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Section 1: 8-K (PRIMERICA, INC. 8-K)

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
DATE OF REPORT (Date of earliest event reported):      August 8, 2016
 
PRIMERICA, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
 
 
001-34680
 
27-1204330
(State or Other Jurisdiction of
Incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification Number)
 
 
 
1 Primerica Parkway
Duluth, Georgia 30099
(Address of Principal Executive Offices)
 
 
 
 
(770) 381-1000
(Registrant’s telephone number, including area code)
 
 (Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 2.02.
Results of Operations and Financial Condition.
 
On August 8, 2016, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2016. A copy of the press release is attached hereto as Exhibit 99.1.
 
The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures.  Specifically, the Company presents adjusted direct premiums, other ceded premiums, operating revenues, operating income before income taxes, net operating income, adjusted stockholders’ equity and diluted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate with this block of business. Operating revenues, operating income before income taxes, net operating income and diluted operating earnings per share exclude the impact of realized investment gains and losses for all periods presented. We exclude realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset’s maturity that are not directly associated with the Company’s insurance operations.  Adjusted stockholders’ equity excludes the impact of net unrealized investment gains and losses recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains and losses in measuring adjusted stockholders’ equity as unrealized gains and losses from the Company’s invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies.  Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.  Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.  These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.
 
2

 
Reconciliations of non-GAAP to GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at http://investors.primerica.com.
 
Item 7.01.
Regulation FD Disclosure.
 
On August 8, 2016, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2016.  A copy of the supplemental financial information is attached hereto as Exhibit 99.2.
 
The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.
 
Item 9.01.
Financial Statements and Exhibits.
 
 
(d) Exhibits.
   
 
 
99.1
Press Release dated August 8, 2016 – Primerica Reports Second Quarter 2016 Results
   
99.2
Primerica, Inc. Supplemental Financial Information – Second Quarter 2016
 
3

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:   August 8, 2016
 
PRIMERICA, INC.
 
 
 
 
 
 
 
 
 /s/ Alison S. Rand
 
 
 
Alison S. Rand
 
 
Executive Vice President and Chief Financial Officer
 
4

 
EXHIBIT INDEX


Exhibit No.
Description
 
 
99.1
Press Release dated August 8, 2016 – Primerica Reports Second Quarter 2016 Results
   
99.2
Primerica, Inc. Supplemental Financial Information – Second Quarter 2016

5
(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

 
Exhibit 99.1
 
 
 
PRIMERICA REPORTS SECOND QUARTER 2016 RESULTS

14% growth in life insurance policies issued

11% increase in life insurance licensed representatives to 112,365

31% growth in diluted EPS to $1.23; 27% growth in diluted operating EPS to $1.19

19.9% net income return on stockholders’ equity (ROE) and 20.2% net operating income return on adjusted stockholders’ equity (ROAE)

Duluth, GA, August 8, 2016 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2016.  In the second quarter, total revenues increased 8% to $379.2 million and operating revenues increased 7% to $375.8 million compared with the second quarter of 2015.  Net income grew 21% to $59.3 million and net operating income grew 17% to $57.1 million from the prior year period. Solid earnings combined with ongoing share repurchases drove a 31% increase in net earnings per diluted share to $1.23 and a 27% increase in net operating earnings per diluted share to $1.19 compared with the prior year period.  ROE expanded to 19.9% and operating ROAE expanded to 20.2% in the current period versus 16.1% and 17.0%, respectively, in the second quarter of 2015.

Results reflect the continued momentum in the Term Life business as well as the seasonally strong trends historically experienced in the second quarter.  Ongoing growth in Term Life issued policies combined with strong second quarter persistency led to a 14% increase in Term Life net premiums year-over-year.  Claims experience was below both historical levels and the modestly unfavorable levels experienced in the prior year period.  Investment and Savings Product sales and average client asset values were lower than the prior year period while sales increased on a sequential quarter basis during the IRA season.

Glenn Williams, Chief Executive Officer said, “We continue to see strong performance throughout our business.  Our sales force leaders delivered distribution growth and strong life insurance productivity in the second quarter.  Recruiting and licensing momentum continued resulting in 11% growth in the size of our life insurance licensed sales force year-over-year to 112,365 representatives.  Term Life insurance policies issued increased 14% and our Investment and Savings Products performed well despite the uncertainty in the market.  EPS and ROE grew significantly through earnings and ongoing share repurchases.”

