Primerica Inc Stock Research

Market Summary

USD184.53-0.48

Market Closed

-0.26%

PRI Alerts

Big jump in Earnings (Y/Y)

PRI Stock Price

PRI RSI Chart

PRI Valuation

Market Cap

6.7B

Price/Earnings (Trailing)

16.12

Price/Sales (Trailing)

2.47

EV/EBITDA

10.09

Price/Free Cashflow

9.34

PRI Price/Sales (Trailing)

PRI Profitability

EBT Margin

18.15%

Return on Equity

21.67%

Return on Assets

2.43%

Free Cashflow Yield

10.71%

PRI Fundamentals

PRI Revenue

Revenue (TTM)

2.7B

Revenue Y/Y

-0.17%

Revenue Q/Q

0.45%

PRI Earnings

Earnings (TTM)

416.7M

Earnings Y/Y

53.66%

Earnings Q/Q

-5.11%

Price Action

52 Week Range

109.36195.69

(Low)(High)

Last 7 days

0.4%

Last 30 days

4.8%

Last 90 days

1.8%

Trailing 12 Months

48.8%

PRI Financial Health

PRI Investor Care

Dividend Yield

1.25%

Dividend/Share (TTM)

2.3

Buy Backs (1Y)

6.05%

Diluted EPS (TTM)

11.04

Peers (Alternatives to Primerica)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MET	39.9B	69.5B	-12.07%	-21.42%	20.44	0.57	-2.45%	-71.62%
TRV	39.8B	37.8B	-2.45%	0.63%	14.22	1.05	6.99%	-29.09%
PRU	38.7B	63.9B	-4.25%	-21.58%	125.56	0.61	-4.94%	-99.02%
RE	24.5B	12.4B	-5.12%	26.78%	41.05	1.97	3.58%	-56.71%
ATH	17.0B	12.0B	-	-	-9.57	0.74	-71.04%	-208.46%
GL	11.1B	5.2B	-0.07%	8.80%	-13.81	2.12	1.42%	-128.16%
MID-CAP
PRI	6.7B	2.7B	4.76%	48.82%	16.12	2.47	-1.60%	16.75%
LNC	3.6B	17.9B	4.45%	-60.50%	-1.13	0.2	-10.49%	-282.57%
AEL	3.1B	1.9B	7.88%	0.15%	6.25	1.61	-61.63%	-34.16%
BHF	2.8B	7.0B	-0.98%	-14.47%	-2.46	0.4	-21.55%	-201.34%
GNW	2.8B	7.5B	3.09%	38.29%	5.29	0.37	-3.49%	-39.72%
SMALL-CAP
VERY	110.6M	169.0M	-5.02%	-1.43%	-6.53	1.09	-2.78%	-2.63%
AAME	50.3M	192.4M	-3.26%	-24.83%	16	0.26	-8.30%	-76.65%

Financials for Primerica

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	0.0%	2,719	2,720	2,757	2,777	2,763
EBITDA	21.3%	555	458	520	549	-
EBITDA Margin	23.0%	0.20*	0.17*	0.67*	0.20*	-
Earnings Before Taxes	12.2%	554	494	392	454	486
EBT Margin	27.5%	0.18*	0.14*	0.58*	0.18*	-
Interest Expenses	-0.6%	27.00	27.00	29.00	30.00	30.00
Net Income	11.7%	417	373	276	337	357
Net Income Margin	37.0%	0.14*	0.10*	-0.31*	0.13*	-
Free Cahsflow	-2.0%	758	773	767	752	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	-3.6%	14,796	15,349	15,042	15,329	15,935
Cash Equivalents	5.3%	515	489	438	400	360
Goodwill	0.0%	128	128	128	9.00	179
Liabilities	-5.5%	12,875	13,627	13,422	13,551	14,004
Shareholder's Equity	11.6%	1,921	1,721	1,620	1,776	1,926
Retained Earnings	9.0%	2,152	1,973	1,888	1,948	1,980
Shares Outstanding	-1.1%	36.00	37.00	37.00	38.00	39.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-5.1%	719	758	773	767	752
Share Based Compensation	-1.4%	22.00	22.00	22.00	21.00	18.00
Cashflow From Investing	40.7%	-118	-200	-297	-879	-832
Cashflow From Financing	3.4%	-442	-457	-359	-260	-1.94
Dividend Payments	2.7%	86.00	84.00	82.00	80.00	78.00

Risks for PRI

What is the probability of a big loss on PRI?

