The New York Times, February 8, 2011
Net operating income of $45.2 million; Diluted operating EPS of $0.59
Strong Investment and Savings Products performance
Primerica, Inc. (NYSE: PRI) announced today financial results for the fourth quarter ended December 31, 2010. Total revenues were $279.4 million for the fourth quarter of 2010. Net income was $52.9 million for the fourth quarter of 2010, or $0.69 per diluted share.
Operating revenues were $264.5 million, compared to $250.1 million in the fourth quarter of 2009. Net operating income was $45.2 million, or $0.59 per diluted share, for the fourth quarter of 2010, compared with $42.6 million in the fourth quarter of 2009. Results reflect stable core performance in Term Life as well as Investment and Savings Products growth partially offset by lower investment income. Operating results during the quarter excluded $0.10 per diluted share largely related to certain reinsurance recoveries discussed in detail below.
Net income was $257.8 million for 2010, compared to $494.6 million for 2009. Net income for all of 2009 as well as the first quarter of 2010 did not reflect the impact of the Citi reinsurance and reorganization transactions. Adjusted to reflect these transactions as well as other operating adjustments described below, net operating income was $161.5 million for 2010, compared with $158.4 million for 2009.
D. Richard Williams, Chairman of the Board and Co-Chief Executive Officer said, "Our fourth quarter was marked by solid net operating income and earnings per share, reflecting continued growth in both term life net premium and investment and savings products sales. Our strong capitalization, focus on growth strategies and unique sales distribution position us well to enhance shareholder value."
John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer said, "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."