 
1

 
 
Distribution & Segment Results
 
 
          Distribution Results
 
     
Q2 2016
     
Q2 2015
   
% Change
     
Q1 2016
   
% Change
 
                                     
Life Licensed Sales Force (1)
   
112,365
     
101,008
     
11%
 
   
108,220
     
4%
 
Recruits
   
65,273
     
60,246
     
8%
 
   
63,427
     
3%
 
New Life-Licensed Representatives
   
12,171
     
10,439
     
17%
 
   
9,666
     
26%
 
Life Insurance Policies Issued
   
77,384
     
68,097
     
14%
 
   
66,376
     
17%
 
Life Productivity (2)
   
0.23
     
0.23
     
*
     
0.21
     
*
 
ISP Product Sales ($ billions)
 
$
1.47
   
$
1.57
     
(6)%
 
 
$
1.38
     
7%
 
Average Client Asset Values ($ billions)
 
$
48.94
   
$
49.66
     
(1)%
 
 
$
46.65
     
5%
 
 
(1)  End of period
                                       
                                         
(2) Life productivity equals Policies issued divided by the average number of life insurance licensed representatives per month
 
                                         
*  Not calculated
                                       
 

 
                                          Segment Results
       
     
Q2 2016
     
Q2 2015
   
% Change
     
Q1 2016
   
% Change
 
   
($ in thousands) 
             
Operating Revenues: (1)
                                   
Term Life Insurance
 
$
210,679
   
$
184,389
     
14%
 
 
$
206,277
     
2%
 
Investment and Savings Products
   
132,693
     
135,081
     
(2)%
 
   
125,035
     
6%
 
Corporate and Other Distributed Products
   
32,432
     
30,450
     
7%
 
   
32,433
     
*
 
Total operating revenues (1)
 
$
375,804
   
$
349,920
     
7%
 
 
$
363,745
     
3%
 
                                         
Operating Income (loss) before income taxes: (1)
                                       
Term Life Insurance
 
58,017
    $
44,689
     
30%
 
 
$
46,078
     
26%
 
Investment and Savings Products
   
36,065
     
37,746
     
(4)%
 
   
31,691
     
14%
 
Corporate and Other Distributed Products
   
(5,642
)
   
(6,207
)
   
(9)%
 
   
(6,774
)
   
(17)%
 
Total operating income before income taxes (1)
 
$
88,440
   
$
76,228
     
16%
 
 
$
70,995
     
25%
 
   
(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations at the end of this release for additional information.
 

 
Life Insurance Licensed Sales Force. Strong recruiting and licensing trends in recent quarters drove 11% year-over-year growth in the life insurance licensed sales force to 112,365 representatives at the end of the second quarter.   Second quarter recruiting of new representatives increased 8% and new life insurance licenses grew 17% from the year ago period.  On a sequential quarter basis, recruiting increased 3% and new life insurance licenses grew 26% reflecting recent recruiting levels.

Term Life Insurance.  In the second quarter of 2016, term life insurance policies issued increased 14% year-over-year driven by the larger life insurance licensed sales force and seasonally strong productivity at .23 policies per life insurance licensed representative per month.  Term Life revenues increased 14% to $210.7 million compared with the year ago period reflecting a 14% increase in net premiums from ongoing growth in issued policies.  Income before income taxes grew 30% to $58.0 million year-over-year.  Second quarter claims experience was approximately $2 million below historical levels while claims experience in the year ago quarter was unfavorable by approximately $1 million.  Favorable persistency experience contributed approximately $1 million to the segment’s income before income taxes in the second quarter of 2016.
 
 
 
2

 
 
 
Investment and Savings Products (ISP).  In the second quarter, the ISP segment was impacted by uncertainty in the markets as well as by industry-wide weakness in variable annuity sales.  ISP revenues decreased 2% to $132.7 million and income before income taxes declined 4% to $36.1 million compared with the year ago period.  Results reflect a 6% decline in product sales to $1.47 billion primarily due to 20% lower variable annuity sales year-over-year.  Average client asset values of $48.9 billion were consistent with the prior year period while account-based revenue increased 6%. Positive Canadian segregated fund market performance in the second quarter of 2016 led to deceleration of DAC amortization which contributed to $1.2 million lower DAC amortization year-over-year.

Corporate and Other Distributed Products (C&O)The C&O segment operating revenues were $32.4 million, and operating losses before income taxes were $5.6 million in the second quarter of 2016.  Results were impacted by a modest increase in insurance and other expenses primarily reflecting higher employee-related expenses partially offset by a $1.5 million reduction in the interest expense on an IPO related reinsurance agreement.  Net investment income benefited from an approximately $1 million positive mark-to-market on the deposit asset backing an IPO related reinsurance agreement which offset the continued pressure on the portfolio yield.  The invested asset portfolio experienced price improvements with net unrealized gains increasing from $74.9 million at March 31, 2016 to $105.2 million at quarter-end due to a steep decline in interest rates and slightly tighter credit spreads during the period.

Capital
Primerica repurchased $40.6 million or approximately 800,000 shares of its common stock in the second quarter and repurchased $90.5 million, or 2.0 million shares year-to-date through June.  Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 430% as of June 30, 2016.
 
