Primerica (PRI) is a Georgia-based financial services firm.

Citigroup was Primerica’s previous parent company. On April 1, 2010, the company was spun off through an initial public offering (IPO).

According to the company, it is a leading distributor of financial products to middle-income households. Primerica’s primary product is term life insurance, but it also offers mutual funds, annuities, segregated funds, managed accounts, long-term care insurance, pre-paid legal services, auto insurance, home insurance, credit monitoring, and debt management plans.

History of Primerica

Arthur L. Williams Jr. founded Primerica in 1977 as A.L. Williams & Associates (A.L. Williams). The company’s initial pitch to its mostly middle-class clientele was to “buy term and invest the difference.” This concept was intended to demonstrate how its client base could obtain adequate protection through term life insurance while also saving and investing in separate investment vehicles such as mutual fund individual retirement accounts (IRAs).

Primerica insures approximately five million people and manages over 2.5 million client investment accounts. In 2019, Primerica was the second largest provider of term life insurance in North America.

In 2019, the company reported $2.05 billion in revenue, an increase of 8% over 2018. In 2019, net income increased by 13% to $366.4 million.

Vanguard Group, Kayne Anderson Rudnick Investment Management, BlackRock, BAMCO, and Fidelity Investments Inc. are the five largest shareholders of Primerica stock as of June 2020.

Top Shareholders of Primerica

SHAREHOLDER # OF SHARES % STAKE $ VALUE
Vanguard Group 4,625,788 11.34% $550.47 million
Kayne Anderson Rudnick Investments 4,356,014 10.68% $518.37 million
BlackRock 3,734,953 9.16% $444.46 million
BAMCO 2,341,642 5.74% $278.66 million
Fidelity Management 2,248,395 5.51% $267.56 million

The Vanguard Group

With approximately 4.62 million shares, the Vanguard Group is Primerica’s largest shareholder. This represents an 11.34 percent stake in the company worth approximately $550.47 million. The Vanguard Group, based in Malvern, Pennsylvania, is a registered investment advisor. As of January 31, 2020, the company had approximately $6.2 trillion in assets under management (AUM).

Kanye Anderson Rudnick Investments

Kanye Anderson Rudnick Investments is Primerica’s second-largest shareholder, owning approximately 4.35 million shares. This represents a 10.68 percent stake in the company worth approximately $518.37 million. Kanye Anderson Rudnick Investments makes equity investments in companies with strong, consistent growth and low business and financial risk. The firm primarily serves high-net-worth individuals and institutional clients, such as endowments, foundations, corporations, public funds, and pension plans, with actively managed equity and fixed-income strategies.

BlackRock

With approximately 3.73 million shares, BlackRock is Primerica’s third-largest shareholder. This represents a 9.16 percent stake in the company worth approximately $444.46 million. BlackRock is a New York-based American global investment management firm. With $7.4 trillion in AUM at the end of the fourth quarter of 2019, BlackRock is the world’s largest asset manager.

BAMCO

With approximately 2.34 million shares, BAMCO is Primerica’s fourth-largest shareholder. This represents a 5.74 percent stake in the company worth approximately $278.66 million. BAMCO is an investment advisory firm that provides investment management and financial planning services to both individuals and institutions.

Fidelity Investments Inc.

With approximately 2.24 million shares, Fidelity Investments Inc. is Primerica’s fifth-largest shareholder. This represents a 5.51 percent stake in the company worth approximately $267.56 million. Fidelity Investments is a multinational financial services corporation headquartered in Boston, Massachusetts. With $3.3 trillion in assets under management as of June 2020, Fidelity is one of the world’s largest asset managers.

 

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