About Primerica – What is Primerica Financial Services and What Does It Do?
However, our topic today is About Primerica and what they do. But there are a lot of people that do not know what is Financial Services. What are Finacial Services? Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises.
The term “financial services” became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.
Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings.
Outside the U.S. (e.g. Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.
Primerica is a company that provides insurance, investment, and financial services to middle-income families in the United States and Canada.
It is the parent company of National Benefit Life Insurance Company, Primerica Life, Peach Re, and Vidalia Re. Primerica acquired e-Telequote in July 2021. It has been described as a multi-level marketing company. The company that would become Primerica was founded in 1981. Primerica had its initial public offering in 2010.
Primerica’s headquarters are located in Duluth, Georgia. It is a Main Street Company for Main Street North America. Our goal is to create more financially independent families. Today’s families face major financial challenges. They’re being forced to downsize their goals and dreams — to settle for less.
In 1980, A.L. Williams (founded in 1977) 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, with Gerald Tsai as CEO, the first Chinese American to lead a member of the Dow Jones Industrials.
At December 1988, Sanford Weill’s Commercial Credit acquired Primerica Corporation for $1.54 billion, retaining the Primerica name. On February 6, 1989, Primerica Corporation began trading on the New York Stock Exchange. 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.
Primerica fully acquired Travelers Insurance Corporation
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. In 1998, Primerica had a net income of $398 million on net sales of $1.65 billion.
On 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. In 1998, the U.S. 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.
In 1998, Travelers Group and Citicorp merged creating Citigroup (NYSE: C). Primerica and its affiliates continued to operate as subsidiaries of Citigroup, although the Travelers insurance business was spun off in 2002. Citigroup attempted to sell Primerica in 2008, having received several bids from life insurance companies and private equity firms interested in buying. At the time the market value of the company was estimated to be $7 billion. JC Flowers & Co. LLC and Protective Life Corp began to purchase the company but the deal was canceled for undisclosed reasons.
What is Primerica Financial Services
Primerica Financial Services, LLC provides financial services. The Company offers financial needs analysis, term life and home insurance, investments, and pre-paid legal services. Primerica Financial Services serves customers in the United States.
It is located in Lawrenceville, GA, United States, and is part of the Agencies, Brokerages, and Other Insurance Related Activities Industry. Primerica Financial Services, Inc. has 1 employee at this location. (Employees figure is model). There are 1,007 companies in the Primerica Financial Services, Inc. corporate family.
Primerica financial services
Primerica financial services to hard-working families throughout North America and helps them to learn the principles of personal finance, plan for the unexpected and save for the future. It has helped millions protect their families by offering insurance, savings, and investment solutions that fit their budget and lifestyle. The Company has approximately 130,000 licensed and trained representatives across the United States, Canada, and Puerto Rico.
These representatives assess client needs, provide education and offer access to straightforward solutions like term life insurance which offers income protection at an affordable price. Primerica has grown to become the second-largest issuer of term life insurance coverage in North America, insuring over 5.5 million people through its life companies. Through its industry-leading partners, Primerica also offers mutual funds, annuities, and other financial products.
Rated A+ by A.M. Best, one of the most respected rating agencies in the life insurance industry, Primera has over $900 billion of term life insurance in force. On a quarterly basis, the company issues its Financial Security Monitor Survey which works to monitor the financial health of middle-income families.
What Does It Do?
Primerica is a company that provides insurance, investment, and financial services to middle-income families in the United States and Canada. It targets families that currently don’t have life insurance coverage and prefer to meet face-to-face when considering financial products. Through Primerica, families can meet with a representative and get up to $400,000 in term life coverage with a term as long as 35 years.
Primerica is a Main Street Company for Main Street North America. Our goal is to create more financially independent families. Today’s families face major financial challenges. They’re being force to downsize their goals and dreams — to settle for less.
Representatives can earn either by selling various financial products and services like life insurance, mutual funds, variable annuities, segregated funds, loans, long-term care insurance, and pre-paid legal services or by actively recruiting more representatives to do the same and get a commission from their sales.
What services does Primerica offer?
Primerica markets financial products and services from some of the world’s more recognizable companies. Here are the 14 services offered’s by Primerica:
- Term Life Insurance
- Mutual Fund Investments
- Individual 401(k) Programs.
- Managed Investments
- Small Business Solutions.
- Qualified Business Retirement Programs.
- Insurance, Health & Wellness.
- Financial & Retirement.
- Family & Parenting.
- Vacation & Time Off.
- Perks & Discounts.
- Professional Support.
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