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Duluth, Ga.-based Primerica, Inc. recently announced financial results for the quarter ended June 30, 2018. Total revenues and adjusted operating revenues each increased 13 percent to $467.8 million and $466.9 million, respectively.
“We achieved 43 percent growth in EPS year-over-year and 24.5 percent ROE in the second quarter, reflecting solid performance, ongoing share repurchases and the benefits of Tax Reform,” said CEO Glenn Williams. “Income before income taxes grew 18 percent over the prior year period driven by increases of 23 percent and 9 percent for the Term Life and the ISP segments, respectively. Our sales force leadership continued to perform well, with the size of our life insurance licensed sales force exceeding 130,000, Term Life productivity remaining at the top of historical levels and Investment and Savings Products (ISP) sales near record highs. We delivered for our stakeholders in the second quarter and continue to be well positioned to provide meaningful value creation on a long-term basis.”
During the second quarter:
- Term Life continued to show solid growth with net premiums increasing 14 percent year-over-year, favorable claims in comparison to both historical experience and the prior year period, and stable persistency.
- Strong ISP performance was driven by 12 percent growth in total product sales and a 10 percent increase in average client asset values year-over-year.
- Insurance and other operating expenses increased approximately $16 million from the prior year period, including about $6 million of higher account-based expenses from revisions to ISP record-keeping contracts.
To read the full Primerica Q2 financial report, click here.