Primerica, Inc. (NYSE:PRI) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET
Company Participants
Nicole Russell - Head, IR
Glenn Williams - CEO
Tracy Tan - CFO
Conference Call Participants
Ryan Krueger - KBW
Maxwell Fritscher - Truist Securities
Bob Huang - Morgan Stanley
Suneet Kamath - Jefferies
Mark Hughes - Truist Securities
Operator
Greetings, and welcome to the Primerica's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Nicole Russell, Head of Investor Relations. Thank you. You may begin.
Nicole Russell
Thank you, operator, and good morning, everyone. Welcome to Primerica's first 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; and Chief Financial Officer, Tracy Tan. Our comments this morning may contain forward-looking statements in accordance with the safe harbor provision 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 filings 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 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 first quarter's results reflected the fundamental strength of our main lines of business, Term Life and Investment and Savings products as well as the continued growth of the sales force. The resilience of our model is illustrated by our ability to deliver this growth in the face of ongoing economic pressures facing middle-income families.
Starting with a quick recap of our financial results. Adjusted net operating income of $137 million increased 4% compared to the prior year period, while adjusted operating income per share of $3.91 increased 10%. The earnings power of our core businesses was partly offset by the underperformance of our Senior Health business, which incurred a $14 million loss during the quarter.