Primerica, Inc. PRI
Primerica, Inc. ("Primerica" or the "Parent Company" and, together with its direct and indirect subsidiaries, "we", "us" or the "Company") is a leading provider of financial products and services to middle-income households in the United States and Canada with 151,524 life insurance-licensed sales representatives as of December 31, 2025. These independent licensed representatives ("independent sales representatives" or "independent sales force") assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities, managed investments, and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts as of December 31, 2025. Our business model uniquely positions us to reach underserved middle-income consumers in a cost-effective manner and has proven itself in both favorable and challenging economic environments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.29B | $3.09B | $2.75B | $2.66B | $2.71B | $2.22B | $2.05B | $1.90B | $1.69B | $1.52B |
| Cost of revenue | — | — | $55.2M | $68.4M | $52.8M | — | — | — | — | — |
| Gross profit | — | — | $2.69B | $2.59B | $2.66B | — | — | — | — | — |
| Interest expense | — | — | $26.6M | $27.2M | $30.6M | $28.8M | $28.8M | $28.8M | $28.5M | $28.7M |
| Pre-tax income | $974.6M | $939.2M | $771.7M | $718.7M | $643.5M | $506.7M | $477.1M | $416.1M | $379.5M | $337.6M |
| Income tax | $223.3M | $219.1M | $180.6M | $163.9M | $167.5M | $120.6M | $110.7M | $92.0M | $29.3M | $118.2M |
| Net income | $751.2M | $470.5M | $576.6M | $472.1M | $477.4M | $386.2M | $366.4M | $324.1M | $350.3M | $219.4M |
| EPS, basic | 22.95 | 13.73 | 15.97 | 12.37 | 12.03 | 9.60 | 8.65 | 7.35 | 7.63 | 4.59 |
| EPS, diluted | 22.91 | 13.71 | 15.94 | 12.33 | 11.99 | 9.57 | 8.62 | 7.33 | 7.61 | 4.59 |
| Shares, diluted (wtd. avg.) | $32.7M | $34.2M | $36.0M | $38.1M | $39.7M | $40.2M | $42.3M | $44.0M | $45.7M | $47.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $756.2M | $687.8M | $594.1M | $489.2M | $392.5M | $547.6M | $256.9M | $262.1M | $280.0M | $212.0M |
| Short-term investments | — | — | — | — | — | — | — | $8.2M | — | — |
| Property, plant and equipment | $39.8M | $40.7M | $37.6M | $52.7M | $67.0M | $57.7M | $46.1M | $36.0M | $28.1M | $27.5M |
| Goodwill | — | — | $127.7M | $127.7M | $179.2M | — | — | — | — | — |
| Other intangibles | $45.3M | $45.3M | $45.3M | $185.5M | $195.8M | $45.3M | $45.3M | $48.1M | $51.5M | $54.9M |
| Total assets | $15.01B | $14.58B | $15.03B | $14.64B | $16.20B | $14.91B | $13.69B | $12.60B | $12.46B | $11.44B |
| Total liabilities | $12.57B | $12.32B | $12.96B | $12.61B | $14.03B | $13.07B | $12.04B | $11.13B | $11.04B | $10.22B |
| Retained earnings | $2.42B | $2.23B | $2.28B | $2.15B | $2.00B | $1.71B | $1.59B | $1.49B | $1.38B | $1.14B |
| Total equity | $2.45B | $2.26B | $2.07B | $2.03B | $925.4M | $1.84B | $1.65B | $1.46B | $1.42B | $1.22B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $901.2M | $862.1M | $692.5M | $757.7M | $657.0M | $643.4M | $485.5M | $478.1M | $391.5M | $294.4M |
| Depreciation and amortisation | $19.3M | $18.2M | $21.0M | $23.2M | $24.6M | $18.0M | $15.7M | $9.0M | $10.1M | $11.2M |
| Stock-based compensation | $24.6M | $25.1M | $18.9M | $22.4M | $16.8M | $19.0M | $17.5M | $17.3M | $15.3M | $13.4M |
| Investing cash flow | -$235.6M | -$232.2M | -$90.1M | -$200.0M | -$923.4M | -$53.5M | -$201.9M | -$232.8M | -$131.3M | -$47.9M |
| Financing cash flow | -$599.6M | -$551.1M | -$479.6M | -$457.9M | $108.0M | -$301.8M | -$290.1M | -$261.0M | -$193.5M | -$187.4M |
| Dividends paid | $136.1M | $112.8M | $93.7M | $83.8M | $74.6M | $64.3M | $57.6M | $44.1M | $35.8M | $33.4M |
| Buybacks | $450.0M | $425.0M | $375.1M | $356.3M | $18.8M | $231.4M | $225.0M | $210.1M | $150.0M | $150.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-082233.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| LNC | LINCOLN NATIONAL CORP | $8.71B | 7.8x | -1.2% |