|
|
59,509 |
|
|
59,461 |
|
|
57,552 |
|
|
5,651 |
|
|
10.9 |
% |
|
149,246 |
|
|
176,522 |
|
|
27,276 |
|
|
18.3 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Sales-based (1) |
|
68,594 |
|
|
73,629 |
|
|
67,745 |
|
|
77,390 |
|
|
74,606 |
|
|
63,403 |
|
|
48,775 |
|
|
(18,970 |
) |
|
-28.0 |
% |
|
209,969 |
|
|
186,784 |
|
|
(23,185 |
) |
|
-11.0 |
% |
||||
|
|
Asset-based (2) |
|
46,866 |
|
|
50,488 |
|
|
53,233 |
|
|
55,614 |
|
|
53,366 |
|
|
50,876 |
|
|
51,549 |
|
|
(1,684 |
) |
|
-3.2 |
% |
|
150,587 |
|
|
155,791 |
|
|
5,204 |
|
|
3.5 |
% |
||||
|
|
Other sales commissions |
|
6,434 |
|
|
7,185 |
|
|
8,290 |
|
|
6,839 |
|
|
5,952 |
|
|
5,484 |
|
|
5,592 |
|
|
(2,698 |
) |
|
-32.5 |
% |
|
21,908 |
|
|
17,028 |
|
|
(4,881 |
) |
|
-22.3 |
% |
||||
|
Interest expense |
|
7,145 |
|
|
7,141 |
|
|
7,529 |
|
|
8,804 |
|
|
6,853 |
|
|
6,814 |
|
|
6,802 |
|
|
(727 |
) |
|
-9.7 |
% |
|
21,814 |
|
|
20,469 |
|
|
(1,345 |
) |
|
-6.2 |
% |
|||||
|
Contract acquistion costs (4) |
|
— |
|
|
— |
|
|
23,524 |
|
|
29,264 |
|
|
20,649 |
|
|
19,384 |
|
|
13,446 |
|
|
(10,079 |
) |
|
-42.8 |
% |
|
23,524 |
|
|
53,479 |
|
|
29,955 |
|
|
127.3 |
% |
|||||
|
Other operating expenses |
|
72,964 |
|
|
66,730 |
|
|
79,866 |
|
|
77,292 |
|
|
86,434 |
|
|
79,728 |
|
|
73,790 |
|
|
(6,076 |
) |
|
-7.6 |
% |
|
219,559 |
|
|
239,952 |
|
|
20,392 |
|
|
9.3 |
% |
|||||
|
Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
76,000 |
|
|
— |
|
|
— |
|
|
60,000 |
|
|
60,000 |
|
#DIV/0! |
|
|
— |
|
|
60,000 |
|
|
60,000 |
|
#DIV/0! |
|
|||||||
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
8,927 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
#DIV/0! |
|
|
— |
|
|
— |
|
|
— |
|
#DIV/0! |
|
|||||||
|
Total benefits and expenses |
|
509,403 |
|
|
485,222 |
|
|
546,138 |
|
|
657,797 |
|
|
588,222 |
|
|
531,381 |
|
|
587,389 |
|
|
41,251 |
|
|
7.6 |
% |
|
1,540,763 |
|
|
1,706,992 |
|
|
166,228 |
|
|
10.8 |
% |
|||||
|
Income before income taxes |
|
128,308 |
|
|
169,465 |
|
|
147,102 |
|
|
66,296 |
|
|
103,003 |
|
|
137,300 |
|
|
85,899 |
|
|
(61,202 |
) |
|
-41.6 |
% |
|
444,875 |
|
|
326,203 |
|
|
(118,672 |
) |
|
-26.7 |
% |
|||||
|
|
Income taxes |
|
30,437 |
|
|
41,304 |
|
|
35,663 |
|
|
31,788 |
|
|
24,239 |
|
|
31,737 |
|
|
34,092 |
|
|
(1,570 |
) |
|
-4.4 |
% |
|
107,403 |
|
|
90,069 |
|
|
(17,334 |
) |
|
-16.1 |
% |
||||
|
Net income |
|
97,872 |
|
|
128,162 |
|
|
111,439 |
|
|
34,508 |
|
|
78,764 |
|
|
105,563 |
|
|
51,807 |
|
|
(59,632 |
) |
|
-53.5 |
% |
|
337,472 |
|
|
236,134 |
|
|
(101,338 |
) |
|
-30.0 |
% |
|||||
|
Net income attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
(1,017 |
) |
|
(360 |
) |
|
(2,654 |
) |
|
(2,384 |
) |
|
— |
|
|
1,017 |
|
|
100.0 |
% |
|
(1,017 |
) |
|
(5,038 |
) |
|
(4,021 |
) |
nm |
|
||||||
|
|
Net Income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income Before Income Taxes by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Life |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
||||||
Investment & Savings Products |
|
63,363 |
|
|
71,154 |
|
|
69,369 |
|
|
70,699 |
|
|
64,560 |
|
|
58,975 |
|
|
58,377 |
|
|
(10,992 |
) |
|
-15.8 |
% |
|
203,886 |
|
|
181,912 |
|
|
(21,974 |
) |
|
-10.8 |
% |
||||||
Senior Health |
|
— |
|
|
— |
|
|
(8,489 |
) |
|
(76,561 |
) |
|
(23,085 |
) |
|
(16,150 |
) |
|
(63,723 |
) |
|
(55,234 |
) |
nm |
|
|
(8,489 |
) |
|
(102,959 |
) |
|
(94,470 |
) |
nm |
|
||||||||
Corporate & Other Distributed Products |
|
(23,290 |
) |
|
(18,467 |
) |
|
(21,367 |
) |
|
(29,861 |
) |
|
(30,048 |
) |
|
(25,403 |
) |
|
(20,518 |
) |
|
849 |
|
|
4.0 |
% |
|
(63,124 |
) |
|
(75,969 |
) |
|
(12,845 |
) |
|
-20.3 |
% |
||||||
|
Income before income taxes |
$ |
128,308 |
|
$ |
169,465 |
|
$ |
147,102 |
|
$ |
66,296 |
|
$ |
103,003 |
|
$ |
137,300 |
|
$ |
85,899 |
|
$ |
(61,202 |
) |
|
-41.6 |
% |
$ |
444,875 |
|
$ |
326,203 |
|
$ |
(118,672 |
) |
|
-26.7 |
% |
6 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Term Life direct premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
249,944 |
|
|
246,874 |
|
|
241,439 |
|
|
239,828 |
|
|
234,614 |
|
|
231,805 |
|
|
226,869 |
|
|
(14,570 |
) |
|
-6.0 |
% |
|
738,257 |
|
|
693,288 |
|
|
(44,969 |
) |
|
-6.1 |
% |
|||||
|
Term Life adjusted direct premiums |
$ |
506,570 |
|
$ |
527,626 |
|
$ |
538,051 |
|
$ |
549,496 |
|
$ |
558,640 |
|
$ |
571,648 |
|
$ |
577,717 |
|
$ |
39,666 |
|
|
7.4 |
% |
$ |
1,572,247 |
|
$ |
1,708,005 |
|
$ |
135,758 |
|
|
8.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Term Life ceded premiums |
$ |
(394,550 |
) |
$ |
(412,028 |
) |
$ |
(399,835 |
) |
$ |
(403,184 |
) |
$ |
(398,446 |
) |
$ |
(417,406 |
) |
$ |
(403,416 |
) |
$ |
(3,581 |
) |
|
-0.9 |
% |
$ |
(1,206,413 |
) |
$ |
(1,219,268 |
) |
$ |
(12,855 |
) |
|
-1.1 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
(249,944 |
) |
|
(246,874 |
) |
|
(241,439 |
) |
|
(239,828 |
) |
|
(234,614 |
) |
|
(231,805 |
) |
|
(226,869 |
) |
|
14,570 |
|
|
6.0 |
% |
|
(738,257 |
) |
|
(693,288 |
) |
|
44,969 |
|
|
6.1 |
% |
|||||
|
Term Life other ceded premiums |
$ |
(144,606 |
) |
$ |
(165,154 |
) |
$ |
(158,397 |
) |
$ |
(163,356 |
) |
$ |
(163,832 |
) |
$ |
(185,601 |
) |
$ |
(176,548 |
) |
$ |
(18,151 |
) |
|
-11.5 |
% |
$ |
(468,156 |
) |
$ |
(525,981 |
) |
$ |
(57,824 |
) |
|
-12.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Net Investment Income to Adjusted Net Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net Investment Income |
$ |
20,052 |
|
$ |
20,535 |
|
$ |
20,000 |
|
$ |
20,001 |
|
$ |
18,905 |
|
$ |
21,284 |
|
$ |
24,346 |
|
$ |
4,346 |
|
|
21.7 |
% |
$ |
60,588 |
|
$ |
64,535 |
|
$ |
3,947 |
|
|
6.5 |
% |
|||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted net investment income |
$ |
20,845 |
|
$ |
20,705 |
|
$ |
20,640 |
|
$ |
20,900 |
|
$ |
21,004 |
|
$ |
22,538 |
|
$ |
24,414 |
|
$ |
3,774 |
|
|
18.3 |
% |
$ |
62,191 |
|
$ |
67,956 |
|
$ |
5,765 |
|
|
9.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Other Operating Expenses to Adjusted other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Other operating expenses |
$ |
72,964 |
|
$ |
66,730 |
|
$ |
79,866 |
|
$ |
77,292 |
|
$ |
86,434 |
|
$ |
79,728 |
|
$ |
73,790 |
|
$ |
(6,076 |
) |
|
-7.6 |
% |
$ |
219,559 |
|
$ |
239,952 |
|
$ |
20,392 |
|
|
9.3 |
% |
|||||
|
Less: eTeleQuote transaction-related costs |
|
— |
|
|
2,109 |
|
|
10,027 |
|
|
812 |
|
|
900 |
|
|
(2,892 |
) |
|
— |
|
nm |
|
nm |
|
|
12,136 |
|
|
(1,992 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
(1,004 |
) |
|
(739 |
) |
|
256 |
|
|
3,328 |
|
|
— |
|
nm |
|
nm |
|
|
(1,004 |
) |
|
3,584 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted other operating expenses |
$ |
72,964 |
|
$ |
64,620 |
|
$ |
70,843 |
|
$ |
77,219 |
|
$ |
85,278 |
|
$ |
79,292 |
|
$ |
73,790 |
|
$ |
2,946 |
|
|
4.2 |
% |
$ |
208,427 |
|
$ |
238,360 |
|
$ |
29,933 |
|
|
14.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Total Revenues to Adjusted Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total revenues |
$ |
637,711 |
|
$ |
654,687 |
|
$ |
693,240 |
|
$ |
724,094 |
|
$ |
691,225 |
|
$ |
668,681 |
|
$ |
673,288 |
|
$ |
(19,952 |
) |
|
-2.9 |
% |
$ |
1,985,638 |
|
$ |
2,033,194 |
|
$ |
47,556 |
|
|
2.4 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted operating revenues |
$ |
636,738 |
|
$ |
654,156 |
|
$ |
692,470 |
|
$ |
722,998 |
|
$ |
692,573 |
|
$ |
671,827 |
|
$ |
676,056 |
|
$ |
(16,415 |
) |
|
-2.4 |
% |
$ |
1,983,365 |
|
$ |
2,040,456 |
|
$ |
57,091 |
|
|
2.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
$ |
128,308 |
|
$ |
169,465 |
|
$ |
147,102 |
|
$ |
66,296 |
|
$ |
103,003 |
|
$ |
137,300 |
|
$ |
85,899 |
|
$ |
(61,202 |
) |
|
-41.6 |
% |
$ |
444,875 |
|
$ |
326,203 |
|
$ |
(118,672 |
) |
|
-26.7 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: eTeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(10,027 |
) |
|
(812 |
) |
|
(900 |
) |
|
2,892 |
|
|
— |
|
nm |
|
nm |
|
|
(12,136 |
) |
|
1,992 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Noncontrolling interest before income taxes |
|
— |
|
|
— |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
127,335 |
|
$ |
171,044 |
|
$ |
156,819 |
|
$ |
150,740 |
|
$ |
109,175 |
|
$ |
144,011 |
|
$ |
148,667 |
|
$ |
(8,152 |
) |
|
-5.2 |
% |
$ |
455,198 |
|
$ |
401,853 |
|
$ |
(53,345 |
) |
|
-11.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Net Income to Adjusted Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net income |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
111,439 |
|
$ |
34,508 |
|
$ |
78,764 |
|
$ |
105,563 |
|
$ |
51,807 |
|
$ |
(59,632 |
) |
|
-53.5 |
% |
$ |
337,472 |
|
$ |
236,134 |
|
$ |
(101,338 |
) |
|
-30.0 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(10,027 |
) |
|
(812 |
) |
|
(900 |
) |
|
2,892 |
|
|
— |
|
nm |
|
nm |
|
|
(12,136 |
) |
|
1,992 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Noncontrolling interest before income taxes |
|
— |
|
|
— |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Less: Tax impact of reconciling items |
|
(231 |
) |
|
385 |
|
|
2,449 |
|
|
1,945 |
|
|
1,603 |
|
|
1,573 |
|
|
647 |
|
nm |
