Primerica, Inc. reported a net income of $470.5 million for the year ended December 31, 2024, compared to $576.6 million in 2023. Total revenues for 2024 reached $3.1 billion, a 12% increase from 2023's $2.7 billion. This increase was driven by growth in commissions and fees (up 21% to $1.1 billion), net premiums (up 4% to $1.7 billion), and net investment income (up 14% to $155.5 million). However, investment gains decreased significantly, falling from $1.4 million in 2022 to a loss of $5.9 million in 2023 and then recovering to $2.2 million in 2024.
The company's Term Life Insurance segment saw a 4% increase in net premiums in 2024, reaching $1.7 billion, while the Investment and Savings Products segment experienced a substantial 22% surge in total revenues, reaching $1.1 billion, primarily due to higher sales-based and asset-based revenues. The average number of life insurance-licensed independent sales representatives increased to 151,611 by year-end 2024, up from 141,572 in 2023. The number of new recruits also increased to 445,425 in 2024, compared to 361,925 in 2023.
Significant developments included the abandonment of the company's ownership in e-TeleQuote Insurance, Inc. and its subsidiaries on September 30, 2024, resulting in a net loss from discontinued operations of $249.6 million for 2024. The company also introduced a new generation of life insurance products in 2022, impacting the reporting of policies issued. Furthermore, Primerica continued to expand its mortgage program into new states during 2024. The company's employee count stood at 2,874 as of December 31, 2024, with a 91% employee retention rate.
Key operational indicators showed average client assets under management increased to $105.7 billion in 2024, up from $89.5 billion in 2023. The number of fee-generating positions also increased to 3.2 million in 2024. The company's average issued face amount per new life insurance policy was approximately $255,200 in 2024. The company also noted that the Canadian dollar's fluctuation against the U.S. dollar impacted its financial results.
Primerica declared a quarterly dividend of $1.04 per share in the first quarter of 2025 and expects to continue paying comparable quarterly dividends. The company also repurchased shares of its common stock during the quarter ended December 31, 2024, under a previously authorized share repurchase program, and announced a new share repurchase program for up to $450 million from November 14, 2024 through December 31, 2025. The company highlighted several risk factors, including those related to its distribution structure, insurance business, investment products, mortgage brokerage, economic conditions, information technology, and regulatory changes.
About Primerica, Inc.
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