Primerica, Inc. (NYSE:PRI) Q3 2022 Earnings Conference Call November 9, 2022 10:00 AM ET

Company Participants

Nicole Russell - Investor Relations

Glenn Williams - Chief Executive Officer

Alison Rand - Chief Financial Officer

Conference Call Participants

Mark Hughes - Truist

Andrew Kligerman - Credit Suisse

Dan Bergman - Jefferies

Operator

Hello everyone and thank you for joining the Primerica’s 3Q 2022 Earnings Conference Call. My name is [Derrick] [ph] and I'll be the operator for today. [Operator Instructions]

I now have the pleasure of handing over to your host, Nicole Russell, Head of Investor Relations. Please go ahead, Nicole.

Nicole Russell

Thank you, [Derrick] [ph] and good morning, everyone. Welcome to Primerica's third quarter earnings call. A copy of our earnings press release, along with materials that are 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 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 filings, as maybe modified by subsequent Form 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 will provide additional insight into the company's operations. Reconciliations to non-GAAP measures to their respective GAAP numbers, are included at the end of the earnings press release, and are available on our Investor Relations website.

I now turn the call over to Glenn.

Glenn Williams

Thank you, Nicole, and thanks, everyone, for joining us today. Third quarter results underscore the fundamental strengths of our business we continue to emerge as we move further away from the height of the pandemic. Our priorities remain focused on offering attractive Term Life products and serving investment clients in the face of difficult economic circumstances for middle income households, while we grow the size of our life license sales force.

We are equally committed to building a successful senior health business and maintaining our capital return priorities, which include share buybacks. The highlights of our financial results show adjusted operating revenues of $676 million, declined 2% year-over-year influenced by significant equity market headwinds adversely impacting our ISP business. Diluted adjusted operating income per share of $3.02 grew 1% and ROAE remains solid at 23.8%.