Several people have posted comments on my blog to see how Primerica is affected by the Citigroup bailout. John Addison, CEO of PFS, came out with a message just this week to keep us agents in the loop. It's pretty amazing. Read on.
The 'Strength of Primerica'
'This is John Addison... and I have just a quick message about Primerica...
I just wanted to let everyone know that I'm going to be doing a special message at the beginning of our broadcast on Monday (November 24th - on EPN; Primerica's Entrepreneurial Network) to talk about Primerica and talk about how strong our Company is and where we are... about the world and what's going on and to make sure everyone understands the moment that we're at.
I've got some statistics... I've gotten a lot of questions about what's going on with CitiGroup and how it affects Primerica... What about our paying claims?, What about paying our policyholders?, What about paying commissions?...
I want you to understand... Primerica, our unit (of CitiGroup) in the last (third) quarter made $121 million dollars (profit)... the rest of the insurance industry lost money that quarter!
We have $4.8 billion in equity in our business... we have an incredibly conservative portfolio - $6 billion dollars.
Our life premium is $2 billion dollars, year-to-date... up 5% over last year!
The insurance commission, the NAIC, oversees and regulates us and our risk based capital ratio is 400%!
That's 4 x (four times) our target and that's 8 X (eight times) the regulation limit.
We are regulated, on our own, and walled off from CitiGroup!
In summary, we have so much capital and strength... it's unbelievable!
We make money and we have ZERO debt as a Company!
We are so strong as a Company it's unbelievable!
Look, the world is full of worry, right now... the economy is troubled... and there are lots of issues that you can worry about...
I just want you to know we are unbelievably strong financially... and while others get weak, we're getting stronger!
There's plenty of things to worry about, but there's nothing to worry about when it comes to Primerica.
See YOU at the TOP!
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