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Primerica (PRI) FY2025 results: revenue $3.3 billion, up 6.6% on the year

Primerica, Inc. (PRI) reported revenue of $3.3 billion for fiscal 2025, the year ended 31 December 2025, up 6.6% on the year before. Net income was $749 million, up 59.1%, and diluted earnings per share $22.91. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.

Revenue
$3.3 billion
+6.6% on the year
FY2018FY2025
Operating margin
29.6%
30.4% a year earlier
FY2018FY2025
Net income
$749 million
+59.1% on the year
FY2018FY2025
Diluted EPS
$22.91
+67.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 1 new.

  • Revenue and earnings per share rose: Total revenues were $853.7 million, up 8%. Net income was $197.0 million, up 18% against continuing operations, and diluted EPS was $6.13, up 23%.
  • Term Life revenue and pre-tax income rose: Term Life revenues were $456.8 million, up 1%. Pre-tax adjusted operating income was $146.6 million, up 5%.
  • Investment and Savings Products revenue rose: ISP revenues were $340.3 million, up 19%. Pre-tax income was $100.6 million, up 23%.
  • Record ISP product sales: ISP product sales were $4.1 billion, up 24% from $3.3 billion, and a company record. Sales were $3.7 billion in the third quarter per the prior release.
  • Client asset values reached all-time high: Average client asset values were $128.2 billion, up 14%. Year-end client asset values were $129 billion, up 15%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Primerica sells financial products and services to middle-income households in the United States and Canada through a sales force of 151,524 life insurance-licensed independent sales representatives as of December 31, 2025. It underwrites term life insurance itself and distributes mutual funds, annuities, managed investments and other financial products mainly on behalf of third parties. At the end of 2025 it insured over 5.5 million lives and had approximately 3.1 million client investment accounts. It reports three operating segments, Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products.

Primerica, Inc., the 10-K for 2025

Primerica sells financial products and services to middle-income households in the United States and Canada through a sales force of 151,524 life insurance-licensed independent sales representatives as of December 31, 2025. It underwrites term life insurance itself and distributes mutual funds, annuities, managed investments and other financial products mainly on behalf of third parties. At the end of 2025 it insured over 5.5 million lives and had approximately 3.1 million client investment accounts. It reports three operating segments, Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products.

Origins and structure

Primerica was incorporated as a Delaware corporation in October 2009 as a holding company, and its businesses were transferred to it by Citigroup on April 1, 2010, in a reorganization that included its initial public offering that month. In the United States it works through Primerica Financial Services, its general agency and marketing company, Primerica Life Insurance Company, its main life insurance underwriter, and PFS Investments, its broker-dealer and registered investment adviser. National Benefit Life Insurance Company underwrites its policies in New York, and in Canada it has a life insurer, a licensed mutual fund dealer and an investment funds manager.

The sales force

The company calls its distribution model a modified traditional insurance agency model. Its representatives are independent contractors who run their own businesses, recruit and develop other representatives, set their own schedules and pay their own administrative expenses, often while keeping their current jobs. Its clients are typically the representatives' friends, family members and personal acquaintances, and meetings are usually held in clients' homes, in person or through remote tools. Representatives use the company's own Financial Needs Analysis tool to show clients how its products can protect them, help them save and manage their debt.

What it sells

The company defines middle-income clients as households with $30,000 to $130,000 of annual income, and it states that clients buying its life insurance are typically in their mid-30s. It reinsures up to 90% of the mortality risk of its existing life insurance policies. In investments it distributes mutual funds from firms including American Funds, Fidelity Investments, Franklin Templeton Investments and Invesco, annuities from Corebridge Financial, Brighthouse Financial and Lincoln National, and its own managed investment program under the name Primerica Advisors. In Canada it also offers segregated funds underwritten by Primerica Life Canada. Its other products include mortgage loans made by Rocket Mortgage and Spring EQ in the United States, prepaid legal services and ID theft defense from Pre-Paid Legal Services, and referrals for auto and homeowners' insurance.

People

It had 2,833 employees as of December 31, 2025.

From Primerica's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 27 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,2923,0892,749+6.6%
Cost of revenuen/an/a55.2
Operating income975939772+3.8%
Operating margin29.6%30.4%28.1%
Interest expensen/an/a26.6
Pre-tax income975939772+3.8%
Income tax223219181+1.9%
Effective tax rate22.9%23.3%23.4%
Net income749471577+59.1%
Net margin22.7%15.2%21.0%
Diluted EPS$22.91$13.71$15.94+67.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow901862693+4.5%
Cash from investing-236-232-90.1
Cash from financing-600-551-480
Depreciation and amortisation19.323.432.0-17.7%
Share-based compensation24.625.118.9-1.9%
Buybacks450425375+5.9%
Dividends paid13611393.7+20.6%
Dividend per share$4.16$3.30$2.60+26.1%
Diluted shares, weighted33m34m36m-4.4%
Shares outstanding at period end32m33m35m-4.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,4462,2592,066+8.3%
Debt595595594+0.1%
Other liabilities11,97111,72812,368+2.1%
Total liabilities and equity15,01214,58215,028+3.0%
Fixed assets39.840.737.6-2.3%
Goodwilln/an/a128
Intangible assets45.345.345.30.0%
Securities held for sale or to maturity4,4414,2504,106+4.5%
Cash and equivalents756688594+9.9%
Other assets9,7309,55810,117+1.8%
Total assets15,01214,58215,028+3.0%

10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.