Primerica, Inc. (NYSE:PRI) Q1 2022 Earnings Conference Call May 6, 2022 9:00 AM ET

Company Participants

Glenn Williams - CEO

Alison Rand - EVP & CFO

Nicole Russell - IR

Conference Call Participants

Ryan Krueger - KBW

Dan Bergman - Jefferies

Mark Hughes - Truist Securities

Andrew Kligerman - Credit Suisse

Operator

Good morning, and thank you for attending today’s Primerica’s First Quarter 2022 Earnings Webcast. My name is Austin, and I'll be the moderator for today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. [Operator instructions].

I’d like to now pass the conference over to our host, Nicole Russell, Head of Investor Relations. Nicole, please go ahead.

Nicole Russell

Thank you, Austin, and good morning, everyone. Welcome to Primerica's first 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 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 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 does not assume any duty to update or revise these statements to reflect new information. We refer you to our most recent Form 10-K 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 these non-GAAP measures to their respective GAAP numbers, are included at the end of our 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 Primerica's results in the first quarter reflect the ongoing middle market need for our financial solutions and the strength of our business model. As the post-COVID business environment continues to emerge, our methods are evolving and our mission remains unchanged. We're seeing strong response to our business opportunity and recruiting numbers that remain elevated compared to pre-COVID levels, although down from their peaks during the last two years. Our efforts to improve licensing pull-through are beginning to show results, pushing our license sales force number above 130,000 once again. Results for Term Life Insurance sales and investments are normalizing on slightly different tracks, yet both remain above pre-COVID levels. And results indicate that our mission to serve the financial needs of middle-income families, is more important than ever. As we look more closely at our financial results, the resilience of our business model is clear. Our main lines of business continue to deliver solid results, despite the unknowns of the post-pandemic environment, while our newly acquired Senior Health business, presents an area where more work is still needed. As we continue to transition to a more normalized operating environment, we are experiencing a temporary period of elevated cost in certain operating expenses. Alison will expand on this trend in her prepared remarks.