Primerica, Inc. (NYSE:PRI) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET

Company Participants

Nicole Russell - SVP, IR

Glenn Williams - CEO & Director

Tracy Tan - EVP, Finance

Conference Call Participants

Mark Hughes - Truist Securities

Ryan Krueger - KBW

Wilma Burdis - Raymond James

Ian Ryave - Jefferies

Operator

Greetings. Welcome to Primerica's Fourth Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

At this time, I'll now turn the conference over to Nicole Russell, Senior Vice President, Investor Relations. Nicole, you may now begin.

Nicole Russell

Thank you, operator. And good morning, everyone. Welcome to Primerica's Fourth Quarter Earnings Call. A copy of our 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 our Chief Executive Officer, Glenn Williams; and our Chief Financial Officer, Tracy Tan.

Our comments this morning will 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 File 10-Q -- Form 10-Q, excuse me, 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. Reconciliation to non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and are also 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 this morning. Primerica's strong performance during the fourth quarter and full year 2023 reflects the power of our distribution. The ongoing need for the financial solutions we provide is clear and our sales force is uniquely positioned to reach and serve middle-income families. Now more than ever, our clients need the education and guidance provided by our representatives to navigate economic uncertainty and manage the financial pressures associated with a higher cost of living.

Starting with the highlights of our financial results. Fourth quarter adjusted net operating income increased 4% compared to the prior year period, while adjusted operating income per share increased 9%. On a full year basis, adjusted net operating income increased 8% and adjusted operating income per share rose 15%. In addition, we maintained our commitment to returning capital to stockholders, including the completion of our previously announced $375 million stock repurchase authorization and payment of a total of $94 million in quarterly stockholder dividends.