Primerica, Inc. · NYSE:PRI
Primerica — Q3 2024 Earnings Presentation
9 slides from Primerica's earnings presentation, Nov 7, 2024
Slide 1: Earnings Results Quarter Ended September 30, 2024
Earnings Results Quarter Ended September 30, 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 ● Strong core results coupled with annual actuarial ($ in millions, except per share amounts) Q3 2024 Q3 2023 % Change assumption review adjustment led to double- Revenues $774.1 $697.5 11% digit earnings growth Income from continuing operations $194.7 $15
Slide 4: Distribution Highlights
Distribution Highlights Sales Force Distribution Q3 2024 Q3 2023 % Change ● Convention in July generated additional momentum, fueling growth in distribution Recruits 142,655 92,269 55% New life-licensed representatives 14,349 12,311 17% — Record recruiting contributed to 17% increase in the number o
Slide 5: Production Highlights: Term Life Insurance
Production Highlights Term Life Insurance Production ● Issued over 93,000 life insurance policies, up ($ in billions) Q3 2024 Q3 2023 % Change 5% year-over-year Issued life insurance policies 93,377 88,589 5% — Persistent cost of living pressures remained a Productivity(1) 0.21 0.21 NM headwind for
Slide 6: Production Highlights: Investment and Savings Products
Production Highlights Investment and Savings Products Production ($ in billions) Q3 2024 Q3 2023 % Change ● Total product sales increased 34% year-over- Total product sales $2.9 $2.2 34% year Client asset values(1) $111.2 $88.4 26% — Strong client demand supported by attractive equity markets Averag
Slide 7: Operating Results: Term Life Segment
Operating Results Term Life Segment ($ in millions) Q3 2024 Q3 2023 % Change ● Operating revenues up 5%, driven by 6% ADP growth Direct premiums $847.6 $826.7 3% ● Completed annual actuarial assumption review Premium ceded to IPO coinsurers(1) ($198.7) ($213.0) 7% — Falling disability incidence rate
Slide 8: Operating Results: Investment & Savings Products Segment
Operating Results Investment & Savings Products Segment ($ in millions, except as noted) Q3 2024 Q3 2023 % Change Sales-based revenues $96.3 $73.0 32% ● Operating revenues increased 22%, Asset-based revenues $142.1 $119.4 19% while operating income before taxes Account-based revenues $24.1 $23.3 3%
Slide 9: Insurance & Operating Expense Highlights
Insurance & Operating Expense Highlights ● Adjusted insurance and other operating ($ in millions) Cons* Life ISP Corp expenses of $145 million grew 13% year- Q3 2023 Consolidated Insurance $128.7 $56.7 $38.8 $33.3 & Other Operating Expenses* over-year Employee-related expenses $4.9 $1.3 $1.0 $2.7 —