|
nm |
|
|
2,602 |
|
|
3,823 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
7 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
na |
|
na |
|
$ |
(8,489 |
) |
$ |
(76,561 |
) |
$ |
(23,085 |
) |
$ |
(16,150 |
) |
$ |
(63,723 |
) |
$ |
(55,234 |
) |
nm |
|
$ |
(8,489 |
) |
$ |
(102,959 |
) |
$ |
(94,470 |
) |
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
na |
|
na |
|
|
(417 |
) |
|
(389 |
) |
|
(399 |
) |
|
(66 |
) |
|
— |
|
nm |
|
nm |
|
|
(417 |
) |
|
(465 |
) |
nm |
|
nm |
|
|||||||||||
|
Less: Noncontrolling interest |
na |
|
na |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||||
|
Less: Goodwill impairment |
na |
|
na |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||||
|
Adjusted operating income before income taxes |
na |
|
na |
|
$ |
(6,608 |
) |
$ |
369 |
|
$ |
(19,018 |
) |
$ |
(12,955 |
) |
$ |
(3,723 |
) |
$ |
2,884 |
|
|
43.7 |
% |
$ |
(6,608 |
) |
$ |
(35,696 |
) |
$ |
(29,089 |
) |
nm |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
$ |
(23,290 |
) |
$ |
(18,467 |
) |
$ |
(21,367 |
) |
$ |
(29,861 |
) |
$ |
(30,048 |
) |
$ |
(25,403 |
) |
$ |
(20,518 |
) |
$ |
849 |
|
|
4.0 |
% |
$ |
(63,124 |
) |
$ |
(75,969 |
) |
$ |
(12,845 |
) |
|
-20.3 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(9,610 |
) |
|
(423 |
) |
|
(501 |
) |
|
2,958 |
|
|
— |
|
nm |
|
nm |
|
|
(11,719 |
) |
|
2,458 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquistion |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
(24,263 |
) |
$ |
(16,888 |
) |
$ |
(13,531 |
) |
$ |
(22,346 |
) |
$ |
(27,943 |
) |
$ |
(21,887 |
) |
$ |
(17,750 |
) |
$ |
(4,219 |
) |
|
-31.2 |
% |
$ |
(54,682 |
) |
$ |
(67,581 |
) |
$ |
(12,898 |
) |
|
-23.6 |
% |
8 of 18
Term Life Insurance - Financial Results and Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Term Life Insurance Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Direct Premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
Premiums ceded to IPO coinsurers (1) |
|
(249,944 |
) |
|
(246,874 |
) |
|
(241,439 |
) |
|
(239,828 |
) |
|
(234,614 |
) |
|
(231,805 |
) |
|
(226,869 |
) |
|
14,570 |
|
|
6.0 |
% |
|
(738,257 |
) |
|
(693,288 |
) |
|
44,969 |
|
|
6.1 |
% |
|||||
|
Adjusted direct premiums (2) |
|
506,570 |
|
|
527,626 |
|
|
538,051 |
|
|
549,496 |
|
|
558,640 |
|
|
571,648 |
|
|
577,717 |
|
|
39,666 |
|
|
7.4 |
% |
|
1,572,247 |
|
|
1,708,005 |
|
|
135,758 |
|
|
8.6 |
% |
|||||
|
Other ceded premiums (3) |
|
(144,606 |
) |
|
(165,154 |
) |
|
(158,397 |
) |
|
(163,356 |
) |
|
(163,832 |
) |
|
(185,601 |
) |
|
(176,548 |
) |
|
(18,151 |
) |
|
-11.5 |
% |
|
(468,156 |
) |
|
(525,981 |
) |
|
(57,824 |
) |
|
-12.4 |
% |
|||||
|
Net premiums |
|
361,964 |
|
|
362,472 |
|
|
379,654 |
|
|
386,140 |
|
|
394,808 |
|
|
386,047 |
|
|
401,169 |
|
|
21,515 |
|
|
5.7 |
% |
|
1,104,090 |
|
|
1,182,024 |
|
|
77,934 |
|
|
7.1 |
% |
|||||
|
Allocated net investment income |
|
8,253 |
|
|
8,751 |
|
|
9,320 |
|
|
10,162 |
|
|
11,445 |
|
|
12,286 |
|
|
13,241 |
|
|
3,922 |
|
|
42.1 |
% |
|
26,324 |
|
|
36,973 |
|
|
10,649 |
|
|
40.5 |
% |
|||||
|
Other, net |
|
11,810 |
|
|
12,315 |
|
|
12,476 |
|
|
12,369 |
|
|
12,175 |
|
|
12,374 |
|
|
13,419 |
|
|
943 |
|
|
7.6 |
% |
|
36,601 |
|
|
37,968 |
|
|
1,367 |
|
|
3.7 |
% |
|||||
|
Revenues |
|
382,028 |
|
|
383,537 |
|
|
401,450 |
|
|
408,672 |
|
|
418,428 |
|
|
410,707 |
|
|
427,830 |
|
|
26,379 |
|
|
6.6 |
% |
|
1,167,016 |
|
|
1,256,965 |
|
|
89,950 |
|
|
7.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Benefits and claims |
|
178,963 |
|
|
162,488 |
|
|
179,696 |
|
|
182,749 |
|
|
182,903 |
|
|
148,977 |
|
|
167,356 |
|
|
(12,340 |
) |
|
-6.9 |
% |
|
521,148 |
|
|
499,237 |
|
|
(21,911 |
) |
|
-4.2 |
% |
|||||
|
Amortization of DAC |
|
62,584 |
|
|
52,235 |
|
|
59,287 |
|
|
67,344 |
|
|
81,883 |
|
|
79,668 |
|
|
88,275 |
|
|
28,989 |
|
|
48.9 |
% |
|
174,106 |
|
|
249,826 |
|
|
75,720 |
|
|
43.5 |
% |
|||||
|
Insurance commissions |
|
4,869 |
|
|
4,785 |
|
|
4,345 |
|
|
4,458 |
|
|
3,793 |
|
|
3,854 |
|
|
3,964 |
|
|
(381 |
) |
|
-8.8 |
% |
|
13,999 |
|
|
11,612 |
|
|
(2,387 |
) |
|
-17.1 |
% |
|||||
|
Insurance expenses |
|
47,375 |
|
|
47,252 |
|
|
50,534 |
|
|
52,102 |
|
|
58,272 |
|
|
58,329 |
|
|
56,471 |
|
|
5,937 |
|
|
11.7 |
% |
|
145,160 |
|
|
173,072 |
|
|
27,912 |
|
|
19.2 |
% |
|||||
|
Benefits and expenses |
|
293,792 |
|
|
266,760 |
|
|
293,862 |
|
|
306,652 |
|
|
326,851 |
|
|
290,829 |
|
|
316,066 |
|
|
22,205 |
|
|
7.6 |
% |
|
854,414 |
|
|
933,747 |
|
|
79,334 |
|
|
9.3 |
% |
|||||
|
Income before income taxes |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Term Life Insurance - Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Post-IPO direct premiums (4) |
$ |
401,106 |
|
$ |
420,865 |
|
$ |
431,022 |
|
$ |
440,490 |
|
$ |
448,657 |
|
$ |
460,061 |
|
$ |
465,354 |
|
$ |
34,332 |
|
|
8.0 |
% |
$ |
1,252,993 |
|
$ |
1,374,072 |
|
$ |
121,079 |
|
|
9.7 |
% |
|||||
|
Pre-IPO direct premiums (5) |
|
355,408 |
|
|
353,635 |
|
|
348,468 |
|
|
348,834 |
|
|
344,597 |
|
|
343,392 |
|
|
339,232 |
|
|
(9,236 |
) |
|
-2.7 |
% |
|
1,057,511 |
|
|
1,027,221 |
|
|
(30,290 |
) |
|
-2.9 |
% |
|||||
|
Total direct premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Premiums ceded to IPO coinsurers |
$ |
249,944 |
|
$ |
246,874 |
|
$ |
241,439 |
|
$ |
239,828 |
|
$ |
234,614 |
|
$ |
231,805 |
|
$ |
226,869 |
|
$ |
(14,570 |
) |
|
-6.0 |
% |
$ |
738,257 |
|
$ |
693,288 |
|
$ |
(44,969 |
) |
|
-6.1 |
% |
|||||
|
% of Pre-IPO direct premiums |
|
70.3 |
% |
|
69.8 |
% |
|
69.3 |
% |
|
68.8 |
% |
|
68.1 |
% |
|
67.5 |
% |
|
66.9 |
% |
nm |
|
nm |
|
|
69.8 |
% |
|
67.5 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and claims, net (6) |
$ |
323,569 |
|
$ |
327,642 |
|
$ |
338,093 |
|
$ |
346,105 |
|
$ |
346,735 |
|
$ |
334,578 |
|
$ |
343,904 |
|
$ |
5,811 |
|
|
1.7 |
% |
$ |
989,304 |
|
$ |
1,025,217 |
|
$ |
35,913 |
|
|
3.6 |
% |
|||||
|
% of adjusted direct premiums |
|
63.9 |
% |
|
62.1 |
% |
|
62.8 |
% |
|
63.0 |
% |
|
62.1 |
% |
|
58.5 |
% |
|
59.5 |
% |
nm |
|
nm |
|
|
62.9 |
% |
|
60.0 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DAC amortization & insurance commissions |
$ |
67,454 |
|
$ |
57,020 |
|
$ |
63,632 |
|
$ |
71,802 |
|
$ |
85,676 |
|
$ |
83,523 |
|
$ |
92,239 |
|
$ |
28,608 |
|
|
45.0 |
% |
$ |
188,106 |
|
$ |
261,438 |
|
$ |
73,333 |
|
|
39.0 |
% |
|||||
|
% of adjusted direct premiums |
|
13.3 |
% |
|
10.8 |
% |
|
11.8 |
% |
|
13.1 |
% |
|
15.3 |
% |
|
14.6 |
% |
|
16.0 |
% |
nm |
|
nm |
|
|
12.0 |
% |
|
15.3 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Insurance expenses, net (7) |
$ |
35,565 |
|
$ |
34,937 |
|
$ |
38,057 |
|
$ |
39,732 |
|
$ |
46,097 |
|
$ |
45,955 |
|
$ |
43,052 |
|
$ |
4,995 |
|
|
13.1 |
% |
$ |
108,559 |
|
$ |
135,104 |
|
$ |
26,545 |
|
|
24.5 |
% |
|||||
|
% of adjusted direct premiums |
|
7.0 |
% |
|
6.6 |
% |
|
7.1 |
% |
|
7.2 |
% |
|
8.3 |
% |
|
8.0 |
% |
|
7.5 |
% |
nm |
|
nm |
|
|
6.9 |
% |
|
7.9 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Term Life income before income taxes |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
|||||
|
Term Life operating margin (8) |
|
17.4 |
% |
|
22.1 |
% |
|
20.0 |
% |
|
18.6 |
% |
|
16.4 |
% |
|
21.0 |
% |
|
19.3 |
% |
nm |
|
nm |
|
|
19.9 |
% |
|
18.9 |
% |
nm |
|
nm |
|
9 of 18
Term Life Insurance - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
|
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
||||||||||||||||||
|
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Life-insurance licensed sales force, beginning of period |
|
134,907 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
108 |
|
|
0.1 |
% |
|
134,907 |
|
|
129,515 |
|
|
(5,392 |
) |
|
-4.0 |
% |
|||||
|
|
New life-licensed representatives |
|
10,833 |
|
|
10,112 |
|
|
9,381 |
|
|
9,296 |
|
|
9,983 |
|
|
11,529 |
|
|
12,518 |
|
|
3,137 |
|
|
33.4 |
% |
|
30,326 |
|
|
34,030 |
|
|
3,704 |
|
|
12.2 |
% |
||||
|
|
Non-renewal and terminated representatives |
|
(13,710 |
) |
|
(10,101 |
) |
|
(11,399 |
) |
|
(9,804 |
) |
|
(9,292 |
) |
|
(9,586 |
) |
|
(10,354 |
) |
|
1,045 |
|
|
9.2 |
% |
|
(35,210 |
) |
|
(29,232 |
) |
|
5,978 |
|
|
17.0 |
% |
||||
|
Life-insurance licensed sales force, end of period |
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
134,313 |
|
|
4,290 |
|
|
3.3 |
% |
|
130,023 |
|
|
134,313 |
|
|
4,290 |
|
|
3.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Estimated annualized issued term life premium ($mills) (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Premium from new policies |
$ |
74.5 |
|
$ |
82.6 |
|
$ |
70.7 |
|
$ |
69.4 |
|
$ |
65.5 |
|
$ |
72.3 |
|
$ |
68.0 |
|
$ |
(2.7 |
) |
|
-3.8 |
% |
$ |
227.8 |
|
$ |
205.9 |
|
$ |
(22.0 |
) |
|
-9.6 |
% |
||||
|
|
Additions and increases in premium |
|
18.0 |
|
|
20.3 |
|
|
19.5 |
|
|
19.1 |
|
|
18.4 |
|
|
20.6 |
|
|
19.5 |
|
|
(0.1 |
) |
|
-0.3 |
% |
|
57.9 |
|
|
58.5 |
|
|
0.6 |
|
|
1.0 |
% |
||||
|
|
|
|
Total estimated annualized issued term life premium |
$ |
92.5 |
|
$ |
103.0 |
|
$ |
90.2 |
|
$ |
88.5 |
|
$ |
83.8 |
|
$ |
92.9 |
|
$ |
87.5 |
|
$ |
(2.7 |
) |
|
-3.0 |
% |
$ |
285.7 |
|
$ |
264.3 |
|
$ |
