Primerica, Inc. (NYSE:PRI) Q2 2024 Earnings Conference Call August 8, 2024 10:00 AM ET

Company Participants

Nicole Russell - Senior Vice President, Investor Relations
Glenn Williams - Chief Executive Officer
Tracy Tan - Executive Vice President and Chief Financial Officer

Conference Call Participants

Wilma Burdis - Raymond James
Maxwell Fritscher - Truist Securities
Ian Ryave - Jefferies

Operator

Welcome to Primerica Second Quarter 2024 Earnings Call and Webcast. At this time, all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Nicole Russell, SVP Investor Relations. Thank you. You may begin.

Nicole Russell

Thank you, operator, and good morning, everyone. Welcome to Primerica’s second 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 our Chief Executive Officer, Glenn Williams and our Chief Financial Officer, 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 the information and refer you to our most recent Form 10-K filing, as may be modified by subsequent Forms 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. Reconciliation 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 this morning. Primerica reported another strong quarter with solid distribution momentum and double-digit adjusted operating earnings growth. The appeal of our entrepreneurial business opportunity continues to resonate, supporting our ability to grow distribution. Primerica remains well positioned to serve more middle-income families in the U.S. and Canada.

Let's start with the highlights of our financial results. Adjusted net operating income of $163 million increased 12%, compared to the prior year period, while diluted adjusted operating income per share of $4.71 increased 18%. These results reflect the stability and continued growth in term-wide premiums and very strong sales in our investment and savings product segment.