Primerica(PRI) - 2024 Q1 - Quarterly Results

Preface, Definition of Non-GAAP Financial Measures This section defines non-GAAP financial measures, detailing adjustments for operating results, adjusted stockholders' equity, and IPO coinsurance transactions - Operating adjustments exclude investment gains/losses and mark-to-market adjustments to provide clearer comparisons of operating results[5] - Adjusted stockholders' equity excludes unrealized investment gains/losses and the impact of discount rate changes on future policy benefits, as these are largely market-driven and not directly tied to cash flows[6] - IPO coinsurance transaction adjustments remove amounts ceded under 2010 IPO coinsurance deals to present economically maintained premiums[7] Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures This chapter presents condensed balance sheets and reconciliations of non-GAAP to GAAP financial measures, focusing on stockholders' equity and deferred policy acquisition costs rollforwards Condensed Balance Sheets (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :--------------------- | :----------- | :----------- | :----------- | | Assets: | | | | | Total investments and cash | $4,706,388 | $4,819,109 | $4,832,943 | | Reinsurance recoverables | $3,217,354 | $3,015,777 | $2,920,417 | | Deferred policy acquisition costs | $3,250,753 | $3,447,234 | $3,503,940 | | Goodwill | $127,707 | $127,707 | $127,707 | | Other assets | $1,191,286 | $1,222,064 | $1,189,436 | | Separate account assets | $2,329,968 | $2,395,842 | $2,334,911 | | Total assets | $14,823,457 | $15,027,732 | $14,909,354 | | Liabilities: | | | | | Future policy benefits | $6,561,624 | $6,742,025 | $6,548,050 | | Other policy liabilities | $996,747 | $963,773 | $954,350 | | Income taxes | $201,850 | $135,248 | $197,714 | | Other liabilities | $659,734 | $644,792 | $641,836 | | Debt obligations | $593,106 | $593,709 | $593,909 | | Surplus note | $1,459,565 | $1,386,592 | $1,376,028 | | Payable under securities lending | $74,452 | $99,785 | $76,648 | | Separate account liabilities | $2,329,968 | $2,395,842 | $2,334,911 | | Total liabilities | $12,877,046 | $12,961,765 | $12,723,446 | | Stockholders' equity: | | | | | Total stockholders' equity | $1,946,411 | $2,065,967 | $2,185,908 | | Total liabilities and stockholders' equity | $14,823,457 | $15,027,732 | $14,909,354 | Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :---------------------------------------------------------------- | :----------- | :----------- | :----------- | | Total stockholders' equity | $1,946,411 | $2,065,967 | $2,185,908 | | Less: Net unrealized gains (losses) | $(208,157) | $(170,008) | $(181,537) | | Less: Effect of change in discount rate assumptions on the liability for future policy benefits | $(11,966) | $(39,086) | $92,853 | | Adjusted stockholders' equity | $2,166,533 | $2,275,062 | $2,274,592 | Deferred Policy Acquisition Costs Rollforward (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | | Balance, beginning of period | $3,188,502 | $3,374,627 | $3,447,234 | | General expenses deferred | $10,777 | $9,910 | $11,156 | | Commission costs deferred | $118,386 | $125,335 | $125,811 | | Amortization of deferred policy acquisition costs | $(67,923) | $(70,378) | $(72,049) | | Foreign currency impact and other, net | $1,011 | $7,739 | $(8,211) | | Balance, end of period | $3,250,753 | $3,447,234 | $3,503,940 | Financial Results and Other Statistical Data This section provides key financial performance indicators, including earnings per share, annualized return on equity, capital structure ratios, and financial strength ratings Earnings per Share (Q1 2023 vs. Q1 2024) | Earnings per Share | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Basic earnings per share | $3.47 | $3.94 | $0.47 | 13.5% | | Basic adjusted operating income per share | $3.58 | $3.91 | $0.33 | 9.2% | | Diluted