Primerica, Inc. reported a second quarter revenue increase of 25% over the same quarter last year. Total revenues reached $654.7 million, with a net income of $128.2 million. Earnings per diluted share (EPS) increased 28% over the same time period last year, reaching $3.22. ROE held at 26.3%.
“Sales results in our core businesses remain very strong,” said Glenn Williams, Chief Executive Officer. “We are encouraged by our continued momentum and remain focused on growing our sales force as the licensing process starts to normalize and new recruits resume their pre-COVID activities.”
Primerica customers showed a strong demand for future and retirement planning products and the investment products sales for the quarter reflected that, surpassing $3 billion, a record-breaking number for the company.
Sales commissions and operating expenses increased $9.2 million, $2.1 million of which accounts for expenses related to the company’s acquisition of e-TeleQuote. As of the end of June, the company’s cash on hand and invested assets totaled $666 million. Immediately following the funding of the acquisition, that number stood at $169.1 million.
Term Life Insurance also showed strong revenues, increasing 17% year-over-year to $383.5 million. Excess mortality, in part due to COVID-related deaths, resulted in elevated death claims within the Term Life segment.
The company has declared a dividend of $0.47 per share, which will be payable on September 14, 2021.