Primerica, Inc. (NYSE: PRI) announced today financial results for the
quarter ended March 31, 2014. Total revenues were $324.3 million in the
first quarter of 2014 and net income was $45.1 million, or $0.81 per
diluted share.
Operating revenues increased by 9% to $324.1 million and net operating
income increased by 12% to $43.3 million compared with $296.2 million
and $38.6 million, respectively, in the year ago quarter. Net operating
income per diluted share increased 20% to $0.77 and ROAE was 14.9% in
the first quarter of 2014. Solid operating results in the first quarter
were primarily driven by growth in New Term premiums and strong
Investment and Savings Products performance including 15% growth in
ending client asset values. Insurance and operating expenses increased
as expected with growth in our business and reflect significantly lower
expenses associated with the Florida Retirement System (FRS) matter
compared with the first quarter of 2013. First quarter results also
reflect lower net investment income highly correlated to our stock
repurchases throughout 2013 and a lower yield on invested assets.
Consistent with our strategy to focus on core distribution competencies,
in the first quarter of 2014 Primerica sold its short-term statutory
disability insurance business (DBL) and discontinued marketing its
student life insurance business, both of which were distributed through
non-core distribution channels managed by our New York insurance
subsidiary. Results from the DBL operations have been reported in
discontinued operations, which are excluded from segment and operating
results, for all periods presented.
Rick Williams, Chairman of the Board and Co-Chief Executive Officer
said, “We started the year strong with a 12% increase in net operating
income led by a 29% increase in Investment and Savings Products net
operating income. Diluted operating EPS grew by 20%, benefitting from
2013 share repurchases.”
John Addison, Chairman of Primerica Distribution and Co-Chief Executive
Officer said, “We continued to see positive sales force trends with
growth in the recruitment of new representatives, new life insurance
licenses and the size of the life insurance licensed sales force
compared with the first quarter a year ago.”
Distribution Results
-
The size of our life-licensed sales force increased 5% to 95,382 at
March 31, 2014 compared with 90,917 at March 31, 2013. In the first
quarter, recruiting of new representatives increased 4% to 48,306 and
new life insurance licenses grew 4% to 7,447 compared with the year
ago quarter. The percentage of license non-renewals and terminations
in relation to the size of the sales force declined versus the prior
year period. The size of our life-licensed sales force remained
consistent with the fourth quarter. On a sequential basis, recruiting
of new representatives increased 27% from 38,022, primarily due to
seasonally slower recruiting levels during the fourth quarter. The
lower level of fourth quarter recruits, many of whom are licensed in
the first quarter, also contributed to the 12% sequential decline in
new life licenses from 8,485 in the prior quarter.
-
In the first quarter, term life insurance policies issued were down 2%
to 49,320 while the average annualized premium per issued policy
increased 2% compared with the first quarter of 2013. Productivity in
the quarter of .17X policies per life licensed representative per
month was slightly lower than .18X in both the prior year and
sequential quarter. Historically productivity in the first quarter has
been lower than in other quarters and this year it was also impacted
by severe weather across North America. On a sequential basis, fewer
life insurance applications submitted during the slower holiday season
led to a 6% decline in term life insurance policies issued compared
with the fourth quarter of 2013.
-
In the first quarter of 2014, Investment and Savings Products sales
grew 3% to $1.41 billion primarily reflecting strong retail mutual
funds sales compared with the first quarter a year ago. Sequentially,
ISP sales increased 10% compared with the fourth quarter of 2013
reflecting strong retirement and saving sales typical of the first
quarter. Market performance drove client asset values to an all-time
high of $45.84 billion, up 15% at March 31, 2014 relative to a year
ago and up from $44.99 billion at the end of the fourth quarter.
