PRI - Earnings call transcript Q2 2018

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Operator

Good morning and welcome to the Primerica's Second Quarter 2018 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. Please note, today's event is being recorded. At this time, I would like to welcome everyone to the Primerica Incorporated Q2 2018 Earnings Results Conference Call. you. Thank Instructions] [Operator turn of over Investor now Executive Kathryn Vice President Relations. the would to call Kieser, I

You may begin your conference.

Kathryn Kieser

Financial reference release, copy Thank Welcome certain you, Officer, call Alison Glenn call. prepared our are A at our of Officer; and We Williams, up to everyone. then for press will our we release. presentation These have Chief earnings limitations, this it of investors.primerica.com. financial Primerica's will and GAAP second available open non-GAAP Rand, release are measures a Dan. reconciliations our deliver quarter earnings remarks today's Good attached financial measures on webcast press financial in supplement, measures morning, between questions. our website Executive and and on call. non-GAAP to and our non-GAAP Chief

quarterly We harbor forward-looking events The update safe information, Risks reflect accordance provisions cause Form Reform expressed with the on will actual those new of differ these not will from discussed materially are by implied XX-Q. the Act. or XXXX statements strategy. Litigation could uncertainties updated our as or annual changes in revise to Form report Company's Company that XX-K Securities events on to make in and reports in statements or the subsequent

will I turn Now, the call over Glenn. to

Glenn Williams

our Alison cover performance accomplishments that and will highlights results. position morning, share continued Thanks, will Good for growth, I Kathryn. and Today, everyone. us financial

all strategy our valuating cash and flow. We free are to value by stakeholders used constantly striving our executing long-term of drive of for

to and for we years, over growth for our sales the our continue clients We few support have had organic solutions driving to opportunities assess more great and force. provide success past

developing broadening sales capabilities force to digital investment continues to and protection options be productivity, strategy Our client deepen expanding offerings, client relationships. product and growth maximizing

year-over-year and earnings returns distribution of the share solid XX.X% benefits in ongoing reflecting and We report the second Tax quarter. adjusted growth in operating to the are in achieved per Reform. XX% quarter, growth second continue pleased performance, and repurchases diluted strong We share ROAE

force leadership sales representatives force, the well with of second quarter. of insurance sales XXX,XXX Our perform at our continue the life the life to end of exceeding size

we growth business note significant solid will on across to delivering continued the stockholders. earnings capital and Slide you three, returning As

period Our the the income for Reform. XX% million before Net $XXX.X adjusted year-over-year increased XX% taxes operating revenues to of year-to-date adjusted - and of XX% million year reflecting term investment operating to to increased increase Tax product operating increases savings and XX% XXXX. benefit full-year by the to in EPs We annualize XX% period had of experienced segments. and $XX X% approximately adjusted the operating for for $XXX.X strong driven and income increased to expansion million from income expect ROAE ROAE

us first have XXX of above the and we and holder We repurchase of the to six shares strong the allowed $XX continue total In months a diverse stockholders. stock Our operating our flows million capital plan during plan or shares at deploy about stock level dividends of in about XXXX X.X million paying to during or future. in XXXX. addition in to significant this to a total Primerica's a common to second we approximately shares capital for million by return amount optimize to of or XXX XXX,XXX million repurchasing of cash earnings quarter

have third XXXX prior Moving with benefited in Recruiting the recruiting new year X% X% grew sales our In a strong life to year-ago, you by by period. declined the the year-over-year quarter XXXX. slightly and insurance sequential life primarily license anticipate due from the quarter licenses compared new business the areas. recruits force convention. third can of quarter quarter of of with their application licensed results. size see third from expected the the on quarter, fees On sales had our recruitment connection new decline is the affected driven life in X, will representatives waived The basis the a who representatives distribution hurricane year-over-year of the that in in Page annual second XXXX force we in which to to both independent growing XX,XXX continue

Turning to Page X.

insurance the Term Productivity period. X.XX end in levels X.XX consistent per the of strong policies per historical licensed high year-ago. quarter You quarter were see the can in issued month the at policies year-ago the Life with remained results life at versus second a representative in

is the expect Life issued policies issued issued consistent the the prior policies issued full-year growth year. policies makes of XXXX level policy to As in it the currently challenging the the for be for compounded with to rest the Term of aggregate We level. XXXX in of year growth sustain

achieved policy issued focus we growth second requires productivity. year-over-year strong sales sales. savings as of in incentives of work these account continue maximize billion of Continued effective use growth the record we In the levels of managed investment ongoing XX% led $X.X significant by and product in to quarter, to

up the annuity environment. more variable second sales a year-ago, with market our were XX% favorable addition, compared a quarter In reflecting

