PRI - Earnings call transcript Q1 2019

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Operator

Good morning. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primerica Inc. Q1 2019 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. and speaker's the will question be answer After Instructions] you. [Operator Thank now over I Senior the turn will call Investor Vice to Relations. President, Russell, Nicole

You conference. begin may your

Nicole Russell

and of our website section release, Primerica's Christine, Thank call Welcome to materials of at press morning, our are call. copy earnings our posted along to on you, A first good relevant quarter today’s with investors.primerica.com. everyone. Relations Investor

Rand. up Chief Glenn are Chief Executive Glenn Financial Joining prepared Officer, our and open Alison Alison our we today call remarks, and Williams; Officer, deliver for will will and then the questions. call

new our any risk to the information. may Form a contain safe from implied. as duty modified revise most these to filings uncertainties subsequent results During expressed XX-K company or materially and reflect Litigation forward with list of our provisions actual The that accordance Securities filing recent update the for or We in Form some cause call, to to harbor Reform XX-Q you statements by of of those assume our looking not reference comments Act. statements differ could does

turn Investor non-GAAP GAAP website. into end non-GAAP will provide to insight We we call Relations now Reconciling earnings press to the the our to measures of over available numbers respective of our believe I company’s are certain which the are on additional included operations. Glenn. the will also measures, reference at like and release would

Glenn Williams

trends. review results. offer some our prepared recent and Thank joining on today. highlights remarks recent you, us my will on I and the Then most our Nicole, focus from for will thanks quarter financial Alison observations everyone

to XX% that financial presentation can adjusted see report Adjusted rose operating revenues income is adjusted net three deck, in operating year-over-year. and our XX% we Turning X%, to increased solid EPS up slide operating results. you continue

our repurchased we $XX.X $XXX annual our on pace front, deployment common XXXX. meet and quarter million to are in million the for On first the of target capital we stock of

ROE of earnings ability during of Solid quarter. in metrics speed, results top March resulted range. sales operating term such see softness of years and life recruiting, client These year to life in a sales of year-over-year. declined average slow XX.X% capital last we month. dipped the compared results per was our leading insurance a last and licensing summer. insurance adjusted most summary model below resiliency ISP distribution in short have and of to withstand started Slides active strong running of the continued the largely April distribution first number our as policies and asset size the values five and recovered historical the range February. deployment our financial to per our an industry provide unchanged while numbers Weakness were momentum show our four historical X.XX force, noticeable issued momentum. to productivity policies productivity After representative three productivity January and license in and at quarter Other

to force We of in business. the not part our high after natural is As unusual sales his the our extended catch flow productivity. and of period I of mentioned ebb past this breath for an consider

dynamics toward term, encouraged the work momentum we're by marketplace. underlying we recovering in As near the our in

confidence levels Our on the in market products services Main at clients for our strong. record Street need are is and middle consumer and

to our model that three strength actively prioritize our We're of I think broad making categories. do field focus business of for intact. ability our unique remained in this leadership and and the activities Additionally, adjustments

opportunities. First, our and on communication force the sales immediate capabilities the focus short-term incentives most

an to more force this is tool In provides of simplify of processes help A the which Easy our our force of growth, example making make continuously business conduct sales incremental Key recently sales we method expect area the sale. effectively. Second, to investment the licensed. a licensing getting to process recent around degree effective of the made refocusing licensing discipline most will provide perfect by process. licensing process around path that resources recruits it higher in for improvements We new and our call a for our incremental improvements we this the

business While improvements incremental their impact on take to implement these longer overtime. our grows

improves In we addition design field which training This create recruiting strive continually activities of new message introduced and to time significant potential enhances the reps. has evaluate. increase of new a short-term incremental to the these productivity incentives improvements, our that to month and modifications more program more pilot to we simultaneously and the our attractiveness take

the very it energy around heightened and new program. this is game level a there While early in is of excitement

