The company achieved consistent top-line growth with 2026Q1 revenue of $856.8 million, supported by an underwriting efficiency that yielded a 70.9% combined ratio.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 3.33B | 3.23B | 3.09B | 2.75B | 2.66B | 2.71B | 2.22B | 2.05B | 1.9B | 1.69B | 1.52B | 1.41B | 1.34B | 1.27B | 1.19B | 1.1B | 1.36B | 2.22B | 2.2B | 2.39B |
| Revenue Growth % | 5.39% | 4.43% | 12.39% | 3.43% | -1.93% | 22.2% | 8.04% | 8.04% | 12.48% | 11.19% | 8.1% | 4.87% | 5.73% | 6.44% | 7.94% | -19% | -38.67% | 1.07% | -8.09% | - |
| Medical Costs & Claims | 1.26B | 628.54M | 1.78B | 1.65B | 1.62B | 1.65B | 1.44B | 1.31B | 229.61M | 189.3M | 181.62M | 174.36M | 174.36M | 187.21M | 164.72M | 666.26M | 798.91M | 981.56M | 1.08B | 0 |
| Medical Cost Ratio % | 37.95% | 19.48% | 57.66% | 59.87% | 61.11% | 61.03% | 64.79% | 63.8% | 12.09% | 11.21% | 11.96% | 12.41% | 13.01% | 14.77% | 13.83% | 60.4% | 58.66% | 44.21% | 49.29% | 0% |
| Gross Profit | 2.07B | 2.6B | 1.31B | 1.1B | 1.03B | 1.06B | 780.76M | 743.07M | 1.67B | 1.5B | 1.34B | 1.23B | 1.17B | 1.08B | 1.03B | 436.83M | 562.95M | 1.24B | 1.11B | 2.39B |
| Gross Margin % | 62.05% | 80.52% | 42.34% | 40.13% | 38.89% | 38.97% | 35.21% | 36.2% | 87.91% | 88.79% | 88.04% | 87.59% | 86.99% | 85.23% | 86.17% | 39.6% | 41.34% | 55.79% | 50.71% | 100% |
| Gross Profit Growth % | - | 98.61% | 18.58% | 6.74% | -2.14% | 35.24% | 5.07% | -55.51% | 11.36% | 12.14% | 8.65% | 5.6% | 7.91% | 5.29% | 134.87% | -22.4% | -54.56% | 11.2% | -53.39% | - |
| Operating Expenses | 1.06B | 1.62B | 368.64M | 331.23M | 314.71M | 412.4M | 274.03M | 265.95M | -1.45B | -1.09B | 1.12B | 984.43M | 985.83M | -794.03M | -726.01M | 192.92M | 201.48M | 478.88M | 761.05M | 1.48B |
| OpEx / Revenue % | 31.92% | 50.31% | 11.93% | 12.05% | 11.84% | 15.22% | 12.36% | 12.96% | -76.58% | -64.64% | 73.6% | 70.05% | 73.57% | -62.65% | -60.97% | 17.49% | 14.79% | 21.57% | 34.64% | 61.8% |
| Depreciation & Amortization | 14.48M | 19.25M | 23.4M | 31.96M | 34.17M | 29.84M | 17.7M | 18.3M | 12.42M | 13.55M | 14.6M | 11M | 12.27M | 10.8M | 10.1M | 10.73M | 10.06M | 10.34M | 12.94M | 12.41M |
| Combined Ratio % | 69.87% | 69.79% | 69.6% | 71.92% | 72.96% | 76.25% | 77.15% | 76.75% | -64.5% | -53.43% | 85.56% | 82.46% | 86.58% | -47.88% | -47.14% | 77.89% | 73.46% | 65.77% | 83.93% | 61.8% |
| Operating Income | 1B | 974.56M | 939.25M | 771.74M | 718.66M | 643.53M | 506.73M | 477.11M | 444.89M | 408.01M | 219.41M | 179.83M | 179.83M | 286.22M | 299.99M | 243.91M | 361.47M | 759.96M | 353.04M | 913.17M |
| Operating Margin % | 30.13% | 30.21% | 30.4% | 28.08% | 27.04% | 23.75% | 22.85% | 23.25% | 23.42% | 24.16% | 14.44% | 12.8% | 13.42% | 22.58% | 25.19% | 22.11% | 26.54% | 34.23% | 16.07% | 38.2% |
| Operating Income Growth % | - | 3.76% | 21.71% | 7.39% | 11.67% | 27% | 6.21% | 7.24% | 9.04% | 85.95% | 22.01% | 0% | -37.17% | -4.59% | 22.99% | -32.52% | -52.44% | 115.26% | -61.34% | - |
| EBITDA | 1.02B | 993.82M | 962.65M | 803.7M | 752.83M | 673.37M | 524.43M | 495.41M | 457.31M | 421.56M | 234.01M | 190.83M | 192.1M | 297.02M | 310.08M | 254.64M | 371.53M | 770.3M | 365.97M | 925.59M |
| EBITDA Margin % | 30.74% | 30.81% | 31.16% | 29.24% | 28.33% | 24.85% | 23.65% | 24.14% | 24.07% | 24.96% | 15.4% | 13.58% | 14.34% | 23.43% | 26.04% | 23.08% | 27.28% | 34.69% | 16.66% | 38.72% |