earnings per share | $3.46 | $3.93 | $0.47 | 13.6% | | Diluted adjusted operating income per share | $3.57 | $3.91 | $0.34 | 9.5% | Annualized Return on Equity (Q1 2023 vs. Q1 2024) | Annualized Return on Equity | Q1 2023 | Q1 2024 | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | | Net income return on stockholders' equity | 25.8% | 25.9% | 0.2% | | Net income return on adjusted stockholders' equity | 23.8% | 24.2% | 0.5% | | Adjusted net operating income return on adjusted stockholders' equity | 24.5% | 24.1% | -0.4% | Capital Structure (Q1 2023 vs. Q1 2024) | Capital Structure | Q1 2023 | Q1 2024 | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | | Debt-to-capital | 23.4% | 21.4% | -2.0% | | Debt-to-capital, excluding AOCI | 21.4% | 20.6% | -0.8% | | Cash and invested assets to stockholders' equity | 2.4x | 2.2x | (0.2x) | | Cash and invested assets to adjusted stockholders' equity | 2.2x | 2.1x | (0.0x) | - Primerica Life Insurance Co. maintained strong financial strength ratings of A1 (Moody's), AA- (S&P), and A+ (A.M. Best) in Q1 2024, consistent with Q1 2023[16] Statements of Income This chapter presents consolidated statements of income, detailing revenues, benefits and expenses, and net income, along with income before income taxes by segment Consolidated Statement of Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues: | | | | | | Direct premiums | $817,871 | $841,046 | $23,174 | 2.8% | | Ceded premiums | $(405,345) | $(409,764) | $(4,417) | -1.1% | | Net premiums | $412,526 | $431,283 | $18,757 | 4.5% | | Net investment income | $31,065 | $37,806 | $6,742 | 21.7% | | Commissions and fees (Sales-based) | $72,388 | $88,746 | $16,358 | 22.6% | | Commissions and fees (Asset-based) | $111,904 | $128,532 | $16,628 | 14.9% | | Commissions and fees (Account-based) | $22,790 | $23,180 | $389 | 1.7% | | Other commissions and fees | $24,464 | $14,563 | $(9,901) | -40.5% | | Investment (losses) gains | $(1,795) | $1,305 | $5,913 | 128.3% | | Other, net | $19,508 | $17,415 | $(2,093) | -10.7% | | Total revenues | $690,036 | $742,829 | $52,793 | 7.7% | | Benefits and expenses: | | | | | | Benefits and claims | $163,267 | $166,321 | $3,054 | 1.9% | | Future policy benefits remeasurement (gain)/loss | $179 | $55 | $(504) | -90.2% | | Amortization of DAC | $67,923 | $72,049 | $4,127 | 6.1% | | Insurance commissions | $8,138 | $9,634 | $1,495 | 18.4% | | Insurance expenses | $61,125 | $63,149 | $2,024 | 3.3% | | Sales commissions (Sales-based) | $52,452 | $62,814 | $10,362 | 19.8% | | Sales commissions (Asset-based) | $54,276 | $64,208 | $9,932 | 18.3% | | Other sales commissions | $5,064 | $4,117 | $(30) | -0.7% | | Interest expense | $6,632 | $6,771 | $81 | 1.2% | | Contract acquisition costs | $14,984 | $13,533 | $(1,451) | -9.7% | | Other operating expenses | $89,534 | $100,943 | $11,409 | 12.7% | | Loss on extinguishment of debt | $0 | $0 | $0 | DIV/0! | | Total benefits and expenses | $523,095 | $563,594 | $40,499 | 7.7% | | Income before income taxes | $166,941 | $179,236 | $12,294 | 7.4% | | Income taxes | $38,843 | $41,332 | $2,489 | 6.4% | | Net Income | $128,099 | $137,904 | $9,805 | 7.7% | Income Before Income Taxes by Segment (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Term Life | $130,543 | $138,367 | $7,827 | 6.0% | | Investment & Savings Products | $56,107 | $65,563 | $9,455 | 16.9% | | Senior Health | $(7,583) | $(14,153) | $(10,391) | nm | | Corporate & Other Distributed Products | $(15,944) | $(10,542) | $5,402 | 33.9% | | Income before income taxes | $166,942 | $179,236 | $12,294 | 7.4% | Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures This section provides detailed reconciliations between GAAP and non-GAAP financial measures for various income statement items, primarily excluding investment gains/losses and mark-to-market adjustments for clearer operating