Exhibit 99.2
Supplemental Financial Information
Third Quarter 2022
Table of Contents |
PRIMERICA, INC. Financial Supplement |
|
Page |
Preface, definition of Non-GAAP financial measures |
3 |
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures |
4 |
Financial results and other statistical data |
5 |
Statements of income |
6 |
Reconciliation of statement of income GAAP to non-GAAP financial measures |
7-8 |
Segment operating results |
|
Term Life Insurance segment - financial results, key statistics, and financial analysis |
9-10 |
Investment and Savings Products segment - financial results, financial analysis, and key statistics |
11-12 |
Senior Health segment - financial results, financial analysis, and key statistics |
13 |
Corporate & Other Distributed Products segment - financial results |
14 |
Investment portfolio |
15-17 |
Five-year historical key statistics |
18 |
This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2021.
2 of 18
Preface |
PRIMERICA, INC. Financial Supplement |
Third Quarter 2022
This document is a financial supplement to our third quarter 2022 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:
Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.
Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.
3 of 18
Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
||||||||||||||
Condensed Balance Sheets |
|
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|
|
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|
|
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|
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|
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|
||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Investments and cash excluding securities held to maturity |
$ |
3,096,703 |
|
$ |
3,133,860 |
|
$ |
3,431,825 |
|
$ |
3,056,395 |
|
$ |
3,277,830 |
|
$ |
3,191,154 |
|
$ |
3,048,974 |
|
$ |
2,981,598 |
|
|||||
|
Securities held to maturity |
|
1,346,350 |
|
|
1,362,210 |
|
|
1,368,740 |
|
|
1,376,090 |
|
|
1,379,100 |
|
|
1,390,310 |
|
|
1,415,940 |
|
|
1,433,760 |
|
|||||
|
|
|
Total investments and cash |
|
4,443,053 |
|
|
4,496,070 |
|
|
4,800,565 |
|
|
4,432,485 |
|
|
4,656,930 |
|
|
4,581,464 |
|
|
4,464,914 |
|
|
4,415,358 |
|
|||
|
Due from reinsurers |
|
4,273,904 |
|
|
4,345,483 |
|
|
4,239,510 |
|
|
4,278,322 |
|
|
4,268,419 |
|
|
4,240,481 |
|
|
4,069,039 |
|
|
4,033,897 |
|
|||||
|
Deferred policy acquisition costs |
|
2,629,644 |
|
|
2,712,169 |
|
|
2,808,347 |
|
|
2,877,921 |
|
|
2,943,782 |
|
|
2,994,367 |
|
|
3,028,511 |
|
|
3,049,102 |
|
|||||
|
Goodwill |
|
— |
|
|
— |
|
|
— |
|
|
224,180 |
|
|
179,154 |
|
|
179,154 |
|
|
187,707 |
|
|
127,707 |
|
|||||
|
Other assets |
|
899,165 |
|
|
921,236 |
|
|
925,621 |
|
|
1,330,620 |
|
|
1,274,946 |
|
|
1,242,457 |
|
|
1,219,847 |
|
|
1,209,471 |
|
|||||
|
Separate account assets |
|
2,659,520 |
|
|
2,638,901 |
|
|
2,745,827 |
|
|
2,672,606 |
|
|
2,799,992 |
|
|
2,696,891 |
|
|
2,358,987 |
|
|
2,206,608 |
|
|||||
|
|
|
Total assets |
$ |
14,905,286 |
|
$ |
15,113,858 |
|
$ |
15,519,871 |
|
$ |
15,816,135 |
|
$ |
16,123,222 |
|
$ |
15,934,813 |
|
$ |
15,329,005 |
|
$ |
15,042,143 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Future policy benefits |
$ |
6,790,557 |
|
$ |
6,885,115 |
|
$ |
6,984,272 |
|
$ |
7,057,599 |
|
$ |
7,138,649 |
|
$ |
7,216,597 |
|
$ |
7,276,278 |
|
$ |
7,314,688 |
|
|||||
|
Other policy liabilities |
|
984,612 |
|
|
1,020,349 |
|
|
977,373 |
|
|
1,054,925 |
|
|
1,103,642 |
|
|
1,108,047 |
|
|
999,789 |
|
|
1,005,195 |
|
|||||
|
Income taxes |
|
223,496 |
|
|
235,233 |
|
|
204,197 |
|
|
260,264 |
|
|
241,311 |
|
|
217,326 |
|
|
164,971 |
|
|
129,347 |
|
|||||
|
Other liabilities |
|
618,874 |
|
|
633,719 |
|
|
641,025 |
|
|
668,643 |
|
|
669,631 |
|
|
683,865 |
|
|
646,660 |
|
|
659,582 |
|
|||||
|
Debt obligations |
|
374,415 |
|
|
374,511 |
|
|
499,606 |
|
|
514,702 |
|
|
607,102 |
|
|
598,303 |
|
|
592,504 |
|
|
592,705 |
|
|||||
|
Surplus note |
|
1,345,772 |
|
|
1,361,648 |
|
|
1,368,194 |
|
|
1,375,559 |
|
|
1,378,585 |
|
|
1,389,811 |
|
|
1,415,457 |
|
|
1,433,293 |
|
|||||
|
Payable under securities lending |
|
72,154 |
|
|
87,190 |
|
|
80,613 |
|
|
105,264 |
|
|
94,529 |
|
|
93,171 |
|
|
96,603 |
|
|
80,754 |
|
|||||
|
Separate account liabilities |
|
2,659,520 |
|
|
2,638,901 |
|
|
2,745,827 |
|
|
2,672,606 |
|
|
2,799,992 |
|
|
2,696,891 |
|
|
2,358,987 |
|
|
2,206,608 |
|
|||||
|
|
|
Total liabilities |
|
13,069,401 |
|
|
13,236,666 |
|
|
13,501,107 |
|
|
13,709,563 |
|
|
14,033,442 |
|
|
14,004,011 |
|
|
13,551,249 |
|
|
13,422,171 |
|
|||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interest |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
7,631 |
|
$ |
7,271 |
|
$ |
4,616 |
|
$ |
2,233 |
|
$ |
(0 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||||||
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common stock ($0.01 par value) (1) |
|
393 |
|
|
394 |
|
|
394 |
|
|
395 |
|
|
394 |
|
|
388 |
|
|
378 |
|
|
370 |
|
|||||
|
Paid-in capital |
|
(0 |
) |
|
8,138 |
|
|
12,880 |
|
|
17,454 |
|
|
5,224 |
|
|
(0 |
) |
|
(0 |
) |
|
(0 |
) |
|||||
|
Retained earnings |
|
1,705,786 |
|
|
1,785,037 |
|
|
1,894,539 |
|
|
1,988,324 |
|
|
2,004,506 |
|
|
1,980,467 |
|
|
1,948,244 |
|
|
1,887,952 |
|
|||||
|
Treasury stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
|
Accumulated other comprehensive income (loss), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Net unrealized gains (losses) |
|
128,128 |
|
|
77,053 |
|
|
96,990 |
|
|
84,701 |
|
|
63,775 |
|
|
(66,439 |
) |
|
(175,746 |
) |
|
(252,913 |
) |
||||
|
|
Cumulative translation adjustment |
|
1,578 |
|
|
6,570 |
|
|
13,960 |
|
|
8,068 |
|
|
8,611 |
|
|
11,769 |
|
|
2,648 |
|
|
(15,437 |
) |
||||
|
|
|
Total stockholders’ equity (2) |
|
1,835,885 |
|
|
1,877,192 |
|
|
2,018,764 |
|
|
2,098,941 |
|
|
2,082,510 |
|
|
1,926,185 |
|
|
1,775,524 |
|
|
1,619,971 |
|
|||
|
|
|
Total liabilities and stockholders' equity |
$ |
14,905,286 |
|
$ |
15,113,858 |
|
$ |
15,519,871 |
|
$ |
15,816,135 |
|
$ |
16,123,222 |
|
$ |
15,934,813 |
|
$ |
15,329,005 |
|
$ |
15,042,143 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total stockholders' equity |
$ |
1,835,885 |
|
$ |
1,877,192 |
|
$ |
2,018,764 |
|
$ |
2,098,941 |
|
$ |
2,082,510 |
|
$ |
1,926,185 |
|
$ |
1,775,524 |
|
$ |
1,619,971 |
|
||||||
|
Less: Net unrealized gains (losses) |
|
128,128 |
|
|
77,053 |
|
|
96,990 |
|
|
84,701 |
|
|
63,775 |
|
|
(66,439 |
) |
|
(175,746 |
) |
|
(252,913 |
) |
|||||
|
|
|
Adjusted stockholders’ equity |
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
$ |
1,872,885 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Stockholders' Equity Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period |
$ |
1,614,688 |
|
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
||||||
|
Net Income attributable to Primerica, Inc. |
|
100,084 |
|
|
97,872 |
|
|
128,162 |
|
|
112,456 |
|
|
34,868 |
|
|
81,418 |
|
|
107,947 |
|
|
51,807 |
|
|||||
|
Shareholder dividends |
|
(15,851 |
) |
|
(18,620 |
) |
|
(18,660 |
) |
|
(18,671 |
) |
|
(18,686 |
) |
|
(21,645 |
) |
|
(21,178 |
) |
|
(20,571 |
) |
|||||
|
Retirement of shares and warrants |
|
(13,426 |
) |
|
(5,966 |
) |
|
(521 |
) |
|
(88 |
) |
|
(18,829 |
) |
|
(103,862 |
) |
|
(127,963 |
) |
|
(97,515 |
) |
|||||
|
Net foreign currency translation adjustment |
|
16,398 |
|
|
4,992 |
|
|
7,390 |
|
|
(5,892 |
) |
|
543 |
|
|
3,158 |
|
|
(9,121 |
) |
|
(18,086 |
) |
|||||
|
Other, net |
|
5,864 |
|
|
14,105 |
|
|
5,264 |
|
|
4,662 |
|
|
6,597 |
|
|
14,820 |
|
|
8,961 |
|
|
5,979 |
|
|||||
Balance, end of period |
$ |
1,707,757 |
|
$ |
1,800,139 |
|
$ |
1,921,774 |
|
$ |
2,014,241 |
|
$ |
2,018,735 |
|
$ |
1,992,624 |
|
$ |
1,951,270 |
|
$ |
1,872,885 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deferred Policy Acquisition Costs Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of period |
$ |
2,532,409 |
|
$ |
2,629,644 |
|
$ |
2,712,169 |
|
$ |
2,808,347 |
|
$ |
2,877,921 |
|
$ |
2,943,782 |
|
$ |
2,994,367 |
|
$ |
3,028,511 |
|
||||||
|
General expenses deferred |
|
9,510 |
|
|
10,558 |
|
|
10,055 |
|
|
9,248 |
|
|
9,062 |
|
|
9,519 |
|
|
9,321 |
|
|
9,726 |
|
|||||
|
Commission costs deferred |
|
128,084 |
|
|
134,188 |
|
|
136,085 |
|
|
129,287 |
|
|
124,515 |
|
|
123,739 |
|
|
119,794 |
|
|
119,734 |
|
|||||
|
Amortization of deferred policy acquisition costs |
|
(53,342 |
) |
|
(66,105 |
) |
|
(54,286 |
) |
|
(62,214 |
) |
|
(68,575 |
) |
|
(86,063 |
) |
|
(85,379 |
) |
|
(90,925 |
) |
|||||
|
Foreign currency impact and other, net |
|
12,984 |
|
|
3,884 |
|
|
4,324 |
|
|
(6,748 |
) |
|
858 |
|
|
3,390 |
|
|
(9,593 |
) |
|
(17,943 |
) |
|||||
Balance, end of period |
$ |
2,629,644 |
|
$ |
2,712,169 |
|
$ |
2,808,347 |
|
$ |
2,877,921 |
|
$ |
2,943,782 |
|
$ |
2,994,367 |
|
$ |
3,028,511 |
|
$ |
3,049,102 |
|
4 of 18
Financial Results and Other Statistical Data |
PRIMERICA, INC. Financial Supplement |
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|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except per-share data) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
39,455,948 |
|
|
39,530,691 |
|
|
39,560,786 |
|
|
39,568,470 |
|
|
39,221,003 |
|
|
38,385,520 |
|
|
37,438,254 |
|
|
(2,122,532 |
) |
|
-5.4 |
% |
|
39,516,193 |
|
|
38,341,729 |
|
|
(1,174,464 |
) |
|
-3.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(417 |
) |
|
(525 |
) |
|
(458 |
) |
|
(141 |
) |
|
(337 |
) |
|
(477 |
) |
|
(244 |
) |
|
214 |
|
|
46.7 |
% |
|
(1,403 |
) |
|
(1,067 |
) |
|
336 |
|
|
23.9 |
% |
|||
|
|
Net income used in computing basic EPS |
$ |
97,455 |
|
$ |
127,636 |
|
$ |
111,997 |
|
$ |
34,728 |
|
$ |
81,081 |
|
$ |
107,470 |
|
$ |
51,563 |
|
$ |
(60,435 |
) |
|
-54.0 |
% |
$ |
337,086 |
|
$ |
240,105 |
|
$ |
(96,981 |
) |
|
-28.8 |
% |
||
|
|
Basic earnings per share |
$ |
2.47 |
|
$ |
3.23 |
|
$ |
2.83 |
|
$ |
0.88 |
|
$ |
2.07 |
|
$ |
2.80 |
|
$ |
1.38 |
|
$ |
(1.45 |
) |
|
-51.4 |
% |
$ |
8.53 |
|
$ |
6.26 |
|
$ |
(2.27 |
) |
|
-26.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(414 |
) |
|
(530 |
) |
|
(484 |
) |
|
(472 |
) |
|
(345 |
) |
|
(490 |
) |
|
(537 |
) |
|
(53 |
) |
|
-11.0 |
% |
|
(1,431 |
) |
|
(1,362 |
) |
|
68 |
|
|
4.8 |
% |
|||
|
|
Adjusted net operating income used in computing basic operating EPS |
$ |
96,715 |
|
$ |
128,825 |
|
$ |
118,224 |
|
$ |
116,535 |
|
$ |
82,988 |
|
$ |
110,212 |
|
$ |
113,391 |
|
$ |
(4,833 |
) |
|
-4.1 |
% |
$ |
343,762 |
|
$ |
306,599 |
|
$ |
(37,163 |
) |
|
-10.8 |
% |
||
|
|
Basic adjusted operating income per share |
$ |
2.45 |
|
$ |
3.26 |
|
$ |
2.99 |
|
$ |
2.95 |
