Primerica, Inc. (PRI) 10-Year Financial Performance & Capital Metrics

PRI • • Insurance & Managed Care

Financial ServicesLife InsuranceGroup & Worksite Insurance ProvidersGroup Disability & Employee Benefits

AboutPrimerica, Inc., together with its subsidiaries, provides financial products to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products. The Term Life Insurance segment underwrites individual term life insurance products. The Investment and Savings Products segment provides mutual funds and various retirement plans, managed investments, variable and fixed annuities, and fixed indexed annuities. The Senior Health segment offers segregated funds; and medicare advantage and supplement products. The Corporate and Other Distributed Products segment provides mortgage loans; prepaid legal services that assist subscribers with legal matters, such as drafting wills, living wills and powers of attorney, trial defense, and motor vehicle-related matters; ID theft defense services; auto and homeowners' insurance; home automation solutions; and insurance products, including supplemental health, accidental death, and disability for small businesses. It distributes and sells its products through a network of 129,515 licensed sales representatives. Primerica, Inc. was founded in 1927 and is headquartered in Duluth, Georgia.Show more

Revenue $3.09B +12.4%
Combined Ratio 69.6% -3.2%
Net Income $471M -18.4%
Return on Equity 21.76% -22.7%
Medical Cost Ratio 57.66% -3.7%
Operating Margin 30.4% +8.3%
Net Margin 15.23% -27.4%
ROA 3.18% -18.2%
Equity / Assets 15.49% +12.7%
Book Value per Share 66.06 +15.2%
Tangible BV/Share 64.73 +32.3%
Debt/Equity 0.86 -12.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 69.6% combined ratio
✓Excellent 3Y average ROE of 24.3%
✓Strong Piotroski F-Score: 7/9
✓14 consecutive years of dividend growth
✓Low loss ratio of 57.7%
✓Share count reduced 5.1% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.71%

5Y8.52%

3Y4.46%

TTM6.56%

Profit (Net Income) CAGR

10Y10%

5Y5.13%

3Y-0.48%

TTM58.39%

EPS CAGR

10Y15.34%

5Y9.73%

3Y13.33%

TTM66.22%

ROCE

10Y Avg3.84%

5Y Avg4.81%

3Y Avg5.45%

Latest6.46%

Peer Comparison

Group Disability & Employee Benefits

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRIPrimerica, Inc.	8.55B	267.79	19.53	12.39%	22.36%	31.42%	9.74%	0.86
UNMUnum Group	12.95B	77.39	8.18	3.91%	7.03%	8.37%	10.71%	0.34