 
3

 

 
Non-GAAP Financial Measures
We report financial results in accordance with U.S. generally accepted accounting principles (GAAP).  We also present adjusted direct premiums, other ceded premiums, operating revenues, operating income before income taxes, net operating income, adjusted stockholders’ equity and diluted operating earnings per shareAdjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering for all periods presented.  We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.  Operating revenues, operating income before income taxes, net operating income, and diluted operating earnings per share exclude the impact of realized investment gains and losses, including other-than-temporary impairments (OTTI), for all periods presented.  We exclude realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity that are not directly associated with the Company's insurance operations.  Adjusted stockholders' equity excludes the impact of net unrealized investment gains and losses recorded in other comprehensive income (loss) for all periods presented.  We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

The definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies.  Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating financial performance.  Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business.  These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the results as reported under GAAP.  Reconciliations of non-GAAP to GAAP financial measures are attached to this release.
 
 
4


 
 
Earnings Webcast Information
Primerica will hold a webcast Tuesday, August 9, 2016 at 10:00 am EDT, to discuss second quarter results.  This release and a detailed financial supplement will be posted on Primerica’s website.  Investors are encouraged to review these materials.  To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software.

A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com.

Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of our sales representatives; changes to the independent contractor status of our sales representatives; our or our sales representatives’ violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds; changes in federal and state legislation, including other legislation or regulation that affects our insurance and investment product businesses, such as the DOL’s recently adopted rule defining who is a “fiduciary” of a qualified retirement plan as a result of giving investment advice; our failure to meet RBC standards or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of, or legal challenges to, the support tools we provide to our sales force; heightened standards of conduct or more stringent licensing requirements for our sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; legal and regulatory investigations and actions concerning us or our sales representatives; the loss of key personnel; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; and fluctuations in Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

 
 
5

 
 
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”.

Investor Contact:
Kathryn Kieser
470-564-7757
Email: investorrelations@primerica.com


Media Contact:
Keith Hancock
470-564-6328
Email: Keith.Hancock@Primerica.com
 
 
6

 
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
             
             
   
June 30, 2016 (1)
   
December 31, 2015
 
    (In thousands)
Assets:
           
Investments:
           
Fixed-maturity securities available-for-sale, at fair value
 
$
1,726,774
   
$
1,731,459
 
Fixed-maturity securities held-to-maturity, at amortized cost
   
431,000
     
365,220
 
Equity securities available-for-sale, at fair value
   
49,040
     
47,839
 
Trading securities, at fair value
   
8,012
     
5,358
 
Policy loans
   
30,817
     
28,627
 
Total investments
   
2,245,643
     
2,178,503
 
Cash and cash equivalents
   
213,091
     
152,294
 
Accrued investment income
   
16,100
     
17,080
 
Due from reinsurers
   
4,147,284
     
4,110,628
 
Deferred policy acquisition costs, net
   
1,619,236
     
1,500,259
 
Premiums and other receivables
   
213,329
     
188,886
 
Intangible assets, net
   
56,617
     
58,318
 
Income taxes
   
30,844
     
35,067
 
Other assets
   
351,340
     
304,356
 
Separate account assets
   
2,311,124
     
2,063,899
 
Total assets
 
$
11,204,608
   
$
10,609,290
 
                 
Liabilities and Stockholders’ Equity:
               
Liabilities:
               
Future policy benefits
 
$
5,581,043
   
$
5,431,711
 
Unearned premiums
   
560
     
628
 
Policy claims and other benefits payable
   
235,265
     
238,157
 
Other policyholders’ funds
   
351,740
     
356,123
 
Notes payable
   
372,735
     
372,552
 
Surplus note
   
430,233
     
364,424
 
Income taxes
   
199,985
     
148,125
 
Other liabilities
   
422,556
     
416,417
 
Payable under securities lending
   
91,901
     
71,482
 
Separate account liabilities
   
2,311,124
     
2,063,899
 
Total liabilities
   
9,997,142
     
9,463,518
 
                 
Stockholders’ equity:
               
Common stock
   
466
     
483
 
Paid-in capital
   
102,825
     
180,250
 
Retained earnings
   
1,040,860
     
952,804
 
Accumulated other comprehensive income (loss), net of income tax:
   
63,315
     
12,235
 
Total stockholders’ equity
   
1,207,466
     
1,145,772
 
Total liabilities and stockholders’ equity
 
$
 11,204,608
   
$
 10,609,290
 
                 
(1) Unaudited.         
 
7

 
 
 
 PRIMERICA, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Unaudited)
             
   
Three months ended June 30,
 
   
2016
   
2015
 
   
(In thousands, except per-share amounts)
 
Revenues:
           
Direct premiums
 
$
 612,189
   
$
 588,248
 
Ceded premiums
   
(406,683
)
   
(406,854
)
Net premiums
   
205,506
     
181,394
 
Commissions and fees
   
136,902
     
139,150
 
Net investment income
   
20,389
     
19,075
 
Realized investment gains (losses), including OTTI
   
3,440
     
597
 
Other, net
   
13,007
     
10,301
 
Total revenues
   
379,244
     
350,517
 
                 
Benefits and expenses:
               