|
$ |
2.12 |
|
$ |
2.87 |
|
$ |
3.03 |
|
$ |
0.04 |
|
|
1.3 |
% |
$ |
8.70 |
|
$ |
8.00 |
|
$ |
(0.70 |
) |
|
-8.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
39,455,948 |
|
|
39,530,691 |
|
|
39,560,786 |
|
|
39,568,470 |
|
|
39,221,003 |
|
|
38,385,520 |
|
|
37,438,254 |
|
|
(2,122,532 |
) |
|
-5.4 |
% |
|
39,516,193 |
|
|
38,341,729 |
|
|
(1,174,464 |
) |
|
-3.0 |
% |
|||
|
Dilutive impact of contingently issuable shares |
|
124,505 |
|
|
121,595 |
|
|
117,923 |
|
|
122,929 |
|
|
110,941 |
|
|
115,058 |
|
|
102,810 |
|
|
(15,113 |
) |
|
-12.8 |
% |
|
121,341 |
|
|
109,603 |
|
|
(11,738 |
) |
|
-9.7 |
% |
|||
|
|
Shares used to calculate diluted EPS |
|
39,580,453 |
|
|
39,652,286 |
|
|
39,678,709 |
|
|
39,691,399 |
|
|
39,331,944 |
|
|
38,500,578 |
|
|
37,541,064 |
|
|
(2,137,645 |
) |
|
-5.4 |
% |
|
39,637,534 |
|
|
38,451,332 |
|
|
(1,186,202 |
) |
|
-3.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(416 |
) |
|
(524 |
) |
|
(457 |
) |
|
(140 |
) |
|
(337 |
) |
|
(476 |
) |
|
(244 |
) |
|
213 |
|
|
46.7 |
% |
|
(1,399 |
) |
|
(1,065 |
) |
|
335 |
|
|
23.9 |
% |
|||
|
|
Net income used in computing diluted EPS |
$ |
97,456 |
|
$ |
127,638 |
|
$ |
111,998 |
|
$ |
34,728 |
|
$ |
81,081 |
|
$ |
107,471 |
|
$ |
51,563 |
|
$ |
(60,435 |
) |
|
-54.0 |
% |
$ |
337,090 |
|
$ |
240,107 |
|
$ |
(96,982 |
) |
|
-28.8 |
% |
||
|
|
Diluted earnings per share |
$ |
2.46 |
|
$ |
3.22 |
|
$ |
2.82 |
|
$ |
0.87 |
|
$ |
2.06 |
|
$ |
2.79 |
|
$ |
1.37 |
|
$ |
(1.45 |
) |
|
-51.3 |
% |
$ |
8.50 |
|
$ |
6.24 |
|
$ |
(2.26 |
) |
|
-26.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(413 |
) |
|
(529 |
) |
|
(483 |
) |
|
(471 |
) |
|
(344 |
) |
|
(488 |
) |
|
(536 |
) |
|
(53 |
) |
|
-11.0 |
% |
|
(1,427 |
) |
|
(1,359 |
) |
|
68 |
|
|
4.7 |
% |
|||
|
|
Adjusted net operating income used in computing diluted operating EPS |
$ |
96,717 |
|
$ |
128,827 |
|
$ |
118,225 |
|
$ |
116,536 |
|
$ |
82,988 |
|
$ |
110,213 |
|
$ |
113,392 |
|
$ |
(4,833 |
) |
|
-4.1 |
% |
$ |
343,766 |
|
$ |
306,602 |
|
$ |
(37,163 |
) |
|
-10.8 |
% |
||
|
|
Diluted adjusted operating income per share |
$ |
2.44 |
|
$ |
3.25 |
|
$ |
2.98 |
|
$ |
2.94 |
|
$ |
2.11 |
|
$ |
2.86 |
|
$ |
3.02 |
|
$ |
0.04 |
|
|
1.4 |
% |
$ |
8.67 |
|
$ |
7.97 |
|
$ |
(0.70 |
) |
|
-8.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||
Annualized Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Average stockholders' equity (1) |
$ |
1,856,539 |
|
$ |
1,947,978 |
|
$ |
2,058,852 |
|
$ |
2,090,726 |
|
$ |
2,004,348 |
|
$ |
1,850,855 |
|
$ |
1,697,748 |
|
$ |
(361,105 |
) |
|
-17.5 |
% |
$ |
1,954,456 |
|
$ |
1,850,983 |
|
$ |
(103,473 |
) |
|
-5.3 |
% |
|||
|
Average adjusted stockholders' equity (1) |
$ |
1,753,948 |
|
$ |
1,860,956 |
|
$ |
1,968,007 |
|
$ |
2,016,488 |
|
$ |
2,005,679 |
|
$ |
1,971,947 |
|
$ |
1,912,077 |
|
$ |
(55,930 |
) |
|
-2.8 |
% |
$ |
1,860,971 |
|
$ |
1,963,235 |
|
$ |
102,264 |
|
|
5.5 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net income attributable to Primerica, Inc. return on stockholders' equity |
|
21.1 |
% |
|
26.3 |
% |
|
21.8 |
% |
|
6.7 |
% |
|
16.2 |
% |
|
23.3 |
% |
|
12.2 |
% |
|
-9.6 |
% |
nm |
|
|
23.1 |
% |
|
17.4 |
% |
|
-5.7 |
% |
nm |
|
|||||
|
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity |
|
22.3 |
% |
|
27.5 |
% |
|
22.9 |
% |
|
6.9 |
% |
|
16.2 |
% |
|
21.9 |
% |
|
10.8 |
% |
|
-12.0 |
% |
nm |
|
|
24.3 |
% |
|
16.4 |
% |
|
-7.9 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Adjusted net operating income return on adjusted stockholders' equity |
|
22.2 |
% |
|
27.8 |
% |
|
24.1 |
% |
|
23.2 |
% |
|
16.6 |
% |
|
22.5 |
% |
|
23.8 |
% |
|
-0.3 |
% |
nm |
|
|
24.7 |
% |
|
20.9 |
% |
|
-3.8 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Capital Structure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Debt-to-capital (2) |
|
16.6 |
% |
|
19.8 |
% |
|
19.7 |
% |
|
22.6 |
% |
|
23.7 |
% |
|
25.0 |
% |
|
26.8 |
% |
|
7.1 |
% |
nm |
|
|
19.7 |
% |
|
26.8 |
% |
|
7.1 |
% |
nm |
|
|||||
|
Debt-to-capital, excluding AOCI (2) |
|
17.3 |
% |
|
20.8 |
% |
|
20.4 |
% |
|
23.2 |
% |
|
23.2 |
% |
|
23.3 |
% |
|
23.9 |
% |
|
3.5 |
% |
nm |
|
|
20.4 |
% |
|
23.9 |
% |
|
3.5 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Cash and invested assets to stockholders' equity |
|
2.4 |
x |
|
2.4 |
x |
|
2.1 |
x |
|
2.2 |
x |
|
2.4 |
x |
|
2.5 |
x |
|
2.7 |
x |
|
0.6 |
x |
nm |
|
|
2.1 |
x |
|
2.7 |
x |
|
0.6 |
x |
nm |
|
|||||
|
Cash and invested assets to adjusted stockholders' equity |
|
2.5 |
x |
|
2.5 |
x |
|
2.2 |
x |
|
2.3 |
x |
|
2.3 |
x |
|
2.3 |
x |
|
2.4 |
x |
|
0.2 |
x |
nm |
|
|
2.2 |
x |
|
2.4 |
x |
|
0.2 |
x |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Share count, end of period (3) |
|
39,414,085 |
|
|
39,443,561 |
|
|
39,470,748 |
|
|
39,367,754 |
|
|
38,751,885 |
|
|
37,768,052 |
|
|
37,026,600 |
|
|
(2,444,148 |
) |
|
-6.2 |
% |
|
39,470,748 |
|
|
37,026,600 |
|
|
(2,444,148 |
) |
|
-6.2 |
% |
|||
|
Adjusted stockholders' equity per share |
$ |
45.67 |
|
$ |
48.72 |
|
$ |
51.03 |
|
$ |
51.28 |
|
$ |
51.42 |
|
$ |
51.66 |
|
$ |
50.58 |
|
$ |
(0.45 |
) |
|
-0.9 |
% |
$ |
51.03 |
|
$ |
50.58 |
|
$ |
(0.45 |
) |
|
-0.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Strength Ratings - Primerica Life Insurance Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Moody's |
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
S&P |
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
A.M. Best |
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Holding Company Senior Debt Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Moody's |
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
||||||||||||||||
|
S&P |
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
nm |
|
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A.M. Best |
a- |
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a- |
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a- |
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a- |
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a- |
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5 of 18
Statements of Income |
PRIMERICA, INC. Financial Supplement |
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|
|
|
YOY Q3 |
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|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Statement of Income |
|
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|||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||||||
|
Direct premiums |
$ |
762,227 |
|
$ |
780,299 |
|
$ |
785,277 |
|
$ |
794,344 |
|
$ |
798,666 |
|
$ |
808,894 |
|
$ |
810,079 |
|
$ |
24,802 |
|
|
3.2 |
% |
$ |
2,327,804 |
|
$ |
2,417,639 |
|
$ |
89,835 |
|
|
3.9 |
% |
|||||
|
Ceded premiums |
|
(395,973 |
) |
|
(413,850 |
) |
|
(401,295 |
) |
|
(405,147 |
) |
|
(399,885 |
) |
|
(419,048 |
) |
|
(404,870 |
) |
|
(3,576 |
) |
|
-0.9 |
% |
|
(1,211,117 |
) |
|
(1,223,804 |
) |
|
(12,687 |
) |
|
-1.0 |
% |
|||||
|
|
Net premiums |
|
366,254 |
|
|
366,450 |
|
|
383,983 |
|
|
389,197 |
|
|
398,781 |
|
|
389,846 |
|
|
405,209 |
|
|
21,226 |
|
|
5.5 |
% |
|
1,116,687 |
|
|
1,193,836 |
|
|
77,149 |
|
|
6.9 |
% |
||||
|
Net investment income |
|
20,052 |
|
|
20,535 |
|
|
20,000 |
|
|
20,001 |
|
|
18,905 |
|
|
21,284 |
|
|
24,346 |
|
|
4,346 |
|
|
21.7 |
% |
|
60,588 |
|
|
64,535 |
|
|
3,947 |
|
|
6.5 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Sales-based (1) |
|
98,112 |
|
|
104,716 |
|
|
95,229 |
|
|
103,451 |
|
|
103,242 |
|
|
88,701 |
|
|
67,962 |
|
|
(27,267 |
) |
|
-28.6 |
% |
|
298,057 |
|
|
259,905 |
|
|
(38,153 |
) |
|
-12.8 |
% |
||||
|
|
Asset-based (2) |
|
101,241 |
|
|
108,490 |
|
|
113,558 |
|
|
118,015 |
|
|
113,112 |
|
|
108,101 |
|
|
107,483 |
|
|
(6,074 |
) |
|
-5.3 |
% |
|
323,288 |
|
|
328,696 |
|
|
5,407 |
|
|
1.7 |
% |
||||
|
|
Account-based (3) |
|
21,120 |
|
|
21,848 |
|
|
21,456 |
|
|
22,514 |
|
|
21,541 |
|
|
22,592 |
|
|
22,910 |
|
|
1,454 |
|
|
6.8 |
% |
|
64,424 |
|
|
67,043 |
|
|
2,619 |
|
|
4.1 |
% |
||||
|
|
Other commissions and fees |
|
13,571 |
|
|
15,635 |
|
|
39,553 |
|
|
44,304 |
|
|
13,905 |
|
|
21,294 |
|
|
27,113 |
|
|
(12,441 |
) |
|
-31.5 |
% |
|
68,759 |
|
|
62,312 |
|
|
(6,446 |
) |
|
-9.4 |
% |
||||
|
Investment (losses) gains |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
|
(4,109 |
) |
nm |
|
|
3,876 |
|
|
(3,841 |
) |
|
(7,717 |
) |
nm |
|
|||||||
|
Other, net |
|
15,595 |
|
|
16,313 |
|
|
18,051 |
|
|
24,616 |
|
|
20,988 |
|
|
18,755 |
|
|
20,964 |
|
|
2,914 |
|
|
16.1 |
% |
|
49,958 |
|
|
60,708 |
|
|
10,750 |
|
|
21.5 |
% |
|||||
|
Total revenues |
|
637,711 |
|
|
654,687 |
|
|
693,240 |
|
|
724,094 |
|
|
691,225 |
|
|
668,681 |
|
|
673,288 |
|
|
(19,952 |
) |
|
-2.9 |
% |
|
1,985,638 |
|
|
2,033,194 |
|
|
47,556 |
|
|
2.4 |
% |
|||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Benefits and claims |
|
183,789 |
|
|
168,347 |
|
|
183,425 |
|
|
187,192 |
|
|
187,069 |
|
|
153,257 |
|
|
171,293 |
|
|
(12,132 |
) |
|
-6.6 |
% |
|
535,561 |
|
|
511,619 |
|
|
(23,942 |
) |
|
-4.5 |
% |
|||||
|
Amortization of DAC |
|
66,105 |
|
|
54,286 |
|
|
62,214 |
|
|
68,575 |
|
|
86,063 |
|
|
85,379 |
|
|
90,925 |
|
|
28,711 |
|
|
46.1 |
% |
|
182,604 |
|
|
262,367 |
|
|
79,763 |
|
|
43.7 |
% |
|||||
|
Insurance commissions |
|
8,740 |
|
|
8,838 |
|
|
8,412 |
|
|
8,542 |
|
|
7,721 |
|
|
7,594 |
|
|
7,666 |
|
|
(746 |
) |
|
-8.9 |
% |
|
25,990 |
|
|
22,982 |
|
|
(3,008 |
) |
|
-11.6 |
% |
|||||
|
Insurance expenses |
|
48,766 |
|
|
48,579 |
|
|
51,901 |
|
|
53,359 |
|
|
59,509 |
|
|
59,461 |
|
|
57,552 |
|
|
5,651 |
|
|
10.9 |
% |
|
149,246 |
|
|
176,522 |
|
|
27,276 |
|
|
18.3 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Sales-based (1) |
|
68,594 |
|
|
73,629 |
|
|
67,745 |
|
|
77,390 |
|
|
74,606 |
|
|
63,403 |
|
|
48,775 |
|
|
(18,970 |
) |
|
-28.0 |
% |
|
209,969 |
|
|
186,784 |
|
|
(23,185 |
) |
|
-11.0 |
% |
||||
|
|
Asset-based (2) |
|
46,866 |
|
|
50,488 |
|
|
53,233 |
|
|
55,614 |
|
|
53,366 |
|
|
50,876 |
|
|
51,549 |
|
|
(1,684 |
) |
|
-3.2 |
% |
|
150,587 |
|
|
155,791 |
|
|
5,204 |
|
|
3.5 |
% |
||||
|
|
Other sales commissions |
|
6,434 |
|
|
7,185 |
|
|
8,290 |
|
|
6,839 |
|
|
5,952 |
|
|
5,484 |
|
|
5,592 |
|
|
(2,698 |
) |
|
-32.5 |
% |
|
21,908 |
|
|
17,028 |
|
|
(4,881 |
) |
|
-22.3 |
% |
||||
|
Interest expense |
|
7,145 |
|
|
7,141 |
|
|
7,529 |
|
|
8,804 |
|
|
6,853 |
|
|
6,814 |
|
|
6,802 |
|
|
(727 |
) |
|
-9.7 |
% |
|
21,814 |
|
|
20,469 |
|
|
(1,345 |
) |
|
-6.2 |
% |
|||||
|
Contract acquistion costs (4) |
|
— |
|
|
— |
|
|
23,524 |
|
|
29,264 |
|
|
20,649 |
|
|
19,384 |
|
|
13,446 |
|
|
(10,079 |
) |
|
-42.8 |
% |
|
23,524 |
|
|
53,479 |