Segment Results
Primerica operates in two primary business segments: Term Life Insurance
and Investment and Savings Products, and has a third segment, Corporate
and Other Distributed Products. As previously noted, results from the
DBL operations, including a $1.6 million after-tax gain on the sale
recognized in the first quarter of 2014, have been reported in
discontinued operations for all periods presented. As such, we have
reclassified prior year period revenues, benefits and expenses and net
income of $10.0 million, $8.9 million and $0.7 million, respectively,
from Corporate and Other Distributed Products to discontinued
operations, thereby removing them from operating results. Results for
the segments are shown below.
|
|
Actual
|
|
Operating (1)
|
|
|
Q1 2014
|
Q1 2013 (2) (3)
|
% Change
|
|
Q1 2014
|
Q1 2013 (2) (3)
|
% Change
|
Revenues:
|
|
($ in thousands)
|
|
($ in thousands)
|
Term Life Insurance
|
|
$
|
182,980
|
|
$
|
167,833
|
|
9
|
%
|
|
$
|
182,980
|
|
$
|
167,833
|
|
9
|
%
|
Investment and Savings Products
|
|
|
123,270
|
|
|
108,722
|
|
13
|
%
|
|
|
123,270
|
|
|
108,722
|
|
13
|
%
|
Corporate and Other Distributed Products
|
|
|
18,078
|
|
|
21,895
|
|
-17
|
%
|
|
|
17,815
|
|
|
19,609
|
|
-9
|
%
|
Total revenues
|
|
$
|
324,328
|
|
$
|
298,450
|
|
9
|
%
|
|
$
|
324,065
|
|
$
|
296,164
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes:
|
|
|
|
|
|
|
|
|
Term Life Insurance
|
|
$
|
47,204
|
|
$
|
45,125
|
|
5
|
%
|
|
$
|
47,204
|
|
$
|
45,125
|
|
5
|
%
|
Investment and Savings Products
|
|
|
34,028
|
|
|
26,353
|
|
29
|
%
|
|
|
34,028
|
|
|
26,353
|
|
29
|
%
|
Corporate and Other Distributed Products
|
|
|
(14,400
|
)
|
|
(12,338
|
)
|
17
|
%
|
|
|
(14,663
|
)
|
|
(11,614
|
)
|
26
|
%
|
Total income from continuing operations before income taxes
|
|
$
|
66,832
|
|
$
|
59,140
|
|
13
|
%
|
|
$
|
66,569
|
|
$
|
59,864
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
(1) See the Non-GAAP Financial Measures section and the segment
Operating Results Reconciliations at the end of this release for
additional information.
|
|
|
|
|
|
|
|
|
|
(2) In the second quarter of 2013, Primerica began classifying the
deposit asset underlying the 10% reinsurance agreement with
Citigroup, Inc. (Citigroup), as well as its related mark-to-market
adjustments, within the Corporate and Other Distributed Products
segment instead of within the Term Life Insurance segment. As such,
results for Q1 2013 include the reclassification of Net Investment
Income from the Term Life Insurance Segment to the Corporate and
Other Distributed Products Segment of $564. The change does not
impact our consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
(3) The results of operations from DBL prior to its disposal were
reported in our Corporate and Other Distributed Products segment. As
such, we have reclassified revenues, other operating expenses, and
income from before income taxes of $9,995, $1,630, and $1,092,
respectively, in Q1 2013 from our Corporate and Other Distributed
Products segment into discontinued operations.
|
Term Life Insurance. In the first quarter of 2014, Term
Life operating revenues increased 9% to $183.0 million and operating
income before income taxes increased 5% to $47.2 million compared with
the first quarter of 2013. Revenue growth continues to be driven by net
premiums, which increased by 11% from the year ago period. Allocated net
investment income was flat with the prior year period, as growth in
required assets was offset by lower yield on invested assets. While
policy persistency was stable and consistent with the prior year period,
DAC amortization in the first quarter grew faster than net premiums due
to an increased portion of commissions deferred in recent years. Total
incurred claims for the quarter were in-line with our historical
experience, while insurance expenses increased with growth in the
business and infrastructure.
Sequentially, operating income before income taxes declined 6%
reflecting higher insurance expenses, slightly higher incurred claims
and lower allocated net investment income in the first quarter,
partially offset by seasonally lower persistency in the fourth quarter.
Several items positively impacted results for the fourth quarter of
2013, including higher allocated net investment income from called
securities, a premium tax refund and a reversal of previously amortized
commissions.