(21.4 |
) |
|
-7.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Issued term life policies |
|
82,667 |
|
|
90,071 |
|
|
75,914 |
|
|
75,203 |
|
|
71,324 |
|
|
76,946 |
|
|
71,104 |
|
|
(4,810 |
) |
|
-6.3 |
% |
|
248,652 |
|
|
219,374 |
|
|
(29,278 |
) |
|
-11.8 |
% |
|||||
|
Estimated average annualized issued term life premium per policy (1)(2) |
$ |
901 |
|
$ |
917 |
|
$ |
931 |
|
$ |
923 |
|
$ |
918 |
|
$ |
940 |
|
$ |
957 |
|
$ |
26 |
|
|
2.8 |
% |
$ |
916 |
|
$ |
938 |
|
$ |
22 |
|
|
2.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Term life face amount in-force, beginning of period ($mills) |
$ |
858,818 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
27,918 |
|
|
3.1 |
% |
$ |
858,818 |
|
$ |
903,404 |
|
$ |
44,586 |
|
|
5.2 |
% |
|||||
|
|
Issued term life face amount (3) |
|
26,643 |
|
|
29,981 |
|
|
26,219 |
|
|
25,678 |
|
|
24,773 |
|
|
27,651 |
|
|
26,049 |
|
|
(170 |
) |
|
-0.6 |
% |
|
82,843 |
|
|
78,472 |
|
|
(4,371 |
) |
|
-5.3 |
% |
||||
|
|
Terminated term life face amount |
|
(17,240 |
) |
|
(14,706 |
) |
|
(16,241 |
) |
|
(16,610 |
) |
|
(19,787 |
) |
|
(19,298 |
) |
|
(21,033 |
) |
|
(4,792 |
) |
|
-29.5 |
% |
|
(48,187 |
) |
|
(60,117 |
) |
|
(11,930 |
) |
|
-24.8 |
% |
||||
|
|
Foreign currency impact, net |
|
1,422 |
|
|
1,602 |
|
|
(2,480 |
) |
|
319 |
|
|
1,242 |
|
|
(3,547 |
) |
|
(6,669 |
) |
|
(4,189 |
) |
nm |
|
|
544 |
|
|
(8,974 |
) |
|
(9,518 |
) |
nm |
|
||||||
|
Term life face amount in-force, end of period |
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
912,785 |
|
$ |
18,767 |
|
|
2.1 |
% |
$ |
894,018 |
|
$ |
912,785 |
|
$ |
18,767 |
|
|
2.1 |
% |
10 of 18
Investment and Savings Products - Financial Results and Financial Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Investment & Savings Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Sales-based |
$ |
98,112 |
|
$ |
104,716 |
|
$ |
95,229 |
|
$ |
103,451 |
|
$ |
103,242 |
|
$ |
88,701 |
|
$ |
67,962 |
|
$ |
(27,267 |
) |
|
-28.6 |
% |
$ |
298,057 |
|
$ |
259,905 |
|
$ |
(38,153 |
) |
|
-12.8 |
% |
|||||
|
Asset-based |
|
101,241 |
|
|
108,490 |
|
|
113,558 |
|
|
118,015 |
|
|
113,112 |
|
|
108,101 |
|
|
107,483 |
|
|
(6,074 |
) |
|
-5.3 |
% |
|
323,288 |
|
|
328,696 |
|
|
5,407 |
|
|
1.7 |
% |
|||||
|
Account-based |
|
21,120 |
|
|
21,848 |
|
|
21,456 |
|
|
22,514 |
|
|
21,541 |
|
|
22,592 |
|
|
22,910 |
|
|
1,454 |
|
|
6.8 |
% |
|
64,424 |
|
|
67,043 |
|
|
2,619 |
|
|
4.1 |
% |
|||||
|
Other, net |
|
2,949 |
|
|
2,958 |
|
|
3,094 |
|
|
3,096 |
|
|
3,144 |
|
|
3,022 |
|
|
3,342 |
|
|
248 |
|
|
8.0 |
% |
|
9,001 |
|
|
9,508 |
|
|
506 |
|
|
5.6 |
% |
|||||
|
Revenues |
|
223,422 |
|
|
238,012 |
|
|
233,337 |
|
|
247,076 |
|
|
241,039 |
|
|
222,416 |
|
|
201,697 |
|
|
(31,640 |
) |
|
-13.6 |
% |
|
694,772 |
|
|
665,152 |
|
|
(29,620 |
) |
|
-4.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Amortization of DAC |
|
3,275 |
|
|
1,786 |
|
|
2,580 |
|
|
1,027 |
|
|
3,925 |
|
|
5,463 |
|
|
2,222 |
|
|
(357 |
) |
|
-13.8 |
% |
|
7,641 |
|
|
11,610 |
|
|
3,970 |
|
|
52.0 |
% |
|||||
|
Insurance commissions |
|
3,572 |
|
|
3,747 |
|
|
3,747 |
|
|
3,839 |
|
|
3,646 |
|
|
3,450 |
|
|
3,419 |
|
|
(328 |
) |
|
-8.8 |
% |
|
11,065 |
|
|
10,514 |
|
|
(551 |
) |
|
-5.0 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Sales-based |
|
68,594 |
|
|
73,629 |
|
|
67,745 |
|
|
77,390 |
|
|
74,606 |
|
|
63,403 |
|
|
48,775 |
|
|
(18,970 |
) |
|
-28.0 |
% |
|
209,969 |
|
|
186,784 |
|
|
(23,185 |
) |
|
-11.0 |
% |
|||||
|
Asset-based |
|
46,866 |
|
|
50,488 |
|
|
53,233 |
|
|
55,614 |
|
|
53,366 |
|
|
50,876 |
|
|
51,549 |
|
|
(1,684 |
) |
|
-3.2 |
% |
|
150,587 |
|
|
155,791 |
|
|
5,204 |
|
|
3.5 |
% |
|||||
|
Other operating expenses |
|
37,752 |
|
|
37,207 |
|
|
36,664 |
|
|
38,507 |
|
|
40,936 |
|
|
40,249 |
|
|
37,355 |
|
|
691 |
|
|
1.9 |
% |
|
111,623 |
|
|
118,540 |
|
|
6,917 |
|
|
6.2 |
% |
|||||
|
Benefits and expenses |
|
160,060 |
|
|
166,858 |
|
|
163,968 |
|
|
176,377 |
|
|
176,479 |
|
|
163,440 |
|
|
143,320 |
|
|
(20,648 |
) |
|
-12.6 |
% |
|
490,886 |
|
|
483,240 |
|
|
(7,646 |
) |
|
-1.6 |
% |
|||||
|
Income before income taxes |
$ |
63,363 |
|
$ |
71,154 |
|
$ |
69,369 |
|
$ |
70,699 |
|
$ |
64,560 |
|
$ |
58,975 |
|
$ |
58,377 |
|
$ |
(10,992 |
) |
|
-15.8 |
% |
$ |
203,886 |
|
$ |
181,912 |
|
$ |
(21,974 |
) |
|
-10.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Fees paid based on client asset values (1) |
$ |
6,964 |
|
$ |
7,535 |
|
$ |
7,891 |
|
$ |
8,482 |
|
$ |
8,037 |
|
$ |
7,917 |
|
$ |
7,980 |
|
$ |
89 |
|
|
1.1 |
% |
$ |
22,390 |
|
$ |
23,934 |
|
$ |
1,545 |
|
|
6.9 |
% |
|||||
|
Fees paid based on fee-generating positions (2) |
|
10,451 |
|
|
10,021 |
|
|
9,128 |
|
|
9,852 |
|
|
10,948 |
|
|
9,974 |
|
|
9,486 |
|
|
359 |
|
|
3.9 |
% |
|
29,600 |
|
|
30,408 |
|
|
808 |
|
|
2.7 |
% |
|||||
|
Other operating expenses |
|
20,337 |
|
|
19,652 |
|
|
19,645 |
|
|
20,172 |
|
|
21,951 |
|
|
22,358 |
|
|
19,889 |
|
|
244 |
|
|
1.2 |
% |
|
59,634 |
|
|
64,198 |
|
|
4,564 |
|
|
7.7 |
% |
|||||
|
Total other operating expenses |
$ |
37,752 |
|
$ |
37,207 |
|
$ |
36,664 |
|
$ |
38,507 |
|
$ |
40,936 |
|
$ |
40,249 |
|
$ |
37,355 |
|
$ |
691 |
|
|
1.9 |
% |
$ |
111,623 |
|
$ |
118,540 |
|
$ |
6,917 |
|
|
6.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Sales-based net revenue as % of revenue-generating sales (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
U.S. |
|
1.29 |
% |
|
1.28 |
% |
|
1.25 |
% |
|
1.11 |
% |
|
1.20 |
% |
|
1.27 |
% |
|
1.23 |
% |
nm |
|
nm |
|
|
1.27 |
% |
|
1.23 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
1.05 |
% |
|
0.96 |
% |
|
0.92 |
% |
|
0.65 |
% |
|
1.00 |
% |
|
0.78 |
% |
|
0.32 |
% |
nm |
|
nm |
|
|
0.98 |
% |
|
0.83 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
1.25 |
% |
|
1.23 |
% |
|
1.20 |
% |
|
1.05 |
% |
|
1.16 |
% |
|
1.21 |
% |
|
1.17 |
% |
nm |
|
nm |
|
|
1.23 |
% |
|
1.18 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Asset-based net revenue as % of average asset values (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
U.S. |
|
0.039 |
% |
|
0.039 |
% |
|
0.039 |
% |
|
0.040 |
% |
|
0.039 |
% |
|
0.040 |
% |
|
0.042 |
% |
nm |
|
nm |
|
|
0.117 |
% |
|
0.120 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
0.103 |
% |
|
0.112 |
% |
|
0.106 |
% |
|
0.115 |
% |
|
0.091 |
% |
|
0.078 |
% |
|
0.099 |
% |
nm |
|
nm |
|
|
0.321 |
% |
|
0.267 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
0.049 |
% |
|
0.050 |
% |
|
0.050 |
% |
|
0.052 |
% |
|
0.047 |
% |
|
0.046 |
% |
|
0.051 |
% |
nm |
|
nm |
|
|
0.149 |
% |
|
0.143 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Account-based net revenue per average fee generating position (5)(6) |
$ |
3.77 |
|
$ |
4.08 |
|
$ |
4.17 |
|
$ |
4.22 |
|
$ |
3.48 |
|
$ |
4.08 |
|
$ |
4.31 |
|
nm |
|
nm |
|
$ |
12.03 |
|
$ |
11.89 |
|
nm |
|
nm |
|
11 of 18
Investment and Savings Products - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||||||||
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Product sales ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
1,261.9 |
|
$ |
1,336.1 |
|
$ |
1,247.8 |
|
$ |
1,300.3 |
|
$ |
1,298.6 |
|
$ |
1,151.4 |
|
$ |
931.8 |
|
$ |
(316.0 |
) |
|
-25.3 |
% |
$ |
3,845.8 |
|
$ |
3,381.8 |
|
$ |
(464.0 |
) |
|
-12.1 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
424.0 |
|
|
357.0 |
|
|
314.8 |
|
|
343.0 |
|
|
437.6 |
|
|
250.6 |
|
|
112.2 |
|
|
(202.5 |
) |
|
-64.3 |
% |
|
1,095.8 |
|
|
800.5 |
|
|
(295.3 |
) |
|
-26.9 |
% |
||||
|
|
Indexed Annuities |
|
55.5 |
|
|
62.8 |
|
|
51.9 |
|
|
60.1 |
|
|
57.5 |
|
|
70.2 |
|
|
55.8 |
|
|
3.9 |
|
|
7.5 |
% |
|
170.1 |
|
|
183.4 |
|
|
13.3 |
|
|
7.8 |
% |
||||
|
|
Variable Annuities and other |
|
627.1 |
|
|
767.6 |
|
|
668.7 |
|
|
782.2 |
|
|
668.4 |
|
|
617.3 |
|
|
542.5 |
|
|
(126.1 |
) |
|
-18.9 |
% |
|
2,063.3 |
|
|
1,828.2 |
|
|
(235.1 |
) |
|
-11.4 |
% |
||||
|
|
|
|
Total sales-based revenue generating product sales |
|
2,368.4 |
|
|
2,523.4 |
|
|
2,283.1 |
|
|
2,485.7 |
|
|
2,462.1 |
|
|
2,089.5 |
|
|
1,642.3 |
|
|
(640.8 |
) |
|
-28.1 |
% |
|
7,175.0 |
|
|
6,193.9 |
|
|
(981.1 |
) |
|
-13.7 |
% |
||
|
|
Managed Accounts |
|
330.1 |
|
|
381.8 |
|
|
387.5 |
|
|
406.3 |
|
|
453.7 |
|
|
451.3 |
|
|
319.6 |
|
|
(67.8 |
) |
|
-17.5 |
% |
|
1,099.3 |
|
|
1,224.7 |
|
|
125.4 |
|
|
11.4 |
% |
||||
|
|
Canada Retail Mutual Funds - no upfront sales comm |
|
79.8 |
|
|
82.9 |
|
|
76.3 |
|
|
78.9 |
|
|
82.2 |
|
|
97.5 |
|
|
157.9 |
|
|
81.6 |
|
|
106.9 |
% |
|
239.0 |
|
|
337.7 |
|
|
98.6 |
|
|
41.3 |
% |
||||
|
|
Segregated Funds |
|
75.1 |
|
|
52.2 |
|
|
43.5 |
|
|
48.2 |
|
|
67.3 |
|
|
51.3 |
|
|
41.6 |
|
|
(1.9 |
) |
|
-4.4 |
% |
|
170.8 |
|
|
160.2 |
|
|
(10.6 |
) |
|
-6.2 |
% |
||||
|
|
|
|
Total product sales |
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
$ |
(629.0 |
) |
|
-22.5 |
% |
$ |
8,684.1 |
|
$ |
7,916.4 |
|
$ |
(767.7 |
) |
|
-8.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Total Canada Retail Mutual Funds |
$ |
503.9 |
|
$ |
439.9 |
|
$ |
391.1 |
|
$ |
421.9 |
|
$ |
519.9 |
|
$ |
348.1 |
|
$ |
270.2 |
|
$ |
(120.9 |
) |
|
-30.9 |
% |
$ |
1,334.8 |
|