55.8%

Probability that Primerica stock will be more than 20% underwater in next one year

29.6%

Probability that Primerica stock will be more than 30% underwater in next one year.

19.2%

Probability that Primerica stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PRI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Primerica was unfortunately bought at previous high price.

Drawdowns

Returns for PRI

Cumulative Returns on PRI

19.6%

10-Year Cumulative Returns

20.0%

7-Year Cumulative Returns

14.6%

5-Year Cumulative Returns

18.5%

3-Year Cumulative Returns

What are the long-term rolling returns for PRI?

FIve years rolling returns for Primerica.

Annualized Returns

Which funds bought or sold PRI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Brookfield Corp /ON/	added	39.74	4,902,430	11,934,900	0.05%
2023-05-23	Toroso Investments, LLC	new	-	676,000	676,000	0.01%
2023-05-22	Raleigh Capital Management Inc.	new	-	10,334	10,334	-%
2023-05-22	AMERIPRISE FINANCIAL INC	added	2.25	2,153,780	11,044,800	-%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-5.59	830,000	6,492,000	0.01%
2023-05-18	JPMORGAN CHASE & CO	added	30.82	5,852,340	15,791,300	-%
2023-05-18	SkyView Investment Advisors, LLC	added	5.36	203,000	928,000	0.22%
2023-05-17	KB FINANCIAL PARTNERS, LLC	added	3.57	175,000	855,000	0.25%
2023-05-17	B. Riley Wealth Advisors, Inc.	new	-	688,239	688,239	0.02%
2023-05-17	Advisory Services Network, LLC	added	14.29	16,562	59,250	-%

Latest Funds Activity

Are funds buying PRI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PRI

No. of Funds

PRI Alerts

Big jump in Earnings (Y/Y)

Primerica News

Schedule 13G FIlings of Primerica

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	brave warrior advisors, llc	5.86%	2,160,660	SC 13G/A
Feb 14, 2023	kayne anderson rudnick investment management llc	10.52%	3,882,989	SC 13G/A
Feb 14, 2023	bamco inc /ny/	4.84%	1,785,994	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	10.57%	3,899,195	SC 13G/A
Jan 25, 2023	blackrock inc.	8.8%	3,264,431	SC 13G/A
Feb 14, 2022	kayne anderson rudnick investment management llc	10.18%	4,018,278	SC 13G/A
Feb 14, 2022	bamco inc /ny/	4.85%	1,915,022	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G
Feb 03, 2022	blackrock inc.	8.4%	3,313,226	SC 13G/A

PRI Fair Value

Primerica fair value in different scenarios

The table shows the Fair Value estimates for Primerica for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	127.85 -30.72%	176.36 -4.43%	229.85 24.56%	290.51 57.43%	344.43 86.65%
Current Inflation	117.46 -36.35%	159.01 -13.83%	203.48 10.27%	254.06 37.68%	299.01 62.04%
Very High Inflation	104.58 -43.33%	138.05 -25.19%	172.37 -6.59%	211.72 14.73%	246.70 33.69%

Historical Primerica Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Primerica

View All Filings

Date Filed	Form Type	Document
May 26, 2023	144	Notice of Insider Sale Intent
May 26, 2023	4	Insider Trading
May 18, 2023	8-K	Current Report
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading

Latest Insider Trading transactions for PRI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-17	Cottle Amber Lynne	acquired	129,931	180	720	-
2023-05-17	Babbit Joel M.	acquired	129,931	180	720	-
2023-05-17	Dheer Sanjeev	acquired	129,931	180	720	-
2023-05-17	Perez Beatriz R	acquired	129,931	180	720	-
2023-05-17	Addison John A. Jr.	acquired	129,931	180	720	-
2023-05-17	CRITTENDEN GARY L	acquired	129,931	180	720	-
2023-05-17	DAY CYNTHIA N	acquired	129,931	180	720	-
2023-05-17	Yastine Barbara A.	acquired	129,931	180	720	-
2023-05-17	Williams Donald R.	acquired	129,931	180	720	-
2023-03-31	DAY CYNTHIA N	acquired	31,250	168	184	-

About Primerica

Glenn J. Williams

www.primerica.com

3440

Primerica, 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.

