Revenue growth accelerated to 9.1% YoY in 2026Q2, with EPS up 19.4%, while the combined ratio improved to 70.2% from 72.5% a year earlier, indicating strong underwriting discipline despite a loss ratio spike to 56.5% in 2025Q3.
Primerica, Inc. (PRI) annual income statement — 19-year revenue, gross profit & net income history
| 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 | 3.4B | 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 % | 7.58% | 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 | 947.37M | 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 % | 27.86% | 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 | 2.45B | 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 % | 72.14% | 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 | 1.43B | 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 % | 41.95% | 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 | 98.22M | 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 % | 69.81% | 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 | 1.03B | 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 % | 30.19% | 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 | 1.12B | 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 % | 33.08% | 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 | 38.12M | 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 | -23.65M | -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 | 1.03B | 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 % | 30.19% | 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 | 230.18M | 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 % | 22.43% | 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 | 796.21M | 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 % | 23.42% | 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 % | 17.29% | 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) | 25.49 | 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 % | 23.02% | 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 | 31.24M | 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 |
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.
Key Metrics
Top Statement Risk
Dependence on investment income
Metrics are mathematically derived from official filings.
Premium Growth Accelerates
Primerica's revenue grew 9.1% year-over-year in 2026Q2, reaching $865.1M, according to the latest quarterly report, marking the third consecutive quarter of accelerating growth.
The revenue trajectory has been consistently upward, with growth rates climbing from 6.4% in 2025Q4 to 9.1% in 2026Q2. This suggests a strengthening demand for life insurance products, possibly driven by favorable demographic trends or improved distribution effectiveness. The acceleration is notable given the competitive landscape, indicating Primerica may be gaining market share.
Underwriting Profitability Remains Strong
Primerica's combined ratio improved to 70.2% in 2026Q2, down from 72.5% a year earlier, as reported in financial statements, indicating robust underwriting discipline.
The combined ratio has consistently remained well below 100%, reflecting strong underwriting profitability. The loss ratio dropped to 17.0% in 2026Q2 from 19.1% in the prior quarter, suggesting improved claims experience or favorable reserve development. This efficiency provides a substantial buffer against potential adverse events and supports earnings stability.
Reserve Releases Bolster Earnings
Loss ratios in 2025Q3-Q4 spiked to 56.5% and 58.4%, yet combined ratios stayed low, implying reserve releases may have offset higher claims, per SEC filings.
The sharp increase in loss ratios during 2025Q3 and Q4, from around 19% to over 56%, is anomalous and likely reflects a one-time charge or reserve strengthening. However, the combined ratio remained stable, suggesting that reserve releases or other adjustments masked the underlying deterioration. Investors should monitor whether this pattern indicates a trend or a one-off event.
Investment Income Not Disclosed
Investment income data is unavailable for all periods, but net income growth of 19.4% in 2026Q2 suggests investment returns may be contributing positively, based on reported figures.
The absence of investment income disclosure limits visibility into the contribution of the investment portfolio to overall earnings. Given the strong net income growth, it is plausible that investment income is providing a tailwind, especially in a rising rate environment. However, without explicit data, this remains speculative and warrants further investigation.
Expense Ratio Efficiency Improves
Primerica's expense ratio, implied by the combined ratio, has declined to 53.2% in 2026Q2 from 54.6% in 2025Q2, as per financial statements, indicating improved operating leverage.
The expense ratio, calculated as combined ratio minus loss ratio, has been relatively stable around 53-54%, but the slight decline suggests better cost control or scale benefits. This efficiency is critical for a distributor-focused model like Primerica's, where acquisition costs are significant. Continued improvement could enhance margins further.
Earnings Quality Questioned by Loss Ratio Spike
The 2025Q3 loss ratio spike to 56.5% from 19.2% in Q2 raises concerns about earnings quality, as reported in quarterly data, despite stable combined ratios.
The dramatic fluctuation in loss ratios, from around 19% to over 56% and back to 17%, is unusual for a life insurer and may indicate aggressive reserve management or a one-time event. If the spike reflects underlying claims deterioration, the low combined ratio could be misleading. Investors should scrutinize the sustainability of underwriting profitability and the adequacy of reserves.