Primerica, Inc. (NYSE: PRI) recently announced today financial results for the quarter ended June 30, 2015. Total revenues were $350.9 million in the second quarter of 2015 and net income was $49.2 million, or $0.94 per diluted share.
In the second quarter operating revenues increased by 6% to $350.3 million compared with $330.3 million in the prior year period. Strong operating results were driven by growth in the Term Life segment including 14% growth in life insurance policies issued and a 10% increase in net premiums. The Investment and Savings Products segment continued to perform well with a 9% increase in product sales and 7% growth in average client asset values year-over-year.
Operating results reflect higher than historically incurred claims in the current quarter whereas incurred claims were lower than historical levels in
Tag Archive for Primerica
Hot Business News Today
Primerica Promotes Glenn J. Williams To CEO
by Nicole Dunkley • • 0 Comments
Primerica, Inc. announced that its Board of Directors has promoted Glenn J. Williams, currently the company’s President, to Chief Executive Officer and also elected him to the Board, effective April 1, 2015.
The current Co-Chief Executive Officers, D. Richard (Rick) Williams and John A. Addison Jr., will remain members of the Primerica Board. In their new roles, Rick Williams, who has been with Primerica since 1989, will be non-executive Chairman of the Board and John Addison, who has been with the company since 1982, will be non-executive Chairman of Primerica Distribution.
The Board also announced that it has promoted Peter W. Schneider to the position of President, also effective April 1, 2015.
“Glenn has served as our ‘right hand man’ for the past 10 years and we are confident that he is the ideal leader to take the helm of our company and continue our growth trajectory.” said Rick Williams. “He possesses tremendous depth of understanding of our sales force and for many years has successfully overseen marketing for all Primerica business lines. He has valuable experience running our Canadian operations and leading Primerica’s overall management team, and he has been at the forefront of our most successful initiatives.”
John Addison said, “One
Hot Business News Today
Primerica Says New Canadian Licensing Program Can Hurt Its Business
by Tina Williams • • 0 Comments
Life insurance giant Primerica Inc. says proposed new Canadian regulations could hurt its business.
The Canadian government is proposing to implement a new life insurance licensing examination program across Canada in early 2016. Duluth, Ga.-based Primerica (NYSE: PRI) reported Monday that “If this new licensing program is implemented under the terms set forth in the agreements, we believe it would increase the cost, time and ability of applicants to obtain their life insurance licenses in Canada.”
“Primerica is supportive of reasonable and fair changes to Canada’s licensing program,” the company reported. “However, we believe the new licensing approach will create unnecessary barriers to becoming life-insurance licensed in Canada and will negatively affect access to life insurance products by middle income Canadians. The new testing program was developed by the regulators outside of normal processes and we believe without proper authority.
We are hopeful that the regulators will consider our concerns in good faith and make changes to the program that will ensure the new licensing program is appropriately designed to protect Canadian consumers and the ability to serve them.”
Primerica reported that last year, its Canadian operations represented approximately 7 percent of its new life-licensed representatives, approximately 10 percent of its total life-licensed representatives (at
Hot Business News Today
Primerica’s Promising Quarter Positively Effects Stocks
by Tina Williams • • 0 Comments
Primerica (NYSE:PRI)‘s stock had its “outperform” rating reiterated by analysts at Raymond James in a research report issued to clients and investors on Thursday. They currently have a $55.00 price target on the stock, up from their previous price target of $50.00. Raymond James’ target price points to a potential upside of 16.18% from the company’s current price.
Shares of Primerica (NYSE:PRI) traded up 0.59% on Thursday, hitting $47.62. The stock had a trading volume of 83,071 shares. Primerica has a 1-year low of $36.42 and a 1-year high of $49.59. The stock’s 50-day moving average is $45.46 and its 200-day moving average is $44.68. The company has a market cap of $2.591 billion and a price-to-earnings ratio of 15.84.
Primerica (NYSE:PRI) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.77 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.82 by $0.05. The company had revenue of $324.30 million for the quarter, compared to the consensus estimate of $332.02 million. During the same quarter in the prior year, the company posted $0.65 earnings per share . The company’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts expect that Primerica will post $3.33 EPS for