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.41B	1.52B	1.69B	1.9B	2.05B	2.22B	2.71B	2.66B	2.75B	3.09B
Revenue Growth %	0.05%	0.08%	0.11%	0.12%	0.08%	0.08%	0.22%	-0.02%	0.03%	0.12%
Medical Costs & Claims+	174.36M	181.62M	189.3M	229.61M	1.31B	1.44B	1.65B	1.62B	1.65B	1.78B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.23B	1.34B	1.5B	1.67B	743.07M	780.76M	1.06B	1.03B	1.1B	1.31B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	0.09%	0.12%	0.11%	-0.56%	0.05%	0.35%	-0.02%	0.07%	0.19%
Operating Expenses+	984.43M	1.12B	-1.09B	-1.45B	265.95M	274.03M	412.4M	314.71M	331.23M	368.64M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	11M	14.6M	13.55M	12.42M	18.3M	17.7M	29.84M	34.17M	31.96M	23.4M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	179.83M	219.41M	408.01M	444.89M	477.11M	506.73M	643.53M	718.66M	771.74M	939.25M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0%	0.22%	0.86%	0.09%	0.07%	0.06%	0.27%	0.12%	0.07%	0.22%
EBITDA+	190.83M	234.01M	421.56M	457.31M	495.41M	524.43M	673.37M	752.83M	803.7M	962.65M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	33.51M	28.69M	28.49M	28.81M	28.81M	28.84M	30.62M	27.24M	26.59M	25.03M
Non-Operating Income	-147.66M	-165.75M	-408.01M	-444.89M	-28.81M	-28.84M	-30.62M	-27.24M	-26.59M	-25.03M
Pretax Income+	290.98M	337.6M	379.52M	416.08M	477.11M	506.73M	643.53M	718.66M	771.74M	939.25M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	101.11M	118.18M	29.27M	91.99M	110.72M	120.57M	167.54M	163.94M	180.56M	219.12M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	189.87M	219.41M	350.25M	324.09M	366.39M	386.16M	477.36M	472.07M	576.6M	470.52M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.05%	0.16%	0.6%	-0.07%	0.13%	0.05%	0.24%	-0.01%	0.22%	-0.18%
EPS (Diluted)+	3.70	4.59	7.61	7.37	8.62	9.57	9.42	12.33	15.94	13.71
EPS Growth %	0.12%	0.24%	0.66%	-0.03%	0.17%	0.11%	-0.02%	0.31%	0.29%	-0.14%
EPS (Basic)	3.70	4.59	7.63	7.39	8.65	9.60	9.44	12.37	15.97	13.73
Diluted Shares Outstanding	50.91M	47.45M	45.69M	43.98M	42.31M	40.19M	39.65M	38.11M	36.03M	34.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	10.61B	11.44B	12.46B	12.6B	13.69B	14.91B	16.12B	14.64B	15.03B	14.58B
Asset Growth %	-0.01%	0.08%	0.09%	0.01%	0.09%	0.09%	0.08%	-0.09%	0.03%	-0.03%
Total Investment Assets+	2.33B	2.38B	3.03B	3.39B	3.66B	3.9B	4.26B	4.1B	5.16B	5.28B
Long-Term Investments	365.22M	2.35B	737.15M	970.39M	3.63B	3.87B	4.23B	4.05B	4.15B	4.28B
Short-Term Investments	1.78B	1.84B	1.97B	2.08B	2.36B	2.46B	2.79B	2.56B	1B	995.38M
Total Current Assets+	1.88B	2B	2.21B	6.75B	0	0	0	0	1.62B	4.71B
Cash & Equivalents	152.29M	211.98M	279.96M	262.14M	256.88M	547.57M	392.5M	489.24M	613.15M	687.82M
Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	775.43M	-7.01B	-7.6B	-7.94B	-6.72B	1.81B	0
Goodwill & Intangibles+	58.32M	54.91M	51.51M	48.11M	45.27M	45.27M	374.98M	313.23M	302.73M	45.27M
Goodwill	0	0	0	0	0	0	179.15M	127.71M	127.71M	0
Intangible Assets	58.32M	54.91M	51.51M	48.11M	45.27M	45.27M	195.82M	185.53M	175.03M	45.27M
PP&E (Net)	29.41M	27.47M	28.1M	36M	93.38M	104.29M	114.96M	93.16M	91.96M	87.72M
Other Assets	-394.63M	-2.38B	-765.25M	2.07B	-3.76B	-4.01B	-4.72B	-4.46B	6.44B	5.34B
Total Liabilities	9.47B	10.22B	11.04B	11.13B	12.04B	13.07B	14.03B	12.61B	12.96B	12.32B
Total Debt+	739.8M	875.41M	1.11B	1.34B	1.61B	1.77B	2.04B	2.08B	2.04B	1.95B
Net Debt	587.51M	663.43M	829.71M	1.08B	1.35B	1.23B	1.65B	1.59B	1.43B	1.27B
Long-Term Debt	736.98M	875.41M	1.11B	1.34B	1.56B	1.72B	1.97B	2.04B	1.98B	1.9B
Short-Term Debt	0	0	0	0	0	0	15M	0	5.67M	7.23M
