Primerica to exit senior health business by relinquishing ownership of e-TeleQuote Insurance, Inc.
07/16/24, 8:58 PM
Location
duluthhillsboroughIndustry
financial services
insurance
health care
Primerica, Inc. has announced its intention to exit the senior health business by relinquishing ownership of e-TeleQuote Insurance, Inc., which was acquired in July 2021. The decision is driven by the subsidiary's lack of clear path toward anticipated profitability within an acceptable timeframe and the uncertain regulatory environment in the senior health distribution market. Primerica expects to terminate its rights to e-TeleQuote no later than September 30, 2024, and e-TeleQuote expects to issue shares of its common stock to a third party.
Company Info
Location
Duluth, Georgia, United States
Company info
Primerica, Inc., is a leading provider of financial services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities, and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.7 million lives and had over 2.8 million client investment accounts on December 31, 2022. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2022. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.