performance Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Term Life direct premiums | $812,880 | $836,321 | $23,441 | 2.9% | | Less: Premiums ceded to IPO Coinsurers | $(220,240) | $(206,502) | $13,738 | 6.2% | | Term Life adjusted direct premiums | $592,640 | $629,819 | $37,179 | 6.3% | Reconciliation from Net Investment Income to Adjusted Net Investment Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Net Investment Income | $31,065 | $37,806 | $6,742 | 21.7% | | Less: MTM investment adjustments | $(327) | $(137) | nm | nm | | Adjusted net investment income | $31,392 | $37,943 | $6,551 | 20.9% | Reconciliation from Net Income to Adjusted Net Operating Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Net income | $128,099 | $137,904 | $9,805 | 7.7% | | Less: Investment gains/(losses) | $(4,608) | $1,305 | nm | nm | | Less: MTM investment adjustments | $(327) | $(137) | nm | nm | | Less: Tax impact of reconciling items | $1,151 | $(269) | nm | nm | | Adjusted net operating income | $131,883 | $137,005 | $5,121 | 3.9% | Segment Operating Results Term Life Insurance Segment - Financial Results, Key Statistics, and Financial Analysis The Term Life Insurance segment reported a 6.0% increase in income before income taxes for Q1 2024, driven by a 4.6% rise in total revenues, with adjusted direct premiums growing by 6.3% and the sales force expanding by 4.7% Term Life Insurance Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $421,069 | $440,412 | $19,343 | 4.6% | | Benefits and expenses | $290,521 | $302,045 | $11,519 | 4.0% | | Income before income taxes | $130,540 | $138,367 | $7,827 | 6.0% | Key Term Life Insurance Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Life-insurance licensed sales force, end of period | 136,430 | 142,855 | 6,425 | 4.7% | | New life-licensed representatives | 11,118 | 12,949 | 1,831 | 16.5% | | Total estimated annualized issued term life premium ($mills) | $88.9 | $91.2 | $2.3 | 2.5% | | Issued term life policies | 84,561 | 86,587 | 2,026 | 2.4% | | Term life face amount in-force, end of period ($mills) | $922,845 | $947,101 | $24,256 | 2.6% | - The Term Life operating margin remained stable at 22.0% in Q1 2024, consistent with Q1 2023[27] Investment and Savings Products Segment - Financial Results, Financial Analysis, and Key Statistics The Investment and Savings Products segment saw a 16.9% increase in income before income taxes for Q1 2024, driven by a 15.9% rise in revenues, with total product sales growing by 20.5% and client asset values increasing by 17.9% Investment & Savings Products Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $210,202 | $243,716 | $33,514 | 15.9% | | Benefits and expenses | $154,095 | $178,153 | $24,058 | 15.6% | | Income before income taxes | $56,107 | $65,563 | $9,455 | 16.9% | Key Investment & Savings Products Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Total product sales ($mills) | $2,300.0 | $2,770.4 | $470.4 | 20.5% | | Client asset values, end of period ($mills) | $87,621 | $103,340 | $15,719 | 17.9% | | Total average client assets ($mills) | $86,581 | $99,502 | $12,920 | 14.9% | | Total fee generating positions (thous) | 3,145 | 3,206 | 61 | 1.9% | - Sales-based net revenue as a percentage of revenue-generating sales increased from 1.13% in Q1 2023 to 1.19% in Q1 2024[36] Senior Health Segment - Financial Results, Financial Analysis, and Key Statistics The Senior Health segment experienced a significant increase in operating loss before income taxes, reaching $(14,153) thousand in Q1 2024, primarily due to a 63.2% decrease in revenues, despite a 6.4% reduction in operating benefits and expenses Senior Health Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $18,710 | $6,880 | $(11,830) | -63.2% | | Operating benefits and expenses | $22,471 | $21,033 | $(1,439) | -6.4% | | Operating income before income taxes | $(3,762) | $(14,153) | $(10,391) | nm | Senior Health