Benefits and claims
   
88,984
     
82,521
 
Amortization of deferred policy acquisition costs
   
38,720
     
36,384
 
Sales commissions
   
70,146
     
71,499
 
Insurance expenses
   
33,026
     
28,744
 
Insurance commissions
   
4,472
     
4,145
 
Interest expense
   
7,178
     
8,642
 
Other operating expenses
   
44,838
     
41,757
 
Total benefits and expenses
   
287,364
     
273,692
 
Income before income taxes
   
91,880
     
76,825
 
Income taxes
   
32,554
     
27,652
 
Net income
 
$
 59,326
   
$
 49,173
 
                 
Basic earnings per share:
               
Basic earnings per share
 
$
 1.23
   
$
 0.94
 
Diluted earnings per share
 
$
 1.23
   
$
 0.94
 
                 
Shares used in computing earnings per share:
               
Basic
   
47,658
     
51,787
 
Diluted
   
47,708
     
51,812
 
 
 
8

 
 
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
                   
   
Three months ended June 30,
       
   
2016
   
2015
   
% Change
 
Operating revenues
 
$
 375,804
   
$
 349,920
     
7
%
Realized investment gains (losses), including OTTI
   
3,440
     
597
         
Total revenues
 
$
 379,244
   
$
350,517
     
8
%
                         
Operating income before income taxes
 
$
 88,440
   
$
 76,228
     
16
%
Realized investment gains (losses), including OTTI
   
3,440
     
597
         
Income before income taxes
  $
91,880
    $
76,825
     
20
%
                         
Net operating income
 
$
 57,104
   
$
 48,791
     
17
%
Realized investment gains (losses), including OTTI
   
3,440
     
597
         
Tax impact of reconciling items
   
(1,218
)
   
(215
)
       
Net income
  $
59,326
    $
49,173
     
21
%
                         
Diluted operating earnings per share (1)
 
$
 1.19
   
$
 0.93
     
27
%
Net after-tax impact of operating adjustments
   
0.04
     
0.01
         
Diluted earnings per share (1)
 
$
 1.23
   
$
 0.94
     
31
%
                         
(1) Percentage change in earnings per share is calculated prior to rounding per share amounts.
 
 
 
 
9

 
 
TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited – in thousands)
             
   
Three months ended June 30,
 
   
2016
   
2015
 
Adjusted direct premiums
 
$
 281,350
   
$
247,889
 
Premiums ceded to IPO coinsurers
   
322,767
     
331,984
 
Direct premiums
 
$
 604,117
   
$
 579,873
 
Other ceded premiums
 
$
 (81,725
)
 
$
 (72,227
)
Premiums ceded to IPO coinsurers
   
(322,767
)
   
(331,984
)
Ceded premiums
 
$
 (404,492
)
 
$
 (404,211
)
Net premiums
 
$
 199,625
   
$
 175,662
 
 
 
 
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Operating Results Reconciliation
(Unaudited – in thousands)
             
   
Three months ended June 30,
 
   
2016
   
2015
 
Operating revenues
 
$
 32,432
   
$
 30,450
 
Realized investment gains (losses), including OTTI
   
3,440
     
597
 
Total revenues
 
$
 35,872
   
$
 31,047
 
                 
Operating loss before income taxes
 
$
 (5,642
)
 
$
 (6,207
)
Realized investment gains (losses), including OTTI
   
3,440
     
597
 
Loss from continuing operations before income taxes
 
$
 (2,202
)
 
$
 (5,610
)
 
 
 
PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
             
   
June 30, 2016
   
December 31, 2015
 
Adjusted stockholders' equity
 
$
 1,139,060
   
$
 1,113,736
 
Unrealized net investment gains recorded
  in stockholders' equity, net of income tax
   
68,406
     
32,036
 
Stockholders' equity
 
$
 1,207,466
   
$
 1,145,772
 
 
10
(Back To Top)

Section 3: EX-99.2 (EXHIBIT 99.2)

 
Exhibit 99.2
 
 
Logo
 
Supplemental Financial Information
Second Quarter 2016
 
 
 
 
 
 
 

 
Table of Contents
PRIMERICA, INC.
Financial Supplement 
 
 
Page
   
Preface, definition of Non-GAAP financial measures
3
   
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures
4
   
Financial results and other statistical data 
5
   
Statements of income 
6
   
Reconciliation of statement of income non-GAAP to GAAP financial measures
7
   
Segment operating results 
8
        Term Life Insurance segment - financial results, key statistics, and financial analysis 
9-10
        Investment and Savings Products segment - financial results, financial analysis, and key statistics
11-12
   
Investment portfolio
13-15
   
Five-year historical key statistics 
16
 
 
 
This document may contain forward-looking statements and information.  Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2015.
 
2 of 16

 
Preface
PRIMERICA, INC.
Financial Supplement
 
SECOND QUARTER 2016

This document is a financial supplement to our second quarter 2016 earnings release.  It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions.  Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:
 
·
Operating adjustments exclude the impact of realized investment gains and losses.  We exclude realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity that are not directly associated with the Company's insurance operations.
 
·
Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets.  We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is disposed.
 
·
IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated  with Citigroup Inc. (“Citi”) that were executed concurrent with our IPO.  We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.
 
Management utilizes certain non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business.  Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.
 
Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item.  Certain items throughout this supplement are noted as ‘na’ to indicate not applicable.  Certain variances are noted as ‘nm’ to indicate not meaningful.  Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.
 
3 of 16

 
Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures
PRIMERICA, INC.
Financial Supplement
 
(Dollars in thousands)
 
Dec 31,
2014
   
Mar 31,
2015
   
Jun 30,
2015
   
Sep 30,
2015
   
Dec 31,
2015
   
Mar 31,
2016
   
Jun 30,
2016
 
Condensed Balance Sheets
                                         
Assets:
                                         
Investments and cash excluding securities held to maturity
 
$
2,040,313
   
$
2,053,392
   
$
1,963,702
   
$
1,924,636
   
$
1,965,576
   
$
1,968,419
   
$
2,027,735
 
Securities held to maturity
   
220,000
     
238,000
     
328,000
     
356,000
     
365,220
     
404,860
     
431,000
 
Total investments and cash
   
2,260,313
     
2,291,392
     
2,291,702
     
2,280,636
     
2,330,796
     
2,373,279
     
2,458,735
 
Due from reinsurers
   
4,115,533
     
4,094,456
     
4,137,425
     
4,103,949
     
4,110,628
     
4,160,266
     
4,147,284
 
Deferred policy acquisition costs
   
1,351,180
     
1,377,022
     
1,430,508
     
1,465,175
     
1,500,259
     
1,559,833
     
1,619,236
 
Other assets
   
567,069
     
568,391
     
591,579
     
623,583
     
603,707
     
655,303
     
668,228
 
Separate account assets
   
2,440,303
     
2,386,265
     
2,324,980
     
2,086,598
     
2,063,899
     
2,264,108
     
2,311,124
 
Total assets
 
$
10,734,398
   
$
10,717,525
   
$
10,776,195
   
$
10,559,941
   
$
10,609,289
   
$
11,012,789
   
$
11,204,606
 
                                                         
Liabilities:
                                                       
Future policy benefits
 
$
5,264,608
   
$
5,289,016
   
$
5,361,580
   
$
5,388,042
   
$
5,431,711
   
$
5,518,834
   
$
5,581,043
 
Other policy liabilities
   
591,719
     
577,951
     
587,687
     
578,322
     
594,908
     
597,057
     
587,565
 
Income taxes
   
140,467
     
157,684
     
156,212
     
152,314
     
148,125
     
177,457
     
199,985
 
Other liabilities
   
410,629
     
402,126
     
384,666
     
397,114
     
416,417
     
418,469
     
422,556
 
Notes payable
   
372,187
     
372,278
     
372,369
     
372,460
     
372,552
     
372,643
     
372,735
 
Surplus note
   
219,147
     
237,162
     
327,176
     
355,190
     
364,424
     
404,079
     
430,233
 
Payable under securities lending
   
50,211
     
55,622
     
63,898
     
83,220
     
71,482
     
87,383
     
91,901
 
Separate account liabilities
   
2,440,303
     
2,386,265
     
2,324,980
     
2,086,598
     
2,063,899
     
2,264,108
     
2,311,124
 
Total liabilities
   
9,489,272
     
9,478,103
     
9,578,569
     
9,413,262
     
9,463,517
     
9,840,030
     
9,997,141
 
Stockholders’ equity:
                                                       
Common stock ($0.01 par value) (1)
   
522
     
516
     
501
     
486
     
483
     
473
     
466
 
Paid-in capital
   
353,335
     
323,996
     
259,937
     
195,314
     
180,250
     
137,857
     
102,824
 
Retained earnings
   
795,741
     
830,624
     
871,440
     
912,749
     
952,804
     
989,685
     
1,040,860
 
Treasury stock
   
     
     
     
     
     
     
 
Accumulated other comprehensive income (loss), net:
                                                       
Net unrealized investment gains (losses) not other-than-temporarily impaired
   
74,307
     
83,401
     
61,742
     
49,889
     
32,106
     
48,747
     
68,473
 
Net unrealized investment losses other-than-temporarily impaired
   
(461
)
   
(461
)
   
(461
)
   
(73
)
   
(71
)
   
(70
)
   
(68
)
Cumulative translation adjustment
   
21,682
     
1,346
     
4,468
     
(11,684
)
   
(19,801
)
   
(3,933
)
   
(5,091
)
Total stockholders’ equity
   
1,245,126
     
1,239,422
     
1,197,626
     
1,146,680
     
1,145,772
     
1,172,759
     
1,207,465
 
Total liabilities and stockholders' equity
 
$
10,734,398
   
$
10,717,525
   
$
10,776,195
   
$
10,559,941
   
$
10,609,289
   
$
11,012,789
   
$
11,204,606
 
                                                         
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
                                                       
Adjusted stockholders' equity
 
$
1,171,280
   
$
1,156,482
   
$
1,136,345
   
$
1,096,864
   
$
1,113,736
   
$
1,124,082
   
$
1,139,060
 
Reconciling items:
                                                       
