Primerica, Inc. (PRI) Earnings Call Transcript & Summary

Good morning, everyone. My name is Jamie, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Primerica Annual Stockholders Meeting. [Operator Instructions] At this time, I'd like to turn the conference call over to Mr. Williams, Chairman of the Board. Sir, you may begin your conference.

Thank you. Good morning, and welcome to the 2021 Annual Meeting of Stockholders of Primerica. I am Rick Williams, Chairman of the Board. I now call this meeting to order. I would like to introduce Ms. Deborah Baker, who the Board has appointed to act as our inspector of elections.

Good morning, and thank you, Mr. Williams.

At this time, I'd like to recognize our directors, all of whom are joining us by phone today. John Addison, CEO of Addison Leadership Group and former Co-Chief Executive Officer; Joel Babbit, Co-Founder and Chief Executive Officer of Narrative Content Group; George Benson, Professor of Decision Sciences and former President of the College of Charleston and our Lead Director; Senator Saxby Chambliss, a partner at the law firm of DLA Piper; Gary Crittenden, a private investor and former Managing Partner and Chairman of HGGC; Cynthia Day, the President and CEO of Citizens Bancshares Corporation and Citizens Trust Bank; Sanjeev Dheer, President and Chief Executive Officer of CENTRL Inc.; Beatriz Perez, SVP and Chief Communications, Sustainability and Strategic Partnerships Officer for The Coca-Cola Company; Glenn Williams, the company's Chief Executive Officer; Barbara Yastine, former Chairman and CEO of Ally Bank. Here with me is Stacey Geer, Executive Vice President, Deputy General Counsel, Chief Governance Officer and Corporate Secretary of the company, who will act as Secretary of this meeting. I would also like to recognize that our other senior executives who are also joining us by phone today. Peter Schneider is our President; Greg Pitts is our Executive Vice President and Chief Operating Officer; Alison Rand is our Executive Vice President and Chief Financial Officer. At this time, I am pleased to introduce Scott Stein and Dan Eldridge of our independent registered public accounting firm, KPMG, both of whom are joining us by phone. The inspector of elections has reported that holders of at least 90% of the outstanding shares of common stock as of the record date are present in person or represented by proxy. A quorum is present and the meeting is duly convened. Each of you were provided with a copy of the agenda for today's meeting. According to Ms. Geer, notice of the meeting was distributed on or about March 31, 2021, to all stockholders of record on March 16, 2021. A list of all stockholders of record as of that date is available for inspection by stockholders at any time during the meeting. There are 3 matters for consideration today. These matters are listed in the notice of annual meeting that is attached to the proxy statement. Under our bylaws, certain procedures must be followed for director nominations and other business proposals to be brought before the meeting. No nominations or other proposals have been received other than those described in the proxy statement. Therefore, nominations for directors are closed and no proposal other than those described in the proxy statement may come before the meeting. Only the holders of the common stock on March 16, 2021, the record date of this meeting, or persons holding a valid proxy for such shares, may address this meeting. It is now 8:35 and polls are now open for anyone who wants to cast the vote or change an earlier vote. The stockholders will consider proposal in our proxy statements to elect 11 directors to serve until the Annual Meeting of Stockholders in 2022. Information about each nominee is contained in the proxy statement, along with the recommendation of the Board for the election of our 10 nominees. Is there any discussion on the slate of directors? Please raise your hand, and I will call on you. I see that there are no questions at this time. The stockholders will consider the proposal in our proxy statement to approve, on an advisory basis, our executive compensation, say-on-pay. Is there are any discussion on this proposal? Please raise your hand, and I will call on you. I see that there are no questions at this time. The final item of business is consideration of the proposal to ratify the appointment of the Audit Committee of the KPMG LLP as the company's independent registered public accounting firm to audit the financial statements, books and records of the company for the fiscal year ending December 31, 2021. Mr. Stein of KPMG is available by phone to answer questions. Is there any discussion on this proposal? I see that there are no questions at this time. I hereby declare that the polls on the matters presented at this meeting are now closed as of 8:37. The proxies will be held in the possession of the inspector of elections. The inspector of elections will now count the votes. We will now report the results of the voting. Ms. Geer, do you have a preliminary report of the inspector?

Yes, I do. The inspector reports that more than 91% of the votes represented at this meeting have been voted for the election of each of the 11 directors recommended and nominated. More than 99% of the votes represented at this meeting have been voted on the advisory basis in favor of our executive compensation. More than 99% of votes represented at this meeting have been voted for the ratification of the appointment of KPMG as the company's independent registered public accounting firm for the 2021 fiscal year. The inspector will furnish me with written report of the final votes count with respect to these matters, which will be included in the minutes of this meeting. Final results, including the results for each director nominee, will be included in the Form 8-K filed with the SEC within 4 businesses. They will be posted on our Investor Relations website.

Thank you, Ms. Geer. I declare that the report of the inspector is approved. And that based on the preliminary results, the nominees for directors have been duly elected, the advisory vote on executive compensation has been approved and the appointment of KPMG for fiscal year 2021 has been ratified. I will now begin the general question-and-answer period. If you are a stockholder and wish to ask a question, please raise your hand, and I will call on you. Please state your name and the number of shares you own or for which you hold a valid proxy. If you represent an institutional investor, please also state the name of your firm. [Operator Instructions] Seeing no questions, I'd like to again thank you for your support and continued confidence in Primerica. The 2021 Annual Meeting of Stockholders of Primerica is hereby adjourned.