Primerica, Inc. announced a 22% increase in total revenues over the third quarter of 2020, reaching $693.2 million. Adjusted net operating income of $118.7 million and diluted adjusted operating earnings per share of $2.98 both increased 7% compared to the third quarter of last year, while ROAE was 24.1% for the period. These results also reflect revenues of $22.9 million and an adjusted net operating loss of $4.6 million due to the acquisition of e-TeleQuote.
The company saw strong momentum in investment and savings product sales, which increased 52%, with client asset values climbing to $92 billion, a continuation of record levels. Term life net premiums grew 12% while adjusted direct premiums grew 13%.
“Primerica continues to adapt to the changing business environment and consumer sentiment,” said Glenn Williams, Chief Executive Officer. “Our Investment and Savings business is experiencing strong growth as we meet clients’ desire to save for their futures. Client demand for life insurance protection is moving closer to pre-pandemic levels. These complementary dynamics of our model are driving strong financial results and making Primerica an attractive business opportunity for entrepreneurs. Our strategic acquisition of e-TeleQuote adds a new dynamic to our business which meets the needs of additional clients, improves the opportunity for our field force and creates upside for stockholders.”
At the end of the quarter, invested assets and cash on hand totaled $192 million. The Board of Directors has also approved a dividend of $0.47 per share, payable on December 14, 2021 to stockholders of record on November 22, 2021.