Primerica Hits Single Month Investment & Savings Products Sales Record of Approximately $1.1 Billion in March
Company Projects Investment Sales of nearly $2.8 Billion in Q1 2021
DULUTH, Ga.--(BUSINESS WIRE)-- Primerica, Inc. (NYSE:PRI), a leading provider of financial services to middle-income families throughout the United States and Canada, today announced that for the first time in its 44-year history, it achieved a single month Investment & Savings Products (ISP) sales record of more than $1 billion in March 2021. The Company noted that it expects first quarter 2021 ISP sales of approximately $2.8 billion.
“Over the past year, the COVID-19 pandemic caused middle-income families to clearly understand their need for protection today and investments for tomorrow. As a result, more consumers are turning to Primerica’s representatives for financial guidance as they work to prepare for the future,” said Glenn Williams, Chief Executive Officer. “In March, we experienced record ISP production in both the U.S. and Canada, which is a clear indication that middle-income consumers are taking action in this important area of their financial game plans.”
The Company noted that momentum in its ISP business has been building since early in the 4th quarter of 2020, and the production has been driven primarily by strong mutual funds sales and increased activity on the managed investments front. Primerica also saw increased client demand for products with guarantees, as evidenced by strong variable annuities sales during the first quarter, as well.
“In addition to health challenges, middle-income families throughout North America have faced unprecedented financial challenges brought on by the global pandemic,” added Williams. “Our sales force and the entire Primerica team remain focused on putting our clients’ needs first as we continue our work to guide them in reaching their financial goals.”
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in the United States and Canada. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 2.6 million client investment accounts at December 31, 2019. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2019. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI.”
Source: Primerica, Inc.
Released April 2, 2021