EBITDA (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Operating income before income taxes | $(3,762) | $(14,153) | $(10,391) | nm | | Less: Amortization of intangibles | $(2,800) | $(2,800) | $0 | nm | | Less: Depreciation | $(200) | $(144) | $56 | 28.0% | | EBITDA | $(762) | $(11,209) | $(10,447) | nm | Key Senior Health Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Senior Health submitted policies | 19,826 | 16,068 | $(3,758) | -19.0% | | Senior Health approved policies | 18,413 | 15,023 | $(3,390) | -18.4% | | Primerica representatives Senior Health certified | 94,623 | 81,348 | $(13,275) | -14.0% | | LTV per approved policy ($) | $856 | $926 | $71 | 8.3% | | CAC per approved policy ($) | $814 | $901 | $87 | 10.7% | | LTV / CAC multiple | 1.1x | 1.0x | 0.0x | nm | Corporate & Other Distributed Products Segment - Financial Results The Corporate & Other Distributed Products segment reported an adjusted operating income before income taxes of $(11,710) thousand in Q1 2024, influenced by a 12.6% increase in adjusted operating revenues offset by an 11.4% rise in benefits and expenses Corporate & Other Distributed Products Adjusted Operating Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Adjusted operating revenues | $44,990 | $50,653 | $5,663 | 12.6% | | Benefits and expenses | $55,999 | $62,363 | $6,365 | 11.4% | | Adjusted operating income before income taxes | $(11,008) | $(11,710) | $(702) | -6.4% | - Adjusted net investment income for the segment increased by 20.9% year-over-year, reaching $37,943 thousand in Q1 2024[51] - Mortgage loans commissions and fees increased by 23.8% to $1,499 thousand in Q1 2024[51] Investment Portfolio This chapter provides a detailed overview of the company's investment portfolio as of March 31, 2024, including holdings by asset class, public corporate portfolio by sector, fixed-maturity securities by effective maturity, quality ratings, and supplemental data Investment Portfolio by Asset Class (As of March 31, 2024) | Investment Portfolio by Asset Class | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | Avg Book Yield | Avg Rating | | :---------------------------------- | :------------------------- | :--------------------------- | :---------------------- | :------------- | :--------- | | Cash, Cash Equivalents, and Short Term | $593,670 | $593,670 | 17.4% | | | | Total Fixed Income | $2,785,392 | $3,015,988 | 81.8% | 3.93% | A | | Total Equities | $26,647 | $26,647 | 0.8% | | | | Total Invested Assets | $3,405,709 | $3,636,305 | 100.0% | | | Public Corporate Portfolio by Sector (As of March 31, 2024) | Public Corporate Portfolio by Sector | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | | :----------------------------------- | :------------------------- | :--------------------------- | :---------------------- | | Insurance | $184,135 | $198,930 | 13.4% | | Energy | $167,863 | $176,615 | 12.2% | | Consumer Non Cyclical | $130,763 | $143,551 | 9.5% | | Reits | $124,964 | $137,975 | 9.1% | | Consumer Cyclical | $113,472 | $121,879 | 8.2% | | Technology | $104,102 | $109,350 | 7.6% | | Banking | $92,124 | $94,055 | 6.7% | | Electric | $78,754 | $82,797 | 5.7% | | Capital Goods | $78,423 | $83,082 | 5.7% | | Basic Industry | $65,221 | $71,227 | 4.7% | | Finance Companies | $59,151 | $63,139 | 4.3% | | Transportation | $54,436 | $57,980 | 4.0% | | Communications | $51,429 | $54,391 | 3.7% | | Brokerage | $42,837 | $46,883 | 3.1% | | Natural Gas | $11,085 | $11,391 | 0.8% | | Financial Other | $6,447 | $6,855 | 0.5% | | Industrial Other | $5,876 | $6,762 | 0.4% | | Utility Other | $4,643 | $5,390 | 0.3% | | Owned No Guarantee | $1,944 | $2,325 | 0.1% | | Total Corporate portfolio | $1,377,674 | $1,474,579 | 100.0% | Fixed-Maturity Securities - Effective Maturity (As of March 31, 2024) | Effective maturity | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | Avg Book Yield | | :----------------- | :------------------------- | :--------------------------- | :---------------------- | :------------- | | < 1 Yr. | $315,290 | $317,962 | 11.3% | 4.05% | | 1-2 Yrs. | $276,779 | $285,411 | 9.9% | 4.13% | | 2-5 Yrs. | $767,236 | $805,689 | 27.5% | 4.09% | | 5-10 Yrs. | $1,082,638 | $1,224,115 | 38.9% | 3.52% | | > 10 Yrs. | $343,448 | $382,812 | 12.3% | 4.63% | | Total Fixed Income | $2,785,392 | $3,015,988 | 100.0% | 3.93% | Fixed Income Portfolio Quality Ratings (As of March 31, 2024) | Rating | Amortized Cost ($ thousands) | % of Total | | :------------------------ | :--------------------------- | :--------- | | AAA | $570,438 | 18.9% | | AA | $447,746 | 14.8% | | A | $727,678 | 24.1% | | BBB | $1,220,606 | 40.5% | | Below Investment Grade | $49,157 | 1.6% | | NA | $363 | 0.0% | | Total Fixed Income | $3,015,988 | 100.0% | Net Investment Income by Source (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Fixed-maturity securities (available-for-sale) | $25,806 | $29,936 | $4,130 | 16.0% | | Fixed-maturity securities (held-to-maturity) | $16,435 | $15,785 | $(650) | -4.0% | | Equity Securities | $380 | $390 | $10 | 2.6% | | Deposit asset underlying 10% reinsurance treaty | $2,377 | $2,311 | $(66) | -2.8% | | Deposit asset - Mark to Market | $(327) | $(137) | $190 | 58.1% | | Policy loans and other invested assets | $(72) | $461 | $533 | nm | | Cash & cash equivalents | $5,128 | $6,981 | $1,853 | 36.1% | | Total investment income | $49,727 | $55,727 | $6,000 | 12.1% | | Investment expenses | $2,227 | $2,136 | $(91) | -4.1% | | Interest Expense on Surplus Note | $16,435 | $15,785 | $(650) | -4.0% | | Net investment income | $31,065 | $37,806 | $6,741 | 21.7% | - The fixed income book yield increased from 3.57% in Q1 2023 to 3.93% in Q1 2024, while the new money yield decreased from 5.57% to 5.70% over the same period[62] - The fixed income portfolio duration was 4.7 years as of March 31, 2024[53] Five-Year Historical Key Statistics This section provides a five-year historical overview of key operational and financial statistics, including recruits, sales force, issued term life policies, premiums, investment & savings product sales, client asset values, and mortgage volume Historical Sales Force and Policy Data (2019-Q1 2024) | Key Statistics | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | | :------------------------------------ | :----- | :----- | :----- | :----- | :----- | :------ | :------ | | Recruits | 282,207 | 400,345 | 349,374 | 359,735 | 361,925 | 93,540 | 110,710 | | Life-insurance licensed sales force, end of period | 130,522 | 134,907 | 129,515 | 135,208 | 141,572 | 136,430 | 142,855 | | Issued term life policies | 287,809 | 352,868 | 323,855 | 291,918 | 358,860 | 84,561 | 86,587 | | Issued term life face amount ($mills) | $93,994 | $109,436 | $108,521 | $103,822 | $119,102 | $28,124 | $28,725 | | Term life face amount in force, end of period ($mills) | $808,262 | $858,818 | $903,404 | $916,808 | $944,609 | $922,845 | $947,101 | | Total estimated annualized issued term life premium ($) | $305.0 | $372.5 | $374.2 | $348.5 | $376.6 | $88.9 | $91.2 | Historical Investment & Savings and Mortgage Data (2019-Q1 2024) | Key Statistics | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | | :------------------------------------ | :------- | :------- | :------- | :------- | :------- | :------- | :------- | | Investment & Savings product sales ($mills) | $7,533.2 | $7,842.5 | $11,703.2 | $10,009.0 | $9,211.7 | $2,300.0 | $2,770.4 | | Investment & Savings average client asset values ($mills) | $65,029 | $69,709 | $89,993 | $87,193 | $89,474 | $86,581 | $99,502 | | Closed U.S. Mortgage Volume (brokered) ($mills) | $31.1 | $442.5 | $1,229.2 | $567.2 | $293.4 | $55.6 | $71.4 | - Recruits increased from 93,540 in Q1 2023 to 110,710 in Q1 2024, indicating strong growth in sales force recruitment[66]