Net unrealized investment gains (losses) not other-than-temporarily impaired
   
74,307
     
83,401
     
61,742
     
49,889
     
32,106
     
48,747
     
68,473
 
Net unrealized investment losses other-than-temporarily impaired
   
(461
)
   
(461
)
   
(461
)
   
(73
)
   
(71
)
   
(70
)
   
(68
)
Total reconciling items
   
73,846
     
82,940
     
61,281
     
49,816
     
32,036
     
48,678
     
68,405
 
Total stockholders’ equity
 
$
1,245,126
   
$
1,239,422
   
$
1,197,626
   
$
1,146,680
   
$
1,145,772
   
$
1,172,759
   
$
1,207,465
 
                                                         
Adjusted Stockholders' Equity Rollforward
                                                       
Balance, beginning of period
 
$
1,216,813
   
$
1,171,280
   
$
1,156,482
   
$
1,136,345
   
$
1,096,864
   
$
1,113,736
   
$
1,124,082
 
Net Income
   
45,466
     
43,401
     
49,173
     
49,350
     
47,948
     
45,176
     
59,326
 
Shareholder dividends
   
(6,462
)
   
(8,517
)
   
(8,357
)
   
(8,042
)
   
(7,893
)
   
(8,295
)
   
(8,151
)
Retirement of shares and warrants
   
(82,447
)
   
(44,789
)
   
(70,999
)
   
(71,433
)
   
(20,538
)
   
(52,988
)
   
(41,330
)
Net foreign currency translation adjustment
   
(8,600
)
   
(20,336
)
   
3,121
     
(16,152
)
   
(8,116
)
   
15,867
     
(1,157
)
Other, net
   
6,510
     
15,444
     
6,925
     
6,795
     
5,471
     
10,585
     
6,290
 
Balance, end of period
 
$
1,171,280
   
$
1,156,482
   
$
1,136,345
   
$
1,096,864
   
$
1,113,736
   
$
1,124,082
   
$
1,139,060
 
                                                         
Deferred Policy Acquisition Costs Rollforward
                                                       
Balance, beginning of period
 
$
1,321,415
   
$
1,351,180
   
$
1,377,022
   
$
1,430,508
   
$
1,465,175
   
$
1,500,259
   
$
1,559,833
 
General expenses deferred
   
8,171
     
7,953
     
8,554
     
8,396
     
7,951
     
8,443
     
9,138
 
Commission costs deferred
   
67,980
     
70,389
     
78,799
     
79,787
     
77,810
     
81,174
     
89,783
 
Amortization of deferred policy acquisition costs
   
(39,544
)
   
(36,213
)
   
(36,383
)
   
(40,797
)
   
(44,334
)
   
(43,129
)
   
(38,720
)
Foreign currency impact and other, net
   
(6,842
)
   
(16,287
)
   
2,516
     
(12,718
)
   
(6,343
)
   
13,086
     
(798
)
Balance, end of period
 
$
1,351,180
   
$
1,377,022
   
$
1,430,508
   
$
1,465,175
   
$
1,500,259
   
$
1,559,833
   
$
1,619,236
 
 
 
   
(1)
Outstanding common shares exclude restricted stock units.
 
4 of 16

Financial Results and Other Statistical Data
PRIMERICA, INC.
Financial Supplement
 
                                       
YOY Q2
            YOY YTD 
(Dollars in thousands, except per-share data)
   
Q1
2015
     
Q2
2015
     
Q3
2015
     
Q4
2015
     
Q1
2016
     
Q2
2016
   

Change
   
%
Change
   
YTD
2015
   
YTD
2016
   
$
Change
   
%
Change
 
Earnings per Share
                                                                                   
Basic earnings per share:
                                                                                   
Weighted-average common shares and fully vested equity awards
   
52,642,881
     
51,786,679
     
50,081,730
     
49,061,165
     
48,549,580
     
47,657,649
     
(4,129,030
)
   
-8.0
%
   
52,212,414
     
48,103,614
     
(4,108,800
)
   
-7.9
%
                                                                                                 
Net income
 
$
43,401
   
$
49,173
   
$
49,350
   
$
47,948
   
$
45,176
   
$
59,326
   
$
10,153
     
20.6
%
 
$
92,573
   
$
104,502
   
$
11,929
     
12.9
%
Less income attributable to unvested participating securities
   
(444
)
   
(366
)
   
(379
)
   
(374
)
   
(370
)
   
(491
)
   
(124
)
   
-34.0
%
   
(814
)
   
(861
)
   
(47
)
   
-5.7
%
Net income used in computing basic EPS
 
$
42,956
   
$
48,806
   
$
48,971
   
$
47,574
   
$
44,806
   
$
58,835
   
$
10,029
     
20.5
%
 
$
91,760
   
$
103,642
   
$
11,882
     
12.9
%
Basic earnings per share
 
$
0.82
   
$
0.94
   
$
0.98
   
$
0.97
   
$
0.92
   
$
1.23
   
$
0.29
     
31.0
%
 
$
1.76
   
$
2.15
   
$
0.40
     
22.6
%
                                                                                                 
Net operating income
 
$
42,566
   
$
48,791
   
$
49,521
   
$
50,174
   
$
45,680
   
$
57,104
   
$
8,314
     
17.0
%
 
$
91,357
   
$
102,785
   
$
11,428
     
12.5
%
Less operating income attributable to unvested participating securities
   
(436
)
   
