Duluth-based insurance and financial services firm Primerica said revenue climbed 8 percent and net income increased 30 percent in third quarter aided in part by growth in term life income.
Primerica said net premium revenue from term life products was up 17 percent over third quarter a year ago. Total revenue was $299.1 million, up from $275.8 million in third quarter 2011.
Net income grew to $45.6 million, up from $35.1 million a year ago. On a per share basis, profits climbed to 72 cents from 46 cents last year. Revenue from savings products increased 4 percent.
In October, Primerica finished its previously announced $75 million share repurchase program with its acquistion of $60 million in shares from funds affiliated from Warburg Pincus. The purchases followed earlier transactions in the open market.
About the Author