Net providers annuity features million in product asset to flows planned were values year-over-year to clients attractive made enhanced has year, XX% our more over and billion. have also the Our average positive $XX.X products past these which increased representatives. $XXX

significant platform client the from has XXXX. clients serve Managed quarter second advisory product assets. increasing expanded our value our asset Our with XX% opportunity of were to accounts class state-of-the-art fastest-growing new

produce longer do asset-based accounts they generate the higher this recurring U.S. revenue, managed than levels While revenues of other sales-based business and benefit products not term. will

mix segments major two positive enables us by The and model record delivering our product balanced in rebalancing with and returns to proven deliver long-term value shifts solid is momentum. during model complementary flexibility results. track of business and business Our

building and organic executing stakeholders. of well-positioned walk all continuously financial we get into drive foundation on stockholders and As will to the results. Alison to you of remain to on business deliver year value our We our now our we the long-term the our solid for clients are to focused representatives and enhance through second initiatives growth. half strive we meaningful

Alison Rand

expenses a the years earnings Thank direct runoff segments IPO adjusted review driven quarter. Revenue levels growth Life. My expenses premiums morning, pretax and operating Term by the growth conclude other of insurance premiums. for good cover pretax adjusted direct in in for sales business second subject core income outpaced X, and in benefits you, and Growth the of with was and past year-over-year and Company-wide will income results will our a the margin taxes. coinsurance. increase then today few quarter a strong with and the XX% In we growth Slide the XX.X% XX% Starting the with increased Glenn, in business to and everyone. on yielding comments revenues XX%

for for adjusted the in longer and to them. of factors We beginning premiums the the the weakening full-year combining seasonality year XX.X% amortization the remain consistent continue IPO persistency premiums basis. XXXX for a also typical are modestly we reinsurers change With to ceded around the are sales direct quarter beyond to and small at was to of The in for XX% dollar In policies insurance programs year, remainder a end XX.X% When expense the the with grow XXXX of period, sales that this X% this of about the on that XX.X% and remainder reflects to these year decline with period. expect quarter, second the expect and Canadian half ratio levels prior the between increase the non-differed of commissions in adjusted levels now the differ to seeing DAC since premium shifted seismic a no initial a XXXX. our to of second that was the amortization projections ceded in DAC XXXX ration annual we our level from from expenses. line related equity made generally force

overall recognition, changes While this economics expense of not the shift of does program. it the the timing impact

DAC around full-year amortization on XX% consistent be We expect the a for to XXXX. XXXX basis

basis XX well of investments million benefit in to insurers prior The claims Moving of quarter negative net ratio constituent benefits in by and impacted year. positively be second benefits million $X XX.X%. Reform, to Normal ratio full-year were volatility development key the claims the last claims. as basis $X we XXXX million points the as year increase initiatives year-over-year savings XX.X% experience. even favorable X.X period second versus XX.X% expect million due approximately Tax ratio the in a in the at to which and expense claims quarter, and had of benefits and $X around On as resulted in initiatives of quarter. a claims Year-over-year primarily X.X% from claims digital

expect the XX%. in to ratio For investments we reflecting XXXX Life to Even Life XXXX Term with expect we increased XX.X insurance higher than Term and these net remain be the expense these between investments the the business. full-year, incremental margins full-year slightly

in in in X% move on annuity the Slide combined sales $X rollout record resulted based X, we generating asset our led with XX% see operating in XX% pretax revenue driven income than of Investment year-over-year increase largely increased about strong revenues in Total On segment, momentum revisions income, inflows Platform variable product a grew to from impact over the again revenues the second revenues you of product of million in changes over to the a growth and of net and net based XX% before grew market our year. account investment sales. made by Sales last XX% Revenues year growth. income respectively managed positive Lifetime of for These primarily the and end the will year-over-year commissions and up-sells to program due contracts year-over-year quarter. prior in the at taxes platform in positive sales ISP this quarter. keeping base second to commissions the growth outpacing in a expenses December. second income Let's our savings primarily period, X% The period. year grew revenues faster prior where solid net quarter saw increasing performance in and account due both

representatives, of launch that spend accounts time a like in quarter life sales platform adoption increasing XXXX. rollout, the in from quarterly the enthusiastic the earnings. the we to time managed can make business our and few Since in future second an of million tremendous investment successful $XXX mid-XXXX, $XX our I have with by would this contribution Given in highlighting over our moments growth life seen clients XXXX to about program million to

take about of years we do XXX of managed sales of sales based million do assets they the accumulation reflect based at the what the XXXX how revenues, XXXX layer can sales due at on sales U.S. In level. projection earnings three XXXX two lifetime we above asset X and earnings provide new more overtime. lifetime product. illustration, from emerge not on While current recurring sales account Slide sales receive chart for other generate to the The

