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.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
