Primerica Gains as Sales Surge Drives Profit Rise
Primerica Inc., the life insurer previously owned by Citigroup Inc., advanced in New York trading as fourth-quarter profit climbed on a boost in policy sales.
Primerica rose 3.3 percent to $33.63 at 4:06 p.m. The Duluth, Georgia-based company has climbed 35 percent in the past 12 months.
Net income grew 8.2 percent to $40.3 million as net premiums increased 14 percent, Primerica said yesterday in a statement after the close of trading. Operating profit was 69 cents a share, missing by 1 cent the average estimate of seven analysts surveyed by Bloomberg.
“Our results were marked by solid performance across segments,” Co-Chief Executive Officer Rick Williams said in the statement. That includes a 16 percent increase in the term-life net premium revenue in the period, Primerica said.
To contact the reporter on this story: Elizabeth Bunn in New York at email@example.com
To contact the editor responsible for this story: Dan Reichl at firstname.lastname@example.org