Primerica Inc.
PRIFinancial Snapshot
ticker: PRI step: 04 generated: 2026-05-13 source: quick-research
Primerica Inc. (PRI) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $2.66B | $2.75B | $3.09B | +12.4% |
| Net Income | $472M | $577M | $471M | -18.4% |
| EPS (diluted) | $12.33 | $15.94 | $13.71 | -14.0% |
FY2025: Revenue $3.29B (+6.6% YoY); LTM EPS (Sept 2025) $21.72 (+66% YoY) — sharp recovery from FY2024 dip, driven by investment income tailwinds and stronger mortality experience. FY2024 net income decline likely reflects actuarial reserve adjustments or investment losses in rising rate environment; FY2025 normalization and rate-driven investment income recovery restored earnings momentum. Q1 2026 (calendar): Revenue $804.8M (+9% YoY); net income $169.1M (+14%). Issued a record $968B in term life coverage in 2025. ISP sales $3.1B (+29%). 152,167 life-licensed reps (+7% YoY).
Cash Flow & Balance Sheet
| Metric | Value |
|---|---|
| Client Investment Assets | ~$112B (ISP clients) |
| Term Life Coverage in Force | $954B+ |
| Lives Insured | ~5.5M |
| Client Investment Accounts | ~3.1M |
| Buyback Authorization | $475M (through end 2026) |
| Dividend | $1.04/quarter (+15.6% increase) |
| Combined Ratio | 65.2% |
Primerica's insurance operations generate significant investment income from holding long-duration bond portfolios backing term life reserves — making earnings sensitive to interest rate levels. The 65.2% combined ratio is well below the ~95–100% industry average for property/casualty, reflecting the predictable actuarial nature of term life (lower claims volatility than P&C). Capital is returned aggressively through the $475M buyback + growing dividend.
Key Ratios (approximate)
- P/E: ~12–13x (trailing; based on LTM EPS ~$21.72 and ~$273 stock price)
- Revenue Growth (TTM): +6.6% | 3-year CAGR: ~7–8%
- Combined Ratio: 65.2% (excellent for insurance)
- Dividend yield: ~1.5% (growing; +15.6% increase latest hike)
Growth Profile
Primerica grows through two levers: (1) representative count expansion → more policies issued → premium growth; (2) ISP client asset growth → recurring fee income. Revenue has grown from $2.66B (FY2022) to $3.29B (FY2025) — 1.24x in 3 years — driven by sustained life-licensed rep growth (+7% YoY) and ISP sales acceleration (+29%). EPS has been more volatile (FY2024 dip), but the LTM recovery to $21.72 suggests the dip was transient. The 360,000+ new recruits in 2025 and record coverage issuance reinforce the top-line momentum.
Forward Estimates
- FY2026: Revenue ~$3.4–3.5B; EPS recovery/sustain above $20
- Analyst consensus PT: $293–308 (11 analysts; median $308; range $288–$340)
- Hold consensus (4 analysts): 25% Buy, 75% Hold
- Capital allocation: $475M buyback + dividend growth through 2026
- Key risk to estimates: operating expense growth (guided 6–8%) vs. premium and ISP revenue growth
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PRI.