Benzinga | Nov 17, 2021 04:51PM EST

Primerica Announces $275M Stock Buyback Program Through Dec. 2022

Primerica, Inc. (NYSE:PRI) today announced that its Board of Directors has authorized a share repurchase program through December 31, 2022, pursuant to which the Company is authorized to repurchase up to $275 million of its common stock, with repurchases expected to begin in 2021. The share repurchases may be made from time to time through open market transactions, block trades and/or privately negotiated transactions and are subject to market conditions, as well as corporate, regulatory, and other considerations.

"Last week we reported another quarter of solid financial results for Primerica. Our investment and savings business continues to experience robust growth, while demand for life insurance protection remains above pre-pandemic levels," said CEO Glenn Williams. "We remain committed to driving value by growing our business, serving our clients, and generating capital to return to our stockholders. This $275 million repurchase authority is evidence of our commitment."

This share repurchase program replaces the $300 million program that was previously authorized in February 2021 for repurchases through June 30, 2022. This share repurchase program may be discontinued at any time by the Board of Directors, and the Company has no obligation to repurchase any amount of its common stock under the program. The Company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.