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Primerica (PRI) investor relations material
Primerica Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered 6% growth in adjusted net operating income and a 10% increase in diluted adjusted operating EPS, with balanced performance across product lines despite economic uncertainty.
Life-licensed sales force grew 5% year-over-year to 152,592, with 12,903 new representatives licensed in Q2.
Total revenue reached $793.3M, nearly flat year-over-year, while adjusted operating revenues rose 7%.
ISP segment achieved record client asset values, up 14% year-over-year, and sales rose 15% to $3.5B.
Returned $163M to stockholders in Q2 via $129M in share repurchases and $34M in dividends.
Financial highlights
Adjusted net operating income reached $180.4M, up 6% year-over-year; diluted adjusted operating EPS rose 10% to $5.46.
Net income for Q2 2025 was $178.3M, down from $209.3M in Q2 2024 due to prior year non-recurring gains and higher expenses.
Term Life revenues grew 3% to $442M, with pretax income up 5% to $155M; ISP segment revenues increased 14% to $298M, pretax income up 6% to $79M.
Book value per share rose 14% to $70.90; adjusted book value per share up 12%.
Return on equity (ROE) was 31.3%, with adjusted ROAE at 32.2%.
Outlook and guidance
Projecting full-year ISP sales growth above 10%, with continued strong sales in July.
Full-year Term Life guidance unchanged: ADP growth ~5%, benefit and claims ratio ~58%, DAC amortization and insurance commissions ratio ~12%, operating margin ~22%.
Sales force expected to grow 2–3% for full year 2025.
Persistency and productivity may remain pressured by elevated cost of living and economic conditions.
Management remains confident in the sales force's ability to support clients amid economic uncertainty.
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