PRI Income Statement

2023-03-31

Condensed Consolidated Statements of Income - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues:
Direct premiums	$ 817,872	$ 798,666
Ceded premiums	(405,347)	(399,885)
Net premiums	412,525	398,781
Commissions and fees	231,547	251,800
Investment income net of investment expenses	47,500	34,420
Interest expense on surplus note	(16,435)	(15,515)
Net investment income	31,065	18,905
Realized investment gains (losses)	(985)	577
Other investment gains (losses)	(3,623)	174
Investment gains (losses)	(4,608)	751
Other, net	19,507	20,989
Revenues	690,036	691,226
Benefits and expenses:
Benefits and claims	168,702	168,288
Future policy benefits remeasurement (gain) loss	(508)	(1,272)	$ (500)
Amortization of deferred policy acquisition costs	67,358	63,223
Sales commissions	110,874	133,924
Insurance expenses	61,125	59,509
Insurance commissions	8,138	7,721
Contract acquisition costs	14,984	20,649
Interest expense	6,690	6,853
Other operating expenses	89,536	86,435
Total benefits and expenses	526,899	545,330
Income before income taxes	163,137	145,896
Income taxes	38,031	33,512
Net income	125,106	112,384
Net income (loss) attributable to noncontrolling interests		(2,655)
Net income attributable to Primerica, Inc.	$ 125,106	$ 115,039
Earnings per share attributable to common stockholders:
Basic earnings per share	$ 3.39	$ 2.92
Diluted earnings per share	$ 3.38	$ 2.91
Weighted-average shares used in computing earnings per share:
Basic	36,710	39,221
Diluted	36,804	39,332

PRI Balance Sheet

2023-03-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments:
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $2,822,996 in 2023 and $2,801,415 in 2022)	$ 2,558,626	$ 2,495,456
Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,388,411 in 2023 and $1,340,265 in 2022)	1,460,000	1,444,920
Short-term investments available-for-sale, at fair value (amortized cost: $70,185 in 2023 and $69,393 in 2022)	70,187	69,406
Equity securities, at fair value (historical cost: $29,475 in 2023 and $29,430 in 2022)	33,984	35,404
Trading securities, at fair value (cost: $19,033 in 2023 and $4,229 in 2022)	18,497	3,698
Policy loans and other invested assets	50,003	48,713
Total investments	4,191,297	4,097,597
Cash and cash equivalents	515,090	489,240
Accrued investment income	22,153	20,885
Reinsurance recoverables	3,179,074	3,176,397
Deferred policy acquisition costs, net	3,256,845	3,194,029
Renewal commissions receivable	194,409	200,043
Agent balances, due premiums and other receivables	259,759	254,276
Goodwill	127,707	127,707
Intangible assets, net (accumulated amortization: $18,375 in 2023 and $15,750 in 2022)	182,900	185,525
Income taxes	106,310	97,972
Operating lease right-of-use assets	38,575	40,500
Other assets	391,605	428,259
Separate account assets	2,329,968	2,305,717
Total assets	14,795,692	14,618,147
Liabilities:
Future policy benefits	6,561,624	6,297,906
Unearned and advance premiums	16,703	15,422
Policy claims and other benefits payable	498,483	538,250
Other policyholders’ funds	481,561	483,769
Note payable	593,106	592,905
Surplus note	1,459,565	1,444,469
Income taxes	199,394	202,462
Operating lease liabilities	43,955	45,995
Other liabilities	615,780	580,780
Payable under securities lending	74,452	100,938
Separate account liabilities	2,329,968	2,305,717
Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)
Total liabilities	12,874,591	12,608,613
Equity attributable to Primerica, Inc.:
Common stock ($0.01 par value; authorized 500,000 shares in 2023 and 2022; issued and outstanding 36,407 shares in 2023 and 36,824 shares in 2022)	364	368
Retained earnings	2,151,771	2,130,935
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits	(11,679)	131,295
Unrealized foreign currency translation gains (losses)	(11,198)	(12,196)
Net unrealized investment gains (losses) on available-for-sale securities	(208,157)	(240,868)
Total permanent stockholders’ equity	1,921,101	2,009,534
Total liabilities and temporary and permanent stockholders’ equity	$ 14,795,692	$ 14,618,147