Record investment sales carry Primerica as term life slips

Primerica reported third-quarter 2026 revenue of $902 million, up 7% year over year, as record investment sales offset weaker term life insurance sales. Net income increased 1% to $209 million, while diluted earnings per share rose 6% to $6.76.

Investment and Savings Products sales increased 19% to $4.4 billion. Client asset values reached $139.6 billion, up 10%, with net inflows of $407 million during the quarter. The segment’s adjusted operating income before taxes increased 21% to $114.1 million.

Term life insurance policies issued fell 7% to 73,813, while issued face amount declined 5% to $25.7 billion. Adjusted direct premiums increased 3%, but net premiums were essentially flat. The segment’s adjusted operating income before taxes fell 12% to $152.7 million. Results included a $12 million pre-tax remeasurement gain from annual actuarial assumption changes, versus $23 million a year earlier.

Primerica ended the quarter with 147,058 life-licensed representatives, down 3% from a year earlier. Recruiting declined 10% to 90,818, while newly licensed representatives fell 14% to 10,722. Average monthly policies issued per licensed representative remained unchanged at 0.17.

The company returned $159 million to shareholders during the quarter, including $122 million in share repurchases and $37 million in dividends.