PRIMERICA REPORTS FOURTH QUARTER 2010 RESULTS
Net income of $52.9 million; Diluted EPS of $0.69
Net operating income of $45.2 million; Diluted operating EPS of $0.59
Strong Investment and Savings Products performance
Duluth, GA, February 8, 2011 – Primerica, Inc. (NYSE: PRI) announced today financial
results for the fourth quarter ended December 31, 2010. Total revenues were $279.4
million for the fourth quarter of 2010. Net income was $52.9 million for the fourth
quarter of 2010, or $0.69 per diluted share.
Operating revenues were $264.5 million, compared to $250.1 million in the fourth
quarter of 2009. Net operating income was $45.2 million, or $0.59 per diluted share, for
the fourth quarter of 2010, compared with $42.6 million in the fourth quarter of 2009.
Results reflect stable core performance in Term Life as well as Investment and Savings
Products growth partially offset by lower investment income. Operating results during
the quarter excluded $.10 per diluted share largely related to certain reinsurance
recoveries discussed in detail below.
Net income was $257.8 million for 2010, compared to $494.6 million for 2009. Net
income for all of 2009 as well as the first quarter of 2010 did not reflect the impact of the
Citi reinsurance and reorganization transactions. Adjusted to reflect these
transactions as well as other operating adjustments described below, net
operating income was $161.5 million for 2010, compared with $158.4 million for 2009.