Primerica Inc (PRI) has reported a 15.26 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $52.07 million, or $1.11 a share in the quarter, compared with $45.18 million, or $0.92 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $51.98 million, or $1.11 a share compared with $45.68 million or $0.93 a share, a year ago. Revenue during the quarter grew 11.74 percent to $405.16 million from $362.60 million in the previous year period. Net premium earned for the quarter increased 12.95 percent or $26.13 million to $227.93 million. During the quarter, the company has written premium worth $227.93 million on net basis, up 12.95 percent or $26.13 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $330.32 million, or 144.92 percent of premium earned from $292.39 million or 144.89 percent of premium earned in the last year period. Operating income for the quarter was $74.84 million, compared with $70.21 million in the previous year period. Net investment income was at $19.89 million for the quarter, down 6.33 percent or $1.34 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 11.99 percent or $15.45 million to $144.27 million. The company has recorded a gain on investments of $0.13 million in the quarter compared with a loss of $0.78 million for the previous year period.
Glenn Williams, chief executive officer, said, “We achieved a 21% increase in EPS and a 130 basis points increase in return on equity (ROE) compared to the first quarter a year ago reflecting solid earnings and ongoing share repurchases. Strong organic growth continued with our life insurance licensed sales force reaching almost 118,000 representatives and a 6% year-over-year growth in life insurance policies issued. In addition, our Investment and Savings Products sales grew 15% year-over-year to a record $1.6 billion in first quarter 2017. We are optimistic about the future and our ability to drive growth and deliver long-term value for all of our stakeholders.”
Total assets stood at $11,670million as on Mar. 31, 2017. On the other hand, total liabilities were at $10,423.50 million as on Mar. 31, 2017.
Return on assets was at 0.51 percent in the quarter. At the same time, return on equity was at 4.18 percent in the quarter.
Investments stood at $2,459.53 million as on Mar. 31, 2017. Meanwhile, yield on investments was at 0.81 percent in the quarter.
Net premiums and other receivables were at $215.57 million on Mar. 31, 2017. Meanwhile, reinsurance recoverables stood at $4,219.55 million on Mar. 31, 2017.
Total debt was at $907.45 million as on Mar. 31, 2017. Shareholders equity was at $1,246.50 million as on Mar. 31, 2017. As a result, debt to equity ratio was at 0.73 percent in the quarter.
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