$ |
1,138.2 |
|
$ |
(196.6 |
) |
|
-14.7 |
% |
||||
|
|
Segregated Funds |
|
75.1 |
|
|
52.2 |
|
|
43.5 |
|
|
48.2 |
|
|
67.3 |
|
|
51.3 |
|
|
41.6 |
|
|
(1.9 |
) |
|
-4.4 |
% |
|
170.8 |
|
|
160.2 |
|
|
(10.6 |
) |
|
-6.2 |
% |
||||
|
|
|
Total Canada product sales |
|
579.0 |
|
|
492.0 |
|
|
434.6 |
|
|
470.0 |
|
|
587.1 |
|
|
399.4 |
|
|
311.8 |
|
|
(122.9 |
) |
|
-28.3 |
% |
|
1,505.6 |
|
|
1,298.3 |
|
|
(207.3 |
) |
|
-13.8 |
% |
|||
|
|
|
Total U.S. product sales |
|
2,274.5 |
|
|
2,548.2 |
|
|
2,355.8 |
|
|
2,549.0 |
|
|
2,478.2 |
|
|
2,290.1 |
|
|
1,849.7 |
|
|
(506.1 |
) |
|
-21.5 |
% |
|
7,178.5 |
|
|
6,618.1 |
|
|
(560.4 |
) |
|
-7.8 |
% |
|||
|
|
|
|
Total product sales |
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
$ |
(629.0 |
) |
|
-22.5 |
% |
$ |
8,684.1 |
|
$ |
7,916.4 |
|
$ |
(767.7 |
) |
|
-8.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Client asset values, beginning of period ($mills) |
$ |
81,533 |
|
$ |
85,888 |
|
$ |
91,735 |
|
$ |
91,765 |
|
$ |
97,312 |
|
$ |
93,708 |
|
$ |
82,291 |
|
$ |
(9,444 |
) |
|
-10.3 |
% |
$ |
81,533 |
|
$ |
97,312 |
|
$ |
15,779 |
|
|
19.4 |
% |
|||||
|
|
Inflows |
|
2,853 |
|
|
3,040 |
|
|
2,790 |
|
|
3,019 |
|
|
3,065 |
|
|
2,690 |
|
|
2,161 |
|
|
(629 |
) |
|
-22.5 |
% |
|
8,684 |
|
|
7,916 |
|
|
(768 |
) |
|
-8.8 |
% |
||||
|
|
Outflows (1) |
|
(1,759 |
) |
|
(1,826 |
) |
|
(1,756 |
) |
|
(1,819 |
) |
|
(1,900 |
) |
|
(1,797 |
) |
|
(1,447 |
) |
|
309 |
|
|
17.6 |
% |
|
(5,341 |
) |
|
(5,144 |
) |
|
198 |
|
|
3.7 |
% |
||||
|
|
|
|
Net flows |
|
1,095 |
|
|
1,214 |
|
|
1,034 |
|
|
1,200 |
|
|
1,166 |
|
|
893 |
|
|
714 |
|
|
(320 |
) |
|
-30.9 |
% |
|
3,343 |
|
|
2,773 |
|
|
(570 |
) |
nm |
|
|||
|
|
Foreign currency impact, net |
|
172 |
|
|
200 |
|
|
(323 |
) |
|
42 |
|
|
171 |
|
|
(474 |
) |
|
(802 |
) |
|
(478 |
) |
|
-148.0 |
% |
|
49 |
|
|
(1,105 |
) |
|
(1,154 |
) |
nm |
|
|||||
|
|
Change in market value, net and other (2) |
|
3,088 |
|
|
4,433 |
|
|
(681 |
) |
|
4,306 |
|
|
(4,941 |
) |
|
(11,836 |
) |
|
(3,466 |
) |
|
(2,785 |
) |
nm |
|
|
6,840 |
|
|
(20,243 |
) |
|
(27,083 |
) |
nm |
|
||||||
|
Client asset values, end of period |
$ |
85,888 |
|
$ |
91,735 |
|
$ |
91,765 |
|
$ |
97,312 |
|
$ |
93,708 |
|
$ |
82,291 |
|
$ |
78,737 |
|
$ |
(13,028 |
) |
|
-14.2 |
% |
$ |
91,765 |
|
$ |
78,737 |
|
$ |
(13,028 |
) |
|
-14.2 |
% |
|||||
|
|
Annualized net flows as % of beginning of period asset values |
|
5.4 |
% |
|
5.7 |
% |
|
4.5 |
% |
|
5.2 |
% |
|
4.8 |
% |
|
3.8 |
% |
|
3.5 |
% |
|
-1.0 |
% |
nm |
|
|
5.5 |
% |
|
3.8 |
% |
|
-1.7 |
% |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Average client asset values ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
41,161 |
|
$ |
44,398 |
|
$ |
46,113 |
|
$ |
47,139 |
|
$ |
46,429 |
|
$ |
42,870 |
|
$ |
40,331 |
|
$ |
(5,782 |
) |
|
-12.5 |
% |
$ |
43,890 |
|
$ |
43,210 |
|
$ |
(681 |
) |
|
-1.6 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
10,268 |
|
|
11,256 |
|
|
11,667 |
|
|
11,984 |
|
|
12,119 |
|
|
11,539 |
|
|
10,840 |
|
|
(827 |
) |
|
-7.1 |
% |
|
11,064 |
|
|
11,499 |
|
|
435 |
|
|
3.9 |
% |
||||
|
|
Managed Accounts |
|
5,295 |
|
|
5,915 |
|
|
6,362 |
|
|
6,772 |
|
|
7,077 |
|
|
6,960 |
|
|
6,817 |
|
|
455 |
|
|
7.1 |
% |
|
5,857 |
|
|
6,951 |
|
|
1,094 |
|
|
18.7 |
% |
||||
|
|
Indexed Annuities |
|
2,495 |
|
|
2,541 |
|
|
2,585 |
|
|
2,620 |
|
|
2,650 |
|
|
2,677 |
|
|
2,696 |
|
|
111 |
|
|
4.3 |
% |
|
2,540 |
|
|
2,675 |
|
|
134 |
|
|
5.3 |
% |
||||
|
|
Variable Annuities and other |
|
21,291 |
|
|
22,554 |
|
|
23,193 |
|
|
23,567 |
|
|
23,218 |
|
|
21,431 |
|
|
20,269 |
|
|
(2,924 |
) |
|
-12.6 |
% |
|
22,346 |
|
|
21,639 |
|
|
(707 |
) |
|
-3.2 |
% |
||||
|
|
Segregated Funds |
|
2,622 |
|
|
2,713 |
|
|
2,732 |
|
|
2,727 |
|
|
2,710 |
|
|
2,517 |
|
|
2,368 |
|
|
(364 |
) |
|
-13.3 |
% |
|
2,689 |
|
|
2,532 |
|
|
(157 |
) |
|
-5.8 |
% |
||||
|
|
|
|
Total |
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
$ |
(9,332 |
) |
|
-10.1 |
% |
$ |
88,387 |
|
$ |
88,506 |
|
$ |
119 |
|
|
0.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Canada Retail Mutual Funds |
$ |
10,268 |
|
$ |
11,256 |
|
$ |
11,667 |
|
$ |
11,984 |
|
$ |
12,119 |
|
$ |
11,539 |
|
$ |
10,840 |
|
$ |
(827 |
) |
|
-7.1 |
% |
$ |
11,064 |
|
$ |
11,499 |
|
$ |
435 |
|
|
3.9 |
% |
||||
|
|
Segregated Funds |
|
2,622 |
|
|
2,713 |
|
|
2,732 |
|
|
2,727 |
|
|
2,710 |
|
|
2,517 |
|
|
2,368 |
|
|
(364 |
) |
|
-13.3 |
% |
|
2,689 |
|
|
2,532 |
|
|
(157 |
) |
|
-5.8 |
% |
||||
|
|
|
Total Canada average client assets |
|
12,890 |
|
|
13,969 |
|
|
14,399 |
|
|
14,711 |
|
|
14,829 |
|
|
14,056 |
|
|
13,208 |
|
|
(1,192 |
) |
|
-8.3 |
% |
|
13,753 |
|
|
14,031 |
|
|
278 |
|
|
2.0 |
% |
|||
|
|
|
Total U.S. average client assets |
|
70,241 |
|
|
75,409 |
|
|
78,252 |
|
|
80,098 |
|
|
79,374 |
|
|
73,938 |
|
|
70,112 |
|
|
(8,140 |
) |
|
-10.4 |
% |
|
74,634 |
|
|
74,475 |
|
|
(159 |
) |
|
-0.2 |
% |
|||
|
|
|
|
Total average client assets |
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
$ |
(9,332 |
) |
|
-10.1 |
% |
$ |
88,387 |
|
$ |
88,506 |
|
$ |
119 |
|
|
0.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Average number of fee-generating positions (thous) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Recordkeeping and custodial |
|
2,115 |
|
|
2,159 |
|
|
2,192 |
|
|
2,218 |
|
|
2,243 |
|
|
2,277 |
|
|
2,295 |
|
|
104 |
|
|
4.7 |
% |
|
2,155 |
|
|
2,272 |
|
|
117 |
|
|
5.4 |
% |
||||
|
|
Recordkeeping only |
|
714 |
|
|
741 |
|
|
762 |
|
|
780 |
|
|
797 |
|
|
812 |
|
|
820 |
|
|
58 |
|
|
7.6 |
% |
|
739 |
|
|
810 |
|
|
71 |
|
|
9.6 |
% |
||||
|
|
|
|
Total |
|
2,830 |
|
|
2,899 |
|
|
2,954 |
|
|
2,998 |
|
|
3,040 |
|
|
3,089 |
|
|
3,115 |
|
|
162 |
|
|
5.5 |
% |
|
2,894 |
|
|
3,082 |
|
|
188 |
|
|
6.5 |
% |
12 of 18
Senior Health - Financial Results, Financial Analysis Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
Q2 |
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||
Senior Health Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commissions and fees (1) |
|
|
$ |
21,558 |
|
$ |
29,345 |
|
$ |
1,278 |
|
$ |
9,343 |
|
$ |
14,601 |
|
$ |
(6,958 |
) |
|
-32.3 |
% |
$ |
21,558 |
|
$ |
25,222 |
|
$ |
3,664 |
|
|
17.0 |
% |
|||||
|
Other, net (2) |
|
|
|
1,378 |
|
|
8,159 |
|
|
4,553 |
|
|
2,471 |
|
|
2,583 |
|
|
1,204 |
|
|
87.4 |
% |
|
1,378 |
|
|
9,606 |
|
|
8,228 |
|
nm |
|
||||||
|
Revenues |
|
|
|
22,937 |
|
|
37,504 |
|
|
5,831 |
|
|
11,814 |
|
|
17,183 |
|
|
(5,753 |
) |
|
-25.1 |
% |
|
22,937 |
|
|
34,828 |
|
|
11,891 |
|
|
51.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Contract acquisition costs (3) |
|
|
|
23,524 |
|
|
29,264 |
|
|
20,649 |
|
|
19,384 |
|
|
13,446 |
|
|
(10,079 |
) |
|
-42.8 |
% |
|
23,524 |
|
|
53,479 |
|
|
29,955 |
|
|
127.3 |
% |
|||||
|
Adjusted other operating expenses |
|
|
|
7,485 |
|
|
8,411 |
|
|
7,868 |
|
|
8,514 |
|
|
7,461 |
|
|
(24 |
) |
|
-0.3 |
% |
|
7,485 |
|
|
23,842 |
|
|
16,358 |
|
nm |
|
||||||
|
Adjusted operating benefits and expenses |
|
|
|
31,009 |
|
|
37,675 |
|
|
28,517 |
|
|
27,898 |
|
|
20,907 |
|
|
(10,102 |
) |
|
-32.6 |
% |
|
31,009 |
|
|
77,321 |
|
|
46,312 |
|
|
149.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Adjusted operating income before income taxes including NCI |
|
|
$ |
(8,072 |
) |
$ |
(171 |
) |
$ |
(22,686 |
) |
$ |
(16,084 |
) |
$ |
(3,723 |
) |
$ |
4,349 |
|
|
53.9 |
% |
$ |
(8,072 |
) |
$ |
(42,493 |
) |
$ |
(34,421 |
) |
nm |
|
||||||
|
Non-controlling interest before income taxes |
|
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
|
1,465 |
|
|
100.0 |
% |
|
(1,465 |
) |
|
(6,797 |
) |
|
(5,332 |
) |
nm |
|
||||||
|
Adjusted operating income before income taxes attributable to Primerica, Inc. |
|
|
$ |
(6,608 |
) |
$ |
369 |
|
$ |
(19,018 |
) |
$ |
(12,955 |
) |
$ |
(3,723 |
) |
$ |
2,884 |
|
|
43.7 |
% |
$ |
(6,608 |
) |
$ |
(35,696 |
) |
$ |
(29,089 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Senior Health EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Adjusted operating income before income taxes including NCI |
|
|
$ |
(8,072 |
) |
$ |
(171 |
) |
$ |
(22,686 |
) |
$ |
(16,084 |
) |
$ |
(3,723 |
) |
$ |
4,349 |
|
|
53.9 |
% |
$ |
(8,072 |
) |
$ |
(42,493 |
) |
$ |
(34,421 |
) |
nm |
|
||||||
|
Less: Amortization of intangibles |
|
|
|
(2,900 |
) |
|
(2,900 |
) |
|
(2,600 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
100 |
|
|
3.4 |
% |
|
(2,900 |
) |
|
(8,200 |
) |
|
(5,300 |
) |
nm |
|
||||||
|
Less: Depreciation |
|
|
|
(244 |
) |
|
(249 |
) |
|
(245 |
) |
|
(226 |
) |
|
(221 |
) |
|
24 |
|
|
9.7 |
% |
|
(244 |
) |
|
(691 |
) |
|
(447 |
) |
nm |
|
||||||
|
Adjusted EBITDA (Including non-controlling interest) (4) |
|
|
$ |
(4,928 |
) |
$ |
2,978 |
|
$ |
(19,841 |
) |
$ |
(13,058 |
) |
$ |
(703 |
) |
$ |
4,225 |
|
|
85.7 |
% |
$ |
(4,928 |
) |
$ |
(33,602 |
) |
$ |
(28,674 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Analysis and Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Senior Health submitted policies (5) |
|
|
|
20,867 |
|
|
39,142 |
|
|
26,231 |
|
|
19,652 |
|
|
16,095 |
|
|
(4,772 |
) |
|
-22.9 |
% |
|
20,867 |
|
|
61,978 |
|
|
