Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 265

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 265
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2, lapses of term life insurance policies have remained above long-term historical levels. The continuation of the elevated cost of living could adversely impact demand for our products.

The effects of these trends and conditions are discussed below, in the Results of Operations section and in the Financial Condition section. 

Size of the Independent Sales Force. Our ability to increase the size of the independent sales force (“independent sales representatives” or “independent sales force”) is largely based on the success of the independent sales force’s recruiting efforts as well as training and motivating recruits to get licensed to sell life insurance. We believe that recruitment and licensing levels are important to independent sales force trends, and growth in recruiting and licensing is usually indicative of future growth in the overall size of the independent sales force. Recruiting changes do not always result in commensurate changes in the size of the licensed independent sales force because new recruits may obtain the requisite licenses at rates above or below historical levels.

45

Details on recruiting and life-licensed independent sales representative activity were as follows:

    Year ended December 31,

    2024

    2023

    2022

    New recruits

    445,425

    361,925

    359,735

    New life-licensed independent sales representatives

    56,320

    49,096

    45,147

    Life-licensed independent sales representatives, at period end

    151,611

    141,572

    135,208

The number of new recruits increased in 2024 compared to 2023. The year-over-year increase was primarily driven by the momentum following our biennial convention held in July 2024 and special recruiting incentives that were offered in connection with the convention. Approximately 81,000 individuals were recruited while the special incentives were in place. Recruiting activity was strong in 2023 without the benefit of significant recruiting incentives as compared with recruiting activity in 2022, which benefited from the impact of the biennial convention held in June 2022 and associated recruiting incentives. Positive sentiment regarding interest in our business opportunity along with the demand for supplemental income likely contributed to the strong recruiting activity in the comparable periods. 

New life-licensed independent sales representatives increased in 2024 compared to 2023 and 2022 as the pipeline of recruits has increased each year-over-year.

The number of life-licensed independent sales representatives increased each year reflecting strong recruiting and licensing activity as discussed above. 

Term Life Insurance Product