|
|
29,955 |
|
|
127.3 |
% |
|||||
|
Other operating expenses |
|
72,964 |
|
|
66,730 |
|
|
79,866 |
|
|
77,292 |
|
|
86,434 |
|
|
79,728 |
|
|
73,790 |
|
|
(6,076 |
) |
|
-7.6 |
% |
|
219,559 |
|
|
239,952 |
|
|
20,392 |
|
|
9.3 |
% |
|||||
|
Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
76,000 |
|
|
— |
|
|
— |
|
|
60,000 |
|
|
60,000 |
|
#DIV/0! |
|
|
— |
|
|
60,000 |
|
|
60,000 |
|
#DIV/0! |
|
|||||||
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
8,927 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
#DIV/0! |
|
|
— |
|
|
— |
|
|
— |
|
#DIV/0! |
|
|||||||
|
Total benefits and expenses |
|
509,403 |
|
|
485,222 |
|
|
546,138 |
|
|
657,797 |
|
|
588,222 |
|
|
531,381 |
|
|
587,389 |
|
|
41,251 |
|
|
7.6 |
% |
|
1,540,763 |
|
|
1,706,992 |
|
|
166,228 |
|
|
10.8 |
% |
|||||
|
Income before income taxes |
|
128,308 |
|
|
169,465 |
|
|
147,102 |
|
|
66,296 |
|
|
103,003 |
|
|
137,300 |
|
|
85,899 |
|
|
(61,202 |
) |
|
-41.6 |
% |
|
444,875 |
|
|
326,203 |
|
|
(118,672 |
) |
|
-26.7 |
% |
|||||
|
|
Income taxes |
|
30,437 |
|
|
41,304 |
|
|
35,663 |
|
|
31,788 |
|
|
24,239 |
|
|
31,737 |
|
|
34,092 |
|
|
(1,570 |
) |
|
-4.4 |
% |
|
107,403 |
|
|
90,069 |
|
|
(17,334 |
) |
|
-16.1 |
% |
||||
|
Net income |
|
97,872 |
|
|
128,162 |
|
|
111,439 |
|
|
34,508 |
|
|
78,764 |
|
|
105,563 |
|
|
51,807 |
|
|
(59,632 |
) |
|
-53.5 |
% |
|
337,472 |
|
|
236,134 |
|
|
(101,338 |
) |
|
-30.0 |
% |
|||||
|
Net income attributable to noncontrolling interests |
|
— |
|
|
— |
|
|
(1,017 |
) |
|
(360 |
) |
|
(2,654 |
) |
|
(2,384 |
) |
|
— |
|
|
1,017 |
|
|
100.0 |
% |
|
(1,017 |
) |
|
(5,038 |
) |
|
(4,021 |
) |
nm |
|
||||||
|
|
Net Income attributable to Primerica, Inc. |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
112,456 |
|
$ |
34,868 |
|
$ |
81,418 |
|
$ |
107,947 |
|
$ |
51,807 |
|
$ |
(60,649 |
) |
|
-53.9 |
% |
$ |
338,489 |
|
$ |
241,172 |
|
$ |
(97,317 |
) |
|
-28.8 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income Before Income Taxes by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Life |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
||||||
Investment & Savings Products |
|
63,363 |
|
|
71,154 |
|
|
69,369 |
|
|
70,699 |
|
|
64,560 |
|
|
58,975 |
|
|
58,377 |
|
|
(10,992 |
) |
|
-15.8 |
% |
|
203,886 |
|
|
181,912 |
|
|
(21,974 |
) |
|
-10.8 |
% |
||||||
Senior Health |
|
— |
|
|
— |
|
|
(8,489 |
) |
|
(76,561 |
) |
|
(23,085 |
) |
|
(16,150 |
) |
|
(63,723 |
) |
|
(55,234 |
) |
nm |
|
|
(8,489 |
) |
|
(102,959 |
) |
|
(94,470 |
) |
nm |
|
||||||||
Corporate & Other Distributed Products |
|
(23,290 |
) |
|
(18,467 |
) |
|
(21,367 |
) |
|
(29,861 |
) |
|
(30,048 |
) |
|
(25,403 |
) |
|
(20,518 |
) |
|
849 |
|
|
4.0 |
% |
|
(63,124 |
) |
|
(75,969 |
) |
|
(12,845 |
) |
|
-20.3 |
% |
||||||
|
Income before income taxes |
$ |
128,308 |
|
$ |
169,465 |
|
$ |
147,102 |
|
$ |
66,296 |
|
$ |
103,003 |
|
$ |
137,300 |
|
$ |
85,899 |
|
$ |
(61,202 |
) |
|
-41.6 |
% |
$ |
444,875 |
|
$ |
326,203 |
|
$ |
(118,672 |
) |
|
-26.7 |
% |
6 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Term Life direct premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
249,944 |
|
|
246,874 |
|
|
241,439 |
|
|
239,828 |
|
|
234,614 |
|
|
231,805 |
|
|
226,869 |
|
|
(14,570 |
) |
|
-6.0 |
% |
|
738,257 |
|
|
693,288 |
|
|
(44,969 |
) |
|
-6.1 |
% |
|||||
|
Term Life adjusted direct premiums |
$ |
506,570 |
|
$ |
527,626 |
|
$ |
538,051 |
|
$ |
549,496 |
|
$ |
558,640 |
|
$ |
571,648 |
|
$ |
577,717 |
|
$ |
39,666 |
|
|
7.4 |
% |
$ |
1,572,247 |
|
$ |
1,708,005 |
|
$ |
135,758 |
|
|
8.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Term Life ceded premiums |
$ |
(394,550 |
) |
$ |
(412,028 |
) |
$ |
(399,835 |
) |
$ |
(403,184 |
) |
$ |
(398,446 |
) |
$ |
(417,406 |
) |
$ |
(403,416 |
) |
$ |
(3,581 |
) |
|
-0.9 |
% |
$ |
(1,206,413 |
) |
$ |
(1,219,268 |
) |
$ |
(12,855 |
) |
|
-1.1 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
(249,944 |
) |
|
(246,874 |
) |
|
(241,439 |
) |
|
(239,828 |
) |
|
(234,614 |
) |
|
(231,805 |
) |
|
(226,869 |
) |
|
14,570 |
|
|
6.0 |
% |
|
(738,257 |
) |
|
(693,288 |
) |
|
44,969 |
|
|
6.1 |
% |
|||||
|
Term Life other ceded premiums |
$ |
(144,606 |
) |
$ |
(165,154 |
) |
$ |
(158,397 |
) |
$ |
(163,356 |
) |
$ |
(163,832 |
) |
$ |
(185,601 |
) |
$ |
(176,548 |
) |
$ |
(18,151 |
) |
|
-11.5 |
% |
$ |
(468,156 |
) |
$ |
(525,981 |
) |
$ |
(57,824 |
) |
|
-12.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Net Investment Income to Adjusted Net Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net Investment Income |
$ |
20,052 |
|
$ |
20,535 |
|
$ |
20,000 |
|
$ |
20,001 |
|
$ |
18,905 |
|
$ |
21,284 |
|
$ |
24,346 |
|
$ |
4,346 |
|
|
21.7 |
% |
$ |
60,588 |
|
$ |
64,535 |
|
$ |
3,947 |
|
|
6.5 |
% |
|||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted net investment income |
$ |
20,845 |
|
$ |
20,705 |
|
$ |
20,640 |
|
$ |
20,900 |
|
$ |
21,004 |
|
$ |
22,538 |
|
$ |
24,414 |
|
$ |
3,774 |
|
|
18.3 |
% |
$ |
62,191 |
|
$ |
67,956 |
|
$ |
5,765 |
|
|
9.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Other Operating Expenses to Adjusted other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Other operating expenses |
$ |
72,964 |
|
$ |
66,730 |
|
$ |
79,866 |
|
$ |
77,292 |
|
$ |
86,434 |
|
$ |
79,728 |
|
$ |
73,790 |
|
$ |
(6,076 |
) |
|
-7.6 |
% |
$ |
219,559 |
|
$ |
239,952 |
|
$ |
20,392 |
|
|
9.3 |
% |
|||||
|
Less: eTeleQuote transaction-related costs |
|
— |
|
|
2,109 |
|
|
10,027 |
|
|
812 |
|
|
900 |
|
|
(2,892 |
) |
|
— |
|
nm |
|
nm |
|
|
12,136 |
|
|
(1,992 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
(1,004 |
) |
|
(739 |
) |
|
256 |
|
|
3,328 |
|
|
— |
|
nm |
|
nm |
|
|
(1,004 |
) |
|
3,584 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted other operating expenses |
$ |
72,964 |
|
$ |
64,620 |
|
$ |
70,843 |
|
$ |
77,219 |
|
$ |
85,278 |
|
$ |
79,292 |
|
$ |
73,790 |
|
$ |
2,946 |
|
|
4.2 |
% |
$ |
208,427 |
|
$ |
238,360 |
|
$ |
29,933 |
|
|
14.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Total Revenues to Adjusted Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total revenues |
$ |
637,711 |
|
$ |
654,687 |
|
$ |
693,240 |
|
$ |
724,094 |
|
$ |
691,225 |
|
$ |
668,681 |
|
$ |
673,288 |
|
$ |
(19,952 |
) |
|
-2.9 |
% |
$ |
1,985,638 |
|
$ |
2,033,194 |
|
$ |
47,556 |
|
|
2.4 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted operating revenues |
$ |
636,738 |
|
$ |
654,156 |
|
$ |
692,470 |
|
$ |
722,998 |
|
$ |
692,573 |
|
$ |
671,827 |
|
$ |
676,056 |
|
$ |
(16,415 |
) |
|
-2.4 |
% |
$ |
1,983,365 |
|
$ |
2,040,456 |
|
$ |
57,091 |
|
|
2.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
$ |
128,308 |
|
$ |
169,465 |
|
$ |
147,102 |
|
$ |
66,296 |
|
$ |
103,003 |
|
$ |
137,300 |
|
$ |
85,899 |
|
$ |
(61,202 |
) |
|
-41.6 |
% |
$ |
444,875 |
|
$ |
326,203 |
|
$ |
(118,672 |
) |
|
-26.7 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: eTeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(10,027 |
) |
|
(812 |
) |
|
(900 |
) |
|
2,892 |
|
|
— |
|
nm |
|
nm |
|
|
(12,136 |
) |
|
1,992 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Noncontrolling interest before income taxes |
|
— |
|
|
— |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
127,335 |
|
$ |
171,044 |
|
$ |
156,819 |
|
$ |
150,740 |
|
$ |
109,175 |
|
$ |
144,011 |
|
$ |
148,667 |
|
$ |
(8,152 |
) |
|
-5.2 |
% |
$ |
455,198 |
|
$ |
401,853 |
|
$ |
(53,345 |
) |
|
-11.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from Net Income to Adjusted Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net income |
$ |
97,872 |
|
$ |
128,162 |
|
$ |
111,439 |
|
$ |
34,508 |
|
$ |
78,764 |
|
$ |
105,563 |
|
$ |
51,807 |
|
$ |
(59,632 |
) |
|
-53.5 |
% |
$ |
337,472 |
|
$ |
236,134 |
|
$ |
(101,338 |
) |
|
-30.0 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(10,027 |
) |
|
(812 |
) |
|
(900 |
) |
|
2,892 |
|
|
— |
|
nm |
|
nm |
|
|
(12,136 |
) |
|
1,992 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquisition |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Noncontrolling interest before income taxes |
|
— |
|
|
— |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Less: Tax impact of reconciling items |
|
(231 |
) |
|
385 |
|
|
2,449 |
|
|
1,945 |
|
|
1,603 |
|
|
1,573 |
|
|
647 |
|
nm |
|
nm |
|
|
2,602 |
|
|
3,823 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted net operating income |
$ |
97,129 |
|
$ |
129,355 |
|
$ |
118,708 |
|
$ |
117,007 |
|
$ |
83,333 |
|
$ |
110,701 |
|
$ |
113,928 |
|
$ |
(4,780 |
) |
|
-4.0 |
% |
$ |
345,193 |
|
$ |
307,962 |
|
$ |
(37,231 |
) |
|
-10.8 |
% |
7 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
na |
|
na |
|
$ |
(8,489 |
) |
$ |
(76,561 |
) |
$ |
(23,085 |
) |
$ |
(16,150 |
) |
$ |
(63,723 |
) |
$ |
(55,234 |
) |
nm |
|
$ |
(8,489 |
) |
$ |
(102,959 |
) |
$ |
(94,470 |
) |
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
na |
|
na |
|
|
(417 |
) |
|
(389 |
) |
|
(399 |
) |
|
(66 |
) |
|
— |
|
nm |
|
nm |
|
|
(417 |
) |
|
(465 |
) |
nm |
|
nm |
|
|||||||||||
|
Less: Noncontrolling interest |
na |
|
na |
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
nm |
|
nm |
|
|
(1,465 |
) |
|
(6,797 |
) |
nm |
|
nm |
|
|||||||||||
|
Less: Goodwill impairment |
na |
|
na |
|
|
— |
|
|
(76,000 |
) |
|
— |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|
— |
|
|
(60,000 |
) |
nm |
|
nm |
|
|||||||||||
|
Adjusted operating income before income taxes |
na |
|
na |
|
$ |
(6,608 |
) |
$ |
369 |
|
$ |
(19,018 |
) |
$ |
(12,955 |
) |
$ |
(3,723 |
) |
$ |
2,884 |
|
|
43.7 |
% |
$ |
(6,608 |
) |
$ |
(35,696 |
) |
$ |
(29,089 |
) |
nm |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Income before income taxes |
$ |
(23,290 |
) |
$ |
(18,467 |
) |
$ |
(21,367 |
) |
$ |
(29,861 |
) |
$ |
(30,048 |
) |
$ |
(25,403 |
) |
$ |
(20,518 |
) |
$ |
849 |
|
|
4.0 |
% |
$ |
(63,124 |
) |
$ |
(75,969 |
) |
$ |
(12,845 |
) |
|
-20.3 |
% |
|||||
|
Less: Investment gains/(losses) |
|
1,766 |
|
|
701 |
|
|
1,410 |
|
|
1,995 |
|
|
751 |
|
|
(1,892 |
) |
|
(2,699 |
) |
nm |
|
nm |
|
|
3,876 |
|
|
(3,841 |
) |
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
nm |
|
nm |
|
|
(1,603 |
) |
|
(3,421 |
) |
nm |
|
nm |
|
|||||||||
|
Less: e-TeleQuote transaction-related costs |
|
— |
|
|
(2,109 |
) |
|
(9,610 |
) |
|
(423 |
) |
|
(501 |
) |
|
2,958 |
|
|
— |
|
nm |
|
nm |
|
|
(11,719 |
) |
|
2,458 |
|
nm |
|
nm |
|
|||||||||
|
Less: Equity comp for awards exchanged during acquistion |
|
— |
|
|
— |
|
|
1,004 |
|
|
739 |
|
|
(256 |
) |
|
(3,328 |
) |
|
— |
|
nm |
|
nm |
|
|
1,004 |
|
|
(3,584 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
(8,927 |
