Primerica grows profits, buys back shares

Primerica, the Duluth-based insurance and financial services provider, reported on Tuesday a 3 percent increase in net income on higher revenue. Primerica also said it repurchased nearly $200 million worth of shares held by the its former parent company.

Primerica reported net income of $40.6 million, or 53 cents per diluted share, vs. $39.6 million or 52 cents per diluted share a year ago. Operating revenue climbed 15 percent to $276 million.

Investment and savings product sales rose 29 percent compared to third quarter a year ago, and operating revenue in that segment grew 16 percent. Term life insurance operating revenue was up 22 percent.

Primerica also announced it agreed to repurchase 8.9 million shares at $22.42 per share from Citigroup, the New York financial services conglomerate that spun off Primerica last year.

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