Life-licensed sales force grew 3% driven by
strong new life licenses
Term Life net premiums increased 6%;
adjusted direct premiums increased 7%
Investment and Savings Products sales of
$2.2 billion declined 23% reflecting market conditions; net client
inflows remained positive at $0.7 billion
Net earnings per diluted share (EPS) of
$1.37 (including a non-cash goodwill impairment of $1.59 per
diluted share) decreased 51%; return on stockholders’ equity (ROE)
of 12.2%
Diluted adjusted operating EPS of $3.02
increased 1%; adjusted net operating income return on adjusted
stockholders’ equity (ROAE) of 23.8%
Declared dividend of $0.55 per share,
payable on December 14, 2022, and repurchased $97 million of common
stock during the quarter
Primerica, Inc. (NYSE: PRI) today announced financial results
for the quarter ended September 30, 2022. Total revenues were
$673.3 million, decreasing 3% compared to the third quarter of
2021. Net income of $51.8 million decreased 54%, while net earnings
per diluted share of $1.37 decreased 51% compared to the same
period in the prior year. Results reflect a non-cash goodwill
impairment charge of $60.0 million, or $1.59 per diluted share, in
connection with the annual goodwill impairment test for the Senior
Health reporting unit. The calculated decline in fair value was
primarily attributable to an increase in the market-based weighted
average cost of capital (“WACC”) used to discount forecasted cash
flows. The increase in the WACC was driven by higher equity market
risk premiums and interest rates.
The Company excludes the goodwill impairment charge from
adjusted operating results as it represents a non-recurring item
that causes incomparability of the Company’s core results between
periods. Adjusted operating revenues were $676.1 million,
decreasing 2% compared to the third quarter of 2021. Adjusted net
operating income of $113.9 million decreased 4% year-over-year,
while adjusted operating net earnings per diluted share of $3.02
increased 1%.
Operating results during the quarter were pressured by market
volatility, which led to a substantial decline in client asset
values and lower sales volume in the Investment and Savings Product
segment. Continued growth in Term Life earnings partly offset the
negative impact of equity markets on the current period’s financial
results. The Company continues to make progress in addressing
challenges in the senior health distribution marketplace. Insurance
and other operating expense growth has normalized as expected from
the higher growth levels reported earlier in the year. The Company
continues to make significant progress in growing the size of the
independent life-licensed sales force by leveraging improvements in
the licensing process and the excitement generated at the biennial
convention.
“Our focus remains on serving the protection and savings needs
of our clients during these times of market volatility and economic
uncertainty as we expand the size of our sales force,” said Glenn
Williams, Chief Executive Officer. “Our biennial convention had the
desired impact of adding energy and excitement to our
organization.”
Third Quarter Distribution & Segment Results
Distribution Results
Q3 2022
Q3 2021
%
Change
Life-Licensed Sales Force (1)
134,313
130,023
3
%
Recruits
127,788
91,884
39
%
New Life-Licensed Representatives
12,518
9,381
33
%
Life Insurance Policies Issued
71,104
75,914
(6
)%
Life Productivity (2)
0.18
0.19
*
ISP Product Sales ($ billions)
$
2.16
$
2.79
(23
)%
Average Client Asset Values ($
billions)
$
83.32
$
92.65
(10
)%
Senior Health Submitted Policies (3)
16,095
20,867
(23
)%
Senior Health Approved Policies (4)
14,862
18,276
(19
)%
Closed U.S. Mortgage Volume ($ million
brokered)
$
99.8
$
337.6
(70
)%
___________________
(1)
End of period. The 2021 period includes an
estimated 800 individuals who we expected would not pursue the
steps necessary to convert a COVID-related temporary license to a
permanent license or renew a license with a COVID-related extended
renewal date.
(2)
Life productivity equals policies issued
divided by the average number of life insurance licensed
representatives per month.
(3)
Represents the number of completed
applications that, with respect to each such application, the
applicant has authorized us to submit to the health insurance
carrier.
(4)
Represents an estimate of submitted
policies approved by health insurance carriers during the indicated
period. Not all approved policies will go in force.
