Primerica Reports Second Quarter 2016 Results
14% growth in life insurance policies issued
11% increase in life insurance licensed representatives to 112,365
31% growth in diluted EPS to $1.23; 27% growth in diluted operating EPS to $1.19
19.9% net income return on stockholders’ equity (ROE) and 20.2% net operating income return on
adjusted stockholders’ equity (ROAE)
Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2016. In the second quarter, total
revenues increased 8% to $379.2 million and operating revenues increased 7% to $375.8 million compared with the second quarter of
2015. Net income grew 21% to $59.3 million and net operating income grew 17% to $57.1 million from the prior year period. Solid
earnings combined with ongoing share repurchases drove a 31% increase in net earnings per diluted share to $1.23 and a 27% increase
in net operating earnings per diluted share to $1.19 compared with the prior year period. ROE expanded to 19.9% and operating ROAE
expanded to 20.2% in the current period versus 16.1% and 17.0%, respectively, in the second quarter of 2015.
Results reflect the continued momentum in the Term Life business as well as the seasonally strong trends historically
experienced in the second quarter. Ongoing growth in Term Life issued policies combined with strong second quarter persistency led
to a 14% increase in Term Life net premiums year-over-year. Claims experience was below both historical levels and the modestly
unfavorable levels experienced in the prior year period. Investment and Savings Product sales and average client asset values were
lower than the prior year period while sales increased on a sequential quarter basis during the IRA season.
Glenn Williams, Chief Executive Officer said, “We continue to see strong performance throughout our business. Our sales force
leaders delivered distribution growth and strong life insurance productivity in the second quarter. Recruiting and licensing
momentum continued resulting in 11% growth in the size of our life insurance licensed sales force year-over-year to 112,365
representatives. Term Life insurance policies issued increased 14% and our Investment and Savings Products performed well despite
the uncertainty in the market. EPS and ROE grew significantly through earnings and ongoing share repurchases.”
Distribution & Segment Results
Distribution Results |
|
|
Q2 2016 |
|
Q2 2015 |
|
% Change |
|
Q1 2016 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
Life Licensed Sales Force (1) |
|
|
112,365 |
|
|
101,008 |
|
11 |
% |
|
|
108,220 |
|
4 |
% |
Recruits |
|
|
65,273 |
|
|
60,246 |
|
8 |
% |
|
|
63,427 |
|
3 |
% |
New Life-Licensed Representatives |
|
|
12,171 |
|
|
10,439 |
|
17 |
% |
|
|
9,666 |
|
26 |
% |
Life Insurance Policies Issued |
|
|
77,384 |
|
|
68,097 |
|
14 |
% |
|
|
66,376 |
|
17 |
% |
Life Productivity (2) |
|
|
0.23 |
|
|
0.23 |
|
* |
|
|
0.21 |
|
* |
ISP Product Sales ($ billions) |
|
$ |
1.47 |
|
$ |
1.57 |
|
(6 |
)% |
|
$ |
1.38 |
|
7 |
% |
Average Client Asset Values ($ billions) |
|
$ |
48.94 |
|
$ |
49.66 |
|
(1 |
)% |
|
$ |
46.65 |
|
5 |
% |
(1) End of period |
(2) Life productivity equals Policies issued divided by the
average number of life insurance licensed representatives per month |
* Not calculated |
|
Segment Results |
|
|
Q2 2016 |
|
Q2 2015 |
|
% Change |
|
Q1 2016 |
|
% Change |
|
|
|
|
($ in thousands)
|
|
|
|
|
|
|
Operating Revenues: (1) |
|
|
|
|
|
|
|
|
|
|
Term Life Insurance |
|
$ |
210,679 |
|
|
$ |
184,389 |
|
|
14 |
% |
|
$ |
206,277 |
|
|
2 |
% |
Investment and Savings Products |
|
|
132,693 |
|
|
|
135,081 |
|
|
(2 |
)% |
|
|
125,035 |
|
|
6 |
% |
Corporate and Other Distributed Products |
|
|
32,432 |
|
|
|
30,450 |
|
|
7 |
% |
|
|
32,433 |
|
|
* |
Total operating revenues (1) |
|
$ |
375,804 |
|
|
$ |
349,920 |
|
|
7 |
% |
|
$ |
363,745 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss) before income taxes: (1) |
|
|
|
|
|
|
|
|
|
|
Term Life Insurance |
