Primerica, Inc. (NYSE: PRI) announced today that its Board of Directors
has authorized a share repurchase program for 2015, pursuant to which
the Company expects to repurchase up to $150 million of its common
stock. The share repurchases may be made from time to time through open
market transactions, block trades and/or privately negotiated
transactions and are subject to market conditions, as well as corporate,
regulatory, and other considerations. This share repurchase program may
be discontinued at any time by the Board of Directors, and the Company
has no obligation to repurchase any amount of its common stock under the
program. The company intends to make all repurchases in compliance with
applicable regulatory guidelines and to administer the plan in
accordance with applicable laws, including Rule 10b-18 of the Securities
Exchange Act of 1934, as amended.
Rick Williams, Chairman of the Board and Co-Chief Executive Officer
said, “One of the key benefits of Primerica’s diverse income sources is
our capacity to generate and deploy capital to drive stockholder value.
In each full year since our 2010 IPO, we have returned over 100% of
operating earnings to stockholders while executing initiatives to drive
long-term distribution growth. The continuation of our share repurchase
program reflects our positive long-term outlook for the company and our
dedication to delivering strong returns on equity.”
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 third 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”.
Copyright Business Wire 2014