Primerica Announces $425 Million Share Repurchase Program for 2024
17 November 2023 - 8:15AM
Business Wire
After reporting solid third quarter results, Primerica, Inc.
(NYSE: PRI) today announced that its Board of Directors has
authorized a $425 million share repurchase program to occur through
December 31, 2024. Share repurchases may be made from time to time
through open market transactions, block trades and/or privately
negotiated transactions and are subject to market conditions, as
well as corporate, regulatory, and other considerations.
“Our Term Life business remains a dependable and consistent
source of free cash flow for the Company. With more than $937
billion of Term Life face amount in force as of September 30, 2023,
the size and predictable nature of our business gives us confidence
that we can continue providing our stockholders with an attractive
rate of return,” said Glenn Williams, Chief Executive Officer. “The
strength of the business supported the Board of Directors’ decision
to once again increase the size of our share repurchase
program.”
This share repurchase program may be discontinued at any time by
the Board of Directors, and the Company has no obligation to
repurchase any amount of its common stock under the program. The
Company intends to make all repurchases in compliance with
applicable regulatory guidelines and to administer the plan in
accordance with applicable laws, including Rule 10b-18 of the
Securities Exchange Act of 1934, as amended.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading
provider of financial products and services to middle-income
households in North America. Independent licensed representatives
educate Primerica clients about how to better prepare for a more
secure financial future by assessing their needs and providing
appropriate solutions through term life insurance, which we
underwrite, and mutual funds, annuities and other financial
products, which we distribute primarily on behalf of third parties.
We insured over 5.7 million lives and had over 2.8 million client
investment accounts on December 31, 2022. Primerica, through its
insurance company subsidiaries, was the #3 issuer of Term Life
insurance coverage in the United States and Canada in 2022.
Primerica stock is included in the S&P MidCap 400 and the
Russell 1000 stock indices and is traded on The New York Stock
Exchange under the symbol “PRI”.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231116577924/en/
Investor Contact: Nicole Russell 470-564-6663 Email:
nicole.russell@primerica.com
Media Contact: Susan Chana 404-229-8302 Email:
susan.chana@primerica.com
Primerica (NYSE:PRI)
Historical Stock Chart
From Apr 2024 to May 2024
Primerica (NYSE:PRI)
Historical Stock Chart
From May 2023 to May 2024