More Than One-Third of Mass Market Households Don’t Receive Financial Advice

Advisor Canada, May 29, 2019 - Staff

A new poll reveals why that’s a problem

As the industry continues to examine whether an advice gap exists in Canada among mass market households, a new poll finds that a significant proportion of middle-income households aren’t working with financial advisors, with negative results.

The Primerica survey found that one in three middle-income Americans say credit card debt is their biggest financial concern. Williams says many families use credit cards to supplement their income. Because money is tight, they focus on just making the minimum payment. That is a big mistake.

No insight is offered, however, on why the lack of access exists. (Trust isn’t the issue: in line with other research, the poll revealed overwhelming trust in the information provided by financial professionals.)

What is clear is that the lack of access to professional advice is a problem. The poll found that 61% have made at least one costly financial decision, with an average loss of $29,000. Also, about half (47%) fear they aren’t saving enough for retirement.

Most of those surveyed who haven’t seen a financial professional believe they would benefit from seeing one (75%), and they’re likely right. The poll found that client outcomes are better for those who receive financial advice.

“It’s just a matter of understanding what they need to do,” Williams says. “What type of coverage? What amount of coverage? Ten times of the breadwinner’s income is what is needed to replace the income in the event of death.”

For example, 56% of middle-income Canadians who hadn’t met with financial professionals had also never invested their savings. Of those who had met with a financial professional, only 22% had failed to invest.

Further, a greater proportion of those who met with a financial professional scored a C or higher on various financial behaviours, such as saving and investing, relative to those who didn’t (82% versus 54%).

Working with a financial professional might be particularly important considering Canadians’ low rates of financial literacy. The survey found that only one-third of middle-income Canadians feel confident with general concepts such as saving and budgeting, and fewer than two in 10 could explain the concept of compound interest or how to invest in a financial product.

For more details, read the Primerica report.

About the poll: Conducted by Golfdale Consulting in February 2019, the online survey polled a representative sample of 1,000 Canadians aged 18 and older with household incomes between $20,000 and $100,000. All data was weighted to Canada Census (2016) based on age, gender and region. The margin of error is about 3%.

860925


Primerica Reports First Quarter 2019 Results

Business Wire, May 07, 2019

Life insurance licensed representatives increase 2% to 129,821

Term Life net premiums grow 10%; adjusted direct premiums grow 11%

Investment and Savings Products ending client asset values grow 5%

Net earnings per diluted share (EPS) of $1.83, up 26%; return on stockholders’ equity (ROE) of 21.2%

Adjusted operating EPS of $1.74, up 19%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 20.3%

Declared dividend of $0.34 per share, payable on June 14, 2019

Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended March 31, 2019. Total revenues of $495.0 million increased 8% compared to the first quarter of 2018. Net income of $79.2 million increased 20%, while earnings per diluted share of $1.83 increased 26% compared to the same quarter last year. ROE increased from 18.5% during the first quarter of 2018 to 21.2% during the current quarter.

Adjusted operating revenues were $490.0 million, increasing 6% compared to the first quarter of 2018. Adjusted net operating income of $75.3 million increased 14%, while adjusted operating earnings per diluted share of $1.74 increased 19% compared to the same quarter last year. ROAE increased from 19.0% during the first quarter of 2018 to 20.3% during the current quarter.

Results for the quarter reflect the financial stability of the Company’s Term Life segment, including an 11% increase in adjusted direct premiums. Persistency during the first quarter of 2019 was generally consistent with the prior year’s first quarter and claims experience was in line with historical trends. Market volatility early in the year resulted in a slower start in the Investment and Savings Products (ISP) segment, however, client asset values rebounded in late January and average client asset values declined less than half a percent compared to the first quarter of 2018. Demand for investment products, most notably variable annuities, was robust through the last two months of the quarter and total product sales of $1.8 billion were only 1% below a very strong first quarter in 2018. Insurance and other operating expenses increased 5% due to business growth and incremental investments. The pace of investments is expected to increase as 2019 unfolds. The Company repurchased nearly $54 million of common stock during the quarter and is on track to achieve its $225 million repurchase target for the year.

“Our quarterly financial results reflect the strength and durability of our model with revenue growth of 8% and earnings per share growth of 26%, despite weaker sales than in the prior year period,” said Glenn Williams, Chief Executive Officer. “The need for financial security in middle-income families has never been greater and few companies possess the distribution breadth to assist this population demographic the way we do here at Primerica.”

First Quarter Distribution & Segment Results
Distribution Results

Q1 2019

Q1 2018
%
Change
Life Licensed Sales Force (1) 129,821

127,182

2

%
Recruits

63,223

76,230

(17

)%
New Life-Licensed Representatives

10,065

11,730

(14

)%
Life Insurance Policies Issued

64,242

70,821

(9

)%
Life Productivity (2)

0.16

0.19

*

ISP Product Sales ($ billions)

$

1.76

$

1.78

(1

)%
Average Client Asset Values ($ billions)

$

61.45

$

61.70

2

%
(1) End of period
(2) Life productivity equals policies issued divided by the average number of life insurance licensed
representatives per month
* Not calculated or less than 1%
 
Segment Results

Q1 2019

Q1 2018
%
Change

($ in thousands)
Adjusted Operating Revenues: (1)
Term Life Insurance

$

296,843

$

270,309

10

%
Investment and Savings Products

162,671

162,041

*

Corporate and Other Distributed Products

30,479

30,517

*

Total adjusted operating revenues (1)

$

489,993

$

462,867

6

%
Adjusted Operating Income (loss) before income taxes:(1)
Term Life Insurance

$

70,339

$

59,621

18

%
Investment and Savings Products

42,683

39,984

7

%
Corporate and Other Distributed Products

(15,648)

(13,698)

14

%
Total adjusted operating income before income taxes (1)

$

97,374

$

85,907

13

%
(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations at
the end of this release for additional information.
* Less than 1%
 

Life Insurance Licensed Sales Force and Distribution Trends

As of March 31, 2019, the life insurance licensed sales force totaled 129,821 and was down slightly from December 31, 2018. The decrease in the size of the sales force reflected the impact of fewer individuals recruited over the last few quarters, which in turn resulted in a lower number of new life insurance licenses. After several years of exceptional growth, momentum in recruiting, licensing and term life sales began to slow in 2018 and this trend has continued into the first quarter. During the first quarter of 2019, approximately 64,000 term life insurance policies were issued, which represented a decline of 9% compared to the first quarter of 2018. Productivity for the quarter was 0.16 policies per life insurance licensed representative per month, below the Company’s historical range of 0.18 to 0.22. Management has confidence in its ability to rebuild momentum and the biennial convention in June provides an excellent opportunity for the leadership team to reenergize the sales force.

The ISP segment posted solid quarterly results with net new client inflows of $227 million, led by a 31% increase in sales of variable annuities year-overyear and strong demand for managed accounts, which ended the quarter up 19% to $3.3 billion in client account asset values.

Segment Results

Term Life Insurance

Operating revenues of $296.8 million during the first quarter increased 10% compared to the first quarter of 2018 due to an 11% growth in adjusted direct premiums. Persistency was generally in line with the first quarter of 2018, while claims, which are typically higher in the first quarter, improved by approximately $2 million due to unfavorable claims experience in the prior year’s first quarter. Income before income taxes was $70.3 million, an increase of 18% year-over-year.

Investment and Savings Products

Operating revenues of $162.7 million were relatively unchanged compared to the same quarter in 2018, while income before income taxes of $42.7 million increased 7% year-over-year. ISP product sales and average client asset values were both negatively impacted by market volatility early in the quarter, although trends improved as the quarter progressed. The continued mix-shift toward annuity sales, which generally have higher sales-based fees, led to a 4% growth in sales-based revenues. Ending client asset values increased 5% compared to the first quarter of 2018, however, average client asset values declined slightly, resulting in a decrease in asset-based revenues. Account-based revenues declined due to the closure of Freedom portfolio accounts, which we stopped selling at the end of 2017, and the loss of associated recordkeeping and custodial fees. Sales and asset-based commission expenses were generally consistent with the associated revenues. Canadian segregated fund DAC amortization was $3 million lower than the prior year, primarily reflecting positive market performance in the first quarter of 2019.