) |
|
— |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|
— |
|
|
— |
|
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
(24,263 |
) |
$ |
(16,888 |
) |
$ |
(13,531 |
) |
$ |
(22,346 |
) |
$ |
(27,943 |
) |
$ |
(21,887 |
) |
$ |
(17,750 |
) |
$ |
(4,219 |
) |
|
-31.2 |
% |
$ |
(54,682 |
) |
$ |
(67,581 |
) |
$ |
(12,898 |
) |
|
-23.6 |
% |
8 of 18
Term Life Insurance - Financial Results and Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Term Life Insurance Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Direct Premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
Premiums ceded to IPO coinsurers (1) |
|
(249,944 |
) |
|
(246,874 |
) |
|
(241,439 |
) |
|
(239,828 |
) |
|
(234,614 |
) |
|
(231,805 |
) |
|
(226,869 |
) |
|
14,570 |
|
|
6.0 |
% |
|
(738,257 |
) |
|
(693,288 |
) |
|
44,969 |
|
|
6.1 |
% |
|||||
|
Adjusted direct premiums (2) |
|
506,570 |
|
|
527,626 |
|
|
538,051 |
|
|
549,496 |
|
|
558,640 |
|
|
571,648 |
|
|
577,717 |
|
|
39,666 |
|
|
7.4 |
% |
|
1,572,247 |
|
|
1,708,005 |
|
|
135,758 |
|
|
8.6 |
% |
|||||
|
Other ceded premiums (3) |
|
(144,606 |
) |
|
(165,154 |
) |
|
(158,397 |
) |
|
(163,356 |
) |
|
(163,832 |
) |
|
(185,601 |
) |
|
(176,548 |
) |
|
(18,151 |
) |
|
-11.5 |
% |
|
(468,156 |
) |
|
(525,981 |
) |
|
(57,824 |
) |
|
-12.4 |
% |
|||||
|
Net premiums |
|
361,964 |
|
|
362,472 |
|
|
379,654 |
|
|
386,140 |
|
|
394,808 |
|
|
386,047 |
|
|
401,169 |
|
|
21,515 |
|
|
5.7 |
% |
|
1,104,090 |
|
|
1,182,024 |
|
|
77,934 |
|
|
7.1 |
% |
|||||
|
Allocated net investment income |
|
8,253 |
|
|
8,751 |
|
|
9,320 |
|
|
10,162 |
|
|
11,445 |
|
|
12,286 |
|
|
13,241 |
|
|
3,922 |
|
|
42.1 |
% |
|
26,324 |
|
|
36,973 |
|
|
10,649 |
|
|
40.5 |
% |
|||||
|
Other, net |
|
11,810 |
|
|
12,315 |
|
|
12,476 |
|
|
12,369 |
|
|
12,175 |
|
|
12,374 |
|
|
13,419 |
|
|
943 |
|
|
7.6 |
% |
|
36,601 |
|
|
37,968 |
|
|
1,367 |
|
|
3.7 |
% |
|||||
|
Revenues |
|
382,028 |
|
|
383,537 |
|
|
401,450 |
|
|
408,672 |
|
|
418,428 |
|
|
410,707 |
|
|
427,830 |
|
|
26,379 |
|
|
6.6 |
% |
|
1,167,016 |
|
|
1,256,965 |
|
|
89,950 |
|
|
7.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Benefits and claims |
|
178,963 |
|
|
162,488 |
|
|
179,696 |
|
|
182,749 |
|
|
182,903 |
|
|
148,977 |
|
|
167,356 |
|
|
(12,340 |
) |
|
-6.9 |
% |
|
521,148 |
|
|
499,237 |
|
|
(21,911 |
) |
|
-4.2 |
% |
|||||
|
Amortization of DAC |
|
62,584 |
|
|
52,235 |
|
|
59,287 |
|
|
67,344 |
|
|
81,883 |
|
|
79,668 |
|
|
88,275 |
|
|
28,989 |
|
|
48.9 |
% |
|
174,106 |
|
|
249,826 |
|
|
75,720 |
|
|
43.5 |
% |
|||||
|
Insurance commissions |
|
4,869 |
|
|
4,785 |
|
|
4,345 |
|
|
4,458 |
|
|
3,793 |
|
|
3,854 |
|
|
3,964 |
|
|
(381 |
) |
|
-8.8 |
% |
|
13,999 |
|
|
11,612 |
|
|
(2,387 |
) |
|
-17.1 |
% |
|||||
|
Insurance expenses |
|
47,375 |
|
|
47,252 |
|
|
50,534 |
|
|
52,102 |
|
|
58,272 |
|
|
58,329 |
|
|
56,471 |
|
|
5,937 |
|
|
11.7 |
% |
|
145,160 |
|
|
173,072 |
|
|
27,912 |
|
|
19.2 |
% |
|||||
|
Benefits and expenses |
|
293,792 |
|
|
266,760 |
|
|
293,862 |
|
|
306,652 |
|
|
326,851 |
|
|
290,829 |
|
|
316,066 |
|
|
22,205 |
|
|
7.6 |
% |
|
854,414 |
|
|
933,747 |
|
|
79,334 |
|
|
9.3 |
% |
|||||
|
Income before income taxes |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Term Life Insurance - Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Post-IPO direct premiums (4) |
$ |
401,106 |
|
$ |
420,865 |
|
$ |
431,022 |
|
$ |
440,490 |
|
$ |
448,657 |
|
$ |
460,061 |
|
$ |
465,354 |
|
$ |
34,332 |
|
|
8.0 |
% |
$ |
1,252,993 |
|
$ |
1,374,072 |
|
$ |
121,079 |
|
|
9.7 |
% |
|||||
|
Pre-IPO direct premiums (5) |
|
355,408 |
|
|
353,635 |
|
|
348,468 |
|
|
348,834 |
|
|
344,597 |
|
|
343,392 |
|
|
339,232 |
|
|
(9,236 |
) |
|
-2.7 |
% |
|
1,057,511 |
|
|
1,027,221 |
|
|
(30,290 |
) |
|
-2.9 |
% |
|||||
|
Total direct premiums |
$ |
756,514 |
|
$ |
774,500 |
|
$ |
779,490 |
|
$ |
789,325 |
|
$ |
793,254 |
|
$ |
803,453 |
|
$ |
804,586 |
|
$ |
25,096 |
|
|
3.2 |
% |
$ |
2,310,504 |
|
$ |
2,401,293 |
|
$ |
90,789 |
|
|
3.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Premiums ceded to IPO coinsurers |
$ |
249,944 |
|
$ |
246,874 |
|
$ |
241,439 |
|
$ |
239,828 |
|
$ |
234,614 |
|
$ |
231,805 |
|
$ |
226,869 |
|
$ |
(14,570 |
) |
|
-6.0 |
% |
$ |
738,257 |
|
$ |
693,288 |
|
$ |
(44,969 |
) |
|
-6.1 |
% |
|||||
|
% of Pre-IPO direct premiums |
|
70.3 |
% |
|
69.8 |
% |
|
69.3 |
% |
|
68.8 |
% |
|
68.1 |
% |
|
67.5 |
% |
|
66.9 |
% |
nm |
|
nm |
|
|
69.8 |
% |
|
67.5 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and claims, net (6) |
$ |
323,569 |
|
$ |
327,642 |
|
$ |
338,093 |
|
$ |
346,105 |
|
$ |
346,735 |
|
$ |
334,578 |
|
$ |
343,904 |
|
$ |
5,811 |
|
|
1.7 |
% |
$ |
989,304 |
|
$ |
1,025,217 |
|
$ |
35,913 |
|
|
3.6 |
% |
|||||
|
% of adjusted direct premiums |
|
63.9 |
% |
|
62.1 |
% |
|
62.8 |
% |
|
63.0 |
% |
|
62.1 |
% |
|
58.5 |
% |
|
59.5 |
% |
nm |
|
nm |
|
|
62.9 |
% |
|
60.0 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
DAC amortization & insurance commissions |
$ |
67,454 |
|
$ |
57,020 |
|
$ |
63,632 |
|
$ |
71,802 |
|
$ |
85,676 |
|
$ |
83,523 |
|
$ |
92,239 |
|
$ |
28,608 |
|
|
45.0 |
% |
$ |
188,106 |
|
$ |
261,438 |
|
$ |
73,333 |
|
|
39.0 |
% |
|||||
|
% of adjusted direct premiums |
|
13.3 |
% |
|
10.8 |
% |
|
11.8 |
% |
|
13.1 |
% |
|
15.3 |
% |
|
14.6 |
% |
|
16.0 |
% |
nm |
|
nm |
|
|
12.0 |
% |
|
15.3 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Insurance expenses, net (7) |
$ |
35,565 |
|
$ |
34,937 |
|
$ |
38,057 |
|
$ |
39,732 |
|
$ |
46,097 |
|
$ |
45,955 |
|
$ |
43,052 |
|
$ |
4,995 |
|
|
13.1 |
% |
$ |
108,559 |
|
$ |
135,104 |
|
$ |
26,545 |
|
|
24.5 |
% |
|||||
|
% of adjusted direct premiums |
|
7.0 |
% |
|
6.6 |
% |
|
7.1 |
% |
|
7.2 |
% |
|
8.3 |
% |
|
8.0 |
% |
|
7.5 |
% |
nm |
|
nm |
|
|
6.9 |
% |
|
7.9 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Total Term Life income before income taxes |
$ |
88,236 |
|
$ |
116,778 |
|
$ |
107,589 |
|
$ |
102,019 |
|
$ |
91,577 |
|
$ |
119,878 |
|
$ |
111,763 |
|
$ |
4,175 |
|
|
3.9 |
% |
$ |
312,602 |
|
$ |
323,218 |
|
$ |
10,616 |
|
|
3.4 |
% |
|||||
|
Term Life operating margin (8) |
|
17.4 |
% |
|
22.1 |
% |
|
20.0 |
% |
|
18.6 |
% |
|
16.4 |
% |
|
21.0 |
% |
|
19.3 |
% |
nm |
|
nm |
|
|
19.9 |
% |
|
18.9 |
% |
nm |
|
nm |
|
9 of 18
Term Life Insurance - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
|
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
||||||||||||||||||
|
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Life-insurance licensed sales force, beginning of period |
|
134,907 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
108 |
|
|
0.1 |
% |
|
134,907 |
|
|
129,515 |
|
|
(5,392 |
) |
|
-4.0 |
% |
|||||
|
|
New life-licensed representatives |
|
10,833 |
|
|
10,112 |
|
|
9,381 |
|
|
9,296 |
|
|
9,983 |
|
|
11,529 |
|
|
12,518 |
|
|
3,137 |
|
|
33.4 |
% |
|
30,326 |
|
|
34,030 |
|
|
3,704 |
|
|
12.2 |
% |
||||
|
|
Non-renewal and terminated representatives |
|
(13,710 |
) |
|
(10,101 |
) |
|
(11,399 |
) |
|
(9,804 |
) |
|
(9,292 |
) |
|
(9,586 |
) |
|
(10,354 |
) |
|
1,045 |
|
|
9.2 |
% |
|
(35,210 |
) |
|
(29,232 |
) |
|
5,978 |
|
|
17.0 |
% |
||||
|
Life-insurance licensed sales force, end of period |
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
134,313 |
|
|
4,290 |
|
|
3.3 |
% |
|
130,023 |
|
|
134,313 |
|
|
4,290 |
|
|
3.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Estimated annualized issued term life premium ($mills) (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Premium from new policies |
$ |
74.5 |
|
$ |
82.6 |
|
$ |
70.7 |
|
$ |
69.4 |
|
$ |
65.5 |
|
$ |
72.3 |
|
$ |
68.0 |
|
$ |
(2.7 |
) |
|
-3.8 |
% |
$ |
227.8 |
|
$ |
205.9 |
|
$ |
(22.0 |
) |
|
-9.6 |
% |
||||
|
|
Additions and increases in premium |
|
18.0 |
|
|
20.3 |
|
|
19.5 |
|
|
19.1 |
|
|
18.4 |
|
|
20.6 |
|
|
19.5 |
|
|
(0.1 |
) |
|
-0.3 |
% |
|
57.9 |
|
|
58.5 |
|
|
0.6 |
|
|
1.0 |
% |
||||
|
|
|
|
Total estimated annualized issued term life premium |
$ |
92.5 |
|
$ |
103.0 |
|
$ |
90.2 |
|
$ |
88.5 |
|
$ |
83.8 |
|
$ |
92.9 |
|
$ |
87.5 |
|
$ |
(2.7 |
) |
|
-3.0 |
% |
$ |
285.7 |
|
$ |
264.3 |
|
$ |
(21.4 |
) |
|
-7.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Issued term life policies |
|
82,667 |
|
|
90,071 |
|
|
75,914 |
|
|
75,203 |
|
|
71,324 |
|
|
76,946 |
|
|
71,104 |
|
|
(4,810 |
) |
|
-6.3 |
% |
|
248,652 |
|
|
219,374 |
|
|
(29,278 |
) |
|
-11.8 |
% |
|||||
|
Estimated average annualized issued term life premium per policy (1)(2) |
$ |
901 |
|
$ |
917 |
|
$ |
931 |
|
$ |
923 |
|
$ |
918 |
|
$ |
940 |
|
$ |
957 |
|
$ |
26 |
|
|
2.8 |
% |
$ |
916 |
|
$ |
938 |
|
$ |
22 |
|
|
2.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Term life face amount in-force, beginning of period ($mills) |
$ |
858,818 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
27,918 |
|
|
3.1 |
% |
$ |
858,818 |
|
$ |
903,404 |
|
$ |
44,586 |
|
|
5.2 |
% |
|||||
|
|
Issued term life face amount (3) |
|
26,643 |
|
|
29,981 |
|
|
26,219 |
|
|
25,678 |
|
|
24,773 |
|
|
27,651 |
|
|
26,049 |
|
|
(170 |
) |
|
-0.6 |
% |
|
82,843 |
|
|
78,472 |
|
|
(4,371 |
) |
|
-5.3 |
% |
||||
|
|
Terminated term life face amount |
|
(17,240 |
) |
|
(14,706 |
) |
|
(16,241 |
) |
|
(16,610 |
) |
|
(19,787 |
) |
|
(19,298 |
) |
|
(21,033 |
) |
|
(4,792 |
) |
|
-29.5 |
% |
|
(48,187 |
) |
|
(60,117 |
) |
|
(11,930 |
) |
|
-24.8 |
% |
||||
|
|
Foreign currency impact, net |
|
1,422 |
|
|
1,602 |
|
|
(2,480 |
) |
|
319 |
|
|
1,242 |
|
|
(3,547 |
) |
|
(6,669 |
) |
|
(4,189 |
) |
nm |
|
|
544 |
|
|
(8,974 |
) |
|
(9,518 |
) |
nm |
|
||||||
|
Term life face amount in-force, end of period |
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
912,785 |
|
$ |
18,767 |
|
|
2.1 |
% |
$ |
894,018 |
|
$ |
912,785 |
|
$ |
18,767 |
|
|
2.1 |
% |
10 of 18
Investment and Savings Products - Financial Results and Financial Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Investment & Savings Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Sales-based |
$ |
98,112 |
|
$ |
104,716 |
|
$ |
95,229 |
|
$ |
103,451 |
|
$ |
103,242 |
|
$ |
88,701 |
|
$ |
67,962 |
|
$ |
(27,267 |
) |
|
-28.6 |
% |
$ |
298,057 |
|
$ |
259,905 |
|
$ |
(38,153 |
) |
|
-12.8 |
% |
|||||
|
Asset-based |
|
101,241 |
|
|
108,490 |
|
|
113,558 |
|
|
118,015 |
|
|
113,112 |
|
|
108,101 |
|
|
107,483 |
|
|
(6,074 |
) |
|
-5.3 |
% |
|
323,288 |
|
|
328,696 |
|
|
5,407 |
|
|
1.7 |
% |
|||||
|
Account-based |
|
21,120 |
|
|
21,848 |
|
|
21,456 |
|
|
22,514 |
|
|
21,541 |
|
|
22,592 |
|
|
22,910 |
|
|
1,454 |
|
|
6.8 |
% |
|
64,424 |
|
|
67,043 |
|
|
2,619 |
|
|
4.1 |
% |
|||||
|
Other, net |
|
2,949 |
|
|
2,958 |
|
|
3,094 |
|
|
3,096 |
|
|