Total Current Liabilities+	6.48M	26.36M	24.9M	313.86M	0	0	0	0	22.67M	488.35M
Accounts Payable	0	0	0	313.86M	339.95M	519.71M	585.38M	538.25M	513.8M	488.35M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	-26.36M	-24.9M	-389.12M	-360.18M	-540.76M	-615.69M	-575.13M	-5.67M	-7.23M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	8.58B	9.12B	9.75B	9.63B	-1.8B	-1.98B	-2.25B	-2.25B	10.81B	9.82B
Total Equity+	1.15B	1.22B	1.42B	1.46B	1.65B	1.84B	2.09B	2.03B	2.07B	2.26B
Equity Growth %	-0.08%	0.07%	0.16%	0.03%	0.13%	0.11%	0.14%	-0.03%	0.02%	0.09%
Shareholders Equity	1.15B	1.22B	1.42B	1.46B	1.65B	1.84B	2.08B	2.03B	2.07B	2.26B
Minority Interest	0	0	0	0	0	0	7.27M	0	0	0
Retained Earnings	952.8M	1.14B	1.38B	1.49B	1.59B	1.71B	2B	2.15B	2.28B	2.23B
Common Stock	483K	457K	443K	427K	412K	393K	394K	368K	350K	334K
Accumulated OCI	12.23M	29.6M	43.57M	-28.43M	58.8M	129.71M	72.39M	-122.73M	-211.33M	27.22M
Return on Equity (ROE)	0.16%	0.19%	0.27%	0.23%	0.24%	0.22%	0.24%	0.23%	0.28%	0.22%
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.65x	0.72x	0.78x	0.92x	0.98x	0.97x	0.98x	1.03x	0.99x	0.86x
Book Value per Share	22.50	25.74	31.06	33.23	39.05	45.69	52.70	53.31	57.34	66.06
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	259.09M	292.17M	388.52M	478.07M	485.51M	643.42M	656.96M	757.66M	692.52M	862.09M
Operating CF Growth %	0.09%	0.13%	0.33%	0.23%	0.02%	0.33%	0.02%	0.15%	-0.09%	0.24%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	189.87M	219.41M	350.25M	324.09M	366.39M	386.16M	475.99M	467.03M	576.6M	470.52M
Depreciation & Amortization	11M	14.6M	13.55M	12.42M	18.3M	17.7M	29.84M	34.17M	31.96M	23.4M
Stock-Based Compensation	14.94M	13.44M	15.27M	17.25M	17.53M	19.03M	16.84M	22.36M	18.91M	25.07M
Deferred Taxes	38.29M	44.32M	-53.79M	2.59M	-841K	266K	2.76M	-52.8M	-43.38M	-110.6M
Other Non-Cash Items	-165.77M	-203.85M	-215.15M	-201.24M	-204.84M	-255.87M	-238.57M	-157.42M	-249.84M	59.62M
Working Capital Changes	175.91M	206.51M	281.41M	322.96M	288.97M	476.13M	370.1M	444.32M	358.26M	394.07M
Cash from Investing+	-58.47M	-47.92M	-128.28M	-232.8M	-201.88M	-53.53M	-923.38M	-200.05M	-90.05M	-232.25M
Capital Expenditures	-7.4M	-13.67M	-6.75M	-13.52M	-25.44M	-27.62M	-24.69M	-25.8M	-33.9M	-29.23M
Acquisitions	0	0	0	0	0	0	-494.46M	3.87M	0	0
Purchase of Investments	-434.34M	-389.08M	-427.09M	-635.52M	-634M	-525.39M	-1.08B	-678.09M	-432.46M	-664.39M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	0	0	0	0	0	0	0	28.62M
Cash from Financing+	-235.27M	-185.13M	-193.46M	-261M	-290.13M	-301.79M	107.97M	-457.85M	-479.62M	-551.14M
Dividends Paid	-32.81M	-33.37M	-35.82M	-44.14M	-57.63M	-64.35M	-74.64M	-83.78M	-93.72M	-112.81M
Share Repurchases	-200.08M	-150.06M	-150.04M	-210.15M	-225.04M	-231.43M	-18.75M	-356.31M	-375.06M	-428.43M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	0	0	0	0	-281K	-274K	1000K	-1000K	-265K	-256K
Other Financing	-2.51M	-1.71M	-7.6M	-6.71M	-7.19M	-5.74M	-11.98M	-5.13M	-10.58M	-9.65M
Net Change in Cash+	-39.7M	59.68M	67.99M	-17.82M	-5.26M	290.69M	-155.07M	96.74M	123.91M	74.67M
Exchange Rate Effect	-1000K	572K	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	-1000K
Cash at Beginning	192M	152.29M	211.98M	279.96M	262.14M	256.88M	547.57M	392.5M	489.24M	613.15M
Cash at End	152.29M	211.98M	279.96M	262.14M	256.88M	547.57M	392.5M	489.24M	613.15M	687.82M
Free Cash Flow+	251.69M	278.5M	381.77M	464.55M	460.08M	615.79M	632.27M	731.86M	658.62M	832.86M
FCF Growth %	0.09%	0.11%	0.37%	0.22%	-0.01%	0.34%	0.03%	0.16%	-0.1%	0.26%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	4.94	5.87	8.36	10.56	10.87	15.32	15.95	19.21	18.28	24.35