41,111 |
|
nm |
|
||||||
|
Senior Health approved policies (6) |
|
|
|
18,276 |
|
|
32,047 |
|
|
23,594 |
|
|
17,925 |
|
|
14,862 |
|
|
(3,414 |
) |
|
-18.7 |
% |
|
18,276 |
|
|
56,381 |
|
|
38,105 |
|
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Primerica representatives Senior Health certified |
|
|
|
17,588 |
|
|
26,441 |
|
|
42,147 |
|
|
60,412 |
|
|
83,280 |
|
|
65,692 |
|
nm |
|
|
17,588 |
|
|
83,280 |
|
|
65,692 |
|
nm |
|
|||||||
|
Senior Health submitted policies sourced by Primerica representatives |
|
|
|
319 |
|
|
4,175 |
|
|
988 |
|
|
831 |
|
|
1,016 |
|
|
697 |
|
nm |
|
|
319 |
|
|
2,835 |
|
|
2,516 |
|
nm |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
LTV per approved policy (7) |
|
|
$ |
1,180 |
|
$ |
1,069 |
|
$ |
862 |
|
$ |
820 |
|
$ |
868 |
|
$ |
(312 |
) |
|
-26.4 |
% |
$ |
1,180 |
|
$ |
850 |
|
$ |
(329 |
) |
|
-27.9 |
% |
|||||
|
CAC per approved policy (7) |
|
|
$ |
1,287 |
|
$ |
913 |
|
$ |
875 |
|
$ |
1,081 |
|
$ |
905 |
|
$ |
(382 |
) |
|
-29.7 |
% |
$ |
1,287 |
|
$ |
949 |
|
$ |
(339 |
) |
|
-26.3 |
% |
|||||
|
LTV / CAC multiple |
|
|
|
0.9 |
x |
|
1.2 |
x |
|
1.0 |
x |
|
0.8 |
x |
|
1.0 |
x |
|
0.0 |
x |
nm |
|
|
0.9 |
x |
|
0.9 |
x |
|
0.0 |
x |
nm |
|
13 of 18
Corporate Other Distributed Products - Financial Results |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Corporate & Other Distributed Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Direct premiums |
$ |
5,713 |
|
$ |
5,800 |
|
$ |
5,788 |
|
$ |
5,020 |
|
$ |
5,412 |
|
$ |
5,441 |
|
$ |
5,494 |
|
$ |
(294 |
) |
|
-5.1 |
% |
$ |
17,300 |
|
$ |
16,347 |
|
$ |
(954 |
) |
|
-5.5 |
% |
|||||
|
Ceded premiums |
|
(1,423 |
) |
|
(1,822 |
) |
|
(1,459 |
) |
|
(1,963 |
) |
|
(1,439 |
) |
|
(1,642 |
) |
|
(1,454 |
) |
|
5 |
|
|
0.4 |
% |
|
(4,704 |
) |
|
(4,535 |
) |
|
168 |
|
|
3.6 |
% |
|||||
|
Net premiums |
|
4,290 |
|
|
3,978 |
|
|
4,328 |
|
|
3,057 |
|
|
3,973 |
|
|
3,799 |
|
|
4,040 |
|
|
(289 |
) |
|
-6.7 |
% |
|
12,596 |
|
|
11,811 |
|
|
(785 |
) |
|
-6.2 |
% |
|||||
|
Allocated net investment income |
|
12,592 |
|
|
11,954 |
|
|
11,321 |
|
|
10,738 |
|
|
9,559 |
|
|
10,252 |
|
|
11,173 |
|
|
(148 |
) |
|
-1.3 |
% |
|
35,867 |
|
|
30,983 |
|
|
(4,884 |
) |
|
-13.6 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Prepaid Legal Services |
|
4,783 |
|
|
5,182 |
|
|
6,712 |
|
|
4,085 |
|
|
4,287 |
|
|
4,664 |
|
|
5,672 |
|
|
(1,040 |
) |
|
-15.5 |
% |
|
16,676 |
|
|
14,623 |
|
|
(2,053 |
) |
|
-12.3 |
% |
|||||
|
Auto and Homeowners Insurance |
|
1,787 |
|
|
2,101 |
|
|
2,436 |
|
|
1,971 |
|
|
1,591 |
|
|
2,056 |
|
|
2,647 |
|
|
211 |
|
|
8.7 |
% |
|
6,324 |
|
|
6,294 |
|
|
(30 |
) |
|
-0.5 |
% |
|||||
|
Mortgage loans |
|
4,960 |
|
|
6,061 |
|
|
6,719 |
|
|
6,598 |
|
|
4,818 |
|
|
3,128 |
|
|
2,103 |
|
|
(4,616 |
) |
|
-68.7 |
% |
|
17,740 |
|
|
10,049 |
|
|
(7,691 |
) |
|
-43.4 |
% |
|||||
|
Other sales commissions |
|
2,041 |
|
|
2,291 |
|
|
2,129 |
|
|
2,307 |
|
|
1,932 |
|
|
2,103 |
|
|
2,090 |
|
|
(39 |
) |
|
-1.8 |
% |
|
6,461 |
|
|
6,124 |
|
|
(336 |
) |
|
-5.2 |
% |
|||||
|
Other, net |
|
836 |
|
|
1,040 |
|
|
1,101 |
|
|
992 |
|
|
1,117 |
|
|
889 |
|
|
1,621 |
|
|
519 |
|
|
47.1 |
% |
|
2,977 |
|
|
3,626 |
|
|
649 |
|
|
21.8 |
% |
|||||
|
Adjusted operating revenues |
|
31,288 |
|
|
32,607 |
|
|
34,746 |
|
|
29,746 |
|
|
27,276 |
|
|
26,890 |
|
|
29,345 |
|
|
(5,400 |
) |
|
-15.5 |
% |
|
98,641 |
|
|
83,511 |
|
|
(15,130 |
) |
|
-15.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Benefits and claims |
|
4,826 |
|
|
5,859 |
|
|
3,728 |
|
|
4,443 |
|
|
4,166 |
|
|
4,280 |
|
|
3,937 |
|
|
209 |
|
|
5.6 |
% |
|
14,413 |
|
|
12,382 |
|
|
(2,031 |
) |
|
-14.1 |
% |
|||||
|
Amortization of DAC |
|
246 |
|
|
264 |
|
|
347 |
|
|
203 |
|
|
255 |
|
|
247 |
|
|
427 |
|
|
80 |
|
|
23.0 |
% |
|
857 |
|
|
930 |
|
|
73 |
|
|
8.5 |
% |
|||||
|
Insurance commissions |
|
299 |
|
|
306 |
|
|
320 |
|
|
246 |
|
|
282 |
|
|
290 |
|
|
283 |
|
|
(37 |
) |
|
-11.5 |
% |
|
925 |
|
|
855 |
|
|
(70 |
) |
|
-7.6 |
% |
|||||
|
Insurance expenses |
|
1,391 |
|
|
1,327 |
|
|
1,367 |
|
|
1,257 |
|
|
1,237 |
|
|
1,132 |
|
|
1,081 |
|
|
(286 |
) |
|
-20.9 |
% |
|
4,086 |
|
|
3,449 |
|
|
(636 |
) |
|
-15.6 |
% |
|||||
|
Sales commissions |
|
6,434 |
|
|
7,185 |
|
|
8,290 |
|
|
6,839 |
|
|
5,952 |
|
|
5,484 |
|
|
5,592 |
|
|
(2,698 |
) |
|
-32.5 |
% |
|
21,908 |
|
|
17,028 |
|
|
(4,881 |
) |
|
-22.3 |
% |
|||||
|
Interest expense |
|
7,145 |
|
|
7,141 |
|
|
7,529 |
|
|
8,804 |
|
|
6,853 |
|
|
6,814 |
|
|
6,802 |
|
|
(727 |
) |
|
-9.7 |
% |
|
21,814 |
|
|
20,469 |
|
|
(1,345 |
) |
|
-6.2 |
% |
|||||
|
Adjusted other operating expenses |
|
35,211 |
|
|
27,413 |
|
|
26,695 |
|
|
30,301 |
|
|
36,475 |
|
|
30,530 |
|
|
28,974 |
|
|
2,279 |
|
|
8.5 |
% |
|
89,319 |
|
|
95,978 |
|
|
6,658 |
|
|
7.5 |
% |
|||||
|
Adjusted benefits and expenses |
|
55,551 |
|
|
49,495 |
|
|
48,277 |
|
|
52,093 |
|
|
55,219 |
|
|
48,777 |
|
|
47,096 |
|
|
(1,181 |
) |
|
-2.4 |
% |
|
153,323 |
|
|
151,092 |
|
|
(2,232 |
) |
|
-1.5 |
% |
|||||
|
Adjusted operating income before income taxes |
$ |
(24,263 |
) |
$ |
(16,888 |
) |
$ |
(13,531 |
) |
$ |
(22,346 |
) |
$ |
(27,943 |
) |
$ |
(21,887 |
) |
$ |
(17,750 |
) |
$ |
(4,219 |
) |
|
-31.2 |
% |
$ |
(54,682 |
) |
$ |
(67,581 |
) |
$ |
(12,898 |
) |
|
-23.6 |
% |
14 of 18
Investment Portfolio - Summary of Holdings |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
As of or for the period ended September 30, 2022 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total |
|
Avg |
|
|
||||||||
|
|
|
|
|
|
|
|
Market |
|
Amortized |
|
Unrealized |
|
Market |
|
Amortized |
|
Book |
|
Avg |
||||||
(Dollars in thousands) |
|
Value |
|
Cost |
|
G/(L) |
|
Value |
|
Cost |
|
Yield |
|
Rating |
||||||||||||
Investment Portfolio by Asset Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash, Cash Equivalents, and Short Term |
|
$ |
438,025 |
|
$ |
438,025 |
|
$ |
- |
|
|
14.9 |
% |
|
13.5 |
% |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Treasury |
|
|
37,367 |
|
|
38,241 |
|
|
(874 |
) |
|
1.3 |
% |
|
1.2 |
% |
|
1.13 |
% |
AAA |
|||||
|
Government |
|
|
224,086 |
|
|
250,211 |
|
|
(26,124 |
) |
|
7.6 |
% |
|
7.7 |
% |
|
2.90 |
% |
AA- |
|||||
|
Tax-Exempt Municipal |
|
|
31,351 |
|
|
37,606 |
|
|
(6,255 |
) |
|
1.1 |
% |
|
1.2 |
% |
|
2.70 |
% |
AA |
|||||
|
Corporate |
|
|
1,223,441 |
|
|
1,382,788 |
|
|
(159,348 |
) |
|
41.7 |
% |
|
42.5 |
% |
|
3.50 |
% |
BBB+ |
|||||
|
Mortgage Backed |
|
|
424,518 |
|
|
490,003 |
|
|
(65,485 |
) |
|
14.5 |
% |
|
15.1 |
% |
|
2.89 |
% |
AAA |
|||||
|
Asset Backed |
|
|
139,013 |
|
|
154,274 |
|
|
(15,262 |
) |
|
4.7 |
% |
|
4.7 |
% |
|
3.22 |
% |
AA- |
|||||
|
Cmbs |
|
|
125,739 |
|
|
139,940 |
|
|
(14,201 |
) |
|
4.3 |
% |
|
4.3 |
% |
|
3.24 |
% |
AA- |
|||||
|
Private |
|
|
252,381 |
|
|
285,421 |
|
|
(33,040 |
) |
|
8.6 |
% |
|
8.8 |
% |
|
4.21 |
% |
BBB |
|||||
|
Redeemable Preferred |
|
|
3,811 |
|
|
4,248 |
|
|
(438 |
) |
|
0.1 |
% |
|
0.1 |
% |
|
5.27 |
% |
BBB |
|||||
|
|
|
|
|
|
Total Fixed Income |
|
|
2,461,707 |
|
|
2,782,733 |
|
|
(321,026 |
) |
|
83.9 |
% |
|
85.5 |
% |
|
3.34 |
% |
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equities and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Perpetual Preferred |
|
|
9,027 |
|
|
9,027 |
|
|
- |
|
|
0.3 |
% |
|
0.3 |
% |
|
|
|
||||||
|
Common Stock |
|
|
18,540 |
|
|
18,540 |
|
|
- |
|
|
0.6 |
% |
|
0.6 |
% |
|
|
|
||||||
|
Mutual Fund |
|
|
5,512 |
|
|
5,512 |
|
|
- |
|
|
0.2 |
% |
|
0.2 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Equities |
|
|
33,079 |
|
|
33,079 |
|
|
- |
|
|
1.1 |
% |
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
2,932,811 |
|
$ |
3,253,837 |
|
$ |
(321,026 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public Corporate Portfolio by Sector |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Insurance |
|
$ |
153,134 |
|
$ |
175,580 |
|
$ |
(22,445 |
) |
|
12.5 |
% |
|
12.7 |
% |
|
|
|
||||||
|
Consumer Non Cyclical |
|
|
132,635 |
|
|
150,780 |
|
|
(18,146 |
) |
|
10.8 |
% |
|
10.9 |
% |
|
|
|
||||||
|
Energy |
|
|
125,082 |
|
|
141,091 |
|
|
(16,009 |
) |
|
10.2 |
% |
|
10.2 |
% |
|
|
|
||||||
|
Reits |
|
|
116,103 |
|
|
135,552 |
|
|
(19,449 |
) |
|
9.5 |
% |
|
9.8 |
% |
|
|
|
||||||
|
Consumer Cyclical |
|
|
103,890 |
|
|
117,668 |
|
|
(13,777 |
) |
|
8.5 |
% |
|
8.5 |
% |
|
|
|
||||||
|
Banking |
|
|
93,436 |
|
|
99,909 |
|
|
(6,473 |
) |
|
7.6 |
% |
|
7.2 |
% |
|
|
|
||||||
|
Technology |
|
|
93,221 |
|
|
103,042 |
|
|
(9,821 |
) |
|
7.6 |
% |
|
7.5 |
% |
|
|
|
||||||
|
Capital Goods |
|
|
63,968 |
|
|
70,831 |
|
|
(6,863 |
) |
|
5.2 |
% |
|
5.1 |
% |
|
|
|
||||||
|
Basic Industry |
|
|
60,211 |
|
|
69,669 |
|
|
(9,458 |
) |
|
4.9 |
% |
|
5.0 |
% |
|
|
|
||||||
|
Electric |
|
|
56,327 |
|
|
62,660 |
|
|
(6,333 |
) |
|
4.6 |
% |
|
4.5 |
% |
|
|
|
||||||
|
Finance Companies |
|
|
53,924 |
|
|
62,763 |
|
|
(8,839 |
) |
|
4.4 |
% |
|
4.5 |
% |
|
|
|
||||||
|
Transportation |
|
|
53,620 |
|
|
59,705 |
|
|
(6,085 |
) |
|
4.4 |
% |
|
4.3 |
% |
|
|
|
||||||
|
Brokerage Assetmanagers Exchanges |
|
|
45,149 |
|
|
51,689 |
|
|
(6,540 |
) |
|
3.7 |
% |
|
3.7 |
