Primerica, Inc. PRI Income Statement

Primerica, inc. (PRI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues:
Direct premiums
702,637	697,060	692,258	687,262	677,286	673,605	670,222	667,191	656,087	650,906	646,079	637,426	627,698	618,362	616,587	612,189	597,130	591,856	587,882	588,248	577,458	578,905	577,482	576,740	568,205	568,849	567,047	568,391	560,904	532,649	567,273	570,073	561,037	555,778	560,739	560,881	552,069	547,444	547,455
Ceded premiums
386,825	390,364	388,982	400,588	389,795	392,290	391,175	403,449	394,249	397,318	397,641	406,043	399,769	398,867	399,676	406,683	395,333	396,839	393,987	406,854	397,540	401,358	402,198	410,546	402,715	408,616	407,488	417,450	410,604	414,784	414,991	415,815	418,163	419,630	425,643	435,564	422,238	437,054	447,213
Net premiums
315,812	306,696	303,276	286,674	287,491	281,315	279,047	263,742	261,838	253,588	248,438	231,383	227,929	219,495	216,911	205,506	201,797	195,017	193,895	181,394	179,918	177,547	175,284	166,194	165,490	160,233	159,559	150,941	150,300	117,865	152,282	154,258	142,874	136,148	135,096	125,317	129,831	110,390	100,242
Commissions and fees
190,069	188,302	179,719	178,468	167,315	171,960	170,879	167,940	166,827	-	-	-	144,268	141,681	134,282	136,902	128,821	132,793	132,368	139,150	132,835	135,266	132,928	132,039	126,933	123,913	118,440	117,182	112,273	113,773	104,607	106,759	103,905	98,774	100,883	108,698	106,116	89,737	93,226
Investment income net of investment expenses
28,892	35,532	35,444	36,637	34,785	32,229	30,214	29,082	27,390	27,288	27,153	25,829	25,612	23,163	24,356	24,994	25,392	21,640	22,487	21,782	23,648	-	21,764	21,681	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense on surplus note
13,472	13,113	12,769	11,769	10,674	10,468	9,592	9,052	8,373	7,829	7,231	6,087	5,718	5,164	4,957	4,605	4,154	4,094	3,772	2,707	2,475	-	1,299	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net investment income
15,420	22,419	22,675	24,868	24,111	21,760	20,622	20,030	19,017	19,459	19,922	19,742	19,894	17,999	19,399	20,389	21,238	17,546	18,715	19,075	21,173	22,728	20,465	21,681	21,599	22,406	22,103	21,027	23,216	24,221	26,881	23,605	26,097	25,643	27,103	27,229	28,626	27,855	27,991
Realized investment gains (losses)
-10,030	766	285	1,067	2,847	-1,651	-126	1,313	-1,656	1,079	22	104	134	1,466	-35	3,440	-783	-3,360	-259	597	1,284	-1,074	-281	831	263	899	-407	3,468	2,286	1,058	3,872	4,321	2,131	4,256	-178	2,035	327	1,015	374
Other, net
13,665	13,779	14,698	13,825	13,223	13,941	14,359	14,790	13,897	14,711	14,291	14,150	12,939	13,223	13,069	12,757	11,527	11,131	10,990	10,301	9,636	8,330	10,445	10,385	10,043	9,198	10,714	10,872	10,375	10,641	11,446	11,582	11,594	11,034	12,887	11,816	11,452	12,239	12,466
Revenues
524,936	531,962	520,653	504,902	494,987	487,325	484,781	467,815	459,923	442,942	427,300	413,696	405,164	393,864	383,626	378,994	362,600	353,127	355,709	350,517	344,846	342,797	338,841	331,130	324,328	316,649	310,409	303,490	298,450	267,558	299,088	300,525	286,601	275,855	275,791	275,095	276,352	241,236	234,299
Benefits and expenses:
Benefits and claims