backdrop specific these the initiatives that it enhance business. for should underway there Beyond are our efforts other

our mid-June positive place have as past, in seen in certainly convention takes First, we'll impact. and we've the biennial a

other you addition, with monitor USA media was news the security across financial our middle-income noticed survey that In publicity around might our and highlighted by heightened have outlets profile recent country. families today of

future and policies. several reaccelerate see parts believe can in momentum year-over-year moving licensing still a you positive our have the effort and will there our Despite trajectory. impact we will show start our of slow issued these recruiting I that growth XXXX, expect on I life to a As size sales insurance growth collectively force in to

We're introduced spring. were variable a guarantees that largely sales last savings XXXX year. investments billion with interest watermark billion investment Lifetime continued were Moving as quarter average in the now of last with demand during $X.XX compared solid of suite to the asset high and ISP to product annuities values sales Total $X.XX I in and business, for earlier results. seeing platform line noticed our and client our we

to want investment net million more products first been of practice During last year's have current Opportunities who to their inflows never $XXX are products. X,XXX and had quarter. up licensed tools it the XX,XXX funds expand also include for also we who licensed Easy broaden as sell mutual slightly made business. it individuals attractive Approximately, advisory currently reps such quarter, the reps compared to sell into securities easier Key to are to including to

later force sales excited year. this the provided enhancements platform by about for are the growth investment prospects Lifetime is rollout planned and other that Our

to maintain We protection invest Should families a salesforce cutting for the on save new to our always origination to I achieve looking across our their it will financial goals. which to range to capability last launch program to debt of future. prepared for their in we're in for to continue clients the for opportunities prove We of pilot tools recent clients help and reducing our is wide this were limited a a successful, to invest my attractive leverage edge this remarks QX. and will pilot technology products path A example mortgage in position program burden and help quarter. us on mortgage get the those create opportunities mentioned track

We we in participate a meets additional build state support areas multi-year license the pilot. If by obtain of are improvements. to on system investments rollout additional infrastructure will pilot our and state tailored for we to also embark as this necessary objectives, representatives the approximately employing leading disciplined XXX regulatory We us program. sale identify our pilot a approval and mortgage potential reps will needs. point The help anticipate will

ahead, positive look in we numbers. we April's see As trends

that can this key organization sales role and growth. leaders success. our future the believe our to we convention us to of excitement around We to force reinvigorate the are for is our leverage A approach is disciplined a biennial have we executing motivate plan. towards against We our

Now I'll turn it over to Alison.

Alison Rand

in premiums and direct continues first with expansion. Glenn, line was prior to term the pre-tax were claims the historical Growth is ratio the Incurred the in for elevated earnings adjusted everyone. quarter was at typically which as period. trends in of Starting good XX% year-over-year drive life for the benefits on XX.X% and the you, $XX.X quarter. which six, segment XX% morning claims Thank year income slide million quarter versus increased

XX.X% prior year-over-year resulting During twenty Persistency our higher eighteen the consistent in $X with was incurred for XX.X% should prior and improvement. the amortization normal period XX a of ratio levels. quarter be volatility claims generally claims at period, the in continue claims The DAC to to benefits year year the year. to range in was due million remainder the with and line ratio the in expectations. The were

levels XXXX. be basis. efforts year to net ratio term due XX% to quarter prior or increase Term expect for margins the year mid insurance X.X% ceded highlight X% was growth life DAC in legacy The the other increases. later the ratio full the range low largely in business or I prior to premiums. to the X year the at supplement I for and and remain of that about will coinsurance infrastructure in remainder expense modest the year amortization to we typical full The inflationary modernization accordingly, the the the life period expect the to but XXXX year to want shows but million a companywide ratio on for of ratio to direct higher expense expected are the around see XX.X% We a as to than insurance expenses be call, premium year. percentage for of financial and consistent pressure IPO above initiatives with discuss will

