05:02 PM EDT, 07/16/2024 (MT Newswires) -- Primerica ( PRI ) said late Tuesday its board has decided to exit its senior health business by relinquishing ownership of e-TeleQuote Insurance.

This decision was due to the unit not having "a clear path toward anticipated profitability within an acceptable timeframe" amid an increasingly challenging market, and the sector "facing an uncertain regulatory environment," the company said.

Primerica ( PRI ) said it expects to terminate its rights to e-TeleQuote no later than Sept. 30, adding that on or before that date, e-TeleQuote will issue shares to a third party.

The third party is expected to own e-TeleQuote when Primerica ( PRI ) terminates its rights, the company said.

Shares of the company fell 2.1% in after-hours activity.

Price: 246.00, Change: -5.24, Percent Change: -2.09