Q2 2024 Primerica Inc Earnings Call

August 8, 2024

Operator: Welcome to Primerica's second quarter 2024 earnings call and webcast. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Nicole Russell, SVP, Investor Relations. Thank you.

Operator: Welcome to Primerica's second quarter, 2024 earnings call of webcast. At this time, all participants are in a list and only mode. The question and answer session will follow the formal presentation.

Welcome to Primerica's second quarter 2024 earnings call and webcast. At this time, all participants are in a listen-only mode.

Operator: call and webcast. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Nicole Russell, SVP, Investor Relations. Thank you.

Operator: If anyone wants to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Nicole Russell, SVP, Investor Relations. Thank you. You may begin.

Nicole Russell: I would now like to turn the call over to Nicole Russell, SVP, Investor Relations. Thank you. You may begin.

Nicole Russell: Thank you, operator, and good morning everyone. Welcome to Primerica's second quarter earnings call. A copy of our earnings press release, along with other materials relevant to today's call, is posted in the investor relations section of our website. Joining our call today are our Chief Executive Officer, Glenn Williams, and our Chief Financial Officer, Tracy Tan.

Nicole Russell: Thank you, operator, and good morning, everyone. Welcome to Primerica's second quarter earnings call. A copy of our earnings press release, along with other materials relevant to today's call, are posted on the investor relations section of our website.

Nicole Russell: Thank you operator and good morning everyone. Welcome to Primerica's second quarter earnings call. A copy of our earnings press release along with other materials relevant to today's call are posted on the investor relations section of our website.

Nicole Russell: Joining our call today are our Chief Executive Officer, Glenn Williams, and our Chief Financial Officer, Tracy Tan. Our comments this morning may contain forward-looking statements in accordance with the safe harbor provision of the Securities Litigation Reform Act. We assume no obligations to updating statements to reflect the information and refer you to our most recent form 10-K filing as may be modified by subsequent forms 10-Q for a list of risks and uncertainties that could cause actual results to materially differ from those expressed foreign flying. We will also reference certain non-GAAP measures, which we believe provide additional insight into the company's operations.

Speaker Change: Joining our call today are our Chief Executive Officer, Glenn Williams, and our Chief Financial Officer, Tracy Tan.

Nicole Russell: Our comments this morning may contain forward-looking statements in accordance with the safe harbor provisions of the Security Litigation Reform Act. We assume no obligation to update these statements to reflect new information and refer you to our most recent Form 10-K filing, as may be modified by subsequent Forms 10-Q, for a list of risks and uncertainties that could cause actual results to materially differ from those expressed or implied. We will also reference certain non-GAAP measures, which we believe provide additional insight into the company's operations.

Our comments this morning may contain forward-looking statements in accordance with the safe harbor provisions of the Security Litigation Reform Act.

We assume no obligation to update these statements to reflect the information, and refer you to our most recent Form 10-K filing, as may be modified by subsequent Forms 10-Q.

for a list of risks and uncertainties that could cause actual results to materially differ from those expressed or implying.

Speaker Change: We will also reference certain non-GAAP measures, which we believe provide additional insight into the company's operations.

Nicole Russell: Reconciliations of non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and are available on our investor relations website. I would now like to turn the call over to Glenn.

Nicole Russell: Regions of non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and are available on our investor relations website.

Glenn: Reconciliations of non-GAAP measures to their respective GAAP numbers are included at the end of our earnings press release and are available on our investor relations website. I would now like to turn the call over to Glenn.

Glenn Williams: I would now like to turn the call over to Glenn. Thank you, Nicole, and thanks everyone for joining us this morning. Primarily reported another strong quarter with solid distribution momentum and double-digit adjusted operated earnings growth. The appeal of our entrepreneurial business opportunity continues to resonate, supporting our ability to grow distribution. Primarily remains well positioned to serve more middle income families in the US and Canada.

Glenn Williams: Thank you, Nicole, and thanks, everyone, for joining us this morning. Primerica reported another strong quarter with solid distribution momentum and double-digit adjusted operating earnings growth. The appeal of our entrepreneurial business opportunity continues to resonate, supporting our ability to grow distribution. Primerica remains well positioned to serve more middle-income families in the U.S. and Canada.

Glenn: Thank you, Nicole, and thanks, everyone, for joining us this morning.

Glenn: Primerica reported another strong quarter with solid distribution momentum and double-digit adjusted operating earnings growth.

Glenn: the appeal of our entrepreneialural business opportunity to continues to resonate supporting our ability to grow distribution primarya remains well positioned to serve more middle income families in the u s and canada

Glenn Williams: Let's start with the highlights of our financial results. Adjusted net operating income of $163 million increased 12% compared to the prior year period, while diluted adjusted operating income per share of $4.71 increased 18%. These results reflect the stability and continued growth in term-like premiums and very strong sales in our investment and savings product segment. During the second quarter, we repurchased $143 million of our common stock and paid $26 million in regular dividends. During the first two quarters of 2024, Primerica returned a total of $304 million to stockholders through a combination of share repurchases and dividends.

Glenn Williams: Let's start with the highlights of our financial results. Adjusted net operating income of $163 million increased 12% compared to the prior year period. While belated adjusted operating income per share, a $4.71 increased 18%. These results reflect the stability and continued growth in term-wide freedoms and very strong sales in our investment and savings product segments. During the second quarter, we purchased $143 million of our common stock and paid $26 million in regular dividends. During the first two quarters of 2024, America has returned a total of $304 million to stockholders through a combination of share repurchases and dividends.

Speaker Change: Let's start with the highlights of our financial results. Adjusted net operating income of $163 million increased 12% compared to the prior year period, while diluted adjusted operating income per share of $4.71 increased 18%.

Speaker Change: these results reflect the stability and continued growth in termline premiums from ar strong sales and our investment in savings product segment

Glenn: during the second quarter we repurchas one hundred forty-three million dollars of our common stock in p twenty-six million dollars in regular dividends

Glenn: During the first two quarters of 2024, Primerica has returned a total of $304 million to stockholders through a combination of share repurchases and dividends.

Glenn Williams: Looking more closely at our distribution results, during the second quarter we recruited over 96,000 individuals, a 12% increase compared to the prior year period. We also saw a 14% increase in licensing. With 14,400 and two reps obtaining a new life license, helping propel our sales force to 145,789 life license representatives as of June 30, 2024, up 6% year over year. Webtoon, the excitement of our convention; we discounted our life licensing fee during the last half of July, beginning of August, to maximize momentum in recruiting licensing. We have approved the process in place to keep your recruits engaged and help them prepare for their licensing exam.

Glenn Williams: Looking more closely at our distribution results, during the second quarter, we recruited over 96,000 individuals, a 12% increase compared to the prior year period. We also saw a 14% increase in licensing, with 14,402 reps obtaining a new life license, helping propel our sales force to 145,789 life license representatives as of June 30, 2024, up 6% year-over-year. Leveraging the excitement of our convention, we discounted our life licensing fee during the last half of July and beginning of August to maximize momentum in recruiting and licensing. We have a proven process in place to keep new recruits engaged and help them prepare for their licensing exam.

Glenn: Looking more closely at our distribution results, during the second quarter we recruited over 96,000 individuals, a 12% increase compared to the prior year period.

Glenn: We also saw a 14% increase in licensing, with 14,402 reps obtaining a new life license, helping propel our sales force to 145,789 life license representatives as of June 30, 2024, up 6% year-over-year.

Speaker Change: leveraging the excitement of our convention we discounted our life licensing feed in the last half of julyed thebeginning of all this to maximize momentum and recruiting licensing

Glenn: We have a proven process in place to keep new recruits engaged and help them prepare for their licensing exam. Given our continued progress, we now anticipate four-year growth in the size of our sales force to be around 5% during 2024.

Glenn Williams: Given our continued progress, we now anticipate full-year growth in the size of our sales force to be around 5% here in 2024. Turning next to our sales results, during the second quarter, we issued over 100,000 new term-like policies, a 4% increase year-over-year. These newly issued policies added $33 billion of coverage for middle-income families, resulting in $951 billion of total enforced protection for our clients at quarter end.

Glenn Williams: Given our continued progress, we now anticipate four-year growth in the size of our sales force to be around 5% during 2024. Turning next to our sales results, during the second quarter, we issued over 100,000 new term-like policies, a 4% increase year-over-year. These newly issued policies added $33 billion of coverage for middle-income families, resulting in $951 billion of total enforced protection for our clients at quarter end.

Glenn Williams: In the second quarter, we issued over 100,000 new term-like policies, a 4% increase year over year. These newly issued policies added $33 billion of coverage for mid-income families, resulting in $951 billion of total enforced protection for our clients at quarter-end. Productivity was at the higher end of our historical range, with a monthly average of 0.23 policies issued per life license rent, replacing the seasonal availability of the second quarter.

Glenn: Turning next to our sales results, during the second quarter we issued over a hundred thousand new term life policies, a four percent increase year-over-year.

Glenn: These newly issued policies added $33 billion of coverage for middle-income families, resulting in $951 billion of total enforced protection for our clients at quarter end.

Glenn Williams: Productivity was at the higher end of our historical range, with a monthly average of.23 policies issued per life license rep, reflecting the seasonal favorability of the second quarter. Taking a conservative view for the remainder of the year, compared to the strong life sales we saw in the second half of last year, we expect four-year growth in the number of policies issued to be in the low single-digit range. Investment product sales have again outpaced our forecast; sales of $3.1 billion during the quarter increased 29% compared to the same period in 2023.

Glenn: Productivity was at the higher end of our historical range, with a monthly average of .23 policies issued per life license rep, reflecting the seasonal favorability of the second quarter.

Glenn Williams: Taking a conservative view for the remainder of the year, compared to the strong life sales we sold in the second half of last year, we expect four-year bills in the number of policies issued to be in the low single-digit range. The investment product sales have again outpaced our forecast. Sales of $3.1 billion during the quarter increased 29% compared to the same period in 2023. We continue to see sale of demand for products across the board, including U.S. and Canadian mutual funds, annuities, and managed accounts. Early results for the month of July show continued sales strength.

Glenn: Taking a conservative view for the remainder of the year, compared to the strong life sales we saw in the second half of last year, we expect four-year growth in the number of policies issued to be in the low single-digit range.

Operator: Welcome to Primerica's second quarter, 2024 Earnings Call of Webcast. At this time, all participants are in a list and only mode. The question and answer session will follow the formal presentation.

Glenn: Investment product sales have again outpaced our forecast. Sales of $3.1 billion during the quarter increased 29% compared to the same period in 2023. We continue to see solid demand for products across the board, including U.S. and Canadian mutual funds, annuities, and managed accounts.

Operator: If anyone wants to require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

Glenn Williams: We continue to see solid demand for products across the board, including U.S. and Canadian mutual funds, annuities, and managed accounts. Early results for the month of July show continued sales strength. Barring an unexpected change in investor sentiment, we believe full-year sales will go around 15% in 2024. Client asset values continue to benefit from strong equity market appreciation, ending the quarter at $105 billion, up 15% year over year. Net flows remained positive at $423 million during the quarter.

Glenn Williams: We continue to see solid demand for products across the board, including U.S. and Canadian mutual funds, annuities, and managed accounts. Early results for the month of July show continued sales strength. Barring an unexpected change in investor sentiment, we believe full-year sales will go around 15% in 2024. Client asset values continue to benefit from strong equity market appreciation, ending the quarter at $105 billion, up 15% year-over-year. Net flows remained positive at $423 million during the quarter.

Nicole Russell: I would now like to turn the call over to Nicole Russell, SVP, investor relations. Thank you. You may begin. Thank you operator and good morning, everyone.

Glenn Williams: Barring an unexpected change in investor sentiment, we believe four-year sales will go around 15% in 2024. Quant asset values continue to benefit from strong equity market appreciation in the quarter at $105 billion of 15% year over year. Net flows remain positive at $423 million during the quarter.

Glenn: Early results for the month of July show continued sales strength.

Nicole Russell: Welcome to Primerica's second quarter earnings call. A copy of our earnings press release along with other materials relevant to today's call are posted on the investor relations section of our website. Joining our call today are our chief executive officer, Glenn Williams and our chief financial officer, Tracy Tan. Our comments this morning may contain forward looking statements in accordance with the safe harbor provision of the security litigation reform act. We assume no obligations to updating statements to reflect the information and refer you to our most recent form 10K filing as may be modified by subsequent forms 10Q for a list of risks and uncertainties that could cause actual results to materially differ from those expressed foreign flying.