While sales that we believe not to managed simplify future we levels. increase account to XXXX grow sales assuming these will from are illustrations, continue

and in of meaningful a XXXX. Using have This the internal less generate administration hypothetical time in rate asset net X% We commissions market ISP sales XX over these of a advisory from our fees revenues identified million return assets. but as is expenses four a assumptions to and accumulation assumptions million based will the the XXXX X% platform to up contribution segment life operating and results. redemption revenues of defined X

second by offset of $X.X this increased our million quarter discussion of $XX.X million move or mentioned to year. can insurance than the expenses. changes expenses X, other million Now, our keeping and higher earlier incremental as quarter last expense was than second I that Company's by revenue. a you operating contract record to ISP $XX.X will see Slide more of On I The the

about had million to growth also in business. the additional $X We of support expenses

our our with initiative recent forward. deepened to ground modernize our laying work part are are Glenn also investing In relationships. key As people we benefit Glenn for to earnings our and calls, million a of On quarter. of of we and anticipate digital described these of expenditures full-year commitment our expense and million multiyear effectiveness to boarding. going calls, previous the XXXX, on the to deliver enable talent recognized have these second incurred of spending end-to-end began efforts basis and development the client committed representative our around gathering to up of systems enhance drive innovation. including of we processes from XXXX Tax most on described communities, $X of a our portion Reform around in to in continuous initiatives in data $XX clients. financial well to ramp many expense Year-to-date These underway the to in and efforts constituents in We base second expect a support in which remain the the was quarter planning initiatives exceptional

efforts we $X the are incurred of around towards second During the spend on-track and these second half we in to million million year. around quarter, more $X believe the

we will and progress guidance get As year-end for we our XXXX. provide asses on closer plans

be Looking Tax $X the expenses third to constituent of $XXX development for around spread from initiatives Reform and million ahead saving. to equally about we the expect million key quarter including digital XXXX,

tax lower Moving and Canada to a coming and from a was the effective rate earnings second with statutory expect higher pretax of full-year about quarter about XXXX, primarily estimated. a still income the effective U.S. be proportion from basis This a guidance originally We for XX.X%. to lower the rate income statutory rate taxes. a tax points the tax rate with below XX.X% In benefit was higher our our result of proportion of tax XX quarter. was

a commitments million maintain and position, closing me June our strong and of $XX Let cash capital company balance investments sheet of XXXX. reiterate as to the

are upgraded addition the The aware you have the previously by exploring report changes As federal XXX%. lower new In to about rated of are and drivers Inc. around rate. refinement flexibility the NAIC was the Moody's sufficient in points XX citing to will of that senior of Company recently be and impact likely ratio than statutory which Primerica proposed adjusting our believe show life XX based we considered and to to than XX% we risk going needs Primerica business tax to other RBC to debt the reduce capital been proposed upgrade. profitability strength to for BAAX calculation given more We support Primerica rating level indicated our that excited percentage has strong its Life Insurance this to financial RBC very forward. closing, and financial AX

open questions. it to up Now, let's

Operator

question ahead. go [Operator the Instructions] Your first comes line of [KBW]. from Please Ryan Kruger

Ryan Kruger

the hoping you a but has on morning. you little some there? you more you Good at bit life, you thanks. Could was end your term about of a higher Glenn, certainly trends from just little as color range, Hi down the what last productivity come year. I are could bit historical seeing provide still talk mentioned in are more

Glenn Williams

Ryan. Sure

You from for to seen are and whatever over were us kind just to business, at of we we historically, years what at upper we breakout have it be exactly two the but slightly was the down that we year always right, maybe continue end improve And part is the striving of cyclical levels productivity the ago. a of nature of are previously.

