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Primerica’s Board of Directors Elects Barbara A. Yastine as a Board Member
Primerica Common Stock (NYSE:PRI)
Intraday Stock Chart
Today : Tuesday 7 December 2010
Primerica, Inc. (NYSE:PRI) today announced the election of Ms. Barbara A. Yastine to the Company’s Board of Directors. Ms. Yastine is the Chief Administrative Officer of Ally Financial, Inc., joining the company in May, 2010. In this role, she has oversight responsibility for the risk, compliance, legal and technology areas and serves as the Chair of Ally Bank, a wholly owned subsidiary of Ally Financial. Prior to joining Ally, she served as a Principal of Southgate Alternative Investments, a diversified alternative asset manager, beginning in June 2007. Before that, she was Chief Financial Officer for Credit Suisse First Boston from October 2002 to August 2004. From 1987 through 2002, Ms. Yastine worked at Citigroup and its predecessor companies, where during her 15 year tenure, she received numerous promotions, culminating with serving as the Chief Financial Officer of Citigroup’s Global Corporate and Investment Bank. During her tenure at Citi she also served as Chief Auditor, Chief Administrative Officer of Citi’s Global Consumer Group and Executive Vice President and Chief Financial Officer of Citifinancial and its predecessors. Ms. Yastine began her career at a Citi predecessor as Director of Investor Relations. She graduated in 1981 with a BA in Journalism from New York University, where she also earned her MBA in 1987.
“We are very pleased to have Barbara become the 9th member of the Primerica Board of Directors,” said D. Richard Williams, Chairman of the Board and Co-CEO of Primerica. I have known Barbara for years and believe her extensive experience in the financial services industry will be a great asset to the Primerica Board.” John A. Addison, Jr., Chairman of Primerica Distribution and Co-CEO, said, “We are elated to make this announcement today. Barbara will be a great asset as an outside Board Member and will bring to the table a wealth of knowledge and experience in our industry.” Ms. Yastine said, “I am honored to accept the offer to serve on Primerica’s Board and look forward to working with my fellow Board members and Senior Management as Primerica moves ahead as a new public company with a 33 year track record of successfully delivering personal service and quality financial products to the underserved middle-income market.”
Ms. Yastine serves on the Board of Directors and chairs the Audit Committee of Symphony Services Corporation, a private portfolio company of the private equity firm Symphony Technology Group, which provides outsourced software engineering services. She is also a member of the Board of Directors of Phoenix House, a leading nonprofit provider of addiction treatment services nationwide. She chairs the Finance and Audit Committee of the Phoenix House Board and also serves on the Personnel and Compensation Committee and the Succession Planning Committee.
Primerica, headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America with approximately 100,000 licensed representatives. The company and its representatives offer clients term life insurance, mutual funds, variable annuities and other financial products. Primerica insures 4.3 million lives and more than 2 million clients maintain investment accounts with the company. Primerica’s mission is to serve middle income families by helping them make informed financial decisions and providing them with the strategies and means to gain financial independence.
Board of Directors of Primerica, Inc. Declares Quarterly Dividend
Primerica Common Stock (NYSE:PRI)
Intraday Stock Chart
Today : Wednesday 10 November 2010
The Board of Directors of Primerica, Inc. (NYSE:PRI), the largest independent financial services marketing company in North America, today approved payment of a quarterly dividend of $0.01. The dividend will be payable on December 10, 2010 to stockholders of record as of November 24, 2010.
About Primerica
Primerica, headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America with approximately 100,000 licensed representatives. The company and its representatives offer clients term life insurance, mutual funds, variable annuities and other financial products. Primerica insures 4.3 million lives and more than 2 million clients maintain investment accounts with the company. Primerica’s mission is to serve middle income families by helping them make informed financial decisions and providing them with the strategies and means to gain financial independence.
Primerica Reports Third Quarter 2010 Results
Primerica Common Stock (NYSE:PRI)
Intraday Stock Chart
Today : Tuesday 2 November 2010
Primerica, Inc. (NYSE: PRI) announced today financial results for the third quarter ended September 30, 2010. Total revenues were $241.2 million for the third quarter of 2010. Net income was $39.6 million for the third quarter of 2010, or $0.52 per diluted share.