* Not calculated
Segment Results
Q3 2022
Q3 2021
%
Change
($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance
$
427,830
$
401,451
7
%
Investment and Savings Products
201,697
233,337
(14
)%
Senior Health (1)
17,184
22,936
(25
)%
Corporate and Other Distributed Products
(1)
29,345
34,745
(16
)%
Total adjusted operating revenues
(1)
$
676,056
$
692,469
(2
)%
Adjusted Operating Income (Loss) before
income taxes:
Term Life Insurance
$
111,764
$
107,589
4
%
Investment and Savings Products
58,377
69,368
(16
)%
Senior Health (1)
(3,723
)
(6,608
)
(44
)%
Corporate and Other Distributed Products
(1)
(17,752
)
(13,529
)
31
%
Total adjusted operating income before
income taxes (1)
$
148,666
$
156,820
(5
)%
___________________
(1)
See the Non-GAAP Financial Measures
section and the Adjusted Operating Results reconciliation tables at
the end of this release for additional information.
Life Insurance Licensed Sales Force
Licensing momentum continued with 12,518 new life-licensed
representatives being added during the third quarter of 2022, a 33%
increase compared to the prior year period. Part of this growth was
driven by significant recruiting incentives launched at the
convention for the month of July that offered various levels of
licensing fee discounts. The Company recruited approximately 83,000
individuals in July and 127,788 in total for the quarter,
demonstrating the attractiveness of our business model to
middle-income households today. The size of the sales force has
increased nearly 4% since the end of last year with a total of
134,313 independent life-licensed representatives as of September
30, 2022.
Term Life Insurance
During the third quarter of 2022, the Company issued 71,104 new
life insurance policies, a decrease of 6% compared to the third
quarter of 2021. The Company believes the year-over-year decline in
sales was attributable in part to the impact of economic
uncertainty and a higher cost of living on middle-income families.
Productivity at 0.18 policies per life-licensed representative per
month remained in line with the Company’s historical range, but
down slightly from 0.19 in the prior year period.
Third quarter revenues of $427.8 million increased 7%
year-over-year, driven by 7% growth in adjusted direct premiums.
Overall persistency continues to normalize and policies that were
sold during the current year are generally performing in line with
pre-pandemic levels. Lapse rates for policies issued during the
first year of the pandemic continued to trend around 15% higher
than historical norms. The DAC amortization ratio of 16.0% was
generally in line with typical third quarter levels. The benefits
and claims ratio during the quarter was 59.5%, reflecting $2
million in excess claims split between COVID-related deaths and
normal volatility.
Investment and Savings Products
Total product sales during the quarter were $2.2 billion, or 23%
lower compared to the third quarter of 2021 as equity markets
continued to decline, pressuring sales and client asset values.
Despite heightened market volatility, clients remain committed to
long-term retirement savings and net client flows were robust at
$714 million during the quarter. Client asset values on September
30, 2022 were $78.7 billion, declining 14% year-over-year.
Revenues of $201.7 million during the quarter declined 14%
compared to the third quarter of 2021 as a result of a 28% drop in
revenue-generating sales and a 10% decline in average client asset
values. Asset-based net revenues declined slightly less than
average client asset values due to the continued growth in managed
account assets, while sales-based net revenues declined in line
with commission-generating sales.
Senior Health
The third quarter results reflected seasonally lower activity
levels ahead of the Annual Enrollment Period, which started on
October 15. A total of 14,862 policies were approved during the
quarter with lifetime value of commissions ("LTV") per approved
policy of $868 and contract acquisition costs ("CAC") per approved
policy of $905, resulting in an LTV/CAC ratio slightly below
1.0x.
The pre-tax operating loss during the third quarter was $3.7
million compared to a pre-tax operating loss attributable to
Primerica of $6.6 million in the prior year period. The current
period results include an increase in insurance carriers’
commission rates, which led to a $1.7 million positive tail
adjustment. During the first nine months of 2022, the Company did
not need to provide funding to the Senior Health segment as cash
tax benefits from net operating losses were sufficient to cover
operating needs.
Corporate and Other Distributed Products
During the third quarter, the segment recorded an adjusted
operating loss before taxes of $17.8 million, increasing $4.2
million year-over-year. The increase was due to a $2.7 million
lower contribution from the mortgage business as interest rate
headwinds accelerated during the quarter, as well as higher
insurance and other operating expenses.
Invested Asset Portfolio
Consolidated net investment income increased $4.3 million
compared to the prior year period, reflecting higher yields on
investments and growth in the size of the invested asset portfolio.
