Primerica Reloads Buyback Canon With a Fresh $475M Program

Core Insights - Primerica, Inc. (PRI) has initiated a $475 million share repurchase program set to run through December 31, 2026, reflecting a robust capital-return strategy and steady growth in its Term Life and investment businesses [1][8] - As of September 30, 2025, PRI reported over $967 billion in Term Life face amount in force, alongside an expanding fee-based investment platform, indicating strong operational performance [1] Financial Performance - For Q3 2025, PRI's adjusted operating earnings per share reached $6.33, marking an 11% increase year over year and exceeding the Zacks Consensus Estimate by 14.7% [4][8] - The company repurchased 480,272 shares for $129 million during the quarter and paid $34 million in dividends, demonstrating a commitment to enhancing shareholder value [2][8] Liquidity and Leverage - PRI maintains solid liquidity with $644.9 million in cash and cash equivalents, although its total debt-to-capital ratio stands at 44.4%, significantly higher than the industry average of 14.5% [3] - Operating cash flow decreased by 4.8% to $562.9 million over the first nine months of 2025, yet performance is supported by a stable block of in-force Term Life policies [3] Market Position and Valuation - Primerica's stock has declined by 1.9% year to date, contrasting with the industry's growth of 1.1% [7] - The company trades at a forward price-to-earnings ratio of 10.95X, which is above the industry average, and holds a Value Score of B [9] Earnings Estimates - The Zacks Consensus Estimate anticipates earnings growth of 11.7% and 6.9% for PRI in 2025 and 2026, respectively [10]