Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 266

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 266
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 Sales and Face Amount In Force. The average number of life-licensed independent sales representatives and the number of term life insurance policies issued, as well as the average monthly rate of new policies issued per life-licensed independent sales representative (historically between 0.20 and 0.24, as adjusted (1)), were as follows:

    Year ended December 31,

    2024

    2023

    2022

    Adjusted 2022 (estimated)

    Average number of life-licensed independent sales representatives

    145,975

    137,760

    132,077

    132,077

    Number of new policies issued(1)

    370,396

    358,860

    291,918

    333,020

    Average monthly rate of new policies issued per life-licensed(1)   independent sales representative

    0.21

    0.22

    0.18

    0.21

(1)For the year ended December 31, 2022, the previously reported number of new policies issued has been adjusted for comparability purposes as a result of our new term life insurance products introduced in October 2022, which modified how policies are structured in relation to individual lives. Historically, two adult lives could be covered under a single policy by adding a spouse rider. To better align risk and pricing in our new life insurance products, we eliminated this rider and now sell a separate policy for each insured life. Results for the years ended December 31, 2024 and 2023 reflect additional policies issued to reflect the former spouse rider with a separate policy in the new life insurance products. To make year-over-year comparisons more consistent, we have provided estimates for the year ended December 31, 2022.

The average number of life-licensed independent sales representatives increased each year as a result of strong recruiting and licensing activity that drove growth in the size of the independent sales force as discussed above.

New policies issued increased each year primarily due to year-over-year growth in the number of life-licensed independent sales representatives. 

Productivity in 2024, 2023, and adjusted 2022 measured by the average monthly rate of new policies issued per life-licensed independent sales representative, was in line with our adjusted historical range. 

The changes in the face amount of our in-force book of term life insurance policies were as follows:

    Year ended December