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Primerica (DE:PI7)
FRANKFURT:PI7
Germany Market
EarningsQ2 2026 Earnings Report

Primerica (PI7) Q2 2026 Earnings Report

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DE:PI7 Q2 2026 EPS Results

Actual EPS€5.72
Consensus EPS€5.38
Beat/MissBeat by +€0.34
One Year Ago EPS€4.87

DE:PI7 Q2 2026 Revenue Results

Actual Revenue€783.47M
Expected Revenue€786.21M
Beat/MissMissed by -€2.74M
YoY Revenue Growth+8.66%

Earnings Announcement Details

QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
DE:PI7 Upcoming Earnings
Primerica's next earnings date is estimated for November 4, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:PI7 Q2 2026 Earnings Call
0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026
Earnings Call Date:Aug 05, 2026|
% Change Since:
|
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by 8% revenue growth, 11% adjusted net operating income growth, 17% adjusted EPS growth, exceptional investment business performance, record assets under management, positive net inflows, strong capital returns, and a 33.1% return on adjusted equity. The main challenges were declining Term Life policies and productivity, below-prior-year licensing levels, continued pressure on middle-income families, and higher expected expense growth. Management expressed confidence in improving distribution trends and life sales comparisons in the second half of 2026.
Company Guidance
Based on current trends, Primerica expects more favorable comparative distribution results in the second half of 2026, with full year sales force size projected to be flat to down 2% compared to 2025; while the year-over-year comparisons and the number of term policies issued during the second half of 2026 will improve, full year 2026 issued policies are expected to decline by mid-single digits; full year ISP sales are expected to increase 10%-15% in 2026; adjusted direct premiums are expected to grow around 3.5% on a full year basis, the benefits and claims ratio to be around 58%, the DAC amortization and commissions ratio to be around 12%-13%, and the full year operating margin to be approximately 21%, excluding any impact from assumption changes associated with the annual assumption review; expense growth is expected to be around 10%-12% in the third quarter and 6%-7% in the fourth quarter, with expected full year expense growth of 7%-8% in 2026; effective tax rates are expected to be around 23% and 22% in the third and fourth quarters, respectively.
Strong Second-Quarter Consolidated Growth
Adjusted operating revenues increased 8% year-over-year, adjusted net operating income increased 11%, and adjusted operating EPS increased 17% to $6.41. EPS included a $4.6 million income tax benefit from a tax equity investment, adding roughly $0.15 per diluted share.
Investment Business Delivered Exceptional Growth
The investments business drove much of the company-wide growth, with revenues increasing 21% and pre-tax income increasing 31% year-over-year.
Strong Capital Returns to Stockholders
Primerica returned $173 million to stockholders during the second quarter, including $135 million of share repurchases and $37 million in dividends. Year-to-date total returns to stockholders reached $352 million.
Recruiting Improved Year-over-Year
Second-quarter recruiting increased 2% year-over-year, benefiting in part from a reduced licensing fee incentive during April.
Convention-Related Growth Initiatives
Primerica launched the 365-day countdown to its 2027 convention and 50th anniversary, introducing a month of discounted licensing fees, targeted promotions, recognition initiatives, and other incentives focused on sales force size and productivity. Management expects the convention to be the company's largest ever.
Expected Improvement in Distribution Comparisons
Based on current trends, management expects more favorable comparative distribution results in the second half of 2026, with full-year sales force size projected to be flat to down 2% compared to 2025.
Term Life Financial Stability
Term Life operating revenues were largely unchanged year-over-year at $444 million, while adjusted direct premiums increased 3.4%. Mortality experience remained favorable relative to long-term actuarial assumptions, and the business continued to provide consistent earnings and predictable cash flow.
Stable Term Life Profitability Outlook
Second-quarter Term Life operating margin was 21.3%, in line with guidance. Full-year expectations remain for adjusted direct premiums to grow around 3.5%, a benefits and claims ratio around 58%, a DAC amortization and commissions ratio around 12%-13%, and an operating margin of approximately 21%, excluding any impact from assumption changes associated with the annual assumption review.
Broad-Based Investment Product Sales Growth
Total security sales increased 23% year-over-year. Managed account sales increased 43%, mutual fund sales increased 20%, and variable annuity sales increased 17%, reflecting demand for advisory solutions, retirement and investment products, and guaranteed income solutions.
Record Assets Under Management and Positive Inflows
Assets under management reached a record $140 billion at quarter end, up 16% from June 30, 2025. Growth was supported by favorable equity market performance and approximately $397 million of net inflows during the quarter.
Positive Investment Sales Guidance
Primerica expects full-year ISP sales to increase 10%-15% in 2026 despite more challenging comparisons in the second half.
Growing Recurring Fee-Based Revenue
The ISP segment represented approximately 42% of consolidated revenues, compared with 37% in the prior-year period. Sale-based revenues increased 17%, asset-based revenues increased 28%, and average client asset values increased 19%. Management said the growth of advisory solutions and Canadian mutual funds distributed under the principal distributor model is increasing recurring fee-based revenues; approximately 75% of client assets are invested for retirement purposes.
Mortgage Business Growth in the United States and Canada
U.S. mortgage loan volume increased 13% year-over-year, supported by more than 3,600 licensed mortgage representatives. Canadian referral activity increased 11% as market conditions remained favorable.
Improved Return on Adjusted Equity
The combination of investment business growth and stable insurance results increased return on adjusted equity by 90 basis points year-over-year to 33.1%.
Corporate and Other Income Improvement
Corporate and other distributed products generated $3.8 million of pre-tax adjusted operating income, compared with $2.7 million in the prior-year period, primarily due to higher net investment income from continued growth in the invested asset portfolio.
Strong Capital and Liquidity Position
The holding company ended the quarter with $587 million in cash and available-for-sale securities, while Primerica Life's estimated RBC ratio was 440%. Management said the capital position is designed to provide resilience, support organic growth, and fund investments in technology, marketing, and distribution.
Diversified Investment Portfolio
The investment portfolio remained well diversified with an average credit rating of A. The average rate on new investment purchases was 4.9% for the quarter, with an average credit rating of A-.
Continued Investment in Long-Term Growth
Primerica is continuing to invest in its sales force, technology, marketing, training, licensing support, underwriting capabilities, product improvements, and client access. The company has rolled out 56 or 57 new advisory products in the United States in recent years and three additional products by the end of the second quarter.
Approaching One Trillion Dollars of Term Life Face Amount in Force
Management said Primerica is approaching a trillion dollars in face amount in force and described the milestone as a unique accomplishment in the middle market using 100% Term Life insurance.

DE:PI7 Earnings History

Report Date
Fiscal Quarter
Forecast / EPS
Last Year's EPS
EPS YoY Change
Press Release
Nov 04, 2026
2026 (Q3)
5.71 / -
5.649―
2026 (Q2)
5.38 / 5.72
4.87317.40% (+0.85)
2026 (Q1)
4.90 / 5.32
4.4818.73% (+0.84)
2025 (Q4)
5.07 / 5.47
4.48921.87% (+0.98)
2025 (Q3)
4.95 / 5.65
5.06911.44% (+0.58)
2025 (Q2)
4.65 / 4.87
4.20315.92% (+0.67)
2025 (Q1)
4.27 / 4.48
3.48928.39% (+0.99)
2024 (Q4)
4.45 / 4.49
3.79318.35% (+0.70)
2024 (Q3)
4.29 / 5.07
3.81932.71% (+1.25)
2024 (Q2)
3.99 / 4.20
3.56118.05% (+0.64)
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed