Primerica, Inc. · NYSE:PRI
Primerica — Q1 2024 Earnings Presentation
10 slides from Primerica's earnings presentation, May 7, 2024
Slide 1: Earnings Results, Quarter Ended March 31, 2024
Earnings Results Quarter Ended March 31, 2024
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements This presentation may contain forward-looking statements. Information on factors that could cause results to differ materially from those projected in this presentation is available in our Form 10-K for the year ended December 31, 2023, as may be modified by subsequent For
Slide 3: Financial Highlights
Financial Highlights GAAP Financial Results ($ in millions, except per share amounts) Q1 2024 Q1 2023 % Change ● Net income grew 8%; diluted EPS grew 14% Revenues $742.8 $690.0 8% year-over-year Net income $137.9 $128.1 8% Stockholders’ equity(1) $2,185.9 $1,946.4 12% ● Adjusted net operating income
Slide 4: Distribution Highlights
Distribution Highlights Sales Force Distribution Q1 2024 Q1 2023 % Change ● Appealing business opportunity fueled Recruits 110,710 93,540 18% continued growth in distribution New life-licensed representatives 12,949 11,118 16% — Life-licensed sales force up 5% year-over-year Life-licensed sales forc
Slide 5: Production Highlights: Term Life Insurance
Production Highlights Term Life Insurance Production ($ in billions) Q1 2024 Q1 2023 % Change ● Pressure from higher cost of living on middle-income families causing headwinds Issued life insurance policies 86,587 84,561 2% Productivity(1) 0.20 0.21 Issued face amount(2) $28.7 $28.1 2% ● Term life p
Slide 6: Production Highlights: Investment and Savings Products
Production Highlights Investment and Savings Products Production ● Solid demand drove investment product sales up ($ in billions) Q1 2024 Q1 2023 % Change 20% year-over-year Total product sales $2.8 $2.3 20% — Strong demand of mutual funds in U.S. & Canada, Client asset values(1) $103.3 $87.6 18% va
Slide 7: Operating Results: Term Life Segment
Operating Results Term Life Segment ($ in millions) Q1 2024 Q1 2023 % Change ● Operating revenues grew 5%, driven by 6% Direct premiums $836.3 $812.9 3% growth in ADP Premium ceded to IPO coinsurers(1) ($206.5) ($220.2) 6% Adjusted direct premiums (ADP)(2) $629.8 $592.6 6% Operating revenues $440.4
Slide 8: Operating Results: Investment & Savings Products Segment
Operating Results Investment & Savings Products Segment ($ in millions, except as noted) Q1 2024 Q1 2023 % Change Sales-based revenues $88.7 $72.4 23% ● Operating revenue increased 16%, Asset-based revenues $128.5 $111.9 15% while pre-tax operating income grew Account-based revenues $23.2 $22.8 2% 1
Slide 9: Insurance & Operating Expense Highlights
Insurance & Operating Expense Highlights Sr ● Insurance and other operating ($ in millions) Cons* Life ISP Health Corp expenses of $164 million grew 9% Q1 2023 Consolidated Insurance & Other Operating Expenses * 150.7 59.9 42.6 7.5 40.7 year-over-year Technology-related expenses — Driven by growth i
Slide 10: Investment Income and Invested Asset Portfolio
Investment Income and Invested Asset Portfolio Key Portfolio Attributes ● Adjusted net investment income of (based on amortized cost (except for market Q1 2024 $38 million, up 21% year-over-year value); excludes cash, period end) — Driven by higher interest rates and Fixed income / other mix 99% / 1