Operating revenues were $240.2 million for the third quarter of 2010, up 1%, and operating income before income taxes was $63.9 million, up 2% compared to the year ago period. Results were driven by stable term life performance as well as improved investment and savings product activity, partially offset by lower yield on our invested assets. Net operating income was $40.9 million, or $0.54 per diluted share, for the third quarter of 2010 compared with $41.2 million for the third quarter of 2009, reflecting a higher effective tax rate in 2010. Our definitions of operating metrics are included later in this release.
D. Richard Williams, Chairman of the Board and Co-Chief Executive Officer said, “We are pleased to report strong net operating income and earnings per share for the third quarter. We continue to grow our base of long-term recurring revenues in our life business and are experiencing solid momentum in investment and savings product sales, which were up 14% year over year. We believe our capital strength and operational focus will position us to drive higher growth and improved performance going forward."
John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer said, “We are proud of our performance in what remains a challenging economic environment and are optimistic about the future as we work to enhance Primerica’s business opportunity with new incentive programs and product innovations that are designed to drive long-term sales force and revenue growth. Middle income consumers are most focused on paying off debt and having a meaningful savings program. We believe this focus is a natural fit with Primerica’s investment and savings products.”
Distribution Results
Recruiting was flat in third quarter 2010 compared to the same period a year ago. The size of our life-licensed insurance sales force increased modestly on a sequential basis to 96,872 at September 30, 2010 primarily due to a decline in non-renewals partially offset by a lower percentage of new recruits obtaining a life license in the quarter. Late in the third quarter, we introduced the new “Fast Start Bonus,” which is focused on enhancing the business opportunity for our newest recruits.
Term life net premium revenues grew by 10% in third quarter 2010 compared to second quarter 2010 as we added another quarter of new term life business following the Citi reinsurance transactions. Life insurance issued policies decreased by 6% in third quarter 2010 from a year ago in line with industry term life trends and a year-over-year decline in the size of the life licensed sales force. Sequentially, life insurance issued policies declined 10% in third quarter 2010 largely reflecting the typical seasonality of the business. Total face amount in force increased by 1% to $654.63 billion at September 30, 2010 over September 30, 2009 primarily due to the effect of the stronger Canadian dollar and slightly improved persistency.
Investment and savings product sales continued to grow, up 14% in third quarter 2010 from a year ago primarily driven by a 32% increase in variable annuity sales. Growth in variable annuity sales significantly outpaced the industry in third quarter 2010, reflecting our clients’ desire to mitigate financial risk with guaranteed life time income. Sequentially, investment and savings product sales declined 11%, reflecting an historical seasonal trend. While the seasonal trend was not apparent in 2009 due to recovering market conditions, we expect this trend to continue going forward. Client asset values were driven higher by improved market conditions, up 8% to $32.60 billion at September 30, 2010 compared to a year ago.
Segment Results
Primerica Schedules Third Quarter 2010 Financial Results Webcast
Friday 10/01/2010 10:30 AM ET - Businesswire
As of 4:01 PM ET 10/27/10
Primerica, Inc. (NYSE: PRI), the largest independent financial services marketing company in North America, announced today that it will hold a webcast on Wednesday, November 3, 2010 at 9 a.m. Eastern Time to discuss its results for the third quarter ended September 30, 2010 as well as other business-related matters.
The earnings release announcing the third quarter 2010 financial results will be disseminated on November 2, 2010, after the close of the market.
The earnings release and a live webcast will be available on Primerica's website at http://investors.primerica.com. A replay of the call will be available for approximately 30 days at http://investors.primerica.com.
About Primerica, Inc.
Primerica, headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America with approximately 100,000 licensed representatives. The company and its representatives offer clients term life insurance, mutual funds, variable annuities and other financial products. Primerica insures 4.3 million lives and more than two million clients maintain investment accounts with the company. Primerica's mission is to serve middle income families by helping them make informed financial decisions and providing them with the strategies and means to gain financial independence.
SOURCE: Primerica, Inc.
Primerica, Inc.