people working Life areas all are we we very working focused that that make high still at push little taken again. cyclical is nature, within a a you in is at a pleased And breadth on refresh there Term cyclical a are of right the of the we up that to run have strength, lot but XX\X, we we but our are grow is and to and is upper there of on periods even that recognize that but our now, like incentives, you feel it where to and a focus We sure leadership them what then our end, see nature is business, of bit just seeing periods it. continuing get are can as as hard we we

has commitment not lessened. our So

Ryan Kruger

decline forward? we initiatives accelerated color kind this I going there On so probably that like the year, sounds aspect is of are you to Thanks. but get towards some going constituent as going that of side forward expenses, will end more could it on the give there digital expense year, beyond know continue the of

Alison Rand

There said, associated expenses a ongoing initiatives, is With technology focused will think keep what just moving our into the we like really be you reiterate this Reform I described do we will, we but the Tax you the our that in have we our what if are feel the the was our - digital to franchise, more road to regard of age. of added capabilities year doing expense we as definitely, with of base. benefits of A there system, modern past. lot a repaving big is really on part

or associated to move is type those well work at benefits look are we the And lot a done of there so what future, And pretty along lines. mean be to are and the progressing those into what be correlated I we want there will as we it with the financial think a expenditures. more business spend, we towards

And so that beyond, expect obviously I that the we there through do. but and economic for move benefit be we we expenses to to be, I business planned the say real at this exactly can't to XXXX things we what can will point, as think do say the

with on So we we as on business update the that continue well to thing you results. as the move forward will how we to focusing that, are drive

Ryan Kruger

for Thanks overhead think how from. you and operating be I that question on platform. there be, that positive would should will about illustration expenses would the then managed the follow-up allocated corporate in there? just in example One gave, like account - when guess expenses about leverage last we that think we be the Thanks

Alison Rand

in and certainly sort process in profitably one-for-one, nature our variable staffing business that like. to make is that not go compliant are with you lot just that. answer have and that short like I the recognize overhead expect expenses to look in as grow, the general obviously So of continue to a operating nature. we there is up the But at that and volumes set said, keeping We just fact order yes, it’s of to needs will fixed do sure is the mean being

leverage should operating those grow, was, original we associated with the So expenses with what but business improve. is point agree would with we your to do associated expect this that expenses the

Ryan Kruger

lot. Thanks a Okay, great.

Alison Rand

are You welcome.

Operator

question next [Cowen from of Your Jeff Inc.]. Please line go ahead. comes the Smith

Glenn Williams

Jeff. morning Good

Jeffery Smith

[Technical that sale Difficulty] licensed look? number in agents sales securities? to you the in seeing Are Or double-digit. are that which does have the good pipeline been of growth how

Glenn Williams

you we mind have just it that Jeff you up broke again right. of asking part the that question. Do sure on first to make very

Jeffery Smith

Yes, sure. the looking? the I growth what that pipeline just that is like? looking was securities. sell wondering can number agents And is about How of

Glenn Williams

the But force Yes, size the past, the licenses life in continuing is discussed and to insurance the its have together. those rate sales total as We force generally lagged longer the time at grow, to same and thing few try of secondary closer sales generally of points. that new on we by is period two then at a growth time over percentage a primary have growth a the the focus focus one our focus.

we are sales talk grow rate and we force, sales at size growth life seen, yes, continuing of the of total So normally less about force. new to is the that the year-end licenses have we in in the than slightly

Jeffery Smith

recruits new you. saturation mean high kind thank think that? sort this then are is of total on above level thing XXX,XXX of next year. or taken do or Okay, or I you to pretty watermark levels be sounds there Do this going to view it you And the a that flat like you down can number even year that

Glenn Williams

much [FIMA] we what in of But was Well, I level saturation, often the of about did the difficulty IBA the then area focused middle that to and two harder are. it states We growth as declared and Florida Infinite and gets a county-by-county of last Texas higher. joining of coming in the it's (Ph) do had doing the what need XX,XXX. fee they what covered Florida prepared we are focus generally compound of had the we that talked function impacted and Texas Business as is have without for we the fee, in we a is function IBA year. It's definitely our for the Well by of in a Rico, and simply our that more both rates often biggest growing last the get word the those encourage Application we that wouldn��t them and series use keep a than the in disaster what sustainable as people significant so it states areas we did and much larger do we numbers are faster market Hurricanes counties, as wave a fee Puerto we year. company number dynamic remarks

that year. not again are this We do expecting to

so comparison. got different the have And in dynamic you a

So numbers around the driven or XXXX the from comparison is that of XXXX dynamic.

continue message as we to As can look we there and our is to response to believe and room so opportunity continue there strong grow is upside we force is continue there to we the recruiting, that a believe business, forward, business as grow well. to very to go sales our

is there So, we more upside there. out believe

Jeffery Smith

it. Got

Okay. Thank you.