(363
)
   
(381
)
   
(392
)
   
(375
)
   
(472
)
   
(109
)
   
-30.0
%
   
(803
)
   
(847
)
   
(43
)
   
-5.4
%
Net operating income used in computing basic operating EPS
 
$
42,131
   
$
48,427
   
$
49,140
   
$
49,782
   
$
45,306
   
$
56,632
   
$
8,205
     
16.9
%
 
$
90,554
   
$
101,938
   
$
11,384
     
12.6
%
Basic operating income per share
 
$
0.80
   
$
0.94
   
$
0.98
   
$
1.01
   
$
0.93
   
$
1.19
   
$
0.25
     
27.1
%
 
$
1.73
   
$
2.12
   
$
0.38
     
22.2
%
                                                                                                 
Diluted earnings per share:
                                                                                               
Weighted-average common shares and fully vested equity awards
   
52,642,881
     
51,786,679
     
50,081,730
     
49,061,165
     
48,549,580
     
47,657,649
     
(4,129,030
)
   
-8.0
%
   
52,212,414
     
48,103,614
     
(4,108,800
)
   
-7.9
%
Dilutive impact of contingently issuable shares
   
48,104
     
25,292
     
21,792
     
31,685
     
24,090
     
49,680
     
24,388
     
96.4
%
   
36,557
     
36,885
     
328
     
0.9
%
Shares used to calculate diluted EPS
   
52,690,985
     
51,811,971
     
50,103,522
     
49,092,850
     
48,573,670
     
47,707,329
     
(4,104,642
)
   
-7.9
%
   
52,248,971
     
48,140,499
     
(4,108,472
)
   
-7.9
%
                                                                                                 
Net income
 
$
43,401
   
$
49,173
   
$
49,350
   
$
47,948
   
$
45,176
   
$
59,326
   
$
10,153
     
20.6
%
 
$
92,573
   
$
104,502
   
$
11,929
     
12.9
%
Less income attributable to unvested participating securities
   
(444
)
   
(366
)
   
(379
)
   
(374
)
   
(370
)
   
(490
)
   
(124
)
   
-33.9
%
   
(813
)
   
(860
)
   
(47
)
   
-5.7
%
Net income used in computing diluted EPS
 
$
42,957
   
$
48,807
   
$
48,971
   
$
47,574
   
$
44,806
   
$
58,835
   
$
10,029
     
20.5
%
 
$
91,760
   
$
103,642
   
$
11,882
     
12.9
%
Diluted earnings per share
 
$
0.82
   
$
0.94
   
$
0.98
   
$
0.97
   
$
0.92
   
$
1.23
   
$
0.29
     
30.9
%
 
$
1.76
   
$
2.15
   
$
0.40
     
22.6
%
                                                                                                 
Net operating income
 
$
42,566
   
$
48,791
   
$
49,521
   
$
50,174
   
$
45,680
   
$
57,104
   
$
8,314
     
17.0
%
 
$
91,357
   
$
102,785
   
$
11,428
     
12.5
%
Less operating income attributable to unvested participating securities
   
(435
)
   
(363
)
   
(381
)
   
(392
)
   
(374
)
   
(472
)
   
(109
)
   
-29.9
%
   
(803
)
   
(846
)
   
(43
)
   
-5.4
%
Net operating income used in computing diluted operating EPS
 
$
42,131
   
$
48,427
   
$
49,140
   
$
49,782
   
$
45,306
   
$
56,632
   
$
8,205
     
16.9
%
 
$
90,554
   
$
101,939
   
$
11,384
     
12.6
%
Diluted operating income per share
 
$
0.80
   
$
0.93
   
$
0.98
   
$
1.01
   
$
0.93
   
$
1.19
   
$
0.25
     
27.0
%
 
$
1.73
   
$
2.12
   
$
0.38
     
22.2
%
                                                                                                 
 
                                                                                               
                                                                                                 
     
Q1
2015
     
Q2
2015
     
Q3
2015
     
Q4
2015
     
Q1
2016
     
Q2
2016
  YOY Q2                 YOY YTD
     

Change
   
%
Change
   
YTD
2015
   
YTD
2016
   
$
Change
   
%
Change
 
Annualized Return on Equity
                                                                                               
Average stockholders' equity
 
$
1,242,274
   
$
1,218,524
   
$
1,172,153
   
$
1,146,226
   
$
1,159,266
   
$
1,190,112
   
$
(28,412
)
   
-2.3
%
 
$
1,230,399
   
$
1,174,689
   
$
(55,710
)
   
-4.5
%
Average adjusted stockholders' equity
 
$
1,163,881
   
$
1,146,414
   
$
1,116,605
   
$
1,105,300
   
$
1,118,909
   
$
1,131,571
   
$
(14,843
)
   
