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 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
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 2020-11-04
8-K 2020-08-05
8-K 2020-05-13
8-K 2020-04-29
8-K 2020-02-11
8-K 2019-11-06
8-K 2019-10-01
8-K 2019-08-07
8-K 2019-05-16
8-K 2019-05-07
8-K 2019-02-07
8-K 2018-11-06
8-K 2018-08-07
8-K 2018-05-16
8-K 2018-05-08
8-K 2018-02-07

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_6.htm
EX-31.2 pri-ex312_7.htm
EX-32.1 pri-ex321_8.htm

Primerica Earnings 2020-09-30

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
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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 September 30, 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 October 31, 2020, the registrant had 39,303,270 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 September 30, 2020 and December 31, 2019

 

2

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019

 

3

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

 

4

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

 

5

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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.

 

43

Item 4. Controls and Procedures.

 

43

 

PART II – OTHER INFORMATION

 

43

Item 1. Legal Proceedings.

 

43

Item 1A. Risk Factors.

 

44

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

 

45

Item 6. Exhibits.

 

45

 

Signatures

 

46

 

 

 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

 

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Fixed-maturity securities available-for-sale, at fair value (amortized cost: $2,318,098 in 2020

   and $2,274,770 in 2019)

 

$

2,453,076

 

 

$

2,356,996

 

Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,563,352 in 2020 and

   $1,299,102 in 2019)

 

 

1,323,740

 

 

 

1,184,370

 

Equity securities, at fair value (historical cost: $29,952 in 2020 and $32,671 in 2019)

 

 

33,856

 

 

 

40,684

 

Trading securities, at fair value (cost: $13,489 in 2020 and $43,257 in 2019)

 

 

13,470

 

 

 

43,233

 

Policy loans

 

 

30,605

 

 

 

32,927

 

Total investments

 

 

3,854,747

 

 

 

3,658,210

 

Cash and cash equivalents

 

 

330,877

 

 

 

256,876

 

Accrued investment income

 

 

18,448

 

 

 

17,361

 

Reinsurance recoverables

 

 

4,229,088

 

 

 

4,169,823

 

Deferred policy acquisition costs, net

 

 

2,532,409

 

 

 

2,325,750

 

Agent balances, due premiums and other receivables

 

 

280,915

 

 

 

227,100

 

Intangible assets

 

 

45,275

 

 

 

45,275

 

Income taxes

 

 

72,707

 

 

 

70,492

 

Operating lease right-of-use assets

 

 

47,685

 

 

 

47,265

 

Other assets

 

 

420,051

 

 

 

384,634

 

Separate account assets

 

 

2,468,328

 

 

 

2,485,745

 

Total assets

 

$

14,300,530

 

 

$

13,688,531

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Future policy benefits

 

$

6,664,061

 

 

$

6,446,569

 

Unearned and advance premiums

 

 

18,308

 

 

 

15,470

 

Policy claims and other benefits payable

 

 

467,609

 

 

 

339,954

 

Other policyholders’ funds

 

 

425,537

 

 

 

388,663

 

Notes payable

 

 

374,320

 

 

 

374,037

 

Surplus note

 

 

1,323,146

 

 

 

1,183,728

 

Income taxes

 

 

216,640

 

 

 

209,221

 

Operating lease liabilities

 

 

53,889

 

 

 

53,487

 

Other liabilities

 

 

519,363

 

 

 

510,443

 

Payable under securities lending

 

 

48,883

 

 

 

28,723

 

Separate account liabilities

 

 

2,468,328

 

 

 

2,485,745

 

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

 

 

 

 

 

 

 

 

Total liabilities

 

 

12,580,084

 

 

 

12,036,040

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

   outstanding 39,374 shares in 2020 and 41,207 shares in 2019)

 

 

394

 

 

 

412

 

Paid-in capital

 

 

-

 

 

 

-

 

Retained earnings

 

 

1,629,114

 

 

 

1,593,281

 

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

 

 

 

 

 

 

 

 

Unrealized foreign currency translation gains (losses)

 

 

(14,820

)

 

 

(5,765

)

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

 

 

105,758

 

 

 

64,563

 

Total stockholders’ equity

 

 

1,720,446

 

 

 

1,652,491

 

Total liabilities and stockholders’ equity

 

$

14,300,530

 

 

$

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 September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per-share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums

 

$

736,606

 

 

$

692,258

 

 

$

2,156,331

 

 

$

2,056,806

 

Ceded premiums

 

 

(393,716

)

 

 

(388,982

)

 

 

(1,183,090

)

 

 

(1,179,364

)

Net premiums

 

 