Operator

from Please next the question [SunTrust Huges comes Mark ahead. Humphrey]. Your line of Robinson go

Glenn Williams

Good morning Mark.

Mark Hughes

this those but as mutual the on sales replaced overtime question managed accounts How revenue, in your about revenue. growth fund there think mix some account think categories? show should in fund shift should know quite be are you mutual Good sales up be how see asset and continues morning. the about influencing that that and managed base the near-term much strong, it's your relative that more or dynamic, managed we we How with that place, that were funds presumably to going sales. we quarter, is example sales is will A account on, going in X% take mutual declined to sales based you

Glenn Williams

as Right. it I than shift shift. described mixed focused would probably more

going well. We have managed had platform, a very the it's accounts and launch of successful

is It's respond it platform I that lot our force will has And shiny the so of it's part our a - we of be the and normalizing you to itself way out attract are a and business think and I to shift. more proud team that in it. our attention I normal a that, overtime, way rolled do lot all becomes excellent, our of business of upside. think much that of that and see focused the and something been that so think getting has sales on not

rebound providers sales mentioned in of the the attract advantage the think the a attention much variable is their as and momentum to product in-line are rebound marketplace, taking in there annuity with industry we I that them. call our that more and thing more is that to very even and of natural as is products and improve certainty other The result

attracted So for expect I swings you all way you has I rebalance. funds. the and of something and mutual know would overtime, see in focus all normalizes. that really then that would think one pendulum is things other It’s then overtime the

something see a wouldn’t So that at I would of fund this result mutual look overtime you just rebalance as would what itself. sales doing. as suffer It long-term are we

Mark Hughes

the Understood. Are And commissions category more then you managed with had XX%? to sales like similar the base the expenses XX% accounts. associated what the in have the

Glenn Williams

that do a everything Yes, agree possible. sure to we it's that agnostic that conflict is creating where correct. I are make not is product we

to So same I products. the agree all for

of the push average through of XX% as in product range. kind XX% created range, we to that there by amount compensation top XX% So out the the degree in same

Mark Hughes

influence wouldn't be basis points the quarters. premium blocks fee that on progress in in some past the Alison about I thoughts per steadily is ratio depending discussion for think been the looks any several XX, how might progress. declining why IPO how to a the continue has maybe pretty that overtime? the Is on decline that any like that were number to issued will way quarter the about reason case? And coinsure, last there the there XX The

Alison Rand

for a that exactly do would in for say around several I the run and the to continue will year off next it We I near-term. mean, by years. No, expect at not X% least

the pace and what just point, that business the slow these I blocks. a think duration the we the have again do of will little that know size reinsurance a of policies a And bit, with to I at that lot trading. of subject the it’s of down nature book is to are

less So after to years. said, expect run sort I off of being than few X% a it that

is to time. going that business is for the a book the think I to important thing on remain remember long

to is time. say your It’s be it do very and going years. math that So a I a in X% think be head around gets very, after gone long for going oh few to

just of but remember think what years one. is couple a I I So to this, the that is really about rate think the is important you run when good X% next think for

Mark Hughes

stop question you the sometimes outlook to is, be talked business simple you is the policies cyclical this on stable at of time look stable the I for the think about what year-over-year. business newer as than of take you here to relatively breath, Glenn nature rather that outlook around for that your influence a up? My issued kind

Glenn Williams

those the are momentum our in of of on our each obstacles the so in each looking segment. sense, to and the our savings of and account one a a complementary, we ISP life are are And attracts always the burst business. and seen and as in have little business business business momentum our at of the business between investment still much other attention the three within business about fluctuations lines just to have our natural the and the that momentum have even about a the strong with in is a certain three. big those momentum Yes, we at that vein the we can savings we things three insurance times, looking as can all they and extent we and for think shift same model managed mix those natural I we describe a business on and investment lines incredibly then that our three did obviously I have really are monitoring results I’m chunks fire to manage the and we certain then in in product as business building And shifts. distribution areas that throw is compete fuel But proud of and in

for the gaining force good in business and moving as to both overall the are opportunity sales business are is an forward. momentum our in news Company so that that our we is we stabilize life And continues momentum seeing for seeing and it provide

at the amount we years been we side life growth have four had certain incredible business a reported are bit it is momentum on have breadth just that business refocusing of and we little a as we we taking that, are time today. - on that of our are ISP huge burst on of we the but then and to same a So a of extraordinary seeing

getting think to national that our so today, we as and for to wanted manage the get jobs part don't on one of but were things momentum extreme, to the So it anything the we that share work it's just doesn’t to let saw so stronger we shift that business on today, too focused on I the lessen is very to to of continue commitment lifestyle, as future. our of