Investment and Savings Products. In the first quarter,
operating revenues increased 13% to $123.3 million and operating income
before income taxes increased 29% to $34.0 million compared with the
year ago period. Year-over-year ISP sales increased 3%. Sales volumes
shifted from Canadian segregated funds, variable annuity internal
transfers and other sales that generate limited to no sales-based
revenues in the prior year period to retail mutual funds and fully
commissionable variable annuity sales with higher sales-based revenues
in the current period. The growth in overall sales combined with this
shift in product mix drove a 17% year-over-year increase in sales-based
revenues. During the first quarter, asset-based revenue increased 13%
primarily driven by 16% growth in average client asset values. Legal
fees and expenses associated with FRS were $0.6 million, significantly
less than the prior year level of $3.9 million. We’ve made significant
progress in resolving the FRS matter with over 95% of claimants
accepting the settlement.
Sequentially, operating income before income taxes decreased 4% compared
with the fourth quarter as fluctuations in the mix of both product sales
and client asset values more than offset sequential growth in sales and
assets. The increase in sales-based revenues was consistent with the
growth in sales of products that generate sales-based revenue. A shift
to retail mutual fund sales from annuities during first quarter’s
Individual Retirement Account season resulted in a modest increase in
the sales-based commission expense payout rate. With regard to
asset-based earnings, results were generally flat with the fourth
quarter as most of the growth in average client assets came from U.S.
products which generally have lower asset-based earnings than our
Canadian products. First quarter Canadian segregated fund DAC
amortization was slightly elevated compared with the fourth quarter due
to market performance and redemption rates.
Corporate and Other Distributed Products. Operating
revenues of $17.8 million were 9% lower and operating losses before
income taxes grew by $3.0 million compared with the first quarter of
2013. Results reflect higher employee-related expenses as well as lower
allocated net investment income primarily due to growth in Term Life
required assets, prior year capital deployment and lower yield on
invested assets versus the prior year period.
Taxes
Our effective income tax rate for the first quarter of 2014 was 34.9%,
which is lower than the prior year period rate of 35.5% primarily due to
the limited deductibility of IPO stock awards that fully vested in April
2013. Sequentially, our effective income tax rate was consistent with
34.7% in the fourth quarter.
Capital and Liquidity
In conjunction with our plan to deploy $150 million of capital in 2014,
during the first quarter we repurchased 283,000 shares of Primerica
common stock for $13.1 million with the majority of the years’ capital
deployment anticipated in the second half of the year, subject to the
regulatory approval of a reserve financing transaction. As of March 31,
2014, our investments and cash totaled $2.01 billion compared with $1.98
billion as of December 31, 2013. Our invested asset portfolio had a net
unrealized gain of $113.2 million (net of unrealized losses of $11.6
million) at March 31, 2014, up from $100.0 million at December 31, 2013
due to a decline in interest rates.
Primerica Life Insurance Company’s statutory risk-based capital (RBC)
ratio was estimated to be in excess of 490% as of March 31, 2014, well
positioned to support existing operations and fund future growth. Our
debt-to-capital ratio was 23.0% March 31, 2014.
Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted
accounting principles (GAAP). We also present operating revenues,
operating income before income taxes, net operating income and adjusted
stockholders’ equity. Operating revenues, operating income before income
taxes and net operating income exclude the impact of realized investment
gains and losses, including other than temporary impairments (OTTI), for
all periods presented. Operating income before income taxes and net
operating income exclude the expense associated with our IPO-related
equity awards and the impact of charges recorded for the potential
settlement of claims made by certain Florida Retirement System plan
participants for all periods presented. Adjusted stockholders' equity
excludes the impact of net unrealized gains and losses on invested
assets for all periods presented. Our definitions of these non-GAAP
financial measures may differ from the definitions of similar measures
used by other companies. Management uses these non-GAAP financial
measures in making financial, operating and planning decisions and in
evaluating our financial performance. Furthermore, management believes
that these non-GAAP financial measures may provide users with additional
meaningful comparisons between current results and results of prior
periods as they are expected to be reflective of our core ongoing
business. These measures have limitations, and investors should not
consider them in isolation or as a substitute for analysis of our
results as reported under GAAP. Reconciliations of non-GAAP to GAAP
financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast Tuesday, May 6, 2014 at 10:00 am ET, to
discuss first quarter results. This release and a detailed financial
supplement will be posted on Primerica’s website. Investors are
encouraged to review these materials. To access the webcast go to http://investors.primerica.com
at least 15 minutes prior to the event to register, download and install
any necessary software.