Investor Relations Contact
Kathryn Kieser, 770-564-7757
investorrelations@primerica.com
or
Media Contact
Mark L. Supic, 770-564-6329
mark.supic@primerica.com
Morningstar Launches Portfolio Management Services; PFS Investments Inc. First to Deploy to 22,000 Representatives
Thursday 10/14/2010 12:33 PM ET - Pr Newswire
As of 4:00 PM ET 10/27/10
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, has launched Morningstar(R) Portfolio Management Services, a new enterprise portfolio management and performance reporting service for broker-dealers. PFS Investments Inc., the investments branch of Primerica (NYSE: PRI), a leading financial services company providing an array of financial services to the middle-income market, is Morningstar's first client to deploy this new solution enterprise-wide to its 22,000 representatives.
Morningstar is providing PFS Investments' registered representatives with back-office and data aggregation services, as well as a custom-designed web application that allows for intuitive sorting and evaluation of client account and performance information. Morningstar Portfolio Management Services allows firms to completely outsource their data aggregation and reconciliation processes for consolidating client account data from a variety of custodians, clearing firms, and other investment product providers, such as insurance companies and asset management firms. Advisors can more quickly evaluate accounts, at both the individual client and firm level, and create in-depth, client-friendly reports that combine account performance data with Morningstar analytics--including the Morningstar Style Box(TM) and the Morningstar(R) Portfolio Snapshot(TM). Home office and supervisory personnel also can organize and analyze account data and activity by different representative groups, coverage areas, or geographies.
"We've built our internal expertise in portfolio accounting and performance reporting in the independent advisory segment over the past four years. We've also upgraded and scaled our technology infrastructure to handle high-volume processing during this time," said Chris Boruff, president of Morningstar's software division. "We're excited to extend our capability into the enterprise space with PFS Investments and its network of representatives, along with several other broker-dealer clients who are also implementing the new service."
Morningstar individually consults with each firm to understand its data and business. It then develops a plan to aggregate, warehouse, and distribute data to and from multiple sources across an organization. The aggregated data flows into the Portfolio Management Services application, but is also available for other internal applications or analyses. Implementation is modular, giving investment firms maximum flexibility to adjust their services as needed.
"Morningstar has unique tools and capabilities to help process and aggregate our clients' account data in a meaningful and clear way," said Bill Kelly, president of PFS Investments. "Our representatives are leveraging Morningstar's analytics and design expertise through Portfolio Management Services, helping them to provide accurate data, insightful analysis, and comprehensive reports for our investor clients. At the home office level, we're also gaining better insight into our reps' activity and production. We have a solid history with Morningstar in co-developing new capabilities, and our registered reps are pleased to benefit from this innovation."
For more information, please visit http://global.morningstar.com/portfoliomanagementservices.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on approximately 360,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 21 countries.
About Primerica, Inc. and PFS Investments
Primerica, Inc. (NYSE: PRI), headquartered in Duluth, Ga., is the largest independent financial services marketing company in North America, with approximately 100,000 licensed sales representatives. Primerica representatives assist their clients in meeting their needs for term life insurance, underwritten by the company's subsidiaries, and mutual funds, variable annuities and other financial products that are provided through third parties. The Primerica distribution model uniquely positions the company to reach the underserved middle-income market in a cost-effective manner. The company's subsidiaries today insure more than 4.3 million lives and more than 2 million clients maintain investment accounts with PFS Investments Inc.
Media Contact:
Shawn Malayter, 312.696.6050, shawn.malayter@morningstar.com
©2010 Morningstar, Inc. All rights reserved.
MORN-P
SOURCE Morningstar, Inc.
Top performing IPO in the Decade!!
with what the company has coming it will dominate the financial industry with its Distribution model.
This is now Primerica (pri)
What an awesome company!!!!!
Radius and Pilagold agree to merger deal
2004-03-03 11:04 ET - News Release
See News Release (C-RDU) Radius Explorations Ltd
Mr. Simon Ridgway of Radius Explorations reports
RADIUS AND PILAGOLD ANNOUNCE MERGER
Radius Explorations and Pilagold have entered into an agreement whereby Radius and Pilagold will combine their respective businesses. Management believes this transaction offers significant benefits to both companies and their respective shareholders. The technical and financial strengths of the combined companies will create a first-rank exploration group, focused on gold in Central America.
