Open the filing on EDGARPrimerica Reports Third Quarter 2026 Results Led By Record Investment Sales, Up 19% Year Over Year, $140 Billion in Client Asset Values and $969 Billion of Term Life Insurance Face Amount In-Force
Key Financial Results
Total revenues of $902 million increased 7% compared to the third quarter of 2025
Net income of $209 million increased 1% year over year (YoY); net earnings per diluted share (EPS) of $6.76 increased 6% YoY, including a pre-tax remeasurement gain of $12 million versus a $23 million pre-tax remeasurement gain in the prior year period
Adjusted net operating income of $209 million increased 2% YoY; diluted adjusted operating EPS of $6.77 increased 7% YoY
Return on stockholders' equity (ROE) was 31.3%; adjusted net operating income return on adjusted stockholders' equity (ROAE) was 33.9%
Key Business Results
Term Life Insurance
Life-licensed sales force totaled 147,058 representatives at quarter end
Net premiums were consistent, while adjusted direct premiums increased 3% YoY
Issued Term Life face amount decreased 5% YoY to $25.7 billion
Investment and Savings Products (ISP)
ISP sales increased 19% YoY to $4.4 billion
Client asset values ended the quarter at $140 billion, up 10% YoY
Net inflows totaled $407 million during the quarter
Capital Management
Returned $159 million to stockholders during the quarter, including $122 million of share repurchases and $37 million of dividends paid
The Board of Directors approved a dividend of $1.20 per share payable on December 14, 2026 to stockholders of record on November 20, 2026
Primerica Life Insurance Company's estimated statutory risk-based capital ratio was approximately 445% as of September 30, 2026
Duluth, GA, Nov. 4, 2026 - Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended September 30, 2026. The Company's financial results reflected continued momentum in its investment business, driven by strong client demand and expanded product offerings, while favorable equity market performance over the last year contributed to client asset value growth. The Term Life business continued to generate stable earnings and predictable cash flow, reflecting the Company’s large in-force block of term life insurance policies. Results included the impact of the annual actuarial assumption changes that are recognized in the third quarter.
"In the third quarter, Primerica’s financial performance underscored the consistency of our business fundamentals, driven by our unique operating model that is purpose-built to help middle-income families achieve financial security," said Glenn Williams, Chief Executive Officer. "Stable earnings in our Term Life segment and record investment sales continue to drive earnings momentum. These results reflect the dedication of our independent sales force and their commitment to helping families build a more secure future."
Third Quarter Distribution & Segment Results
| Q3 2026 | Q3 2025 | % Change |
|---|
| Distribution Results |
| Life-Licensed Sales Force | 147,058 | 152,200 | (3)% |
| Recruits | 90,818 | 101,156 | (10)% |
| New Life-Licensed Representatives | 10,722 | 12,482 | (14)% |
| Life Productivity | 0.17 | 0.17 | * |
| Issued Term Life Face Amount ($ billions) | $25.7 | $27.1 | (5)% |
| Life Insurance Policies Issued | 73,813 | 79,379 | (7)% |
| Client Asset Values ($ billions) | $139.6 | $126.8 | 10% |
| ISP Product Sales ($ billions) | $4.4 | $3.7 | 19% |
| Closed U.S. Mortgage Volume ($ million brokered) | $142.6 | $143.4 | (1)% |
At period end
Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
Includes face amount on issued term life policies, additional riders added to existing policies and face increases under increasing benefit riders.
| Q3 2026 | Q3 2025 | % Change |
|---|
| ($ in thousands) |
|---|
| Segment Results |
| Adjusted Operating Revenues: | | | |
| Term Life Insurance | $461,567 | $463,301 | * |
| Investment and Savings Products | 378,026 | 318,788 | 19% |
| Corporate and Other Distributed Products | 62,230 | 56,790 | 10% |
| Total adjusted operating revenues | $901,823 | $838,879 | 8% |
| Adjusted Operating Income (Loss) before income taxes: | | | |
| Term Life Insurance | $152,693 | $172,685 | (12)% |
| Investment and Savings Products | 114,054 | 94,222 | 21% |
| Corporate and Other Distributed Products | 5,334 | 3,799 | 41% |
| Total adjusted operating income before income taxes | $272,081 | $270,706 | 1% |
See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.
Earnings Webcast Information
Primerica will hold a webcast on Thursday, November 5, 2026, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://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. This release and a detailed financial supplement will be posted on Primerica’s website.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the IPO coinsurance transactions) 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.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (MTM) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations.
Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities 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 available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
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 the Company’s 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 users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Forward-Looking Statements
Forward-looking statements notice
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 independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, reinsurance, persistency, or disability as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the development and use of artificial intelligence; the efficiency and success of business initiatives taken to enhance our technology, products and services; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or 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 https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc. is a leading diversified financial services distribution company serving middle-income households in the United States and Canada. Our licensed representatives educate families on how to prepare for a more secure financial future and help them achieve their financial goals with our term life insurance and third-party mutual funds, managed accounts, annuities, loans and other financial products. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts as of December 31, 2025. Through our life insurance subsidiaries in North America, in 2025 Primerica was the #3 issuer of term life insurance, which we largely reinsure. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”. We are headquartered in Duluth, Georgia.
| (Unaudited) | |
|---|
| September 30, 2026 | December 31, 2025 |
|---|
| (In thousands) |
|---|
| PRIMERICA, INC. AND SUBSIDIARIES |
| Condensed Consolidated Balance Sheets |
| Assets | | |
| Investments: | | |
| Fixed-maturity securities available-for-sale, at fair value | $3,281,333 | $3,265,246 |
| Fixed-maturity security held-to-maturity, at amortized cost | 1,018,380 | 1,175,380 |
| Equity securities, at fair value | 28,770 | 26,433 |
| Trading securities, at fair value | 32,153 | 12,801 |
| Policy loans and other invested assets | 96,560 | 56,233 |
| Total investments | 4,457,196 | 4,536,093 |
| Cash and cash equivalents | 782,723 | 756,227 |
| Accrued investment income | 34,599 | 30,122 |
| Reinsurance recoverables | 2,287,256 | 2,564,952 |
| Deferred policy acquisition costs, net | 4,032,097 | 3,915,998 |
| Agent balances, due premiums and other receivables | 304,446 | 275,171 |
| Intangible asset | 45,275 | 45,275 |
| Income taxes | 139,269 | 177,302 |
| Operating lease right-of-use assets | 38,689 | 41,900 |
| Other assets | 254,037 | 387,776 |
| Separate account assets | 2,103,941 | 2,281,520 |
| Total assets | $14,479,528 | $15,012,336 |
| Liabilities and stockholders' equity | | |
| Liabilities: | | |
| Future policy benefits | $6,286,925 | $6,818,179 |
| Unearned and advance premiums | 15,720 | 15,521 |
| Policy claims and other benefits payable | 475,846 | 495,356 |
| Other policyholders' funds | 343,618 | 356,427 |
| Note payable | 595,917 | 595,315 |
| Surplus note | 1,018,167 | 1,175,119 |
| Income taxes | 64,913 | 147,960 |
| Operating lease liabilities | 45,574 | 49,565 |
| Other liabilities | 622,128 | 546,596 |
| Payable under securities lending | 80,185 | 84,876 |
| Separate account liabilities | 2,103,941 | 2,281,520 |
| Total liabilities | 11,652,934 | 12,566,434 |
| Stockholders' equity: | | |
| Common stock | 305 | 318 |
| Retained earnings | 2,527,210 | 2,416,149 |
| Accumulated other comprehensive income (loss), net of income tax: | | |
| Effect of change in discount rate assumptions on the liability for future policy benefits | 550,437 | 134,594 |
| Unrealized foreign currency translation gains (losses) | (31,065) | (15,836) |
| Net unrealized gains (losses) on available-for-sale securities | (220,293) | (89,323) |
| Total stockholders' equity | 2,826,594 | 2,445,902 |
| Total liabilities and stockholders' equity | $14,479,528 | $15,012,336 |
| Three months ended September 30, |
|---|
| 2026 | 2025 |
|---|
| (In thousands, except per-share amounts) |
|---|
| PRIMERICA, INC. AND SUBSIDIARIES |
| Condensed Consolidated Statements of Income |