Most of the increase was allocated to the Term Life segment,
reflecting the growth in the business.
The invested asset portfolio ended the quarter with an
unrealized loss of $321 million, compared to an unrealized loss of
$223 million at June 30, reflecting the substantial rise in
interest rates, and to a lesser extent, changes in credit spreads,
during the period.
Taxes
The effective tax rate was 39.7% in the third quarter of 2022
compared to 24.2% in the prior year period. The increase in the
effective tax rate during the third quarter of 2022 was driven by
the non-cash goodwill impairment charge that is not deductible for
income tax purposes. Excluding the goodwill impairment, the
effective tax rate in the third quarter of 2022 would have been
23.4%. This rate is lower compared to the third quarter of 2021
because of e-TeleQuote state income tax benefits recorded in the
current year.
Capital
During the third quarter, the Company repurchased $97.4 million
of common stock, for a total of $324.3 million year-to-date. The
Company expects to complete an additional $32 million by the end of
2022. The Board of Directors has approved a dividend of $0.55 per
share, payable on December 14, 2022 to stockholders of record on
November 22, 2022.
Primerica has a strong balance sheet, including invested assets
and cash at the holding company of $240 million at quarter-end.
Primerica Life Insurance Company’s statutory risk-based capital
(RBC) ratio was estimated to be about 460% as of September 30,
2022.
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, adjusted stockholders’
equity and diluted adjusted 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 (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) and fair value mark-to-market (“MTM”)
investment adjustments, including credit impairments, 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 operating income before taxes, adjusted net
operating income, and diluted adjusted operating earnings per share
also exclude transaction-related expenses/recoveries associated
with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries
(collectively, “e-TeleQuote”), adjustments to share-based
compensation expense for shares exchanged in the business
combination and non-cash goodwill impairment charges. We exclude
e-TeleQuote transaction-related expenses/recoveries and non-cash
goodwill impairment charges as these are non-recurring items that
will cause incomparability between period-over-period results. We
exclude adjustments to share-based compensation expense for shares
exchanged in the business combination to eliminate
period-over-period fluctuations that may obscure comparisons of
operating results primarily due to the volatility of changes in the
fair value of shares, which were ultimately redeemed at zero value.
Adjusted operating income before income taxes and adjusted net
operating income exclude income attributable to the noncontrolling
interest to present only the income that is attributable to
stockholders of the Company. 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.
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 investors 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.
Earnings Webcast Information
Primerica will hold a webcast on Wednesday, November 9, 2022, at
10:00 a.m. Eastern, 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.
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 sales representatives; new
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 sales representatives’ violation of or
non-compliance with laws and regulations; any failure to protect
the confidentiality of client information; differences between our
actual experience and our expectations regarding mortality or
persistency 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; litigation
and regulatory investigations and actions concerning us or sales
representatives; heightened standards of conduct or more stringent
licensing requirements for sales representatives; inadequate
policies and procedures regarding suitability review of client
transactions; revocation of our subsidiary’s status as a non-bank
custodian; economic down cycles 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 information technology systems, breach of our information
security, failure of our business continuity plan or the loss of
the Internet; 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; 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; any acquisition or investment in
businesses that do not perform as we expect or are difficult to
integrate; due to our very limited history with e-TeleQuote, we
cannot be certain that its business will be successful or that we
will successfully address any risks not known to us that may become
material; a failure by e-TeleQuote to comply with the requirements
of the United States government’s Centers for Medicare and Medicaid
Services and those of its carrier partners; legislative or
regulatory changes to Medicare Advantage or changes to the
implementing guidance by the Centers for Medicare and Medicaid
Services; e-TeleQuote’s inability to acquire or generate leads on
commercially viable terms, convert leads to sales or if customer
policy retention is lower than assumed; e-TeleQuote’s inability to
enroll individuals during the Medicare annual election period; the
loss of a key carrier, or the modification of commission rates or
underwriting practices with a key carrier partner could adversely
affect e-TeleQuote’s business; cyber-attack(s), security breaches
or if e-TeleQuote is otherwise unable to safeguard the security and
privacy of confidential data, including personal health
information; 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., headquartered in Duluth, GA, is a leading
provider of financial services to middle-income households in North
America. Independent licensed representatives educate Primerica
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. We insured over 5.7 million
lives and had over 2.7 million client investment accounts on
December 31, 2021. Primerica, through its insurance company
subsidiaries, was the #2 issuer of Term Life insurance coverage in
the United States and Canada in 2021. 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”.
