Primerica Inc. (PRI—NYSE) once again delivered record earnings in 2016, the financial services firm said Wednesday.
The Duluth, Georgia-based company cleared a profit of $219.4 million, up 16 percent from 2015. Earnings per share rose 24 percent to $4.59, boosted by $150 million in share buybacks, which amounted to about 6 percent of outstanding shares. Annual revenue rose 8 percent to $1.5 billion.
“During 2016, we continued to execute our strategy to drive growth and improve performance by expanding distribution, deploying mobile technology and repurchasing shares,” said Glenn Williams, Primerica CEO.
In the fourth quarter, revenue totaled $393.9 million, up 11 percent from a year earlier. Revenue topped the $386.5 million predicted by analysts, in a poll conducted by Thomson Reuters. Sales were propelled by growth in the company’s life insurance-licensed salesforce, which expanded 9 percent year-over-year.
Term life insurance is Primerica’s largest revenue driver, accounting for $227.1 million of quarterly revenue. This segment saw a 14 percent increase in policies issued versus a year ago.
Quarterly earnings climbed 25 percent to $1.21 per share, beating analysts’ estimates of $1.19 per share.