3,144 |
|
|
3,022 |
|
|
3,342 |
|
|
248 |
|
|
8.0 |
% |
|
9,001 |
|
|
9,508 |
|
|
506 |
|
|
5.6 |
% |
|||||
|
Revenues |
|
223,422 |
|
|
238,012 |
|
|
233,337 |
|
|
247,076 |
|
|
241,039 |
|
|
222,416 |
|
|
201,697 |
|
|
(31,640 |
) |
|
-13.6 |
% |
|
694,772 |
|
|
665,152 |
|
|
(29,620 |
) |
|
-4.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Amortization of DAC |
|
3,275 |
|
|
1,786 |
|
|
2,580 |
|
|
1,027 |
|
|
3,925 |
|
|
5,463 |
|
|
2,222 |
|
|
(357 |
) |
|
-13.8 |
% |
|
7,641 |
|
|
11,610 |
|
|
3,970 |
|
|
52.0 |
% |
|||||
|
Insurance commissions |
|
3,572 |
|
|
3,747 |
|
|
3,747 |
|
|
3,839 |
|
|
3,646 |
|
|
3,450 |
|
|
3,419 |
|
|
(328 |
) |
|
-8.8 |
% |
|
11,065 |
|
|
10,514 |
|
|
(551 |
) |
|
-5.0 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Sales-based |
|
68,594 |
|
|
73,629 |
|
|
67,745 |
|
|
77,390 |
|
|
74,606 |
|
|
63,403 |
|
|
48,775 |
|
|
(18,970 |
) |
|
-28.0 |
% |
|
209,969 |
|
|
186,784 |
|
|
(23,185 |
) |
|
-11.0 |
% |
|||||
|
Asset-based |
|
46,866 |
|
|
50,488 |
|
|
53,233 |
|
|
55,614 |
|
|
53,366 |
|
|
50,876 |
|
|
51,549 |
|
|
(1,684 |
) |
|
-3.2 |
% |
|
150,587 |
|
|
155,791 |
|
|
5,204 |
|
|
3.5 |
% |
|||||
|
Other operating expenses |
|
37,752 |
|
|
37,207 |
|
|
36,664 |
|
|
38,507 |
|
|
40,936 |
|
|
40,249 |
|
|
37,355 |
|
|
691 |
|
|
1.9 |
% |
|
111,623 |
|
|
118,540 |
|
|
6,917 |
|
|
6.2 |
% |
|||||
|
Benefits and expenses |
|
160,060 |
|
|
166,858 |
|
|
163,968 |
|
|
176,377 |
|
|
176,479 |
|
|
163,440 |
|
|
143,320 |
|
|
(20,648 |
) |
|
-12.6 |
% |
|
490,886 |
|
|
483,240 |
|
|
(7,646 |
) |
|
-1.6 |
% |
|||||
|
Income before income taxes |
$ |
63,363 |
|
$ |
71,154 |
|
$ |
69,369 |
|
$ |
70,699 |
|
$ |
64,560 |
|
$ |
58,975 |
|
$ |
58,377 |
|
$ |
(10,992 |
) |
|
-15.8 |
% |
$ |
203,886 |
|
$ |
181,912 |
|
$ |
(21,974 |
) |
|
-10.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Fees paid based on client asset values (1) |
$ |
6,964 |
|
$ |
7,535 |
|
$ |
7,891 |
|
$ |
8,482 |
|
$ |
8,037 |
|
$ |
7,917 |
|
$ |
7,980 |
|
$ |
89 |
|
|
1.1 |
% |
$ |
22,390 |
|
$ |
23,934 |
|
$ |
1,545 |
|
|
6.9 |
% |
|||||
|
Fees paid based on fee-generating positions (2) |
|
10,451 |
|
|
10,021 |
|
|
9,128 |
|
|
9,852 |
|
|
10,948 |
|
|
9,974 |
|
|
9,486 |
|
|
359 |
|
|
3.9 |
% |
|
29,600 |
|
|
30,408 |
|
|
808 |
|
|
2.7 |
% |
|||||
|
Other operating expenses |
|
20,337 |
|
|
19,652 |
|
|
19,645 |
|
|
20,172 |
|
|
21,951 |
|
|
22,358 |
|
|
19,889 |
|
|
244 |
|
|
1.2 |
% |
|
59,634 |
|
|
64,198 |
|
|
4,564 |
|
|
7.7 |
% |
|||||
|
Total other operating expenses |
$ |
37,752 |
|
$ |
37,207 |
|
$ |
36,664 |
|
$ |
38,507 |
|
$ |
40,936 |
|
$ |
40,249 |
|
$ |
37,355 |
|
$ |
691 |
|
|
1.9 |
% |
$ |
111,623 |
|
$ |
118,540 |
|
$ |
6,917 |
|
|
6.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Sales-based net revenue as % of revenue-generating sales (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
U.S. |
|
1.29 |
% |
|
1.28 |
% |
|
1.25 |
% |
|
1.11 |
% |
|
1.20 |
% |
|
1.27 |
% |
|
1.23 |
% |
nm |
|
nm |
|
|
1.27 |
% |
|
1.23 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
1.05 |
% |
|
0.96 |
% |
|
0.92 |
% |
|
0.65 |
% |
|
1.00 |
% |
|
0.78 |
% |
|
0.32 |
% |
nm |
|
nm |
|
|
0.98 |
% |
|
0.83 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
1.25 |
% |
|
1.23 |
% |
|
1.20 |
% |
|
1.05 |
% |
|
1.16 |
% |
|
1.21 |
% |
|
1.17 |
% |
nm |
|
nm |
|
|
1.23 |
% |
|
1.18 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Asset-based net revenue as % of average asset values (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
U.S. |
|
0.039 |
% |
|
0.039 |
% |
|
0.039 |
% |
|
0.040 |
% |
|
0.039 |
% |
|
0.040 |
% |
|
0.042 |
% |
nm |
|
nm |
|
|
0.117 |
% |
|
0.120 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
0.103 |
% |
|
0.112 |
% |
|
0.106 |
% |
|
0.115 |
% |
|
0.091 |
% |
|
0.078 |
% |
|
0.099 |
% |
nm |
|
nm |
|
|
0.321 |
% |
|
0.267 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
0.049 |
% |
|
0.050 |
% |
|
0.050 |
% |
|
0.052 |
% |
|
0.047 |
% |
|
0.046 |
% |
|
0.051 |
% |
nm |
|
nm |
|
|
0.149 |
% |
|
0.143 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Account-based net revenue per average fee generating position (5)(6) |
$ |
3.77 |
|
$ |
4.08 |
|
$ |
4.17 |
|
$ |
4.22 |
|
$ |
3.48 |
|
$ |
4.08 |
|
$ |
4.31 |
|
nm |
|
nm |
|
$ |
12.03 |
|
$ |
11.89 |
|
nm |
|
nm |
|
11 of 18
Investment and Savings Products - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$/# |
|
% |
|
YTD |
|
YTD |
|
$/# |
|
% |
|
|||||||||||||||||||
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Product sales ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
1,261.9 |
|
$ |
1,336.1 |
|
$ |
1,247.8 |
|
$ |
1,300.3 |
|
$ |
1,298.6 |
|
$ |
1,151.4 |
|
$ |
931.8 |
|
$ |
(316.0 |
) |
|
-25.3 |
% |
$ |
3,845.8 |
|
$ |
3,381.8 |
|
$ |
(464.0 |
) |
|
-12.1 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
424.0 |
|
|
357.0 |
|
|
314.8 |
|
|
343.0 |
|
|
437.6 |
|
|
250.6 |
|
|
112.2 |
|
|
(202.5 |
) |
|
-64.3 |
% |
|
1,095.8 |
|
|
800.5 |
|
|
(295.3 |
) |
|
-26.9 |
% |
||||
|
|
Indexed Annuities |
|
55.5 |
|
|
62.8 |
|
|
51.9 |
|
|
60.1 |
|
|
57.5 |
|
|
70.2 |
|
|
55.8 |
|
|
3.9 |
|
|
7.5 |
% |
|
170.1 |
|
|
183.4 |
|
|
13.3 |
|
|
7.8 |
% |
||||
|
|
Variable Annuities and other |
|
627.1 |
|
|
767.6 |
|
|
668.7 |
|
|
782.2 |
|
|
668.4 |
|
|
617.3 |
|
|
542.5 |
|
|
(126.1 |
) |
|
-18.9 |
% |
|
2,063.3 |
|
|
1,828.2 |
|
|
(235.1 |
) |
|
-11.4 |
% |
||||
|
|
|
|
Total sales-based revenue generating product sales |
|
2,368.4 |
|
|
2,523.4 |
|
|
2,283.1 |
|
|
2,485.7 |
|
|
2,462.1 |
|
|
2,089.5 |
|
|
1,642.3 |
|
|
(640.8 |
) |
|
-28.1 |
% |
|
7,175.0 |
|
|
6,193.9 |
|
|
(981.1 |
) |
|
-13.7 |
% |
||
|
|
Managed Accounts |
|
330.1 |
|
|
381.8 |
|
|
387.5 |
|
|
406.3 |
|
|
453.7 |
|
|
451.3 |
|
|
319.6 |
|
|
(67.8 |
) |
|
-17.5 |
% |
|
1,099.3 |
|
|
1,224.7 |
|
|
125.4 |
|
|
11.4 |
% |
||||
|
|
Canada Retail Mutual Funds - no upfront sales comm |
|
79.8 |
|
|
82.9 |
|
|
76.3 |
|
|
78.9 |
|
|
82.2 |
|
|
97.5 |
|
|
157.9 |
|
|
81.6 |
|
|
106.9 |
% |
|
239.0 |
|
|
337.7 |
|
|
98.6 |
|
|
41.3 |
% |
||||
|
|
Segregated Funds |
|
75.1 |
|
|
52.2 |
|
|
43.5 |
|
|
48.2 |
|
|
67.3 |
|
|
51.3 |
|
|
41.6 |
|
|
(1.9 |
) |
|
-4.4 |
% |
|
170.8 |
|
|
160.2 |
|
|
(10.6 |
) |
|
-6.2 |
% |
||||
|
|
|
|
Total product sales |
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
$ |
(629.0 |
) |
|
-22.5 |
% |
$ |
8,684.1 |
|
$ |
7,916.4 |
|
$ |
(767.7 |
) |
|
-8.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Total Canada Retail Mutual Funds |
$ |
503.9 |
|
$ |
439.9 |
|
$ |
391.1 |
|
$ |
421.9 |
|
$ |
519.9 |
|
$ |
348.1 |
|
$ |
270.2 |
|
$ |
(120.9 |
) |
|
-30.9 |
% |
$ |
1,334.8 |
|
$ |
1,138.2 |
|
$ |
(196.6 |
) |
|
-14.7 |
% |
||||
|
|
Segregated Funds |
|
75.1 |
|
|
52.2 |
|
|
43.5 |
|
|
48.2 |
|
|
67.3 |
|
|
51.3 |
|
|
41.6 |
|
|
(1.9 |
) |
|
-4.4 |
% |
|
170.8 |
|
|
160.2 |
|
|
(10.6 |
) |
|
-6.2 |
% |
||||
|
|
|
Total Canada product sales |
|
579.0 |
|
|
492.0 |
|
|
434.6 |
|
|
470.0 |
|
|
587.1 |
|
|
399.4 |
|
|
311.8 |
|
|
(122.9 |
) |
|
-28.3 |
% |
|
1,505.6 |
|
|
1,298.3 |
|
|
(207.3 |
) |
|
-13.8 |
% |
|||
|
|
|
Total U.S. product sales |
|
2,274.5 |
|
|
2,548.2 |
|
|
2,355.8 |
|
|
2,549.0 |
|
|
2,478.2 |
|
|
2,290.1 |
|
|
1,849.7 |
|
|
(506.1 |
) |
|
-21.5 |
% |
|
7,178.5 |
|
|
6,618.1 |
|
|
(560.4 |
) |
|
-7.8 |
% |
|||
|
|
|
|
Total product sales |
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
$ |
(629.0 |
) |
|
-22.5 |
% |
$ |
8,684.1 |
|
$ |
7,916.4 |
|
$ |
(767.7 |
) |
|
-8.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Client asset values, beginning of period ($mills) |
$ |
81,533 |
|
$ |
85,888 |
|
$ |
91,735 |
|
$ |
91,765 |
|
$ |
97,312 |
|
$ |
93,708 |
|
$ |
82,291 |
|
$ |
(9,444 |
) |
|
-10.3 |
% |
$ |
81,533 |
|
$ |
97,312 |
|
$ |
15,779 |
|
|
19.4 |
% |
|||||
|
|
Inflows |
|
2,853 |
|
|
3,040 |
|
|
2,790 |
|
|
3,019 |
|
|
3,065 |
|
|
2,690 |
|
|
2,161 |
|
|
(629 |
) |
|
-22.5 |
% |
|
8,684 |
|
|
7,916 |
|
|
(768 |
) |
|
-8.8 |
% |
||||
|
|
Outflows (1) |
|
(1,759 |
) |
|
(1,826 |
) |
|
(1,756 |
) |
|
(1,819 |
) |
|
(1,900 |
) |
|
(1,797 |
) |
|
(1,447 |
) |
|
309 |
|
|
17.6 |
% |
|
(5,341 |
) |
|
(5,144 |
) |
|
198 |
|
|
3.7 |
% |
||||
|
|
|
|
Net flows |
|
1,095 |
|
|
1,214 |
|
|
1,034 |
|
|
1,200 |
|
|
1,166 |
|
|
893 |
|
|
714 |
|
|
(320 |
) |
|
-30.9 |
% |
|
3,343 |
|
|
2,773 |
|
|
(570 |
) |
nm |
|
|||
|
|
Foreign currency impact, net |
|
172 |
|
|
200 |
|
|
(323 |
) |
|
42 |
|
|
171 |
|
|
(474 |
) |
|
(802 |
) |
|
(478 |
) |
|
-148.0 |
% |
|
49 |
|
|
(1,105 |
) |
|
(1,154 |
) |
nm |
|
|||||
|
|
Change in market value, net and other (2) |
|
3,088 |
|
|
4,433 |
|
|
(681 |
) |
|
4,306 |
|
|
(4,941 |
) |
|
(11,836 |
) |
|
(3,466 |
) |
|
(2,785 |
) |
nm |
|
|
6,840 |
|
|
(20,243 |
) |
|
(27,083 |
) |
nm |
|
||||||
|
Client asset values, end of period |
$ |
85,888 |
|
$ |
91,735 |
|
$ |
91,765 |
|
$ |
97,312 |
|
$ |
93,708 |
|
$ |
82,291 |
|
$ |
78,737 |
|
$ |
(13,028 |
) |
|
-14.2 |
% |
$ |
91,765 |
|
$ |
78,737 |
|
$ |
(13,028 |
) |
|
-14.2 |
% |
|||||
|
|
Annualized net flows as % of beginning of period asset values |
|
5.4 |
% |
|
5.7 |
% |
|
4.5 |
% |
|
5.2 |
% |
|
4.8 |
% |
|
3.8 |
% |
|
3.5 |
% |
|
-1.0 |
% |
nm |
|
|
5.5 |
% |
|
3.8 |
% |
|
-1.7 |
% |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Average client asset values ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
41,161 |
|
$ |
44,398 |
|
$ |
46,113 |
|
$ |
47,139 |
|
$ |
46,429 |
|
$ |
42,870 |
|
$ |
40,331 |
|
$ |
(5,782 |
) |
|
-12.5 |
% |
$ |
43,890 |
|
$ |
43,210 |
|
$ |
(681 |
) |
|
-1.6 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
10,268 |
|
|
11,256 |
|
|
11,667 |
|
|
11,984 |
|
|
12,119 |
|
|
11,539 |
|
|
10,840 |
|
|
(827 |
) |
|
-7.1 |
% |
|
11,064 |
|
|
11,499 |
|
|
435 |
|
|
3.9 |
% |
||||
|
|
Managed Accounts |
|
5,295 |
|
|
5,915 |
|
|
6,362 |
|
|
6,772 |
|
|
7,077 |
|
|
6,960 |
|
|
6,817 |
|
|
455 |
|
|
7.1 |
% |
|
5,857 |
|
|
6,951 |
|
|
1,094 |
|
|
18.7 |
% |
||||
|
|
Indexed Annuities |
|
2,495 |
|
|
2,541 |
|
|
2,585 |
|
|
2,620 |
|
|
2,650 |
|
|
2,677 |
|
|
2,696 |
|
|
111 |
|
|
4.3 |
% |
|
2,540 |
|
|
2,675 |
|
|
134 |
|
|
5.3 |
% |
||||
|
|
Variable Annuities and other |
|
21,291 |
|
|
22,554 |
|
|
23,193 |
|
|
23,567 |
|
|
23,218 |
|
|
21,431 |
|
|
20,269 |
|
|
(2,924 |
) |
|
-12.6 |
% |
|
22,346 |
|
|
21,639 |
|
|
(707 |
) |
|
-3.2 |
% |
||||
|
|
Segregated Funds |
|
2,622 |
|
|
2,713 |
|
|
2,732 |
|
|
2,727 |
|
|
2,710 |
|
|
2,517 |
|
|
2,368 |
|
|
(364 |
) |
|
-13.3 |
% |
|
2,689 |
|
|
2,532 |
|
|
(157 |
) |
|
-5.8 |
% |
||||
|
|
|
|
Total |
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
$ |
(9,332 |
) |
|
-10.1 |
% |
$ |
88,387 |
|