The combination will be completed through the acquisition by Radius Explorations, of all of the common shares of Pilagold under a plan of arrangement. Under the terms of the arrangement, each Pilagold shareholder will be entitled to receive one common share of Radius for every 2.25 Pilagold shares held.
The combination of the businesses will have the following advantages to the shareholders of both companies:
the consolidation of the landholdings in Nicaragua will result in a formidable exploration entity in the most prospective country in the region;
the reduction of administrative and regulatory compliance costs;
the formation of a focused and dedicated management team; and
the elimination of any perceived conflicts of interest.
The resulting entity will be named Radius Gold. The board of directors of Radius Gold will be a combination of the existing Radius and PiIaGold directors, with Simon Ridgway remaining as president and chief executive officer of the resulting entity.
Upon the completion of the arrangement, shareholders of Pilagold will receive in total approximately 10,284,452 shares of Radius Gold, representing 20.6 per cent of the total 50,055,944 shares of Radius Gold that will then be outstanding. The cash position of Radius Gold will increase to over $20-million, with exploration permits over 1.2 million hectares in Central America.
The above transaction is subject to a number of customary conditions, including the finalization of formal documentation, receipt by the board of directors of both Radius and Pilagold of a fairness opinion regarding the transaction, court approval, regulatory approval and approval of the shareholders of both companies. Both Radius and Pilagold anticipate holding shareholder meetings at the beginning of May.
An information package regarding this transaction will be included in the notice of meeting material that will be mailed to the shareholders of both companies.
Well if the leak came from the assay of the first hole and they have assays pending on holes 2-3 maybe they wait until they have all the assays before they release?
Who knows?
Sounds plausible. But in light of the conference you would think they could have a pr ready. How long does it take to type that up. I could crank a nice juicy on out in a half an hour. They should hire me for IR. $5000 per month and a whack of options and I am there.
I'm guessing a leak on Friday caused the run-up in RDU so they halted the stock but it caught them off gaurd so they weren't ready with a press release. So we remain halted...
How long?
They wouldn't halt the stock for that. Must be something else coming...
Get ready....
Here it comes....
Bonanza gold and silver over 80m interval !!!!!!!!!
Woooohoooo !!!!!!!!!
That's it? Pass the pills.
Third Quarter Financial Results / Warrants Exercised
3/1/04
PilaGold Inc. is pleased to report on its third quarter financial results:
The Company reported net losses for the nine months ended 2003 and 2002 of $602,135 and $188,139, respectively. Significant items comprising the current period loss include $279,853 for promotion and travel, $91,820 for consulting fees, $72,
140 for salaries, and $62,346 for shareholder communication. The promotion and travel expenses included $177,835 for promotional mailouts, $50,767 for conference registrations and travel, and $51,251 for advertising. The 2002 net loss included promotion and travel expenses of $66,558, salaries of $36,257, management fees of $22,500, regulatory fees of $17,566, and rent and utilities of $17,549. As a result of increased exploration activity over the past year, corporate expenses have increased significantly in the first nine months of fiscal 2003 compared to the same period in fiscal 2002.
The Company spent approximately $2,140,000 on deferred exploration costs on its properties during the nine months ended December 31, 2003, of
which $873,000 was incurred in Guatemala, $1,032,000 in Nicaragua, and $235,000 in the Dominican Republic.
As at December 31, 2003, the Company had working capital of $6,538,794, compared to $1,749,288 as at March 31, 2003. In May 2003, the Company completed a private placement financing by issuing 3,300,000 units at $0.90 per unit to raise $2,970,000. Warrants and stock options exercised during the nine months ended December 31, 2003 provided the Company with an additional $825,225 in working capital.
As a result of the completion of several financings over the past year, management expects that the Company will have sufficient working capital to meet its corporate and exploration commitments over the next 12 months. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration and development activity. Management believes it will be able to raise equity capital as required in the long term, but recognizes the uncertainty attached thereto. The Company continues to use various strategies to minimize its dependence on equity capital, including the securing of joint venture partners where appropriate.
PilaGold is also pleased to report that subsequent to the December 31, 2003 quarter, additional warrants were exercised, for proceeds of $1,174,800.
CONTACT: TEL: (604) 801-5432 PilaGold Inc.
