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 2020-06-30 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 2020-08-05 Earnings, Regulation FD
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_7.htm
EX-31.2 pri-ex312_8.htm
EX-32.1 pri-ex321_6.htm

Primerica Earnings 2020-06-30

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 June 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 July 31, 2020, the registrant had 39,519,530 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 June 30, 2020 and December 31, 2019

 

2

Condensed Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019

 

3

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

 

4

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

 

5

Condensed Consolidated Statements of Cash Flows for the six months ended June 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.

 

43

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

 

44

Item 6. Exhibits.

 

44

 

Signatures

 

46

 

 

 

 

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

 

 

 

(Unaudited)

 

 

 

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Fixed-maturity securities available-for-sale, at fair value (amortized cost: $2,237,474 in 2020

   and $2,274,770 in 2019)

 

$

2,357,154

 

 

$

2,356,996

 

Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,495,594 in 2020 and

   $1,299,102 in 2019)

 

 

1,278,580

 

 

 

1,184,370

 

Equity securities, at fair value (historical cost: $30,451 in 2020 and $32,671 in 2019)

 

 

33,689

 

 

 

40,684

 

Trading securities, at fair value (cost: $22,436 in 2020 and $43,257 in 2019)

 

 

22,399

 

 

 

43,233

 

Policy loans

 

 

31,471

 

 

 

32,927

 

Total investments

 

 

3,723,293

 

 

 

3,658,210

 

Cash and cash equivalents

 

 

360,351

 

 

 

256,876

 

Accrued investment income

 

 

16,940

 

 

 

17,361

 

Reinsurance recoverables

 

 

4,217,129

 

 

 

4,169,823

 

Deferred policy acquisition costs, net

 

 

2,434,462

 

 

 

2,325,750

 

Agent balances, due premiums and other receivables

 

 

270,421

 

 

 

227,100

 

Intangible assets

 

 

45,275

 

 

 

45,275

 

Income taxes

 

 

69,408

 

 

 

70,492

 

Operating lease right-of-use assets

 

 

48,487

 

 

 

47,265

 

Other assets

 

 

401,129

 

 

 

384,634

 

Separate account assets

 

 

2,377,654

 

 

 

2,485,745

 

Total assets

 

$

13,964,549

 

 

$

13,688,531

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Future policy benefits

 

$

6,567,169

 

 

$

6,446,569

 

Unearned and advance premiums

 

 

18,619

 

 

 

15,470

 

Policy claims and other benefits payable

 

 

412,446

 

 

 

339,954

 

Other policyholders’ funds

 

 

424,018

 

 

 

388,663

 

Notes payable

 

 

374,226

 

 

 

374,037

 

Surplus note

 

 

1,277,970

 

 

 

1,183,728

 

Income taxes

 

 

265,369

 

 

 

209,221

 

Operating lease liabilities

 

 

54,680

 

 

 

53,487

 

Other liabilities

 

 

519,745

 

 

 

510,443

 

Payable under securities lending

 

 

29,973

 

 

 

28,723

 

Separate account liabilities

 

 

2,377,654

 

 

 

2,485,745

 

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

 

 

 

 

 

 

 

 

Total liabilities

 

 

12,321,869

 

 

 

12,036,040

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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

   outstanding 39,667 shares in 2020 and 41,207 shares in 2019)

 

 

397

 

 

 

412

 

Paid-in capital

 

 

-

 

 

 

-

 

Retained earnings

 

 

1,569,689

 

 

 

1,593,281

 

Accumulated other comprehensive income, net of income tax:

 

 

 

 

 

 

 

 

Unrealized foreign currency translation gains (losses)

 

 

(21,132

)

 

 

(5,765

)

Net unrealized investment gains on available-for-sale securities:

 

 

93,726

 

 

 

64,563

 

Total stockholders’ equity

 

 

1,642,680

 

 

 

1,652,491

 

Total liabilities and stockholders’ equity

 

$

13,964,549

 

 

$

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 June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per-share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums

 

$

717,088

 

 

$

687,262

 

 

$

1,419,725

 

 

$

1,364,548

 

Ceded premiums

 

 

(402,549

)

 

 

(400,588

)

 

 

(789,374

)

 

 

(790,383

)

Net premiums

 

 

314,539

 

 

 

286,674

 

 

 

630,351

 

 

 

574,165

 

Commissions and fees

 

 

171,788

 

 

 

178,468

 

 

 

