PRI · Primerica, Inc.

Primerica's first quarter 2026 results reflect strong momentum in its Investment and Savings Products (ISP) segment, which posted record sales of $4.3 billion, up 22% year-over-year. This growth was driven by broad investor demand across all major product lines and favorable equity market conditions, which also lifted client asset values to $127 billion, a 15% increase. ISP revenues rose 21% to $350.6 million, and segment income before taxes grew 24% to $100.9 million, outpacing revenue growth due to favorable mix shifts toward higher-margin products like U.S. managed accounts and Canadian mutual funds. The Term Life segment delivered stable results, with adjusted direct premiums up 4% and a benefits and claims ratio improving to 57.3% from 58.2%, contributing to a 6% increase in pre-tax operating income to $154.9 million. The Term Life operating margin expanded to 22.5% from 22.1%. Overall, total revenues increased 8% to $872.7 million, net income rose 12% to $190.1 million, and diluted EPS grew 18% to $5.97. On an adjusted basis, operating EPS increased 19% to $5.96. Management highlighted the trust clients place in long-term savings solutions and the company's strong fundamentals positioning it for long-term growth. The company returned $135 million to shareholders via share repurchases and declared a $1.20 per share dividend. The effective tax rate was 23.8%, consistent with the prior year. The life-licensed sales force declined 2% to 149,732, with new policies issued down 14%, reflecting ongoing challenges in recruiting and licensing. However, the ISP segment's record performance and strong asset growth underscore the company's strategic shift toward higher-growth savings products.