Net Investment Income

An increase in the size of the invested assets portfolio compared to the same quarter in 2018 contributed approximately $1.6 million to investment income. The effective book yield of assets that matured during the current quarter was largely consistent with the yield on new purchases, however, for the remainder of 2019, the Company expects the book yield of maturities to be higher than current interest rates.

Taxes

In the first quarter of 2019, the GAAP effective income tax rate was 22.7% compared to 20.8% during the first quarter of 2018. The prior period tax rate included a benefit of $1.8 million associated with the Tax Cuts and Jobs Act of 2017, which reduced the tax effective rate by 2.1%.

Capital

During the first quarter of 2019, the Company repurchased 473,138 shares of common stock with a value of $53.6 million. The Board of Directors has approved a dividend of $0.34 per share, payable on June 14, 2019, to stockholders of record on May 22, 2019.

Primerica has a strong balance sheet and continues to be well-capitalized to meet future needs. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 460% as of March 31, 2019.

Non-GAAP Financial Measures

We report financial results in accordance with U.S. generally accepted accounting principles (GAAP). We also present adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (IPO coinsurance transactions) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses) and fair value mark-to-market (MTM) investment adjustments, including other-than-temporary impairments (OTTI), for all periods presented. We exclude realized investment gains (losses) and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. In 2018, we excluded from adjusted net operating income and diluted adjusted operating earnings per share the one-time transition impact of adjustments made to finalize the provisional amounts recognized from the enactment of the Tax Cuts and Jobs Act of 2017 (tax reform) in order to present meaningful and useful period-over-period comparisons that could be distorted by the historically infrequent tax law change. Adjusted stockholders' equity excludes the impact of net unrealized 5/8/2019 Primerica Reports First Quarter 2019 Results | Business Wire https://www.businesswire.com/news/home/20190507005991/en/ 4/10 investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-forsale security matures or is sold.

The definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast Wednesday, May 8, 2019 at 10:00 am EST, to discuss the quarter’s results. To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that affect our distribution model; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event; changes in federal, state and provincial legislation or regulation that affects our insurance and investment product businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; legal and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of, or legal challenges to, the support tools we provide to sales force; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; the loss of key personnel; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, provides financial services to middle-income households in North America. Primerica licensed representatives educate their clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, mutual funds, annuities and other financial products. Primerica insured approximately 5 million lives and had over 2 million client investment accounts at December 31, 2018. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2017. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

 

 

 

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

March 31, 2019

December 31, 2018
Assets
Investments:
Fixed-maturity securities available-for-sale,
at fair value

$

2,088,702

$

2,069,635

Fixed-maturity security held-to-maturity,
atamortized cost

1,036,110

970,390

Short-term investments available-for-sale,
at fair value

8,230

8,171

Equity securities, at fair value

37,848

37,679

Trading securities, at fair value

26,556

13,610

Policy loans

30,783

31,501

Total investments

3,228,229

3,130,986

Cash and cash equivalents

279,626

262,138

Accrued investment income

18,450

17,057

Reinsurance recoverables

4,202,903

4,141,569

Deferred policy acquisition costs, net

2,181,741

2,133,920

Agent balances, due premiums and other
receivables

226,061

215,139

Intangible assets, net

47,260

48,111

Income taxes

62,252

59,336

Operating lease right-of-use assets

50,506

-

Other assets1

410,841

391,291

Separate account assets

2,368,760

2,195,501

Total assets

$

13,076,629

$

12,595,048

Liabilities and Stockholders’ Equity
Liabilities:
Future policy benefits

$

6,240,864

$

6,168,157

Unearned and advance premiums

17,341

15,587

Policy claims and other benefits payable

308,422

313,862

Other policyholders’ funds

377,360

370,644

Notes payable

373,755

373,661

Surplus note

1,035,421

969,685

Income taxes

206,180

187,104

Operating lease liabilities

56,712

-

Other liabilities

505,514

486,772

Payable under securities lending

64,914

52,562

Separate account liabilities

2,368,760

2,195,501

Total liabilities

11,555,243

11,133,535

Stockholders’ equity:
Common stock

424

427

Paid-in capital

-

-

Retained earnings

1,506,943

1,489,520

Accumulated other comprehensive income (loss),
net of income tax

14,019

(28,434)

Total stockholders’ equity

1,521,386

1,461,513

Total liabilities and stockholders’ equity

$

13,076,629

$

12,595,048

(1) Certain reclassifications have been made to the December 31, 2018 amounts to conform to current-period reporting classifications.
These reclassifications had no impact on net income or total stockholders’ equity.
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three months ended March 31,

2019

2018
(In thousands, except per-share amounts)
Revenues:
Direct premiums

$

677,286

$

656,087

Ceded premiums

(389,795)

(394,249)

Net premiums

287,491

261,838

Commissions and fees

167,315

166,827

Net investment income

24,111

19,017

Realized investment gains (losses), including OTTI

2,847

(1,656)

Other, net

13,223

13,897

Total revenues

494,987

459,923

Benefits and expenses:
Benefits and claims

122,284

116,890

Amortization of deferred policy acquisition costs

64,628

60,165

Sales commissions

83,799

82,519

Insurance expenses

43,402

41,109

Insurance commissions

5,612

5,459

Interest expense

7,180

7,173

Other operating expenses

65,707

63,227

Total benefits and expenses

392,619

376,960

Income before income taxes

102,368

82,963

Income taxes

23,203

17,248

Net income

$

79,165

$

65,715

Earnings per share:
Basic earnings per share

$

1.84

$

1.46

Diluted earnings per share

$

1.83

$

1.46

Weighted-average shares used in computing earnings per share:
Basic

42,824

44,740

Diluted

42,942

44,855

 
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
Three months ended March 31,

2019

2018
%
Change
(In thousands, except per-share amounts)
Total Revenues

$

494,987

$

459,923

8

Less: Realized investment gains (losses),
including OTTI

2,847

(1,656)

Less: 10% deposit asset MTM included in net
investment income (NII)(1)

2,147

(1,288)

Adjusted operating revenues

489,993

$

462,867

6

Income before income taxes

$

102,368

$

82,963

23

Less: Realized investment gains (losses),
including OTTI

$

2,847

$

(1,656)

Less: 10% deposit asset MTM included in NII

2,147

(1,288)

Less: Tax impact of preceding items

(1,132)

675

Less: Transition impact of tax reform

-

1,768

Adjusted operating income before
income taxes

75,303

66,216

14

Diluted earnings per share(1) $

1.83

$

1.46

26

Less: Net after-tax impact of operating adjustments

0.09

(0.01)

Diluted adjusted operating earnings per share (1) $

1.74

$

1.47

19

PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended March 31,

2019

2018
Total Revenues

$

35,473

$

27,573

Less: Realized investment gains (losses), including OTTI

2,847

(1,656)

Less: 10% deposit asset MTM included in NII

2,147

(1,288)

Adjusted operating revenues

30,479

30,517

Loss before income taxes

$

(10,654)

(16,642)

Realized investment gains (losses), including OTTI

2,847

(1,656)

Less: 10% deposit asset MTM included in NII

2,147

(1,288)

Adjusted operating loss before income taxes

(15,648)

(13,698)

PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)

March 31, 2019

December 31, 2018
Stockholders' equity

$

1,521,387

$

1,461,513

Less: Unrealized net investment gains (losses)
recorded in stockholders' equity, net of income tax

28,916

(7,370)

Adjusted stockholder's equity

1,492,471

1,468,883

844981


Money Mistakes of Middle-Income Americans

Fox Business, May 07, 2019 - Linda Bell

How confident are you in your financial future? Primerica surveyed 1,000 middle-income Americans and found that many of them are anxious about their long-term financial security. Despite those worries, many families are not taking steps to secure their financial future. Nearly two-thirds of respondents acknowledge making at least one bad financial mistake, with an average loss of more than $27,000. Glenn Williams, chief executive officer of Primerica shared some of the money missteps of middle-income Americans:

Not making more than the minimum payment on credit cards

The Primerica survey found that one in three middle-income Americans say credit card debt is their biggest financial concern. Williams says many families use credit cards to supplement their income. Because money is tight, they focus on just making the minimum payment. That is a big mistake.