| (Unaudited) |
| Revenues: | | |
| Direct premiums | $876,839 | $868,651 |
| Ceded premiums | (423,209) | (414,104) |
| Net premiums | 453,630 | 454,547 |
| Commissions and fees | 386,717 | 325,490 |
| Net investment income | 45,740 | 42,431 |
| Investment gains (losses) | (169) | 652 |
| Other, net | 15,736 | 16,732 |
| Total revenues | 901,654 | 839,852 |
| Benefits and expenses: | | |
| Benefits and claims | 167,452 | 172,152 |
| Future policy benefits remeasurement (gain) loss | (11,833) | (23,114) |
| Amortization of deferred policy acquisition costs | 86,592 | 81,498 |
| Sales commissions | 210,916 | 174,688 |
| Insurance expenses | 70,357 | 64,131 |
| Insurance commissions | 6,070 | 5,499 |
| Interest expense | 5,750 | 5,985 |
| Other operating expenses | 94,438 | 87,334 |
| Total benefits and expenses | 629,742 | 568,173 |
| Income before income taxes | 271,912 | 271,679 |
| Income taxes | 62,785 | 64,886 |
| Net income | $209,127 | $206,793 |
| Earnings per share: | | |
| Basic earnings per share | $6.77 | $6.36 |
| Diluted earnings per share | $6.76 | $6.35 |
| Weighted-average shares used in computing earnings per share: | | |
| Basic | 30,775 | 32,404 |
| Diluted | 30,820 | 32,451 |
| Three months ended September 30, | |
|---|
| 2026 | 2025 | % Change |
|---|
| (In thousands, except per-share amounts) | |
|---|
| PRIMERICA, INC. AND SUBSIDIARIES |
| Consolidated Adjusted Operating Results Reconciliation |
| (Unaudited) |
| Total revenues | $901,654 | $839,852 | 7% |
| Less: Investment (losses) gains | (169) | 652 | |
| Less: 10% deposit asset MTM included in NII | - | 321 | |
| Adjusted operating revenues | $901,823 | $838,879 | 8% |
| Income before income taxes | $271,912 | $271,679 | * |
| Less: Investment (losses) gains | (169) | 652 | |
| Less: 10% deposit asset MTM included in NII | - | 321 | |
| Adjusted operating income before income taxes | $272,081 | $270,706 | * |
| Net Income | $209,127 | $206,793 | 1% |
| Less: Investment (losses) gains | (169) | 652 | |
| Less: 10% deposit asset MTM included in NII | - | 321 | |
| Less: Tax impact of preceding items | 39 | (232) | |
| Adjusted net operating income | $209,257 | $206,052 | 2% |
| Diluted earnings per share | $6.76 | $6.35 | 6% |
| Less: Net after-tax impact of operating adjustments | (0.01) | 0.02 | |
| Diluted adjusted operating earnings per share | $6.77 | $6.33 | 7% |
| Three months ended September 30, | |
|---|
| 2026 | 2025 | % Change |
|---|
| (In thousands) | |
|---|
| TERM LIFE INSURANCE SEGMENT |
| Adjusted Premiums Reconciliation |
| (Unaudited) |
| Direct premiums | $872,573 | $864,047 | * |
| Less: Premiums ceded to IPO coinsurers | 173,221 | 185,392 | |
| Adjusted direct premiums | 699,352 | 678,655 | 3% |
| Ceded premiums | (422,072) | (412,935) | |
| Less: Premiums ceded to IPO coinsurers | (173,221) | (185,392) | |
| Other ceded premiums | (248,851) | (227,543) | |
| Net premiums | $450,501 | $451,112 | * |
| Three months ended September 30, | |
|---|
| 2026 | 2025 | % Change |
|---|
| (In thousands) | |
|---|
| CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT |
| Adjusted Operating Results Reconciliation |
| (Unaudited) |
| Total revenues | $62,061 | $57,763 | 7% |
| Less: Investment gains (losses) | (169) | 652 | |
| Less: 10% deposit asset MTM included in NII | - | 321 | |
| Adjusted operating revenues | $62,230 | $56,790 | 10% |
| Income (loss) before income taxes | $5,165 | $4,772 | * |
| Less: Investment gains (losses) | (169) | 652 | |
| Less: 10% deposit asset MTM included in NII | - | 321 | |
| Adjusted operating income (loss) before income taxes | $5,334 | $3,799 | 41% |
| September 30, 2026 | December 31, 2025 | % Change |
|---|
| (In thousands) | |
|---|
| PRIMERICA, INC. AND SUBSIDIARIES |
| Adjusted Stockholders' Equity Reconciliation |
| (Unaudited) |
| Stockholders' equity | $2,826,594 | $2,445,902 | 16% |
| Less: Net unrealized gains (losses) | (220,293) | (89,323) | |
| Less: Effect of change in discount rate assumptions on the liability for future policy benefits | 550,437 | 134,594 | |
| Adjusted stockholders' equity | $2,496,450 | $2,400,631 | 4% |
Contacts
Nicole Russell
470-564-6663 Email: Nicole.Russell@Primerica.com
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com