% |
|
|
|
||||||
|
Communications |
|
|
44,789 |
|
|
49,663 |
|
|
(4,874 |
) |
|
3.7 |
% |
|
3.6 |
% |
|
|
|
||||||
|
Financial Other |
|
|
8,532 |
|
|
9,582 |
|
|
(1,050 |
) |
|
0.7 |
% |
|
0.7 |
% |
|
|
|
||||||
|
Natural Gas |
|
|
7,349 |
|
|
7,968 |
|
|
(619 |
) |
|
0.6 |
% |
|
0.6 |
% |
|
|
|
||||||
|
Industrial Other |
|
|
5,914 |
|
|
6,925 |
|
|
(1,011 |
) |
|
0.5 |
% |
|
0.5 |
% |
|
|
|
||||||
|
Utility Other |
|
|
4,465 |
|
|
5,387 |
|
|
(922 |
) |
|
0.4 |
% |
|
0.4 |
% |
|
|
|
||||||
|
Owned No Guarantee |
|
|
1,693 |
|
|
2,325 |
|
|
(632 |
) |
|
0.1 |
% |
|
0.2 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Corporate portfolio |
|
$ |
1,223,441 |
|
$ |
1,382,788 |
|
$ |
(159,348 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed-Maturity Securities - Effective Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Effective maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
< 1 Yr. |
|
$ |
211,440 |
|
$ |
213,180 |
|
$ |
(1,740 |
) |
|
8.6 |
% |
|
7.7 |
% |
|
3.11 |
% |
|
||||
|
|
1-2 Yrs. |
|
|
230,905 |
|
|
237,861 |
|
|
(6,956 |
) |
|
9.4 |
% |
|
8.5 |
% |
|
3.70 |
% |
|
||||
|
|
2-5 Yrs. |
|
|
767,210 |
|
|
831,323 |
|
|
(64,113 |
) |
|
31.2 |
% |
|
29.9 |
% |
|
3.49 |
% |
|
||||
|
|
5-10 Yrs. |
|
|
783,875 |
|
|
924,914 |
|
|
(141,038 |
) |
|
31.8 |
% |
|
33.2 |
% |
|
3.30 |
% |
|
||||
|
|
> 10 Yrs. |
|
|
468,277 |
|
|
575,455 |
|
|
(107,178 |
) |
|
19.0 |
% |
|
20.7 |
% |
|
3.15 |
% |
|
||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
2,461,707 |
|
$ |
2,782,733 |
|
$ |
(321,026 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Duration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income portfolio duration |
|
|
4.8 |
|
years |
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
15 of 18
Investment Portfolio - Quality Ratings As of September 30, 2022 |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Portfolio Quality Ratings (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Fixed Income portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AAA |
|
$ |
597,966 |
|
|
21.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
AA |
|
|
308,333 |
|
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
A |
|
|
640,533 |
|
|
23.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
BBB |
|
|
1,116,851 |
|
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Below Investment Grade |
|
|
76,395 |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
NA |
|
|
42,654 |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
2,782,733 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
||||
Public Corporate asset class: |
|
|
|
|
|
|
|
Private Placement asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
11,442 |
|
|
0.8 |
% |
|
|
|
AAA |
|
$ |
- |
|
|
— |
|
||||||||||
|
AA |
|
|
68,570 |
|
|
5.0 |
% |
|
|
|
AA |
|
|
5,316 |
|
|
1.9 |
% |
||||||||||
|
A |
|
|
355,120 |
|
|
25.7 |
% |
|
|
|
A |
|
|
64,780 |
|
|
22.7 |
% |
||||||||||
|
BBB |
|
|
879,827 |
|
|
63.6 |
% |
|
|
|
BBB |
|
|
212,211 |
|
|
74.4 |
% |
||||||||||
|
Below Investment Grade |
|
|
67,653 |
|
|
4.9 |
% |
|
|
|
Below Investment Grade |
|
|
3,115 |
|
|
1.1 |
% |
||||||||||
|
NA |
|
|
176 |
|
|
0.0 |
% |
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Corporate |
|
$ |
1,382,788 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Private |
|
$ |
285,421 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CMBS asset class: |
|
|
|
|
|
|
|
Mortgage-Backed asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
60,838 |
|
|
43.5 |
% |
|
|
|
AAA |
|
$ |
442,178 |
|
|
90.2 |
% |
||||||||||
|
AA |
|
|
8,947 |
|
|
6.4 |
% |
|
|
|
AA |
|
|
47,589 |
|
|
9.7 |
% |
||||||||||
|
A |
|
|
70,155 |
|
|
50.1 |
% |
|
|
|
A |
|
|
138 |
|
|
0.0 |
% |
||||||||||
|
BBB |
|
|
- |
|
|
— |
|
|
|
|
BBB |
|
|
- |
|
|
— |
|
||||||||||
|
Below Investment Grade |
|
|
- |
|
|
— |
|
|
|
|
Below Investment Grade |
|
|
75 |
|
|
0.0 |
% |
||||||||||
|
NA |
|
|
- |
|
|
— |
|
|
|
|
NA |
|
|
23 |
|
|
0.0 |
% |
||||||||||
|
|
|
|
|
|
Total CMBS |
|
$ |
139,940 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Mortgage-Backed |
|
$ |
490,003 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset-Backed asset class: |
|
|
|
|
|
|
|
Treasury & Government asset classes: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
23,793 |
|
|
15.4 |
% |
|
|
|
AAA |
|
$ |
58,808 |
|
|
20.4 |
% |
||||||||||
|
AA |
|
|
7,626 |
|
|
4.9 |
% |
|
|
|
AA |
|
|
142,010 |
|
|
49.2 |
% |
||||||||||
|
A |
|
|
69,865 |
|
|
45.3 |
% |
|
|
|
A |
|
|
73,112 |
|
|
25.4 |
% |
||||||||||
|
BBB |
|
|
8,412 |
|
|
5.5 |
% |
|
|
|
BBB |
|
|
11,091 |
|
|
3.8 |
% |
||||||||||
|
Below Investment Grade |
|
|
2,123 |
|
|
1.4 |
% |
|
|
|
Below Investment Grade |
|
|
3,429 |
|
|
1.2 |
% |
||||||||||
|
NA |
|
|
42,455 |
|
|
27.5 |
% |
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Asset-Backed |
|
$ |
154,274 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Treasury & Government |
|
$ |
288,451 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NAIC Designations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
1 |
|
$ |
1,322,263 |
|
|
53.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
2 |
|
|
1,042,003 |
|
|
42.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
3 |
|
|
82,659 |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
4 |
|
|
7,813 |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
5 |
|
|
691 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
6 |
|
|
- |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
U.S. Insurer Fixed Income (2) |
|
|
2,455,429 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other (3) |
|
|
360,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents |
|
|
438,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
3,253,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
16 of 18
Investment Portfolio - Supplemental Data and Trends |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
||||||||||||||
Net Investment Income by Source |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Fixed-maturity securities (available-for-sale) |
$ |
20,020 |
|
$ |
20,155 |
|
$ |
19,860 |
|
$ |
20,328 |
|
$ |
20,889 |
|
$ |
22,414 |
|
$ |
23,067 |
|
$ |
3,207 |
|
16.1% |
|||||
|
Fixed-maturity securities (held-to-maturity) |
|
15,146 |
|
|
15,495 |
|
|
15,741 |
|
|
15,825 |
|
|
15,515 |
|
|
15,815 |
|
|
16,283 |
|
|
542 |
|
3.4% |
|||||
|
Equity Securities |
|
391 |
|
|
411 |
|
|
413 |
|
|
416 |
|
|
387 |
|
|
371 |
|
|
373 |
|
|
(40 |
) |
-9.7% |
|||||
|
Deposit asset underlying 10% reinsurance treaty |
|
1,368 |
|
|
1,238 |
|
|
987 |
|
|
785 |
|
|
589 |
|
|
485 |
|
|
557 |
|
|
(430 |
) |
-43.6% |
|||||
|
Deposit asset - Mark to Market |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
|
572 |
|
-89.4% |
|||||
|
Policy loans and other invested assets |
|
231 |
|
|
98 |
|
|
289 |
|
|
401 |
|
|
102 |
|
|
58 |
|
|
436 |
|
|
147 |
|
51.0% |
|||||
|
Cash & cash equivalents |
|
119 |
|
|
156 |
|
|
96 |
|
|
85 |
|
|
125 |
|
|
498 |
|
|
1,714 |
|
|
1,618 |
|
n/m |
|||||
|
|
|
|
|
Total investment income |
|
36,483 |
|
|
37,383 |
|
|
36,746 |
|
|
36,940 |
|
|
35,508 |
|
|
38,387 |
|
|
42,362 |
|
|
5,616 |
|
15.3% |
|
|
Investment expenses |
|
1,284 |
|
|
1,353 |
|
|
1,004 |
|
|
1,114 |
|
|
1,088 |
|
|
1,288 |
|
|
1,733 |
|
|
729 |
|
72.6% |
|||||
|
Interest Expense on Surplus Note |
|
15,146 |
|
|
15,495 |
|
|
15,741 |
|
|
15,825 |
|
|
15,515 |
|
|
15,815 |
|
|
16,283 |
|
|
542 |
|
3.4% |
|||||
|
|
|
|
|
Net investment income |
$ |
20,052 |
|
$ |
20,535 |
|
$ |
20,001 |
|
$ |
20,001 |
|
$ |
18,905 |
|
$ |
21,284 |
|
$ |
24,346 |
|
$ |
4,345 |
|
21.7% |
|
|
|
Fixed income book yield, end of period |
|
3.30 |
% |
|
3.31 |
% |
|
3.23 |
% |
|
3.12 |
% |
|
3.18 |
% |
|
3.25 |
% |
|
3.34 |
% |
|
|
|
|||||
|
|
New money yield |
|
1.72 |
% |
|
2.68 |
% |
|
2.21 |
% |
|
1.60 |
% |
|
3.37 |
% |
|
4.21 |
% |
|
3.93 |
% |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
||||||||
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
% Pt |
|
|
||||||||
Fixed Income Portfolio Quality Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
AAA |
|
16.6 |
% |
|
16.5 |
% |
|
18.0 |
% |
|
18.7 |
% |
|
21.0 |
% |
|
22.0 |
% |
|
21.5 |
% |
|
3.5 |
% |
|
|||||
|
AA |
|
12.2 |
% |
|
11.6 |
% |
|
11.0 |
% |
|
11.8 |
% |
|
11.2 |
% |
|
11.2 |
% |
|
11.1 |
% |
|
0.1 |
% |
|
|||||
|
A |
|
23.0 |
% |
|
22.1 |
% |
|
23.6 |
% |
|
24.4 |
% |
|
23.7 |
% |
|
23.0 |
% |
|
23.0 |
% |
|
-0.6 |
% |
|
|||||
|
BBB |
|
44.0 |
% |
|
45.5 |
% |
|
42.9 |
% |
|
40.8 |
% |
|
39.8 |
% |
|
39.6 |
% |
|
40.1 |
% |
|
-2.8 |
% |
|
|||||
|
Below Investment Grade |
|
4.1 |
% |
|
4.2 |
% |
|
4.1 |
% |
|
3.5 |
% |
|
3.1 |
% |
|
2.8 |
% |
|
2.7 |
% |
|
-1.3 |
% |
|
|||||
|
NA |
|
0.1 |
% |
|
0.1 |
% |
|
0.3 |
% |
|
0.8 |
% |
|
1.2 |
% |
|
1.3 |
% |
|
1.5 |
% |
|
1.2 |
% |
|
|||||
|
|
|
|
|
Total Fixed Income |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Average rating by amortized cost |
A- |
|
A- |
|
A |
|
A |
|
A |
|
A |
|
A |
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
|
|
As of September 30, 2022 |
|
|
|
|
|
|
As of September 30, 2022 |
|
||||||||||||||
|
|
|
|
|
|
|
Market |
|
Amortized |
|
Credit |
|
|
|
Market |
|
Amortized |
|
|
|
|
|
|
Market |
|
Amortized |
|
||||||
Top 25 Exposures |
|
|
|
|
|
|
Foreign Exposure (1) |
|
|
|
|
|
|
Government Investments (1) |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1 |
Canada |
$ |
14,733 |
|
$ |
15,991 |
|
AAA |
|
Canada |
$ |
92,375 |
|
$ |
103,645 |
|
|
|
AAA |
$ |
1,996 |
|
$ |
2,124 |
|
|||||||
|
2 |
Province of Quebec Canada |
|
14,271 |
|
|
14,935 |
|
A+ |
|
Australia |
|
21,567 |
|
|
23,246 |
|
|
|
AA |
|
7,650 |
|
|
7,671 |
|
|||||||
|
3 |
Province of Ontario Canada |
|
13,629 |
|
|
14,274 |
|
AA |
|
Cayman Islands |
|
17,828 |
|
|
18,971 |
|
|
|
A |
|
10,618 |
|
|
12,409 |
|
|||||||
|
4 |
Province of Alberta Canada |
|
10,684 |
|
|
11,729 |
|
BBB+ |
|
United Kingdom |
|
16,234 |
|
|
17,005 |
|
|
|
BBB |
|
9,337 |
|
|
10,641 |
|
|||||||
|
5 |
TC Energy Corp |
|
10,356 |
|
|
11,320 |
|
BBB+ |
|
Japan |
|
7,751 |
|
|
9,359 |
|
|
|
Below Investment Grade |
|
2,792 |
|
|
3,429 |
|
|||||||
|
6 |
Enbridge Inc |
|
10,274 |
|
|
11,538 |
|
A |
|
Bermuda |
|
7,191 |
|
|
8,198 |
|
|
|
NA |
|
— |
|
|
— |
|
|||||||
|
7 |
Manulife Financial Corp |
|
9,067 |
|
|
9,513 |
|
AA+ |
|
France |
|
6,853 |
|
|
7,084 |
|
|
|
|
Total |
$ |
32,393 |
|
$ |
36,275 |
|
||||||
|
8 |
Capital One Financial Corp |
|
8,932 |
|
|
10,695 |
|
A |
|
Ireland |
|
6,042 |
|
|
7,571 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
9 |
Province of British Columbia Canada |
|
8,869 |
|
|
10,579 |
|
BBB+ |
|
Mexico |
|
5,437 |
|
|
5,463 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
10 |
Ontario Teachers' Pension Plan |
|
8,507 |
|
|
10,205 |
|
AA+ |
|
Netherlands |
|
5,289 |
|
|
5,450 |
|
|
|
Non-Government Investments (1) |
|
|
|
|
|||||||||
|
11 |
ConocoPhillips |
|
8,183 |
|
|
9,095 |
|
BBB |
|
Brazil |
|
4,696 |
|
|
4,825 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
12 |
Fairfax Financial Holdings Ltd |
|
8,042 |
|
|
8,456 |
|
A |
|
Israel |
|
3,706 |
|
|
4,006 |
|
|
|
AAA |
$ |
2,882 |
|
$ |
2,999 |
|
|||||||
|
13 |
Kemper Corp |
|
8,034 |
|
|
9,828 |
|
BBB- |
|
Supranational |
|
3,496 |
|
|
3,623 |
|
|
|
AA |
|
2,396 |
|
|
2,537 |
|
|||||||
|
14 |
Brookfield Asset Management Inc |
|
7,832 |
|
|
9,519 |
|
AA |
|
Switzerland |
|
3,495 |
|
|
3,556 |
|
|
|
A |
|
44,977 |
|
|
49,137 |
|
|||||||
|
15 |
Western & Southern Mutual Holdings Co |
|
7,767 |
|
|
7,871 |
|
A+ |
|
Luxembourg |
|
3,410 |
|
|
3,500 |
|
|
|
BBB |
|
139,962 |
|
|
153,597 |
|
|||||||
|
16 |
City of Toronto Canada |
|
7,736 |
|
|
8,008 |
|
AA |
|
Emerging Markets (2) |
|
12,028 |
|
|
14,385 |
|
|
|
Below Investment Grade |
|
8,145 |
|
|
7,961 |
|
|||||||
|
17 |
Province of Newfoundland and Labrador |
|
7,703 |
|
|
8,032 |
|
A+ |
|
All Other |
|
|
18,447 |
|
|
18,077 |
|
|
|
NA |
|
5,091 |
|
|
5,458 |
|
||||||
|
18 |
Morgan Stanley |
|
7,468 |
|
|
7,766 |
|
BBB+ |
|
|
Total |
$ |
235,846 |
|
$ |
257,964 |
|
|
|
|
Total |
$ |
203,453 |
|
$ |
221,689 |
|
|||||
|
19 |
Bunge Ltd |
|
7,318 |
|
|
8,101 |
|
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
20 |
Province of New Brunswick Canada |
|
7,208 |
|
|
7,370 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
21 |
General Mills Inc |
|
7,102 |
|
|
7,716 |
|
AA+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
22 |
Sammons Enterprises Inc |
|
6,911 |
|
|
7,077 |
|
A- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
23 |
Apple Inc |
|
6,896 |
|
|
8,090 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
24 |
Realty Income Corp |
|
6,823 |
|
|
7,890 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
25 |
Williams Cos Inc |
|
6,753 |
|
|
7,443 |
|
A+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total |
$ |
221,100 |
|
$ |
243,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
% of total fixed income portfolio |
|
7.5 |
% |
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
17 of 18
Five-Year Historical Key Statistics |
PRIMERICA, INC. Financial Supplement |
(Dollars in millions) |
2017 |
|
2018 |
|
2019 |
|
2020 |
|
2021 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Recruits |
|
303,867 |
|
|
290,886 |
|
|
282,207 |
|
|
400,345 |
|
|
349,374 |
|
|
94,633 |
|
|
89,285 |
|
|
91,884 |
|
|
73,572 |
|
|
84,707 |
|
|
70,215 |
|
|
127,788 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Life-insurance licensed sales force, beginning of period |
|
116,827 |
|
|
126,121 |
|
|
130,736 |
|
|
130,522 |
|
|
134,907 |
|
|
134,907 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
||||||
|
New life-licensed representatives |
|
48,535 |
|
|
48,041 |
|
|
44,739 |
|
|
48,106 |
|
|
39,622 |
|
|
10,833 |
|
|
10,112 |
|
|
9,381 |
|
|
9,296 |
|
|
9,983 |
|
|
11,529 |
|
|
12,518 |
|
|||||
|
Non-renewal and terminated representatives |
|
(39,241 |
) |
|
(43,426 |
) |
|
(44,953 |
) |
|
(43,721 |
) |
|
(45,014 |
) |
|
(13,710 |
) |
|
(10,101 |
) |
|
(11,399 |
) |
|
(9,804 |
) |
|
(9,292 |
) |
|
(9,586 |
) |
|
(10,354 |
) |
|||||
Life-insurance licensed sales force, end of period |
|
126,121 |
|
|
130,736 |
|
|
130,522 |
|
|
134,907 |
|
|
129,515 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
134,313 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issued term life policies |
|
312,799 |
|
|
301,589 |
|
|
287,809 |
|
|
352,868 |
|
|
323,855 |
|
|
82,667 |
|
|
90,071 |
|
|
75,914 |
|
|
75,203 |
|
|
71,324 |
|
|
76,946 |
|
|
71,104 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Issued term life face amount |
$ |
95,635 |
|
$ |
95,209 |
|
$ |
93,994 |
|
$ |
109,436 |
|
$ |
108,521 |
|
$ |
26,643 |
|
$ |
29,981 |
|
$ |
26,219 |
|
$ |
25,678 |
|
$ |
24,773 |
|
$ |
27,651 |
|
$ |
26,049 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term life face amount in force, beginning of period |
$ |
728,385 |
|
$ |
763,831 |
|
$ |
781,041 |
|
$ |
808,262 |
|
$ |
858,818 |
|
$ |
858,818 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
||||||
|
Issued term life face amount |
|
95,635 |
|
|
95,209 |
|
|
93,994 |
|
|
109,436 |
|
|
108,521 |
|
|
26,643 |
|
|
29,981 |
|
|
26,219 |
|
|
25,678 |
|
|
24,773 |
|
|
27,651 |
|
|
26,049 |
|
|||||
|
Terminated term life face amount |
|
(65,958 |
) |
|
(70,291 |
) |
|
(71,519 |
) |
|
(60,848 |
) |
|
(64,798 |
) |
|
(17,240 |
) |
|
(14,706 |
) |
|
(16,241 |
) |
|
(16,610 |
) |
|
(19,787 |
) |
|
(19,298 |
) |
|
(21,033 |
) |
|||||
|
Foreign currency impact, net |
|
5,769 |
|
|
(7,708 |
) |
|
4,746 |
|
|
1,968 |
|
|
862 |
|
|
1,422 |
|
|
1,602 |
|
|
(2,480 |
) |
|
319 |
|
|
1,242 |
|
|
(3,547 |
) |
|
(6,669 |
) |
|||||
Term life face amount in force, end of period |
$ |
763,831 |
|
$ |
781,041 |
|
$ |
808,262 |
|
$ |
858,818 |
|
$ |
903,404 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
912,785 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Estimated annualized issued term life premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Premium from new policies |
$ |
255.4 |
|
$ |
250.8 |
|
$ |
244.8 |
|
$ |
303.6 |
|
$ |
297.2 |
|
$ |
74.5 |
|
$ |
82.6 |
|
$ |
70.7 |
|
$ |
69.4 |
|
$ |
65.5 |
|
$ |
72.3 |
|
$ |
68.0 |
|
|||||
|
Additions and increases in premium |
|
49.5 |
|
|
55.2 |
|
|
60.2 |
|
|
68.9 |
|
|
77.0 |
|
|
18.0 |
|
|
20.3 |
|
|
19.5 |
|
|
19.1 |
|
|
18.4 |
|
|
20.6 |
|
|
19.5 |
|
|||||
|
|
Total estimated annualized issued term life premium |
$ |
304.9 |
|
$ |
306.0 |
|
$ |
305.0 |
|
$ |
372.5 |
|
$ |
374.2 |
|
$ |
92.5 |
|
$ |
103.0 |
|
$ |
90.2 |
|
$ |
88.5 |
|
$ |
83.8 |
|
$ |
92.9 |
|
$ |
87.5 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment & Savings product sales |
$ |
6,192.2 |
|
$ |
7,040.1 |
|
$ |
7,533.2 |
|
$ |
7,842.5 |
|
$ |
11,703.2 |
|
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Investment & Savings average client asset values |
$ |
56,791 |
|
$ |
61,842 |
|
$ |
65,029 |
|
$ |
69,709 |
|
$ |
89,993 |
|
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Closed U.S. Mortgage Volume (brokered) |
$ |
— |
|
$ |
— |
|
$ |
31.1 |
|
$ |
442.5 |
|
$ |
1,229.2 |
|
$ |
262.3 |
|
$ |
298.6 |
|
$ |
337.6 |
|
$ |
330.8 |
|
$ |
235.9 |
|
$ |
152.7 |
|
$ |
99.8 |
|
18 of 18
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