| Interest Expense | 52.91M | 23.96M | 25.03M | 26.59M | 27.24M | 30.62M | 28.84M | 28.81M | 28.81M | 28.49M | 28.69M | 33.51M | 34.57M | 35.02M | 33.1M | 27.97M | 20.87M | 0 | 0 | 0 |
| Non-Operating Income | -23.81M | -23.96M | -25.03M | -26.59M | -27.24M | -30.62M | -28.84M | -28.81M | -444.89M | -408.01M | -165.75M | -147.66M | -130.46M | -280.02M | -766K | -27.97M | -20.87M | 0 | 0 | 0 |
| Pretax Income | 1B | 974.56M | 939.25M | 771.74M | 718.66M | 643.53M | 506.73M | 477.11M | 416.08M | 379.52M | 337.6M | 290.98M | 275.72M | 251.2M | 266.89M | 243.91M | 361.47M | 759.96M | 353.04M | 913.17M |
| Pretax Margin % | 30.13% | 30.21% | 30.4% | 28.08% | 27.04% | 23.75% | 22.85% | 23.25% | 21.9% | 22.47% | 22.22% | 20.71% | 20.58% | 19.82% | 22.41% | 22.11% | 26.54% | 34.23% | 16.07% | 38.2% |
| Income Tax | 230.39M | 223.33M | 219.12M | 180.56M | 163.94M | 167.54M | 120.57M | 110.72M | 91.99M | 29.27M | 118.18M | 101.11M | 95.89M | 88.47M | 93.08M | 86.72M | 129.01M | 265.37M | 185.35M | 319.54M |
| Effective Tax Rate % | 22.98% | 22.92% | 23.33% | 23.4% | 22.81% | 26.04% | 23.79% | 23.21% | 22.11% | 7.71% | 35.01% | 34.75% | 34.78% | 35.22% | 34.88% | 35.55% | 35.69% | 34.92% | 52.5% | 34.99% |
| Net Income | 772.28M | 751.23M | 470.52M | 576.6M | 472.07M | 477.36M | 386.16M | 366.39M | 324.09M | 350.25M | 219.41M | 189.87M | 181.41M | 162.72M | 173.81M | 157.19M | 232.46M | 494.59M | 167.68M | 593.63M |
| Net Margin % | 23.2% | 23.29% | 15.23% | 20.98% | 17.76% | 17.62% | 17.41% | 17.85% | 17.06% | 20.74% | 14.44% | 13.51% | 13.54% | 12.84% | 14.6% | 14.25% | 17.07% | 22.27% | 7.63% | 24.83% |
| Net Income Growth % | 53.94% | 59.66% | -18.4% | 22.14% | -1.11% | 23.62% | 5.4% | 13.05% | -7.47% | 59.63% | 15.56% | 4.66% | 11.48% | -6.38% | 10.57% | -32.38% | -53% | 194.96% | -71.75% | - |
| EPS (Diluted) | 24.34 | 22.91 | 13.71 | 15.94 | 12.33 | 9.42 | 9.57 | 8.62 | 7.37 | 7.61 | 4.59 | 3.70 | 3.29 | 2.83 | 2.71 | 2.08 | 3.06 | 6.59 | 2.24 | 7.92 |
| EPS Growth % | 60.38% | 67.1% | -13.99% | 29.28% | 30.89% | -1.57% | 11.02% | 16.96% | -3.15% | 65.8% | 24.05% | 12.46% | 16.25% | 4.43% | 30.29% | -32.03% | -53.57% | 194.2% | -71.72% | - |
| EPS (Basic) | - | 22.95 | 13.73 | 15.97 | 12.37 | 9.44 | 9.60 | 8.65 | 7.39 | 7.63 | 4.59 | 3.70 | 3.29 | 2.87 | 2.77 | 2.11 | 3.09 | 6.59 | 2.24 | 7.92 |
| Diluted Shares Outstanding | 31.73M | 32.68M | 34.2M | 36.03M | 38.11M | 39.65M | 40.19M | 42.31M | 43.98M | 45.69M | 47.45M | 50.91M | 54.6M | 56.62M | 62.4M | 73.11M | 72.88M | 72.71M | 75M | 75M |
Regulatory Compensation Model Shifts
As reported in recent financial filings, Primerica maintained a consistent revenue growth trajectory, with quarterly figures reaching $856.8 million in 2026Q1, representing a 6.5% year-over-year increase that suggests the company's decentralized distribution network continues to effectively penetrate its core middle-income market despite broader economic headwinds.
The company's ability to sustain top-line expansion appears linked to its massive, licensed sales force, which acts as a resilient customer acquisition engine. Investors should monitor whether this growth remains sustainable if inflationary pressures continue to constrain the discretionary income of the company's primary demographic.
