Primerica reports Q1 life insurance sales growth of 7%
The life insurance licensed sales force grew 7% to 130,156 representatives at the end of the second quarter, primarily driven by a 5% increase in new life insurance licenses compared with the prior year period. In the second quarter of 2018, nearly 84,000 Term Life insurance policies were issued reflecting productivity of 0.22 policies per life insurance licensed representative per month. Productivity continues to be at the high end of our historical range and the number of policies issued this quarter was consistent with the prior year period, which benefited from our biennial convention. In the second quarter, Investment and Savings Product income before income taxes grew to $43.2 million, up 9% from the prior year period. Sales-based revenues grew 6% generally in line with revenue-generating product sales growth, while total product sales grew 12% year-over-year reflecting strong growth in managed account sales, which do not generate sales-based revenue. Variable annuity sales increased 22%, reflecting a favorable market environment and enhanced product offerings.