Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 331

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 331
---
, 2024, the Company irrevocably and permanently surrendered and relinquished all rights in e-TeleQuote to an independent third party without receipt of consideration and with no continuing involvement in its management or operations. The Company determined that the disposal represented a strategic shift that will have a major impact on the Company’s operations and financial results. The disposal represented a strategic shift as the Senior Health business had been designated as a separate operating segment, and the Board and management recognized that its previously expected impact on the Company’s operations and financial results would not be realized. Accordingly, the results of operations for the Senior Health business and related assets and liabilities have been reported in discontinued operations for all periods presented in our consolidated statements of income and our consolidated balance sheets, respectively. Related balances in the notes to the consolidated financial statements have been restated to remove balances and activities related to the discontinued operations except as otherwise noted. We recognized an after-tax net gain on disposal of $2.0 million, which is comprised of the $95.8 million write-off of e-TeleQuote’s assets and liabilities as of the abandonment date and the recognition of a $97.8 million income tax benefit.The major classes of line items constituting discontinued operations in the consolidated statements of income were as follows: 

        Year ended December 31,

        2024

        2023

        2022

        (In thousands)

        Revenues:

        Commissions and fees
         
        $
        30,550

        $
        57,563

        $
        47,420

        Other, net

        2,056

        9,621

        15,262

        Total revenues

        32,606

        67,184

        62,682

        Expenses:

        Contract acquisition costs

        45,594

        55,233

        68,431

        Impairment of goodwill and other long-lived assets

        253,607

        -

        60,000

        Loss on disposition

        95,787

        -

        -

        Other operating expenses

        31,956

        32,009

        32,924

        Total expenses

        426,944

        87,242

        161,355

        Loss before income taxes

        (394,338
        )

        (20,058
        )

        (98,673
        )

        Income tax benefit