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	82.46%	85.56%	-53.43%	-64.5%	76.75%	77.15%	76.25%	72.96%	71.92%	69.6%
Medical Cost Ratio	12.41%	11.96%	11.21%	12.09%	63.8%	64.79%	61.03%	61.11%	59.87%	57.66%
Return on Equity (ROE)	15.88%	18.54%	26.53%	22.5%	23.53%	22.14%	24.32%	22.91%	28.15%	21.76%
Return on Assets (ROA)	1.78%	1.99%	2.93%	2.59%	2.79%	2.7%	3.08%	3.07%	3.89%	3.18%
Equity / Assets	10.8%	10.68%	11.39%	11.6%	12.07%	12.32%	12.96%	13.87%	13.75%	15.49%
Book Value / Share	22.5	25.74	31.06	33.23	39.05	45.69	52.7	53.31	57.34	66.06
Debt / Equity	0.65x	0.72x	0.78x	0.92x	0.98x	0.97x	0.98x	1.03x	0.99x	0.86x
Revenue Growth	4.87%	8.1%	11.19%	12.48%	8.04%	8.04%	22.2%	-1.93%	3.43%	12.39%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Term Life Insurance Revenues	-	-	-	-	-	-	1.58B	1.69B	1.69B	1.77B
Term Life Insurance Revenues Growth	-	-	-	-	-	-	-	7.07%	0.35%	4.44%
Investment And Savings Products Revenues	-	-	-	-	-	-	941.85M	863.43M	865.26M	1.06B
Investment And Savings Products Revenues Growth	-	-	-	-	-	-	-	-8.33%	0.21%	22.13%
Corporate and Other	-	-	-	-	-	-	-	106.89M	190.2M	264.16M
Corporate and Other Growth	-	-	-	-	-	-	-	-	77.93%	38.89%
Senior Health Revenues	-	-	-	-	-	-	60.44M	62.68M	67.18M	-
Senior Health Revenues Growth	-	-	-	-	-	-	-	3.71%	7.18%	-
Corporate And Other	22.04M	21.5M	20.28M	-	17.68M	16.72M	131.76M	-	-	-
Corporate And Other Growth	-	-2.45%	-5.68%	-	-	-5.40%	687.94%	-	-	-
Life Insurance	763.95M	866.38M	992.22M	-	1.23B	1.38B	-	-	-	-
Life Insurance Growth	-	13.41%	14.53%	-	-	12.67%	-	-	-	-
Investments	522.22M	524.62M	572.75M	-	691.61M	718.87M	-	-	-	-
Investments Growth	-	0.46%	9.17%	-	-	3.94%	-	-	-	-
Financial Service	-	-	-	677.61M	-	-	-	-	-	-
Financial Service Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	1.28B	1.42B	1.61B	1.75B	1.9B	2.31B	2.36B	2.46B	2.69B
UNITED STATES Growth	-	-	10.77%	13.21%	8.74%	8.47%	21.91%	1.91%	4.62%	9.35%
CANADA	-	237.5M	269.44M	292.7M	304.89M	321.83M	398.68M	364.99M	351.73M	394.82M
CANADA Growth	-	-	13.45%	8.63%	4.17%	5.56%	23.88%	-8.45%	-3.63%	12.25%
U S	1.17B	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
C A	231.76M	-	-	-	-	-	-	-	-	-
C A Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Primerica, Inc. (PRI) has a price-to-earnings (P/E) ratio of 19.5x. This is roughly in line with market averages.

Growth & Financials

Primerica, Inc. (PRI) grew revenue by 12.4% over the past year. This is steady growth.

Yes, Primerica, Inc. (PRI) is profitable, generating $721.3M in net income for fiscal year 2024 (15.2% net margin).

Dividend & Returns

Yes, Primerica, Inc. (PRI) pays a dividend with a yield of 1.23%. This makes it attractive for income-focused investors.

Primerica, Inc. (PRI) has a return on equity (ROE) of 21.8%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Primerica, Inc. (PRI) has a combined ratio of 69.6%. A ratio below 100% indicates underwriting profitability.

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