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Earnings Call Summary | Primerica(PRI.US) Q1 2024 Earnings Conference

Futu News ·  May 8 04:02  · Conference Call

The following is a summary of the Primerica, Inc. (PRI) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Primerica reported an adjusted net operating income of $137 million in Q1 2024, a 4% increase from the previous year, with adjusted operating income per share at $3.91, up by 10%.

  • The underperformance of the Senior Health business led to a $14 million loss during the quarter.

  • Primerica declared a common stock repurchase of $109 million and a dividend of $0.75 per share.

  • A projected loss of approximately $25 million to $30 million in the Senior Health business segment for 2024 is anticipated.

Business Progress:

  • Primerica experienced growth in their Term Life and Investment and Savings product lines, recruiting over 110,000 individuals in the first quarter which is an 18% increase year over year.

  • Sales force growth of 5%, issuance of 86,587 new term life policies, and Total investment product sales were at $2.8 billion, a 20% increase.

  • For the first time in its history, the company's client assets surpassed $100 billion.

  • After revamping the Senior Health sales process, agent attrition decreased by 40%.

  • Expected annual growth in the size of the sales force in 2024 is over 3% and around 3% to 5% in policies issued.

  • Despite facing challenges, the company is committed to making the Senior Health business profitable and has paused capital investments in it for better understanding of its dynamics.

  • Primerica intends to continue to serve middle-income families across North America through a comprehensive strategy and is expecting strong activity after the upcoming July convention.

More details: Primerica IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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