Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in North America. Primerica's primary business is providing term life insurance and other financial services, including mutual funds and various retirement plans, managed investments, variable and fixed annuities, pre-paid legal services and debt consolidation services. Primerica's Investment and Savings Products segment provides a variety of Investment options to help individuals and families grow and protect their financial future.
The Investment and Savings Products segment provides mutual funds and various retirement plans, managed investments, variable and fixed annuities, and other Investment products. Primerica also offers debt consolidation services to assist in the repayment of high-interest credit card debt. Primerica's mutual funds are managed by PFSL Fund Management Ltd. (PFSL), an Investment manager and subsidiary of Primerica financial services (Canada) Ltd. The Primerica family of mutual funds offer a variety of Investment options including equity, fixed income and balanced funds.
Earnings in the Investment and Savings segment were adversely impacted by the second quarter's market correction with both sales and client activity impacted by the market volatility. Despite the challenging environment, Primerica was able to maintain its profitability and deliver solid operating results in the second quarter of 2020. Consolidated net Investment income increased $4.3 million compared to the prior year period, reflecting higher yields on investments and growth in the Investment portfolio.
First quarter results reflect continued revenue growth in the Term Life and Investment and Savings Products (ISP) segments, while income growth in the ISP segment was offset by higher expenses as a result of increased investments in technology and infrastructure. Primerica's investment portfolio continues to perform well with a return on investment of 5.1% in the first quarter of 2020.
Primerica offers a wide range of investments and savings products. This includes: 1) Term life insurance; 2) Fidelity Investments; 3) ETF/fund companies; 4) Vanguard Brokerage; 5) Online brokers; 6) AllianceBernstein; 7) ETF/fund companies; and 8) Primerica Debt Consolidation. Primerica also offers mutual fund and retirement plan options to help individuals and families achieve their financial goals.
In addition to providing investments and Savings products, Primerica invests in infrastructure to support its technology initiatives. 'We've launched large scale infrastructure investments using creative solutions to drive efficiency and scalability at Tyson Foods and additionally serves as an agent at Primerica.' Primerica's investments in infrastructure and technology help the company to better serve its customers and provide more value to its shareholders.
In conclusion, Primerica is a leading provider of financial services to middle-income households in North America. Primerica's Investment and Savings Products segment provides mutual funds and various retirement plans, managed investments, variable and fixed annuities, and other Investment products. Primerica also offers debt consolidation services to assist in the repayment of high-interest credit card debt. Primerica has made significant infrastructure investments to support its technology initiatives, enabling it to better serve its customers and provide more value to its shareholders.
