Earnings release
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PRIMERICA Exhibit 99.1 PRIMERICA REPORTS FIRST QUARTER 2021 RESULTS Investment and Savings Products sales increase 27 % to a record $ 2.9 billion Issued Term Life policies grow 16 % Strong momentum in recruiting continues ; new recruits up 12 % Net earnings per diluted share ( EPS ) of $ 2.46 , up 41 % ; return on stockholders ' equity ( ROE ) of 21.1 % Diluted adjusted operating EPS of $ 2.44 , up 19 % ; adjusted net operating income return on adjusted stockholders ' equity ( ROAE ) of 22.2 % Declared dividend of $ 0.47 per share , payable on June 14 , 2021 Duluth , GA , May 5 , 2021 - Primerica , Inc. ( NYSE : PRI ) today announced financial results for the quarter ended March 31 , 2021. Total revenues of $ 637.7 million increased 21 % compared to the first quarter of 2020. Net income of $ 97.9 million increased 35 % , while earnings per diluted share of $ 2.46 increased 41 % compared to the same quarter last year . As previously disclosed , last year's first quarter included pre - tax realized losses on the invested asset portfolio of $ 10.0 million and mark - to- market adjustments on the reinsurance deposit asset of $ 6.4 million , driven by a sharp market downturn at the onset of the COVID pandemic . ROE was 21.1 % for the current quarter compared to 18.2 % in the first quarter of 2020 . Adjusted operating revenues , adjusted net operating income and diluted adjusted operating earnings per share , which are non- GAAP financial measures , exclude the impact of realized gains / losses and the mark - to - market adjustment on the reinsurance deposit asset . A reconciliation of non - GAAP to GAAP financial measures is included at the end of this release . Adjusted operating revenues were $ 636.7 million , increasing 18 % compared to the first quarter of 2020. Adjusted net operating income of $ 97.1 million increased 14 % , while diluted adjusted operating earnings per share of $ 2.44 increased 19 % compared to the same quarter last year . ROAE was 22.2 % during the first quarter of 2021 and 21.8 % during the first quarter of 2020 . 1