![]() ![]() The licensing process remained constrained by many of the challenges we discussed in the past, including various limitations from state and provincial social distancing measures and individual comfort level when it comes to congregating in larger groups.Ĥ:02 Initially, we were encouraged when restrictions began to ease. Recruiting remains strong, built by greater utilization of web conferencing technology and more recently the great resignation that has created a record number of individuals looking for alternative career paths. After nearly two years of COVID disruptions, our sales force has adapted extremely well to new ways of conducting business. Alison will address this impairment and our financial outlook for Senior Health in her prepared remarks, and I will expand on our plans to address e-TeleQuote's operational challenges in a moment.ģ:22 Taking a closer look at how the pandemic has impacted our distribution results on Slide 4. Continued elevated policy churn in the senior health market was a significant driver, along with other factors such as e-TeleQuote's recent financial performance and the decline in market values of publicly traded peers. We incurred a preliminary noncash impairment charge of $76 million during the fourth quarter. In our Senior Health business, results from our first annual election period were weaker than expected due to a combination of lower sales volume and higher contract acquisition costs. #PRIMERICA ONLINE FULL#Diluted adjusted operating income per share increased 20% quarter-over-quarter and on a full year-over-year basis.Ģ:29 Fourth quarter investment product sales remained well above our prior year period levels, while sales in the Term Life business continued to normalize as expected. Adjusted operating revenues increased 22% compared to both the last year's fourth quarter and full year 2020 results. Fourth quarter and full year results continue to reflect the strong demand for our financial solutions and the resilience of our business model despite the uncertainties caused by the pandemic. Reconciliations of non-GAAP measures to their respective GAAP numbers are included at the end of our press release and are available on our Investor Relations website.ġ:56 I would now like to turn the call over to Glenn.Ģ:00 Thank you, Nicole, and thanks, everyone, for joining us today. We will also reference certain non-GAAP measures, which we believe will provide additional insight into the company's operations. We refer you to our most recent Form 10-K as modified by subsequent Forms 10-Q and the press release filed with our Form 8-K dated July 1, 2021, for a list of risks and uncertainties that could impact actual results. ![]() #PRIMERICA ONLINE UPDATE#The company assumes no obligation to update these statements to reflect new information. Glenn and Alison will deliver prepared remarks and then we will open the call up for questions.Ġ:55 During our call some of our comments may contain forward-looking statements in accordance with the Safe Harbor Provisions of the Securities Litigation Reform Act. A copy of our earnings press release along with materials that are relevant to today's call are posted on the Investor Relations section of our website.Ġ:41 Joining our call today are our Chief Executive Officer, Glenn Williams and our Chief Financial Officer, Alison Rand. Welcome to Primerica's fourth quarter earnings call. ![]() You can go ahead.Ġ:25 Thank you, Nate, and good morning, everyone. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.Ġ:17 I’d like to now pass the conference over to Nicole Russell with Primerica. My name is Nate and I'll be the moderator for today’s call. The machine-assisted output provided is partly edited and is designed as a guide.Ġ:02 Welcome to today’s Primerica Q4 Earnings Results Conference Call and Webcast. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. Nicole Russell - Head of Investor Relations.Īlison Rand - Executive VP & Chief Financial Officerĭisclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. ( NYSE: PRI) Q4 2021 Earnings Conference Call Febru10:00 AM ET ![]()
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