Glenn: Barring an unexpected change in investor sentiment, we believe full-year sales will go around 15% in 2024.

Glenn: Client asset values continue to benefit from strong equity market appreciation, ending the quarter at $105 billion, up 15% year-over-year.

Glenn: Net flows remained positive at $423 million during the quarter.

Glenn Williams: Since our May earnings call, we've made the decision to exit the senior health market after it became apparent that the business does not have a clear path for the anticipated profitability within an acceptable time frame. Over the last several months, we've determined that the increasingly challenging senior health distribution market, including, for example, increasing policy churn and the regulatory uncertainty facing this industry, would make it difficult for us to achieve the near-term stockholder value that had been anticipated, tracing to expand on the financial details related to the exit in just a moment.

Glenn Williams: Since our May earnings call, we've made the decision to exit the senior health market after it became apparent that the business does not have a clear path toward anticipated profitability within an acceptable timeframe. Over the last several months, we've determined that the increasingly challenging senior health distribution market, including, for example, increasing policy churn, and the regulatory uncertainty facing this industry, would make it difficult for us to achieve the near-term stockholder value that had been anticipated. Tracy will expand on the financial details related to the exit in just a moment.

Glenn Williams: Since our May earnings call, we've made the decision to exit the senior health market after it became apparent that the business does not have a clear path toward anticipated profitability within an acceptable time frame. Over the last several months, we've determined that the increasingly challenging senior health distribution market, including, for example, increasing policy churn and the regulatory uncertainty facing this industry, would make it difficult for us to achieve the near-term stockholder value that had been anticipated. Tracy will expand on the financial details related to the exit in just a moment.

Glenn: Since our May earnings call, we've made the decision to exit the senior health market after it became apparent that the business does not have a clear path toward anticipated profitability within an acceptable time frame.

Glenn: Over the last several months, we've determined that the increasingly challenging senior health distribution market, including, for example, increasing policy churn and the regulatory uncertainty facing this industry, would make it difficult for us to achieve the near-term stockholder value that had been anticipated.

Nicole Russell: We will also reference certain non-gap measures, which we believe provide additional insight into the company's operations. Regions of non-gap measures to their respective gap numbers are included at the end of our earnings press release and are available on our investor relations website.

Speaker Change: tracing will expand on the financial details related to the ex in just a monile

Glenn Williams: Let me end my remarks this morning with a report on the impact of our convention, which took place at the Mercedes-Benz Stadium in Atlanta between July 10 and 13. With nearly 40,000 attendees, this year's event was the ideal platform for which to cast our vision for the future. Our message was simple, yet powerful. Focus on growth to serve more middle-income families. Over four days, attendees were able to engage with their business partners and home office staff in our exhibit hall to obtain product information and learn how we can support their businesses. By attending our full-general sessions and numerous workshops, participants could hone their skills, be recognized for their same achievements, and be challenged to grow their businesses.

Glenn Williams: Let me end my remarks this morning with a report on the impact of our convention, which took place at Mercedes-Benz Stadium in Atlanta between July 10 and 13. With nearly 40,000 attendees, this year's event was the ideal platform from which to present our vision for the future. Our message was simple yet powerful: focus on growth to serve more middle-income families. Over four days, attendees were able to engage with their business partners and home office staff in our exhibit hall to obtain product information and learn how we can support their business.

Speaker Change: Let me end my remarks this morning with a report on the impact of our convention which took place at the Mercedes-Benz Stadium in Atlanta between July 10 and 13.

Glenn Williams: I would now like to turn the call over to Glenn. Thank you Nicole and thanks everyone for joining us this morning. Primarily reported another strong quarter with solid distribution momentum and double-digit adjusted operated earnings growth. The appeal of our entrepreneurial business opportunity continues to resonate supporting our ability to grow distribution. Primarily remains well positioned to serve more middle income families in the US and Canada.

Speaker Change: With nearly 40,000 attendees, this year's event was the ideal platform from which to cast our vision for the future. Our message was simple yet powerful. Focus on growth to serve more middle-income families.

Glenn: Over four days, attendees were able to engage with their business partners and home office staff in our exhibit hall to obtain product information and learn how we can support their businesses.

Glenn Williams: By attending our four general sessions and numerous workshops, participants could hone their skills, be recognized for their outstanding achievements, and be challenged to grow their business. Looking ahead, I'm optimistic about our ability to continue our growth. The need for protection and savings solutions continues to increase among underserved middle-income households. The reach of our sales force uniquely positions Primerica to serve these families. Now, I'll turn it over to Tracy.

Glenn: By attending our four general sessions and numerous workshops, participants could hone their skills, be recognized for their outstanding achievements, and be challenged to grow their businesses.

Glenn Williams: Let's start with the highlights of our financial results. Adjusted net operating income of $163 million increased 12% compared to the prior year period. While belated adjusted operating income per share, a $4.71 increased 18%. These results reflect the stability and continued growth in term-wide freedoms and very strong sales in our investment and savings product segments. During the second quarter we purchased $143 million of our common stock and paid $26 million in regular dividends.

Glenn Williams: Looking ahead, I'm optimistic about our ability to continue our growth. The need for protection and saving solutions continues to increase among underserved middle-income households. The reach of our sales force uniquely positions America to serve these families.

Glenn: Looking ahead, I'm optimistic about our ability to continue our growth. The need for protection and savings solutions continues to increase among underserved middle-income households. The reach of our sales force uniquely positions Primerica to serve these families. Now, I'll turn it over to Tracy.

Tracy Tan: Now, I'll turn it over to Trace. Thank you, Glenn.

Tracy Tan: Thank you, Glenn. Good morning, everyone.

Tracy Tan: Good morning, everyone. Before I begin my review of second quarter results, I want to remind everyone that our report at second quarter financial included several items related to our decisions to access the senior health business, which impacted GAAP results for the quarter. The operating performance for our core business is strong. As you can see on slide seven, several non-catch items relating to senior health will record it during the quarter. These included a total of 254 million to write off the remaining development tangibles, partially offset by 24 million of net test-related benefits. The quarter also included a 50 million insurance proceeds from a settlement of claims under a representation in warranties policy.

Tracy Tan: Thank you, Glenn. Good morning, everyone.

Tracy Tan: Before I begin my review, I'll second-quarter results.

Tracy Tan: I want to remind everyone that our reported second quarter financials included several items related to our decision to act as a senior health business, which impacted GAAP results for the quarter. The operating performance for our core business was strong.

Glenn Williams: During the first two quarters of 2024, America has returned a total of $304 million to stockholders through a combination of share repurchases and dividends. Looking more closely at our distribution results, during the second quarter we recruited over 96,000 individuals a 12% increase compared to the prior year period. We also saw a 14% increase in licensing. With 14,400 and two reps obtaining a new life license helping propel our sales force to 145,789 life license representatives as of June 30, 2024, up 6% year over year.

Tracy Tan: Before I begin my review of second quarter results, I want to remind everyone that our reported second quarter financials included several items related to our decision to exit the senior health business, which impacted gap results for the quarter. However, the operating performance for our core business was strong. As you can see on slide 7, several non-cash items relating to senior health were recorded during the quarter. These included a total of $254 million to write off the remaining goodwill intangibles, partially offset by $24 million of net tax-related benefits.

Tracy Tan: Before I begin my review of second quarter results, I want to remind everyone that our reported second quarter financials included several items related to our decision to act as a senior health business, which impacted gap results for the quarter. However, the operating performance for our core business was strong. As you can see on slide 7, several non-cash items relating to senior health were recorded during the quarter. These included a total of $254 million to write off the remaining goodwill intangibles, partially offset by $24 million of net tax-related benefits.

Tracy Tan: As you can see on slide 7.

Tracy Tan: Several non-cash items relating to senior health were recorded during the quarter. These included a total of $254 million to write off the remaining goodwill intangibles, partially offset by $24 million of net tax-related benefits.

Tracy Tan: The quarter also included a $50 million insurance proceeds from a settlement of claims under a representation and warranty policy. We excluded these items from our adjusted operating results to provide comparability to other periods. During the third quarter, we will incur additional restructuring costs associated with a senior health exit, and the amount is still being developed. These charges will also be excluded from our adjusted operating numbers. From the third quarter forward, we will start to exclude senior health from operating performance reporting for both current and prior periods.

Tracy Tan: The quarter also included a $50 million insurance proceeds from a settlement of claims under a representation and warranty policy. We excluded these items from our adjusted operating results to provide comparability to other periods. During the first quarter, we will incur additional restructuring costs associated with a senior health exit, and the amount is still being developed. These charges will also be excluded from our adjusted operating numbers. From the third quarter forward, we will start to exclude senior health from operating performance reporting for both current and prior periods.

Tracy Tan: the quarter also included a fifteen million tothe insurance this proceed from a settlement of claim under a representation and warranty policy

Glenn Williams: Webtoon, the excitement of our convention, we discounted our life licensing fee during the last half of July beginning of August to maximize momentum in recruiting licensing. We have approved the process in place to keep you recruits engaged and help them prepare for their licensing exam. In the second quarter, we issued over 100,000 new term-like policies, a 4% increase year over year. These newly issued policies added $33 billion of coverage for mid-income families, resulting in $951 billion of total enforced protection for our clients at quarter-end.

Tracy Tan: We excluded these items from our adjusted operating results to provide comparability to other periods. During the third quarter, we will incur additional restructuring costs associated with a senior health asset, and the amount it's still in development. These charges will also be excluded from our adjusted operating numbers. From third quarter followers, we will start to exclude senior health from operating performance reporting for both current and prior periods.

Tracy Tan: we included eep items from our adjusted operating results to provide comparability to other period

Tracy Tan: during the third quarter we will incur additional restructuring costs associated with a senior health aced and the amount it's still in development

Tracy Tan: These charges will also be excluded from our adjusted offering numbers.

Tracy Tan: From third quarter forward, we will start to exclude senior health from operating performance reporting for both current and prior periods.

Tracy Tan: Turning now to our second quarter results. Operating revenues of 427 million in the term life segment rose 4 percent compared to the prior year period, driven by five percent growth in a justice direct premium. Pretext operating income of 148 million increased 5 percent. Looking at our key financial ratios, the emphasis in claim to ratio of 57.4 percent was largely in line with the prior year period. Although favorable overall due to a total amount in remeasement gains largely driven by better-than-expected claim experience. The tax amortization ratio of 11.8 percent and the insurance expense ratio of 7.6 percent remains consistent with a prior year period.

Tracy Tan: Turning now to our second quarter results, operating revenues of $427 million in the term life segment rose 4% compared to the prior year period, driven by 5% growth in adjusted direct premium. Pre-tax operating income of $148 million increased 5%. Looking at our key financial ratios, the census and claims ratio of 57.4% was largely in line with the prior year period, although favorable overall due to a $4 million re-measurement gain, largely driven by better-than-expected claims experience.

Glenn Williams: Productivity was at the higher end of our historical range with a monthly average of 0.23 policies issued per life license rent, replacing the seasonal availability of the second quarter. Taking a conservative view for the remainder of the year, compared to the strong life sales we sold in the second half of last year, we expect four-year bills in the number of policies issued to be in the low single-digit range.

Tracy Tan: Turning now to our second quarter results.

Tracy Tan: Operating revenues of $427 million in the term life segment rose 4% compared to the prior year period, driven by 5% growth in adjusted direct premiums.

Tracy Tan: Pre-test offering an income of $148 million, increased 5%.

Glenn Williams: The investment product sales have again outpaced our forecast. Sales of $3.1 billion during the quarter increased 29% compared to the same period in 2023. We continue to see sale of demand for products across the board, including U.S, and Canadian mutual funds, annuities, and managed accounts. Early results for the month of July show continued sales strength. Barring an unexpected change in investor sentiment, we believe four-year sales will go around 15% in 2024. Quant asset values continue to benefit from strong equity market appreciation in the quarter at $105 billion of 15% year over year. Net flows remain positive at $423 million during the quarter.

Tracy Tan: Looking at our key financial ratios.

Tracy Tan: The benefits and claims ratio of 57.4% was largely in line with the prior year period, although favorable overall due to a $4 million remeasurement gain largely driven by better-than-expected claims experience.

