Insurance and financial services company Primerica reported on Tuesday higher revenue, but slightly lower operating income in first quarter on higher expenses.
Duluth-based Primerica, which sells life insurance and financial products to middle-income families, reported operating revenue of $284.5 million in the quarter, up 6 percent over the same period last year.
Term life revenue grew 18 percent, while investment and savings product revenue was flat. Corporate and other distributed product revenue declined 15 percent, largely from fewer invested assets following a $200 million stock repurchase in fourth quarter.
Expenses grew 10 percent in first quarter on increases in benefits, claims and insurance expenses.
Operating income was $42.4 million in the first quarter, down about 2 percent, though earnings per share on an operating basis were up 5 cents to 62 cents per share, helped by share repurchases.
About the Author
