By J. Scott Trubey
The Atlanta Journal-Constitution, November 1, 2011
Primerica, the Duluth-based insurance and financial services provider, reported on Tuesday a 3 percent increase in net income on higher revenue. Primerica also said it repurchased nearly $200 million worth of shares held by its former parent company.
Primerica reported net income of $40.6 million, or 53 cents per diluted share, vs. $39.6 million or 52 cents per diluted share a year ago. Operating revenue climbed 15 percent to $276 million.
Investment and savings product sales rose 29 percent compared to third quarter a year ago, and operating revenue in that segment grew 16 percent. Term life insurance operating revenue was up 22 percent.Primerica also announced it agreed to repurchase 8.9 million shares at $22.42 per share from Citigroup, the New York financial services conglomerate that spun off Primerica last year.