Tracy Tan: Although favorable overall due to a $4 million re-measurement gain, largely driven by better-than-expected claims experience, the debt amortization ratio of 11.8% and the insurance expense ratio of 7.6% remain consistent with the prior year period. Finally, the operating margin of 23.1% was unchanged compared to the prior year period, although looking more closely at the beneficiary's claim. Mortality was better than expected during the quarter, while still within the range we consider as normal claims volatility. However, higher cost of living pressures continue to impact low-income families, contributing to elevated lapses across multiple durations.

Tracy Tan: The debt amortization ratio of 11.8% and the insurance expense ratio of 7.6% remain consistent with the prior year period. Finally, the operating margin of 23.1% was unchanged compared to the prior year period. Looking more closely at the benefits in this claim, mortality was better than expected during the quarter, while still within the range we consider as normal claims volatility. Higher cost of living pressure continues to impact low-income families, contributing to elevated lapses across multiple durations.

Tracy Tan: The debt amortization ratio of 11.8% and the insurance expense ratio of 7.6% remain consistent with a prior year period.

Tracy Tan: Finally, the also the margin of 23.1 percent will then change compared to the prior year period. Looking more closely at the benefits in the claim, mortality was better than expected during the quarter, while still within the range we consider as normal claims volatility. Higher cost of living pressure continues to impact low income families, contributing to elevated lapses across multiple durations. However, persistency on policy issues over the last year remains largely in line with our assumptions, and we expect the overall persistencies to normalize for the time. While higher lapses can constrain future ADP growth under LDPI, lapses do not mean fully impacts our chief financial ratios.

Speaker Change: finally the operating margin of twenty-three point one percent will down chang compared to the caror -year period

Speaker Change: Looking more closely at the benefits in claims, mortality was better than expected during the quarter, while still within the range we consider as normal claims volatility.

Glenn Williams: Since our May earnings call, we've made the decision to exit the senior health market after it became apparent that the business does not have a clear path for the anticipated profitability within an acceptable time frame. Over the last several months, we've determined that the increasingly challenging senior health distribution market, including, for example, increasing policy churn, and the regulatory uncertainty facing this industry, would make it difficult for us to achieve the near-term stockholder value that had been anticipated, tracing to expand on the financial details related to the exit in just a moment.

Speaker Change: higher costs of living pressure continues to impact note income families contributing to elevated lapes across losser duration

Tracy Tan: However, persistency on policies issued over the last year remains largely in line with our assumptions, and we expect the overall persistency to normalize over time. While higher LAPSes can constrain future ADP growth under LBTI, LAPSes do not meaningfully impact our chief financial ratio. As a reminder, we will conduct our annual assumption setting review in the third quarter. Our guidance for Fall Year 2024 remains unchanged.

Tracy Tan: However, persistency on policy issues over the last year remains largely in line with our assumptions, and we expect the overall persistency to normalize over time. While higher LAPSES can constrain future ADP growth under LBTI, LAPSES do not meaningfully impact our chief financial ratio. As a reminder, we will conduct our annual Assumption Setting Review in the third quarter. Our guidance for Fall Year 2024 remains unchanged.

Speaker Change: however peristency on policies issues over the last year remains largely in line with our assumptions and we expect the overall persistencicyes to normalize over time

Speaker Change: While higher lapses can constrain future ADP growth under LBTI, lapses do not meaningfully impact our chief financial ratio.

Glenn Williams: Let me end my remarks this morning with a report on the impact of our convention, which took place at the Mercedes-Benz Stadium in Atlanta between July 10 and 13. With nearly 40,000 attendees this year's event was the ideal platform for which to cast our vision for the future. Our message was simple yet powerful. Focus on growth to serve more middle-income families. Over four days, attendees were able to engage with their business partners and home office staff in our exhibit hall to obtain product information and learn how we can support their businesses. By attending our full-general sessions and numerous workshops, participants could hone their skills, be recognized for their same achievements and be challenged to grow their businesses.

Tracy Tan: As a reminder, we will conduct our aim or assumption setting reviews in a third quarter. Our guidance for full year 2024 remains unchanged. We anticipate ADP to grow approximately 5% to 6%. Our chief financial ratios are expected to remain stable, with the benefits and claims ratio around 58%, and the gas and motivation ratio around 12%. We're also reiterating our full-year guidance for term life operating margin of around 22%.

Speaker Change: As a reminder, we will conduct our annual Assumption Setting Review in the third quarter.

Speaker Change: itcom

Tracy Tan: Our guidance for full year 2024 remains unchanged. We anticipate ADT to grow approximately 5 to 6 percent.

Tracy Tan: We anticipate ADT to grow approximately 5-6%. Our key financial ratios are expected to remain stable, with the benefits and claims ratio around 58%, and the gas amortization ratio around 12 percent. We're also reiterating our full-year guidance for term life operating margin of around 22%. Turning next to the results of our Investment and Savings Product Section.

Tracy Tan: We anticipate ADT to grow approximately 5-6%. Our key financial ratios are expected to remain stable, with the benefits and claims ratio around 58%, and the gas amortization ratio around 12%. We're also reiterating our full-year guidance for term life operating margin of around 22%. Turning next to the results of our Investment and Savings Product Section.

Tracy Tan: Our key financial ratios are expected to remain stable, with the benefits and claims ratio around 58%, and the debt amortization ratio around 12%.

Tracy Tan: We're also reiterating our full-year guidance for term life operating margin of around 22%.

Tracy Tan: Turning next to the results of our investment and stating product segments. Offsetting revenues of 261 million increased 22%. Driven by a combination of 31% higher sales-based revenues and a 16% increase in average client-asset values, while pre-tax operating income of 75 million, growth 26%. Revening from sales-based commissions and fees of 101 million, growth more rapidly than sales due to increased demand for wearable amenities, on which we earn higher fees. Sales-based commission expenses generally rose in line with correlated revenues. Offset-based revenues of 133 million, growth 17%, largely in line with increased in average client-asset values. Total expense of asset-based products increased relatively in line with asset-based revenues.

Tracy Tan: Turning next to the results of our investment and savings product segment.

Tracy Tan: Operating revenues of $261 million increased 22%, driven by a combination of 31% higher sales base revenue and a 16% increase in average client asset value, while pre-tax operating income of $75 million rose 26%. Revenue from sales-based commissions and fees of $101 million rose more rapidly than sales due to increased demand for variable annuities, on which we earn higher fees. Trail States Commissioned Expenses, who generally wrote in line with correlated

Tracy Tan: Operating revenues of $261 million increased 22%, driven by a combination of 31% higher sales-based revenue and a 16% increase in average client asset value, while pre-tax operating income of $75 million rose 26%. Revenue from sales-based commissions and fees of $101 million rose more rapidly than sales due to increased demand for variable annuities, on which we earn higher fees. For sale-safe commission expenses, we generally wrote in line with correlated revenues.

Tracy Tan: Operating revenues of $261 million, increased 22%.

Tracy Tan: Now, I'll turn it over to Trace. Thank you, Glenn.

Tracy Tan: driven by a combination of 31% higher sales-based revenue and a 16% increase in average client asset value, while pre-tax operating income of $75 million rose 26%.

Tracy Tan: Good morning, everyone. Before I begin my review of second quarter results, I want to remind everyone that our report at second quarter financial included several items related to our decisions to access the senior health business, which impacted gap results for the quarter. The operating performance for our core business is strong. As you can see on slide seven, several non-catch items relating to senior health will record it during the quarter. These included a total of 254 million to write off the remaining development tangibles, partially offset by 24 million of net test related benefits.

Speaker Change: revenue from salesbasfe commissions and fees of hundred one million growth more rapidly than sales due to increased demand for variable annities on which we areear highire fees

Tracy Tan: Sales state commission expenses generally rose in line with correlated revenues.

Tracy Tan: Asset-based revenues of $133 million rose 17%, largely in line with the increase in average client asset value. Total expenses from asset-based products increased relatively in line with asset-based revenues. Asset-based expenses include commissions, as well as segregated funds, stack amortization, and insurance commissions. The senior health segment had revenues of $12 million, including a negative payroll adjustment of $1.8 million. The pre-tax adjusted operating loss was $11 million. Both revenues and adjusted operating income were unfavorable compared to the prior year period.

Tracy Tan: Asset-based revenues of $133 million, gross 17%, largely in line with the increase in average client asset value. Total expenses on asset-based products increased relatively in line with asset-based revenues. Asset-based expenses include commissions, as well as segregated funds, stack amortization, and insurance commissions. The senior health segment had revenues of $12 million, including a negative payroll adjustment of $1.8 million. The pre-tech adjusted operating loss was $11 million. Both revenues and adjusted operating income were unfavorable compared to the prior year period.

Tracy Tan: Asset-based revenues of $133 million rose 17%, largely in line with the increase in average client asset value.

Tracy Tan: The quarter also included a 50 million insurance proceeds from a settlement of claims under a representation in warranties policy. We excluded these items from our adjusted operating results to provide comparability to other periods. During the third quarter, we will incur additional restructuring costs associated with a senior health asset and the amount it's still in development. These charges will also be excluded from our adjusted operating numbers. From third quarter followers, we will start to exclude senior health from operating performance reporting for both current and prior periods.

Tracy Tan: Total expenses from asset-based products increased relatively in line with asset-based revenues.

Tracy Tan: Offset-based expenses include commissions as well as segregated fund staff and motivation and insurance commissions. The senior health segments had revenues of 12 million, including the negative tail adjustment of 1.8 million. The pre-tax adjusted operating loss was $11 million. Both revenues and adjusted operating incomes were unfavorable compared to the prior year period. LTV per approved policy was 914, while tax per approved policy was 1,074, for an LTV spectacular ratio of 0.9. Contract activation cost rose 25%, with preparation for the upcoming enrollment season and onboarding of new agents, as well as a 13% increase in the number of approved policies.

Tracy Tan: Asset-based expenses include commissions, as well as segregated fund stack amortization and insurance commissions.

Speaker Change: The senior health segment had revenues of $12 million, including a negative payroll adjustment of $1.8 million.

Tracy Tan: The pre-tax adjusted operating loss was $11 million.

Tracy Tan: both revenues and adjusted oper incom were unfavorable compared to the prioryear period

Tracy Tan: LTV per Approved Policy was 914, while CAC per Approved Policy was 1,074, for an LTV to CAC ratio of 0.9. Contract acquisition costs rose 25% due to preparation for the upcoming enrollment season and onboarding of new agents, as well as a 13% increase in the number of approved policies. The CMO segment recorded a pre-tax adjusted outputting income of $0.9 million versus a loss of $3.6 million in the prior year period, driven predominantly by 5% higher adjusted net investment income, which continued to benefit from a combination of higher-yielding investments and growth in the size of the portfolio.

Tracy Tan: LTV per Approved Policy was 914, while CAC per Approved Policy was 1,074, for an LTV to CAC ratio of 0.9. Contract acquisition costs rose 25% due to preparation for the upcoming enrollment season and onboarding of new agents, as well as a 13% increase in the number of approved policies. The CML segment recorded a pre-tax adjusted outputting income of $0.9 million versus a loss of $3.6 million in the prior year period, driven predominantly by 5% higher adjusted net investment income, which continued to benefit from a combination of higher-yielding investments and growth in the size of the portfolio.

Tracy Tan: LTV per approved policy was 914, while PAC per approved policy was 1074, for an LTV to PAC ratio of 0.9.

Tracy Tan: Turning now to our second quarter results. Operating revenues of 427 million in the term life segment rose 4 percent compared to the prior year period driven by five percent growth in a justice direct premium. Pretext operating income of 148 million increased 5 percent. Looking at our key financial ratios, the emphasis in claim to ratio of 57.4 percent was largely in line with the prior year period. Although favorable overall due to a total amount in remeasement gains largely driven by better than expected claim experience.

Tracy Tan: Contract acquisition costs rose 25%, with preparation for the upcoming enrollment season and onboarding of new agents, as well as a 13% increase in the number of approved policies.