361,857

 

 

 

345,783

 

Investment income net of investment expenses

 

 

36,784

 

 

 

36,637

 

 

 

65,676

 

 

 

71,424

 

Interest expense on surplus note

 

 

(14,074

)

 

 

(11,769

)

 

 

(27,546

)

 

 

(22,444

)

Net investment income

 

 

22,710

 

 

 

24,868

 

 

 

38,130

 

 

 

48,980

 

Realized investment gains (losses)

 

 

1,742

 

 

 

1,067

 

 

 

(8,288

)

 

 

3,914

 

Other, net

 

 

15,036

 

 

 

13,825

 

 

 

28,701

 

 

 

27,048

 

Total revenues

 

 

525,815

 

 

 

504,902

 

 

 

1,050,751

 

 

 

999,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

 

139,646

 

 

 

115,068

 

 

 

274,459

 

 

 

237,352

 

Amortization of deferred policy acquisition costs

 

 

53,177

 

 

 

58,762

 

 

 

123,488

 

 

 

123,390

 

Sales commissions

 

 

85,492

 

 

 

90,099

 

 

 

182,099

 

 

 

173,898

 

Insurance expenses

 

 

43,753

 

 

 

44,570

 

 

 

92,463

 

 

 

87,972

 

Insurance commissions

 

 

6,333

 

 

 

5,829

 

 

 

13,177

 

 

 

11,447

 

Interest expense

 

 

7,200

 

 

 

7,201

 

 

 

14,392

 

 

 

14,381

 

Other operating expenses

 

 

56,152

 

 

 

55,913

 

 

 

122,066

 

 

 

121,622

 

Total benefits and expenses

 

 

391,753

 

 

 

377,442

 

 

 

822,144

 

 

 

770,062

 

Income before income taxes

 

 

134,062

 

 

 

127,460

 

 

 

228,607

 

 

 

229,828

 

Income taxes

 

 

32,552

 

 

 

30,014

 

 

 

54,628

 

 

 

53,217

 

Net income

 

 

101,510

 

 

 

97,446

 

 

 

173,979

 

 

 

176,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

2.52

 

 

$

2.28

 

 

$

4.26

 

 

$

4.12

 

Diluted earnings per share

 

$

2.51

 

 

$

2.28

 

 

$

4.25

 

 

$

4.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares used in computing earnings

   per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40,132

 

 

 

42,483

 

 

 

40,632

 

 

 

42,653

 

Diluted

 

 

40,246

 

 

 

42,619

 

 

 

40,743

 

 

 

42,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total impairment losses

 

$

(545

)

 

$

(161

)

 

$

(4,246

)

 

$

(161

)

Impairment losses recognized in other comprehensive income before income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net impairment losses recognized in earnings

 

 

(545

)

 

 

(161

)

 

 

(4,246

)

 

 

(161

)

Other net realized investment gains

 

 

740

 

 

 

251

 

 

 

1,083

 

 

 

197

 

Net gains (losses) recognized on equity securities

 

 

1,547

 

 

 

977

 

 

 

(5,125

)

 

 

3,878

 

Net realized investment gains (losses)

 

$

1,742

 

 

$

1,067

 

 

$

(8,288

)

 

$

3,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

 


 

3

 

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income – Unaudited

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Net income

 

$

101,510

 

 

$

97,446

 

 

$

173,979

 

 

$

176,611

 

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

 

 

121,164

 

 

 

34,826

 

 

 

34,275

 

 

 

81,027

 

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

 

 

(231

)

 

 

(90

)

 

 

3,179

 

 

 

(25

)

Foreign currency translation adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized foreign currency translation gains (losses)

 

 

13,644

 

 

 

6,639

 

 

 

(15,367

)

 

 

12,806

 

Total other comprehensive income before income taxes

 

 

134,577

 

 

 

41,375

 

 

 

22,087

 

 

 

93,808

 

Income tax expense related to items of other comprehensive income

 

 

25,889

 

 

 

7,425

 

 

 

8,291

 

 

 

17,404

 

Other comprehensive income, net of income taxes

 

 

108,688

 

 

 

33,950

 

 

 

13,796

 

 

 

76,404

 

Total comprehensive income

 

$

210,198

 

 

$

131,396

 

 

$

187,775

 

 

$

253,015

 

See accompanying notes to condensed consolidated financial statements.

 

 

 

 

4

 

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity – Unaudited

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

405