^'LFB7,F;W19!$ 3R8'R4/X$,OX"@#T?X@^ -*\:Q6KW MCSV>I69W6M];$++%GJ.>&4]P:Y0?!Z759[4>-?%5_K]A:D-%9F!($XZ!BN21 MTX&!Q7K5% #8HTAB2.)0D:*%55& .@%.HHH \W_ &@_"C>+_A7JUG F^\ME M%[; #)+QY.![E=P_&O@SPCJ[:%XBL[[G9&^V5?5#PPK].^U?!7[2OPZ?P1XX MEO+*'&AZJ[3VQ4<1.>7B_ G(]B/0U49.+4ET%**DG%]3T^*6.6%)HW#PLH=7 M'0KC.?RKYI\27\NN>)+RZ7,C3S$1@&-1TF_DP\=O)] MCD/J0?D/]/RK-^#.EIK/Q4\+V4HS&]]&[#&>$.__ -EKT,;B56A#E^9P8/#. MC.7-\C[T^%?A:+P9X!T?18E EA@#3D?Q3-\SG\R1] *^6_VQ_"CZ9XZM/$,$ M>+75H0DC <":, '/U7;^1K[0KYV_;5U5+?P+HVF;$:2[OO-#$ / ?BBRL=(>SU2?RO)?,1*DY4]N/0_SJQK/Q"MXXV32(6DE/ EE&%7W MZFN-\/>&M3\0&;^RX!((<;V+!0,YQU^E=EI'PGOY75M6O(;>/NL/[QC_ $K. M&4^VG[11;O\ <>O_ *U8C#X=8922Y5:_VOZ^1PEE:7VO:L(K:-KB\N'+' [G MJ3Z"O??#'A2QT;0%TZ:&&Z:3YKAG0$2,?KV'05<\.^'M-\/6IATV (S??E;E MW^I_ITK7KZ3"8)4%>6K/B\7C95WIM^9Y!\0_A['96TNJ:$I$"#=-;9SL'=E] MO45/^S]\59/ASXA>/46FE\.W@_TF%!N*.!\LB#U['U!]A4OQ9\7HD+Z'ID@: M1^+J13]T?W![^OY5YOHF@:AK6\V,(9$(#.S;5!],UY.8.C3J-QT77M<]?+:6 M(Q$5!)R;V[V/7_C3^T!J/C:UFT;P]#)I>AR?+*S-^^N!Z,1PJ^PZ]SVKS3P1 MX;DUB\6XN4*V$1RQ/_+0_P!T?UKH=#^'L43K+J\XF(Y\F+A?Q/>NZAB2"%(H M46.)!A548 %>%B&W+2W[GW.4<,U'-5L8K)?9ZOU\AP X ':N<\?:J M--T"5$;$]SF)!WQ_$?R_G6]>7,-G:R7%TXCAC&YF->+>*-:DUS5'N&!6%?EB M0_PK_B:X\'0=6?,]D>YQ#F<<%AG3B_?GHO)=7_EYG3_ GPJ_B_XH:+8;"UM# M*+NY/I'&0Q_,X'XU^BE>&?LJ?#N3PEX0?6]4A,>KZPJN%8?-% .47V)SN/X> ME>YU[Y^8!1110!XK^U[_ ,D;N/\ K]@_F:^%J^Z?VO?^2-W'_7[!_,U\*T = M=#\-/&\\, 4/\ Z *U: /S>3X6^/'8*/!^NY/K92 ?F17I7P^_9H\4:Q=Q MS>*RFB:<""R;UDG<>@ )"_4GCTK[7HH R_#.@Z=X9T.TTC1;9;:PM4V1QK^I M)[DGDGN:YCX[?\D>\6_]>$E=W7"?';_DC_BW_KPDH _.:NGTOP!XNU:PAOM+ M\,ZQ>6 -HYHF*.C#!5@<$$>N: /8_ O[.OC3Q%+!-J M4$6C::^&,URX9RI[JBDG/UQ7V1\/?!>D^ _#4&C:'&PA0EY)7Y>9SU=CZ_R M KR+]DSXD?\ "1>'&\+:M/NU32HP;=G/,UOT ^J<#Z$5]!4 %?F3X^_Y'KQ' M_P!A*Y_]&M7Z;5^9/C[_ )'KQ'_V$KG_ -&M0!]3_L1_\B7XA_[""_\ HM:^ MCZ^"[KP#XUO]$NMSQ(WF6TQ_Y:PM]UOKV/N#6/JWB+5=6TK2].U&]DGLM+ MC:*TB;I$K')'O^/8 5]L?M.?#D>-?!3ZCI\.[6](5IH=HYEBZO'^7(]QCO7Q M7X,\-WWBWQ/I^AZ7&6NKR4(#V1>K,?8#)/TH ]G_ &3/AO\ \)#XD/BG58,Z M7I4@^SAQQ-<=1]0G!^I6O,/C-S\5O%?_ &$9O_0J_0?P7X;L?"/AC3]#TI-M MK:1A < +S_ -,K7^ M&TT/3KO4+H*7,5M$TC!1U.!VYKTS]J[_ )+=K7_7&V_]$I6W^QK_ ,E5N?\ ML'2_^A)0!YO_ ,*O\=_]"?K_ /X 2?X4?\*O\=_]"?K_ /X 2?X5^D=% 'R] M^R!X3\0^'/$'B*77]$U'38YK6-8VN[=H@Y#G(&1S7U#110 5^=W[0?\ R6?Q M7_U]_P#LBU^B-?G=^T'_ ,EG\5_]??\ [(M ')>'_#NL^(YY8= TJ]U*:)=\ MB6L+2E%SC) ' K4U#X>>,M.LIKR_\+:U;VL*EY9I;*1511U))' KVC]B+_D; M_$?_ %XI_P"C!7U_/%'/!)#.BR12*4=&&0P(P01Z4 ?E?78^ _AKXJ\=;G\- MZ8UQ;(_ER7#R*D<9XZDGT.>,FM+XZ> )/A]X[N;"-6_LNYS<6+GG,9/W?JIX M_(]ZT?V=OB,W@#QO$+V4C0]1(@O%/1/[LO\ P$GGV)]J /I'X%_ FS\ W"ZS MK<\6H>(-N(R@/E6V1SMSR6[;C^ KVZFQNLB*\;*R,,JRG((]13J /CS]MW_D M#O_7@__HPUYE^SU_R6?PI_U]'_ - :O3?VW?\ D#O_7@_P#Z,->9?L]? M\EG\*?\ 7T?_ $!J /T089!%?F!XKA>W\4:Q#( 'CO)D8#L0Y!K]/Z_/S]I/ MPPWAGXLZNJQ;+34&^W0$# (?[V/HP:@#U7]AV:/[3XM@W#S2ENX'J,N/\_6O MJZOSN^!/CH?#_P"(5GJ=SN.G3J;6\ ZB)B/F_P" D!OPQ7Z&6=S!>6L-S:2I M-;S()(Y$.5=2,@@]Q0!+1110 45F>(M>TOPWI;ZEKM]#8V*,JM-*< %C@#\Z MO6MQ#=V\5Q:S1S02J'22-@RNIZ$$<$4 2UXI^U?XS_X1KX<-IEK)MU#6F-LN M.HB(WY$+_P*O:Z^ /VD_&7_"7_ !/OC;R%]/TW_0K?G@[2=[#ZMG\ * /- M-,L9]3U&UL;-#) 2\M&+Q"X3>@;! ./49R/>O5_P#AIOX@?WM) M_P# 3_[*@"U^V!X1_L3X@PZY;1[;368M[X& )TP'_,;6]R6KD_V=/&)\'?$_ M3IIGVV-^?L-SZ;7(VL?HVT_G4'Q$^,/B7X@:+%IGB&/3G@BF$T;Q6^QT8 C@ MY[@UYSWH _5,45Y[\!_&'_":_#32K^:0/?P)]EN_7S4&-Q_WAAOQKT*@ HHH MH *YWQ_X1TWQQX7N]#UA"8)QE)%'S0R#[KK[C]>1WKHJ* /S9^)G@+6/A[XB MDTO68LH %[/Q9\ M/M:L;JSCNKA+666TRN628(2A4]CD 5\ ?#S61X>\=:#JS-M2TO8I';T3<-WZ M9H _3*OEC]N&)_*\*2[?W>9US[_(:^ID97160@JPR".XKQO]JSPK)XC^%D]U M:QE[O2)1>* ,DQ@$2 ?@=W_ : /F_P"!4B?8M7CXWB2-OPP:]1KYP\&>)[CP MO?RW-O"DZRQ^6\;D@'G(/'I707_Q5UN=2MK#:6H/=4+$?B37LX7'4J5%1ENC MR,3@ZE2JY1V9[5=7,%I T]W-'#"HRSR-M KROQM\2PZ267APL ?E>[(P?^ # M^M><:MK.HZO+YFI7DUPW8.W ^@Z"J((!&1D>E88C,937+3T7XFU#+XP?--W? MX&MX>T2[UZ_\N$'8#F69NBCU]S[5[-I>GV^EV,5I:+MB0?BQ[D^]>=:1X[BT MZT2VATB*.)>TB#K6=K.M6.CPF2^G56Q\L:\NWT%>9ZCXZUB[4I"\= MJA_YY+S^9K"2SU'48;J^2"YN8H!OGGVEE09 RS=N2.M32RZ3=ZC-L;Q;3BN7 M"QN^[T7W;O\ TO%/B:ZUZ;:W[JT4Y2$']3ZFO:OV:/@O+K][;>*O%%MMT2% MM]I;2KS=N.C$?W ?^^OI7B_P[T @KU80C! M*_M>_P#)&[C_ *_8/YFOA6OO+]J^RNK_ .$5Q#86T]S-]L@;RX8R[8R><#FO MB;_A%O$'_0"U7_P$D_PH _2;PG_R*NC?]>4/_H K5K+\+(T?AC2$=2KK9P@J M1@@[!P:U* "BBB@ KA/CM_R1_P 6_P#7A)7=UQ/QLMYKOX3>*H+6&2:>2Q<) M'&I9F/H .M 'YPU^AG[./_)%/"W_ %P?_P!&O7P9_P (MX@_Z 6J_P#@))_A M7WQ^SY;3V?P<\,P7<$L$Z0-NCE4JR_O&/(/(H ]#KXV_:[^'7]BZ_'XNTN'& MGZD^R[51Q%<8^][!P/S!]17V36+XS\.6/BWPQJ&AZHFZVO(BA.,E&_A8>X.# M^% 'YP>#/$E]X1\3Z?KFEOMNK.0.!GAUZ,I]B,@_6OT?\&>)+'Q=X8T_7-*? M=:WD0<#/*-T9#[@Y!^E?GAXD^'_B70=>OM+N-'OYI+65H_-AMW=) .C*0.01 M@_C7M_[)_B+7O#6OR>&=9TK5(](U)M\,DEM(%@GQZD8"L!@^X% 'UU7YD^/O M^1Z\1_\ 82N?_1K5^FU?G!XY\-:[+XV\0R1:+J;QOJ-PRLMK(0096P0<4 ?2 M'[$?_(E^(?\ L(+_ .BUKZ/KYZ_8STZ]TWP?K\>HV=S:.U^I59XFC)'EKR 1 M7T+0!^ 6?&3P9XFOOBIXINK/P M_JD]O+?RM'+':NRN">""!R*]E_8TT'5]#'BS^V=,O+#SOLOE_:86CWX\W.,C MG&1^= 'TO7GW@;X5:'X/\:>(/$6G*#/J; Q1[<"U4\NJ^S-SVP,"O0:* "OS M>^,W_)5O%?\ V$)?_0J_2&OS^^+7@KQ/>?$WQ-<6GA_59H);^5DDCM796!;@ M@@(/\ H!:K_P" DG^% 'UK_P -6^$/^@+K_P#W[A_^.4?\-6^$/^@+ MK_\ W[A_^.5\E?\ "+>(/^@%JO\ X"2?X4?\(MX@_P"@%JO_ ("2?X4 ?6O_ M U;X0_Z NO_ /?N'_XY71> /V@O#GC;Q59Z#IVF:O!=76[9)<)&$&U2W.') M[>E?%'_"+>(/^@%JO_@))_A7HG[/?A[6K3XQ>&I[K2-1@@29B\DELZJH\MNI M(Q0!][U^=W[0?_)9_%?_ %]_^R+7Z(U\!?'KP[K5U\8/%$]MH^HS0O=922.V M=E8;5Y! P: .[_8B_P"1O\1_]>*?^C!7V%7R9^QEH^IZ;XK\0OJ.G7EHC62* MK3P-&"?,' R*^LZ /,OV@OA\OC_P'/#;1@ZQ89N;%NY8#YH_HP&/J!Z5^?4B M-'(R2*5=2593P0?2OU2KXQ_:E^%MYIGC$:_X=T^XN+#5B7FCMXB_E3_Q<#. MWWOKF@#U#]D[XD?\))X9/AG59]VK:4@\EG/,UOT'U*]/IM]Z]^K\X?!">+_! MWBG3] O\ DL_A3_KZ/_H#5ZY^V;H^ MIZEXM\/R:=IUY=QK8LK-! T@!\P\$@5YO\ _#VM6OQ@\,3W6D:C#"ER2\DEL MZJHV-R21@4 ??E>3_M$?#(?$/PD'T]%&O:=NEM"<#S0?O1$^^ 1[@>IKUBB@ M#\L+F"6UN9;>YB>*>)BDD;C#*P."".QKUCX/?'+7?A]&NGW"?VKH6>+65R'A M]?+;G'T.1]*^FOC+\#]%^(6[4+5UTO7P,?:D3*3>TB]_]X<_6ODCQK\'_&OA M":0:CHL]Q:J<"[LP9HF'8Y'(^A - 'U9I'[2?P^O;59+J[OK"4]89[5F(_%, MC]:H^)?VG/!.G6S'1TO]7N>=J)$84S[L_0?0&OB21'BD9)%9'4X*L,$'Z5): M6ES>R^79V\UQ)_ Z(-/T* [WP;BZDYEG;U8^GH M!P* ,WXZ^,1X(^&VJZC$X6_F3[+:<\^:XP&'^Z,M^%?G8222222>YKZ5_:[U M#7/$/C"ST/3-+U*?3=+B#L\5N[)),XR2"!@X7 ^I:O,?A-\-]7\2_$'1]/U' M2;Z#3S,);IY[=D7RD^9AD@=<8_&@#M/#/[,GB;7/#^GZHVJZ;9_;(5G$$PDW MH&&0&P,9P16E_P ,G^)?^A@T?_OF7_XFOL55"J%4 *!@ =J6@#XY_P"&3_$O M_0P:/_WS+_\ $UXO\1O!NH> _%=UH6JO%)/"%=98L[)%89##//\ ^JOTNKYO M_;%\"W.LZ5I/B/2;26YO+-C:W"0H7=HFY4X']ULC_@?M0!Y]^QUXR&C^-;KP MY=R[;35TW0@G@3H,C_OI=P^H6OM&OS1T72/%6C:O9:G8:-JT=W:3+/$PM).& M4Y';VK]&_#&J?VWX=TW4_)E@-W;I,8I5*O&2 2I!Z$'B@#3HHHH **** $8 M@@C(/!%?G'\:/"K>#OB3K6E;-EMYQGMN, Q/\RX^F% MH_$.EQ%]5T=&,B*.9;?JP^JGYA[%J .E_9N\:IXQ^&EB)I VI:8HLKE2>3M' MR/\ BN/Q!KU*6-)HGCE57C<%65AD$'J#7YV_!3XB7/PY\8Q:BNZ73;@"&^@7 M^.//4?[2]1^([U^@VAZM8ZYI-KJ>E7$=S8W2"2*5#D,#_7V[4 ?#?[0?PCN_ M .NRZCI<#R^&;M]T,BC(MF/_ "R?T]CW'O7FWA2ZT6TUF&7Q+IUSJ.FC_60V M\_DO]0<'/TX^M?IGJ-C:ZE8S6>H6\5S:3*4DAE4,KCT(-?-_Q#_9;L;ZXDO/ M!.HC3V 7B'^ZX^8?0@_6@"3P/XV^ EKIDL,&G6FF^9'LE34+%YG<'JN M_#DC\:\[^*<_P,E2X?PW#JW]H$$I_9@,[N=)M9L&UACC!DE3N[9^Z#QCUZ^F?7?AA^SEX=\*W$.H:_+_; MNIQD,BR)MMXV'<)SN/NWY5[H!QQ0!XYX<_9R^'^CR++<65UJDJ\C[;.2N?\ M=4*#^.:\Y_:Y\0Z;H6@:;X%\/V]M:+*RW=W#;1A%6-?]6I ]3D_\!%>]?%#Q MYI?P]\+SZMJCAI2"EK; _/<28X4>WJ>PK\^-:U+5_'/C":]N0]YJ^J7 "H@R M2S'"HH]!P /04 >Q?L=>$VU7Q[<^()H\VND1$(Q'!FD!48^B[OS%?:E<1\&O M \7P_P# =CHXVM>']_>2+_',V-WX# 4>PKMZ "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@"E-I&FSR%Y MM/LY')R6>%23^)%26NGV=HQ:TM+>!CP3%$JG]!5FB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH *1@""" 0>"#2T4 ?%_[27P5F\,WMSXG\,6YDT&9] M]S;QC)LV/4X_YYD_]\].F*XKX-?%_6?AO>^2@:^T*5]T]B[8P>[1G^%OT/?U MK] Y8TFB>.5%>-P596&0P/4$=Q7S)\8?V:HKZ6?5OA\8[>=LO)I XH ]P^'_Q#\-^/+!;GP_J"22@9DM9/EFB/HR?U&1[UUM?F+J&GZ]X M/UGRKVWO](U.!LC<&B=3Z@_U%>D^%OVB_'NAHD5U>V^KP+QB^BW/C_?7!/U. M: /O&BODNS_:SO@,7GA6V8XZQ73#GZ%34&H?M8ZNZN-/\-6,1/W6FN&?'X " M@#Z[KR[XJ_&KPUX!MY8//34M: (2QMW!*G_IHW1!^OM7R3XP^.'CSQ1$\%UK M+65HXPT%@ODJ1Z$CYC],US?@GP)XE\ 'M,GNLM^\N&&V*//=G/ [^_UH M /'_ (TUSX@^(VU/6YC-.W[N"WC!V0KGA$7_ "2:^H_V9O@P_AB./Q3XI@QK M4J?Z):N.;5"/O-_MD?D/ C-%% !FC-%% !FC-% M% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !F MC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% M !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC-%% !FC ?-%% !FC-%% !FC-%% !FC-%% !FC-%% !FBBB@#_V0$! end
Document and Entity Information |
Nov. 08, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 08, 2022 |
Entity Registrant Name | Primerica, Inc. |
Entity Central Index Key | 0001475922 |
Entity Emerging Growth Company | false |
Entity File Number | 001-34680 |
Entity Incorporation State Country Code | DE |
Entity Tax Identification Number | 27-1204330 |
Entity Address, Address Line One | 1 Primerica Parkway |
Entity Address, City or Town | Duluth |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30099 |
City Area Code | 770 |
Local Phone Number | 381-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock |
Trading Symbol | PRI |
Security Exchange Name | NYSE |
6P?,
M$:#NQ<#H)>E3P\>F'S8KW+CXOB+JCGJ"U@_-8U+:L 4!:A8@3O)= G='I).H
M)3Q$C5_"BT'."?K"/C-U:D<\1@VH&JV9I@^&^8? G\#EG)?KWAJT19X54(@J,3B-B
M3"P1@ F)<3.1LV,%$O5F8_YMXS5U95M /90J$D=#5?K'Z@'5R0ZGH*@O%-Q#
M5TN9=T[6%]M5+MW261.#Q*>XC\Q1^!8*XZR#&-1+J";=)=&03%\"<4[>R T]
MKO9AF9[#LE8WH?LZV3R,>N[R4\91P*@V:[@V8\S#K@5GNWQJV#%\D[=[$5
M.5=A(Q/AZ0L)[2JO\I-A,=/5C1R$FF1D*B0_!CVC'[1G>GAC-E@(S+V^,>C ).([_D^OBNW
M;4&%CYLV;P$1D^G2<-'O'=L991"=IFUU!^MZI5 SJ%EMG4KH!_2#!QQ[0$.M
MEM5J@8:@9J:I&6@(^@']V!,:.K3;H"!C\_,_KIN@K[V25DYB:-IGI:[56>!+
M&?I1+/ZI3_(IU?F#7Z-$?=1N.(ZM\'_G%A;=1K/UKB^;1HFO3@L[UD=K^K?R
MV6_-]2#_[\(YJEB<8'CQH4ZU>L-%OW=,;I2QMWN6W5_7XX:60(V8\,)0;2!9DVRGPBFVO]U[3CEH=!D?&_6 @]A.B'R*?T(
MN(<-T]^N'JP6U-%DQ$/8>A,7">W-_(RB5M+6OY[\S.9TN9>%@6Z7AQ1?QW]>
M3)L9N_[%6HF?[.QT0NBNB(I(IQ#C(T.=NM[&0XPU3,G? _P(\3D^,Q_I$I(!
MCG\4Q1.??E-?T="8TKA/]^A1EXP_U]04N(Z$MDMQ[S4KP'8ZBJ+&POP6]G=O
M@O/ON4*
#1M,,\.JV.;YM,,L3 7VTB&/!3Z3;'D+":GR8W &_:)LT\,S3#V
M9^\ZWB1_3K*L8F>'0Q$.-5D*SH]
M1X."6>>5@LXS/XI7Z7T"'+;ZBN1-DV)U<-'JI*M@IZZ+&4;U6$K7P,51E1;P
MCK1L@@4B6(5YIVVMD[RL+GEB% >.5> LX!RTA9R]1N[28NMID3P!@P@-*%R%
MF4M"MR;Z^[7D(VT>P4"$4^AZ[U2Z:4/KXGRH$GZN.7H,K'^J?K)"N1-V;5H)
MVP&.+9@P#/B'H_Q;#%-AI\"13!,,B$$JR#/M%.\@VR'BS@V+V+Q5>GF@X43"
MM#'UOGEHQ+9*7A\3/,O?6<\;QHC.9"#](M"7JSS#M
M6J?C3METM(!3L&A@DQLNG4P/7(7*W0/U%P8V^?'*M!E!3'*(KU"=E6=$RN-*
MI[^#%>$!4L+'GR(Q,[(ZPB