|
$
|
58,017 |
|
|
$
|
44,689 |
|
|
30 |
% |
|
$ |
46,078 |
|
|
26 |
% |
Investment and Savings Products |
|
|
36,065 |
|
|
|
37,746 |
|
|
(4 |
)% |
|
|
31,691 |
|
|
14 |
% |
Corporate and Other Distributed Products |
|
|
(5,642 |
) |
|
|
(6,207 |
) |
|
(9 |
)% |
|
|
(6,774 |
) |
|
(17 |
)% |
Total operating income before income taxes (1) |
|
$ |
88,440 |
|
|
$ |
76,228 |
|
|
16 |
% |
|
$ |
70,995 |
|
|
25 |
% |
(1) See the Non-GAAP Financial Measures section and the
segment Operating Results Reconciliations at the end of this release for additional information. |
* Less than 1% |
|
Life Insurance Licensed Sales Force. Strong recruiting and licensing trends in recent quarters drove 11%
year-over-year growth in the life insurance licensed sales force to 112,365 representatives at the end of the second quarter.
Second quarter recruiting of new representatives increased 8% and new life insurance licenses grew 17% from the year ago period. On
a sequential quarter basis, recruiting increased 3% and new life insurance licenses grew 26% reflecting recent recruiting
levels.
Term Life Insurance. In the second quarter of 2016, term life insurance policies issued increased 14%
year-over-year driven by the larger life insurance licensed sales force and seasonally strong productivity at .23 policies per life
insurance licensed representative per month. Term Life revenues increased 14% to $210.7 million compared with the year ago period
reflecting a 14% increase in net premiums from ongoing growth in issued policies. Income before income taxes grew 30% to $58.0
million year-over-year. Second quarter claims experience was approximately $2 million below historical levels while claims
experience in the year ago quarter was unfavorable by approximately $1 million. Favorable persistency experience contributed
approximately $1 million to the segment’s income before income taxes in the second quarter of 2016.
Investment and Savings Products (ISP). In the second quarter, the ISP segment was impacted by uncertainty in
the markets as well as by industry-wide weakness in variable annuity sales. ISP revenues decreased 2% to $132.7 million and income
before income taxes declined 4% to $36.1 million compared with the year ago period. Results reflect a 6% decline in product sales
to $1.47 billion primarily due to 20% lower variable annuity sales year-over-year. Average client asset values of $48.9 billion
were consistent with the prior year period while account-based revenue increased 6%. Positive Canadian segregated fund market
performance in the second quarter of 2016 led to deceleration of DAC amortization which contributed to $1.2 million lower DAC
amortization year-over-year.
Corporate and Other Distributed Products (C&O). The C&O segment operating revenues were $32.4
million, and operating losses before income taxes were $5.6 million in the second quarter of 2016. Results were impacted by a
modest increase in insurance and other expenses primarily reflecting higher employee-related expenses partially offset by a $1.5
million reduction in the interest expense on an IPO related reinsurance agreement. Net investment income benefited from an
approximately $1 million positive mark-to-market on the deposit asset backing an IPO related reinsurance agreement which offset the
continued pressure on the portfolio yield. The invested asset portfolio experienced price improvements with net unrealized gains
increasing from $74.9 million at March 31, 2016 to $105.2 million at quarter-end due to a steep decline in interest rates and
slightly tighter credit spreads during the period.
Capital
Primerica repurchased $40.6 million or approximately 800,000 shares of its common stock in the second quarter and repurchased
$90.5 million, or 2.0 million shares year-to-date through June. Primerica Life Insurance Company’s statutory risk-based capital
(RBC) ratio was estimated to be approximately 430% as of June 30, 2016.
Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (GAAP). We also present adjusted
direct premiums, other ceded premiums, operating revenues, operating income before income taxes, net operating income, adjusted
stockholders’ equity and diluted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts
ceded under coinsurance transactions that were executed concurrent with our initial public offering for all periods presented. We
exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to
present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO
coinsurance transactions will continue to decline over time as policies terminate within this block of business. Operating
revenues, operating income before income taxes, net operating income, and diluted operating earnings per share exclude the impact
of realized investment gains and losses, including other-than-temporary impairments (OTTI), for all periods presented. We exclude
realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure
comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an
invested asset's maturity that are not directly associated with the Company's insurance operations. Adjusted stockholders' equity
excludes the impact of net unrealized investment gains and losses recorded in other comprehensive income (loss) for all periods
presented. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and
losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not
necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.
The 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 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 the
core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for
analysis of the 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, August 9, 2016 at 10:00 am EDT, to discuss second 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; changes to the
independent contractor status of our sales representatives; our or our sales representatives’ violation of or non-compliance with
laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience
and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance
policies; the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds; changes in federal
and state legislation, including other legislation or regulation that affects our insurance and investment product businesses, such
as the DOL’s recently adopted rule defining who is a “fiduciary” of a qualified retirement plan as a result of giving investment
advice; 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; the effects of credit deterioration and interest
rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; inadequate or unaffordable reinsurance or
the failure of our reinsurers to perform their obligations; the failure of, or legal challenges to, the support tools we provide to
our sales force; heightened standards of conduct or more stringent licensing requirements for our sales representatives; inadequate
policies and procedures regarding suitability review of client transactions; the failure of our investment products to remain
competitive with other investment options or the change to investment and savings products offered by key providers in a way that
is not beneficial to our business; fluctuations in the performance of client assets under management; the inability of our
subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital;
our non-compliance with the covenants of our senior unsecured debt; legal and regulatory investigations and actions concerning us
or our sales representatives; the loss of key personnel; the failure of our information technology systems, breach of our
information security or failure of our business continuity plan; and fluctuations in Canadian currency exchange rates . 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 approximately 5 million lives and have over 2 million client investment accounts at
