Primerica Inc. (PRI—NYSE) reported growth across all key metrics in its first earnings results under the leadership of new CEO Glenn Williams.
Revenue rose 6 percent to $345.1 million in the first quarter, the financial services provider said Wednesday. Net income was $43.2 million, or 82 cents a share, boosted by strong sales of Primerica’s term life product.
Operating income was 80 cents a share, missing analysts’ estimates by 1 cent, partly due to the timing of expense recognition for annual equity awards granted to retirement eligible employees. Earnings also took a minor hit from the unfavorable Canadian exchange rate, though Canada sales were up 8 percent in local currency.
Total policies issued rose 13 percent versus a year ago, driving 8 percent revenue growth in the term life category. Revenue from investment and savings products was up 7 percent to $129.1 million. The number of new representatives joining the company rose 10 percent over the prior-year period.
“Continued success in executing our organic growth strategy, coupled with our share repurchase program, position us well to continue delivering strong stockholder returns,” said Williams, who officially stepped into his new role at the beginning of April. The Atlanta-area company generated sales of $1.34 billion in 2014, earning the No. 14 rank on the DSN Global 100.