$ |
88,506 |
|
$ |
119 |
|
|
0.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Canada Retail Mutual Funds |
$ |
10,268 |
|
$ |
11,256 |
|
$ |
11,667 |
|
$ |
11,984 |
|
$ |
12,119 |
|
$ |
11,539 |
|
$ |
10,840 |
|
$ |
(827 |
) |
|
-7.1 |
% |
$ |
11,064 |
|
$ |
11,499 |
|
$ |
435 |
|
|
3.9 |
% |
||||
|
|
Segregated Funds |
|
2,622 |
|
|
2,713 |
|
|
2,732 |
|
|
2,727 |
|
|
2,710 |
|
|
2,517 |
|
|
2,368 |
|
|
(364 |
) |
|
-13.3 |
% |
|
2,689 |
|
|
2,532 |
|
|
(157 |
) |
|
-5.8 |
% |
||||
|
|
|
Total Canada average client assets |
|
12,890 |
|
|
13,969 |
|
|
14,399 |
|
|
14,711 |
|
|
14,829 |
|
|
14,056 |
|
|
13,208 |
|
|
(1,192 |
) |
|
-8.3 |
% |
|
13,753 |
|
|
14,031 |
|
|
278 |
|
|
2.0 |
% |
|||
|
|
|
Total U.S. average client assets |
|
70,241 |
|
|
75,409 |
|
|
78,252 |
|
|
80,098 |
|
|
79,374 |
|
|
73,938 |
|
|
70,112 |
|
|
(8,140 |
) |
|
-10.4 |
% |
|
74,634 |
|
|
74,475 |
|
|
(159 |
) |
|
-0.2 |
% |
|||
|
|
|
|
Total average client assets |
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
$ |
(9,332 |
) |
|
-10.1 |
% |
$ |
88,387 |
|
$ |
88,506 |
|
$ |
119 |
|
|
0.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Average number of fee-generating positions (thous) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Recordkeeping and custodial |
|
2,115 |
|
|
2,159 |
|
|
2,192 |
|
|
2,218 |
|
|
2,243 |
|
|
2,277 |
|
|
2,295 |
|
|
104 |
|
|
4.7 |
% |
|
2,155 |
|
|
2,272 |
|
|
117 |
|
|
5.4 |
% |
||||
|
|
Recordkeeping only |
|
714 |
|
|
741 |
|
|
762 |
|
|
780 |
|
|
797 |
|
|
812 |
|
|
820 |
|
|
58 |
|
|
7.6 |
% |
|
739 |
|
|
810 |
|
|
71 |
|
|
9.6 |
% |
||||
|
|
|
|
Total |
|
2,830 |
|
|
2,899 |
|
|
2,954 |
|
|
2,998 |
|
|
3,040 |
|
|
3,089 |
|
|
3,115 |
|
|
162 |
|
|
5.5 |
% |
|
2,894 |
|
|
3,082 |
|
|
188 |
|
|
6.5 |
% |
12 of 18
Senior Health - Financial Results, Financial Analysis Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
Q2 |
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||
Senior Health Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commissions and fees (1) |
|
|
$ |
21,558 |
|
$ |
29,345 |
|
$ |
1,278 |
|
$ |
9,343 |
|
$ |
14,601 |
|
$ |
(6,958 |
) |
|
-32.3 |
% |
$ |
21,558 |
|
$ |
25,222 |
|
$ |
3,664 |
|
|
17.0 |
% |
|||||
|
Other, net (2) |
|
|
|
1,378 |
|
|
8,159 |
|
|
4,553 |
|
|
2,471 |
|
|
2,583 |
|
|
1,204 |
|
|
87.4 |
% |
|
1,378 |
|
|
9,606 |
|
|
8,228 |
|
nm |
|
||||||
|
Revenues |
|
|
|
22,937 |
|
|
37,504 |
|
|
5,831 |
|
|
11,814 |
|
|
17,183 |
|
|
(5,753 |
) |
|
-25.1 |
% |
|
22,937 |
|
|
34,828 |
|
|
11,891 |
|
|
51.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Contract acquisition costs (3) |
|
|
|
23,524 |
|
|
29,264 |
|
|
20,649 |
|
|
19,384 |
|
|
13,446 |
|
|
(10,079 |
) |
|
-42.8 |
% |
|
23,524 |
|
|
53,479 |
|
|
29,955 |
|
|
127.3 |
% |
|||||
|
Adjusted other operating expenses |
|
|
|
7,485 |
|
|
8,411 |
|
|
7,868 |
|
|
8,514 |
|
|
7,461 |
|
|
(24 |
) |
|
-0.3 |
% |
|
7,485 |
|
|
23,842 |
|
|
16,358 |
|
nm |
|
||||||
|
Adjusted operating benefits and expenses |
|
|
|
31,009 |
|
|
37,675 |
|
|
28,517 |
|
|
27,898 |
|
|
20,907 |
|
|
(10,102 |
) |
|
-32.6 |
% |
|
31,009 |
|
|
77,321 |
|
|
46,312 |
|
|
149.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Adjusted operating income before income taxes including NCI |
|
|
$ |
(8,072 |
) |
$ |
(171 |
) |
$ |
(22,686 |
) |
$ |
(16,084 |
) |
$ |
(3,723 |
) |
$ |
4,349 |
|
|
53.9 |
% |
$ |
(8,072 |
) |
$ |
(42,493 |
) |
$ |
(34,421 |
) |
nm |
|
||||||
|
Non-controlling interest before income taxes |
|
|
|
(1,465 |
) |
|
(540 |
) |
|
(3,668 |
) |
|
(3,129 |
) |
|
— |
|
|
1,465 |
|
|
100.0 |
% |
|
(1,465 |
) |
|
(6,797 |
) |
|
(5,332 |
) |
nm |
|
||||||
|
Adjusted operating income before income taxes attributable to Primerica, Inc. |
|
|
$ |
(6,608 |
) |
$ |
369 |
|
$ |
(19,018 |
) |
$ |
(12,955 |
) |
$ |
(3,723 |
) |
$ |
2,884 |
|
|
43.7 |
% |
$ |
(6,608 |
) |
$ |
(35,696 |
) |
$ |
(29,089 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Senior Health EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Adjusted operating income before income taxes including NCI |
|
|
$ |
(8,072 |
) |
$ |
(171 |
) |
$ |
(22,686 |
) |
$ |
(16,084 |
) |
$ |
(3,723 |
) |
$ |
4,349 |
|
|
53.9 |
% |
$ |
(8,072 |
) |
$ |
(42,493 |
) |
$ |
(34,421 |
) |
nm |
|
||||||
|
Less: Amortization of intangibles |
|
|
|
(2,900 |
) |
|
(2,900 |
) |
|
(2,600 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
100 |
|
|
3.4 |
% |
|
(2,900 |
) |
|
(8,200 |
) |
|
(5,300 |
) |
nm |
|
||||||
|
Less: Depreciation |
|
|
|
(244 |
) |
|
(249 |
) |
|
(245 |
) |
|
(226 |
) |
|
(221 |
) |
|
24 |
|
|
9.7 |
% |
|
(244 |
) |
|
(691 |
) |
|
(447 |
) |
nm |
|
||||||
|
Adjusted EBITDA (Including non-controlling interest) (4) |
|
|
$ |
(4,928 |
) |
$ |
2,978 |
|
$ |
(19,841 |
) |
$ |
(13,058 |
) |
$ |
(703 |
) |
$ |
4,225 |
|
|
85.7 |
% |
$ |
(4,928 |
) |
$ |
(33,602 |
) |
$ |
(28,674 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Analysis and Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Senior Health submitted policies (5) |
|
|
|
20,867 |
|
|
39,142 |
|
|
26,231 |
|
|
19,652 |
|
|
16,095 |
|
|
(4,772 |
) |
|
-22.9 |
% |
|
20,867 |
|
|
61,978 |
|
|
41,111 |
|
nm |
|
||||||
|
Senior Health approved policies (6) |
|
|
|
18,276 |
|
|
32,047 |
|
|
23,594 |
|
|
17,925 |
|
|
14,862 |
|
|
(3,414 |
) |
|
-18.7 |
% |
|
18,276 |
|
|
56,381 |
|
|
38,105 |
|
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Primerica representatives Senior Health certified |
|
|
|
17,588 |
|
|
26,441 |
|
|
42,147 |
|
|
60,412 |
|
|
83,280 |
|
|
65,692 |
|
nm |
|
|
17,588 |
|
|
83,280 |
|
|
65,692 |
|
nm |
|
|||||||
|
Senior Health submitted policies sourced by Primerica representatives |
|
|
|
319 |
|
|
4,175 |
|
|
988 |
|
|
831 |
|
|
1,016 |
|
|
697 |
|
nm |
|
|
319 |
|
|
2,835 |
|
|
2,516 |
|
nm |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
LTV per approved policy (7) |
|
|
$ |
1,180 |
|
$ |
1,069 |
|
$ |
862 |
|
$ |
820 |
|
$ |
868 |
|
$ |
(312 |
) |
|
-26.4 |
% |
$ |
1,180 |
|
$ |
850 |
|
$ |
(329 |
) |
|
-27.9 |
% |
|||||
|
CAC per approved policy (7) |
|
|
$ |
1,287 |
|
$ |
913 |
|
$ |
875 |
|
$ |
1,081 |
|
$ |
905 |
|
$ |
(382 |
) |
|
-29.7 |
% |
$ |
1,287 |
|
$ |
949 |
|
$ |
(339 |
) |
|
-26.3 |
% |
|||||
|
LTV / CAC multiple |
|
|
|
0.9 |
x |
|
1.2 |
x |
|
1.0 |
x |
|
0.8 |
x |
|
1.0 |
x |
|
0.0 |
x |
nm |
|
|
0.9 |
x |
|
0.9 |
x |
|
0.0 |
x |
nm |
|
13 of 18
Corporate Other Distributed Products - Financial Results |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
|
|
|
YOY YTD |
|
|||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
|
YTD |
|
YTD |
|
$ |
|
% |
|
|||||||||||||||||||
Corporate & Other Distributed Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Direct premiums |
$ |
5,713 |
|
$ |
5,800 |
|
$ |
5,788 |
|
$ |
5,020 |
|
$ |
5,412 |
|
$ |
5,441 |
|
$ |
5,494 |
|
$ |
(294 |
) |
|
-5.1 |
% |
$ |
17,300 |
|
$ |
16,347 |
|
$ |
(954 |
) |
|
-5.5 |
% |
|||||
|
Ceded premiums |
|
(1,423 |
) |
|
(1,822 |
) |
|
(1,459 |
) |
|
(1,963 |
) |
|
(1,439 |
) |
|
(1,642 |
) |
|
(1,454 |
) |
|
5 |
|
|
0.4 |
% |
|
(4,704 |
) |
|
(4,535 |
) |
|
168 |
|
|
3.6 |
% |
|||||
|
Net premiums |
|
4,290 |
|
|
3,978 |
|
|
4,328 |
|
|
3,057 |
|
|
3,973 |
|
|
3,799 |
|
|
4,040 |
|
|
(289 |
) |
|
-6.7 |
% |
|
12,596 |
|
|
11,811 |
|
|
(785 |
) |
|
-6.2 |
% |
|||||
|
Allocated net investment income |
|
12,592 |
|
|
11,954 |
|
|
11,321 |
|
|
10,738 |
|
|
9,559 |
|
|
10,252 |
|
|
11,173 |
|
|
(148 |
) |
|
-1.3 |
% |
|
35,867 |
|
|
30,983 |
|
|
(4,884 |
) |
|
-13.6 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Prepaid Legal Services |
|
4,783 |
|
|
5,182 |
|
|
6,712 |
|
|
4,085 |
|
|
4,287 |
|
|
4,664 |
|
|
5,672 |
|
|
(1,040 |
) |
|
-15.5 |
% |
|
16,676 |
|
|
14,623 |
|
|
(2,053 |
) |
|
-12.3 |
% |
|||||
|
Auto and Homeowners Insurance |
|
1,787 |
|
|
2,101 |
|
|
2,436 |
|
|
1,971 |
|
|
1,591 |
|
|
2,056 |
|
|
2,647 |
|
|
211 |
|
|
8.7 |
% |
|
6,324 |
|
|
6,294 |
|
|
(30 |
) |
|
-0.5 |
% |
|||||
|
Mortgage loans |
|
4,960 |
|
|
6,061 |
|
|
6,719 |
|
|
6,598 |
|
|
4,818 |
|
|
3,128 |
|
|
2,103 |
|
|
(4,616 |
) |
|
-68.7 |
% |
|
17,740 |
|
|
10,049 |
|
|
(7,691 |
) |
|
-43.4 |
% |
|||||
|
Other sales commissions |
|
2,041 |
|
|
2,291 |
|
|
2,129 |
|
|
2,307 |
|
|
1,932 |
|
|
2,103 |
|
|
2,090 |
|
|
(39 |
) |
|
-1.8 |
% |
|
6,461 |
|
|
6,124 |
|
|
(336 |
) |
|
-5.2 |
% |
|||||
|
Other, net |
|
836 |
|
|
1,040 |
|
|
1,101 |
|
|
992 |
|
|
1,117 |
|
|
889 |
|
|
1,621 |
|
|
519 |
|
|
47.1 |
% |
|
2,977 |
|
|
3,626 |
|
|
649 |
|
|
21.8 |
% |
|||||
|
Adjusted operating revenues |
|
31,288 |
|
|
32,607 |
|
|
34,746 |
|
|
29,746 |
|
|
27,276 |
|
|
26,890 |
|
|
29,345 |
|
|
(5,400 |
) |
|
-15.5 |
% |
|
98,641 |
|
|
83,511 |
|
|
(15,130 |
) |
|
-15.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Benefits and claims |
|
4,826 |
|
|
5,859 |
|
|
3,728 |
|
|
4,443 |
|
|
4,166 |
|
|
4,280 |
|
|
3,937 |
|
|
209 |
|
|
5.6 |
% |
|
14,413 |
|
|
12,382 |
|
|
(2,031 |
) |
|
-14.1 |
% |
|||||
|
Amortization of DAC |
|
246 |
|
|
264 |
|
|
347 |
|
|
203 |
|
|
255 |
|
|
247 |
|
|
427 |
|
|
80 |
|
|
23.0 |
% |
|
857 |
|
|
930 |
|
|
73 |
|
|
8.5 |
% |
|||||
|
Insurance commissions |
|
299 |
|
|
306 |
|
|
320 |
|
|
246 |
|
|
282 |
|
|
290 |
|
|
283 |
|
|
(37 |
) |
|
-11.5 |
% |
|
925 |
|
|
855 |
|
|
(70 |
) |
|
-7.6 |
% |
|||||
|
Insurance expenses |
|
1,391 |
|
|
1,327 |
|
|
1,367 |
|
|
1,257 |
|
|
1,237 |
|
|
1,132 |
|
|
1,081 |
|
|
(286 |
) |
|
-20.9 |
% |
|
4,086 |
|
|
3,449 |
|
|
(636 |
) |
|
-15.6 |
% |
|||||
|
Sales commissions |
|
6,434 |
|
|
7,185 |
|
|
8,290 |
|
|
6,839 |
|
|
5,952 |
|
|
5,484 |
|
|
5,592 |
|
|
(2,698 |
) |
|
-32.5 |
% |
|
21,908 |
|
|
17,028 |
|
|
(4,881 |
) |
|
-22.3 |
% |
|||||
|
Interest expense |
|
7,145 |
|
|
7,141 |
|
|
7,529 |
|
|
8,804 |
|
|
6,853 |
|
|
6,814 |
|
|
6,802 |
|
|
(727 |
) |
|
-9.7 |
% |
|
21,814 |
|
|
20,469 |
|
|
(1,345 |
) |
|
-6.2 |
% |
|||||
|
Adjusted other operating expenses |
|
35,211 |
|
|
27,413 |
|
|
26,695 |
|
|
30,301 |
|
|
36,475 |
|
|
30,530 |
|
|
28,974 |
|
|
2,279 |
|
|
8.5 |
% |
|
89,319 |
|
|
95,978 |
|
|
6,658 |
|
|
7.5 |
% |
|||||
|
Adjusted benefits and expenses |
|
55,551 |
|
|
49,495 |
|
|
48,277 |
|
|
52,093 |
|
|
55,219 |
|
|
48,777 |
|
|
47,096 |
|
|
(1,181 |
) |
|
-2.4 |
% |
|
153,323 |
|
|
151,092 |
|
|
(2,232 |
) |
|
-1.5 |
% |
|||||
|
Adjusted operating income before income taxes |
$ |
(24,263 |
) |
$ |
(16,888 |
) |
$ |
(13,531 |
) |
$ |
(22,346 |
) |
$ |
(27,943 |
) |
$ |
(21,887 |
) |
$ |
(17,750 |
) |
$ |
(4,219 |
) |
|
-31.2 |
% |
$ |
(54,682 |
) |
$ |
(67,581 |
) |
$ |
(12,898 |
) |
|
-23.6 |
% |
14 of 18
Investment Portfolio - Summary of Holdings |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
