Primerica Reports Strong Second Quarter 2026 Results as Investment Business Fuels Growth and Insurance Operations Deliver Stable Performance
Primerica, Inc. (NYSE: PRI) has reported strong financial results for the second quarter ended June 30, 2026, delivering solid revenue and earnings growth driven by continued momentum in its investment business and the stability of its term life insurance operations. The company recorded higher revenues, increased profitability, expanding client asset values, and continued capital returns to shareholders, underscoring the resilience of its diversified business model despite evolving market conditions.
During the quarter, Primerica generated total revenues of $865 million, representing a 9% increase compared with the second quarter of 2025. Net income rose to $202 million, up 13% year over year, while diluted earnings per share (EPS) climbed 19% to $6.45, reflecting both stronger operating performance and the impact of ongoing share repurchases.
On an adjusted basis, which excludes certain investment-related gains and losses, the company reported adjusted operating revenues of $863 million, an 8% increase from the prior-year quarter. Adjusted net operating income increased 11% to $201 million, while adjusted diluted operating earnings per share reached $6.41, rising 17% year over year.
Balanced Business Model Continues to Drive Results
Primerica attributed its second-quarter performance to the complementary strengths of its two core business segments. While its investment and savings products business benefited from robust customer demand, favorable equity market conditions, and rising client asset values, the company’s term life insurance segment continued to generate reliable earnings and consistent cash flows.
This combination of stable insurance income and growing investment-related revenues has remained one of Primerica’s defining competitive advantages, enabling the company to perform well across varying economic environments.
Chief Executive Officer Glenn Williams emphasized that the company’s diversified business model continues to deliver sustainable growth while supporting middle-income families seeking financial security.
According to Williams, Primerica’s insurance business provides dependable financial stability, while its expanding investment platform creates significant opportunities for long-term growth. He noted that demand for the company’s financial protection and wealth-building solutions remains strong, with independent representatives continuing to help underserved middle-income households prepare for their financial futures.
Revenue Growth Reflects Strong Customer Engagement
The company’s financial performance highlights growing customer engagement across multiple product categories.
Total revenues increased from approximately $794 million in the second quarter of 2025 to $865 million in the latest reporting period.
Adjusted operating revenues also reached $863 million, reflecting healthy expansion across the company’s principal operating businesses.
The improved revenue performance was largely driven by:
- Strong investment product sales.
- Rising client asset values.
- Increased commission revenue.
- Positive equity market performance.
- Continued demand for long-term financial planning solutions.
Meanwhile, the term life insurance business continued producing predictable recurring revenues through its large in-force policy portfolio.
Earnings Continue to Improve
Primerica also delivered another quarter of expanding profitability.
Net income increased to $202 million, representing 13% growth over the prior-year quarter.
Adjusted operating income similarly improved as higher revenues more than offset increased operating expenses associated with continued business growth.
Diluted earnings per share climbed nearly one-fifth year over year to $6.45, reflecting improved earnings as well as the positive impact of ongoing stock repurchases that reduced the company’s average share count.
Adjusted operating earnings per share increased to $6.41, demonstrating that underlying operating performance remained strong even after excluding certain market-related investment adjustments.
Investment Business Continues Strong Momentum
Primerica’s Investment and Savings Products (ISP) segment delivered the strongest growth during the quarter.
Total investment product sales reached $4.4 billion, increasing 23% compared with the second quarter of 2025.
The growth reflected continued demand across multiple investment categories as customers remained focused on long-term financial planning despite broader economic uncertainty.
Positive equity market performance further enhanced results by increasing the value of assets under administration.
Client asset values averaged $135.5 billion during the quarter, representing a 19% increase compared with the prior year.
By the end of June, total client asset values reached approximately $140 billion, increasing 16% year over year.
Importantly, asset growth was supported not only by market appreciation but also by continued positive customer investment activity.
Net client inflows totaled $397 million during the quarter, demonstrating that customers continued adding new investments despite market volatility.
Investment Segment Revenue Accelerates
The expansion in investment product sales translated directly into stronger financial performance.
Investment and Savings Products revenue increased 21% year over year to $361 million.
Pre-tax operating income for the segment climbed 31%, reaching $104 million.
Sales-based commission revenue increased 17%, closely matching growth in commissionable investment sales.
Asset-based commission revenue expanded even faster, increasing 28%, reflecting both higher client asset balances and a favorable shift toward products generating recurring advisory revenue.
Management noted continued growth in U.S. managed accounts as well as Canadian mutual funds distributed under the principal distributor model.
The combination of strong sales activity and expanding recurring asset-based fees significantly strengthened the profitability of the investment business.
Term Life Insurance Remains Financial Foundation
Although investment operations generated most of the quarter’s growth, Primerica’s term life insurance business continued serving as the company’s financial anchor.
The segment generated $444 million in revenue during the quarter.
Adjusted direct premiums increased approximately 3%, demonstrating the resilience of the existing policy portfolio despite lower new policy issuance.
The company continued benefiting from its large base of in-force policies, producing predictable premium income and stable cash flow generation.
Pre-tax income for the segment totaled $148 million, representing a modest 4% decline compared with the prior-year quarter.
Management indicated that year-over-year comparisons were affected in part by changes in remeasurement gains recognized during the reporting period.