“Of course, that stretches out the payment time and the cost of that debt,” he says. “We really encourage people to minimize the use of their credit cards. If they do use credit cards, make sure they come close to making the full payment each month and keep a balance off of that credit card.”

If you have accumulated a balance over time? Williams suggests coming up with a game plan to systematically pay off that debt and get it down to zero as quickly as possible.

Not having more than $50,000 in life insurance coverage

Williams says $50,000 in life insurance coverage is a minimal standard of income protection and not very much at all. He says most families don't realize they need more and can purchase inexpensive term life insurance relatively cheaply.

“It’s just a matter of understanding what they need to do,” Williams says. “What type of coverage? What amount of coverage? Ten times of the breadwinner’s income is what is needed to replace the income in the event of death.”

Not having money Invested in accounts outside of traditional savings

Savings accounts are bank accounts where you can store and grow your money. Williams says some families mistakenly believe they don’t have enough money to invest outside of savings accounts. He suggests investing in mutual funds. You can get started for as little as $25 month.

“Over time as their financial conditions improve, they can increase the amount they invest regularly,” Williams says. “They should start something and do it outside of the traditional savings account that has very low returns.”

Not having enough savings for at least three months of expenses

Putting aside three to six months of expenses in an emergency fund can be the hardest task for families. Williams says mom and dad are often so overwhelmed by their finances that they don’t even try to save money for a rainy day. He says that often leads to them using credit cards for emergencies.

So what’s the best way to go about saving?

“If you can set aside a fixed percentage or a fixed amount to start building that emergency fund, that’s a great way to begin,” Williams says. “You may take two steps forward and one step back. You may start building the emergency fund and then have an emergency, but at least you didn’t put it on your credit card. Already you’ve made progress if you’ve started eliminating the use of credit cards and the building of that debt.”

Not saving enough for retirement

The Primerica survey found just one in four Americans feel comfortable determining how much they need to save for retirement on their own. If you are worried about how to set yourself up for the future, Williams suggests reaching out to a financial professional.

“I would encourage people to get some outside perspective,” he says. “Find out how to have a personalized strategy to get to where you would like to go. Families enjoy having someone talk them through that. Someone who can give them examples of other families that have dealt with that successfully or maybe made mistakes that they can watch. When confidence increases, action increases from our experience.”

844449


Primerica Schedules First Quarter 2019 Financial Results Webcast

BusinessWire, April 9, 2019

Primerica, Inc. (NYSE: PRI) announced today that it will hold a webcast on Wednesday, May 8, 2019 at 10:00 a.m. Eastern Time to discuss the Company's results for the first quarter ended March 31, 2019, as well as other business-related matters. A news release announcing the quarter's results will be distributed on Tuesday, May 7, 2019, after the close of the market.

The earnings news release, financial supplement and live webcast will be available on the Primerica Investors website at http://investors.primerica.com. A replay of the call will be available for approximately 30 days.


New Survey: Middle-Income Americans Concerned About Their Financial Future Biggest Fear is Not Saving Enough Money for Retirement

PRNewswire, March 27, 2019

Primerica, Inc. (NYSE: PRI), a leading provider of financial services to middle-income families, today released its 2019 Primerica Financial Security Monitor, which found many Americans remain anxious about their long-term financial security. The survey of 1,000 middle-income Americans with household incomes between $29,000 and $106,000 was completed in February and found that many families are not taking steps toward a secure future. The Monitor provides a detailed snapshot of middle-income Americans financial preparedness, habits, and concerns.

Only half of middle-income Americans believe their financial security will improve in the next five years. Just one-in-four Americans feel aware enough to be very comfortable determining how much they need to save for retirement on their own. Half have never met with a financial professional. And the Monitor's Financial Security Scorecard – which measures individual financial security preparedness – found that only 31% of Americans earn an A or B for preparedness based on answers to key indicators.

"The survey confirmed our experience in the middle market. Most working families don't feel confident enough to take the steps necessary to achieve financial security. As a result, they are not optimistic about their financial futures," said Glenn Williams, Primerica CEO. "Primerica's representatives are focused every day on helping middle-income families across North America. We break down financial concepts into straightforward language and provide a financial roadmap to help families determine the right next steps to a more secure financial future."

Costly Financial Mistakes and the Value of Financial Guidance
Nearly two-thirds of respondents (61%) acknowledge making at least one really bad financial mistake, with an average loss of more than $27,000.

The Benefit of a Financial Professional to Long-term Preparedness
To measure long-term financial preparedness, the Monitor included a Financial Security Scorecard. Survey respondents were graded based on whether or not they engage in the following financial preparedness fundamentals:

  • Making more than the minimum payment on credit card bills every month;
  • Having $50,000 or more in life insurance coverage;
  • Saving every month, regardless of amount;
  • Investing some of their money in accounts outside traditional savings accounts;
  • Having enough savings to cover three months of expenses if the primary breadwinner loses his or her job.

Close to half (43%) reported doing two or fewer of these financial fundamentals. But those who have met with a financial professional showed stronger results: 76% of those who have met with a financial professional earned a C or better, compared to just 39% of those who have not.

Biggest Financial Fear is Being Ready for Retirement
The No. 1 fear among middle-income Americans is not saving enough for retirement (43%). When asked why they don't save more, half (50%) say it's because they don't make enough money to save.

Many Concerned About Credit Card Debt
High credit card debt is the second-rated concern, with one in three middle-income Americans saying it's their biggest financial concern. More than half do not pay off their credit card balance every month, and one-in-five make just the minimum payment or less. The average credit card debt of all respondents is nearly $3,000. The third biggest concern is paying medical bills (22%), followed by worries about stable income (20%).

More to Do to Prepare for Emergencies
Just over one-third are confident they could pay for an emergency expense, and 69% worry about how their families would cope financially if faced with a major medical expense, or if a significant economic recession were to hit (67%).

Millennials Not Comfortable 'Going at It Alone' Online
The Monitor survey also examined differences in attitudes and behaviors towards personal finance across generations. Although they are the first generation to grow up as "digital natives," millennials are the most uncomfortable of any age range doing personal financial tasks online. These respondents, between the ages of 18 and 34, are the least likely to be comfortable opening an investment account, buying insurance, completing taxes or tracking their financial progress without working directly with a financial professional. Feeling comfortable completing personal finance tasks online, unassisted, is highest among Gen Xers (the 35-54 age range).

"The finding that millennials are not comfortable managing their personal finances electronically is surprising, because we know they are very tech savvy," Williams noted. "The idea of 'going at it alone' with their personal finances can cause a lot of anxiety, and they need in-person support from a financial professional to feel confident about their decisions — especially those who are just starting out."

Unity in Financial Security Concerns
The Monitor survey revealed that while there are some differences regarding overall financial know-how and habits, financial anxiety and uncertainty was prevalent among all groups. "Our Financial Security Monitor confirms that financial security is something that everyone strives for and most people would benefit from the assistance of a financial professional in mapping a course toward that goal," Williams added. "Due to our 40 years of experience helping middle income families prepare for their financial futures, Primerica is uniquely positioned to provide that critical part of the financial equation."