342,890

 

 

 

303,276

 

 

 

973,241

 

 

 

877,442

 

Commissions and fees

 

 

185,302

 

 

 

179,719

 

 

 

547,159

 

 

 

525,502

 

Investment income net of investment expenses

 

 

37,657

 

 

 

35,444

 

 

 

103,333

 

 

 

106,867

 

Interest expense on surplus note

 

 

(14,704

)

 

 

(12,769

)

 

 

(42,250

)

 

 

(35,212

)

Net investment income

 

 

22,953

 

 

 

22,675

 

 

 

61,083

 

 

 

71,655

 

Realized investment gains (losses)

 

 

642

 

 

 

285

 

 

 

(7,645

)

 

 

4,200

 

Other, net

 

 

16,674

 

 

 

14,698

 

 

 

45,375

 

 

 

41,746

 

Total revenues

 

 

568,461

 

 

 

520,653

 

 

 

1,619,213

 

 

 

1,520,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

 

160,166

 

 

 

128,684

 

 

 

434,625

 

 

 

366,036

 

Amortization of deferred policy acquisition costs

 

 

47,491

 

 

 

63,883

 

 

 

170,979

 

 

 

187,273

 

Sales commissions

 

 

91,950

 

 

 

89,061

 

 

 

274,049

 

 

 

262,960

 

Insurance expenses

 

 

46,109

 

 

 

44,854

 

 

 

138,572

 

 

 

132,825

 

Insurance commissions

 

 

9,694

 

 

 

6,980

 

 

 

22,871

 

 

 

18,427

 

Interest expense

 

 

7,221

 

 

 

7,209

 

 

 

21,614

 

 

 

21,589

 

Other operating expenses

 

 

59,347

 

 

 

54,843

 

 

 

181,413

 

 

 

176,468

 

Total benefits and expenses

 

 

421,978

 

 

 

395,514

 

 

 

1,244,123

 

 

 

1,165,578

 

Income before income taxes

 

 

146,483

 

 

 

125,139

 

 

 

375,090

 

 

 

354,967

 

Income taxes

 

 

34,382

 

 

 

28,916

 

 

 

89,010

 

 

 

82,133

 

Net income

 

 

112,101

 

 

 

96,223

 

 

 

286,080

 

 

 

272,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.82

 

 

$

2.28

 

 

$

7.07

 

 

$

6.40

 

Diluted earnings per share

 

$

2.81

 

 

$

2.28

 

 

$

7.05

 

 

$

6.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing earnings

   per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

39,588

 

 

 

41,964

 

 

 

40,281

 

 

 

42,420

 

Diluted

 

 

39,710

 

 

 

42,100

 

 

 

40,396

 

 

 

42,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total impairment losses

 

$

(23

)

 

$

(1,064

)

 

$

(4,269

)

 

$

(1,225

)

Impairment losses recognized in other comprehensive income before income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net impairment losses recognized in earnings

 

 

(23

)

 

 

(1,064

)

 

 

(4,269

)

 

 

(1,225

)

Other net realized investment gains (losses)

 

 

92

 

 

 

536

 

 

 

1,176

 

 

 

733

 

Net gains (losses) recognized on equity securities

 

 

573

 

 

 

813

 

 

 

(4,552

)

 

 

4,692

 

Net realized investment gains (losses)

 

$

642

 

 

$

285

 

 

$

(7,645

)

 

$

4,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 


 

3

 

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income – Unaudited

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Net income

 

$

112,101

 

 

$

96,223

 

 

$

286,080

 

 

$

272,834

 

Other comprehensive income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains on available-for-sale securities

 

 

15,347

 

 

 

12,304

 

 

 

49,624

 

 

 

93,329

 

Reclassification adjustment for realized investment (gains) losses included in net income

 

 

(50

)

 

 

542

 

 

 

3,128

 

 

 

517

 

Foreign currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized foreign currency translation gains (losses)

 

 

6,312

 

 

 

(4,009

)

 

 

(9,055

)

 

 

8,799

 

Total other comprehensive income before income taxes

 

 

21,609

 

 

 

8,837

 

 

 

43,697

 

 

 

102,645

 

Income tax expense related to items of other comprehensive income

 

 

3,265

 

 

 

2,696

 

 

 

11,557

 

 

 

20,100

 

Other comprehensive income, net of income taxes

 

 

18,344

 

 

 

6,141

 

 

 

32,140

 

 

 

82,545

 

Total comprehensive income

 

$

130,445

 

 

$

102,364

 

 

$

318,220

 

 

$

355,379

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

4

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity – Unaudited

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Common stock: