Company Quick10K Filing
⚲
Primerica
Financials
Price129.12 EPS8
Shares43 P/E15
MCap5,494 P/FCF17
Net Debt-238 EBIT484
TEV5,256 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-17
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
Reports
8-K 2020-05-13 Shareholder Vote
8-K 2020-04-29 Earnings, Regulation FD, Exhibits
8-K 2020-02-11 Earnings, Regulation FD
8-K 2019-11-06 Earnings, Regulation FD
8-K 2019-10-01
8-K 2019-08-07 Earnings, Regulation FD
8-K 2019-05-16 Shareholder Vote
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-02-07 Earnings, Regulation FD, Exhibits
8-K 2018-11-06 Earnings, Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-08 Earnings, Regulation FD, Exhibits
8-K 2018-02-07 Earnings, Regulation FD, Exhibits

PRI 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
Exhibits
EX-31.1 pri-ex311_8.htm
EX-31.2 pri-ex312_6.htm
EX-32.1 pri-ex321_7.htm

Primerica Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
 0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
 0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin
pri-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number: 001-34680

 

Primerica, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

27-1204330

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

1 Primerica Parkway

Duluth, Georgia

 

30099

(Address of principal executive offices)

 

(ZIP Code)

(770) 381-1000

(Registrant’s telephone number, including area code)

Not applicable.

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

PRI

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

☒

Accelerated filer

☐

 

 

 

 

Non-accelerated filer

☐  

Smaller reporting company

☐

Emerging growth company

☐

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.            ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐ Yes    ☒ No

As of April 30, 2020, the registrant had 40,127,473 shares of common stock, $0.01 par value per share, outstanding.

 

 

 

 

 

TABLE OF CONTENTS

 

 

 

Page

PART I – FINANCIAL INFORMATION

 

2

Item 1. Financial Statements (unaudited).

 

2

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

 

2

Condensed Consolidated Statements of Income for the three months ended March 31, 2020 and 2019

 

3

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019

 

4

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2020 and 2019

 

5

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

 

6

Notes to Condensed Consolidated Financial Statements

 

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

25

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

41

Item 4. Controls and Procedures.

 

41

 

PART II – OTHER INFORMATION

 

41

Item 1. Legal Proceedings.

 

41

Item 1A. Risk Factors.

 

42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

42

Item 6. Exhibits.

 

43

 

Signatures

 

44

 

 

 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

 

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Fixed-maturity securities available-for-sale, at fair value (amortized cost: $2,243,288 in 2020

   and $2,274,770 in 2019)

 

$

2,242,037

 

 

$

2,356,996

 

Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,310,909 in 2020 and

   $1,299,102 in 2019)

 

 

1,237,270

 

 

 

1,184,370

 

Equity securities, at fair value (historical cost: $32,732 in 2020 and $32,671 in 2019)

 

 

34,125

 

 

 

40,684

 

Trading securities, at fair value (cost: $45,279 in 2020 and $43,257 in 2019)

 

 

44,997

 

 

 

43,233

 

Policy loans

 

 

31,799

 

 

 

32,927

 

Total investments

 

 

3,590,228

 

 

 

3,658,210

 

Cash and cash equivalents

 

 

273,085

 

 

 

256,876

 

Accrued investment income

 

 

18,582

 

 

 

17,361

 

Reinsurance recoverables

 

 

4,132,897

 

 

 

4,169,823

 

Deferred policy acquisition costs, net

 

 

2,346,656

 

 

 

2,325,750

 

Agent balances, due premiums and other receivables

 

 

226,830

 

 

 

227,100

 

Intangible assets

 

 

45,275

 

 

 

45,275

 

Income taxes

 

 

66,744

 

 

 

70,492

 

Operating lease right-of-use assets

 

 

49,192

 

 

 

47,265

 

Other assets

 

 

392,498

 

 

 

384,634

 

Separate account assets

 

 

2,128,924

 

 

 

2,485,745

 

Total assets

 

$

13,270,911

 

 

$

13,688,531

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Future policy benefits

 

$

6,472,397

 

 

$

6,446,569

 

Unearned and advance premiums

 

 

16,905

 

 

 

15,470

 

Policy claims and other benefits payable

 

 

330,489

 

 

 

339,954

 

Other policyholders’ funds

 

 

390,040

 

 

 

388,663

 

Notes payable

 

 

374,131

 

 

 

374,037

 

Surplus note

 

 

1,236,644

 

 

 

1,183,728

 

Income taxes

 

 

208,357

 

 

 