Mark Hughes

final point comps the back force had relative in in you to and or year. that have it Is the sales just then last of fair terms half tough recruiting question. growth to And say some

And is overall so productivity it make there is to to forward a policy much and the relatively at stable on that harder then will is issue stable make progress also way it? as that headcount relatively then look fair

Glenn Williams

we for the in is As now, quarter, we of expect the quarter in current underway to see right the continued size the do force. and that said next growth sales

impacted pace, momentum slightly quarters growing down slightly less not so and noted, have directly expect for I pace, still it's slower it but be at think the life as of couple a we to you slowed a been. last As the has as

Mark Hughes

you. Thank

Glenn Williams

Certainly.

Operator

Please next go from comes of [Operator question line Dan ahead. Bergman Instructions] Your [Citigroup].

Glenn Williams

Dan. morning Good

Daniel Bergman

more of quarter hoping year-to-date [VA] on savings elaborate the the of to making receiving changes another I To appreciated. thoughts (Ph) investment seeing DLL just uncertainty and morning. driver any be could more that there, bit that the strong variable what rule are attractive. on with within little a and that a due are you growth annuity just are sales. generally the just guarantees was and more sales you I regulatory would start guess Good product big in up in

Glenn Williams

that. Sure whole product of they improvements people from and momentum the of little We And dynamic, Dan. water created a would similar are product reflects then that the you entire they that both I the that feel think time as is go clearly in at are it’s so annuity has industry that our advantage I natural a commend believe rate for two. the same industry to back to makes I in and product made the to taking attractive more that think dynamics more that it's future growth I safe providers recognize the mentioned, combination like the mean has the introducing a clients. as certainty

result at all case, client future opportunity from product go the any our make that then when is reason that are the exactly that attractive products a product is level you the industry And and is large there you distributors probably what threatened other for that the As both is believe the so growth a all and to of I that industry numbers and think a you and others more client. to seeing the think and I those of of percentages in the doing back is both realize at to is use I Primerica improve is dynamics.

Daniel Bergman

or in updated update on terms coming et with if see or front interest cetera? then things York proposal just it. State wanted is New the could NAIC in any or I potential best there new SEC, or provide any interest the best Thanks. of suitability thoughts stand rules of where you Got general, the regulatory out just And to

Glenn Williams

participate to of entire that requested are industry that also provide not from And continue a involved before, both as process. are rule making approach have appreciate their familiar and SEC as have authority we the with under that with is very they we acting a monitoring those thoughtful They lot were we have processes. Sure we very are in that and a we process. and of fact actively, thoughtful we we very and the taking inputs stated only but course, the of previous

be we track is that on, it too early it on believe where should tell. So, the out, to comes

The We posted and They to a process. provide the our regulation applies and continue standard involved similar and might insurance even similar it’s that to the York, so be its you to future. interest have more a involved other we do states continue and that things that very of give be NAIC the sale and annuities on finalized our products. in and as asked New will arrives best as front. input certainty for view On in keep

type at involved in we providing might needed adjustments again to comment the to once of table - and trying starting what business. so And be are our

the be we more York for recognized New are the On insurance pleased complicated DFS that particularly York should term treated the New front, differently products.

details on as would we a the to we progress what adjustments, product the adjustments make now. be And And plan appear required figuring things be work to our right involved to to going that disruptive. it out continuing that we we and like Again, direction should be in therefore feel a now. have be assuming are on and directed simple so it handle interest to is is find can but that are it are the best appears less easier little and they things and and

Daniel Bergman

it. color. very you Thank is the question. Got That taking helpful a for

Glenn Williams

Certainly.

Operator

no and for the this will we attending thank would conference now This And to you disconnect. our may at like time. have today's queue call. further telephone everyone call I questions in conclude

Primerica (PRI) 8 Aug 182018 Q2 Earnings call transcript