DULUTH, Ga. - Primerica, Inc. (NYSE:PRI), a provider of financial services in North America, has publicly refuted allegations made by a blogger aimed at discrediting the company's business practices and affecting its stock price. Primerica asserts that the blogger's opinions are misleading and do not reflect the company's commitment to serving middle-income families.
The company, which has been operating for over 47 years, emphasized its role in providing financial products and services to households in the United States and Canada. Primerica highlighted its achievement of insuring over 5.7 million lives and handling almost $100 billion in client investments. Last year, the firm paid out over $1.8 billion in life insurance claims, underscoring its impact on the families of its clients.
Primerica also pointed to its high satisfaction and loyalty ratings as evidence of its dedication to client service. The company stated that it operates with discipline and integrity, adhering to the stringent standards, laws, and regulations of the financial services industry. Primerica's confidence in its business model, products, and solutions was reiterated, with an emphasis on the value they create for clients and stockholders.
This response comes as Primerica continues to serve a substantial number of clients, with 2.9 million investment accounts as of December 31, 2023. The company is recognized as the third-largest issuer of Term Life insurance in the United States and Canada for 2022.
Primerica's stock is part of the S&P MidCap 400 and the Russell 1000 indices, reflecting its presence in the financial market. Despite the criticism from the unnamed blogger, Primerica encourages individuals to seek factual information about the company to make informed judgments.
The information for this article is based on a press release statement from Primerica, Inc.
InvestingPro Insights
In the wake of Primerica's recent public statement defending its business practices, investors and stakeholders may find the following data and insights from InvestingPro valuable for making informed decisions. Primerica, Inc. (NYSE:PRI) has shown resilience in its financial metrics, which could be indicative of underlying strength. According to InvestingPro data, the company has maintained a solid market capitalization of $7.22 billion, with a P/E ratio of 12.9, reflecting investor confidence in its earnings capacity. Additionally, the company's revenue growth over the last twelve months as of Q4 2023 stood at 3.49%, which, while modest, indicates steady business performance.
From an investment perspective, Primerica has demonstrated a commitment to shareholder returns, as evidenced by its dividend track record. One of the InvestingPro Tips highlights that the company has raised its dividend for 14 consecutive years, showcasing a reliable and investor-friendly approach to capital allocation. Furthermore, the dividend yield as of early 2024 is at a healthy 1.42%, paired with a notable dividend growth of 36.36% over the last twelve months as of Q4 2023.
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