initial Given that the premiums after been in faster of it been has level policy continue ceded the had that of prior XXXX, we reaching XXXX. to declining to term, coinsurers stop an than IPO end seeding their policies

impact discussed communicated earnings of expected and we calls, and around estimated X% next And by about premiums premiums XX% provided XXXX. for coinsurers the for the Last over year. to the a drivers grow premium several to of decrease to year-over-year the adjusted percentage expect direct years. these direct the adjusted have X by direct these drivers. legacy premiums decline historical In to were premiums IPO We as growth ceded quarter, continue we to that recent to to X per of X.X%

than year the the adjusted XX% growth sales are sales direct the of year. prior first be premium remainder anticipated, than still While in X% were XXXX the should assuming higher around lower that quarter for

year, rate. premiums to direct shared increased year a We've off deceleration but the by by beyond growth direct premium decreasing if continue rate a adjusted should tapering years grow few decline policies per expect XXXX, issued about with that next We X% thereafter. adjusted to for per the X.X% at

of shown. The about the would in XXXX depicts premiums life were continued growth. on estimates. would lead the growth strength and levels premiums flat, around X% reinsurance first structure. adjusted year keep The direct XX% of in adjusted and XX% growth levels by XXXX XXXX in benefit Even these sales around per sales for direct column X% columns issued financial year seven the direct of policy while and on adjusted IPO if years Sales growing term per the of impact the grow XX% slide business chart the premiums in X% highlighting growth XXXX, would three show how to X% in next

savings products the end revenues were the and investment elevated creating financial carried at as our markets year-over-year segment on volatility values. Turning client in for part the of XXXX slide over to to next headwinds asset sales eight, and flat the year early of

As markets net quarter revenue the strong versus quarter, investment in sales improved as ratio during shift client annuities of mix other generally XX% than an period. driving have base Demand the values asset for in recovered. sales year higher in increase component increasing variable This is products. prior to in annuities sales the remains XX% base the earnings and sales both sales

asset client client pressure decline XXXX prior levels market put versus recovered The the year. at quarter. low a values slight causing values asset beginning a the the Our average on during

client platform the accordingly. included not. of investment launch Platform Asset Platform this recordkeeping our occurring transition in XXXX, January the based clients whereas Portfolio fees, transfers of final second in the the year. our to quarter Freedom commissions fee revenues Since The from for Lifetime and Portfolio Lifetime new have the of does structure year-over-year Freedom custodian and we declined Lifetime

As about revenues declined and by a positions fee X%. year-over-year X% result, generating account-based declined

of to grow new revenue modestly rest the fund are period year $X.XX of XXXX. to as final per due We expect retail negotiated contract the fee our mutual platform. base position reductions added revenues to Account increased during positions with platform account-based the XXXX fee are provider paid fees in reductions in the to our XX% net recordkeeping generating of occurring the over phased in The quarter December recordkeeping we that reduction in XXXX. first with for

in expenses DAC period. amortization in main the flat, less favorable fund prior lower market impacted revenues the increase change in The base year the income XXXX. driver the both were income by was increased Canadian While million, to markets the DAC was X%. in revenue segment $X strong consistent ISP quarter and asset of net ratio. is this amortization this the attributable increase with of taxes before were segregated which largely year-over-year This Operating

investments. it replace of adjusted yield new slide relatively average to hurdle to $X.X at net investment income may new a invested was asset to million for on of X.XX% portfolio the On at now maturities quarter portfolio the yield growth create rest nine, average for The maturities invested principally lower so X% year The yield a of our rates. adjusted purchases. that end purchases of investment due and maturing and in the increase income. portfolio on maturities move yielded in almost Let's portfolio The is market X.X%, review the the current of high will in with with at difficult improving the or asset the new be XXXX yield net the to was yield approximately identical X.X% on year-over-year.

growth as in continued of which the yield largely grows XXXX. in size would business see to asset expect our the the headwind portfolio invested offset We

to operating expenses insurance the million about were let's for a quarter of prior X% and Companywide discussion or the XXX expenses. XX move further slide year Now period. higher for than other

are typically to due expenses equity of grant quarter management the elevated awards. annual First

expected expenses quarter to operating I $XXX be expenses other we an investments detailed million. provided make insurance second total and growth a approximately in XXXX to plan to quarter of X%. outline in X of expect rate Last We indicating

between spending pick year infrastructure adjusting largely we over on was expense and year full quarter estimate products than not First due our increase year believe the this XXXX on expect levels and and expense operating and insurance projects to of to time, full we modernization as our timing lower At but and unfolds. up other expect to still we projections, XX are XX expenses basis. this various is million a

estimates Regarding the next the implementation base Term C&O increase how of thirds approximately in expect premium necessary. remainder the increase allocation our and the should if between various to fall investments remain we will the growth the between annual in the of in segments. be segment split and segments the term The disciplined driven by we call two in initiatives. of We approach these ISP related revise Life life and would earnings

of and to XX.X% quarter move the of XX, our with up wrap XX%. I As year rate during full is slide estimate our tax approximately consistent

Jobs included XXXX, gap Tax the first a of As quarter of we tax rate prior noted X.X%. associated Act in in X.X of taxes which the the by our million the release benefit with year reduced Cut and

capital our We risk-based Life as ratio to continue sheet of a will XXX% March. XXX remain and committed we have statutory balance Insurance end at strong be company and around since estimated IPO to million liquidity of with Primerica maintain a the demonstrate Company's strong position to holding capital

the extents take out the range. to near-term Primerica continue will XXX% available of maintaining with goal to ordinary primarily the ratio dividends our RBC in We from to Life mid low

questions. for up line the open let's Now

Operator

[Operator Instructions] question from Your Peter line first from KBW. Xuan comes of

open. Your is line

Glenn Williams

morning, good Hey, Peter.

Operator

unmute. mute on please if you're Peter,

Peter Xuan

morning. Hi, good

taking much for so ISP. improved thanks providing second And gone the Has mind question. if sales any levels? any far to normalized how Do you back the ask perspective And there's on my to of quarter? that. on into about it Thanks. more commentary Sorry throughout kind I wanted quarter.

Glenn Williams

lot we're And good very our ISP that's Sure, a first of our progressed. business. momentum through We question. Peter. And was the strengthened very particularly another pleased quarter our we did month It's strong business too April, great had but also majority in annuities mix of annuities April line the see indexed then in would in about a with. vast all saw our side for talked bit normalized as month. actually ISP VA funds, of mutual IMF little a were characterize it family we product were and our fixed levelized also we and a as product every fixed I up. up business and and our

that slope You are that continuing to see in strengthening momentum. of

Peter Xuan

I key wanted that quarter some kind outlook are kind And following sales provided the commentary more are that X% of June but I just what prior for results. just Thanks. initiatives the And you how on is to life sales some Great. just planned level of also, ask higher change convention. the of XXXX. Term growth around earlier know

Glenn Williams

Yeah. Okay.

the our characterize At that for we're first quarter of provide in the of the results that in exactly the will we we As convention to the kind see in I as again strengthen we'll my We But continue and that on ISP initiatives see very expect year positive be be watching saw this We're that leading point, of the dynamic as remarks. through would areas we described April. trend prepared same our mentioned on. believe to is continue indicators during strong in month do and positive we're how do to the I believe do quarter the I to we we they'll go up commentary business. in a be that. working and those

our Our over thousand in strong with limited. from communicate don't XX platform room is We we're convention between necessarily you're up initiatives people attendance. very XX a that to last a when and registrations are announce ability so expecting details your and

