Photo above: Outside Primerica’s global headquarters in Duluth, Georgia. (photo: Primerica)
Primerica Life Insurance Co. has received another round of superior ratings from global credit rating agency A.M. Best. The agency affirmed its A+ financial strength rating and aa- issuer credit rating (ICR) of Primerica Life and its affiliates in New York and Canada.
Declaring a stable outlook for all ratings, A.M. Best also affirmed the strong a- ICR of holding company Primerica Inc. and positive ratings of the company’s debt and preferred stock. Primerica met earnings expectations for 2013 with annual GAAP net income of $163 million.
On the Canadian side of the business, Primerica recently expressed opposition to the government’s proposed overhaul of the country’s life insurance licensing program. Canada represents approximately 10 percent of Primerica’s total life-licensed representatives.
The implementation, which would take place in early 2016, would “create unnecessary barriers” and “negatively affect access to life insurance products by middle income Canadians,” Primerica told the Atlanta Business Chronicle.