Primerica Investment Sales Stay Record High as Growth Cools

The Tip Desk · November 5, 2026 · 4 min read

Investment and Savings Products sales were $4.4 billion, up 19% from a year earlier, as client asset values ended the quarter at $140 billion.

Primerica, Inc. (PRI), a diversified financial services distributor serving middle-income households in the United States and Canada, posted Investment and Savings Products sales of $4.4 billion in the quarter ended September 30, 2026, a 19% increase from a year earlier. The company said the results reflected continued momentum in the investment business, driven by strong client demand and expanded product offerings, while favorable equity market performance over the last year contributed to client asset value growth.

The year-over-year sales gain slowed from 23% in the second quarter. Client asset values ended the quarter at $139.6 billion, up 10% from $126.8 billion a year earlier, after a 16% year-over-year increase in the second quarter. Net inflows totaled $407 million during the quarter.

Total revenues were $902 million, up 7% versus the third quarter of 2025, after a 9% year-over-year increase in the second quarter. Net income was $209 million, up 1% year over year, after a 13% year-over-year increase in the second quarter. Diluted earnings per share were $6.76, up 6% year over year, after a 19% year-over-year increase in the second quarter. Adjusted net operating income was $209 million, up 2% year over year, after an 11% year-over-year increase in the second quarter. Diluted adjusted operating earnings per share were $6.77, up 7% year over year, after a 17% year-over-year increase in the second quarter. The company said results included the impact of annual actuarial assumption changes recognized in the third quarter.

Return on stockholders’ equity was 31.3%. Adjusted net operating income return on adjusted stockholders’ equity was 33.9%.

Term Life Insurance adjusted operating revenues were $461.6 million, essentially unchanged from $463.3 million a year earlier. Adjusted operating income before income taxes in the segment was $152.7 million, down 12% from $172.7 million a year earlier, after a 4% year-over-year decline in the second quarter. Net premiums were $450.5 million, essentially unchanged from $451.1 million a year earlier. Adjusted direct premiums were $699.4 million, up 3% from $678.7 million a year earlier. Issued term life face amount decreased 5% year over year to $25.7 billion, after an 8% year-over-year decline in the second quarter. Life insurance policies issued were 73,813, down 7% from 79,379 a year earlier, after a 12% year-over-year decline in the second quarter. The company said the Term Life business continued to generate stable earnings and predictable cash flow, reflecting its large in-force block of term life insurance policies.

The life-licensed sales force totaled 147,058 representatives at quarter end, down 3% from 152,200 a year earlier. Recruits were 90,818, down 10% from 101,156 a year earlier, after a 2% year-over-year increase in the second quarter. New life-licensed representatives were 10,722, down 14% from 12,482 a year earlier. Life productivity was 0.17, unchanged from 0.17 a year earlier, after a decline from 0.20 to 0.18 in the second quarter. Closed U.S. mortgage volume (brokered) was $142.6 million, down 1% from $143.4 million a year earlier, after a 13% year-over-year increase in the second quarter.

Investment and Savings Products adjusted operating revenues were $378.0 million, up 19% from $318.8 million a year earlier, after a 21% year-over-year increase in the second quarter. Adjusted operating income before income taxes in the segment was $114.1 million, up 21% from $94.2 million a year earlier, after a 31% year-over-year increase in the second quarter. Corporate and Other Distributed Products adjusted operating revenues were $62.2 million, up 10% from $56.8 million a year earlier. Adjusted operating income before income taxes in that segment was $5.3 million, up 41% from $3.8 million a year earlier. Total adjusted operating revenues were $901.8 million, up 8% from $838.9 million a year earlier. Total adjusted operating income before income taxes was $272.1 million, up 1% from $270.7 million a year earlier.

Commissions and fees were $386.7 million, up from $325.5 million a year earlier. Net investment income was $45.7 million, up from $42.4 million a year earlier.

The company returned $159 million to stockholders during the quarter, including $122 million of share repurchases and $37 million of dividends paid. The Board of Directors approved a dividend of $1.20 a share payable on December 14, 2026, to stockholders of record on November 20, 2026. Primerica Life Insurance Company’s estimated statutory risk-based capital ratio was approximately 445% as of September 30, 2026.