Primerica, Inc. (NYSE: PRI) recently announced financial results for the quarter ended June 30, 2018. In the second quarter, total revenues and adjusted operating revenues each increased 13% to $467.8 million and $466.9 million, respectively.
Income before income taxes increased 18% and adjusted operating income before income taxes increased 17% over the prior year period. Net income grew 37% to $86.7 million and adjusted net operating income grew 36% to $86.0 million compared with the second quarter of 2017, both of which reflect benefits from the Tax Cuts and Jobs Act of 2017 (Tax Reform).
Glenn Williams, Chief Executive Officer, said, “We achieved 43% growth in EPS year-over-year and 24.5% ROE in the second quarter, reflecting solid performance, ongoing share repurchases and the benefits of Tax Reform. Income before income taxes grew 18% over the prior year period driven by increases of 23% and 9% for the Term Life and the ISP segments, respectively.”
“Our sales force leadership continued to perform well, with the size of our life insurance licensed sales force exceeding 130,000, Term Life productivity remaining at the top of historical levels and Investment and Savings Products (ISP) sales near record highs. We delivered for our stakeholders in the second quarter and continue