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Primerica, Inc. (PRI) has reported an 18.61 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $56.87 million, or $1.21 a share in the quarter, compared with $47.95 million, or $0.97 a share for the same period last year. Revenue during the quarter grew 11.43 percent to $393.86 million from $353.45 million in the previous year period. Net premium earned for the quarter increased 12.55 percent or $24.48 million to $219.50 million. During the quarter, the company has written premium worth $219.50 million on net basis, up 12.55 percent or $24.48 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $306.80 million, or 139.78 percent of premium earned from $281.06 million or 144.12 percent of premium earned in the last year period. Operating income for the quarter was $87.06 million, compared with $72.39 million in the previous year period. Net investment income was at $18 million for the quarter, up 2.58 percent or $0.45 million from year-ago period. Meanwhile, income from fees and commission for the quarter increased by 6.69 percent or $8.89 million to $141.68 million. The company has recorded a gain on investments of $1.46 million in the quarter compared with a loss of $3.36 million for the previous year period.
Glenn Williams, Chief Executive Officer, said, "During 2016, we continued to execute our strategy to drive growth and improve performance by expanding distribution, deploying mobile technology and repurchasing shares. For the full year 2016 we achieved a 24% increase in EPS and a 240 basis points increase in ROE compared with 2015. Our sales force leadership played a key role in achieving these results. Our life licensed sales force surpassed 116,000 representatives and their life insurance productivity remained at the top of the historical range throughout the year, driving the 15% year-over-year growth in life insurance policies issued."
Liabilities outpace assets growth
Total assets increased 7.80 percent or $828.16 million to $11,438.94 million on Dec. 31, 2016. On the other hand, total liabilities were at $10,217.57 million as on Dec. 31, 2016, up 7.95 percent or $752.56 million from year-ago. Return on assets stood at 0.56 percent in the quarter, up 0.04 from 0.52 percent in the last year period. At the same time, return on equity was at 4.66 percent in the quarter, up 0.47 from 4.18 percent in the last year period.
Investments move up
Investments stood at $2,378.86 million as on Dec. 31, 2016, up 9.20 percent or $200.36 million from year-ago. Meanwhile, yield on investments went down 5 basis points to 0.76 percent in the quarter. Net premiums and other receivables increased 10.54 percent or $20.07 million over the year to $210.45 million on Dec. 31, 2016. Meanwhile, reinsurance recoverables moved up 2.02 percent or $82.93 million over the year to $4,193.56 million on Dec. 31, 2016.
Shareholders equity stood at $1,221.37 million as on Dec. 31, 2016, up 6.60 percent or $75.60 million from year-ago.
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