Primerica, Inc. (NYSE:PRI) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET
Company Participants
Nicole Russell - SVP, IR
Glenn Williams - CEO & Director
Tracy Tan - EVP, Finance
Alison Rand - EVP & CFO
Conference Call Participants
Ryan Krueger - KBW
Jeffrey Schmitt - William Blair & Company
Suneet Kamath - Jefferies
Maxwell Fritscher - Truist Securities
Operator
Greetings, and welcome to the Primerica's Third Quarter 2023 Earnings Webcast. [Operator Instructions].
It is now my pleasure to introduce to you, Nicole Russell, Head of Investor Relations. Thank you, Nicole. You may begin.
Nicole Russell
Thank you, John. Good morning, everyone. Welcome to Primerica's Third Quarter Earnings Call. A copy of our earnings press release, along with other materials 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; our Chief Financial Officer, Alison Rand; and our EVP of Finance and Future CFO, Tracy Tan.
Our comments this morning may contain forward-looking statements in accordance with the safe harbor provisions of the Securities Litigation Reform Act. We assume no obligation to update these statements to reflect new information and refer you to our most recent Form 10-K filing, as may be 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, 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. Our third quarter results underscore the fundamental strength of our distribution capabilities and the value of our complementary insurance and investment businesses. Term Life pretax income is up 7% year-over-year, while ISP pretax income grew 9%, representing the segment's first year-over-year increase since the first quarter of 2022. We also continue to drive growth in the size of the sales force with a 4% increase since September 30, 2022.
Starting with a quick recap of our financial results. Adjusted operating revenues of $713 million during the quarter rose 5% year-over-year while adjusted net operating income of $154 million increased 9% and diluted adjusted operating earnings per share of $4.28 increased 14%. These results reflect the steady contribution from our large in-force book of term life insurance, strong term life sales, growth in client asset values and the benefit of higher interest rates on our investment portfolio.