134,813	127,784	128,684	115,068	122,284	116,837	118,787	105,069	116,890	108,258	105,864	99,512	102,385	94,672	93,022	88,984	90,977	85,695	88,599	82,521	82,500	82,579	81,235	72,412	75,191	70,244	76,549	64,322	68,816	46,452	70,738	68,925	67,933	63,688	64,101	57,272	57,635	49,811	45,124
Amortization of deferred policy acquisition costs
70,311	67,279	63,883	58,762	64,628	66,184	59,534	53,847	60,165	56,304	53,384	47,861	51,850	53,305	45,428	38,720	43,129	44,333	40,797	36,384	36,213	39,545	36,944	32,696	35,193	35,627	32,192	30,112	31,252	34,628	29,234	28,205	26,531	30,185	26,645	23,975	23,229	23,844	22,899
Sales commissions
96,607	94,239	89,061	90,099	83,799	85,323	84,588	82,954	82,519	76,822	72,022	75,440	73,704	69,326	66,700	70,146	66,643	67,535	67,402	71,499	68,457	68,790	67,500	67,364	65,121	61,163	58,388	57,638	55,048	54,007	49,370	51,475	49,717	43,876	47,135	50,273	50,438	42,264	43,511
Insurance expenses
48,709	45,991	44,854	44,570	43,402	41,671	41,925	43,451	41,109	35,102	37,637	36,920	37,621	33,475	32,837	32,906	33,130	29,672	30,266	28,744	34,348	26,028	31,149	28,192	28,502	25,284	26,576	26,513	25,512	20,117	23,744	24,589	22,444	24,273	22,133	26,988	15,798	11,999	10,083
Insurance commissions
6,844	6,623	6,980	5,829	5,619	5,612	6,584	6,417	5,877	5,459	5,593	5,157	4,899	4,455	4,709	4,472	4,147	4,386	4,619	4,145	3,190	3,344	4,045	3,881	4,083	4,242	3,933	4,132	4,223	86	6,684	6,458	8,496	9,548	10,538	9,534	8,998	5,099	4,233
Interest expense
7,192	7,221	7,209	7,201	7,180	7,191	7,216	7,229	7,173	7,145	7,073	7,143	7,127	7,156	7,184	7,178	7,173	7,471	8,718	8,642	8,676	8,700	8,712	8,552	8,606	8,704	8,726	8,793	8,795	8,857	8,828	8,506	6,910	6,973	7,000	6,998	6,997	6,968	6,928
Other operating expenses
65,914	60,681	54,843	55,913	65,707	56,585	54,712	55,083	63,227	45,763	45,527	45,274	52,736	44,409	45,309	44,708	47,189	41,641	40,355	41,757	44,653	44,681	45,236	42,293	40,800	55,241	41,273	45,030	45,664	43,231	39,934	40,446	41,105	40,631	42,732	41,590	40,001	39,372	65,183
Total benefits and expenses
430,390	409,818	395,514	377,442	392,619	379,403	373,346	354,050	376,960	334,853	327,100	317,307	330,322	306,798	295,189	287,114	292,388	280,733	280,756	273,692	278,037	273,667	274,821	255,390	257,496	260,505	247,637	236,540	239,310	207,378	228,532	228,604	223,136	219,174	220,284	216,630	203,096	179,357	197,961
Income before income taxes
94,546	122,144	125,139	127,460	102,368	107,922	111,435	113,765	82,963	108,089	100,200	96,389	74,842	87,066	88,437	91,880	70,212	72,394	74,953	76,825	66,809	69,130	64,020	75,740	66,832	56,144	62,772	66,950	59,140	60,180	70,556	71,921	63,465	56,681	55,507	58,465	73,256	61,879	36,338
Income taxes
22,077	28,587	28,916	30,014	23,203	21,381	26,296	27,065	17,248	-60,354	33,565	33,282	22,772	30,191	30,400	32,554	25,036	24,447	25,603	27,652	23,408	23,665	22,407	26,469	23,347	19,478	22,040	23,782	21,005	20,406	24,957	25,741	21,709	19,479	20,409	20,845	25,985	22,284	14,330
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	45,465	41,613	49,271	43,485	36,666	40,732	43,168	38,135	-	-	-	-	-	-	-	-	-	-
Income from discontinued operations, net of income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	-18	0	1,595	534	2,458	322	710	-	-	-	-	-	-	-	-	-	-
Net income