Tracy Tan: The senior health segments recorded a pre-tax adjusted operating income of 0.9 million, versus a loss of 3.6 million in a prior year period. Driven predominantly by 5% higher adjusted net investment income, which continued to benefit from a combination of higher yielding investments and growth in the size of the portfolio. Finally, adjusted consolidated insurance and other operating expenses, or 150 million during the second quarter, up 6 percent year over year. This increase is primarily due to higher variable expenses from growth in our ISP and term life segments, and higher employee related costs. We reiterate our full year 2024 insurance and other operating expense growth expectations.

Speaker Change: the seasonand one segment recorded a pretax adjusted outputting income of d rable point nine million versus a loss of three six million in the prioryear period

Tracy Tan: driven predominantly by 5% higher adjusted net investment income, which continued to benefit from a combination of higher yielding investments and growth in the size of the portfolio.

Tracy Tan: The tax amortization ratio of 11.8 percent and the insurance expense ratio of 7.6 percent remains consistent with a prior year period. Finally, the also the margin of 23.1 percent will then change compared to the prior year period. Looking more closely at the benefits in the claim, mortality was better than expected during the quarter, while still within the range we consider as normal claims volatility. Higher cost of living pressure continues to impact low income families contributing to elevated lapses across multiple durations.

Tracy Tan: Finally, adjusted consolidated insurance and other operating expenses were $150 million during the second quarter, up 6% year-over-year. This increase is primarily due to higher variable expenses from growth in our ISP and term life segments and higher employee-related costs. We reiterate our full year 2024 insurance and other operating expense growth expectation is still on track for a year-over-year increase of around $40 million or 6 to 8% in 2024. With that, operator, I open the line to questions. Thank you.

Tracy Tan: Finally, adjusted consolidated insurance and other operating expenses were $150 million during the second quarter, up 6% year-over-year. This increase is primarily due to higher variable expenses from growth in our ISP and term life segments and higher employee-related costs. We reiterate our full-year 2024 insurance and other operating expense growth expectation. It's still on track for a year-over-year increase of around 40 million, or 6 to 8 percent, in 2024. With that, Operator, I open the line for questions. Thank you.

Tracy Tan: Finally, adjusted consolidated insurance and other operating expenses were $150 million during the second quarter, up 6% year-over-year.

Speaker Change: This increase is primarily due to higher variable expenses from growth in our ISP and term life segments and higher employee related costs.

Speaker Change: We reiterate our full year 2024 insurance and other operating expense growth expectations. It's still on track for a year-over-year increase of around $40 million, or 6-8% in 2024.

Tracy Tan: It's due on track for a year-over-year increase of around 40 million or 6 to 8 percent in 2024.

Operator: With that operator, I open the line for questions. Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your questions from the queue.

Tracy Tan: However, persistency on policy issues over the last year remains largely in line with our assumptions and we expect the overall persistencies to normalize for the time. While higher lapses can constrain future ADP growth under LDPI, lapses do not mean fully impacts our chief financial ratios. As a reminder, we will conduct our aim or assumption setting reviews in a third quarter. Our guidance for full year 2024 remains unchanged. We anticipate ADP to grow approximately 5% to 6%.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the list. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key. One moment, please, while we poll for your question. Our first questions come from the line of Wilma Burdis with Raymond James. Please proceed with your question.

Speaker Change: With that, operator, I open the line for questions.

Operator: Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the line. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key. One moment, please, while we poll for your question. Our first questions come from the line of Wilma Burdis with Raymond James. Please proceed with your question.

Speaker Change: Thank you. At this time, we'll be conducting a question and answer session.

Speaker Change: If you would like to ask a question, please press star 1 on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue.

Operator: For participants using speaker equipment and maybe necessary to pick up your hands that before pressing the star key. One moment, please, while we pull for your question.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for your questions.

Wilma Burdis: I have our first questions come from the line of Wilma Bertis with Raymond James. Please proceed with your questions.

Speaker Change: Our first question has come from the line of...

Glenn Williams: Good morning, Wilma. Good morning. Could you just talk a little bit about the recruiting trends. They've been very, very strong ever since the convention and talk a little bit more about what we should expect to see in the back after year. Thanks. Certainly.

Speaker Change: willil my burdus with raymond janes please proceed with your questions

Wilma Burdis: Hey, good morning. Could you just talk a little bit about the recruiting trends? They've been very, very strong ever since the convention. And just talk a little bit more about what we should expect to see in the back half of the year. Thanks.

Tracy Tan: Our chief financial ratios are expected to remain stable, with the benefits and claims ratio around 58%, and the gas and motivation ratio around 12%. We're also reiterating our full year guidance for term life operating margin of around 22%.

Wilma: Good morning, Wilma.

Wilma Burdus: Hey, good morning. Could you just talk a little bit about the recruiting trends? They've been very, very strong ever since the convention. And talk a little bit more about what we should expect to see in the back half of the year. Thanks.

Glenn Williams: Certainly. Well, our convention certainly served its purpose. We're very excited about the impact of it. As we've talked about before, we try to use it to maximize momentum prior to the event with the anticipation of the event, obviously have a great event itself, and then have activity magnifiers, if you will, after the event.

Glenn Williams: Well, our convention certainly served its focus. We're very excited about the impact of it. As we've talked about before, we try to use it to maximize momentum prior to the event with the anticipation of the event. Obviously, have a great event itself and then have activity magnifiers, if you will, after the event. I think we execute well with all of that. We've seen very strong recruiting activity going in as we reported to the excellent second quarter. And we're going to have been stronger recruiting activity indicated with July in the first part of August. So we're expecting that momentum and our distribution will want to continue to grow, led by recruiting.

Wilma Burdus: Certainly. Well, our convention certainly served its purpose. We're very excited about the impact of it. As we've talked about before, we try to use it to maximize momentum prior to the event with the anticipation of the event, obviously have a great event itself, and then have activity magnifiers, if you will, after the event. And I think we executed well on all of that.

Glenn Williams: And I think we executed well on all of that. We've seen very strong recruiting activity going in, as we reported, in an excellent second quarter. And we're going to have even stronger recruiting activity in July and the first part of August. So we're expecting that momentum in our distribution will continue to grow, led by recruiting. We are feeling much better than several years ago with the pull-through rate and licensing. So, our state and province, as well as our own licensing processes, are running well.

Glenn Williams: And I think we executed well on all of that. We've seen very strong recruiting activity going in, as we reported, in an excellent second quarter, and we're going to have even stronger recruiting activity in July and the first part of August. So we're expecting that momentum in our distribution. We're going to continue to grow, led by recruiting. We are feeling much better than several years ago with the pull-through rate and licensing, so our state and province, as well as our own licensing processes, are running well.

Wilma Burdus: We've seen very strong recruiting activity going in, as we reported, in an excellent second quarter. And we're going to have even stronger recruiting activity indicated with July and the first part of August .

Speaker Change: so we're expecting that momentum in our distribution will to continue to grow with by recruiting we are feeling much better than several years ago with being pull through renand and license so are our sting province as well as a real licensseing processes are running well

Glenn Williams: We are feeling much better than several years ago that we pulled through lead and licensing. So our statement province as well as our own licensing processes are running well. So we're continuing, as we indicated, to experience and expect that growth in the five percent range, six percent range, something in there for the whole year. And so that would indicate a strong second half of the year as well. So we expect the momentum to continue, and we think we've got all the ingredients in place to make that happen. Okay, thank you.

Glenn Williams: So we're continuing, as we indicated, to experience and expect that growth in the 5% range, 6% range, something in there, for the full year. And so that would indicate a strong second half of the year as well. So we expect the momentum to continue, and we think we've got all the ingredients in place to make that happen.

Glenn Williams: So we're continuing, as we indicated, to experience and expect that growth in the 5% range, 6% range, something in there for the full year. And so that would indicate a strong second half of the year as well. So we expect the momentum to continue, and we think we've got all the ingredients in place to make that happen.

Wilma Burdus: So we're continuing, as we indicated, to experience and expect that growth in the 5% range, 6% range, something in there, for the full year. And so that would indicate a strong second half of the year as well. So we expect the momentum to continue, and we think we've got all the ingredients in place to make that happen.

Tracy Tan: Offset-based revenues of 133 million, growth 17%, largely in line with increased in average client-asset values. Total expense of asset-based products increased relatively in line with asset-based revenues. Offset-based expenses include commissions as well as segregated fund staff and motivation and insurance commissions. The senior health segments had revenues of 12 million, including the negative tail adjustment of 1.8 million. The pre-tax adjusted operating loss was 11 million. Both revenues and adjusted operating incomes were unfavorable compared to the prior year period.

Glenn Williams: Okay, thank you. And then one other thing we noticed, it seems like the mortgage balance has ticked up a little bit in the quarter. Could you talk a little bit about that and how the mortgage sales program is going? If that's something you expect to see some momentum, it's great to see it decline a little bit. A bunch of questions in there, but thanks for answering.

Glenn Williams: thank you and then one other thing we know it seems like the mortgage bals is typical in the quarter

Speaker Change: Could you talk a little bit about that and how the mortgage sales program is going? And is that something you expect to see some momentum if rates decline a little bit? A bunch of questions in there, but thanks for answering.

Glenn Williams: But the question is there, but thanks for answering. Certainly, well, as you would expect, and I think as the industry is seeing, as the expectation and ultimately we think the reality of rate cuts are ahead of us not very far into the future, we are seeing a significant increase in activity. We're approaching now about 3,000 more than the originators licensed in the US. And we are seeing a significant increase in our business. There's still a very small business. We enter that business a few years ago and expected a just a build as we go process, and of course interest rates spike and that's what things down.

Glenn Williams: Certainly. Well, as you would expect, and I think the industry is seeing as the expectation, and ultimately, we think the reality of rate cuts is ahead of us, not very far into the future. We're approaching now about 3,000 mortgage loan originators licensed in the U.S., and we are seeing a significant increase in our business. That's still a very small business, though.

Speaker Change: certainly well as you would expect and I think it's the industry is seeing as

Wilma Burdus: The

Speaker Change: expectation and ultimately we think the reality of rate cuts are ahead of us not very far into the future. We are seeing a significant increase in activity.

Tracy Tan: LTV per approved policy was 914, while tax per approved policy was 1,074, for an LTV spectacular ratio of 0.9. Contract activation cost rose 25%, with preparation for the upcoming enrollment season and onboarding of new agents, as well as 13% increase in a number of approved policies. The senior health segments recorded a pre-tax adjusted operating income of 0.9 million, versus a loss of 3.6 million in a prior year period. Driven predominantly by 5% higher adjusted net investment income, which continued to benefit from a combination of higher yielding investments and growth in the size of the portfolio.

Wilma Burdus: We're approaching now about 3,000 mortgage loan originators licensed in the U.S. And we are seeing a significant increase in our business. That's still a very small business. You know, we reentered that business a few years ago and expected just a build as we go process. And, of course, interest rates spiked, and that slowed things down. But now we are seeing the expected increase in activity. And when we have increase in activity, that creates an increase in interest among our sales force.

Glenn Williams: We reentered that business a few years ago and expected just a build as we go process, and of course, interest rates spiked and that slowed things down. But now we are seeing the expected increase in activity, and when we have an increase in activity, that creates an increase in interest among our sales force and does build momentum. So we're now focusing on the attention it's beginning to receive, you know, let's get more people licensed.

Glenn Williams: You know, we reentered that business a few years ago and expected just a build as we go process, and of course, interest rates spiked, and that slowed things down. But now we are seeing the expected increase in activity, and when we have an increase in activity, that creates an increase in interest among our sales force and does build momentum. So we're now focusing on the attention it's beginning to receive, you know, let's get more people licensed.

Glenn Williams: But now we are seeing the expected increase in activity. And when we have an increase in activity, that creates an increase in interest among our sales force and does build momentum. So we're now focusing with the attention is beginning to receive, you know, let's get people licensed. We have the vast majority of states approved now; about 30 to 33 states are approved in the US. We also have a moving to a further problem in Canada. It's a very different mechanism in Canada, but it serves the same purpose for our clients of helping them consolidate debt and a little more interest rate and accelerate payments so they get themselves out of debt.

Glenn Williams: and those build a momentum so we're now focusing with the attention it's beginning to receive let's get people licensed we have the vast majority of states approved now about thirty two and thirty three states

Glenn Williams: We have the vast majority of states approved now; about 32 or 33 states are approved in the U.S. We also have a mortgage referral program in Canada. It's a very different mechanism in Canada, but it serves the same purpose for our clients of helping them consolidate debt at a lower interest rate and accelerate payments so they get themselves out of debt. So the client impact is very similar, but the business model is different in Canada.

