Primerica Inc (NYSE: PRI), a life-insurer which was recently spun off in an IPO from Citigroup, Inc (NYSE: C) has risen significantly after the company released its first earnings report since its initial public offering.
Primerica’s initial shares were sold at $15.00 each as part of its IPO, but has since risen to a mid-day high of $25.21 on Thursday. The stock closed at $24.26 on Thursday. Since its IPO March 31, Primerica shares have climbed 59 percent through yesterday.
Primerica reported a net income of $143.3 million, up from $112.6 million during the same period a year earlier.
Primerica was previously part of Citigroup’s Citi Holdings Unit, a group of businesses that Citigroup CEO Vikram Pandit wanted to divest from the company.
“A sustained level of new insurance policies and a sharp increase in investment and savings product sales” pushed results higher at Primerica, said Co-Chief Executive Officer Richard Williams in the company’s earnings statement. Williams said Primerica’s growth would “resemble that of a start-up company.”