Insurance Sales Moderate
While overall insurance profitability remained healthy, new business production slowed somewhat during the quarter.
Primerica issued 78,904 new term life insurance policies.
This represented a 12% decline compared with the second quarter of 2025.
Estimated annualized issued premiums totaled $89.9 million, decreasing 9% year over year.
Similarly, total face amount issued reached $27.7 billion, down 8% from the previous year.
Despite softer new policy issuance, the existing insurance portfolio continued providing stable earnings due to the company’s large customer base and disciplined underwriting.
Insurance Operating Metrics Remain Healthy
Several key operating metrics within the term life business remained relatively consistent.
The benefits and claims ratio measured 57.9%, remaining largely in line with prior-year performance.
The deferred acquisition cost (DAC) amortization and insurance commission ratio remained stable at 12.3%.
Insurance expense ratio increased modestly to 8.4%, compared with 7.6% one year earlier.
Overall, the segment maintained an operating margin of approximately 21.3%, reflecting disciplined expense management and stable underwriting performance.
Distribution Network Continues to Expand
Primerica’s independent sales force remains central to its business model.
During the second quarter, recruiting activity continued improving.
The company attracted 82,346 new recruits, representing a 2% increase over the previous year.
However, the number of individuals successfully obtaining new life insurance licenses declined.
A total of 11,020 representatives became newly licensed during the quarter, representing a 15% decrease year over year.
As of June 30, 2026, Primerica’s life-licensed sales force totaled 148,612 representatives, slightly below the 152,592 reported one year earlier.
Life insurance productivity also eased modestly during the quarter as fewer policies were issued per representative.
Mortgage Business Shows Continued Growth
Primerica’s mortgage distribution activities also produced positive results.
Closed U.S. mortgage volume reached approximately $150.6 million, representing 13% growth compared with the second quarter of 2025.
The increase reflects continued customer demand for mortgage brokerage services despite higher interest rate environments affecting portions of the housing market.
Corporate and Other Distributed Products Improve
The company’s Corporate and Other Distributed Products segment also contributed positively to overall performance.
Adjusted operating revenue increased 6%, reaching approximately $59 million.
Pre-tax adjusted operating income rose to $3.8 million, compared with $2.7 million during the prior-year quarter.
Management attributed much of this improvement to higher net investment income resulting from continued expansion of the company’s invested asset portfolio.
Tax Rate Declines
Primerica also benefited from a lower effective tax rate during the quarter.
The company’s effective income tax rate declined to 21.7%, compared with 23.9% during the second quarter of 2025.
The lower tax rate contributed modestly to improved net earnings and earnings per share.
Returning Capital to Shareholders
Continuing its long-standing shareholder return strategy, Primerica returned significant capital to investors during the quarter.
The company repurchased approximately $135 million of common stock while paying approximately $37 million in cash dividends.
Combined, total capital returned to shareholders reached $172 million during the second quarter.
For the first six months of 2026, total capital returned to shareholders reached approximately $352 million, demonstrating management’s continued confidence in the company’s financial strength and cash generation capabilities.
Dividend Increased
Primerica’s Board of Directors also approved another quarterly dividend.
Shareholders of record as of August 21, 2026, will receive a dividend of $1.20 per share, payable on September 14, 2026.
The dividend continues the company’s history of returning excess capital while maintaining flexibility to support future business growth.
Strong Capital Position
Primerica ended the quarter with a robust capital position.
The estimated statutory risk-based capital ratio for Primerica Life Insurance Company stood at approximately 440% as of June 30, 2026.
Such capital strength provides substantial financial flexibility while supporting regulatory requirements, future investments, shareholder returns, and ongoing business expansion.
Segment Performance Highlights
Adjusted operating revenue by business segment demonstrated the diversified nature of Primerica’s earnings.
- Term Life Insurance: $443.6 million
- Investment and Savings Products: $360.5 million
- Corporate and Other Distributed Products: $59.3 million
Similarly, adjusted operating income before taxes reflected healthy contributions across each business.
- Term Life Insurance: $148.5 million
- Investment and Savings Products: $104.2 million
- Corporate and Other Distributed Products: $3.8 million
The investment segment generated the fastest earnings growth, while insurance operations continued supplying dependable recurring profitability.
Understanding Primerica’s Adjusted Results
Alongside its GAAP financial statements, Primerica reports several non-GAAP performance measures designed to provide investors with additional insight into underlying operating performance.
These adjusted metrics exclude items such as investment gains and losses, fair value mark-to-market adjustments, and certain legacy reinsurance impacts that management believes may distort period-to-period comparisons.
According to the company, these measures help investors better evaluate ongoing operating trends by focusing on recurring business activities rather than temporary market fluctuations.
While adjusted measures complement GAAP reporting, Primerica emphasizes that they should be considered alongside—not as replacements for—its reported financial statements.
Primerica’s second-quarter performance demonstrates that its combination of stable insurance operations and expanding investment services continues to generate consistent financial growth. Strong investment sales, higher client asset values, healthy cash generation, and disciplined capital management positioned the company for another successful quarter despite moderation in life insurance policy issuance.
As demand for financial protection, retirement planning, and investment solutions remains strong among middle-income households, Primerica appears well positioned to continue leveraging its extensive independent representative network, diversified product portfolio, and balanced business model to drive sustainable long-term growth while delivering value to both customers and shareholders.
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