Glenn Williams: are approved in the U.S. We also have a mortgage referral program in Canada. It's a very different mechanism in Canada, but it serves the same purpose for our clients of helping them consolidate debt at a lower interest rate and accelerate payments so they get themselves out of debt. So the client impact is very similar, but the business model is different in Canada. It gives us good consistency on both sides of the border to use that mortgage impact on our other business, which is very positive in both countries.

Tracy Tan: Finally, adjusted consolidated insurance and other operating expenses, or 150 million during the second quarter, up 6 percent year over year. This increase is primarily due to higher variable expenses from growth in our ISP and term life segments and higher employee related costs. We reiterate our full year 2024 insurance and other operating expense growth expectations. It's due on track for a year over your increase of around 40 million or 6 to 8 percent in 2024.

Glenn Williams: So the client impact is very similar; the business model is different in Canada. It gives us good consistency on both sides of the border to use that mortgage impact on our other business, which is very positive in both countries. So we do expect that to continue to improve, assuming we're right about interest rate cuts in the very near future in the US. We've already seen some in Canada, and we would expect that momentum to continue to grow.

Glenn Williams: It gives us good consistency on both sides of the border to use that mortgage impact on our other business, which is very positive in both countries. So we do expect that to continue to improve, assuming we're right about interest rate cuts in the very near future in the U.S. We've already seen some in Canada, and we would expect that momentum to continue to grow. It's going to be an important part of our future.

Glenn Williams: so we do expect that to continue to improve assuming we're right about interest rate cuts in the very near future u s we've already seen some in canada and we would expect that momentum to continue to growth in the importimportantter part of our future

Glenn Williams: Let's come in and port a part of our future.

Maxwell Fritscher: Thank you. Our next question has come from the line of Maxwell Fritscher with Truist Securities. Please proceed with your question.

Maxwell Fritscher: Thank you. Our next questions come from the line of Maxwell Fritscher with Truist Securities. Please proceed with your question.

Maxwell Fritscher: Our next questions come from the line of Maxwell Fritscher with Truist Securities. Please proceed with your questions.

Maxwell Fritscher: Okay, thank you.

Wilma Burdus: Thank you.

Speaker Change: thank you our next questions come from the line of maxwell friter with tru securities please proceed with your questions

Maxwell Fritscher: Thanks.

Glenn Williams: Hey, good morning. I'm on for Mark Hughes. You mentioned the strong ISP sales were a result of solid demand for your products. Can you provide some more color on what you believe is driving that demand? Is it just the strong equity markets from Q1, and so people are more eager to buy some of these products? Yeah, Max, that's almost always, if not always, the primary driver. It's when there's confidence in the future based on what's happened in the recent past investors tend to make their move; their assets or invest assets through on the sideline. So that's clearly the major part of what's happening right now.

Maxwell Fritscher: Hey, good morning. I'm on behalf of Mark Hughes.

Operator: With that operator, I open the line for questions. Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your questions from the queue. For participants using speaker equipment and maybe necessary to pick up your hands that before pressing the star key. One moment, please, while we pull for your question.

Max: And Max.

Glenn Williams: You mentioned the strong ISP sales were a result of solid demand for your products. Can you provide some more color on what you believe is driving that demand? Is it just the strong equity markets from Q1 and so people are more eager to buy some of these products?

Glenn Williams: Yeah, Max, that's almost always, if not always, the primary driver. It's when there's confidence in the future based on what happened in the recent past. Investors tend to make their move, move their assets, or invest assets that are on the sidelines. So that's clearly the major part of what's happening right now. Although, you know, like the discussion we were having in the mortgage business, you've got to be in the right position on the field when the play happens.

Glenn Williams: Yeah, Max, that's almost always, if not always, the primary driver. It's when there's confidence in the future based on what happened in the recent past. Investors tend to make their moves and move their assets or invest assets that are on the sidelines. So that's clearly the major part of what's happening right now. Although, as the discussion we were having in the mortgage business, you've got to be in the right position on the field when the play happens.

Speaker Change: more eager to buy some of these products.

Glenn Williams: Yeah, Max, that's almost always, if not always, the primary driver. It's when there's confidence in the future based on what's happened in the recent past. Investors tend to make their move and move their assets or invest assets that are on the sideline. So that's clearly the major part of what's happening right now. Although, you know, as the discussion we were having in the mortgage business, you've got to be in the right position on the field when the play happens. And I do think that...

Wilma Burdis: I have our first questions come from the line of Wilma Bertis with Raymond James. Please proceed with your questions. Good morning, Wilma. Good morning. Could you just talk a little bit about the recruiting trends. They've been very, very strong ever since the convention and talk a little bit more about what we should expect to see in the back after year. Thanks.

Glenn Williams: Although, as the discussion we were having in the mortgage business, you've got to be in the right position on the field when the play happens, and I do think that much of the success and addition has been the preparation that our team has made both in the home office and in the field to be ready when things turn. And so we've continued to focus on that business. We continue to get people licensed in that business. We continue to expand our products set where appropriate, which it's not all about product set expansion, but where there's an improvement that's made in the product set.

Glenn Williams: And I do think that much of the success has been the preparation that our team has made, both in the home office and in the field, to be ready when things turn. And so we've, you know, continued to focus on that business. We continue to get people licensed in that business. We continue to expand our product set where appropriate, which isn't all about product set expansion but where there's an improvement that's made in the product set, for example, on variable annuity guarantees. Product providers are always introducing new generations of products that have additional benefits for clients or play off the current financial and economic conditions in a new way.

Glenn Williams: And I do think that much of the success, in addition, has been the preparation that our team has made, both in the home office and in the field, to be ready when things turn. And so we've continued to focus on that business. We continue to get people licensed in that business, and we continue to expand our product set where appropriate. It's not all about product set expansion, but where there's an improvement that's made in the product set, for example, on variable annuity guarantees. Product providers are always introducing new generations of products that have additional benefits for clients or plays off the current financial and economic conditions in a new way.

Glenn Williams: much of the success in addition has been in the preparation that are am made both in the home office in the field to be ready when things term and so you continue to focus on that business we continue to get people license in that business we continue to expand our products set where appropriate which it's not all about products expansion but where there's a an improvement that's made in the product set for example of very the new guarantees product providers are always introducing new generation of products that has additional benefits for clients or plays up to current financial and economic conditions in a new way and so we're seeingsome fundamentals as well as the ship in momentum all come together at the same time

Glenn Williams: Certainly. Well, our convention certainly served its focus. We're very excited about the impact of it. As we've talked about before, we try to use it to maximize momentum prior to the event with the anticipation of the event. Obviously, have a great event itself and then have activity magnifiers if you will after the event. I think we execute well with all of that. We've seen very strong recruiting activity going in as we reported to the excellent second quarter.

Glenn Williams: For example, on variable and new to guarantee these product providers are always introducing a new generation of products that has additional benefits for clients or plays out to current financial and economic conditions in a new way. And so we're seeing some fundamentals as well as the shift in momentum all come together at the same time. And we also see some pressure from the cost of living, a bit of a headwind on small investors. Those are investing systematically as we look at the number of new accounts open in the average size of those small accounts. Those are being pressured by the cost of living, but that's being much more overwhelmed by the water transactions.

Glenn Williams: And we're going to have been stronger recruiting activity indicated with July in the first part of August. So we're expecting that momentum and our distribution will want to continue to grow led by recruiting. We are feeling much better than several years ago that we pulled through lead and licensing. So our statement province as well as our own licensing processes are running well. So we're continuing as we indicated to experience and expect that growth in the five percent range, six percent range, something in there for the whole year.

Glenn Williams: And so we're seeing some fundamentals, as well as a shift in momentum, all come together at the same time. And we also see some pressure from the cost of living, a bit of a headwind for small investors. Those who are investing systematically, as we look at the number of new accounts open and the average size of those small accounts, those are being pressured by the cost of living. But that's being much more overwhelmed by the larger transactions, assets moving from other advisors to us and other products to us, banks, and interest-bearing accounts, those types of things.

Glenn Williams: And so we're seeing some fundamentals as well as a shift in momentum all come together at the same time. And we also see some pressure from the cost of living, a bit of a headwind for small investors. Those who are investing systematically, as we look at the number of new accounts open and the average size of those small accounts, those are being pressured by the cost of living. But that's being much more overwhelmed by the larger transactions, assets moving from other advisors to us and other products to us, banks, and interest-bearing accounts, those types of things.

Glenn Williams: and we also see some pressure from the cost of living a bit the headwind on small investors those are investing systematically as we look at the number of new accounts open in the average size of those small accounts

Wilma Burdus: those are being pressured by the cost of living but that me much more overwhelmed by the larger transaction thatassets moving from other advisors to us and other products to us banks and interest bearing accounts those types of things to us that's that is so significant you really and in the total numbers can't see the pressure on the small investor but there is pressure on those small places matic investors that they're struggling a little bit and we're our best to help them tain

Glenn Williams: That's it's moving from other advisors to us and other products to us, banks and interest-bearing accounts, those types of things to us. That is so significant.

Glenn Williams: And so that would indicate a strong second half of the year as well. So we expect the momentum to continue and we think we've got all the ingredients in place to make that happen. Okay, thank you.

Glenn Williams: That is so significant. You really, in the total numbers, can't see the pressure on small investors, but there is pressure on those small, mostly systematic investors that they're struggling a little bit, and we're doing our best to help them where we can.

Maxwell Fritscher: You really, in the total numbers, can't see the pressure on the small investor, but there is pressure on those small monthly systematic investors that they're struggling a little bit, and we're doing our best to help them where we can. Yeah, thanks for that.

Glenn Williams: And then one other thing we noticed seems like the mortgage balance is kicked out a little bit in the quarter. Could you talk a little bit about that and how the mortgage sales program is going? And if that's something you expect to see some momentum, it's great decline a little bit. But the question is there, but thanks for answering. Certainly, well, as you would expect, and I think as the industry is seeing as the expectation and ultimately we think the reality of rate cuts or ahead of us not very far into the future, we are seeing a significant increase in activity.

Glenn Williams: Yeah, thanks for that. And you kind of hit on this when answering Wilma's question, but what is the impact of the convention on licensing? Do you typically see the convention spur more recruits to complete their licenses?

Glenn Williams: And you kind of hit on this when answering Rome's question, but what is the impact of the convention on the licensing? Do you typically see the conventions spur more recruits to complete their licensing? Well, the easiest impact, identify, is the attraction, the excitement of both our recruiters who go out after the convention with a new understanding of the opportunity of our business, a better vision of the future of where we're working as a company and the kind of business they can build, and that generally impacts top line recruiting the most. We get a very similar pull-through rate to licensing out of those recruits.

Speaker Change: Yeah, thanks for that. And you kind of hit on this when answering Wilma's question, but what is the the impact of the convention on the licensing? Do you typically see the convention spur more recruits to complete their licensing?

Glenn Williams: We're approaching now about 3,000 more than the originators licensed in the US. And we are seeing a significant increase in our business. There's still a very small business. We enter that business a few years ago and expected a just a build as we go process and of course interest rates spike and that's what things down. But now we are seeing the expected increase in activity. And when we have increase in activity, that creates an increase in interest among our sales force and does build momentum.

Glenn Williams: Well, the easiest impact to identify is the attraction and the excitement of both our recruiters who go out after the convention with a new understanding of the opportunity in our business, a better vision of the future of where we're going as a company and the kind of business they can build. And that generally impacts top-line recruiting the most. We get a very similar pull-through rate for licensing out of those recruits, and so when you have more recruits at the same pull-through rate, you get more licenses out of the effort.

Glenn Williams: Well, the easiest impact to identify is the attraction and the excitement of both our recruiters who go out after the convention with a new understanding of the opportunity in our business, a better vision of the future of where we're going as a company and the kind of business they can build. And that generally impacts top line recruiting the most. We get a very similar pull-through rate for licensing out of those recruits, and so when you have more recruits at the same pull-through rate, you get more licenses out of the effort.

Glenn Williams: Well, the easiest impact to identify is the attraction, the excitement of both our recruiters who go out after the convention with a new understanding of the opportunity of our business, a better vision of the future of where we're going as a company and the kind of business they can build, and that generally impacts top-line recruiting the most.