in make such implement And so faster. a time in that time the got a it's it extended fairly and little so communicate actually major we've historically the May. to And we effective -- event. a just because details results a methodology the to the like to We our arrive found a more at program to digest to start we our so for through we have field example what is by change at communication embedded in hard it can June convention nicely We've a change if large plan see convention in prepared training launched is I our going significant remarks objective constant described very fact in significant is this the month. that

that promote communication like into example organization one information out celebrate we is have. the that our rolling it deeper just at perfect and And of and used then for there and the crazy get that. may channels drive it we've we'll platform the and more So, we'll that's it effective course which convention get

of We of think have in I've know kind buckets. things improvements you three

and You know momentum described May that piloting will in year will program and of into and and the field in an in one changes those may we've so going and then communication build Easy add of that got an move we've continue real incremental fundamental is the that those changes that Key we off to is a plus improvements all it just short-term the some add got we a was in are excitement laid foundation just incentive five characterized a months because which the forward that pull significant that success launched more the We've is that can we've it's that based. at time like I've although laid levers convention new impactful incentives category implemented and will rehash I planning momentum licensing the multiplier. try more of training program that powerful we our fundamental even see then of the that convention growing we've to are

the the convention coming we so get more And out as convention. of the multiplication at effect momentum the we have more arrive we

previously come the it'll also between and a will of where end place thinking year. generate we than preview some the some convention where some all the build we it continue place excitement rather it's to the about and announce and as of and So announcements things of suddenly made some then announcements promote the a new stuff we on

Peter Xuan

the Really response. Great. appreciate detailed

Glenn Williams

Thanks, Peter. Great.

Peter Xuan

you. Thank

Operator

Citi. of question Bergman Your from line comes from next Dan

Your line is open.

Glenn Williams

Dan. morning, Good

Dan Bergman

drove to a back et how seen and sense the productivity color quarter. to just for you've recent lower more can quarter bounce market much this start, on And in through due so macro Thanks more was into on taking decline how a much the in I the To Is if morning. as in agent and question. you any maybe could for life color first there quantification little just much good of April. productivity cetera? the recruiting Hi, see or the progressed provide you you factors, what any of there's any wanted give

Glenn Williams

not was Sure. we XXXX, middle all and we half first year, strong momentum strong started the our second nearly the softness the some in the quarter to softer. much Well, very back in year quarter, see Dan. In last of had second way in a

overlap and And quarter was so, first to comparable were weakness this going last intersect. that kind the the in year of we of of the difficult knew the from the year momentum where

course on So, had that need the But three-year take of part resources our to watching which almost that cycles is in I now as is point get is them a that I look some a it are of uninterrupted possible. is a happens for prepared and if wouldn't over run of year. to against plan extraordinary momentum as we And to it the normal normal at going been at and business something This our quarter. back very make focused recognizing quickly taking run forever of just growth possible. as we that's to the when a be first on that the track action we've know our business. mean something And in rest.

executing before whole we've so that's year. And plan since in against of the middle that plan been the last and

in the after force it against the isolate growing. just for you the we significantly the first see you to I numbers of have So, course, they're of you've And wouldn't -- can of you it when as results the work size quarter. works sales large just the all grown like

it. on it and we while looked quarter I system first first as pleased the quarter ourselves as what come to March of underneath in leading last were but in the continued to and would last I been March or some you're we're category and That's the that's our to our most apparent so, And kind for fortunately, doing anticipate and of was the indicators. what that's started a out as April drawn February at even on back example been to come it's starting saw is we're of reason in in historically when of ahead has than year and and is true something according edge business year for see looking see January our we we of leading and weaker kind

the a takes that takes seeing first submit that. trends little for of we we good to a we're issued. is our grow. recruit example, longer. then no longer will Those on to as while show the apps and by a takes life all while a little to products it get confidence of is stated it is and The our to a environment macro recovery positive get demand up, been. There and main But and strong. things change. have ever life Again, Now it's The time I leaders as longer little for is view our continues it licensed apps because pipeline street things business opportunity

quickly history. hard just this And and we see our momentum come normal then XX-year can recover of try expect Peter. some was types we with to And just over work business of of those so, as we've of that I we ebb to as with the things. flow as discussing the our all in to

seeing is going results work. to we we add it. do are that think we to of So, some some good our from momentum to continue expect help And convention evidence

