Primerica (PRI) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with adjusted operating revenues of $3.3 billion, adjusted net operating income of $751 million, and adjusted EPS of $22.92, reflecting year-over-year growth of 8%, 10%, and 16% respectively.

• Q4 2025 net operating income was $197 million, up 16%-18% year-over-year; diluted EPS was $6.13, up 22%-23%.

• ISP segment drove growth with record sales up 24% and client asset values reaching $129 billion, up 15%.

• Returned 79% of net operating income to shareholders via share repurchases and dividends, with a 200 basis point increase in ROAE.

• Ended the year with $968 billion in in-force protection and a life-licensed sales force of 151,524.

Financial highlights

• Adjusted net operating income rose 10% to $751 million for the year; diluted adjusted operating income per share increased 16% to $22.92.

• Q4 adjusted net operating income was $197 million, up 16%; adjusted operating revenues for Q4 were $853.5 million, up 8%.

• Record adjusted operating revenues of $3.3 billion, up 8% year-over-year.

• Return on adjusted equity increased by 200 basis points to 33.1%.

• Full-year capital return was 79% of net operating income, reflecting strong cash generation.

Outlook and guidance

• Expecting 1% growth in life licensed sales force and 2%-3% policy growth in 2026, maintaining a conservative outlook.

• Projecting 4% growth in adjusted direct premiums and stable key financial ratios for 2026.

• ISP sales growth forecasted at 5%-7% for 2026, with continued strong demand anticipated.

• Dividend increased by 15% in Q1 2026, with a $475 million share repurchase program approved for 2026.

• Consolidated expenses expected to grow 7%-8% in 2026, with higher first quarter expenses due to equity compensation vesting.