At a glance
Primerica Inc is worth $8.59B, about 12 times its fiscal 2025 earnings. Revenue grew 6.6% to $3.29B in fiscal 2025, with 22.7% kept as profit; over 5 years it has grown 8.2% a year. It pays a 1.66% dividend yield, raised every year for at least 9 years, and returned $2.13B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.3% over the past year with dividends reinvested and +12.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.2% in the 2020 crash (S&P 500: 33.7%) and 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 7 months after the lows.
The business in plain English
Primerica offers term life insurance (coverage for a fixed period) and investment products to middle-income households in the United States and Canada. It defines middle income as households with $30,000 to $130,000 of annual income. Its products reach clients through 151,524 independent sales representatives licensed for life insurance, as of December 31, 2025. These are independent contractors, many of them part-time, who typically start with friends, family and acquaintances as clients. Leaders called Regional Vice Presidents run offices and earn commissions on their teams' sales. As of the same date, Primerica insured over 5.5 million lives and had about 3.1 million client investment accounts.
Term Life Insurance is the largest segment, at 55.3% of fiscal 2025 revenue of $3.29 billion. Primerica issues these policies itself and collects recurring premiums. It passes up to 90% of the death-claim risk on existing policies to reinsurers, which are insurers that take on part of another insurer's risk. That keeps claims costs largely fixed and earnings steadier.
The Investment and Savings Products segment brought in 37.9%. Primerica mainly distributes mutual funds, annuities and managed investments from outside firms, earning commissions and advisory and administrative fees. A third segment, Corporate and Other Distributed Products, covers the rest. Primerica also brokers U.S. mortgage loans. By country, the U.S. supplied 86.6% of revenue and Canada 13.4%.
Price history
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PRI +8.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Term Life Insurance Segment Revenues | $1.82B | 55.3% |
| Investment And Savings Products Segment Revenues | $1.25B | 37.9% |
By geography
| US | $2.85B | 86.6% |
| CA | $440.8M | 13.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $865.1M, up 9% from a year earlier, and net income was $202.3M (+13.4%).
- For fiscal 2025, revenue was $3.29B (+6.6% year over year; +8.2% a year from FY2020 to FY2025) with a 22.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.2% good |
|---|---|
| Return on equity (FY2025) | 30.6% good |
| Return on assets (FY2025) | 5% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.22B | $386.2M | — |
| FY2021 | $2.71B | $477.4M | — |
| FY2022 | $2.66B | $472.1M | — |
| FY2023 | $2.75B | $576.6M | — |
| FY2024 | $3.09B | $470.5M | — |
| FY2025 | $3.29B | $748.8M | — |
Valuation snapshot
| Market value | $8.59B |
|---|---|
| P/E ratio | 12.2 |
| Dividend yield | 1.66% |
Rank among 1514 US companies
Market value at each year end
Primerica’s market value went from $3.17B at the end of 2016 to $8.59B on Oct 28, 2026, about 2.7 times as much; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.59B | +4.2% |
| 2025 | $8.25B | -9.0% |
| 2024 | $9.06B | +25.7% |
| 2023 | $7.21B | +37.8% |
| 2022 | $5.23B | -13.5% |
| 2021 | $6.05B | +15.0% |
| 2020 | $5.26B | -2.5% |
| 2019 | $5.40B | +28.7% |
| 2018 | $4.20B | -6.6% |
| 2017 | $4.49B | +41.9% |
| 2016 | $3.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PRI price data to Oct 28, 2026 | +9.4% | +8.3% | +14.5% | +12.3% | +19.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.4% |
| 2025 | -3.3% |
| 2024 | +33.6% |
| 2023 | +47.1% |
| 2022 | -5.9% |
| 2021 | +15.9% |
| 2020 | +3.9% |
| 2019 | +35.1% |
| 2018 | -2.9% |
| 2017 | +48.2% |
| 2016 | +48.3% |
| 2015 | -11.8% |
| 2014 | +27.8% |
| 2013 | +44.7% |
| 2012 | +30.3% |
| 2011 | -3.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.1% over that stretch · deepest drop along the way 54.2%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16% over that stretch · deepest drop along the way 28.7%, back to its old high 7.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($2.1M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Peter W. Schneider President | sell (plan) | $563K |
| May 18, 2026 | Peter W. Schneider President | sell (plan) | $503K |
| Aug 10, 2026 | Glenn J. Williams Chief Executive Officer, Director | sell (plan) | $480K |
| Jun 12, 2026 | Glenn J. Williams Chief Executive Officer, Director | sell (plan) | $421K |
| Aug 11, 2026 | Amber Lynne Cottle Director | sell | $88K |
Who owns it
Large shareholders (13G filings)
| Kayne Anderson Rudnick Investment Management, LLC | 8.9% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.79% | Mar 31, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| BAMCO INC /NY/ | 4.96% | Dec 31, 2024 |
ETFs with the most weight in PRI
| WBIG WBI BullBear Yield 3000 ETF | 2.85% |
| GDIV Harbor Dividend Growth Leaders ETF | 2.84% |
| SOVF Sovereign's Capital Flourish Fund | 2.39% |
| OSCV Opus Small Cap Value ETF | 2.16% |
| IPDP Dividend Performers ETF | 2.13% |
| RUNN Running Oak Efficient Growth ETF | 1.85% |
| WBIF WBI BullBear Value 3000 ETF | 1.58% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.42% |
What could go wrong
- Depends on recruiting and keeping sales reps. Part-time representatives leave often, so Primerica must keep recruiting and licensing new ones. Losing key Regional Vice Presidents and their large teams, or bad publicity about its sales model, could hurt recruiting and sales.
