Primerica announces a $50 million increase in its share buyback program, bringing the maximum to $375 million

DULUTH, Ga.–(BUSINESS WIRE)–Primerica, Inc. (NYSE: PRI) today announced that its Board of Directors has authorized a $50 million increase in its previously announced stock repurchase program through December 31, 2022, bringing the total authorization at $375 million. Accordingly, the Company expects to repurchase $356 million of its common stock in 2022. Share repurchases may be effected from time to time through open market transactions, block transactions and/or privately negotiated and are subject to market conditions, as well as corporate, regulatory and other considerations.

“Our term life insurance business remains a steady source of deployable capital which has enabled us to provide an attractive return to our investors through a combination of quarterly cash dividends and share buybacks,” said CEO Glenn Williams. . “He continues to demonstrate such strength that the Board of Directors has once again increased the program limit, demonstrating its confidence in our continued ability to generate capital and support the growth of our businesses.”

This share repurchase program may be terminated at any time by the Board of Directors, and the Company has no obligation to repurchase any amount of its ordinary shares under the program. The Company intends to make all redemptions in accordance 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.

Forward-looking statements

Except for historical information contained in this press release, 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 involve risks and uncertainties. known and unknown that may cause our actual results in future periods to differ materially from anticipated or projected results. These risks and uncertainties include, among others, our inability to continue to attract and terminate new hires, retain sales representatives or terminate or maintain the license of sales representatives; new laws or regulations that may apply to our distribution model, which may require us to change our distribution structure; the evolution of the independent contractor status of salespeople; violation or non-compliance with laws and regulations by our representatives or our sales representatives; any failure to protect the confidentiality of customer information; differences between our actual experience and our expectations regarding mortality or persistence as reflected in the pricing of our insurance policies; changes in federal, state and provincial laws or regulations that affect our insurance, investment product and mortgage lending businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a rating agency; the inability of our reinsurers or standby funding counterparties to perform their obligations; the inability of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we offer; litigation and regulatory investigations and actions involving us or our sales representatives; heightened standards of conduct or stricter licensing requirements for sales representatives; inadequate policies and procedures regarding the review of suitability of customer transactions; revocation of our subsidiary’s status as a non-bank depository; downward economic cycles that affect our business, financial condition and results of operations; major pandemics, epidemics or public health outbreaks or other catastrophic events; failure of our computer systems, breach of our information security, failure of our business continuity plan or loss of the Internet; the effects of credit deterioration and interest rate fluctuations on our portfolio of invested assets and other assets; incorrectly value our investments; changes in accounting standards may affect how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; loss of key personnel or sales force leaders; any acquisitions or investments in businesses that do not perform as expected or are difficult to integrate; due to our very limited history with e-TeleQuote, we cannot be certain that its activities will be successful or that we will successfully address any risks unknown to us which may become material; a failure by e-TeleQuote to comply with the requirements of the US government’s Centers for Medicare and Medicaid Services and those of its carrier partners; legislative or regulatory changes to Medicare Advantage or changes to implementation guidelines by the Centers for Medicare and Medicaid Services; e-TeleQuote’s inability to acquire or generate leads on commercially viable terms, to convert leads into sales or if the customer retention policy is weaker than expected; e-TeleQuote’s inability to enroll individuals during the annual Medicare election period; the loss of a key carrier, or changes in commission rates or underwriting practices with a key carrier partner could adversely affect e-TeleQuote’s business; cyberattack(s), security breaches or if e-TeleQuote is unable to protect the security and confidentiality of confidential data, including personal health information; and fluctuations in the market price of our common shares or Canadian dollar exchange rates. These and other risks and uncertainties that affect us are described in more detail in our filings with the Securities and Exchange Commission, which are available in the “Investor Relations” section of our website at address Primerica undertakes no obligation to update its forward-looking statements at any future date.

About Primerica, Inc.

Primerica is a leading provider of financial services to middle-income households in the United States and Canada. Certified Financial Representatives teach Primerica customers how to prepare for a more secure financial future by assessing their needs and offering appropriate products such as term life insurance, mutual funds, annuities and more. financial products. Primerica insured more than 5.7 million lives and had more than 2.7 million customer investment accounts as of December 31, 2021. Primerica was the second largest issuer of term life insurance coverage in the United States and Canada in 2021 through its insurance company subsidiaries. Primerica stock is included in the S&P MidCap 400 and Russell 1000 stock indices and trades on the New York Stock Exchange under the symbol “PRI”.

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