Primerica Inc. (PRI—NYSE) announced Thursday that its board of directors has approved a $200 million share repurchase program, potentially upping the stock’s value for shareholders.
The buyback period extends through June 30, 2018, with the option to pursue open market transactions, block trades or privately negotiated transactions. The board of the financial services firm may discontinue the program at any time. Any potential buybacks would put money back in the pockets of Primerica investors, as the company continues to deliver solid financial results.
“Last week, we announced another quarter of strong performance at Primerica as we continue to meet the financial needs of the middle market and deliver a dynamic business opportunity to entrepreneurs,” said CEO Glenn Williams. “Our life insurance-licensed salesforce and term life insurance policies issued grew double-digits, and our earnings per share and return on equity increased significantly year-over-year.”
Primerica stock is trading at $71.70 in Friday’s session, up 51 percent year to date, while the S&P 500 has gained 6.9 percent.