A replay of the call will be available for approximately 30 days on
Primerica’s website, http://investors.primerica.com.
Forward-Looking Statements
Except for historical information contained in this press release, the
statements in this release are forward-looking and made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements contain known and unknown risks and
uncertainties that may cause our actual results in future periods to
differ materially from anticipated or projected results. Those risks and
uncertainties include, among others, our failure to continue to attract
and license new recruits, retain sales representatives or license or
maintain the licensing of our sales representatives; our or our sales
representatives’ violation of or non-compliance with laws and
regulations; incorrect assumptions used to price our insurance policies;
the failure of our investment products to remain competitive with other
investment options; our failure to meet RBC standards or other minimum
capital and surplus requirements; a downgrade or potential downgrade in
our insurance subsidiaries’ financial strength ratings or our senior
debt ratings; inadequate or unaffordable reinsurance or the failure of
our reinsurers to perform their obligations; heightened standards of
conduct or more stringent licensing requirements for our sales
representatives; the inability of our subsidiaries to pay dividends or
make distributions; the loss of key personnel; and general changes in
economic and financial conditions, including the effects of credit
deterioration and interest rate fluctuations on our invested asset
portfolio. These and other risks and uncertainties affecting us are more
fully described in our filings with the Securities and Exchange
Commission, which are available in the "Investor Relations" section of
our website at http://investors.primerica.com.
Primerica assumes no duty to update its forward-looking statements as of
any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading distributor
of financial products to middle income households in North America.
Primerica representatives educate their Main Street clients about how to
better prepare for a more secure financial future by assessing their
needs and providing appropriate solutions through term life insurance,
which we underwrite, and mutual funds, annuities and other financial
products, which we distribute primarily on behalf of fourth parties. In
addition, Primerica provides an entrepreneurial full or part-time
business opportunity for individuals seeking to earn income by
distributing the company’s financial products. We insured more than 4
million lives and have over 2 million client investment accounts at
December 31, 2013. Primerica stock is included in the S&P MidCap 400 and
the Russell 2000 stock indices and is traded on The New York Stock
Exchange under the symbol “PRI”.
PRIMERICA, INC. AND SUBSIDIARIES
|
Condensed Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
|
|
|
2014 (1)
|
|
2013
|
|
|
|
|
|
|
|
|
(In thousands)
|
Assets
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities available for sale, at fair value
|
|
$
|
1,771,572
|
|
|
$
|
1,755,712
|
|
Equity securities available for sale, at fair value
|
|
|
|
47,086
|
|
|
|
39,894
|
|
Trading securities, at fair value
|
|
|
|
|
10,934
|
|
|
|
12,991
|
|
Policy loans and other invested assets
|
|
|
|
|
26,580
|
|
|
|
26,806
|
|
|
Total investments
|
|
|
|
|
|
1,856,172
|
|