As of or for the period ended September 30, 2022 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total |
|
Avg |
|
|
||||||||
|
|
|
|
|
|
|
|
Market |
|
Amortized |
|
Unrealized |
|
Market |
|
Amortized |
|
Book |
|
Avg |
||||||
(Dollars in thousands) |
|
Value |
|
Cost |
|
G/(L) |
|
Value |
|
Cost |
|
Yield |
|
Rating |
||||||||||||
Investment Portfolio by Asset Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash, Cash Equivalents, and Short Term |
|
$ |
438,025 |
|
$ |
438,025 |
|
$ |
- |
|
|
14.9 |
% |
|
13.5 |
% |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Treasury |
|
|
37,367 |
|
|
38,241 |
|
|
(874 |
) |
|
1.3 |
% |
|
1.2 |
% |
|
1.13 |
% |
AAA |
|||||
|
Government |
|
|
224,086 |
|
|
250,211 |
|
|
(26,124 |
) |
|
7.6 |
% |
|
7.7 |
% |
|
2.90 |
% |
AA- |
|||||
|
Tax-Exempt Municipal |
|
|
31,351 |
|
|
37,606 |
|
|
(6,255 |
) |
|
1.1 |
% |
|
1.2 |
% |
|
2.70 |
% |
AA |
|||||
|
Corporate |
|
|
1,223,441 |
|
|
1,382,788 |
|
|
(159,348 |
) |
|
41.7 |
% |
|
42.5 |
% |
|
3.50 |
% |
BBB+ |
|||||
|
Mortgage Backed |
|
|
424,518 |
|
|
490,003 |
|
|
(65,485 |
) |
|
14.5 |
% |
|
15.1 |
% |
|
2.89 |
% |
AAA |
|||||
|
Asset Backed |
|
|
139,013 |
|
|
154,274 |
|
|
(15,262 |
) |
|
4.7 |
% |
|
4.7 |
% |
|
3.22 |
% |
AA- |
|||||
|
Cmbs |
|
|
125,739 |
|
|
139,940 |
|
|
(14,201 |
) |
|
4.3 |
% |
|
4.3 |
% |
|
3.24 |
% |
AA- |
|||||
|
Private |
|
|
252,381 |
|
|
285,421 |
|
|
(33,040 |
) |
|
8.6 |
% |
|
8.8 |
% |
|
4.21 |
% |
BBB |
|||||
|
Redeemable Preferred |
|
|
3,811 |
|
|
4,248 |
|
|
(438 |
) |
|
0.1 |
% |
|
0.1 |
% |
|
5.27 |
% |
BBB |
|||||
|
|
|
|
|
|
Total Fixed Income |
|
|
2,461,707 |
|
|
2,782,733 |
|
|
(321,026 |
) |
|
83.9 |
% |
|
85.5 |
% |
|
3.34 |
% |
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equities and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Perpetual Preferred |
|
|
9,027 |
|
|
9,027 |
|
|
- |
|
|
0.3 |
% |
|
0.3 |
% |
|
|
|
||||||
|
Common Stock |
|
|
18,540 |
|
|
18,540 |
|
|
- |
|
|
0.6 |
% |
|
0.6 |
% |
|
|
|
||||||
|
Mutual Fund |
|
|
5,512 |
|
|
5,512 |
|
|
- |
|
|
0.2 |
% |
|
0.2 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Equities |
|
|
33,079 |
|
|
33,079 |
|
|
- |
|
|
1.1 |
% |
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
2,932,811 |
|
$ |
3,253,837 |
|
$ |
(321,026 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public Corporate Portfolio by Sector |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Insurance |
|
$ |
153,134 |
|
$ |
175,580 |
|
$ |
(22,445 |
) |
|
12.5 |
% |
|
12.7 |
% |
|
|
|
||||||
|
Consumer Non Cyclical |
|
|
132,635 |
|
|
150,780 |
|
|
(18,146 |
) |
|
10.8 |
% |
|
10.9 |
% |
|
|
|
||||||
|
Energy |
|
|
125,082 |
|
|
141,091 |
|
|
(16,009 |
) |
|
10.2 |
% |
|
10.2 |
% |
|
|
|
||||||
|
Reits |
|
|
116,103 |
|
|
135,552 |
|
|
(19,449 |
) |
|
9.5 |
% |
|
9.8 |
% |
|
|
|
||||||
|
Consumer Cyclical |
|
|
103,890 |
|
|
117,668 |
|
|
(13,777 |
) |
|
8.5 |
% |
|
8.5 |
% |
|
|
|
||||||
|
Banking |
|
|
93,436 |
|
|
99,909 |
|
|
(6,473 |
) |
|
7.6 |
% |
|
7.2 |
% |
|
|
|
||||||
|
Technology |
|
|
93,221 |
|
|
103,042 |
|
|
(9,821 |
) |
|
7.6 |
% |
|
7.5 |
% |
|
|
|
||||||
|
Capital Goods |
|
|
63,968 |
|
|
70,831 |
|
|
(6,863 |
) |
|
5.2 |
% |
|
5.1 |
% |
|
|
|
||||||
|
Basic Industry |
|
|
60,211 |
|
|
69,669 |
|
|
(9,458 |
) |
|
4.9 |
% |
|
5.0 |
% |
|
|
|
||||||
|
Electric |
|
|
56,327 |
|
|
62,660 |
|
|
(6,333 |
) |
|
4.6 |
% |
|
4.5 |
% |
|
|
|
||||||
|
Finance Companies |
|
|
53,924 |
|
|
62,763 |
|
|
(8,839 |
) |
|
4.4 |
% |
|
4.5 |
% |
|
|
|
||||||
|
Transportation |
|
|
53,620 |
|
|
59,705 |
|
|
(6,085 |
) |
|
4.4 |
% |
|
4.3 |
% |
|
|
|
||||||
|
Brokerage Assetmanagers Exchanges |
|
|
45,149 |
|
|
51,689 |
|
|
(6,540 |
) |
|
3.7 |
% |
|
3.7 |
% |
|
|
|
||||||
|
Communications |
|
|
44,789 |
|
|
49,663 |
|
|
(4,874 |
) |
|
3.7 |
% |
|
3.6 |
% |
|
|
|
||||||
|
Financial Other |
|
|
8,532 |
|
|
9,582 |
|
|
(1,050 |
) |
|
0.7 |
% |
|
0.7 |
% |
|
|
|
||||||
|
Natural Gas |
|
|
7,349 |
|
|
7,968 |
|
|
(619 |
) |
|
0.6 |
% |
|
0.6 |
% |
|
|
|
||||||
|
Industrial Other |
|
|
5,914 |
|
|
6,925 |
|
|
(1,011 |
) |
|
0.5 |
% |
|
0.5 |
% |
|
|
|
||||||
|
Utility Other |
|
|
4,465 |
|
|
5,387 |
|
|
(922 |
) |
|
0.4 |
% |
|
0.4 |
% |
|
|
|
||||||
|
Owned No Guarantee |
|
|
1,693 |
|
|
2,325 |
|
|
(632 |
) |
|
0.1 |
% |
|
0.2 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Corporate portfolio |
|
$ |
1,223,441 |
|
$ |
1,382,788 |
|
$ |
(159,348 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed-Maturity Securities - Effective Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Effective maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
< 1 Yr. |
|
$ |
211,440 |
|
$ |
213,180 |
|
$ |
(1,740 |
) |
|
8.6 |
% |
|
7.7 |
% |
|
3.11 |
% |
|
||||
|
|
1-2 Yrs. |
|
|
230,905 |
|
|
237,861 |
|
|
(6,956 |
) |
|
9.4 |
% |
|
8.5 |
% |
|
3.70 |
% |
|
||||
|
|
2-5 Yrs. |
|
|
767,210 |
|
|
831,323 |
|
|
(64,113 |
) |
|
31.2 |
% |
|
29.9 |
% |
|
3.49 |
% |
|
||||
|
|
5-10 Yrs. |
|
|
783,875 |
|
|
924,914 |
|
|
(141,038 |
) |
|
31.8 |
% |
|
33.2 |
% |
|
3.30 |
% |
|
||||
|
|
> 10 Yrs. |
|
|
468,277 |
|
|
575,455 |
|
|
(107,178 |
) |
|
19.0 |
% |
|
20.7 |
% |
|
3.15 |
% |
|
||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
2,461,707 |
|
$ |
2,782,733 |
|
$ |
(321,026 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Duration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income portfolio duration |
|
|
4.8 |
|
years |
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
15 of 18
Investment Portfolio - Quality Ratings As of September 30, 2022 |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Portfolio Quality Ratings (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Fixed Income portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AAA |
|
$ |
597,966 |
|
|
21.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
AA |
|
|
308,333 |
|
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
A |
|
|
640,533 |
|
|
23.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
BBB |
|
|
1,116,851 |
|
|
40.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Below Investment Grade |
|
|
76,395 |
|
|
2.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
NA |
|
|
42,654 |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
2,782,733 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
||||
Public Corporate asset class: |
|
|
|
|
|
|
|
Private Placement asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
11,442 |
|
|
0.8 |
% |
|
|
|
AAA |
|
$ |
- |
|
|
— |
|
||||||||||
|
AA |
|
|
68,570 |
|
|
5.0 |
% |
|
|
|
AA |
|
|
5,316 |
|
|
1.9 |
% |
||||||||||
|
A |
|
|
355,120 |
|
|
25.7 |
% |
|
|
|
A |
|
|
64,780 |
|
|
22.7 |
% |
||||||||||
|
BBB |
|
|
879,827 |
|
|
63.6 |
% |
|
|
|
BBB |
|
|
212,211 |
|
|
74.4 |
% |
||||||||||
|
Below Investment Grade |
|
|
67,653 |
|
|
4.9 |
% |
|
|
|
Below Investment Grade |
|
|
3,115 |
|
|
1.1 |
% |
||||||||||
|
NA |
|
|
176 |
|
|
0.0 |
% |
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Corporate |
|
$ |
1,382,788 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Private |
|
$ |
285,421 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CMBS asset class: |
|
|
|
|
|
|
|
Mortgage-Backed asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
60,838 |
|
|
43.5 |
% |
|
|
|
AAA |
|
$ |
442,178 |
|
|
90.2 |
% |
||||||||||
|
AA |
|
|
8,947 |
|
|
6.4 |
% |
|
|
|
AA |
|
|
47,589 |
|
|
9.7 |
% |
||||||||||
|
A |
|
|
70,155 |
|
|
50.1 |
% |
|
|
|
A |
|
|
138 |
|
|
0.0 |
% |
||||||||||
|
BBB |
|
|
- |
|
|
— |
|
|
|
|
BBB |
|
|
- |
|
|
— |
|
||||||||||
|
Below Investment Grade |
|
|
- |
|
|
— |
|
|
|
|
Below Investment Grade |
|
|
75 |
|
|
0.0 |
% |
||||||||||
|
NA |
|
|
- |
|
|
— |
|
|
|
|
NA |
|
|
23 |
|
|
0.0 |
% |
||||||||||
|
|
|
|
|
|
Total CMBS |
|
$ |
139,940 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Mortgage-Backed |
|
$ |
490,003 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset-Backed asset class: |
|
|
|
|
|
|
|
Treasury & Government asset classes: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
23,793 |
|
|
15.4 |
% |
|
|
|
AAA |
|
$ |
58,808 |
|
|
20.4 |
% |
||||||||||
|
AA |
|
|
7,626 |
|
|
4.9 |
% |
|
|
|
AA |
|
|
142,010 |
|
|
49.2 |
% |
||||||||||
|
A |
|
|
69,865 |
|
|
45.3 |
% |
|
|
|
A |
|
|
73,112 |
|
|
25.4 |
% |
||||||||||
|
BBB |
|
|
8,412 |
|
|
5.5 |
% |
|
|
|
BBB |
|
|
11,091 |
|
|
3.8 |
% |
||||||||||
|
Below Investment Grade |
|
|
2,123 |
|
|
1.4 |
% |
|
|
|
Below Investment Grade |
|
|
3,429 |
|
|
1.2 |
% |
||||||||||
|
NA |
|
|
42,455 |
|
|
27.5 |
% |
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Asset-Backed |
|
$ |
154,274 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Treasury & Government |
|
$ |
288,451 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NAIC Designations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
1 |
|
$ |
1,322,263 |
|
|
53.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
2 |
|
|
1,042,003 |
|
|
42.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
3 |
|
|
82,659 |
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
4 |
|
|
7,813 |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
5 |
|
|
691 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
6 |
|
|
- |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
U.S. Insurer Fixed Income (2) |
|
|
2,455,429 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other (3) |
|
|
360,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents |
|
|
438,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
3,253,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
16 of 18
Investment Portfolio - Supplemental Data and Trends |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
$ |
|
% |
||||||||||||||
Net Investment Income by Source |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Fixed-maturity securities (available-for-sale) |
$ |
20,020 |
|
$ |
20,155 |
|
$ |
19,860 |
|
$ |
20,328 |
|
$ |
20,889 |
|
$ |
22,414 |
|
$ |
23,067 |
|
$ |
3,207 |
|
16.1% |
|||||
|
Fixed-maturity securities (held-to-maturity) |
|
15,146 |
|
|
15,495 |
|
|
15,741 |
|
|
15,825 |
|
|
15,515 |
|
|
15,815 |
|
|
16,283 |
|
|
542 |
|
3.4% |
|||||
|
Equity Securities |
|
391 |
|
|
411 |
|
|
413 |
|
|
416 |
|
|
387 |
|
|
371 |
|
|
373 |
|
|
(40 |
) |
-9.7% |
|||||
|
Deposit asset underlying 10% reinsurance treaty |
|
1,368 |
|
|
1,238 |
|
|
987 |
|
|
785 |
|
|
589 |
|
|
485 |
|
|
557 |
|
|
(430 |
) |
-43.6% |
|||||
|
Deposit asset - Mark to Market |
|
(793 |
) |
|
(170 |
) |
|
(640 |
) |
|
(899 |
) |
|
(2,099 |
) |
|
(1,254 |
) |
|
(68 |
) |
|
572 |
|
-89.4% |
|||||
|
Policy loans and other invested assets |
|
231 |
|
|
98 |
|
|
289 |
|
|
