DULUTH, Ga.--(BUSINESS WIRE)--Primerica, Inc. (NYSE: PRI) today announced that its Board of Directors has authorized a share repurchase program through June 30, 2018, pursuant to which the Company is authorized to repurchase up to $200 million of its common stock. The 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.
“Last week, we announced another quarter of strong performance at Primerica as we continue to meet the financial needs of the middle market and deliver a dynamic business opportunity to entrepreneurs. Our life insurance licensed sales force and term life insurance policies issued grew double-digits, and our earnings per share and return on equity increased significantly year-over-year,” said CEO Glenn Williams. “This new $200 million repurchase authority enables us to deliver value to our stockholders by providing flexibility for incremental repurchases as conditions and available capital allow. Continued success in executing our organic growth strategy, coupled with our ability to generate capital, position us well to continue delivering long-term value to all of our stakeholders.”
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 distributor of financial products to middle income households in North America. 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, which we underwrite, and mutual funds, annuities 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. We insured approximately 5 million lives and have 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”.