FAX: (604) 662-8829 Simon Ridgway, President
TEL: 1-888-627-9378
Have you tried the new hot beverage, Viagraccino? One cup and you're up all night.
Goooood Mornin' Gooood Morning!!!
Well I hope you find someone to help you out with that.
I am expecting wood today.
I expect a news release before the open but who knows?
PI must have some cheap paper from previous financings because they were a big seller today (and maybe yesterday too?). All of the recent financings were non-brokered and at higher prices so I'm not worried about this dropping lower. They have several promising properties and 6 million in the bank.
It should do well over the long term.
PilaGold Reports more High Grade Results from San Ramon
Project, Nicaragua
VANCOUVER, BRITISH COLUMBIA--PilaGold ("Pila") is pleased to
report that high grade gold results have been returned from
recent sampling of the Canton vein on its San Ramon project in
Nicaragua. These results highlight the potential of the historic
San Ramon camp which will be a high priority drill target for
Pila in the first half of 2004.
Highlights of the current sampling from the main adit at Canton
include:
- 24.8 g/t Au over a width of 2.3m (samples 498 & 497)
- 38.9 g/t Au over 1.0m
- 30.7g/t Au over 1.4m
- 16.3 g/t Au over 1.7m (samples 479 & 478).
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Sample No. Description Width (a) Au g/t
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468 Vein 1.2 30.70
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469 Vein 1.0 25.37
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470 Hangingwall 1.0 0.28
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471 Footwall 1.7 0.13
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472 Footwall 1.3 0.17
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473 Vein 1.3 11.73
---------------------------------------------------------------------
474 Vein 1.4 21.10
---------------------------------------------------------------------
475 Hangingwall 1.3 0.15
---------------------------------------------------------------------
476 Vein 0.9 4.20
---------------------------------------------------------------------
477 Hangingwall 1.0 0.16
---------------------------------------------------------------------
478 Footwall 0.7 1.22
---------------------------------------------------------------------
479 Vein 1.0 18.97
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480 Footwall 1.0 3.87
---------------------------------------------------------------------
481 Vein 1.1 23.03
---------------------------------------------------------------------
482 Vein 1.1 3.57
---------------------------------------------------------------------
483 Vein 1.0 6.57
---------------------------------------------------------------------
484 Footwall 1.0 3.47
---------------------------------------------------------------------
485 Vein 0.9 3.13
---------------------------------------------------------------------
486 Vein 1.0 2.89
---------------------------------------------------------------------
487 Vein 1.3 13.80
---------------------------------------------------------------------
488 Vein 1.0 4.33
---------------------------------------------------------------------
489 Vein 1.1 2.92
---------------------------------------------------------------------
490 Hangingwall 1.2 0.21
---------------------------------------------------------------------
491 Footwall 0.9 0.73
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492 Vein 1.2 0.39
---------------------------------------------------------------------
493 Vein 1.2 5.40
---------------------------------------------------------------------
494 Vein 1.5 2.68
---------------------------------------------------------------------
495 Hangingwall 1.0 6.17
---------------------------------------------------------------------
496 Vein 1.4 30.70
---------------------------------------------------------------------
497 Vein 1.0 15.87
---------------------------------------------------------------------
498 Vein 1.3 31.73
---------------------------------------------------------------------
499 Vein 0.9 9.27
---------------------------------------------------------------------
500 Vein 1.0 38.87
---------------------------------------------------------------------
(a) All true widths
Followers
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1
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Posters
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Posts (Today)
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0
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Posts (Total)
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76
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Created
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02/19/04
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Type
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Free
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Moderators |
P/E Ratio | 11.78 |
Indicated Annual Dividend | 0.20 |
Beta Coefficient | 0.00 |
Earnings per Share | 2.43 |
Yield (%) | 0.70 |
Market Cap (billion) | 1.70 B |
Shares Outstanding | 59,848,200 |
http://www.cnbc.com/id/15840232?video=1720036573&play=1
http://www.marketwatch.com/investing/stock/PRI
Primerica, Inc. (NYSE: PRI) is a referral marketer[7] of financial products and services using a hybrid model of direct selling, franchising and distribution[1][8] through full-time & part-time independent representatives. Headquartered in Duluth, Georgia,[9] the company spun off from its former parent company Citi through an initial public offering on April 1, 2010. It is the largest financial services marketing organization in North America with more than 100,000 licensed representatives,[10] including 22,000 FINRA Series 6 licensed[1] through Primerica's securities broker-dealer affiliate PFS Investments, Inc. in the United States, and through PFSL Investments Canada Ltd. in Canada. The company's roots stem from always providing 100% term life insurance[1], as well as providing financial products and services through its affiliates that have been added over the years, including mutual funds, variable annuities, segregated funds, loans, long-term care insurance, pre-paid legal services, auto insurance, home insurance, credit monitoring and debt management plans to over 6.3 million clients as of 2010.[10] In August 2007 Primerica and Answer Financial introduced Primerica Secure, an auto and homeowner's insurance referral program to quote from insurance carriers. In September 2009, Primerica and Equifax teamed up to offer DebtWatchers,[11] a credit monitoring and debt management tool.