Primerica Reports Fourth Quarter 2018 Results, 2019 Share Repurchase Authorization and Increase in Stockholder Dividend

Business Wire, February 07, 2019

Life insurance licensed representatives increase 4% to 130,736

Term Life net premiums grow 11%

Investment and Savings Products sales increase 8%

Net earnings per diluted share (EPS) of $1.99; return on stockholders’ equity (ROE) of 23.8%

Adjusted operating EPS of $2.01; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 24.0%

Board of Directors approves share repurchase program totaling $275 million; $225 million in repurchases expected in 2019

Board of Directors approves 36% increase in dividends to $0.34 per share, payable March 15, 2019

Primerica, Inc. (NYSE: PRI) today announced financial results for the fourth quarter and year ended December 31, 2018. Total revenues during the quarter of $487.3 million increased 10% compared to the same quarter in 2017. Net income during the quarter was $86.5 million, or $1.99 per diluted share, compared with net income of $168.4 million, or $3.72 per diluted share, during the fourth quarter of 2017. The fourth quarter of 2017 included a tax benefit of $95.5 million, or $2.11 per diluted share, to recognize the transition effect of the Tax Cuts and Jobs Act of 2017 (Tax Reform). ROE for the fourth quarter of 2018 was 23.8%.

Adjusted operating revenues were $488.7 million, increasing 11% compared to the fourth quarter of 2017. Adjusted net operating income was $87.6 million and adjusted operating EPS was $2.01, increasing $15.4 million, or $0.41 per diluted share, respectively, year-over-year largely driven by a lower corporate tax rate in 2018. During the fourth quarter of 2018, the full-year tax expense related to the Global Intangible Low-Taxed Income (GILTI) component of Tax Reform was reduced from approximately $4 million to $0.7 million based on regulations released by the Department of Treasury in November 2018. This adjustment resulted in a benefit of $0.07 per diluted share. ROAE for the fourth quarter of 2018 was 24.0%.

Results for both the quarter and the full year reflect solid Term Life and Investment and Savings Products (ISP) performance. Comparing the year ended December 31, 2018 to the prior year, net premiums increased 13%, average ISP client asset values increased 9% and ISP sales increased 14%. Financial results also reflect the benefit of a lower corporate tax rate due to Tax Reform. During 2018, the Company repurchased $210 million of common stock and paid quarterly dividends totaling $44 million because of strong cash flows generated by the business.

Additional 2018 production results include:

“In 2018, we delivered double-digit revenue growth and maintained our commitment to capital deployment,” said Glenn Williams, Chief Executive Officer. “Our sales force remains focused on our mission to help middle-income families achieve financial security. To support this effort, we continue to improve our products and technology to enhance the client experience and expand distribution capabilities for our representatives. We enter 2019 with a renewed level of energy and anticipation for success during a year that includes our biennial convention.”

Fourth Quarter Distribution & Segment Results
Distribution Results

Q4 2018

Q4 2017
%
Change
Life Licensed Sales Force (1) 130,658

126,121

4

%
Recruits

61,990

64,401

(4

)%
New Life-Licensed Representatives

11,052

11,902

(7

)%
Life Insurance Policies Issued

72,122

80,068

(10

)%
Life Productivity (2)

0.18

0.21

*

ISP Product Sales ($ billions)

$

1.74

$

1.60

8

%
Average Client Asset Values ($ billions)

$

61.01

$

59.91

2

%
(1) End of period
(2) Life productivity equals policies issued divided by the average number of life insurance licensed
representatives per month
* Not calculated
 
Segment Results

Q4 2018

Q4 2017
%
Change
Adjusted Operating Revenues: (1)
Term Life Insurance

$

291,941

$

263,031

11

%
Investment and Savings Products

164,924

148,509

11

%
Corporate and Other Distributed Products

31,831

30,323

(4

)%
Total adjusted operating revenues (1)

$

488,696

$

441,863

11

%
Adjusted Operating Income (loss) before income taxes:(1)
Term Life Insurance

$

72,117

$

68,237

6

%
Investment and Savings Products

45,647

46,982

(3

)%
Corporate and Other Distributed Products

(8,471)

(8,209)

3

%
Total adjusted operating income before income taxes (1)

$

$109,293

$

$107,010

2

%
(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations at
the end of this release for additional information.
 

Life Insurance Licensed Sales Force

At year-end, there were 130,736 licensed life insurance representatives, which reflected an increase of 4% compared to December 31, 2017. During the fourth quarter of 2018, both recruits and new life licenses were down slightly year-over-year, reflecting normal fluctuations in momentum.

Term Life Insurance

Revenues of $291.9 million during the fourth quarter increased 11% compared to the same quarter in 2017 and were driven by continued growth in net premiums. Persistency and benefits and claims levels were generally in line with the prior year’s fourth quarter, while insurance expenses increased $7.5 million. Approximately half of this increase was due to a premium and retaliatory tax benefit recorded in the fourth quarter of 2017 when Primerica Life Insurance Company changed its state of domicile. The remainder is attributable to supporting the growth of the business.

Term Life productivity for the quarter was 0.18 policies per life insurance licensed representative per month and remained within the historical range, although lower than recent levels. As a result, Term Life insurance policies issued declined 10% year-over-year.

Investment and Savings Products

Revenues of $164.9 million increased $16.4 million, or 11%, compared to the fourth quarter of 2017. Approximately $6 million of this amount reflects revisions to record-keeping platform contracts, which also resulted in a similar increase in operating expenses. The increase in sales-based revenues and expenses was higher than the related increase in revenue-generating product sales driven by continued strength in variable annuities and index annuities. The increase in asset-based revenues and expenses was due to continued growth in average client asset values, most notably in our managed accounts. During the quarter, average client asset values were $61.0 billion, increasing 2% compared to the prior year, and net client flows were $360 million. Canadian segregated fund DAC amortization increased $2.6 million year-over-year as markets were under pressure during the fourth quarter of 2018 in contrast to more favorable market conditions during the fourth quarter of 2017.

Corporate and Other Distributed Products

Adjusted operating revenues were $31.8 million and adjusted operating losses before income taxes were $8.5 million. Net investment income increased 5%, reflecting a larger invested asset portfolio partly offset by lower portfolio yields. Compared to the same quarter last year, expenses increased due to higher employee-related costs and other corporate growth initiatives.

Taxes

In the fourth quarter of 2018, the effective income tax rate was 19.8% During the fourth quarter, the full year tax expense related to the GILTI component of Tax Reform was reduced from $4 million to $0.7 million based on regulations released by the Department of Treasury in November. The full year 2019 operating effective income tax rate is expected to be relatively consistent with 2018 at approximately 23%.

Capital

Primerica has a strong balance sheet and continues to be well-capitalized to meet future needs. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 440% as of December 31, 2018.

Primerica’s strong capital generation enabled the Company’s Board of Directors to authorize the repurchase of up to $275 million of its common stock through June 30, 2020 (including $65 million that remained under the previous share repurchase program as of December 31, 2018) and approve a 36% increase in stockholder dividends to $0.34 per share payable on March 15, 2019 to stockholders of record as of February 20, 2019. The Company expects to repurchase $225 million of its common stock during 2019.

Non-GAAP Financial Measures

We report financial results in accordance with U.S. generally accepted accounting principles (GAAP). We also present adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (IPO coinsurance transactions) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses) and fair value mark-to-market (MTM) investment adjustments , including other-than-temporary impairments (OTTI), for all periods presented. We exclude realized investment gains (losses) and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. In 2017, we excluded from adjusted net operating income and diluted adjusted operating earnings per share the one-time transition impact of provisional amounts recognized from Tax Reform to present meaningful and useful period-over-period comparisons that could be distorted by the historically infrequent tax law change. In 2018, we excluded from adjusted net operating income and diluted adjusted operating earnings per share the one-time transition impact of adjustments made to finalize the provisional amounts recognized from Tax Reform. Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.

The definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations
at the end of this release for additional information.

Beginning in the first quarter of 2018, MTM adjustments on investments held in equity securities are recognized in total revenues measured in accordance with GAAP as realized investment gains (losses) due to the adoption of Accounting Standards Update No. 2016-01. Accordingly, we excluded the impact of MTM adjustments on investments held in equity securities from adjusted operating revenues and other non-GAAP financial measures.

