Primerica, Inc.

Overview

Primerica, Inc. is a financial services company focused on middle-income households in the United States and Canada. It uses a large independent sales force to distribute financial products and manages the business through three main segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products [1]+2. Its core offerings include term life insurance and a range of investment and savings products such as mutual funds, managed investments, and annuities, along with other distributed products including mortgage, legal, and insurance-related services [4]+3.

Primerica states that its purpose is to “create financially independent families,” and its model is designed to help clients address protection, debt management, retirement, and other long-term financial needs [8][9]. As a size indicator, the company generated about $3.09 billion of total revenue in 2024 and had 2,874 employees at year-end, alongside 151,611 life insurance-licensed independent sales representatives [10]+2. At the end of 2024, it reported over 5.5 million insured lives and approximately 3.0 million client investment accounts, underscoring its scale in the North American middle-income market [1].

Products & services

Primerica’s main proprietary insurance product is term life insurance sold in the U.S., New York and Canada through Primerica Life, National Benefit Life Insurance Company and Primerica Life Canada. The product is designed as pure protection, providing a guaranteed death benefit for a specified term without savings or investment features. Policies generally offer initial level-premium periods of 10 to 35 years across a wide range of face amounts, after which coverage may be renewed or exchanged at higher age-based premiums. Its newer term products include Primerica PowerTerm, a rapid-issue product with face amounts up to $300,000 submitted through TurboApps and underwritten using real-time external data, and Primerica PrecisionTerm, a traditionally underwritten product for face amounts above $150,000 that typically requires paramedical testing, although some cases may be waived. Primerica said the average face amount of issued term life policies in 2024 was about $255,200.[4]+5

Its investment and savings lineup includes mutual funds, managed investments, variable annuities, index-linked annuities, fixed indexed annuities, fixed annuities and Canadian segregated funds.[17] In mutual funds, Primerica distributes selected asset managers’ offerings, including diversified domestic and international equity, fixed-income and money market funds, and also provides transfer-agent recordkeeping through Primerica Shareholder Services, with BNY Mellon handling underlying servicing on the SuRPAS system; PFS Investments also serves as an IRS-approved non-bank custodian for certain retirement accounts.[5][18] Its managed-account offer is the Primerica Advisors Lifetime Investment Program, launched in 2017 for clients with at least $25,000 of investable assets, using unaffiliated investment advisers while Pershing provides custody, trade execution, clearing and settlement.[19] Primerica also distributes variable annuities with investment exposure plus insurance features such as death and lifetime income benefits; index-linked annuities with capped upside and partial downside protection over typically three- to six-year measurement periods; fixed indexed annuities combining principal protection and guaranteed return features with index-linked upside; and, in Puerto Rico, fixed and fixed bonus annuities with guaranteed-loss protection and multiple income options.[19]+2

In Canada, Primerica underwrites segregated funds branded Common Sense Funds, which can be opened with as little as $25 and are positioned similarly in some respects to U.S. variable annuities. The lineup includes Asset Builder Funds, which target long-term capital appreciation with a guarantee of at least 75% of net contributions at death or maturity; the Strategic Retirement Income Fund, which targets retirement income and modest appreciation, guarantees 75% of net contributions at death or age 100, and limits equities to 25% of the portfolio; and a Cash Management Fund invested in short-term government-backed and commercial paper instruments to preserve liquidity and capital.[22]+3 Beyond these core offerings, Primerica also distributes or refers clients to third-party products including mortgage loans and mortgage referrals, prepaid legal subscriptions, auto and homeowners’ insurance referrals, Vivint home automation services, and in Canada supplemental medical, dental, accidental death and disability coverage for small businesses.[26]+8

By reported 2024 revenue mix, Term Life Insurance represented about 57.2% of total revenues, Investment and Savings Products 34.2%, and Corporate and Other Distributed Products 8.6%.[35] Within total 2024 product sales, U.S. retail mutual funds were about 39.7%, annuities and other products 32.8%, managed investments 14.8%, Canadian retail mutual funds with no up-front sales commissions 6.6%, Canadian retail mutual funds with up-front commissions 5.5%, and segregated funds 0.5%.

[36]

Geographic presence

Primerica’s operations are concentrated in the United States and Canada. In term life insurance, Primerica Life serves the U.S. other than New York and certain territories, National Benefit Life Insurance Company serves New York, and Primerica Life Canada serves Canada; the company’s investment, savings, and other distributed products are also offered across both the U.S. and Canada [3][37].

Geographic revenue disclosure is reported by country. In 2024, the United States generated $2.694 billion of revenue and Canada generated $394.8 million, representing roughly 87% and 13% of total revenue, respectively [38][39].

Primerica’s principal executive and home office is in Duluth, Georgia, where executive offices and business operations are primarily housed; its Canadian regional head office is in Mississauga, Ontario, and NBLIC has an office in Long Island City, New York [40]+3. At December 31, 2024, Primerica had 2,874 employees, with 2,531 in the U.S. and 343 in Canada [11]+2.

Business segments

Primerica reports three operating segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products.[3] Term Life Insurance covers the company’s term life policies issued through Primerica Life, NBLIC, and Primerica Life Canada in the United States, its territories, and Canada.[4] Investment and Savings Products consists of the distribution of savings and investment products, including mutual funds, managed investments, retirement-plan products, variable annuities, fixed indexed annuities, fixed annuities, and segregated funds.[17][37] Corporate and Other Distributed Products includes third-party distributed products such as mortgage loans, prepaid legal services, ID theft defense, auto and homeowners’ insurance referrals, and certain other financial products, and it also includes in-force policies from discontinued NBLIC insurance lines as well as net investment income, interest expense, and gains and losses on the invested asset portfolio.[46]+2

Based on 2024 segment revenues, Term Life Insurance was the largest segment at about $1.77 billion, or roughly 57% of total segment revenues.[48] Investment and Savings Products contributed about $1.06 billion, or roughly 34%, while Corporate and Other Distributed Products contributed about $264 million, or roughly 9%.[48] Primerica had previously reported a separate Senior Health segment, consisting of e-TeleQuote’s Medicare-related insurance marketing business, but that business was disposed of as of September 30, 2024 and is now reported in discontinued operations rather than as an ongoing segment.

[49]+2

Company history

Primerica traces its origins to February 10, 1977, when Art Williams founded A.L. Williams & Associates, Inc. The business expanded into Canada in 1986, and its corporate name changed over the following years to Primerica Financial Services in 1987, Primerica Corporation in 1991, and Primerica, Inc. in 1992.[52]+2

In 1993, Primerica became part of Travelers, and after the 1998 merger of Travelers Group and Citicorp, it became part of Citigroup.[53][55] The current public holding company was incorporated in Delaware in October 2009; its businesses were transferred from Citigroup on April 1, 2010, and it completed an initial public offering in April 2010, returning Primerica to the public markets as an independent company. Citigroup sold its remaining stake in 2011, which Primerica said completed its “refounding” process.

[56][57]

Sources

• Primerica, Inc. — Full financial report (2024 Y)
  49 citations

  [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][56]
• Primerica, Inc. — Full financial report (2024 Q 3)
  3 citations

  [49][50][51]
• investors.primerica.com[52]
• primerica.com[53]
• www.primericacanada.ca[54]
• www.citigroup.com[55]
• investors.primerica.com[57]