To install click the Add extension button. That's it.

The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. You could also do it yourself at any point in time.

4,5
Kelly Slayton
Congratulations on this excellent venture… what a great idea!
Alexander Grigorievskiy
I use WIKI 2 every day and almost forgot how the original Wikipedia looks like.
Live Statistics
English Articles
Improved in 24 Hours
Added in 24 Hours
Languages
Recent
Show all languages
What we do. Every page goes through several hundred of perfecting techniques; in live mode. Quite the same Wikipedia. Just better.
.
Leo
Newton
Brights
Milds

From Wikipedia, the free encyclopedia

Primerica, Inc.
Company typePublic
Industry
FoundedFebruary 10, 1977; 47 years ago (1977-02-10)
HeadquartersDuluth, Georgia, US
Key people
  • D. Richard Williams
  • (chairman of the board)
  • Glenn J. Williams
  • (CEO)
  • Peter W. Schneider
  • (president)
  • Alison S. Rand
  • (executive VP & CFO)
Products
RevenueIncrease US$ 2.71 billion (2021)
Increase US$ 511.12 million (2021)
Increase US$ 373.36 million (2021)
Total assetsIncrease US$ 16.12 billion (2021)
Total equityIncrease US$ 2.08 billion (2021)
Number of employees
  • 2,891 (full-time; 2021)
  • 558 (on-call & part-time; 2021)
Websiteprimerica.com Edit this at Wikidata
Footnotes / references
[1][2][3]
Primerica's headquarters building

Primerica, Inc. is a multi-level marketing[4][5][6] company that provides insurance, investment and financial services to middle-income families in the United States and Canada.[7][8][9]

Primerica is the parent company of National Benefit Life Insurance Company, Primerica Life, Peach Re, and Vidalia Re.[7][10] Primerica acquired e-Telequote in July 2021.[11][12] The company that would become Primerica was founded in 1981. Primerica had its initial public offering in 2010.[13][14]

Primerica's headquarters are located in Duluth, Georgia.[15]

YouTube Encyclopedic

  • 1/5
    Views:
    56 181
    12 393
    411 936
    17 248
    40 740
  • Is Primerica Good or Bad? My Experience in Primerica!
  • Primerica Review (Honest and Unbiased)
  • Primerica: The Insurance MLM
  • Primerica Training | Simple Tutorial to Get Life Insurance Leads Online | Primerica Life Insurance
  • How to Recruit Someone in 6 Minutes - Daniel Alonzo

Transcription

History

In 1980, A.L. Williams (founded in 1977)[16] entered into a contract with Boston-based Massachusetts Indemnity and Life Insurance Company (MILICO), an underwriter of life insurance and a subsidiary of Santa Monica–based PennCorp Financial Services. In 1981, the company established First American National Corporation as a holding company for First American Life Insurance and First American National Securities. These companies were later renamed The A.L. Williams Corporation, A.L. Williams Life Insurance Company, and PFS Investments, Inc, respectively. In 1982, The A.L. Williams Corporation (ALWC) was listed on the Over the Counter (OTC) market under the symbol ALWC. In 1983, the company became listed on the NASDAQ exchange under the same symbol.

PennCorp finalized a merger agreement with American Can Company in 1983, and became its subsidiary along with MILICO. In 1986 Triangle Industries bought American Can's packaging division and the rights to the company's name. In 1987 American Can changed its name to Primerica Corporation,[17] with Gerald Tsai as CEO, the first Chinese American to lead a member of the Dow Jones Industrials.[18][19]

In December 1988, Sanford Weill's Commercial Credit acquired Primerica Corporation for $1.54 billion, retaining the Primerica name.[20][21] On February 6, 1989, Primerica Corporation began trading on the New York Stock Exchange.[22]

Throughout the next ten years, Primerica Corporation's affiliated companies A.L Williams, MILICO, and FANS changed their names to Primerica Financial Services, Primerica Life Insurance Company, and Primerica Financial Services Investments, respectively.[23]

In December 1993, Primerica fully acquired Travelers Insurance Corporation and adopted the name Travelers Inc., which was changed to Travelers Group the following year. Travelers Group included Primerica Financial Services, Smith Barney, and other financial businesses. Joe Plumeri was Chairman and CEO of Primerica Financial Services from 1995 to 1999.[24][25][26] In 1998, Primerica had net income of $398 million on net sales of $1.65 billion.[27]

In December 1997, Primerica announced it was going to begin offering pre-paid legal through Pre-Paid Legal Services, Inc., at the time a subsidiary of Travelers Group, Inc.[28] In 1998, the US Securities and Exchange Commission (SEC) censured and fined PFS Investments Inc., the securities arm for Primerica, for failure to properly supervise a group of registered representatives in Dearborn, Michigan. The SEC found that PFS Investments Inc. had failed to have in place effective policies and procedures to follow up adequately on three complaints received about the Dearborn registered representatives, "selling away" activities. By the date of the ruling, PFS Investments reported it had complied with the final recommendations made by the independent consultant.[29]