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(Unaudited)
September 30, 2022
December 31, 2021
(In thousands)
Assets
Investments:
Fixed-maturity securities
available-for-sale, at fair value
$
2,457,989
$
2,702,567
Fixed-maturity security held-to-maturity,
at amortized cost
1,433,760
1,379,100
Short-term investments available-for-sale,
at fair value
-
85,243
Equity securities, at fair value
33,079
42,551
Trading securities, at fair value
3,718
24,355
Policy loans and other invested assets
48,787
30,612
Total investments
3,977,333
4,264,428
Cash and cash equivalents
438,025
392,501
Accrued investment income
19,949
18,702
Reinsurance recoverables
4,033,897
4,268,419
Deferred policy acquisition costs, net
3,049,102
2,943,782
Renewal commissions receivable
198,027
231,751
Agent balances, due premiums and other
receivables
266,831
257,675
Goodwill
127,707
179,154
Intangible assets
188,150
195,825
Income taxes
90,719
81,799
Operating lease right-of-use assets
42,343
47,942
Other assets
403,452
441,253
Separate account assets
2,206,608
2,799,992
Total assets
$
15,042,143
$
16,123,223
Liabilities and Stockholders'
Equity
Liabilities:
Future policy benefits
$
7,314,688
$
7,138,649
Unearned and advance premiums
16,153
16,437
Policy claims and other benefits
payable
496,563
585,382
Other policyholders' funds
492,479
501,823
Notes payable - short term
-
15,000
Notes payable - long term
592,705
592,102
Surplus note
1,433,293
1,378,585
Income taxes
129,347
241,311
Operating lease liabilities
47,935
53,920
Other liabilities
611,646
615,710
Payable under securities lending
80,754
94,529
Separate account liabilities
2,206,608
2,799,992
Total liabilities
13,422,171
14,033,440
Temporary Stockholders' Equity
Redeemable noncontrolling interests in
consolidated entities
-
7,271
Permanent Stockholders' equity
Equity attributable to Primerica,
Inc.:
Common stock
370
394
Paid-in capital
-
5,224
Retained earnings
1,887,952
2,004,506
Accumulated other comprehensive income
(loss), net of income tax
(268,350
)
72,388
Total permanent stockholders' equity
1,619,972
2,082,512
Total liabilities and temporary and
permanent stockholders' equity
$
15,042,143
$
16,123,223
PRIMERICA, INC. AND
SUBSIDIARIES
Condensed Consolidated
Statements of Income
(Unaudited)
Three months ended September
30,
2022
2021
(In thousands, except
per-share amounts)
Revenues:
Direct premiums
$
810,079
$
785,277
Ceded premiums
(404,870
)
(401,295
)
Net premiums
405,209
383,982
Commissions and fees
225,468
269,796
Net investment income
24,346
20,000
Investment gains (losses)
(2,699
)
1,410
Other, net
20,965
18,051
Total revenues
673,289
693,239
Benefits and expenses:
Benefits and claims
171,293
183,425
Amortization of deferred policy
acquisition costs
90,925
62,214
Sales commissions
105,915
129,268
Insurance expenses
57,552
51,901
Insurance commissions
7,666
8,412
Contract acquisition costs
13,446
23,524
Interest expense
6,802
7,529
Goodwill impairment loss
60,000
-
Other operating expenses
73,791
79,864
Total benefits and expenses
587,390
546,137
Income before income taxes
85,899
147,102
Income taxes
34,092
35,663
Net income
$
51,807
$
111,439
Net income attributable to noncontrolling
interests
-
(1,017
)
Net income attributable to Primerica,
Inc.
