![]() To make year-over-year comparisons more consistent, we have provided estimates for the prior year period. Previously reported numbers for the three months ended Septemhave been adjusted as a result of a product change made near the end of 2022, which modified how policies are structured in relation to individual lives. Issued Term Life Face Amount ($ billions) (3)Ĭlosed U.S. Third Quarter Distribution & Segment Results “Robust recruiting and licensing numbers and nearly 4% growth in the size of the life-licensed sales force validate the appeal of our entrepreneurial opportunity.” “Our results reflect the solid financial performance underlying our business and another quarter of double-digit growth in adjusted earnings per share,” said Glenn Williams, Chief Executive Officer. Net investment income, reflected in the Corporate and Other Distributed Product segment, continued to benefit from higher interest rates and growth in the size of the portfolio, while the Senior Health segment had a net loss due to elevated contract acquisition costs and limited sales opportunities ahead of the Medicare Annual Enrollment Period (“AEP”). Financial results in the Investment and Savings Products segment were positively impacted by growth in client asset values compared to the prior year period, although equity markets were volatile during the third quarter of 2023. Financial results in the Term Life segment benefited from the size and stability of the in-force block, predictable margins and strong sales during the period. The life-licensed sales force continued to grow both sequentially and on a year-over-year basis. Third quarter results reflect the strength of the Company’s business model. Adjusted net operating income of $153.8 million increased 9%, while adjusted operating earnings per diluted share of $4.28 increased 14% compared to the same period in the prior year. ROE was 28.1% for the current period.Īdjusted operating revenues of $713.2 million increased 5% compared to the third quarter of 2022. The prior year period results included a non-cash goodwill impairment charge of $60.0 million, or $1.59 per diluted share. Net income of $152.1 million increased 91%, while earnings per diluted share of $4.23 doubled compared to the same period in the prior year. ![]() Total revenues of $710.9 million increased 6% compared to the third quarter of 2022. (NYSE: PRI) today announced financial results for the quarter ended September 30, 2023. Return on stockholders’ equity (ROE) was 28.1%ĭiluted adjusted operating EPS of $4.28 increased 14% adjusted net operating income return on adjusted stockholders’ equity (ROAE) was 28.0% ![]() Net earnings per diluted share (EPS) of $4.23 versus $2.11 (including a non-cash goodwill impairment of $1.59 per diluted share) in the prior year period. Investment and Savings Products pre-tax income grew 9% Average client asset values up 10% Term Life pre-tax income grew 7% Issued Term Life policies up 9% and total face amount issued up 13% Life-licensed sales force grew 4% to 139,053, driven by continued strength in recruiting and licensing
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