Dan Bergman

believe. you I can to particular. where That’s best in rules New thoughts fiduciary or Thank Great. you. an proposal their York, very interest SEC's see like and wanted states the often on like New there's environment the helpful. with then, on just best interest Jersey regulatory if own incremental and give Any some update exploring things And very Nevada seems stand updates I

Primerica overall be So color any any if what you're you seeing for industry great. the what on to expect there or impact

Glenn Williams

activity and we more you're The activity. is process There through still Yeah, the exactly more which is their SEC be approach. working right activity to continuing right. there, believe

with said we're in to so not we've we're SEC, and but say they and that all in to only before many reasons are times to wait close those. We encourage for many be of staying continuing different dealing kinds that. involved As states

sales you've disruptive ready ones it line think implemented in a but the made for make of that and lift mentioned adapted and we're we've was insurance model terribly to I get York even it been and sure number New -- our ready. included to hasn't an extra we've

has that unintended these that change concerns radical consequences some them the situations does to Jersey it unintended in and fairly any times to disaffects what's us. the our new consequences it's understand not sure those what so important us the than you are are many more many other is got primary announcements to made so that's make for reason know recently and the we're New working market market times and is it's market it middle behind obviously

So, we continue that New industry to individually work with Nevada do do We others. Jersey, the through associations. we that every state and directly

not this enough common size of table for a the on members lot is with can't industry have There that We impact. ground the other us be size. At facts impacted. point, way to we of in the we would

to where time minimize at the working consequences trying might same therefore be good the states of in we're good unintended that a for and and what significantly. the so, And that market consumer. to they're more the understanding the influence through up place get the middle like to But do disrupt primary to the to and would

as again, staying we So as that in to always us go generally. slow-moving can. we time always, we're involved influence They're And the process processes to not any in try to close it. way gives but generally

Dan Bergman

Thank helpful. very It's it. Got you.

Operator

line SunTrust. Instructions] next comes [Operator Your question from Hughes Mark of from

open. Your line is

Mark Hughes

Thank you. morning. Good

Glenn Williams

Good morning, Mark.

Mark Hughes

for you. question a Alison,

Is continuing the Or total the per to ratio to year. premiums? X.X% decline premium seeded premium seeded the about talked to is ceded the that that You IPO coinsurer?

Alison Rand

It's the latter.

and percentage of the as at legacy it's IPO the the a ceded to block. Looking coinsurers premium

Mark Hughes

Right. I was last transcript. looking at the

guidance, specific you it might view of X.X% more years. that that decline any This like reading but that to the seems Am continue give next that several to a a didn't there's -- seems or properly? view seemed more optimistic You it I flatten. stabilize would for like

Alison Rand

Yes. in it. And up paragraph added memorial what I ended is -- your this I

the your number the the in more of running coinsurers IPO ceded speaking the Specifically, going of for slow X%. been X%. runoff of to I you'll to about overtime concept runoff was questions That's have from the slow that's the amount going think We to last you to sort around to off has quarter, and which premiums that's there.

X.X% You, about will amount one financial think I ratio bit think, again It's high the off runoff we were asking overtime. do little will of run it that supplement the come around down in a the year-over-year.

may general this years move but about in out come range. that we to a pretty X% down Now closer it's as few much

But I different ranges the So that's just you that components of X call. were to in and gave actually to why X X% talking X.X%. in about last

wanted I So call. that make to on sure clarify this to

Mark Hughes

ratio And you're the that X%, and about? talking X.X%

Alison Rand

That much the will decline. is how ratio

Mark Hughes

The two not ratio is dollars.