Glenn Williams: And so, when you have more recruits in the same pull-through rate, you get more licenses out of the effort. We will start to see the benefits on the licensing side probably August, September, October, and after that because it takes some time for a recruit to matriculate through the training process. There's classroom training, there's self-study, there's the exam to take, sometimes multiple exams, and some jurisdictions. So, the first thing you see is top line recruiting increase. We're expecting a similar pull-through rate even with a much higher recruiting. And we'll start to see that probably in the coming months, and then improve the first of next year.

Glenn Williams: we get a very similar pull through laate to licensing out of those recruits and so we have more recruits in the pull through rate you get licenses out of them out of the effort

Glenn Williams: We will start to see the benefits on the licensing side probably in August, September, October and after that because it takes some time for a recruit to matriculate through the training process. There's classroom training. There's self-study. There's the exam to take, sometimes multiple exams in some jurisdictions.

Glenn Williams: We will start to see the benefits on the licensing side probably in August, September, October, and after that because it takes some time for a recruit to matriculate through the training process. There's classroom training. There's self-study. There's the exam to take, sometimes multiple exams in some jurisdictions.

Glenn Williams: We will start to see the benefits on the licensing side probably August , September , October , and after that, because it takes some time for a recruit to matriculate through the training process. There's classroom training. There's self-study. There's the exam to take, sometimes multiple exams in some jurisdictions. So the first thing you see is top-line recruiting increase. We're expecting a similar pull-through rate, even with the much higher recruiting, and we'll start to see that probably in the coming months and then on through the first of next year. So that's how you would expect that to kind of flow through the pipeline and impact licensing and ultimately the size of the sales force. But we're very excited about the opportunity. We do think that we have significantly increased the number of recruiters.

Glenn Williams: So we're now focusing with the attention is beginning to receive, you know, let's get people licensed. We have the vast majority of states approved now about 30 to 33 states are approved in the US. We also have a moving to a further problem in Canada. It's a very different mechanism in Canada, but it serves the same purpose for our clients of helping them consolidate debt and a little more interest rate and accelerate payments so they get themselves out of debt.

Glenn Williams: So the first thing you see is an increase in top-line recruiting. We're expecting a similar pull-through rate even with the much higher recruiting. And we'll start to see that probably in the coming months and then on through the first of next year. So that's how you would expect that to kind of flow through the pipeline and impact licensing and ultimately the size of the sales force. But we're very excited about the opportunity. We do think that we have significantly increased the front end of that process, and we'll see results in the coming months.

Glenn Williams: So the first thing you see is the top line recruiting increase. We're expecting a similar pull-through rate even with the much higher recruiting. And we'll start to see that probably in the coming months and then on through the first of next year. So that's how you would expect that to kind of flow through the pipeline and impact licensing and ultimately the size of the sales force. But we're very excited about the opportunity. We do think that we have significantly increased the front end of that process, and we'll see results in the coming months.

Glenn Williams: Got it. That's very helpful. Thank you.

Maxwell Fritscher: Got it. That's very helpful. Thank you.

Maxwell Fritscher: So, that's how you would expect that to kind of flow through the pipeline and impact licensing and ultimately the size of the sales force. But we're very excited about the opportunity. We do think that we have significantly increased the front end of that process, and we'll see the results of the coming months. Thanks. Got it. It's very helpful. Thank you.

Glenn Williams: So the client impact is very similar that the business model is different in Canada. It gives us good consistency on both sides of the border to use that mortgage impact on our other business, which is very positive in both countries. So we do expect that to continue to improve assuming we're right about interest rate cuts in the very near future in the US. We've already seen some in Canada and we would expect that momentum to continue to grow. Let's come in and port a part of our future. Thank you.

Glenn Williams: increased the front end of fact process and we'll see the results of the coming mons

Glenn Williams: Certainly. Thank you.

Operator: Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Our next question comes from the line of Ian Ryave with Jeffreys. Please proceed with your question.

Speaker Change: Got it, that's very helpful. Thank you.

Operator: As a reminder, if you would like to ask a question, please press star one on your telephone keypad.

Operator: Certainly.

Speaker Change: Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad.

Ian Ryave: Our next questions come from the line of Ian Ryave with Jeffries. Please proceed with your questions.

Ian Ryave: Good morning. Thanks for taking my questions.

Ian Ryave: Good morning. Thanks for taking my questions. Just first, on the household budget index, you recently published that it still remains over a hundred percent, and how do you think about that as it tracks with your expectations for new policies issued, but as well as lapses in policies? You cited the increased cost of living for some of the higher lapses this quarter, but we'd just like your thoughts on that.

Ian Ryave: Our next questions come from the line of Ian Riave with Jeffreys. Please proceed with your questions.

Ian Ryave: Good morning, Ian. Good morning.

Ian Ryave: Thanks for taking my questions.

Ian Ryave: Just first, on the household budget index, you recently published that it still remains over 100%. And how do you think about that as it tracks with your expectations for new policies issued but as well as lapses on policies? You cited the increased cost of living for some of the higher lapses this quarter but I would just like your thoughts on that.

Ian Ryave: Just first on the household budget index, you recently published that. It still remains over 100%.

Speaker Change: Good morning, and thank you.

Maxwell Fritscher: Our next questions come from the line of Maxwell Fritscher with Truist Securities.

Speaker Change: Good morning. Thanks for taking my questions.

Speaker Change: just first on the household budget index you recently publish that it still remains over one hundred percent

Glenn Williams: And how do you think about that as tracks with your expectations for new policies issued, but as well as lapses on policies? You cited the increased cost of living for some of the higher lapses, you know, this quarter, but would just like your thoughts on that. Certainly.

Glenn Williams: Please proceed with your questions. Thanks. Hey, good morning. I'm on for Mark Hughes. You mentioned the strong ISP sales were a result of solid demand for your products. Can you provide some more color on what you believe is driving that demand? Is it just the strong equity markets from Q1 and so people are more eager to buy some of these products? Yeah, Max, that's almost always, if not always, the primary driver.

Ian Ryave: and how do you think about that as tracks with your expectations for new policies issued but as well as lapses on policies decidited the increased cost of living for some of the higher lapses you know this quarter but would just like your thoughts on that

Glenn Williams: Certainly. We're very proud of the Household Budget Index and the information it gives us to better serve clients. And you're exactly right, Ian; it has ticked over 100 percent. It's been hovering around 100 for the last several months. And, of course, it's a measurement of the buying power of middle-income families. That's how we perceive it. And so it's good news that it's back to kind of an even keel.

Glenn Williams: Certainly. We're very proud of the Household Budget Index and the information it gives us to better serve clients. And you're exactly right, Ian. It has ticked over 100 percent. It's been hovering around 100 for the last several months. And, of course, it's a measurement of the buying power of middle-income families. That's how we perceive it, and so it's good news that it's back to kind of an even keel.

Glenn Williams: Well, we're very proud of the Household Budget Index and the information it gives us to better serve clients. And you're exactly right. And it has ticked over 100%. It's been hovering around 100 the last several months. And of course, it's a measurement of the buying power of middle-income families. It's how we perceive it. And so it's good news that it's back to kind of an even keel.

Glenn Williams: Certainly. Well, we're very proud of the Household Budget Index and the information it gives us to better serve clients.

Glenn Williams: And you're exactly right, and it has ticked over 100%. It's been hovering around 100% the last several months.

Glenn Williams: It's when there's confidence in the future based on what's happened in the recent past investors tend to make their move their assets or invest assets through on the sideline. So that's clearly the major part of what's happening right now. Although, as the discussion we were having in the mortgage business, you've got to be in the right position on the field when the play happens and I do think that much of the success and addition has been the preparation that our team has made both in the home office and in the field to be ready when things turn.

Glenn Williams: And, of course, it's a measurement of the buying power of middle-income families is how we perceive it. And so it's good news that it's back to kind of an even keel. The challenge is that doesn't necessarily address...

Glenn Williams: The challenge is that it doesn't necessarily address the compounding issues of the past. I mean, the budget index was underwater, if you looked at it retrospectively, for months and months, several years. And so families dug a hole that they either filled by changing their buying habits or, more likely, by withdrawing savings or using credit. And so there is a challenge that has built up over time that still exists. And so families are now dealing with the compounding effect of the cost of living over inflation, even when inflation slows down.

Glenn Williams: The challenge is that doesn't necessarily address the compounding issues of the past. I mean, the budget index was underwater. If you looked at it retrospectively for months and months, several years. And so families got the hold with the eager fill by changing their buying habits or, more likely, by withdrawing savings or using credit. And so there is a challenge that's filled with over time that still exists. And so families are now dealing with the compounding effect of the cost of living over, you know, inflation. Even when inflation slows down, you know, the cost of living is not getting better.

Glenn Williams: The compounding issues of the past, I mean, the budget index was underwater if you looked at it retrospectively for months and months, several years, and so families dug a hole that they either filled by changing their buying habits or more likely by withdrawing savings or using credit.

Glenn Williams: And so we've continued to focus on that business. We continue to get people licensed in that business. We continue to expand our products set where appropriate, which it's not all about product set expansion, but where there's an improvement that's made in the product set. For example, on variable and new to guarantee these product providers are always introducing a new generation of products that has additional benefits for clients or plays out to current financial and economic conditions in a new way.

Speaker Change: and so there is a challenge that's no over time that's still exist and so families are now dedoing with the compounding effect of the cost of living over inflation even when inflation slows down cause of living is not getting better it's getting worse more slowly

Glenn Williams: And so families are now dealing with the compounding effect of the cost of living over inflation, even when inflation slows down. The cost of living is not getting better. It's getting worse more slowly. And so prices are still going up. It's just the rate of increase is slow. And that's better than the other way around, but it's still not providing a lot of relief.

Glenn Williams: You know, the cost of living is not getting better. It's getting worse more slowly. And so prices are still going up. It's just the rate of increase is slow. And that's better than the other way around, but it's still not providing a lot of relief.

Glenn Williams: It's getting worse, more slowly. And so prices are still going up. It's just the rate of increases slow. And that's better than the other way, that it's still not providing a lot of relief.

Glenn Williams: So what we believe we're seeing is the buildup over time. Thank goodness, it appears that there's not continuing buildup adding to the challenges. But families are struggling with the challenges that they have faced over the last several years, and at some point, they get to, you know, the end of their credit line, or they just can't live. They don't have any more savings to withdraw, or it's doing too much damage to their savings for the future.

Glenn Williams: And so prices are still going up, it's just the rate of increase is slow. And that's better than the other way, but it's still not providing a lot of relief.

Glenn Williams: So what we believe we're seeing is the buildup over time. Thank goodness it appears that there's not continuing buildup adding to the challenges. But families are struggling with the challenges that they faced over the last several years. And at some point, they get to, you know, the end of their credit line or they just can't have been able to have any more savings through a draw or spend too much damage to their savings for the future.

Glenn Williams: So what we believe we're seeing is the buildup over time. Thank goodness it appears that there's not continuing buildup adding to the challenges, but families are struggling with the challenges that they've faced over the last several years. And at some point, they get to the end of their credit line, or they don't have any more savings to withdraw, or it's doing too much damage to their savings for the future.

Glenn Williams: So what we believe we're seeing is the build-up over time. Thank goodness it appears that there's not continuing build-up adding to the challenges, but families are struggling with the challenges that they've faced over the last several years.

Glenn Williams: And so we're seeing some fundamentals as well as the shift in momentum all come together at the same time. And we also see some pressure from the cost of living a bit of a headwind on small investors. Those are investing systematically as we look at the number of new accounts open in the average size of those small accounts. Those are being pressured by the cost of living, but that's being much more overwhelmed by the water transactions.

Glenn Williams: That's it's moving from other advisors to us and other products to us, banks and interest bearing accounts, those types of things to us. That is so significant. You really, in the total numbers, can't see the pressure on the small investor, but there is pressure on those small monthly systematic investors that they're struggling a little bit and we're doing our best to help them where we can. Yeah, thanks for that.

Glenn Williams: And at some point, they get to, you know, the end of their credit line, or they just can't, they don't have any more savings to withdraw, or it's doing too much damage to their savings for the future, and then they start to really reprioritize their spending habits. And that's where we believe we've arrived in the last few months or few quarters, is that the pressure is just compounding, and now it's really starting to impact their spending habits when it comes to buying or keeping life insurance, or as I stated earlier, even making systematic investments.