- Rules could force a new sales structure. If regulators or courts reclassified representatives as employees, or applied business opportunity or franchise laws to Primerica, it could face added tax, legal and disclosure costs and need to change its structure.
- Reliance on a few fund and annuity partners. The investment segment offers a limited lineup of mutual funds and annuities from a small number of companies. If those products lose appeal, or a key partnership changes or ends, revenue could fall.
- Reinsurer failure or unexpected claims. Primerica passes up to 90% of death-claim risk on existing policies to reinsurers. If a reinsurer fails to pay, or deaths, policy lapses or disability claims differ from forecasts, losses could follow.
- Tighter sales rules or lower commissions. Stricter conduct standards for representatives who offer investments, or new laws that cut sales commissions, could raise compliance costs and reduce what Primerica and its representatives earn.
- Economic strain on middle-income clients. Downturns and rising living costs squeeze the budgets of Primerica's middle-income clients, who may cut back on insurance and saving. Swings in mortgage rates can also hurt its U.S. mortgage brokerage business.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Primerica has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.60 in fiscal 2020 to $4.16 in fiscal 2025, about 21% a year, yet that $4.16 was only about 18% of earnings. The yield was a modest 1.66% as of October 28, 2026. Buybacks are larger: Primerica spent about $1.63 billion repurchasing its stock in fiscal 2021–2025, versus $501 million in dividends, and its share count fell about 22% from October 2021 to July 2026.
The shares have fallen hard in slumps. In the 2020 COVID crash they dropped 54.2% between February 20 and March 20, 2020, then recovered by August 14, 2020. In the 2022 bear market they fell 28.7% from January to June 2022 and recovered by January 25, 2023. Primerica went public in April 2010, after the 2008 crisis. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Primerica make money?
Mainly from term life insurance premiums and fees on investment products. In fiscal 2025, the Term Life Insurance segment produced 55.3% of Primerica's $3.29 billion in revenue, and the Investment and Savings Products segment produced 37.9%. The investment revenue is entirely fee-based: commissions plus advisory and administrative fees on mutual funds, annuities and managed investments from other firms. Products reach middle-income clients through 151,524 independent representatives licensed for life insurance, as of December 31, 2025.
Are Primerica's sales representatives employees?
No. They are independent contractors who run their own businesses and are paid commissions tied to sales. Most begin part-time while holding other jobs, and they typically start with friends, family and acquaintances as clients. Recruits pay low entry fees, which Primerica says cover costs such as licensing exams and pre-licensing training. They do not have to purchase and resell products. If regulators or courts changed how the representatives are classified, Primerica could face tax, legal and financial costs.
Does Primerica raise its dividend every year?
Yes, for at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.60 in fiscal 2020 to $4.16 in fiscal 2025, about 21% a year. The fiscal 2025 dividend was about 18% of diluted earnings per share of $22.91. The dividend yield was 1.66% as of October 28, 2026. Past increases do not guarantee future ones.
How has Primerica stock performed over the long term?
It has risen a lot over the long run, with sharp drops along the way. As of October 28, 2026, the share price had gained about 19.2% a year over 10 years, 12.3% a year over five years and 8.3% over one year. The stock fell 54.2% in the 2020 COVID crash and 28.7% in the 2022 bear market. It regained its earlier highs about 4.8 and 7.3 months after those lows. Past returns do not predict future results.
What is Primerica's P/E ratio?
Primerica's P/E ratio was 12.2 as of October 28, 2026, based on fiscal 2025 diluted earnings of $22.91 per share. The P/E (price-to-earnings ratio) shows how many dollars investors pay for each dollar of annual profit. Market value was about $8.6 billion on that date. Earnings have been uneven: net income fell to $470.5 million in fiscal 2024, then rose 59.1% to $748.8 million in fiscal 2025. Return on equity, which measures profit against shareholders' capital, was 30.6% in fiscal 2025.