Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Primerica Growth Spurs $200M Share Buyback

Your article was successfully shared with the contacts you provided.

Primerica Inc., reported strong operating results in the third quarter of 2011 due to a strong term life performance as well as an increase in Investment and Savings Product Sales. Recruitment also surged in the quarter, leaving the company poised for a share repurchase from Citi that the company announced on Nov 1, 2011.

Primerica Inc, Duluth, Ga., (NYSE:PRI), on heels of their healthy third-quarter results announced a repurchase of $200 million, or 8.9 million share from Citi which will be accretive to earnings per share and return on equity.

Total revenues increased by 14% to $275.8 million in the quarter compared with $241.2 million in the same quarter of 2010.

Net income was up 3% to 40.6 million for the quarter or $0.53 per diluted share, compared with $39.6 million, or $0.52 per diluted share in 2010.

Operating revenues increased by 15% to 276.0 million compared with 240.2 million in third quarter 2010 while net operating income was up 5% to $42.8 million or $0.56 per diluted share.

Representative recruitment increased 43% to 83,074 compared with third quarter 2010 results. The growth was attributed to a recruiting push in July after their June convention.

Although moderately offset by a higher expense base, the year-over-year results were indicative growth in new term premium, investment and savings products and client asset values. 


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.