Primerica conducts business principally in the United States. Primerica first expanded internationally in 1986 when it began operating in Canada, where agents sell life insurance and segregated funds from the Primerica Life Insurance Company of Canada, and securities from PFSL Investments Canada Ltd. Canadian agents also refer clients to AGF Trust for their $MART (Save Money And Reduce Term) Loan product.[12] In 2000 the company expanded overseas to Spain, commencing operations as CitiSoluciones[13], which later became known as PriEuropa.
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History
Founded in 1977 by Arthur L. Williams, Jr. as A.L. Williams & Associates (A.L. Williams), the company established a market niche by mass-marketing the concept of "Buy Term and Invest the Difference."[8] With "BTID" the company advised its mostly middle-income client base to purchase sufficient protection with term life insurance and systematically save and invest in separate investment vehicles, such as mutual fund IRAs.[1] A.L. Williams was initially established as a privately held general agency, at first selling term life insurance policies underwritten by Financial Assurance, Inc. (FAI).
The company expanded, outgrowing the capacity of FAI to process its business. In 1980, A.L. Williams entered into a contract with Boston-based Massachusetts Indemnity and Life Insurance Company (MILICO), a larger underwriter of life insurance, whose parent was PennCorp Financial Services based in Santa Monica. To support A.L. Williams headquartered in Atlanta, MILICO established a regional office in that city. In 1981, the company established First American National Corporation (later renamed The A.L. Williams Corporation) as a holding company for First American Life Insurance (later renamed A.L. Williams Life Insurance Company) and First American National Securities (later renamed PFS Investments, Inc). In 1982, The A.L. Williams Corporation (ALWC) underwrote a $27 million public stock offering, listed in the Over the Counter (OTC) market under the symbol ALWC. In 1983, the company became listed on the NASDAQ exchange under the same symbol.
PennCorp's massive growth due to MILICO's underwriting explosion caught the attention of Bill Woodside, Chairman & CEO of American Can Company, a former Dow Jones 30 blue chip can and container producing company based in Greenwich, Connecticut founded in 1901.[14] Due to the growing rise of plastic as a replacement for aluminum cans, the company looked to acquire financial services providers and move away from the dying manufacturing industry, having acquired life insurance holding company Associated Madison from Gerry Tsai Jr in 1982. With this acquisition Woodside created a new financial services division for American Can and hired Tsai, who succeeded him as Chairman & CEO, as the new head. In September, 1982 American Can and PennCorp signed a merger agreement. In 1983 the merger was finalized, making American Can the parent company of PennCorp and MILICO, signing a new contract with ALWC through the year 2000. In 1986 Nelson Peltz's Triangle Industries bought American Can's packaging division, along with rights to the name of the company. Therefore on March 6, 1987 American Can announced that it would change its 86-year-old name to Primerica Corporation,[15] hence giving birth to the new and currently recognized name "Primerica."
The newly-named Primerica Corporation targeted Smith Barney as the first significant purchase that moved the company completely into financial services with the May 1987 announcement of its intent to buy the Wall Street brokerage for $750 million,[16] which would later end up as Primerica's sister company under Citigroup in 1998.[17]
In 1985 ALWC began the procedure to open business in Canada. After encountering legal and cultural roadblocks to expanding outside the United States, ALWC began selling insurance products of Pennsylvania Life Insurance Company, a Primerica subsidiary, in Canada in 1986.