-1.3
%
 
$
1,155,147
   
$
1,125,240
   
$
(29,907
)
   
-2.6
%
                                                                                                 
Net income return on stockholders' equity
   
14.0
%
   
16.1
%
   
16.8
%
   
16.7
%
   
15.6
%
   
19.9
%
   
3.8
%
 
nm
     
15.0
%
   
17.8
%
   
2.7
%
 
nm
 
Net income return on adjusted stockholders' equity
   
14.9
%
   
17.2
%
   
17.7
%
   
17.4
%
   
16.2
%
   
21.0
%
   
3.8
%
 
nm
     
16.0
%
   
18.6
%
   
2.5
%
 
nm
 
                                                                                                 
Net operating income return on adjusted stockholders' equity
   
14.6
%
   
17.0
%
   
17.7
%
   
18.2
%
   
16.3
%
   
20.2
%
   
3.2
%
 
nm
     
15.8
%
   
18.3
%
   
2.5
%
 
nm
 
                                                                                                 
Capital Structure
                                                                                               
Debt-to-capital (1)
   
23.1
%
   
23.7
%
   
24.5
%
   
24.5
%
   
24.1
%
   
23.6
%
   
-0.1
%
 
nm
     
23.7
%
   
23.6
%
   
-0.1
%
 
nm
 
                                                                                                 
Cash and invested assets to stockholders' equity
   
1.8
x
   
1.9
x
   
2.0
x
   
2.0
x
   
2.0
x
   
2.0
x
   
0.1
x
 
nm
     
1.9
x
   
2.0
x
   
0.1
x
 
nm
 
Cash and invested assets to adjusted stockholders' equity
   
2.0
x
   
2.0
x
   
2.1
x
   
2.1
x
   
2.1
x
   
2.2
x
   
0.1
x
 
nm
     
2.0
x
   
2.2
x
   
0.1
x
 
nm
 
                                                                                                 
Share count, end of period (2)
   
51,554,770
     
50,110,938
     
48,571,139
     
48,296,623
     
47,295,175
     
46,601,587
     
(3,509,351
)
   
-7.0
%
   
50,110,938
     
46,601,587
     
(3,509,351
)
   
-7.0
%
Adjusted stockholders' equity per share
 
$
22.43
   
$
22.68
   
$
22.58
   
$
23.06
   
$
23.77
   
$
24.44
   
$
1.77
     
7.8
%
 
$
22.68
   
$
24.44
   
$
1.77
     
7.8
%
                                                                                                 
Financial Strength Ratings - Primerica Life Insurance Co
                                                                                               
Moody's
   
A2
     
A2
     
A2
     
A2
     
A2
     
A2
   
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
S&P
 
 
AA-
   
 
AA- 
   
 
AA- 
   
 
AA- 
   
 
AA- 
   
 
AA- 
   
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
A.M. Best
   
A+
 
   
A+
 
   
A+
 
   
A+
 
   
A+
 
   
A+
 
 
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
                                                                                                 
Holding Company Senior Debt Ratings
                                                                                               
Moody's
 
 
Baa2 
   
 
Baa2 
   
 
Baa2 
   
 
Baa2 
   
 
Baa2 
   
 
Baa2 
   
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
S&P
   
A-
     
A-
     
A-
     
A-
     
A-
     
A-
   
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
A.M. Best
   
a-
     
a-
     
a-
     
a-
     
a-
     
a-
   
nm
   
nm
   
nm
   
nm
   
nm
   
nm
 
 
 
    
(1)
Debt-to-capital is that of the parent company only.  Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
(2)
Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).
 
5 of 16

 
Statements of Income
PRIMERICA, INC.
Financial Supplement
 
                                       
YOY Q2
               
YOY YTD
 
(Dollars in thousands)
   
Q1
2015
     
Q2
2015
     
Q3
2015
     
Q4
2015
     
Q1
2016
     
Q2
2016
   
$
Change
   
%
Change
   
YTD
2015
   
YTD
2016
   
$
Change
   
%
Change
 
Statement of Income
                                                                                   
Revenues:
                                                                                   
Direct premiums
 
$
577,458
   
$
588,248
   
$
587,882
   
$
591,856
   
$
597,130
   
$
612,189
   
$
23,941
     
4.1
%
 
$
1,165,707
   
$
1,209,319
   
$
43,613
     
3.7
%
Ceded premiums
   
(397,541
)
   
(406,854
)
   
(393,987
)
   
(396,838
)
   
(395,333
)
   
(406,683
)
   
171
   
nm
     
(804,395
)
   
(802,017
)
   
2,379
     
0.3
%
Net premiums
   
179,918
     
181,394
     
193,895
     
195,018
     
201,797
     
205,506
     
24,112
     
13.3
%
   
361,312
     
407,303
     
45,991
     
12.7
%
Net investment income
   
21,173
     
19,075
     
18,715
     
17,546
     
21,238
     
20,389
     
1,314
     
6.9
%
   
40,249
     
41,627
     
1,379