|
|
1,835,403
|
Cash and cash equivalents
|
|
|
|
|
|
158,438
|
|
|
|
149,189
|
Accrued investment income
|
|
|
|
|
|
19,689
|
|
|
|
18,127
|
Due from reinsurers
|
|
|
|
|
|
|
4,074,527
|
|
|
|
4,055,054
|
Deferred policy acquisition costs
|
|
|
|
|
|
1,242,983
|
|
|
|
1,208,466
|
Premiums and other receivables
|
|
|
|
|
|
170,577
|
|
|
|
175,789
|
Intangible assets
|
|
|
|
|
|
|
67,692
|
|
|
|
68,863
|
Income taxes
|
|
|
|
|
|
|
35,548
|
|
|
|
32,450
|
Other assets
|
|
|
|
|
|
|
303,759
|
|
|
|
282,780
|
Separate account assets
|
|
|
|
|
|
2,458,739
|
|
|
|
2,503,829
|
|
|
Total assets
|
|
|
|
|
|
$
|
10,388,124
|
|
|
$
|
10,329,950
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Future policy benefits
|
|
|
|
|
$
|
5,103,278
|
|
|
$
|
5,063,103
|
Unearned premiums
|
|
|
|
|
|
|
1,465
|
|
|
|
1,802
|
Policy claims and other benefits payable
|
|
|
|
|
243,576
|
|
|
|
253,304
|
Other policyholders' funds
|
|
|
|
|
|
340,175
|
|
|
|
337,977
|
Notes payable
|
|
|
|
|
|
|
374,494
|
|
|
|
374,481
|
Income taxes
|
|
|
|
|
|
|
127,906
|
|
|
|
105,885
|
Other liabilities
|
|
|
|
|
|
|
375,864
|
|
|
|
377,690
|
Payable under securities lending
|
|
|
|
|
|
109,094
|
|
|
|
89,852
|
Separate account liabilities
|
|
|
|
|
|
2,458,739
|
|
|
|
2,503,829
|
|
|
Total liabilities
|
|
|
|
|
|
9,134,591
|
|
|
|
9,107,923
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
|
|
546
|
|
|
|
548
|
Paid-in capital
|
|
|
|
|
|
|
462,838
|
|
|
|
472,633
|
Retained earnings
|
|
|
|
|
|
|
679,182
|
|
|
|
640,840
|
Accumulated other comprehensive income, net of income tax
|
|
|
110,967
|
|
|
|
108,006
|
|
|
Total stockholders' equity
|
|
|
|
|
1,253,533
|
|
|
|
1,222,027
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
10,388,124
|
|
|
$
|
10,329,950
|
|
|
|
|
|
|
|
|
|
|
|
(1) Unaudited
|
|
PRIMERICA, INC. AND SUBSIDIARIES
|
Condensed Statements of Income
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
(In thousands, except per-share amounts)
|
Revenues:
|
|
|
|
|
|
|
|
|
Direct premiums
|
|
|
|
|
$
|
568,205
|
|
|
$
|
560,904
|
|
Ceded premiums
|
|
|
|
|
|
(402,715
|
)
|
|
|
(410,604
|
)
|
|
Net premiums
|
|
|
|
|
165,490
|
|
|
|
150,300
|
|
Commissions and fees
|
|
|
|
|
|
126,933
|
|
|
|
112,273
|
|
Net investment income
|
|
|
|
|
|
21,599
|
|
|
|
23,216
|
|
Realized investment gains (losses), including OTTI
|
|
|
|
263
|
|
|
|
2,286
|
|
Other, net
|
|
|
|
|
|
|
10,043
|
|
|
|
10,375
|
|
Total revenues
|
|
|
|
|
|
324,328
|
|
|
|
298,450
|
|
|
|
|
|
|
|
|
|
|
Benefits and expenses:
|
|
|
|
|
|
|
|
Benefits and claims
|
|
|
|
|
|
75,191
|
|
|
|
68,816
|
|
Amortization of deferred policy acquisition costs
|
|
|
|
35,193
|
|
|
|
31,252
|
|
Sales commissions
|
|
|
|
|
|
65,121
|
|
|
|
55,048
|
|
Insurance expenses
|
|
|
|
|
|
28,502
|
|
|
|
25,512
|
|
Insurance commissions
|
|
|
|
|
|
4,083
|
|
|
|
4,223
|
|
Interest expense
|
|
|
|
|
|
8,606
|
|
|
|
8,795
|
|
Other operating expenses
|
|
|
|
|
40,800
|
|
|
|
45,664
|
|
Total benefits and expenses
|
|
|
|
|
257,496
|
|
|
|
239,310
|
|
Income from continuing operations before income taxes
|
|
|
66,832
|
|
|
|
59,140
|
|
Income taxes
|
|
|
|
|
|
23,347
|
|
|
|
21,005
|
|
Income from continuing operations
|
|
|
|
|
43,485
|
|
|
|
38,135
|
|
Income from discontinued operations, net of income taxes
|
|
|
1,595
|
|
|
|
710
|
|
|
Net income
|
|
|
|
|
$
|
45,080
|
|
|
$
|
38,845
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.78
|
|
|
$
|
0.66
|
|
Discontinued operations