Beginning in the first quarter of 2018, the MTM adjustment on a deposit asset held in support of a 10% coinsurance agreement (the 10% deposit asset MTM) recognized under the deposit method of accounting for GAAP has been excluded from adjusted operating revenues and other non-GAAP financial measures. Prior year non-GAAP financial results have not been recast as the 10% deposit asset MTM in the prior year was not material.

Earnings Webcast Information

Primerica will hold a webcast Friday, February 8, 2019 at 10:00 am EST, to discuss fourth quarter results. This release and a detailed financial supplement will be posted on Primerica’s website. Investors are encouraged to review these materials. To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of our sales representatives; changes to the independent contractor status of our sales representatives; our or our sales representatives’ violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds; changes in federal and state legislation, including other legislation or regulation that affects our insurance and investment product businesses, our failure to meet RBC standards or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of, or legal challenges to, the support tools we provide to our sales force; heightened standards of conduct or more stringent licensing requirements for our sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; legal and regulatory investigations and actions concerning us or our sales representatives; the loss of key personnel; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; and fluctuations in Canadian currency exchange rates . These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the “Investor Relations” section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, provides financial services to middle income households in North America. Primerica representatives educate their clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which the Company underwrites, and mutual funds, annuities and other financial products, which are distributed primarily on behalf of third parties. Primerica insured approximately 5 million lives and have over 2 million client investment accounts at December 31, 2018. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI.”

 
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets

December 31, 2018

December 31, 2017
Assets
Investments:
Fixed-maturity securities available-for-sale,
at fair value

$

2,069,635

$

1,927,842

Fixed-maturity security held-to-maturity,
atamortized cost

970,390

737,150

Short-term investments available-for-sale,
at fair value

8,171

-

Equity securities available-for-sale, at fair value

-

41,107

Equity securities, at fair value

37,679

-

Trading securities, at fair value

13,610

6,228

Policy loans

31,501

32,816

Total investments

3,130,986

2,745,143

Cash and cash equivalents

262,138

279,962

Accrued investment income

17,057

16,665

Reinsurance recoverables

4,141,569

4,205,173

Deferred policy acquisition costs, net

2,133,920

1,951,892

Agent balances, due premiums and other
receivables

265,258

229,522

Intangible assets, net

48,111

51,513

Income taxes

59,336

48,614

Other assets

341,172

359,347

Separate account assets

2,195,501

2,572,872

Total assets

$

12,595,048

$

12,460,703

Liabilities and Stockholders’ Equity
Liabilities:
Future policy benefits

$

6,168,157

$

5,954,524

Unearned and advance premiums

15,587

15,423

Policy claims and other benefits payable

313,862

307,401

Other policyholders’ funds

370,644

363,061

Notes payable

373,661

373,288

Surplus note

969,685

736,381

Income taxes

187,104

177,468

Other liabilities

486,772

451,398

Payable under securities lending

52,562

89,786

Separate account liabilities

2,195,501

2,572,872

Total liabilities

11,133,535

11,041,602

Stockholders’ equity:
Common stock

427

443

Paid-in capital

-

-

Retained earnings

1,489,520

1,375,090

Accumulated other comprehensive income (loss),
net of income tax

(28,434)

43,568

Total stockholders’ equity

1,461,513

1,419,101

Total liabilities and stockholders’ equity

$

12,595,048

$

12,460,703

 
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three months ended December 31,

December 31, 2018

December 31, 2017
(In thousands, except per-share amounts)
Revenues:
Direct premiums

$

673,605

$

650,906

Ceded premiums

(392,290)

(397,318)

Net premiums

281,315

253,588

Commissions and fees

171,961

154,105

Net investment income

21,760

19,459

Realized investment gains (losses), including OTTI

(1,651)

1,079

Other, net

13,940

14,711

Total revenues

487,325

442,942

Benefits and expenses:
Benefits and claims

116,837

108,259

Amortization of deferred policy acquisition costs

66,184

56,304

Sales commissions

85,323

76,823

Insurance expenses

41,671

35,103

Insurance commissions

5,612

5,459

Interest expense

7,192

7,144

Other operating expenses

56,584

45,761

Total benefits and expenses

379,403

334,853

Income before income taxes

107,922

108,089

Income taxes

21,381

(60,354)

Net income

$

86,541

$

168,443

Earnings per share:
Basic earnings per share

$

1.99

$

3.73

Diluted earnings per share

$

1.99

$

3.72

Shares used in computing earnings per share:
Basic

43,180

44,809

Diluted

43,985

44,917

 
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three months ended December 31,

December 31, 2018

December 31, 2017
(In thousands, except per-share amounts)
Revenues:
Direct premiums

$

2,667,104

$

2,562,109

Ceded premiums

(1,581,164)

(1,600,771)

Net premiums

1,085,940

961,338

Commissions and fees

677,607

591,317

Net investment income

81,430

79,017

Realized investment gains (losses), including OTTI

(2,121)

1,339

Other, net

56,987

56,091

Total revenues

1,899,843

1,689,102

Benefits and expenses:
Benefits and claims

457,583

416,019

Amortization of deferred policy acquisition costs

239,730

209,399

Sales commissions

335,384

297,988

Insurance expenses

168,156

147,280

Insurance commissions

24,490

21,108

Interest expense

28,809

28,488

Other operating expenses

229,607

189,300

Total benefits and expenses

1,483,759

1,309,582

Income before income taxes

416,084

379,520

Income taxes

91,990

29,265

Net income

$

324,094

$

350,255

Earnings per share:
Basic earnings per share

$

7.35

$

7.63

Diluted earnings per share

$

7.33

$

7.61

Shares used in computing earnings per share:
Basic

43,854

45,598

Diluted

43,985

45,689

 
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three months ended December 31,

2018

2017
%
Change
(In thousands, except per-share amounts)
Total Revenues

$

487,325

$

442,942

10%

Less: Realized investment gains (losses),
including OTTI

(1,651)

1,079

Less: 10% deposit asset MTM included in net
investment income (NII)(1)

280

-

Commissions and fees

488,696

$

441,863

11%

Income before income taxes

$

107,922

$

108,089

*

Less: Realized investment gains (losses),
including OTTI

$

(1,651)

$

1,079

Less: 10% deposit asset MTM included in NII

280

-

Adjusted operating income before
income taxes

109,293

107,010

2%

Net income $

86,541

$

168,443

(49%)

Less: Realized investment gains (losses),
including OTTI

(1,651)

1,079

Sales commissions

280

-

Insurance expenses

272

(350)

Insurance commissions

-

95,457

Adjusted net operating income $

87,640

$

72,257

21%

Diluted earnings per share(2) $

1.99

$

3.72

(47%)

Less: Net after-tax impact of operating
adjustments

(0.02)

2.12

Diluted adjusted operating earnings
per share

2.01

1.60

26%

(1) The 10% deposit asset MTM during the year ended December 31, 2017 was not material, therefore,
non-GAAP financial measures for 2017 have not been recast for this adjustment.
(2) Percentage change in earnings per share is calculated prior to rounding per share amounts.
* Less than 1%
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
Three months ended December 31,

2018

2017
%
Change
(In thousands, except per-share amounts)
Total Revenues

$

1,899,843

$

1,689,102

12%

Less: Realized investment gains (losses),
including OTTI

(2,121)

1,339

Less: 10% deposit asset MTM included in net
investment income (NII)(1)

(1,680)

-

Adjusted operating revenues

$1,903,644

$

$1,687,763

13%

Income before income taxes

$

416,084

$

379,520

10%

Less: Realized investment gains (losses),
including OTTI

(2,121)

1,339

Less: 10% deposit asset MTM included in NII(1)

(1,680)

-

Adjusted operating income before
income taxes
$

419,885

$

378,181

11%

Net income $

324,094

$

350,255

(7%)

Less: Realized investment gains (losses),
including OTTI

(2,121)

