Primerica, Inc. (NYSE:PRI) Q4 2022 Earnings Conference Call February 24, 2023 10:00 AM ET

Company Participants

Nicole Russell - SVP, IR

Glenn Williams - CEO & Director

Alison Rand - EVP & CFO

Conference Call Participants

Andrew Kligerman - Crédit Suisse

Daniel Bergman - Jefferies

Ryan Krueger - KBW

Operator

Greetings. Welcome to Primerica's Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]. I want to hand the conference over to Nicole Russell, Senior Vice President of Investor Relations. Nicole, you may now begin.

Nicole Russell

Thank you, Rob, and good morning, everyone. Welcome to Primerica's Fourth 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 will open the call up for 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 obligation 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 during this call, 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 are 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. At Primerica, 2022 was a year of progress as we adjusted to a post-COVID environment and advanced our position as one of the largest providers of financial education and guidance to middle-income families in the U.S. and Canada. Among our proudest achievements in 2022 was issuing over $100 billion of term life insurance protection for the third consecutive year, bringing our total face amount in force to $917 billion at year-end. In our ISP business, our investment licensed reps play an important role in helping their clients stay focused on long-term goals. Despite significant market volatility and economic uncertainty, our clients continue to invest, contributing $10 billion in new sales during 2022, and making this our second largest sales year, exceeding prepandemic levels by more than 30%.