72,469	93,557	96,223	97,446	79,165	86,541	85,139	86,700	65,715	168,443	66,635	63,107	52,070	56,875	58,037	59,326	45,176	47,947	49,350	49,173	43,401	45,466	41,595	49,271	45,080	37,200	43,190	43,490	38,845	40,271	45,599	46,180	41,756	37,202	35,098	37,620	47,271	39,595	22,008
Continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.84	0.75	0.89	0.78	0.65	0.74	0.75	0.66	-	-	-	-	-	-	-	-	-	-
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	0.03	0.01	0.04	0.01	0.01	-	-	-	-	-	-	-	-	-	-
Earnings per share:
Basic earnings per share
1.75	2.25	2.28	2.28	1.84	1.99	1.95	1.96	1.46	3.69	1.46	1.36	1.12	1.22	1.22	1.23	0.92	0.96	0.98	0.94	0.82	0.84	0.75	0.89	0.81	0.66	0.78	0.76	0.67	0.68	0.74	0.73	0.62	0.53	0.46	0.50	0.62	0.53	0.29
Continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.84	0.75	0.89	0.78	0.65	0.74	0.73	0.64	-	-	-	-	-	-	-	-	-	-
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	0.03	0.01	0.04	0.01	0.01	-	-	-	-	-	-	-	-	-	-
Diluted earnings per share
1.75	2.23	2.28	2.28	1.83	1.99	1.94	1.95	1.46	3.68	1.46	1.36	1.11	1.22	1.22	1.23	0.92	0.96	0.98	0.94	0.82	0.84	0.75	0.89	0.81	0.66	0.78	0.74	0.65	0.66	0.72	0.72	0.61	0.51	0.46	0.49	0.62	0.52	0.29
Weighted-average shares used in computing earnings per share:
Basic
41,131	41,453	41,964	42,483	42,824	43,158	43,452	44,066	44,740	44,789	45,318	45,984	46,301	46,428	47,008	47,658	48,550	49,012	50,082	51,787	52,643	53,417	54,713	54,927	55,211	55,270	54,957	56,511	56,598	57,512	60,060	61,531	65,133	69,346	73,658	73,457	72,671	72,259	71,844
Diluted
41,239	41,595	42,100	42,619	42,942	43,289	43,589	44,207	44,855	44,903	45,408	46,071	46,374	46,479	47,051	47,708	48,574	49,045	50,104	51,812	52,691	53,465	54,744	54,950	55,233	55,286	54,958	57,849	58,407	59,079	61,563	62,687	66,275	70,202	74,199	74,201	73,826	72,919	72,734
Supplemental disclosures:
Total impairment losses
3,701	-	1,064	-161	-	206	49	-54	-49	337	668	484	211	112	478	803	2,027	4,460	1,564	632	237	3,160	515	221	149	657	347	5	86	138	162	203	701	748	1,117	66	267	268	1,808
Impairment losses recognized in other comprehensive income before income taxes
-	-	-	-	-	-	-	-	-	-	142	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-460	0	-4	-15	0	0	-76	-487	-47	-136	0	0	0	-553
Net impairment losses recognized in earnings
3,701	-	1,064	161	-	0	49	54	49	332	526	484	211	112	478	803	2,027	4,460	1,564	632	237	3,160	515	221	149	197	347	1	71	138	162	127	214	701	981	66	267	268	1,255
Other net realized investment gains (losses)
343	358	536	251	-54	137	-816	828	338	1,411	548	588	345	1,578	443	4,243	1,244	1,100	1,305	1,229	1,521	2,086	234	1,052	412	1,096	-60	3,469	2,357	1,196	4,034	4,448	2,345	4,957	803	2,101	594	1,283	1,629
Net gains (losses) recognized on equity securities
-6,672	516	813	977	2,901	-1,789	739	539	-1,945	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net realized investment gains (losses)
-10,030	766	285	1,067	2,847	-1,651	-126	1,313	-1,656	1,079	22	104	134	1,466	-35	3,440	-783	-3,360	-259	597	1,284	-1,074	-281	831	263	899	-407	3,468	2,286	1,058	3,872	4,321	2,131	4,256	-178	2,035	327	1,015	374
Dividends declared per share
-	-	-	-	-	-	-	-	-	-	-	0.19	0.19	-	0.18	0.17	0.17	0.16	0.16	0.16	0.16	0.12	0.12	0.12	0.12	0.11	0.11	0.11	0.11	0.09	0.07	0.05	0.03	-	0.03	-	-	-	-