1,339

Less: 10% deposit asset MTM included in NII(1)

(1,680)

-

Less: Tax impact of preceding items

827

(434)

Less: Transition impact of tax reform

2,737

95,457

Adjusted net operating income $

324,331

$

253,893

28%

Diluted earnings per share(2) $

7.33

$

7.61

(4%)

Less: Net after-tax impact of operating
adjustments

0.00

2.09

Diluted adjusted operating earnings
per share

27.33

5.52

33%

(1) The 10% deposit asset MTM during the year ended December 31, 2017 was not material, therefore,
non-GAAP financial measures for 2017 have not been recast for this adjustment.
(2) Percentage change in earnings per share is calculated prior to rounding per share amounts.
TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
Three months ended December 31,

2018

2017
(Unaudited – in thousands)
Direct premiums

$

2,667,104

$

2,562,109

Less: Premiums ceded to IPO coinsurers

(1,581,164)

(1,600,771)

Adjusted direct premiums

1,085,940

961,338

Ceded premiums

81,430

79,017

Less: Premiums ceded to IPO coinsurers

(2,121)

1,339

Other ceded premiums

56,987

56,091

Net premiums

1,899,843

1,689,102

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
Three months ended December 31,

2018

2017
(Unaudited – in thousands)
Total revenues

$

2,667,104

$

2,562,109

Less: Realized investment gains (losses), including OTTI

(1,581,164)

(1,600,771)

Less: 10% deposit asset MTM included in NII(1)

1,085,940

961,338

Adjusted operating revenues

1,085,940

961,338

Loss before income taxes

81,430

79,017

Less: Realized investment gains (losses), including OTTI

(2,121)

1,339

Less: 10% deposit asset MTM included in NII(1)

56,987

56,091

Adjusted operating loss before income taxes

1,899,843

1,689,102

(1) The 10% deposit asset MTM during the year ended December 31, 2017 was not material, therefore,
non-GAAP financial measures for 2017 have not been recast for this adjustment.
PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders’ Equity Reconciliation

December 31, 2018

December 31, 2017
(Unaudited – in thousands)
Stockholders’ equity

$

2,667,104

$

2,562,109

Less: Unrealized net investment gains (losses) recorded
in stockholders’ equity, net of income tax

(1,581,164)

(1,600,771)

Adjusted stockholders’ equity

1,085,940

961,338

CONTACTS

Investor Contact:
Nicole Russell
470-564-6663
Email: investorrelations@primerica.com

Media Contact:
Keith Hancock
470-564-6328
Email: Keith.Hancock@Primerica.com

707022


Primerica Welcomes Senior Leaders to Atlanta to Kick Off 2019

Direct Selling News, January 3, 2019

Primerica, Inc. (NYSE: PRI) is hosting its top representatives from across the United States and Canada for its Senior Leadership Meeting in Atlanta.

The event, which began yesterday and will run through today, will largely focus on new sales force and client initiatives for 2019.

The meeting will also celebrate Primerica's ongoing success in 2018, including term life insurance face amount in force of approximately $782 billion at year end, as well as record-breaking Investment and Savings Products sales of $7 billion, an increase of 13 percent year-over-year.

“2018 was another outstanding year for Primerica as we continued to execute our strategy to drive growth and improve performance by expanding distribution and prudently deploying capital,” said Glenn Williams, chief executive officer. “We ended the year with a sales force of more than 130,700 life insurance-licensed representatives and more than 25,000 mutual fund-licensed representatives, both of which represent the highest counts since the company went public in 2010. Our diverse, talented sales force is our biggest competitive advantage, and it positions us well to continue providing exemplary service and financial products to middle income families while delivering long-term value for all of our stakeholders.”

Additional 2018 production results include:

  1. Recruiting of New Representatives: 291,000
  2. Term Life Insurance Face Amount Issued: $95 billion
  3. Term Life Insurance Claims Paid to Policy Beneficiaries: $1.4 billion
  4. Client Asset Values of approximately $56 billion at year end
  5. Compensation Paid to the Sales Force of approximately $790 million

“In 2019, we plan to refine our clients' experience, evaluate new product offerings, and enhance distribution capabilities for our representatives,” said Williams. “The middle-income market's need for income protection and retirement savings is greater than ever. Thanks to the strong leadership of our sales force, I am confident in our ability to meet the financial needs of hard-working families throughout North America in the coming year.”

707022


Primerica Reports Third Quarter 2018 Results

BusinessWire, November 6, 2018

5% increase in life insurance licensed representatives to 130,658

13% growth in Term Life net premiums

23% increase in Investment and Savings Products (ISP) sales

33% growth in net earnings per diluted share (EPS) to $1.94 and 32% growth in adjusted operating EPS to $1.93

23.9% net income return on stockholders' equity (ROE) and 23.7% adjusted net operating income return on adjusted stockholders' equity (ROAE)

Declared dividend of $0.25 per share, payable on December 14, 2018

Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended September 30, 2018. In the third quarter, total revenues increased 13% to $484.8 million and adjusted operating revenues grew 14% to $485.2 million. Income before income taxes increased 11% and adjusted operating income before income taxes increased 12% over the prior year period. Net income grew 28% to $85.1 million and adjusted net operating income grew 27% to $84.5 million compared with the third quarter of 2017, both of which reflect 2018 benefits from the Tax Cuts and Jobs Act of 2017 (Tax Reform).

Glenn Williams, Chief Executive Officer, said, "The power of our franchise was evident in the third quarter with top-line growth in each of our businesses. The tremendous sales growth achieved in our Investment and Savings Products segment was a highlight of the quarter. The performance of our two complementary businesses combined with capital deployment and the benefit of Tax Reform delivered a 33% increase in EPS year-over-year and 23.9% ROE in the third quarter. We remain focused on executing initiatives to drive growth in order to deliver long-term value to our clients, representatives and stockholders."

During the third quarter, Term Life performance reflected a 13% increase in net premiums year-over-year, favorable claims versus historical experience, stable persistency and a modest decline in issued policies. Strong ISP performance was driven by 23% growth in total product sales and a 10% increase in average client asset values year-over-year. Insurance and other operating expenses of $96.6 million were lower than our expectations due to the timing of business initiatives.

Earnings growth, which benefited from Tax Reform, combined with ongoing share repurchases drove EPS to $1.94, up 33%, and adjusted operating EPS to $1.93, up 32% compared to the third quarter a year ago. ROE and ROAE expanded to 23.9% and 23.7%, resp

Third Quarter Distribution & Segment Results

Distribution Results

Q3 2018

Q3 2017

%
Change

Q2 2018

%
Change

Life Licensed Sales Force (1)

130,658

124,436

5

%

130,156

*

Recruits

76,146

90,210

(16

)%

76,520

*

New Life-Licensed Representatives

11,715

12,783

(8

)%

13,544

(14

)%
Life Insurance Policies Issued

74,892

78,056

(4

)%

83,754

(11

)%
Life Productivity (2)

0.19

0.21

*

0.22

*

ISP Product Sales ($ billions)

$

1.76

$

1.43

23

%

$

1.76

*

Average Client Asset Values ($ billions)

$

63.36

$

57.66

10

%

$

61.30

3

%

Segment Results

Q3 2018

Q3 2017

%
Change

Q2 2018

%
Change

($ in thousands)

Adjusted Operating Revenues: (1)
Term Life Insurance

$

287,972

$

256,240

12

%

$

272,978

5

%
Investment and Savings Products

165,269

140,058

18

%

162,841

1

%
Corporate and Other Distributed Products

31,963

30,980

3

%

31,058

3

%
Total adjusted operating revenues (1)

$

485,204

$

427,278

14

%

$

466,877

4

%
Adjusted Operating Income (loss) before
income taxes:(1)
Term Life Insurance

$

74,337

$

66,543

12

%

$

75,828

(2

)%
Investment and Savings Products

45,052

39,050

15

%

43,227

4

%
Corporate and Other Distributed Products

(7,531

)

(5,415

)

39

%

(6,228

)

21

%
Total adjusted operating income before income taxes (1)

$

111,858

$

100,178

12

%

$

112,827

(1

)%

Life Insurance Licensed Sales ForceNew recruits declined 16% from the third quarter a year ago, which benefitted from approximately 17,000 recruits in hurricane-affected areas whose Independent Business Application (IBA) fees were waived. New life insurance licenses were down 8% year-over-year, while the size of the life insurance licensed sales force increased 5% to 130,658 representatives in the period.