401 |
|
|
102 |
|
|
58 |
|
|
436 |
|
|
147 |
|
51.0% |
|||||
|
Cash & cash equivalents |
|
119 |
|
|
156 |
|
|
96 |
|
|
85 |
|
|
125 |
|
|
498 |
|
|
1,714 |
|
|
1,618 |
|
n/m |
|||||
|
|
|
|
|
Total investment income |
|
36,483 |
|
|
37,383 |
|
|
36,746 |
|
|
36,940 |
|
|
35,508 |
|
|
38,387 |
|
|
42,362 |
|
|
5,616 |
|
15.3% |
|
|
Investment expenses |
|
1,284 |
|
|
1,353 |
|
|
1,004 |
|
|
1,114 |
|
|
1,088 |
|
|
1,288 |
|
|
1,733 |
|
|
729 |
|
72.6% |
|||||
|
Interest Expense on Surplus Note |
|
15,146 |
|
|
15,495 |
|
|
15,741 |
|
|
15,825 |
|
|
15,515 |
|
|
15,815 |
|
|
16,283 |
|
|
542 |
|
3.4% |
|||||
|
|
|
|
|
Net investment income |
$ |
20,052 |
|
$ |
20,535 |
|
$ |
20,001 |
|
$ |
20,001 |
|
$ |
18,905 |
|
$ |
21,284 |
|
$ |
24,346 |
|
$ |
4,345 |
|
21.7% |
|
|
|
Fixed income book yield, end of period |
|
3.30 |
% |
|
3.31 |
% |
|
3.23 |
% |
|
3.12 |
% |
|
3.18 |
% |
|
3.25 |
% |
|
3.34 |
% |
|
|
|
|||||
|
|
New money yield |
|
1.72 |
% |
|
2.68 |
% |
|
2.21 |
% |
|
1.60 |
% |
|
3.37 |
% |
|
4.21 |
% |
|
3.93 |
% |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q3 |
|
|
||||||||
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
% Pt |
|
|
||||||||
Fixed Income Portfolio Quality Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
AAA |
|
16.6 |
% |
|
16.5 |
% |
|
18.0 |
% |
|
18.7 |
% |
|
21.0 |
% |
|
22.0 |
% |
|
21.5 |
% |
|
3.5 |
% |
|
|||||
|
AA |
|
12.2 |
% |
|
11.6 |
% |
|
11.0 |
% |
|
11.8 |
% |
|
11.2 |
% |
|
11.2 |
% |
|
11.1 |
% |
|
0.1 |
% |
|
|||||
|
A |
|
23.0 |
% |
|
22.1 |
% |
|
23.6 |
% |
|
24.4 |
% |
|
23.7 |
% |
|
23.0 |
% |
|
23.0 |
% |
|
-0.6 |
% |
|
|||||
|
BBB |
|
44.0 |
% |
|
45.5 |
% |
|
42.9 |
% |
|
40.8 |
% |
|
39.8 |
% |
|
39.6 |
% |
|
40.1 |
% |
|
-2.8 |
% |
|
|||||
|
Below Investment Grade |
|
4.1 |
% |
|
4.2 |
% |
|
4.1 |
% |
|
3.5 |
% |
|
3.1 |
% |
|
2.8 |
% |
|
2.7 |
% |
|
-1.3 |
% |
|
|||||
|
NA |
|
0.1 |
% |
|
0.1 |
% |
|
0.3 |
% |
|
0.8 |
% |
|
1.2 |
% |
|
1.3 |
% |
|
1.5 |
% |
|
1.2 |
% |
|
|||||
|
|
|
|
|
Total Fixed Income |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Average rating by amortized cost |
A- |
|
A- |
|
A |
|
A |
|
A |
|
A |
|
A |
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
|
|
As of September 30, 2022 |
|
|
|
|
|
|
As of September 30, 2022 |
|
||||||||||||||
|
|
|
|
|
|
|
Market |
|
Amortized |
|
Credit |
|
|
|
Market |
|
Amortized |
|
|
|
|
|
|
Market |
|
Amortized |
|
||||||
Top 25 Exposures |
|
|
|
|
|
|
Foreign Exposure (1) |
|
|
|
|
|
|
Government Investments (1) |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1 |
Canada |
$ |
14,733 |
|
$ |
15,991 |
|
AAA |
|
Canada |
$ |
92,375 |
|
$ |
103,645 |
|
|
|
AAA |
$ |
1,996 |
|
$ |
2,124 |
|
|||||||
|
2 |
Province of Quebec Canada |
|
14,271 |
|
|
14,935 |
|
A+ |
|
Australia |
|
21,567 |
|
|
23,246 |
|
|
|
AA |
|
7,650 |
|
|
7,671 |
|
|||||||
|
3 |
Province of Ontario Canada |
|
13,629 |
|
|
14,274 |
|
AA |
|
Cayman Islands |
|
17,828 |
|
|
18,971 |
|
|
|
A |
|
10,618 |
|
|
12,409 |
|
|||||||
|
4 |
Province of Alberta Canada |
|
10,684 |
|
|
11,729 |
|
BBB+ |
|
United Kingdom |
|
16,234 |
|
|
17,005 |
|
|
|
BBB |
|
9,337 |
|
|
10,641 |
|
|||||||
|
5 |
TC Energy Corp |
|
10,356 |
|
|
11,320 |
|
BBB+ |
|
Japan |
|
7,751 |
|
|
9,359 |
|
|
|
Below Investment Grade |
|
2,792 |
|
|
3,429 |
|
|||||||
|
6 |
Enbridge Inc |
|
10,274 |
|
|
11,538 |
|
A |
|
Bermuda |
|
7,191 |
|
|
8,198 |
|
|
|
NA |
|
— |
|
|
— |
|
|||||||
|
7 |
Manulife Financial Corp |
|
9,067 |
|
|
9,513 |
|
AA+ |
|
France |
|
6,853 |
|
|
7,084 |
|
|
|
|
Total |
$ |
32,393 |
|
$ |
36,275 |
|
||||||
|
8 |
Capital One Financial Corp |
|
8,932 |
|
|
10,695 |
|
A |
|
Ireland |
|
6,042 |
|
|
7,571 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
9 |
Province of British Columbia Canada |
|
8,869 |
|
|
10,579 |
|
BBB+ |
|
Mexico |
|
5,437 |
|
|
5,463 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
10 |
Ontario Teachers' Pension Plan |
|
8,507 |
|
|
10,205 |
|
AA+ |
|
Netherlands |
|
5,289 |
|
|
5,450 |
|
|
|
Non-Government Investments (1) |
|
|
|
|
|||||||||
|
11 |
ConocoPhillips |
|
8,183 |
|
|
9,095 |
|
BBB |
|
Brazil |
|
4,696 |
|
|
4,825 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
12 |
Fairfax Financial Holdings Ltd |
|
8,042 |
|
|
8,456 |
|
A |
|
Israel |
|
3,706 |
|
|
4,006 |
|
|
|
AAA |
$ |
2,882 |
|
$ |
2,999 |
|
|||||||
|
13 |
Kemper Corp |
|
8,034 |
|
|
9,828 |
|
BBB- |
|
Supranational |
|
3,496 |
|
|
3,623 |
|
|
|
AA |
|
2,396 |
|
|
2,537 |
|
|||||||
|
14 |
Brookfield Asset Management Inc |
|
7,832 |
|
|
9,519 |
|
AA |
|
Switzerland |
|
3,495 |
|
|
3,556 |
|
|
|
A |
|
44,977 |
|
|
49,137 |
|
|||||||
|
15 |
Western & Southern Mutual Holdings Co |
|
7,767 |
|
|
7,871 |
|
A+ |
|
Luxembourg |
|
3,410 |
|
|
3,500 |
|
|
|
BBB |
|
139,962 |
|
|
153,597 |
|
|||||||
|
16 |
City of Toronto Canada |
|
7,736 |
|
|
8,008 |
|
AA |
|
Emerging Markets (2) |
|
12,028 |
|
|
14,385 |
|
|
|
Below Investment Grade |
|
8,145 |
|
|
7,961 |
|
|||||||
|
17 |
Province of Newfoundland and Labrador |
|
7,703 |
|
|
8,032 |
|
A+ |
|
All Other |
|
|
18,447 |
|
|
18,077 |
|
|
|
NA |
|
5,091 |
|
|
5,458 |
|
||||||
|
18 |
Morgan Stanley |
|
7,468 |
|
|
7,766 |
|
BBB+ |
|
|
Total |
$ |
235,846 |
|
$ |
257,964 |
|
|
|
|
Total |
$ |
203,453 |
|
$ |
221,689 |
|
|||||
|
19 |
Bunge Ltd |
|
7,318 |
|
|
8,101 |
|
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
20 |
Province of New Brunswick Canada |
|
7,208 |
|
|
7,370 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
21 |
General Mills Inc |
|
7,102 |
|
|
7,716 |
|
AA+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
22 |
Sammons Enterprises Inc |
|
6,911 |
|
|
7,077 |
|
A- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
23 |
Apple Inc |
|
6,896 |
|
|
8,090 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
24 |
Realty Income Corp |
|
6,823 |
|
|
7,890 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
25 |
Williams Cos Inc |
|
6,753 |
|
|
7,443 |
|
A+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total |
$ |
221,100 |
|
$ |
243,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
% of total fixed income portfolio |
|
7.5 |
% |
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
17 of 18
Five-Year Historical Key Statistics |
PRIMERICA, INC. Financial Supplement |
(Dollars in millions) |
2017 |
|
2018 |
|
2019 |
|
2020 |
|
2021 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Recruits |
|
303,867 |
|
|
290,886 |
|
|
282,207 |
|
|
400,345 |
|
|
349,374 |
|
|
94,633 |
|
|
89,285 |
|
|
91,884 |
|
|
73,572 |
|
|
84,707 |
|
|
70,215 |
|
|
127,788 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Life-insurance licensed sales force, beginning of period |
|
116,827 |
|
|
126,121 |
|
|
130,736 |
|
|
130,522 |
|
|
134,907 |
|
|
134,907 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
||||||
|
New life-licensed representatives |
|
48,535 |
|
|
48,041 |
|
|
44,739 |
|
|
48,106 |
|
|
39,622 |
|
|
10,833 |
|
|
10,112 |
|
|
9,381 |
|
|
9,296 |
|
|
9,983 |
|
|
11,529 |
|
|
12,518 |
|
|||||
|
Non-renewal and terminated representatives |
|
(39,241 |
) |
|
(43,426 |
) |
|
(44,953 |
) |
|
(43,721 |
) |
|
(45,014 |
) |
|
(13,710 |
) |
|
(10,101 |
) |
|
(11,399 |
) |
|
(9,804 |
) |
|
(9,292 |
) |
|
(9,586 |
) |
|
(10,354 |
) |
|||||
Life-insurance licensed sales force, end of period |
|
126,121 |
|
|
130,736 |
|
|
130,522 |
|
|
134,907 |
|
|
129,515 |
|
|
132,030 |
|
|
132,041 |
|
|
130,023 |
|
|
129,515 |
|
|
130,206 |
|
|
132,149 |
|
|
134,313 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Issued term life policies |
|
312,799 |
|
|
301,589 |
|
|
287,809 |
|
|
352,868 |
|
|
323,855 |
|
|
82,667 |
|
|
90,071 |
|
|
75,914 |
|
|
75,203 |
|
|
71,324 |
|
|
76,946 |
|
|
71,104 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Issued term life face amount |
$ |
95,635 |
|
$ |
95,209 |
|
$ |
93,994 |
|
$ |
109,436 |
|
$ |
108,521 |
|
$ |
26,643 |
|
$ |
29,981 |
|
$ |
26,219 |
|
$ |
25,678 |
|
$ |
24,773 |
|
$ |
27,651 |
|
$ |
26,049 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term life face amount in force, beginning of period |
$ |
728,385 |
|
$ |
763,831 |
|
$ |
781,041 |
|
$ |
808,262 |
|
$ |
858,818 |
|
$ |
858,818 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
||||||
|
Issued term life face amount |
|
95,635 |
|
|
95,209 |
|
|
93,994 |
|
|
109,436 |
|
|
108,521 |
|
|
26,643 |
|
|
29,981 |
|
|
26,219 |
|
|
25,678 |
|
|
24,773 |
|
|
27,651 |
|
|
26,049 |
|
|||||
|
Terminated term life face amount |
|
(65,958 |
) |
|
(70,291 |
) |
|
(71,519 |
) |
|
(60,848 |
) |
|
(64,798 |
) |
|
(17,240 |
) |
|
(14,706 |
) |
|
(16,241 |
) |
|
(16,610 |
) |
|
(19,787 |
) |
|
(19,298 |
) |
|
(21,033 |
) |
|||||
|
Foreign currency impact, net |
|
5,769 |
|
|
(7,708 |
) |
|
4,746 |
|
|
1,968 |
|
|
862 |
|
|
1,422 |
|
|
1,602 |
|
|
(2,480 |
) |
|
319 |
|
|
1,242 |
|
|
(3,547 |
) |
|
(6,669 |
) |
|||||
Term life face amount in force, end of period |
$ |
763,831 |
|
$ |
781,041 |
|
$ |
808,262 |
|
$ |
858,818 |
|
$ |
903,404 |
|
$ |
869,643 |
|
$ |
886,519 |
|
$ |
894,018 |
|
$ |
903,404 |
|
$ |
909,632 |
|
$ |
914,438 |
|
$ |
912,785 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Estimated annualized issued term life premium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Premium from new policies |
$ |
255.4 |
|
$ |
250.8 |
|
$ |
244.8 |
|
$ |
303.6 |
|
$ |
297.2 |
|
$ |
74.5 |
|
$ |
82.6 |
|
$ |
70.7 |
|
$ |
69.4 |
|
$ |
65.5 |
|
$ |
72.3 |
|
$ |
68.0 |
|
|||||
|
Additions and increases in premium |
|
49.5 |
|
|
55.2 |
|
|
60.2 |
|
|
68.9 |
|
|
77.0 |
|
|
18.0 |
|
|
20.3 |
|
|
19.5 |
|
|
19.1 |
|
|
18.4 |
|
|
20.6 |
|
|
19.5 |
|
|||||
|
|
Total estimated annualized issued term life premium |
$ |
304.9 |
|
$ |
306.0 |
|
$ |
305.0 |
|
$ |
372.5 |
|
$ |
374.2 |
|
$ |
92.5 |
|
$ |
103.0 |
|
$ |
90.2 |
|
$ |
88.5 |
|
$ |
83.8 |
|
$ |
92.9 |
|
$ |
87.5 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment & Savings product sales |
$ |
6,192.2 |
|
$ |
7,040.1 |
|
$ |
7,533.2 |
|
$ |
7,842.5 |
|
$ |
11,703.2 |
|
$ |
2,853.5 |
|
$ |
3,040.2 |
|
$ |
2,790.4 |
|
$ |
3,019.0 |
|
$ |
3,065.4 |
|
$ |
2,689.6 |
|
$ |
2,161.5 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Investment & Savings average client asset values |
$ |
56,791 |
|
$ |
61,842 |
|
$ |
65,029 |
|
$ |
69,709 |
|
$ |
89,993 |
|
$ |
83,131 |
|
$ |
89,378 |
|
$ |
92,652 |
|
$ |
94,809 |
|
$ |
94,203 |
|
$ |
87,994 |
|
$ |
83,320 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Closed U.S. Mortgage Volume (brokered) |
$ |
— |
|
$ |
— |
|
$ |
31.1 |
|
$ |
442.5 |
|
$ |
1,229.2 |
|
$ |
262.3 |
|
$ |
298.6 |
|
$ |
337.6 |
|
$ |
330.8 |
|
$ |
235.9 |
|
$ |
152.7 |
|
$ |
99.8 |
|
18 of 18