$
51,807
$
112,456
Earnings per share attributable to
common stockholders:
Basic earnings per share
$
1.38
$
2.83
Diluted earnings per share
$
1.37
$
2.82
Weighted-average shares used in
computing earnings per share:
Basic
37,438
39,561
Diluted
37,541
39,679
PRIMERICA, INC. AND
SUBSIDIARIES
Consolidated Adjusted
Operating Results Reconciliation
(Unaudited – in thousands,
except per share amounts)
Three months ended September
30,
2022
2021
% Change
Total revenues
$
673,289
$
693,239
(3
)%
Less: Investment gains (losses)
(2,699
)
1,410
Less: 10% deposit asset MTM included in
NII
(68
)
(640
)
Adjusted operating revenues
$
676,056
$
692,469
(2
)%
Income before income taxes
$
85,899
$
147,102
(42
)%
Less: Investment gains (losses)
(2,699
)
1,410
Less: 10% deposit asset MTM included in
NII
(68
)
(640
)
Less: e-TeleQuote transaction-related
expenses
-
(10,027
)
Less: Equity comp for awards exchanged
during acquisition
-
1,004
Less: Noncontrolling interest
-
(1,465
)
Less: Goodwill impairment
(60,000
)
-
Adjusted operating income before income
taxes
$
148,666
$
156,820
(5
)%
Net income
$
51,807
$
111,439
(54
)%
Less: Investment gains (losses)
(2,699
)
1,410
Less: 10% deposit asset MTM included in
NII
(68
)
(640
)
Less: e-TeleQuote transaction-related
expenses
-
(10,027
)
Less: Equity comp for awards exchanged
during acquisition
-
1,004
Less: Noncontrolling interest
-
(1,465
)
Less: Goodwill impairment
(60,000
)
-
Less: Tax impact of preceding items
647
2,449
Adjusted net operating income
$
113,927
$
118,708
(4
)%
Diluted earnings per share (1)
$
1.37
$
2.82
(51
)%
Less: Net after-tax impact of operating
adjustments
(1.65
)
(0.16
)
Diluted adjusted operating earnings per
share (1)
$
3.02
$
2.98
1
%
___________________
(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 September
30,
2022
2021
% Change
Direct premiums
$
804,586
$
779,490
3
%
Less: Premiums ceded to IPO coinsurers
226,869
241,439
Adjusted direct premiums
577,717
538,051
7
%
Ceded premiums
(403,416
)
(399,835
)
Less: Premiums ceded to IPO coinsurers
(226,869
)
(241,439
)
Other ceded premiums
(176,548
)
(158,396
)
Net premiums
$
401,169
$
379,655
6
%
SENIOR HEALTH SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited – in
thousands)
Three months ended September
30,
2022
2021
% Change
Loss before income taxes
$
(63,723
)
$
(8,490
)
651
%
Less: e-TeleQuote transaction-related
costs
-
(417
)
Less: Noncontrolling interest
-
(1,465
)
Less: Goodwill impairment
(60,000
)
-
Adjusted operating loss before taxes
$
(3,723
)
$
(6,608
)
(44
)%
CORPORATE AND OTHER
DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results
Reconciliation
(Unaudited – in
thousands)
Three months ended September
30,
2022
2021
% Change
Total revenues
$
26,578
$
35,515
(25
)%
Less: Investment gains (losses)
(2,699
)
1,410
Less: 10% deposit asset MTM included in
NII
(68
)
(640
)
Adjusted operating revenues
$
29,345
$
34,745
(16
)%
Loss before income taxes
$
(20,519
)
$
(21,365
)
(4
)%
Less: Investment gains (losses)
(2,699
)
1,410
Less: 10% deposit asset MTM included in
NII
(68
)
(640
)
Less: e-TeleQuote transaction-related
expenses
-
(9,610
)
Less: Equity comp for awards exchanged
during acquisition
-
1,004
Adjusted operating loss before income
taxes
$
(17,752
)
$
(13,529
)
31
%
PRIMERICA, INC. AND
SUBSIDIARIES
Adjusted Stockholders' Equity
Reconciliation
(Unaudited – in
thousands)
September 30,
2022
December 31,
2021
% Change
Stockholders' equity (1)
$
1,619,972
$
2,082,512
(22
)%
Less: Unrealized net investment gains
(losses) recorded in stockholders' equity, net of income tax
(252,913
)
63,777
Adjusted stockholders' equity (1)
$
1,872,885
$
2,018,735
(7
)%
___________________
(1)
Reflects the Company’s permanent
stockholders’ equity and does not include temporary stockholders’
equity.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005908/en/
Investor Contact: Nicole Russell 470-564-6663 Email:
Nicole.Russell@primerica.com
Media Contact: Susan Chana 404-229-8302 Email:
Susan.Chana@Primerica.com
Primerica (NYSE:PRI)
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