Primerica, Inc. (NYSE:PRI) Q1 2023 Earnings Conference Call May 9, 2023 10:00 AM ET

Company Participants

Nicole Russell - Head of Investor Relations

Glenn Williams - Chief Executive Officer

Alison Rand - Executive Vice President and Chief Financial Officer

Conference Call Participants

Daniel Bergman - Jefferies

Wilma Burdis - Raymond James

Ryan Krueger - KBW

Andrew Kligerman - Credit Suisse

Mark Hughes - Truist

Operator

Greeting and welcome to Primerica's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Nicole Russell, Head of Investor Relations. Thank you, you may begin.

Nicole Russell

Thank you, Maria, and good morning, everyone. Welcome to Primerica's first quarter earnings call. A copy of our earnings press release along with materials relevant to today's call are posted on the Investor Relations section of our website.

Joining our call today are our Chief Executive Officer, Glenn Williams; and our Chief Financial Officer, Alison Rand. Glenn and Alison will deliver prepared remarks and then we'll open the call up for your questions.

During our call, some of our comments may contain forward-looking statements in accordance with the Safe Harbor provisions of the Securities Litigation Reform Act. The company assumes no obligations to update these statements to reflect new information. We refer you to our most recent Form 10-K filing as may be modified by subsequent Forms 10-Q for a list of risks and uncertainties that could cause actual results to materially differ from those expressed or implied.

We will also reference certain non-GAAP measures, which we believe provide additional insight into the company's operations. Reconciliations of non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and available on our Investor Relations website.

I would now like to turn the call over to Glenn.

Glenn Williams

Thank you, Nicole, and thanks everyone for joining us today. We're encouraged by our first quarter performance reflecting positive results from our focus on growing distribution capabilities and improving the attractiveness of our products.

Our unique ability to meet the financial needs of middle-income families is attracting more people to our entrepreneurial opportunity. These dynamics have created momentum in recruiting and licensing, resulting in sales force growth. In addition, both our clients and our sales force have reacted positively to our new series of Term Life products, leading to growth in sales. Although securities market conditions continue to create resistance to growth in our ISP sales, clients desire for financial guidance remained strong.