Primerica profits slip

The term life insurance business of Primerica, the Duluth financial services firm, continues to grow, the company said in a Tuesday news release.

Term life sales were up 11 percent in the first quarter, and investment and savings product sales rose 9 percent. Primerica’s total revenue was up 8 percent for the quarter, to $308.5 million.

Profits slipped 5 percent, to $60.2 million. The decrease came from a decline in investment income, related to Primerica’s stock buyback, and an increase in legal fees, among other reasons.

A seasonal slowdown meant slower recruiting for the company’s sales force, Primerica said. A new initiative that changed life insurance compensation affected representative licensing. At the end of the first quarter, the Primerica sales force was 90,917 people.

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