209,221

 

Operating lease liabilities

 

 

55,315

 

 

 

53,487

 

Other liabilities

 

 

498,699

 

 

 

510,443

 

Payable under securities lending

 

 

28,896

 

 

 

28,723

 

Separate account liabilities

 

 

2,128,924

 

 

 

2,485,745

 

Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)

 

 

 

 

 

 

 

 

Total liabilities

 

 

11,740,797

 

 

 

12,036,040

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock ($0.01 par value; authorized 500,000 shares in 2020 and 2019; issued and

   outstanding 40,460 shares in 2020 and 41,207 shares in 2019)

 

 

405

 

 

 

412

 

Paid-in capital

 

 

-

 

 

 

-

 

Retained earnings

 

 

1,565,803

 

 

 

1,593,281

 

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

 

 

 

 

 

 

 

 

Unrealized foreign currency translation gains (losses)

 

 

(34,776

)

 

 

(5,765

)

Net unrealized investment gains (losses) on available-for-sale securities:

 

 

(1,318

)

 

 

64,563

 

Total stockholders’ equity

 

 

1,530,114

 

 

 

1,652,491

 

Total liabilities and stockholders’ equity

 

$

13,270,911

 

 

$

13,688,531

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

 

2

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income – Unaudited

 

 

Three months ended March 31,

 

 

 

 

2020

 

 

2019

 

 

 

 

(In thousands, except per-share amounts)

Revenues:

 

 

 

 

 

 

 

 

 

Direct premiums

 

$

702,637

 

 

$

677,286

 

 

Ceded premiums

 

 

(386,825

)

 

 

(389,795

)

 

Net premiums

 

 

315,812

 

 

 

287,491

 

 

Commissions and fees

 

 

190,069

 

 

 

167,315

 

 

Investment income net of investment expenses

 

 

28,892

 

 

 

34,785

 

 

Interest expense on surplus note

 

 

(13,472

)

 

 

(10,674

)

 

Net investment income

 

 

15,420

 

 

 

24,111

 

 

Realized investment gains (losses)

 

 

(10,030

)

 

 

2,847

 

 

Other, net

 

 

13,665

 

 

 

13,223

 

 

Total revenues

 

 

524,936

 

 

 

494,987

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

Benefits and claims

 

 

134,813

 

 

 

122,284

 

 

Amortization of deferred policy acquisition costs

 

 

70,311

 

 

 

64,628

 

 

Sales commissions

 

 

96,607

 

 

 

83,799

 

 

Insurance expenses

 

 

48,709

 

 

 

43,402

 

 

Insurance commissions

 

 

6,844

 

 

 

5,619

 

 

Interest expense

 

 

7,192

 

 

 

7,180

 

 

Other operating expenses

 

 

65,914

 

 

 

65,707

 

 

Total benefits and expenses

 

 

430,390

 

 

 

392,619

 

 

Income before income taxes

 

 

94,546

 

 

 

102,368

 

 

Income taxes

 

 

22,077

 

 

 

23,203

 

 

Net income

 

 

72,469

 

 

 

79,165

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.75

 

 

$

1.84

 

 

Diluted earnings per share

 

$

1.75

 

 

$

1.83

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing earnings

   per share:

 

 

 

 

 

 

 

 

 

Basic

 

 

41,131

 

 

 

42,824

 

 

Diluted

 

 

41,239

 

 

 

42,942

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

 

 

Total impairment losses

 

$

(3,701

)

 

$

-

 

 

Impairment losses recognized in other comprehensive income before income taxes

 

 

-

 

 

 

-

 

 

Net impairment losses recognized in earnings

 

 

(3,701

)

 

 

-

 

 

Other net realized investment gains (losses)

 

 

343

 

 

 

(54

)

 

Net gains (losses) recognized on equity securities

 

 

(6,672

)

 

 

2,901

 

 

Net realized investment gains (losses)

 

$

(10,030

)

 

$

2,847

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 


 

3

 

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) – Unaudited

 

 

Three months ended March 31,

 

 

 

 

2020

 

 

2019

 

 

 

 

(In thousands)

Net income

 

$

72,469

 

 

$

79,165

 

 

Other comprehensive income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

Unrealized investment gains (losses) on available-for-sale securities:

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains (losses) on available-for-sale securities

 

 

(86,887

)

 

 

46,200

 

 

Reclassification adjustment for realized investment losses included in net income

 

 

3,410

 

 

 

65

 

 

Foreign currency translation adjustments:

 

 

 

 

 

