Primerica, Inc. reported a notable increase in financial performance for the first quarter of 2025, with total revenues reaching $804.8 million, a 9% rise from $736.0 million in the same period of 2024. The growth was primarily driven by a 19% increase in commissions and fees, which amounted to $297.0 million, and a 4% increase in net premiums, totaling $448.3 million. The company's net income also saw a significant boost, rising 23% to $169.1 million, compared to $137.9 million in the prior year, resulting in basic earnings per share of $5.06, up from $3.94.
In terms of operational metrics, Primerica's independent sales force showed resilience, with the number of life-licensed independent sales representatives increasing to 152,167 as of March 31, 2025, compared to 151,611 at the end of 2024. However, the company experienced a slight decline in new recruits, totaling 100,867 for the quarter, down from 110,710 in the previous year. The average number of new policies issued remained stable at 86,415, indicating consistent demand for term life insurance products.
The company also reported a strategic shift following the disposal of its Senior Health business, which was classified as discontinued operations. This move is expected to streamline operations and focus on core segments, including Term Life Insurance and Investment and Savings Products. The Term Life Insurance segment generated $457.8 million in revenues, a 4% increase from the previous year, while the Investment and Savings Products segment saw revenues rise by 19% to $290.8 million, driven by strong sales in variable annuities and mutual funds.
Looking ahead, Primerica's management expressed optimism about future growth, citing favorable market conditions and a strong independent sales force. However, they acknowledged potential challenges, including economic uncertainties and inflationary pressures that could impact consumer behavior and persistency rates for term life insurance policies. The company remains committed to enhancing its product offerings and expanding its market presence, particularly in the investment and savings sectors.
About Primerica, Inc.
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