|
|
|
|
|
|
0.03
|
|
|
|
0.01
|
|
|
Basic earnings per share
|
|
|
|
$
|
0.81
|
|
|
$
|
0.67
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.78
|
|
|
$
|
0.64
|
|
Discontinued operations
|
|
|
|
|
|
0.03
|
|
|
|
0.01
|
|
|
Diluted earnings per share
|
|
|
|
$
|
0.81
|
|
|
$
|
0.65
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing earnings per share:
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
55,211
|
|
|
|
56,598
|
|
|
Diluted
|
|
|
|
|
|
55,233
|
|
|
|
58,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMERICA, INC. AND SUBSIDIARIES
|
Consolidated Operating Results Reconciliation
|
(Unaudited – in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
% Change
|
Operating revenues
|
|
|
|
|
$
|
324,065
|
|
|
$
|
296,164
|
|
|
9
|
%
|
Realized investment gains (losses), including OTTI
|
|
|
|
|
263
|
|
|
|
2,286
|
|
|
|
Total revenues
|
|
|
|
|
$
|
324,328
|
|
|
$
|
298,450
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
Operating income before income taxes
|
|
|
|
$
|
66,569
|
|
|
$
|
59,864
|
|
|
11
|
%
|
Realized investment gains (losses), including OTTI
|
|
|
|
|
263
|
|
|
|
2,286
|
|
|
|
Other operating expense - IPO equity awards
|
|
|
|
|
-
|
|
|
|
(3,010
|
)
|
|
|
Income from continuing operations before income taxes
|
|
|
$
|
66,832
|
|
|
$
|
59,140
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
|
|
|
$
|
43,314
|
|
|
$
|
38,602
|
|
|
12
|
%
|
Realized investment gains (losses), including OTTI
|
|
|
|
|
263
|
|
|
|
2,286
|
|
|
|
Other operating expense - IPO equity awards
|
|
|
|
|
-
|
|
|
|
(3,010
|
)
|
|
|
Tax impact of reconciling items
|
|
|
|
|
(92
|
)
|
|
|
257
|
|
|
|
Income from continuing operations
|
|
|
|
|
43,485
|
|
|
|
38,135
|
|
|
14
|
%
|
Income from discontinued operations, net of income taxes
|
|
|
|
1,595
|
|
|
|
710
|
|
|
|
Net income
|
|
|
|
|
$
|
45,080
|
|
|
$
|
38,845
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
Diluted operating earnings per share (1)
|
|
|
|
$
|
0.77
|
|
|
$
|
0.64
|
|
|
20
|
%
|
Net after-tax impact of operating adjustments and discontinued
operations
|
|
|
|
0.04
|
|
|
|
0.01
|
|
|
|
Diluted earnings per share (1)
|
|
|
|
$
|
0.81
|
|
|
$
|
0.65
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
(1) Percentage change in earnings per share is calculated prior to
rounding per share amounts.
|
|
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
|
Operating Results Reconciliation
|
(Unaudited – in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
|
|
2014
|
|
2013
|
Operating revenues
|
|
|
|
|
|
$
|
17,815
|
|
|
$
|
19,609
|
|
Realized investment gains (losses), including OTTI
|
|
|
|
263
|
|
|
|
2,286
|
|
Total revenues
|
|
|
|
|
|
$
|
18,078
|
|
|
$
|
21,895
|
|
|
|
|
|
|
|
|
|
|
Operating loss before income taxes
|
|
|
|
$
|
(14,663
|
)
|
|
$
|
(11,614
|
)
|
Realized investment gains (losses), including OTTI
|
|
|
|
263
|
|
|
|
2,286
|
|
Other operating expense - IPO equity awards
|
|
|
|
|
-
|
|
|
|
(3,010
|
)
|
Loss from continuing operations before income taxes
|
|
|
$
|
(14,400
|
)
|
|
$
|
(12,338
|
)
|
|
|
|
|
|
|
PRIMERICA, INC. AND SUBSIDIARIES
|
Adjusted Stockholders' Equity Reconciliation
|
(Unaudited – in thousands)
|
|
|
|
|
|
|
|
March 31, 2014
|
Adjusted stockholders' equity
|
|
|
$
|
1,175,969
|
Unrealized net investment gains recorded in stockholders' equity,
net of income tax
|
|
|
77,564
|
Stockholders' equity
|
|
|
$
|
1,253,533
|
Copyright Business Wire 2014