On November 30, 1988 ALWC acquired MILICO from Primerica Corporation through a stock merger acquisition for 44.58 million shares of ALWC stock, making Primerica Corporation the majority shareholder of ALWC. In December 1988, Sandy Weill's Commercial Credit acquired Primerica Corporation for $1.54 billion, retaining the Primerica name. At this time, the major businesses under Primerica Corporation were A.L. Williams, Smith Barney and Commercial Credit. On February 6, 1989 Primerica Corporation began trading on the New York Stock Exchange.
In November, 1989, Primerica purchased the remaining 30% of ALWC that it did not previously own and the privately held General Agent, A.L. Williams, Inc. In 1991, Primerica Corporation changed the name of A.L. Williams to Primerica Financial Services. The following year MILICO, Primerica's life insurance underwriter, changed its name to Primerica Life Insurance Company, and its broker-dealer FANS changed to PFS Investments, Inc.[17]
In December 1993, Primerica acquired the remaining 73% of Travelers Insurance Corporation and adopted the name Travelers Inc., which was changed to Travelers Group the following year.[17] Travelers Group included Primerica Financial Services, Smith Barney, Travelers Life and Annuity, Travelers Property/Casualty, Commercial Credit and other financial businesses.
Joe Plumeri was Chairman & CEO of Primerica Financial Services from 1995 to 1999.[18][19][20] He ran PFS giving 10 to 20 evangelistic-styled speeches a week around the country, rallying 153,000 salespeople, and hosting his own monthly TV talk show, which was beamed from PFS headquarters to thousands of agents nationwide.[21][22][23] He gave a five-hour speech at one meeting, pausing only to change his sweat-soaked shirt.[23] In 1998, Primerica had net income of $398 million, on net sales of $1.65 billion, nearly double its 1994 $209 million net income, on net sales of $1.28 billion.[22]
In December 1997, Primerica announced it was going to begin offering pre-paid legal through Pre-Paid Legal Services, Inc., at the time both subsidiaries of Travelers Group, Inc.[24]
In 1998, the U.S. Securities and Exchange Commission (SEC) censured and fined PFS Investments Inc., the securities arm for Primerica, for failure to properly supervise a group of registered representatives in Dearborn, Michigan. The SEC found that PFS Investments Inc. had failed to have in place effective policies and procedures to follow up adequately on three complaints received about the Dearborn registered representatives' "selling away" activities. Prior to the SEC's ruling, PFS Investments Inc. voluntarily hired an independent consultant to review its supervisory and compliance policies and procedures to prevent and detect violations of the federal securities laws. By the date of the ruling, PFS Investments had complied with the final recommendations made by the independent consultant.[25]
In 1998, Travelers Group and banking giant Citicorp merged creating Citigroup (NYSE: C). Primerica and its affiliates continued to operate as subsidiaries of Citigroup, although the Travelers insurance business was spun off in 2002. Along with Primerica, other major brand names under Citigroup included Citibank, CitiFinancial, Citicorp Trust Bank, Smith Barney, and Banamex.
Long-time veteran executives John Addison and Rick Williams, whom Art Williams quoted in his book Coach as "two true sons of A.L. Williams",[26] were hired as co-CEOs in 2000, with Glen Williams promoted to President in 2005.
