By J. Scott Trubey
The Atlanta Journal-Constitution, February 9, 2011
Insurance and financial services firm Primerica said late Tuesday it had net income of $52.9 million in the fourth quarter, beating analyst expectations.
The Duluth-based company, which spun out of Citigroup last year, reported earnings per share of 69 cents. Analysts had expected 56 cents, according to Bloomberg.
Because of the spinoff, fourth quarter and full-year 2010 numbers are not directly comparable to results from a year earlier. Operating revenue is a better comparison.
Operating revenue was up 6 percent to $264.5 million, with a 24 percent improvement in investment and savings product revenue.
For the full year, Primerica said its net income was $257.8 million.
“We are proud of what we have been able to accomplish since becoming a public company and we are working on new products and initiatives that we believe will drive long-term growth for Primerica,” John Addison, chairman of Primerica Distribution and Co-CEO, said in a news release.
Primerica specializes in financial and insurance products for middle-income families. The company reported 4 percent growth in new sales team recruits.