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Primerica, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $774,129,000, an increase from $697,496,000 in the same quarter of the previous year. This increase is attributed to higher commissions and fees, net premiums, and investment income.
Net premiums for the quarter were $439,807,000, up from $420,666,000 in the previous year, primarily due to growth in the in-force book of business.
Commissions and fees increased to $271,901,000 from $227,514,000, driven by higher sales-based and asset-based revenues in the Investment and Savings Products segment.
Net investment income rose to $41,109,000 from $34,730,000, benefiting from higher yields and a larger invested asset portfolio.
Total benefits and expenses were $519,551,000, compared to $491,112,000 in the previous year, with increases in sales commissions, insurance expenses, and other operating expenses.
The company reported income from continuing operations before income taxes of $254,578,000, up from $206,384,000 in the previous year.
Income taxes from continuing operations were $59,841,000, resulting in an effective tax rate of 23.5%, consistent with the prior year's rate of 23.7%.
Net income for the quarter was $164,373,000, compared to $152,063,000 in the previous year. Loss from discontinued operations, net of income taxes, was $30,364,000.
Primerica's Term Life Insurance segment showed revenue growth due to increased direct premiums and a remeasurement gain in future policy benefits.
The Investment and Savings Products segment benefited from higher sales-based and asset-based revenues, driven by increased product sales and average client assets.
Corporate and Other Distributed Products segment revenues increased due to higher net investment income and a gain from insurance proceeds under a Representation and Warranty insurance policy.
The filing also discusses regulatory changes, including the adoption of principle-based reserves and the impact of economic conditions on business trends.
Primerica's liquidity and capital resources remain strong, with cash flows from operations providing sufficient liquidity to meet operating requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Primerica Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.