Primerica held its 30th Anniversary Convention August 1, 2007 through August 4, 2007 in Atlanta, Georgia in the Georgia Dome and the Georgia World Congress Center.[27] An estimated 60,000 representatives attended. Primerica Secure was introduced at the event, as well as the newest term life insurance product, Custom Advantage. Notable speakers included former Chairman & CEO of Citigroup Charles Prince, founder of Pre-Paid Legal Services, Inc. Harland Stonecipher, as well as Georgia Governor Sonny Perdue.[28]
Due to the general economic downturn and Citigroup's acceptance of government bailout funds totaling nearly $45 billion in 2008, in February 2009 its management decided to cancel Primerica's 2009 convention and a trip to the Atlantis Resort in the Bahamas for top agents, days before the trip was to take place.[29] However, in spite of the cancellation, Primerica's executives in August 2009 announced the company was holding two new trips for top producers within the company to Maui and Las Vegas planned to occur back to back in February 2010. It was publicized that the trips would be fully funded from Primerica profits, justifying the merits of the sales force.[30]
The company announced on June 17, 2010 that it will hold its biannual convention in the Georgia Dome June 15-18 in 2011.[31] This will mark the first time since its acquisition by the Primerica Corporation in 1990 the company has had one as an independent entity. It is expected to attract over 50,000 attendees.[32]
Citigroup attempted to sell Primerica in 2008,[33] having received several bids from life insurance companies and private equity firms interested in buying.[34][35] At the time the market value of the company was estimated to be $7 billion, roughly 15 times its annual earnings[36] and Citi was trying to match various bidders in groups that could bid for the unit together. Initially, a sale to JC Flowers & Co. LLC and Protective Life Corp was underway until the deal was canceled last minute for publicly undisclosed reasons.[37]
In May 2009 the Primerica executive team led by co-CEOs John Addison and Rick Williams approached private equity firm J.C. Flowers & Co. yet again, as well as Blackstone Group LP and TPG Inc [33] in a new attempt to have the company bought, a plan which Citigroup did not endorse.[38] As of 2010 the company was estimated to be valued at $4.9 billion.[3]
On November 5, 2009 Citi announced that it intended to spin off Primerica through an initial public offering.[2] The Primerica executive and legal team filed an S-1 with the U.S. Securities and Exchange Commission (SEC),[39] having officially publicly announced the intention of becoming a public company. Citi would claim all profit from the primary offering, as well as continue to receive income from a significant portion of existing Primerica business,[40] with Citi Holdings CEO Michael Corbit claiming the move to be "the best separation alternative for this franchise."[41]
Primerica filed a final amended S-1 and preliminary prospectus with the SEC on March 17, 2010, indicating that it will offer 18 million shares[42] to the public through the IPO, with underwriters having the option to purchase an additional 2.7 million shares. The first trading occurred on April 1, 2010. Initially, the expected share price was in the $12 - $14 range, having ended up being priced $15 a share on March 31, 2010,[43] resulting in Citi raising 27 percent or $30 million more than $290 million projected through the IPO by selling 3.36 million more shares than the anticipated 18 million.[44] The first day of trading saw the stock surge 31 percent to end up closing at $19.65 a share.[45] In a separate offering, Private equity firm Warburg Pincus has bought 17.2 million shares, resulting in a 23 percent stake in Primerica, and up to 33 percent if Warburg decides to exercise warrants to purchase an additional 4.3 million shares from Citi.[46] It is expected Citi will have a stake between 32 percent and 46 percent and will divest its interest in Primerica "as soon as possible"[47] to fulfill its original goal of raising cash by shedding assets to improve financial performance.
In 2005[48] Primerica representatives were able to begin using the TurboApps[49] application developed by the Primerica Field Technology team via Palm handheld devices,[50] allowing the insurance quotes to be obtained instantly and applications filled out electronically, effectively speeding up the underwriting process for Primerica Life.[51] In 2007 the electronic application process was extended to include the $.M.A.R.T. loan program.
In the summer of 2009, Primerica's IT department started rolling out its line of TurboApps software on the windows mobile platform. With this change, wireless submission of applications is now possible.[52]
Primerica's life insurance underwriter Primerica Life Insurance Company and its New York subsidiary National Benefit Life are rated A+ as "Superior" by A. M. Best as of May 2008.[53] Standard & Poor's has the company rated AA as "Very Strong."[54] The Insurance Marketplace Standards Association, a non-profit organization based out of Bethesda, Maryland with the intent to create ethical standards for the insurance industry, has renewed qualification for Primerica Life and National Benefit Life for high standards and quality business, "continuing dedication to ethical business practices."[55]
In 2010, Primerica received its seventh Dalbar Service Award from Dalbar, Inc., a client service rating organization focused on raising the standards of customer satisfaction and quality in the financial services industry, for Primerica's excellent customer service in mutual funds.[56]
In 2009 the Better Business Bureau changed their rating system from "satisfactory/unsatisfactory" to an A+ rating. Primerica received an A+ rating from the BBB, and is also a BBB Accredited Business since January 1, 1980.[57]
Primerica on MAD MONEY http://www.youtube.com/watch?v=H3paVBOMe0A
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