December 31, 2015. 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 Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016 (1) |
|
|
December 31, 2015 |
|
|
|
|
(In thousands) |
Assets: |
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
Fixed-maturity securities available-for-sale, at fair value |
|
|
|
$ |
1,726,774 |
|
|
$ |
1,731,459 |
Fixed-maturity securities held-to-maturity, at amortized cost |
|
|
|
|
431,000 |
|
|
|
365,220 |
Equity securities available-for-sale, at fair value |
|
|
|
|
49,040 |
|
|
|
47,839 |
Trading securities, at fair value |
|
|
|
|
8,012 |
|
|
|
5,358 |
Policy loans |
|
|
|
|
30,817 |
|
|
|
28,627 |
Total investments |
|
|
|
|
2,245,643 |
|
|
|
2,178,503 |
Cash and cash equivalents |
|
|
|
|
213,091 |
|
|
|
152,294 |
Accrued investment income |
|
|
|
|
16,100 |
|
|
|
17,080 |
Due from reinsurers |
|
|
|
|
4,147,284 |
|
|
|
4,110,628 |
Deferred policy acquisition costs, net |
|
|
|
|
1,619,236 |
|
|
|
1,500,259 |
Premiums and other receivables |
|
|
|
|
213,329 |
|
|
|
188,886 |
Intangible assets, net |
|
|
|
|
56,617 |
|
|
|
58,318 |
Income taxes |
|
|
|
|
30,844 |
|
|
|
35,067 |
Other assets |
|
|
|
|
351,340 |
|
|
|
304,356 |
Separate account assets |
|
|
|
|
2,311,124 |
|
|
|
2,063,899 |
Total assets |
|
|
|
$ |
11,204,608 |
|
|
$ |
10,609,290 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Future policy benefits |
|
|
|
$ |
5,581,043 |
|
|
$ |
5,431,711 |
Unearned premiums |
|
|
|
|
560 |
|
|
|
628 |
Policy claims and other benefits payable |
|
|
|
|
235,265 |
|
|
|
238,157 |
Other policyholders’ funds |
|
|
|
|
351,740 |
|
|
|
356,123 |
Notes payable |
|
|
|
|
372,735 |
|
|
|
372,552 |
Surplus note |
|
|
|
|
430,233 |
|
|
|
364,424 |
Income taxes |
|
|
|
|
199,985 |
|
|
|
148,125 |
Other liabilities |
|
|
|
|
422,556 |
|
|
|
416,417 |
Payable under securities lending |
|
|
|
|
91,901 |
|
|
|
71,482 |
Separate account liabilities |
|
|
|
|
2,311,124 |
|
|
|
2,063,899 |
Total liabilities |
|
|
|
|
9,997,142 |
|
|
|
9,463,518 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Common stock |
|
|
|
|
466 |
|
|
|
483 |
Paid-in capital |
|
|
|
|
102,825 |
|
|
|
180,250 |
Retained earnings |
|
|
|
|
1,040,860 |
|
|
|
952,804 |
Accumulated other comprehensive income (loss), net of income tax: |
|
|
|
|
63,315 |
|
|
|
12,235 |
Total stockholders’ equity |
|
|
|
|
1,207,466 |
|
|
|
1,145,772 |
Total liabilities and stockholders’ equity |
|
|
|
$ |
11,204,608 |
|
|
$ |
10,609,290 |
|
|
|
|
|
|
|
|
(1) Unaudited |
|
PRIMERICA, INC. AND SUBSIDIARIES |
Condensed Consolidated Statements of Income |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(In thousands, except per-share amounts)
|
Revenues: |
|
|
|
|
|
|
|
Direct premiums |
|
|
|
$ |
612,189 |
|
|
|
$ |
588,248 |
|
Ceded premiums |
|
|
|
|
(406,683 |
) |
|
|
|
(406,854 |
) |
Net premiums |
|
|
|
|
205,506 |
|
|
|
|
181,394 |
|
Commissions and fees |
|
|
|
|
136,902 |
|
|
|
|
139,150 |
|
Net investment income |
|
|
|
|
20,389 |
|
|
|
|
19,075 |
|
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
597 |
|
Other, net |
|
|
|
|
13,007 |
|
|
|
|
10,301 |
|
Total revenues |
|
|
|
|
379,244 |
|
|
|
|
350,517 |
|
|
|
|
|
|
|
|
|
Benefits and expenses: |
|
|
|
|
|
|
|
Benefits and claims |
|
|
|
|
88,984 |
|
|
|
|
82,521 |
|
Amortization of deferred policy acquisition costs |
|
|
|
|
38,720 |
|
|
|
|
36,384 |
|
Sales commissions |
|
|
|
|
70,146 |
|
|
|
|
71,499 |
|
Insurance expenses |
|
|
|
|
33,026 |
|
|
|
|
28,744 |
|
Insurance commissions |
|
|
|
|
4,472 |
|
|
|
|
4,145 |
|
Interest expense |
|
|
|
|
7,178 |
|
|
|
|
8,642 |
|
Other operating expenses |
|
|
|
|
44,838 |
|
|
|
|
41,757 |
|
Total benefits and expenses |
|
|
|
|
287,364 |
|
|
|
|
273,692 |
|
Income before income taxes |
|
|
|
|
91,880 |
|
|
|
|
76,825 |
|
Income taxes |
|
|
|
|
32,554 |
|
|
|
|
27,652 |
|
Net income |
|
|
|
$ |
59,326 |
|
|
|
$ |
49,173 |
