Primerica Reports 8% Increase in Q1 2026 Results

Primerica reported strong first quarter 2026 results, led by record Investment and Savings Products sales, higher client asset values, and continued profitability across its diversified financial services platform.

The company also reported continued stability in its Term Life business, while returning capital to shareholders through $135 million in share repurchases and a declared quarterly dividend.

DULUTH, Georgia – Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended March 31, 2026.

Total revenues were $872.7 million, an 8% increase compared to the first quarter of 2025. Net income was $190.1 million, up 12%, while net earnings per diluted share increased 18% to $5.97.

Adjusted operating revenues increased 9% to $872.3 million. Adjusted net operating income rose 13% to $189.8 million, and diluted adjusted operating earnings per share increased 19% to $5.96.

Q1 2026 Highlights

• Record Investment and Savings Products sales: $4.3 billion, up 22%
• ISP client asset values: $127 billion at quarter end, up 15%
• Life-licensed sales force: 149,732 as of March 31, 2026
• Net premiums: increased 2%; adjusted direct premiums increased 4%
• Net earnings per diluted share: $5.97, up 18%
• Return on stockholders’ equity: 30.6%
• Diluted adjusted operating EPS: $5.96, up 19%
• Adjusted net operating income return on adjusted stockholders’ equity: 31.5%
• Share repurchases: $135 million during the quarter
• Dividend declared: $1.20 per share, payable June 12, 2026

The company delivered solid financial results during the first quarter, driven by record sales performance and higher client asset values in its Investment and Savings Products segment. The Term Life business also produced solid results, supported by Primerica’s large in-force block of term life insurance policies.

“Another quarter of strong financial performance was driven by continued momentum in our Investment and Savings Products business and supported by the stability of our Term Life business. ISP remains a key driver of growth and reflects the trust clients place in our long-term savings solutions.”

said Glenn Williams, Chief Executive Officer of Primerica, Inc.

“As middle-income families continue to navigate a changing economic environment, the need for financial education and guidance remains critical. We believe our strong fundamentals position Primerica well for long-term growth and to effectively meet the evolving needs of our clients.”

First Quarter Distribution Results

(1)	Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
(2)	Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.
* Not calculated or less than 1%

Segment Results

 

See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables in Primerica’s full release for additional information.

Life Insurance Licensed Sales Force

During the first quarter of 2026, recruiting and licensing activity was below the prior-year period. Primerica reported 84,217 new recruits, down 17%, and 10,569 representatives obtaining a new life license, down 14% year over year.

The life-licensed sales force totaled 149,732 as of March 31, 2026, a 2% decrease compared to March 31, 2025.

Term Life Insurance

During the first quarter of 2026, annualized issued premium was $83.3 million, down 10% compared to the prior-year period. The company issued 74,054 new life insurance policies, 14% fewer than in the prior-year period, with total face amount issued of $25.7 billion.

Productivity, measured by the average monthly rate of new policies issued per life-licensed independent sales representative, was 0.16. Primerica said it continues to enhance training and tools designed to help representatives identify and address the evolving protection needs of middle-income families.

Term Life revenues were $464.6 million, up 1% compared to the first quarter of 2025, driven by 4% growth in adjusted direct premiums. Pre-tax operating income was $154.9 million, including a $7.6 million remeasurement gain, and increased 6% compared to the prior-year period.

Investment and Savings Products

Investment and Savings Products continued to be a major growth driver for Primerica in the first quarter.

Total product sales were $4.3 billion, a 22% increase compared to the prior-year period. Strong investor demand across major product lines drove sales growth, while equity market appreciation and continued net inflows over the last 12 months contributed to a 15% increase in client asset values year over year.

Net inflows during the first quarter of 2026 were $362 million, compared to $542 million in the prior-year period.

First quarter ISP revenues increased 21% to $350.6 million, while income before income taxes increased 24% to $100.9 million.

Corporate and Other Distributed Products

During the first quarter of 2026, Corporate and Other Distributed Products recorded a pre-tax adjusted operating loss of $6.7 million, compared to a pre-tax adjusted operating loss of $8.0 million in the prior-year period.

The improvement was driven by $2.1 million higher adjusted net investment income, reflecting continued growth in the invested asset portfolio.

Taxes and Capital

The effective income tax rate was 23.8% during the first quarter of 2026, largely consistent with the 23.6% effective income tax rate reported in the first quarter of 2025.

During the quarter, Primerica repurchased $135 million of its common stock under the Board of Directors’ $475 million share repurchase program authorized through December 31, 2026.

The Board of Directors also approved a dividend of $1.20 per share, payable on June 12, 2026, to stockholders of record on May 21, 2026.

Primerica Life Insurance Company’s statutory risk-based capital ratio was estimated to be 430% as of March 31, 2026.

About Primerica, Inc.

Primerica, Inc. is a leading diversified financial services distribution company serving middle-income households in the United States and Canada. Its licensed representatives educate families on how to prepare for a more secure financial future and help them achieve their financial goals through term life insurance, third-party mutual funds, managed accounts, annuities, loans and other financial products.

Primerica insured more than 5.5 million lives and had approximately 3.1 million client investment accounts as of December 31, 2025. Through its life insurance subsidiaries in North America, Primerica was the #3 issuer of term life insurance in 2025, which it largely reinsures.

Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on the New York Stock Exchange under the symbol “PRI.” The company is headquartered in Duluth, Georgia.

To read Primerica’s comprehensive first quarter 2026 results report, click here.