TORONTO--(BUSINESS WIRE)--Primerica, Inc. (NYSE:PRI) announced today it is celebrating its 30 year anniversary of successful business operations in Canada. Since its inception in 1986, Primerica has grown from a small start-up operation to become a leader in providing Term Life insurance and investment products to middle income families throughout all Provinces and Territories.
“We have achieved many significant milestones since our founding three decades ago,” said John Adams, CEO of Primerica Canada. “As of December 31, 2015, we have paid more than C$1 billion in Term Life Insurance claims to policy beneficiaries. We currently insure nearly 500,000 lives and have more than 350,000 client investment accounts, and our total sales force compensation has surpassed C$1 billion. Thanks to the tireless efforts of our independent sales representatives and dedicated Head Office team, we have become a true financial services leader.”
The company’s strong track record of success continued in 2015, noted Adams. “We had a record-breaking year and finished 2015 with strong momentum. Life insurance face amount in force exceeded C$100 billion, and client asset values surpassed C$10.5 billion, both as of December 31, 2015,” he said. “Most importantly, we paid more than C$102 million in claims to our policy beneficiaries during 2015. We’re proud that Primerica is there when families need us the most.”
As 2015 drew to a close, the company’s life-licensed sales representatives exceeded 10,000, solidifying its position as the country’s largest life insurance sales force. “Our Field Leadership is the most important factor in our continuing success,” said Jeff Dumanski, President and Chief Marketing Officer, Primerica Canada. “We also have the country’s largest independent mutual fund sales force, and the Term Life and investment products we provide are desperately needed among the underserved middle income market.”
Research indicates as many as 85% of Canadian households are underinsured, with a disproportionate percentage of those households falling among middle-income families, which is the primary market Primerica serves. “We’re launching new initiatives in 2016 to reach even more underserved clients,” Dumanski added.
Primerica is well positioned to continue to grow and serve clients’ needs for the next 30 years and beyond. Primerica Life Insurance Company of Canada is ranked among the country’s top 10 life insurance companies based on in-force face amount. PFSL Investments Canada Ltd. is a leading mutual fund dealer in both asset values and sales force size. Primerica Client Services provides access to an additional suite of personal financial programs including debt consolidation loans, credit reports and scoring, and legal protection. As our customers’ needs and demands have changed over the last 30 years, Primerica is proud to continue to provide the solid foundation that is essential to helping middle income families achieve personal financial independence.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America. In Canada, Primerica is headquartered in Mississauga, Ontario, where it has some 200 full-time employees. Primerica representatives educate their Main Street clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance and segregated funds through Primerica Life Insurance Company of Canada, mutual funds through PFSL Investments Canada Ltd., as well as debt consolidation loans, disability insurance and other financial products, which we distribute primarily on behalf of third parties. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing the company’s financial products. Primerica insured approximately 5 million lives and had over 2 million client investment accounts at December 31, 2015. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.