In 1998, Travelers Group and Citicorp merged creating Citigroup (NYSEC). Primerica and its affiliates continued to operate as subsidiaries of Citigroup, although the Travelers insurance business was spun off in 2002.[30]

Citigroup attempted to sell Primerica in 2008,[31] having received several bids from life insurance companies and private equity firms interested in buying.[32][33] At the time the market value of the company was estimated to be $7 billion.[34] JC Flowers & Co. LLC and Protective Life Corp began to purchase the company but the deal was canceled for undisclosed reasons.[35]

During the COVID-19 pandemic, in 2020, Primerica paid out $1.7 billion in death claims. This was a 15.8% increase over 2019.[36] The financial services company ended 2021 with $900 billion in active term life insurance.[37]

Initial public offering

On November 5, 2009, Citi announced that it intended to spin off Primerica through an initial public offering.[38] The first trading occurred on April 1, 2010, priced at $15 a share the day before trading.[13][14] Citi raised $320 million through the IPO.[39][40][41][better source needed]

In a separate offering, private equity firm Warburg Pincus bought a 23 percent stake in Primerica, and had the option to purchase an additional 10 percent stake from Citi.[42] On December 19, 2011, Citigroup sold its remaining equity stake in Primerica.[43]

Primerica was listed by Forbes as one of "America's 50 Most Trustworthy Financial Companies" in 2015.[44]

In July 2021, Primerica acquired e-Telequote, a health insurance marketer.[11][12]

Products and business model

A Primerica convention in 2007

Primerica uses a multi-level marketing strategy, with eleven tiers of representatives and recruiters selling financial products and services for commission.[4][5][6]

The company primarily sells term life insurance,[1] as well as other financial services including auto and home insurance, mutual funds, and credit monitoring.[45][7]

In 2010, Primerica was reported to have over 100,000 representatives selling the company's financial products, with individual earnings averaging $5,156 per year.[4]

In 2012, Primerica was the target of multiple lawsuits alleging that the company's representatives sought to profit by earning commissions after convincing Florida firefighters, teachers, and other public workers to divest from safe government-secured retirement investments to high-risk retirement products offered by Primerica. In January 2014, the company announced that it was working on a settlement with up to 238 plaintiffs, for $15.4 million.[46]