Term Life Insurance. Term Life continued to achieve strong financial results with revenues increasing to $288.0 million driven by a 13% increase in net premiums compared with the third quarter a year ago. Income before income taxes in the segment increased 12% to $74.3 million year-over-year. Term Life productivity of 0.19 policies per life insurance licensed representative per month was within the historical range, although lower than the elevated levels experienced in the past few years. As a result, Term Life insurance policies issued declined 4% year-over-year. Term Life estimated annualized issued premiums continue to grow year-over-year with policy additions and other increases. Normal claims volatility positively impacted benefits and claims by approximately $2 million in the third quarter of 2018, which was similar to the favorable impact experienced in the prior year period. Persistency was generally consistent with the year ago quarter while non-deferred insurance commissions increased, largely due to revisions in the sales force equity program that changed the timing of expense recognition but not the economics of the program. Insurance expenses increased $3.7 million from the prior year period to support business growth and initiatives.

Investment and Savings Products. Strong Investment and Savings Products segment performance in the third quarter of 2018 was driven by sales momentum and client asset growth. Total ISP sales grew 23% versus the year ago period. Variable annuity sales increased 63% from the third quarter of 2017 reflecting recent product enhancements by our product partners which offer more attractive benefits to clients. The continued success of the Lifetime Investment Platform resulted in a year-over-year growth in both managed accounts sales and average client assets of 52% and 42%, respectively. Positive market conditions propelled growth in both ISP sales and average client assets.

During the third quarter, sales-based revenues increased 20% in line with the growth in ISP sales. Asset-based revenues grew 11% reflecting a 10% increase in overall average client asset values to $63.4 billion and positive net flows of $264 million for the period. Account-based revenues increased $6.5 million and account-based operating expenses increased $5.7 million year-over-year as a result of the revised ISP record-keeping platform contracts. Total ISP revenues increased 18% to $165.3 million and income before income taxes grew 15% to $45.1 million compared with the year ago period.

Corporate and Other Distributed Products (C&O). C&O adjusted operating revenues were $32.0 million and adjusted operating losses before income taxes were $7.5 million in the third quarter of 2018. Net investment income was positively impacted by a larger invested asset portfolio than in the prior year period, partially offset by lower portfolio yield. Net unrealized losses on our invested asset portfolio were $5.7 million at quarter-end versus $1.9 million of net unrealized gains at June 30, 2018, reflecting the impact of higher interest rates on prices of fixed income securities. Other operating expenses reflect higher employee-related costs as well as spending to support business initiatives.

Taxes
In the third quarter of 2018, the effective income tax rate was 23.6% and the operating effective income tax rate was 24.5%. The rates differ due to an adjustment made during the quarter of $1.0 million related to the transition impact of Tax Reform that has been excluded from the operating effective income tax rate. The full year 2018 operating effective income tax rate is expected to be 23.6%.

Capital
Primerica is on track to complete its share buyback plan for 2018. Repurchases were $33.5 million or approximately 300,000 shares of Primerica's common stock outstanding in the third quarter of 2018 for a total of $167.3 million or about 1.7 million shares through September 30, 2018. Primerica's Board of Directors has approved payment of a quarterly dividend of $0.25 per share that will be payable on December 14, 2018, to stockholders of record as of November 20, 2018.
Primerica Life Insurance Company's statutory risk-based capital (RBC) was estimated to be approximately 450% as of September 30, 2018.

Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (GAAP). We also present adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, net adjusted operating income, adjusted stockholders' equity and diluted adjusted operating earnings per share. Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (IPO) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, net adjusted operating income, and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses)1 and fair value mark-to-market (MTM) investment adjustments2, including other-than-temporary impairments (OTTI), for all periods presented. We exclude realized investment gains (losses) and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. In 2018, we excluded from net adjusted operating income and diluted adjusted operating earnings per share the one-time transition impact of changes to provisional amounts recognized from Tax Reform in order to present meaningful and useful period-over-period comparisons that are not distorted by the historic tax law change. Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.

The definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
____________________
1 Beginning in the first quarter of 2018, MTM adjustments on investments held in equity securities are recognized in total revenues measured in accordance with GAAP as realized investment gains (losses) due to the adoption of Accounting Standards Update No. 2016-01. Accordingly, we excluded the impact of MTM adjustments on investments held in equity securities from adjusted operating revenues and other non-GAAP financial measures.
2 Beginning in the first quarter of 2018, the MTM adjustment on a deposit asset held in support of a 10% coinsurance agreement (the 10% deposit asset MTM) recognized under the deposit method of accounting for GAAP has been excluded from adjusted operating revenues and other non-GAAP financial measures. Prior year non-GAAP financial results have not been recast as the 10% deposit asset MTM in the prior year was not material.

Earnings Webcast Information
Primerica will hold a webcast Wednesday, November 7, 2018 at 10:00 am EDT, to discuss third quarter results. This release and a detailed financial supplement will be posted on Primerica's website. Investors are encouraged to review these materials. To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software.
A replay of the call will be available for approximately 30 days on Primerica's website, http://investors.primerica.com.

Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of our sales representatives; changes to the independent contractor status of our sales representatives; our or our sales representatives' violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds; changes in federal and state legislation, including other legislation or regulation that affects our insurance and investment product businesses, such as the DOL's rule defining who is a "fiduciary" of a qualified retirement plan as a result of giving investment advice; our failure to meet RBC standards or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries' financial strength ratings or our senior debt ratings; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of, or legal challenges to, the support tools we provide to our sales force; heightened standards of conduct or more stringent licensing requirements for our sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; legal and regulatory investigations and actions concerning us or our sales representatives; the loss of key personnel; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; and fluctuations in Canadian currency exchange rates . These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, provides financial services to middle income households in North America. Primerica representatives educate their clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which the Company underwrites, and mutual funds, annuities and other financial products, which are distributed primarily on behalf of third parties. Primerica insured approximately 5 million lives and have over 2 million client investment accounts at December 31, 2017. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI".

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

September 30, 2018

December 31, 2017

(In thousands)

Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value

$

2,010,900

$

1,927,842

Fixed-maturity security-held-to-maturity, at amortized cost

891,860

737,150

Equity securities available-for-sale, at fair value

-

41,107

Equity securities, at fair value

39,317

-

Trading securities, at fair value

15,955

6,228

Policy loans

30,902

32,816

Total investments

2,988,934

2,745,143

Cash and cash equivalents

225,378

279,962

Accrued investment income

18,202

16,665

Reinsurance recoverables

4,196,021

4,205,173

Deferred policy acquisition costs, net

2,107,814

1,951,892

Agent balances, due premiums and other receivables

295,885

229,522

Intangible assets, net

48,961

51,513

Income taxes

53,440

48,614

Other assets

352,897

359,347

Separate account assets

2,419,997

2,572,872

Total assets

$

12,707,529

$

12,460,703

Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits

$

6,132,750

$

5,954,524

Unearned premiums

439

486

Policy claims and other benefits payable

287,640

307,401

Other policyholders' funds

394,046

377,998

Notes payable

373,567

373,288

Surplus note

891,139

736,381

Income taxes

182,240

177,468

Other liabilities

511,623

451,398

Payable under securities lending

70,632

89,786

Separate account liabilities

2,419,997

2,572,872

Total liabilities

11,264,073

11,041,602

Stockholders' equity:
Common stock

430

443

Paid-in capital

-

-

Retained earnings

1,452,841

1,375,090

Accumulated other comprehensive income (loss), net of income tax

(9,815

)