Glenn Williams: And then they start to really reprioritize their spending habits. And that's where we believe we've arrived in the last few months or few quarters, that the pressure is just compounding. And now it's really starting to impact their spending habits when it comes to buying or keeping life insurance or, as I stated earlier, even making systematic investments. And so, you know, that's kind of how we read that. We feel good that it's at least back to 100. But if it was in a straight line from where our process began, it should be over 110.

Glenn Williams: And then they start to really reprioritize their spending habits. And that's where we believe we've arrived in the last few months or few quarters, is that the pressure is just compounding. And now it's really starting to impact their spending habits when it comes to buying or keeping life insurance, or, as I stated earlier, even making systematic investments. And so, you know, that's kind of how we read that. We feel good that it's at least back to 100. But if it's a straight line from where our process began, it should be over 110.

Glenn Williams: And then they start to really reap or prioritize their spending habits. And that's where we believe we've arrived in the last few months or few quarters: the pressure is just compounding.

Glenn Williams: And now, if you're really starting to impact their spending habits when it comes to buying or keeping life insurance, or, as I said earlier, even making systematic investments. And so, you know, that's kind of how we read that. We'd be good that it's at least back to 100. If it had a straight line from where our process began, it should be over 110. You know, if you look at it historically and kind of projected into the future where it should have been from pre-pandemic days.

Glenn Williams: well

Glenn Williams: And so, you know, that's kind of how we read that, where we feel good that it's at least back to 100. If it's straight line from where our process began, it should be over 110. You know, if you look at it historically and kind of project it into the future, where it should have been from pre-pandemic days.

Glenn Williams: You know, if you look at it historically and kind of project it into the future, where it should have been from pre-pandemic days, so not getting worse, but not getting particularly better, not yet filling in the hole that's accumulated. Still a lot of stress on families, but I'd certainly rather see it at or above 100 than where it was in the past. So there is a little bit of a silver lining there.

Glenn Williams: And you kind of hit on this when answering Rome's question, but what is the impact of the convention on the licensing? Do you typically see the conventions spur more recruits to complete their licensing? Well, the easiest impact, identify, is the attraction, the excitement of both our recruiters who go out after the convention with a new understanding of the opportunity of our business, a better vision of the future of where we're working as a company and the kind of business they can build and that generally impacts top line recruiting the most.

Glenn Williams: So not getting worse, but not getting particularly better, not yet filling in the hold that's accumulated. Still, a lot of stress on families, but I certainly would rather see it add or above 100 than where it's been in the past. So there is a little bit of a lot in there.

Glenn Williams: So, not getting worse, but not getting particularly better, not yet filling in the hole that's accumulated. Still a lot of stress on families, but I'd certainly rather see it at or above 100 than where it's been in the past. So, there is a little bit of a silver lining there.

Tracy Tan: So, good morning again. This is Tracy. I'll take the persistency question. So, there are a few points I'll help clarify that would possibly answer your question. The first point is that we really don't have a real increase from first quarter to second quarter. Second quarter, there's one event that I wanted to point out that caused some timing-related fluctuations. There has been, before April, a restriction from Florida that's related to a hurricane that happened in August of last year. This is the last restriction order from the Florida Office of Insurance Regulations related to the August 2023 hurricane Idalia.

Tracy Tan: So, good morning again. This is Tracy. I'll take the persistency question. So, there are a few points I'll help clarify that would possibly answer your question on LAS. The first point is that we really don't have a real increase from first quarter to second quarter. Second quarter, there's one event that I wanted to point out that caused some timing-related fluctuations. There has been, before April, a restriction from Florida that's related to a hurricane that happened in August of last year. This is the last restriction order from the Florida Office of Insurance Regulations related to the August 2023 hurricane Idalia.

Tracy Tan: So good morning, Ian. This is Tracy. I'll take the persistency question. So there are a few points I'll help clarify that would possibly answer your question on last. The first point is that we really don't have a real increase from first quarter to second quarter last. Second quarter, there's one event that I wanted to point out that caused some tiny related fluctuations. There have been before April, there have been a restriction from Florida that's related to a hurricane that happened August of last year. This is the last restriction order from the Florida Office of Insurance Regulations related to the August of 2023 Hurricane Isaiah.

Tracy Tan: So, good morning again, this is Tracy. I'll take the persistency question.

Tracy Tan: So, there are a few points I'll help clarify that would possibly answer your question on LAPS. The first point is that we really don't have a real increase from first quarter to second quarter LAPS.

Glenn Williams: We get a very similar pull-through rate to licensing out of those recruits. And so, when you have more recruits in the same pull-through rate, you get more licenses out of the effort. We will start to see the benefits on the licensing side probably August, September, October, and after that because it takes some time for a recruit to matriculate through the training process. There's classroom training, there's self-study, there's the exam to take, sometimes multiple exams and some jurisdictions.

Tracy Tan: Second quarter, there's one event that I wanted to point out that caused some timing-related fluctuations.

Tracy Tan: There have been, before April , there have been a restriction from Florida that's related

Tracy Tan: to a hurricane that happened August of last year. This is the last restriction order from Florida Office of Insurance Regulations related to the August of 2023 Hurricane Izalia.

Glenn Williams: So, the first thing you see is top line recruiting increase. We're expecting a similar pull-through rate even with a much higher recruiting. And we'll start to see that probably in the coming months and then improve the first of next year. So, that's how you would expect that to kind of flow through the pipeline and impact licensing and ultimately the size of the sales force. But we're very excited about the opportunity. We do think that we have significantly increased the front end of that process and we'll see the results of the coming months. Thanks. Got it. It's very helpful. Thank you. Certainly. Thank you.

Tracy Tan: And this particular restriction was extended multiple times until it expired in April. So this restriction required that we were to keep all the policies before the ongoing period. So that caused some of the tiny related fluctuations on last. But when removing that one time event, the last between person seven quarter with leveled. And so second quarter is really no real increase. And we are actually seeing it leveling. And then adding to Glenn's point, the cost of living pressure on our clients remained a contributor to the elevated last. However, you know, the last from the first duration remains well in line with our expectation prior to pandemic.

Tracy Tan: And this particular restriction was extended multiple times until it expired in April. So that restriction required us to keep all the policies enforced beyond the grace period. So that caused some of the timing-related fluctuation on lapse. But when removing that one-time event, the lapse between first and second quarter was leveled. And so the second quarter is really no real increase, and we're actually seeing it leveling off. And then, adding to Glenn's point, the cost of living pressure on our clients remained a contributor to the elevated lapse.

Tracy Tan: And this particular restriction was extended multiple times until it expired in April. So that restriction required us to keep all the policies in force beyond the grace period. So that caused some of the timing-related fluctuation on lapse. But when removing that one-time event, the lapse between first and second quarter was leveled. And so the second quarter is really no real increase, and we are actually seeing it leveling off. And then, adding to Glenn's point, the cost of living pressure on our clients remained a contributor to the elevated lapse.

Tracy Tan: And this particular restriction was extended multiple times until it expired in April .

Tracy Tan: So, that restriction required that we were to keep all the policies in force.

Tracy Tan: beyond grace period. So that cost.

Tracy Tan: Some of the timing-related fluctuations are less, but when removing that one-time event...

Tracy Tan: The lapse between first and second quarter was leveled.

Tracy Tan: And so second quarter is really no real increase, and we're actually seeing it leveling.

Operator: As a reminder, if you would like to ask a question, please press star one on your telephone keypad.

Ian Ryave: Our next questions come from the line of Ian Ryave with Jeffries. Please proceed with your questions.

Tracy Tan: and then adding to Glenn's point, the cost of living pressure on our clients.

Tracy Tan: However, you know, the lapse from the first duration remained well in line with our expectation prior to the pandemic. And the other thing to point out is that it takes time to normalize. Just like what we saw after the 2008 financial crisis. But when we look at accumulative persistency, it is at the normal range and even slightly better than prior to the pandemic. And as a reminder, third quarter, we have our annual assumption review, and we will see when we go through the review process if there's anything to share. Nevertheless, I will say that our ADP guidance already considered the elevated lapses, so the 5 to 6 percent range was pretty much well consistent with what we saw in the second quarter. Hopefully, that answers your question.

Ian Ryave: Good morning, Ian. Good morning. Thanks for taking my questions. Just first on the household budget index, you recently published that. It still remains over 100%. And how do you think about that as tracks with your expectations for new policies issued, but as well as lapses on policies? You cited the increased cost of living for some of the higher lapses, you know, this quarter, but would just like your thoughts on that. Certainly.

Tracy Tan: remained a contributor to the elevated labs, however, you know, the labs from the

Tracy Tan: The first duration remained well in line with our expectations prior to the pandemic. And the other thing to point out is that it takes time to normalize, just like what we saw after the 2008 financial crisis.

Ian Ryave: Yes, it does. Thank you so much.

Tracy Tan: And the other thing to point out is that it takes time to normalize, just like what we saw after the 2008 financial crisis. But when we look at accumulated persistence, it is at normal range and even slightly better than part to pandemic.

Tracy Tan: But when we look at accumulative persistency, it is in the normal range and even slightly better than prior to the pandemic. And as a reminder, in the third quarter, we have our annual assumption review, and we will see when we go through the review process if there's anything to share. Nevertheless, I will say that our ADP guidance already considered the elevated lapses, so the five to six percent range was pretty much well consistent with what we saw in the second quarter. Hopefully, that answers your question.

Tracy Tan: but while we look at accumulative persistency it is at normal range and weeven slightly better than part to pandemic

Glenn Williams: Well, we're very proud of the household budget index and the information it gives us to better serve clients. And you're exactly right. And it has ticked over 100%. It's been hovering around 100 the last several months. And of course, it's a measurement of the buying power of middle income families. It's how we perceive it. And so it's good news that it's back to kind of an even keel. The challenge is that doesn't necessarily address the compounding issues of the past.

Ian Ryave: Yes, it does. Thank you so much.

Tracy Tan: And, as a reminder, third quarter, we have our annual assumption reviews. And we will see when we go through the review process if there's anything to share. Nevertheless, I will say that our ADP guidance already considered the elevated classes. So the five to six percent range was pretty much well consistent with the result in the second quarter. Hopefully, that answers your question.

Ian Ryave: And as a reminder, third quarter, we have our...

Ian Ryave: Annual Assumption Review and we will see when we go through the review process if there's anything to share. Nevertheless, I will say that our ADP guidance already considered the elevated lapses, so the five to six percent range was pretty much well consistent with what we saw in second quarter.

Glenn Williams: I mean, the budget index was underwater. If you looked at it retrospectively for months and months, several years. And so families got the hold with the eager fill by changing their buying habits or more likely by withdrawing savings or using credit. And so there is a challenge that's filled with over time that still exists. And so families are now dealing with the compounding effect of the cost of living over, you know, inflation, even when inflation slows down, you know, the cost of living is not getting better.

Ian Ryave: And just for a follow-up, I had a quick question on compliance protocols. On the last earnings call, you mentioned that you have annual office visits or audits. How are you making sure you have the policies and procedures and technology in place to make sure, you know, it's up to standards? And is this something you feel you should do more regularly than just annual office visits? Thank you.

Ian Ryave: Yes, it does. Thank you so much.

Ian Ryave: And just for follow up, I had a quick question on compliance protocols. Last earnings call, you mentioned that you had in annual office visits or audits. You know, how are you making sure you have the policies and procedures and technology in place to make sure, you know, it's up to standards?

Ian Ryave: Hopefully that answers your question. Yes, it does. Thank you so much. And just for a follow-up, I had a quick question on compliance protocols. Last earnings call, you mentioned that you had in-annual office visits or audits.

Ian Ryave: You know, how are you making sure you have the policies and procedures and technology in place?

Glenn Williams: And is this something you feel you should do more regularly than just annual office visits? Thank you. Sure. And great question. And in the annual offices, it is a piece of an overall compliance plan that is extraordinarily thorough. We have a huge commitment to compliance and doing things right at Primary and back that up with the people and the technology as well as the process. And so it's a multi-layer plan. It starts with a significant surveillance process, real time of our business. There are certain things that you can see spikes in business or maybe increase in lapses or changes of address.

Ian Ryave: to make sure, you know, it's up to standards, and is this something you feel you should do more regular than just annual office, in-office visits?

