Primerica, Inc.

Primerica reported first-quarter 2026 adjusted operating revenues up 9% year over year and adjusted net operating income up 13% year over year; adjusted operating EPS rose 19% to $5.96. In Term Life, operating revenues increased 1% to $465 million, pretax operating income rose 6% to $155 million, and the benefits and claims ratio was 57.3% versus 58.2% a year ago. ISP operating revenues increased 21% and pretax operating income grew 24%; sales rose 22% to a record $4.3 billion, client assets reached $127 billion (up 15%), and net inflows were $362 million. For the full year, management expects Term Life policies issued to be flat to down approximately 2%, adjusted direct premiums to grow about 4%, ISP sales growth to be in the upper single-digit range, and consolidated expenses to rise 7% to 8%; second-quarter expenses are expected to be up around 10% to 12%.

Glenn Williams framed the quarter as evidence of Primerica’s “balance and resilience,” emphasizing that the ISP segment is carrying growth while Term Life remains steady. He highlighted adaptation to environmental headwinds, including shifting from larger regional events to more local field events, which he said should improve attendance and recruiting. His tone was constructive but cautious: he pointed to improving household budget trends and “green shoots” for middle-income consumers, while acknowledging gas prices, market volatility, and elevated uncertainty remain risks.

Tracy Tan focused on the quality of earnings and segment-level drivers. She noted Term Life revenues of $465 million, pretax operating income of $155 million, a 57.3% benefits-and-claims ratio, a 22.5% pretax margin, and guidance for roughly 58% benefits and claims and about 21% operating margin for the year. On capital and liquidity, she said holdco cash and invested assets were $556 million and Primerica Life’s estimated RBC ratio was 430%, while consolidated insurance and other operating expenses were $168 million, up 3%, with full-year expense growth expected at 7% to 8% and second-quarter growth around 10% to 12%.

Analysts pressed on whether higher gas prices were affecting consumer behavior or recruiting, and management said it had not seen any noticeable change yet, though it is monitoring the situation. Questions also focused on the shift to smaller local field events, the mix of ISP earnings between AUM and upfront sales, Term Life productivity, and the 21% margin guide; management said ISP is now roughly 60% AUM / 40% sales, that productivity is being pressured by a larger sales force during a period of softer sales momentum, and that the margin guide reflects timing differences and some conservatism rather than a deteriorating trend. On the Term Life side, management said lapses remain elevated in certain COVID cohorts and that mortality experience has been favorable, but they are not yet concluding the pattern is permanent.