See also

References

Footnotes

  1. ^ a b "Company Overview"
  2. ^ "US SEC: Form 10-K Primerica, Inc". US Securities and Exchange Commission. Retrieved March 1, 2018.
  3. ^ "FORM 10-K Primerica Inc" (PDF).
  4. ^ a b c Veneziani, Vince (April 1, 2010). "Meet Primerica, The New Wall Street IPO That's Really A Multi-Level Marketing Scheme". Business Insider.
  5. ^ a b Chittum, Ryan (March 9, 2012). "200 Years of Citi: An alternate history". Columbia Journalism Review. Retrieved November 7, 2018.
  6. ^ a b Celarier, Michelle (May 9, 2016). "Herbalife's Endgame". Slate. Retrieved September 24, 2017.
  7. ^ a b c "SEC 10-K 2014".
  8. ^ Primerica Financial Services, Inc (May 27, 2008). "Project No. R511993. Comment of Primerica Financial Services, Inc. on the revised notice of proposed rulemaking on the Business Opportunity Rule R511993" (PDF). Federal Trade Commission. pp. 3–4, 12. Retrieved January 18, 2016. Primerica suggests three modifications to the RPBOR, to better assure that the regulatory language actually achieves the clear intent of the Revised Notice that the Rule exclude multi-level marketing opportunities like those offered by Primerica and by many members of the Direct Selling Association...This will exclude most or all multi-level marketing companies, since most of them (like Primerica) prohibit upline agents from imposing fees on their downlines
  9. ^ Licensing, Dow Jones Reprints &. "WSJ | COVID-19 Expands Life Insurance Purchases Beyond Wealthy". Dow Jones Reprints & Licensing. Retrieved August 16, 2021.
  10. ^ "Primerica the Beautiful: Business observes 20 years". November 5, 2017.
  11. ^ a b Bellini, Martina. "Primerica's $600 Million Acquisition of e-TeleQuote". Retrieved October 25, 2021.
  12. ^ a b Bell, Allison. "Primerica Agrees to Acquire Etelequote: Deals". ThinkAdvisor. Retrieved October 25, 2021.
  13. ^ a b Sweet, Ken (April 1, 2010). "Primerca's IPO Prices at $15/Share; Stock Surging". Fox Business Network. Archived from the original on April 3, 2010. Retrieved April 1, 2010.
  14. ^ a b Saporta, Maria. "Primerica celebrates its new independence".
  15. ^ "Primerica opens 4th St. Cloud-area office". St. Cloud Times. Retrieved September 17, 2018.
  16. ^ "'CRUSADE' FOR TERM INSURANCE". Sun Sentinel. Retrieved February 10, 2022.
  17. ^ "American Can Picks a Name". The New York Times. March 7, 1987. Retrieved January 26, 2008.
  18. ^ Richardson, Robert (March 21, 2021). "Progress Health: Primerica Regional VP offers tips to stay financially fit in 2021".
  19. ^ "Pioneering fund manager Gerald Tsai is dead". InvestmentNews. July 11, 2008. Retrieved August 16, 2021.
  20. ^ "Commercial Credit Agrees to Purchase Primerica for $1.7 Billion in Cash, Stock". Los Angeles Times. August 30, 1988. Retrieved March 4, 2021.
  21. ^ Vise, David A. (August 30, 1988). "COMMERCIAL CREDIT GROUP TO BUY PRIMERICA CORP". Washington Post. ISSN 0190-8286. Retrieved March 4, 2021.
  22. ^ SEC. "Travelers Inc 1994 Annual Report 10-K". SEC.report. Retrieved March 4, 2021.
  23. ^ Forbes. Forbes Incorporated. 1991.
  24. ^ "Plumeri next Willis CEO; Former Citigroup executive to succeed Reeve". Business Insurance. October 2, 2000. Archived from the original on September 10, 2012. Retrieved July 15, 2010.
  25. ^ "Willis chief discusses changes in financial services.(Willis Group Ltd. CEO Joseph J. Plumeri)(Interview)". Business Insurance. January 15, 2001. Retrieved July 15, 2010.[dead link]
  26. ^ "Joseph J. Plumeri Profile". Forbes. Archived from the original on October 31, 2010. Retrieved July 15, 2010.
  27. ^ Nash, Jeff (April 19, 1999). "The Chief Preacher: Joe Plumeri – Citibank Finds Sales Religion". Investment News. Retrieved July 16, 2010.
  28. ^ "Primerica Financial Services to Offer Legal Plans Through Pre-paid Legal Services, Inc". Business Wire. December 19, 1997. Retrieved August 20, 2007.
  29. ^ "SEC Release No.40269 - July 28, 1998".
  30. ^ Williams, Art; Karen Kassel Hutto (June 2006). Coach. Atlanta, Georgia: Art Williams Productions. ISBN 0-9786266-0-5.
  31. ^ Fineman, Josh (January 15, 2009). "Primerica Said to Drop Citigroup References on Cards, Brochures". Bloomberg. Retrieved January 18, 2009.
  32. ^ Bansal, Paritosh (June 6, 2008). "Citi gets initial bids for Primerica unit: sources". Reuters UK. Retrieved June 15, 2008.
  33. ^ "Primerica prepares to be taken off Citi's map". TheDeal.com. June 6, 2008. Retrieved June 15, 2008.[permanent dead link]
  34. ^ Wahba, Phil (September 5, 2008). "Citi could sell Primerica, Texas business: Ladenburg's Bove". Reuters. Retrieved October 26, 2010.
  35. ^ Magpily, Gerald (December 11, 2008). "Primerica sale is a bust for Citi". TheDeal.com. Archived from the original on May 3, 2009. Retrieved January 3, 2009.
  36. ^ Scism, Leslie (December 9, 2021). "WSJ News Exclusive | Covid Spurs Biggest Rise in Life-Insurance Payouts in a Century". Wall Street Journal. ISSN 0099-9660. Retrieved February 10, 2022.
  37. ^ Bell, Allison (January 4, 2022). "COVID-19 Driving Group Life Deaths Past 200-Year Event Levels". Think Advisor. Retrieved February 9, 2022.
  38. ^ Barr, Alistair (November 5, 2009). "Citigroup files for IPO of Primerica unit". MarketWatch. Retrieved November 15, 2009.
  39. ^ Tsang, Michael (March 31, 2010). "Primerica Raises $320 Million in IPO Selling Shares Above Range". Bloomberg. Retrieved April 1, 2010.
  40. ^ Baldwin, Maria Aspan, Clare. "Citi spinoff Primerica soars on hopes for economy". Reuters. Retrieved March 4, 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  41. ^ Tsang, Michael (April 1, 2010). "Primerica Jumps on First Day After $320 Million IPO (Update3)". BusinessWeek. Archived from the original on April 3, 2010. Retrieved April 1, 2010.
  42. ^ "Citigroup To Sell Stake In Primerica". BusinessWeek. March 17, 2010. Archived from the original on October 7, 2012. Retrieved April 1, 2010.
  43. ^ "Primerica Announces "Refounding" IPO Process is Complete". Barron's Online. Retrieved January 4, 2012.
  44. ^ Dill, Kathryn. "America's 50 Most Trustworthy Financial Companies". www.forbes.com. Retrieved August 3, 2015.
  45. ^ Gara, Antoine. "The Best Insurance Companies In Every State 2021". Forbes. Retrieved March 4, 2021.
  46. ^ Kass, Arielle. "Primerica hopes to settle complaints". The Atlanta Journal-Constitution. Retrieved March 4, 2021.

Sources

External links

  • Official website Edit this at Wikidata
  • Business data for Primerica, Inc.:
This page was last edited on 6 March 2024, at 20:12
Basis of this page is in Wikipedia. Text is available under the CC BY-SA 3.0 Unported License. Non-text media are available under their specified licenses. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc. WIKI 2 is an independent company and has no affiliation with Wikimedia Foundation.