Glenn Williams: It's getting worse, more slowly. And so prices are still going up. It's just the rate of increases slow. And that's better than the other way that it's still not providing a lot of relief. So what we believe we're seeing is the buildup over time. Thank goodness it appears that there's not continuing buildup adding to the challenges. But families are struggling with the challenges that they faced over the last several years. And at some point, they get to, you know, the end of their credit line or they just can't have been able to have any more savings through a draw or spend too much damage to their savings for the future.

Glenn Williams: Sure. And a great question. And the annual office visit is a piece of an overall compliance plan that is extraordinarily thorough. We have a huge commitment to compliance and doing things right at Primerica and back that up with the people and the technology as well as the process. And so it's a multilayered plan.

Speaker Change: Thank you.

Glenn Williams: Sure. And great question. And in the annual offices, it is a piece of an overall compliance plan that is extraordinarily thorough. We have a huge commitment to compliance.

Glenn Williams: in doing things right at Primerica and back that up with the people and the technology as well as the process.

Glenn Williams: It starts with a significant surveillance process in real time of our business. There are certain things that you can see spikes in business or maybe an increase in lapses or changes of address. There are all kinds of warning signs that the industry has identified over the years that indicate that it's something you should take a look at. Most of the time, you don't find there's anything wrong.

Speaker Change: and so it's amullayer plan it starts with a significant surveillance process real time of our business there are certain things that you can see spikes and business are may increase in lapses or changes of address are all kinds of warning signs that the industry has identified over the years that indicate that

Glenn Williams: And then they start to really reap or prioritize their spending habits. And that's where we believe we've arrived in the last few months or few quarters is the pressure is just compounding. And now, if you're really starting to impact their spending habits when it comes to buying or keeping life insurance, or as I said earlier, even making systematic investments. And so, you know, that's kind of how we read that. We'd be good that it's at least back to 100.

Glenn Williams: There are all kinds of warning signs that the industry has identified over the years that indicate that it's something you should take a look at. Most of the time, you don't find there's anything wrong. There's a reason why it's happening, but it's a bit of an early warning system. And so the first thing in enforcement side is surveillance. And then we follow that up with regular communications about compliance. All rules are changing, so we've got an extensive communication process. And then the last thing is the safety net of let's go see it in person. Now, more and more industry-wide, not just in primary, because that's a combination of live in-office visits, where we can kind of kick the tires and see things as they happen, as well as remote technology used to communicate and talk to people that are in offices, and so it's a combination of all of that.

Glenn Williams: There's a reason why it's happening, but it's a bit of an early warning system. And so the first thing on the enforcement side is surveillance. And then we follow that up with regular communications about compliance. All the rules are changing, so we've got an extensive communication process. And then the last thing is the safety net of "let's go see it in person." Now, more and more, industry-wide, not just at Primerica, that's a combination of live in-office visits where you can kind of kick the tires and see things as they happen, as well as remote technology used to communicate and talk to people that are in offices. And so it's a combination of all of that.

Glenn Williams: It's something you should take a look at. Most of the time, you don't find there's anything wrong. There's a reason why it's happening, but it's a bit of an early warning system. And so the first thing on the enforcement side is surveillance, and then we follow that up.

Glenn Williams: If it had straight line from where our process began, it should be over 110. You know, if you look at it historically and kind of projected into the future where it should have been from pre-pandemic days. So not getting worse, but not getting particularly better, not yet filling in the hold that's accumulated. Still, a lot of stress on families, but I certainly would rather see it add or above 100 than where it's been in the past. So there is a little bit of a lot in there.

Glenn Williams: With, you know, regular communications about compliance, all rules are changing, so we've got an extensive communication process. And then the last thing is the safety net of let's go see it in person.

Glenn Williams: Now, more and more, industry-wide, not just at Primerica, that's a combination of live in-office visits where you can kind of kick the tires and see things as they happen, as well as, you know, remote technology used to communicate and talk to people that are in offices. And so it's a combination of all of that.

Glenn Williams: So we've got a very real bus process in place that's multi-layer. And I think that the annual visit you described is appropriate in the context of that greater plan. But before it gets to the enforcement process, the best thing is to avoid challenges rather than identify them and correct them. And so, from the very beginning, we have a very simple product set. It's very difficult to missell term insurance. It's pretty difficult to missell a mutual fund. And as we get more sophisticated in our products, the variable units and managed accounts, we have increasing licensing and training requirements, as well as increasing supervision capabilities that are appropriate for the complexity of the products.

Glenn Williams: So we've got a very robust process in place that's multilayered. And I think that the annual visit you described is appropriate in the context of that greater plan. But before it gets to the enforcement process, the best thing is to avoid challenges rather than identify them and correct them. And so from the very beginning, you know, we have a very simple product set.

Tracy Tan: So good morning, Ian.

Tracy Tan: This is Tracy. I'll take the persistency question. So there are a few points I'll help clarify that would possibly answer your question on last. The first point is that we really don't have a real increase from first quarter to second quarter last. Second quarter, there's one event that I wanted to point out that caused some tiny related fluctuations. There have been before April, there have been a restriction from Florida that's related to a hurricane that happened August of last year.

Glenn Williams: So, we've got a very robust process in place that's multi-layered. And I think that the annual visit you described is appropriate in the context of that greater plan. But before it gets to the enforcement process, the best thing is to avoid challenges rather than identify them and correct them. And so, from the very beginning, you know, we have a very simple product set. It's very difficult to mis-sell term insurance. It's pretty difficult to mis-sell a mutual fund. And as we get more sophisticated in our products to variable units and managed accounts,

Glenn Williams: And so from the very beginning, we have a very simple product set. It's very difficult to mis-sell term insurance. It's pretty difficult to mis-sell a mutual fund. And as we get more sophisticated in our products to variable units and managed accounts, we have increasing licensing and training requirements, as well as increasing supervision capabilities that are appropriate for the complexity of the product. Then you've got to train and sensitize all of your people, both home office employees as well as the field force and supervisors in the field.

Glenn Williams: It's very difficult to mis-sell term insurance. It's pretty difficult to mis-sell a mutual fund. And as we get more sophisticated in our products to variable units and managed accounts, we have increasing licensing and training requirements as well as increasing supervision capabilities that are appropriate for the complexity of the product. Then you've got to train and sensitize all of your people, both home office employees as well as the field force and supervisors in the field.

Glenn Williams: We have increasing licensing and training requirements, as well as increasing supervision capabilities that are appropriate for the complexity of the product.

Glenn Williams: Then you've got to train and sensitize all of your people, both home office employees, as well as the field force, and as well as the supervisors in the field. Remember, we've got over 6,000 regional vice presidents, and part of their job, in addition to leading the sales force, is supervising their sales force. And so we work directly with them in their part of the later approach. So it's a very robust process. One of the things I'm proud of stuff in a business model that has, as you know, an extraordinarily large sales force composed of a lot of new people that don't have a lot of experience, is we've got the appropriate systems in place.

Tracy Tan: This is the last restriction order from Florida Office of Insurance Regulations related to the August of 2023 hurricane Isaiah. And this particular restriction was extended multiple times until it expired in April. So that restriction required that we were to keep all the policies before the ongoing period. So that caused some of the tiny related fluctuations on last. But when removing that one time event, the last between person seven quarter with leveled.

Glenn Williams: Then you've got to train and sensitize all of your people, both home office employees as well as the field force, and as well as the supervisors in the field. Remember, we've got over 6,000 regional vice presidents, and part of their job, in addition to leading the sales force, is supervising their sales force. And so we work directly with them, and they're a part of the layered approach.

Glenn Williams: Remember, we've got over 6,000 regional vice presidents, and part of their job, in addition to leading the sales force, is supervising their sales force. And so we work directly with them, and they're a part of the layered approach. So it's a very robust process. One of the things I'm proudest of in a business model that has, as you know, an extraordinarily large sales force composed of a lot of new people that don't have a lot of experience is that we've got the appropriate systems in place. And that's one of the reasons that we have so few encounters that are negative around client complaints or regulatory issues for the size of our company because of that robust process.

Ian Ryave: I appreciate it. Thank you so much.

Glenn Williams: So, it's a very robust process. One of the things I'm proudest of in a business model that has, as you know, an extraordinarily large sales force, composed of a lot of new people that don't have a lot of experience, is we've got the appropriate systems in place, and that's one of the reasons that we have so few encounters that are negative around client complaints or regulatory issues for the size of our company, is because of that robust process.

Glenn Williams: And that's one of the reasons that we have so few encounters that are negative around the client complaints or regulatory issues for the sides of our company is because of that robust process. Thank you. Appreciate it. Thank you so much. Thank you.

Tracy Tan: And so second quarter is really no real increase. And we are actually seeing it leveling. And then adding to Glenn's point, the cost of living pressure on our clients remained a contributor to the elevated last However, you know, the last from the first duration remains well in line with our expectation prior to pandemic. And the other thing to point out is that it takes time to normalize just like what we saw after the 2008 financial crisis. But when we look at accumulated persistence, it is at normal range and even slightly better than part to pandemic.

Ian Ryave: I appreciate it. Thank you so much.

Operator: Certainly. Thank you for your questions. Thank you. We have reached the end of our question and answer session. And with that, that does conclude today's conference call. We appreciate your participation. You may disconnect your

Glenn Williams: Certainly. Thank you for your question.

Glenn Williams: it's

Operator: Thank you. We have reached the end of our question and answer session, and with that, that does conclude today's conference call. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

Operator: Appreciate it. Thank you so much

Operator: We have reached the end of our question and answer session.

Operator: Certainly. Thank you for your question.

Operator: And with that, that does conclude today's conference call. We appreciate your participation. May disconnect your lines at this time. Enjoy the rest of your day. Thank you.

Operator: thank you we have reached the end of our question-and-answer session and with that that does conclude today's conference call we appreciate your participation may disconnect your lines at this time enjoy the rest of your day

Operator: Thanks for watching!

Tracy Tan: And as a reminder, third quarter, we have our annual assumption reviews. And we will see when we go through the review process, if there's anything to share. Nevertheless, I will say that our ADP guidance already considered the elevated classes. So the five to six percent range was pretty much well consistent with the result in second quarter. Hopefully that answers your question. Yes, it does. Thank you so much.

Glenn Williams: And just for follow up, I had a quick question on compliance protocols. Last earnings call, you mentioned that you had in annual office visits or audits. You know, how are you making sure you have the policies and procedures and technology in place to make sure, you know, it's up to standards? And is this something you feel you should do more regular than just annual office visits? Thank you. Sure. And great question.

Glenn Williams: And in the annual offices, it is a piece of an overall compliance plan that is extraordinarily thorough. We have a huge commitment to compliance and doing things right at primary and back that up with the people and the technology as well as the process. And so it's a multi-layer plan. It starts with a significant surveillance process, real time of our business. There are certain things that you can see spikes in business or maybe increase in lapses or changes of address.

Glenn Williams: And then the last thing is the safety net of let's go see it in person. Now, more and more industry-wide, not just in primary, because that's a combination of live in office visits, where we can kind of kick the tires and see things as they happen, as well as remote technology used to communicate and talk to people that are in offices, and so it's a combination of all of that. So we've got a very real bus process in place that's multi-layer.

Glenn Williams: And I think that the annual visit you described is appropriate in the context of that greater plan. But before it gets to the enforcement process, the best thing is to avoid challenges rather than identify them and correct them. And so from the very beginning, we have a very simple product set. It's very difficult to missell term insurance. It's pretty difficult to missell a mutual fund. And as we get more sophisticated in our products, the variable units and managed accounts, we have increasing licensing and training requirements, as well as increasing supervision capabilities that are appropriate for the complexity of the products.

Glenn Williams: One of the things I'm proud of stuff in a business model that has, as you know, an extraordinarily large sales force composed of a lot of new people that don't have a lot of experience, is we've got the appropriate systems in place. And that's one of the reasons that we have so few encounters that are negative around the client complaints or regulatory issues for the sides of our company is because of that robust process. Thank you. Appreciate it. Thank you so much. Thank you.

Operator: We have reached the end of our question and answer session. And with that, that does conclude today's conference call. We appreciate your participation. May disconnect your lines at this time. Enjoy the rest of your day.

Operator: Thank you.

Q2 2024 Primerica Inc Earnings Call

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