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Primerica Added To S&P MidCap 400 Index

Primerica has replaced The Shaw Group in the Standard & Poor’s MidCap Index...

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InsuranceNewsNet

Primerica has replaced The Shaw Group in the Standard & Poor’s MidCap Index. The change became effective after the close of trading on Feb. 12, according to S&P. Companies included in the S&P MidCap 400 must have a total market capitalization between $750 million and $3 billion. Primerica currently has a market capitalization of approximately $1.9 billion.

“Inclusion in the S&P MidCap Index marks another important milestone for Primerica as a publicly traded company,” Rick Williams, chairman of the board and co-chief executive officer of Primerica, said in a company release. “Our addition to this esteemed index will provide outstanding exposure for Primerica among both institutional and retail investors.”

Separately, Primerica has announced that Warburg Pincus will sell 2.5 million shares of its common stock in an underwritten public offering. The offering is expected to close on Feb. 15.

Upon completion of the offering, Warburg Pincus will own approximately 4.4 percent of Primerica’s outstanding common stock. All of the shares are being sold by Warburg Pincus, which will receive all of the net proceeds from the offering. Citigroup is acting as book-running manager for the offering, which is being made under an existing shelf registration statement previously filed with the Securities and Exchange Commission.

On Feb. 7, Primerica reported fourth quarter net income of $40.3 million, or 67 cents per share, compared to $37.2 million or 51 cents per share in the comparable quarter of 2011. Total revenues for the quarter were $304.50million, up from $275.8 million, in the same period a year earlier. Primerica posted total revenues of $1.1 billion for the full year; net income was $173.8 million or $2.71 per diluted share.

S&P Dow Jones Indices, a subsidiary of the McGraw-Hill Companies, is a global resource for index-based concepts, data and research. Along with the S&P MidCap, it is home to iconic financial market indicators, such as the S&P 500 and the Dow Jones Industrial Average.

Primerica, headquartered in Duluth, Ga., distributes financial products to middle-income families in North America. Primerica’s products include term life insurance, which the company underwrites; as well as mutual funds, annuities and other financial products distributed primarily on behalf of third parties. Primerica has more than 4.3 million life insurance policies in force and approximately 2 million investment account clients. Traded on the New York Stock Exchange, Primerica’s stock is also included in the Russell 2000 stock index.

© Entire contents copyright 2013 by InsuranceNewsNet.com, Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. Please contact the editor at editor@insurancenewsnet.com with any questions or comments.

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