Alison Rand

Correct.

Mark Hughes

Yes.

good. Glenn, Term April less -- Life the trending Very April negative? or sales in Okay. were just positive

Alison Rand

haven't slightly so open on obviously but front-end for April's that based business still life our issued insurance applications up April. we were April is Again, in

So had we'll April. we've there it after I results, least was get through that the pipeline leading react therefore the at be that to policies policies takes time long. in how it has see shouldn't up and indicator slightly really But see how but lag the the to to that issue the longer issued that item mentioned on

Mark Hughes

pointed said turnabout. revenue, the I you time we of do a the Then up balance kind be change been recently modestly pretty by the the it Alison, it'll implying you year Are of rest up will the that grow QX? be sharp it's to you Okay. the the the that's mid-single-digits. And for in think end for or year. think QX, year that If would you up account-based you expect out declining of be

Alison Rand

and one the if there's the accounts the revenue plus. has of the just the last actually, had that looking a that the off there's and pretty dynamic been year that is And at run On the from -- fact two Portfolio closing every much this year-over-year dynamics. for specifically we've basis you're quarter a Freedom headwind account-based on competing

So that headwind finally gone.

closings. a those you closing year-over-year those of at end less the we had say would really were accounts I lot we time a midway of of already So By XXXX XXXX. the have so headwind from happened, or transfers started transferring the through

year. the as headwind I'd So, dissipates through that move say you

thing the mutual fund that get as to platform sales improved mutual more growth sell go -- just more accounts fund as you and its with and account. introduce other year more our you The or we retail through obviously

running growth is is the tailwind of and improving. you'd the headwind I sort one the what So or off factor call guess

crisscross of is mid-year. happens we've revenue and the been the thing So just probably that what you there on discussing net to The been each I've ratio sort other to component. highlight focusing

saw a On with our in in fee we phased to expense late service improvements XXXX. in several provider are negotiate years. contracts XXXX those benefit the and over in did We our some side,

an a seeing XXXX have more on benefit net XXXX We from in one in coming basis expenses. and additional so lower improvement we're also

Mark Hughes

I’m if Could And guidance -- guess missed I good. on for one give premiums. net adjusted question. I Very then sorry pre-tax you final the margin

it's area think running full did the certainly that I XX% on in you year number. expectation give

Alison Rand

expenses. the in I range the did a and expected higher. what or be XX.X% to bit at The was toggle that is little we I factor will that mentioned

modernizing lot investments know you a business out so them you our focused underwriting as our platforms insurance So in in know continue the looking behind to those the really various on forth. we are infrastructure developments and at business life and of methods roll

life why the be otherwise. expense toward segment there I weighting that's that slightly So, be term lower the And some there wouldn't may range.

which XX%. based XX.X between be been have to I to how around on closer expect we unfold. think was I investments and it staying those prior XX% year

Mark Hughes

What sort ask about I'll you more XXXX and of I And one if outlook? may. that think expense

Alison Rand

Yeah.

Mark Hughes

that that or impact initiatives than spending. might potential harvesting in about of will the be terms thoughts year rather year a early XXXX of investing Any kind

Alison Rand

think answer that say honestly would too it's to question. early I I

are of and to intentions you financial on the know continue into add look them the organization. warrants. That to as them creating we're rewards, creating at XXXX you obviously projects Our the profile the working the income we obviously if organization that of sure being said, that make to need the are of the the making benefits wherewithal efforts we��re to or company

the we on the expect that given little what to to is to us goes on a look started the to and what into the assessment and through to future. first too as year we make that that spend haven't as something we but spend group here like expect we much early continue move year will it's So it update for to we it

Mark Hughes

much. very you Thank

Operator

further today's questions no This concludes at are There this time. conference call.

You now disconnect. may

Primerica (PRI) 8 May 192019 Q1 Earnings call transcript