![]() The top line missed the Zacks Consensus Estimate by 16.4%. Adjusted operating revenues amounted to $281 billion, which decreased 21.1% year over year. The bottom line decreased 10% year over year, attributable to lower net underwriting results, partially offset by higher fee income. Voya Financial VOYA reported third-quarter 2023 adjusted operating earnings of $2.07 per share, which missed the Zacks Consensus Estimate by about 1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Primerica currently carries a Zacks Rank #2 (Buy). The board of directors approved a dividend of 65 cents per share, to be paid out on Dec 12 to stockholders of record as of Nov 21, 2023. Primerica bought back shares worth $106.5 million in the third quarter and expects to exhaust the $375 million program by 2023 end. Story continues Capital Deployment Update Primerica Life Insurance Company’s statutory risk-based capital ratio was about 445% as of Sep 30, 2023. Stockholders’ equity totaled $2.3 billion, up 13.8% from 2022-end. Total investments were $4.1 billion, up 0.6% from 2022-end.ĭebt was $593.9 million, up from $592.9 million at 2022-end. Financial UpdateĬash and cash equivalents were $468.8 million as of Sep 30, 2023, down from $489.2 million at 2022-end. Adjusted operating income at Corporate and Other Distributed Products increased 193%. Total benefits and expenses of $512.1 million were down 7.3% year over year on lower future policy benefits remeasurement and the absence of goodwill impairment loss.Īdjusted operating income before taxes increased 9% year over year, driven by a 7% increase in Term Life Insurance operating income and a 9% rise in Investment and Savings Products. Investment and Savings Products sales were flat year over year at $2.2 billion in the third quarter. ![]() ![]() Life Insurance policies issued were 88,589, up 24.5% from the prior-year quarter’s figure. Senior Health generated $13.4 million in revenues, down 22% year over year. Investment and Savings Products revenues increased 9% to $218.9 million on higher sales-based commission revenues as well as asset-based revenues.Ĭorporate and Other Distributed Products revenues increased 22% to $52.1 million. Term Life Insurance revenues increased 3% year over year to $428.7 million, driven by 6% growth in adjusted direct premiums. price-consensus-eps-surprise-chart | Primerica, Inc. The metric rose 5.5% from the year-ago quarter. Operating revenues of $713 million in the third quarter beat the consensus mark by 1.6%. PRI delivered third-quarter 2023 operating income of $4.28 per share, which beat the Zacks Consensus Estimate by 6.2%. Life-licensed sales force increased 4% at quarter end. Growth in client asset values favored Investment and Savings Products. The Term Life segment benefited from the size and stability of the in-force block, predictable margins and strong sales. The life-licensed sales force exhibited growth. PRI have gained 0.9% since it reported third-quarter 2023 results on Nov 8.
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