Based on the provided income statement data, Primerica has demonstrated strong underwriting discipline, maintaining a combined ratio of 70.9% in 2026Q1, which indicates that the company is generating significant underwriting profit while effectively managing its operational and acquisition-related expenses relative to earned premiums.
The stability of the combined ratio suggests that the company's high variable cost structure is well-aligned with its production levels. This efficiency appears to provide a durable buffer against potential claims volatility, though the recent expansion into Senior Health may introduce new margin pressures that warrant further investigation.
According to the historical data, the loss ratio experienced significant variance, dropping from 59.5% in 2025Q1 to 19.1% by 2026Q1, a trend that suggests potential shifts in reserve development or changes in the underlying risk profile of the company's evolving insurance product portfolio.
Such sharp movements in the loss ratio may indicate that prior-year reserve releases are playing a material role in current earnings performance. Analysts should investigate whether these fluctuations reflect genuine improvements in claims experience or if they mask underlying volatility in the newer Senior Health segment.
As indicated by the company's financial statements, Primerica maintains a capital-light operating model that supports consistent earnings, with operating income reaching $249.4 million in 2026Q1, reflecting the company's ability to leverage its massive agent base without incurring the heavy fixed costs typical of traditional life insurers.
The company's disciplined approach to capital allocation, supported by a clean balance sheet, appears to be a primary driver of shareholder value. However, the reliance on commission-based compensation models may face future regulatory scrutiny, which could necessitate higher operational spend to maintain agent retention and compliance.
While current profitability appears robust, the company's reliance on a decentralized, commission-based sales force creates a structural vulnerability to potential Department of Labor fiduciary rule-making, which could fundamentally alter the economics of the company's distribution model and impact long-term earnings sustainability as reported in recent disclosures.
The market may be underestimating the risk that regulatory changes could force a shift in agent compensation, potentially increasing the cost of customer acquisition. Furthermore, the sensitivity of the ISP segment to equity market cycles suggests that the company's earnings profile may be more cyclical than its mature term life book implies.
Quick answers to the most common questions about buying PRI stock.
For fiscal year 2025, Primerica, Inc. (PRI) reported total revenue of $3.23B. This represents a 35.0% increase compared to $2.39B in 2007.
Primerica, Inc. (PRI) is profitable, generating $751.2M in net income for the fiscal year ending 2025 with a net profit margin of 23.3%.
Primerica, Inc. (PRI) reported an operating income of $974.6M, resulting in an operating profit margin of 30.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Primerica, Inc. (PRI) generated $2.60B in gross profit for the year, representing a gross profit margin of 80.5%. This demonstrates the company's core pricing power and production efficiency.