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
Basic earnings per share |
|
|
|
$ |
1.23 |
|
|
|
$ |
0.94 |
|
Diluted earnings per share |
|
|
|
$ |
1.23 |
|
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
Shares used in computing earnings per share: |
|
|
|
|
|
|
|
Basic |
|
|
|
|
47,658 |
|
|
|
|
51,787 |
|
Diluted |
|
|
|
|
47,708 |
|
|
|
|
51,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMERICA, INC. AND SUBSIDIARIES |
Consolidated Operating Results Reconciliation |
(Unaudited – in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
|
% Change |
Operating revenues |
|
|
|
$ |
375,804 |
|
|
|
$ |
349,920 |
|
|
|
7 |
% |
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
597 |
|
|
|
|
Total revenues |
|
|
|
$ |
379,244 |
|
|
|
$ |
350,517 |
|
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Operating income before income taxes |
|
|
|
$ |
88,440 |
|
|
|
$ |
76,228 |
|
|
|
16 |
% |
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
597 |
|
|
|
|
Income before income taxes |
|
|
|
$
|
91,880 |
|
|
|
$
|
76,825 |
|
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net operating income |
|
|
|
$ |
57,104 |
|
|
|
$ |
48,791 |
|
|
|
17 |
% |
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
597 |
|
|
|
|
Tax impact of reconciling items |
|
|
|
|
(1,218 |
) |
|
|
|
(215 |
) |
|
|
|
Net income |
|
|
|
$
|
59,326 |
|
|
|
$
|
49,173 |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
Diluted operating earnings per share (1) |
|
|
|
$ |
1.19 |
|
|
|
$ |
0.93 |
|
|
|
27
|
% |
Net after-tax impact of operating adjustments |
|
|
|
|
0.04 |
|
|
|
|
0.01 |
|
|
|
|
Diluted earnings per share (1) |
|
|
|
$ |
1.23 |
|
|
|
$ |
0.94 |
|
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Percentage change in earnings per share is calculated
prior to rounding per share amounts. |
|
TERM LIFE INSURANCE SEGMENT |
Adjusted Premiums Reconciliation |
(Unaudited – in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
2016 |
|
|
|
2015 |
Adjusted direct premiums |
|
|
|
$ |
281,350 |
|
|
|
|
$ |
247,889 |
|
Premiums ceded to IPO coinsurers |
|
|
|
|
322,767 |
|
|
|
|
|
331,984 |
|
Direct premiums |
|
|
|
$ |
604,117 |
|
|
|
|
$ |
579,873 |
|
|
|
|
|
|
|
|
|
|
Other ceded premiums |
|
|
|
$ |
(81,725 |
) |
|
|
|
$ |
(72,227 |
) |
Premiums ceded to IPO coinsurers |
|
|
|
|
(322,767 |
) |
|
|
|
|
(331,984 |
) |
Ceded premiums |
|
|
|
$ |
(404,492 |
) |
|
|
|
$ |
(404,211 |
) |
|
|
|
|
|
|
|
|
|
Net premiums |
|
|
|
$ |
199,625 |
|
|
|
|
$ |
175,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT |
Operating Results Reconciliation |
(Unaudited – in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
2016 |
|
|
|
2015 |
Operating revenues |
|
|
|
$ |
32,432 |
|
|
|
|
$ |
30,450 |
|
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
|
597 |
|
Total revenues |
|
|
|
$ |
35,872 |
|
|
|
|
$ |
31,047 |
|
|
|
|
|
|
|
|
|
|
Operating loss before income taxes |
|
|
|
$ |
(5,642 |
) |
|
|
|
$ |
(6,207 |
) |
Realized investment gains (losses), including OTTI |
|
|
|
|
3,440 |
|
|
|
|
|
597 |
|
Loss from continuing operations before income taxes |
|
|
|
$ |
(2,202 |
) |
|
|
|
$ |
(5,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIMERICA, INC. AND SUBSIDIARIES |
Adjusted Stockholders' Equity Reconciliation |
(Unaudited – in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
|
|
December 31, 2015 |
Adjusted stockholders' equity |
|
|
|
$ |
1,139,060 |
|
|
|
|
$ |
1,113,736 |
|
Unrealized net investment gains recorded |
|
|
|
|
|
|
|
|
|
|
|
|
in stockholders' equity, net of income tax |
|
|
|
|
68,406 |
|
|
|
|
|
32,036 |
|
Stockholders' equity |
|
|
|
$ |
1,207,466 |
|
|
|
|
$ |
1,145,772 |
|
Primerica, Inc.
Investor Contact:
Kathryn Kieser, 470-564-7757
investorrelations@primerica.com
or
Media Contact:
Keith Hancock, 470-564-6328
Keith.Hancock@Primerica.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160808006187/en/