 

 

 

 

Change in unrealized foreign currency translation gains (losses)

 

 

(29,011

)

 

 

6,167

 

 

Total other comprehensive income (loss) before income taxes

 

 

(112,488

)

 

 

52,432

 

 

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

 

(17,596

)

 

 

9,979

 

 

Other comprehensive income (loss), net of income taxes

 

 

(94,892

)

 

 

42,453

 

 

Total comprehensive income (loss)

 

$

(22,423

)

 

$

121,618

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

4

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity – Unaudited

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

 

(In thousands)

 

Common stock:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

412

 

 

$

427

 

Repurchases of common stock

 

 

(9

)

 

 

(5

)

Net issuance of common stock

 

 

2

 

 

 

2

 

Balance, end of period

 

 

405

 

 

 

424

 

 

 

 

 

 

 

 

 

 

Paid-in capital:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

-

 

 

 

-

 

Share-based compensation

 

 

13,492

 

 

 

13,171

 

Net issuance of common stock

 

 

(2

)

 

 

(2

)

Repurchases of common stock

 

 

(13,490

)

 

 

(13,169

)

Balance, end of period

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Retained earnings:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

1,593,281

 

 

 

1,489,520

 

Cumulative effect from the adoption of new accounting standards, net

 

 

(1,240

)

 

 

-

 

Net income

 

 

72,469

 

 

 

79,165

 

Dividends

 

 

(16,530

)

 

 

(14,628

)

Repurchases of common stock

 

 

(82,177

)

 

 

(47,114

)

Balance, end of period

 

 

1,565,803

 

 

 

1,506,943

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

58,798

 

 

 

(28,434

)

Change in foreign currency translation adjustment, net of income taxes

 

 

(29,011

)

 

 

6,167

 

Change in net unrealized investment gains (losses) during the period, net of income taxes

 

 

(65,881

)

 

 

36,286

 

Balance, end of period

 

 

(36,094

)

 

 

14,019

 

Total stockholders’ equity

 

$

1,530,114

 

 

$

1,521,386

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.40

 

 

$

0.34

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

5

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows – Unaudited

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

72,469

 

 

$

79,165

 

Adjustments to reconcile net income to cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Change in future policy benefits and other policy liabilities

 

 

63,975

 

 

 

65,733

 

Deferral of policy acquisition costs

 

 

(112,160

)

 

 

(105,080

)

Amortization of deferred policy acquisition costs

 

 

70,311

 

 

 

64,628

 

Change in income taxes

 

 

15,481

 

 

 

6,180

 

Realized investment (gains) losses

 

 

10,030

 

 

 

(2,847

)

Accretion and amortization of investments

 

 

489

 

 

 

(120

)

Depreciation and amortization

 

 

3,940

 

 

 

4,156

 

Change in reinsurance recoverables

 

 

8,306

 

 

 

(54,860

)

Change in agent balances, due premiums and other receivables

 

 

274

 

 

 

(7,910

)

Trading securities sold, matured, or called (acquired), net

 

 

(2,024

)

 

 

(12,918

)

Share-based compensation

 

 

11,161

 

 

 

10,896

 

Change in other operating assets and liabilities, net

 

 

(10,730

)

 

 

19,398

 

Net cash provided by (used in) operating activities

 

 

131,522

 

 

 

66,421

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Available-for-sale investments sold, matured or called:

 

 

 

 

 

 

 

 

Fixed-maturity securities — sold

 

 

25,392

 

 

 

6,467

 

Fixed-maturity securities — matured or called

 

 

116,525

 

 

 

108,972

 

Equity securities —  sold

 

 

-

 

 

 

3,109

 

Available-for-sale investments acquired:

 

 

 

 

 

 

 

 

Fixed-maturity securities

 

 

(132,681

)

 

 

(86,301

)

Equity securities — acquired

 

 

(59

)

 

 

(375

)

Purchases of property and equipment and other investing activities, net

 

 

(9,921

)

 

 

(6,594

)

Cash collateral received (returned) on loaned securities, net

 

 

173

 

 

 

12,352

 

Sales (purchases) of short-term investments using securities lending collateral, net

 

 

(173

)

 

 

(12,352

)

Net cash provided by (used in) investing activities

 

 

(744

)

 

 

25,278

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Dividends paid

 

 

(16,530

)

 

 

(14,628

)

Common stock repurchased

 

 

(90,063

)

 

 

(53,625

)

Tax withholdings on share-based compensation

 

 

(5,614

)

 

 

(6,664