43,568

Total stockholders' equity

1,443,456

1,419,101

Total liabilities and stockholders' equity

$

12,707,529

$

12,460,703

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

Three months ended September 30,

2018

2017

(In thousands, except per-share amounts)

Revenues:
Direct premiums

$

670,222

$

646,079

Ceded premiums

(391,175

)

(397,641

)
Net premiums

279,047

248,438

Commissions and fees

170,879

144,627

Net investment income

20,622

19,922

Realized investment gains (losses), including OTTI

(126

)

22

Other, net

14,359

14,291

Total revenues

484,781

427,300

Benefits and expenses:
Benefits and claims

118,787

105,864

Amortization of deferred policy acquisition costs

59,534

53,384

Sales commissions

84,588

72,022

Insurance expenses

41,925

37,637

Insurance commissions

6,584

5,593

Interest expense

7,216

7,073

Other operating expenses

54,712

45,527

Total benefits and expenses

373,346

327,100

Income before income taxes

111,435

100,200

Income taxes

26,296

33,565

Net income

$

85,139

$

66,635

Earnings per share:
Basic earnings per share

$

1.95

$

1.46

Diluted earnings per share

$

1.94

$

1.46

Weighted-average shares used in computing earnings per share:
Basic

43,452

45,318

Diluted

43,589

45,408

PRIMERICA, INC. AND SUBSIDIARIES

Consolidated Adjusted Operating Results Reconciliation

(Unaudited – in thousands, except per share amounts)

Three months ended September 30,

2018

2017

% Change

Total revenues

$

484,781

$

427,300

13

%
Less: Realized investment gains (losses), including OTTI

(126

)

22

Less: 10% deposit asset MTM included in net investment income (NII) (2)

(297

)

-

Adjusted operating revenues

$

485,204

$

427,278

14

%
Income before income taxes

$

111,435

$

100,200

11

%
Less: Realized investment gains (losses), including OTTI

(126

)

22

Less: 10% deposit asset MTM included in NII (2)

(297

)

-

Adjusted operating income before income taxes

$

111,858

$

100,178

12

%
Net income

$

85,139

$

66,635

28

%
Less: Realized investment gains (losses), including OTTI

(126

)

22

Less: 10% deposit asset MTM included in NII (2)

(297

)

-

Less: Tax impact of preceding items

104

(8

)
Less: Transition impact of tax reform

969

-

Net adjusted operating income

$

84,489

$

66,621

27

%
Diluted earnings per share (1)

$

1.94

$

1.46

33

%
Less: Net after-tax impact of operating adjustments

0.01

-

Diluted adjusted operating earnings per share (1)

$

1.93

$

1.46

32

%

(1) Percentage change in earnings per share is calculated prior to rounding per share amounts.
(2) The 10% deposit asset MTM during the three months ended September 30, 2017 was not material, therefore, non-GAAP financial measures for 2017 have not been recast for this adjustment.

TERM LIFE INSURANCE SEGMENT

Adjusted Premiums Reconciliation

(Unaudited – in thousands)

Three months ended September 30,

2018

2017

Direct premiums

$

663,183

$

638,830

Less: Premiums ceded to IPO coinsurers

284,742

304,580

Adjusted direct premiums

$

378,441

$

334,250

Ceded premiums

$

(389,332

)

$

(395,772

)
Less: Premiums ceded to IPO coinsurers

(284,742

)

(304,580

)
Other ceded premiums

$

(104,590

)

$

(91,192

)
Net premiums

$

273,851

$

243,058

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT

Adjusted Operating Results Reconciliation

(Unaudited – in thousands)

Three months ended September 30,

2018

2017

Total revenues

$

31,540

$

31,002

Less: Realized investment gains (losses), including OTTI

(126

)

22

Less: 10% deposit asset MTM included in NII

(297

)

-

Adjusted operating revenues

$

31,963

$

30,980

Loss before income taxes

$

(7,954

)

$

(5,393

)
Less: Realized investment gains (losses), including OTTI

(126

)

22

Less: 10% deposit asset MTM included in NII

(297

)

-

Adjusted operating loss before income taxes

$

(7,531

)

$

(5,415

)

PRIMERICA, INC. AND SUBSIDIARIES

Adjusted Stockholders' Equity Reconciliation

(Unaudited – in thousands)

September 30, 2018

December 31, 2017

Stockholders' equity

$

1,443,456

$

1,419,101

Less: Unrealized net investment gains (losses) recorded in stockholders' equity, net of income tax

(4,515

)

39,573

Adjusted stockholders' equity

$

1,447,971

$

1,379,528

654705


Primerica Schedules Third Quarter 2018 Financial Results Webcast

BusinessWire, October 8, 2018

Primerica, Inc. (NYSE: PRI) announced today that it will hold a webcast on Wednesday, November 7, 2018, at 10:00 a.m. Eastern Time to discuss the Company's results for the third quarter ended September 30, 2018, as well as other business-related matters. The earnings news release announcing the third quarter 2018 financial results will be distributed on Tuesday, November 6, 2018, after the close of the market.

The earnings news release, financial supplement and live webcast will be available on the Primerica Investors website at http://investors.primerica.com. A replay of the call will be available for approximately 30 days.

627028


The Primerica Foundation Awards Miami Bridge Youth & Family Services with $20,000 Grant

Business Wire, August 22, 2018

Miami Bridge Youth & Family Services has received a $20,000 Primerica Foundation grant in support of its non-residential, family crisis intervention counseling program.

“Our community-based programs, like First Stop for Families, are designed to open lines of communication in times of crisis and stress, we help families develop new solutions and approaches to overcome conflicts.”

Miami Bridge’s First Stop for Families Program works with approximately 400 youth and their families each year. Funded by the Florida Network Youth & Family Services, Inc., through the State of Florida Department of Juvenile Justice, along with the United Way and local foundations, this program is designed to provide services to help families stay together. It diverts children from having to utilize emergency shelter services by providing short-term family crisis intervention assistance. The organization’s seasoned social work staff understands the frustrations that drive wedges between children and families.

“Miami Bridge is far more than just an emergency shelter,” stated Dorcas Wilcox, CEO of Miami Bridge Youth & Family Services, Inc. “Our community-based programs, like First Stop for Families, are designed to open lines of communication in times of crisis and stress, we help families develop new solutions and approaches to overcome conflicts.”

The Primerica Foundation is the charitable arm of Primerica, Inc., the Georgia-based financial services company. The Primerica Foundation gives funding support to programs that meet critical needs of families, and in turn, build stronger communities. Since its establishment in 2010, the Foundation has positively impacted the lives of tens of thousands of individuals.

“Primerica is deeply committed to improving the communities in which we live and work,” said Glenn Williams, Primerica’s CEO. “Through targeted charitable giving, our Foundation helps strengthen and support families in their time of need. We applaud the exceptional work done by Miami Bridge and are proud to support this worthwhile organization.”

Miami Bridge’s non-residential/community behavioral services help local families, at-risk LGBTQ youth, and even truant students in the Miami-Dade County Public Schools system by making free counseling, case management and mentoring services readily available to them. Annually, Miami Bridge shelters more than 500 children and teens, providing over 10,000 care days for those individuals, as well as counseling to more than 550 families with children ages 6-17. The nonprofit’s efforts have resulted in 75 percent of youth reporting self-improvement or exhibiting a decrease in risky behaviors.


About Miami Bridge Youth & Family Services, Inc.
Miami Bridge was established in 1985 and serves as Miami-Dade County’s only 24-hour emergency shelter for children and teens in crisis ages 10-17. For more than 33 years, the non-profit organization has worked to rescue youth in the community from lives of victimization and crime by providing refuge, protection and specialized care in a nurturing, stable environment. Annually, Miami Bridge shelters more than 500 children and teens, providing over 10,000 care days for those individuals, as well as counseling to more than 550 families with children ages 6-17. For additional information, please visit www.miamibridge.org.