February 1977

Arthur L. Williams, Jr. founds A. L. Williams & Associates, Inc. (now Primerica) with an independent sales force of 85 sales representatives dedicated to advocating "buy term and invest the difference".

• A.L. Williams begins marketing the term insurance products of Financial Assurance, Inc. (FAI) in three states. A. L. Williams, through FAI, produces $150 million of term insurance.

1978

New contract with National Home Life Insurance Company.

• A. L. Williams begins national expansion by opening an office in Texas. Submits $685 million of insurance. There are 10 RVPs and 3,000 licensed representatives in 11 states.

1979

• FTC staff report shows average rate of return of whole life insurance policies to be 1.3 percent.
• A. L. Williams produces over $1 million in paid business.
• There are 10,000 licensed representatives operating in 36 states.

1980

• New contract with Massachusetts Indemnity and Life Insurance Company (MILICO), which sets up regional offices in Atlanta to process A. L. Williams business.
• Partners Organization established by Mrs. Arthur L. Williams, Jr. (Angela) to provide support for ALW spouses.
• There are 33,000 licensed representatives.

November 1981

The "invest the difference™" part of the business opened its doors at the Atlanta headquarters. Originally named First American National Securities (now PFS Investments Inc.).

1981

• A. L. Williams produces $6.6 billion in paid business through MILICO.
• First American National Corporation (to become The A. L. Williams Corporation) established as holding company for First American Insurance company (to become A. L. Williams Life Insurance Company) and First American National Securities, Inc. (FANS).
• Sales force numbers 45,000.

1982

• Through MILICO, over $10 billion of insurance placed in force.
• The A. L. Williams Corporation (ALWC) underwrites its own $27 million public stock offering.
• A. L. Williams establishes licensing department as the sales force expands to 62,000.
• Communications center is set up to create and distribute materials to the field.
• ALWC is listed in the Over the Counter (OTC) market.

1983

• A. L. Williams representatives produce $3.7 billion in one month through MILICO. Total in force is $24 billion.
• Art Williams featured on the cover of The Saturday Evening Post, signaling the beginning of public awareness of A. L. Williams.
• NASDAQ accepts ALWC stock to trade on its exchange.
• American Can Company (Primerica) purchases MILICO. Sales force now numbers 82,000.
• MILICO opens a multimillion-dollar data center to aid processing tens of thousands of policies sold each month by A. L. Williams agents.
• MILICO becomes the top insurance company in the sale of term insurance and the No. 1 company in gain of in-force insurance.

September 1984

Groundbreaking ceremonies were held for the new "International Headquarters" located in Duluth, Georgia. The headquarters complex now houses over 1,800 associates who occupy 12 buildings on the campus.

1984

• A. L. Williams and MILICO together place in force $38.3 billion, more individual life insurance than any company.
• Sales force numbers over 105,000.

1985

• January: ALWC's second public stock offering results in the sale of $3,162,500 shares and $23,561,866 in capital.
• A. L. Williams and MILICO produce an incredible $65.5 billion of individual life insurance placed in force, once again becoming national champs.
• Begin procedure to open business in Canada in 1986 – to sell insurance products of Pennsylvania Life Insurance Company, a Primerica subsidiary. A. L. Williams general agency.

November 1986

Initial public offering of 80% of Commercial Credit by Control Data under today's senior management; priced at $13.67 per share.

December 1986

Restructuring of Commercial Credit begun to eliminate non-strategic assets and focus on domestic consumer lending and insurance. Quarterly dividend of $.04 per share paid.

1986

• MILICO introduces Common Sense Term, a revolutionary new 20-year level coverage product.
• ALW-TV, "The Common Sense Network" introduced as the largest privately owned business satellite network in the world.

April 1987

• Common Sense Trust, a mutual fund created through a joint venture between ALWC subsidiaries and American Capital Management & Research, Inc. successfully introduced to be sold by A. L. Williams representatives.
• A $70 million subordinate debenture offered is on the Eurobond market to provide start-up expenses for a mortgage banking business.

September 1987

Remaining Control Data stake in Commercial Credit repurchased for $22 per share.

December 1987

In first full year under new management, Commercial Credit earns $1.33 per share from continuing operations, with $1.01 per share loss from discontinued LDC debt.

1988

• On November 30, ALWC acquires MILICO from Primerica for 44.58 million shares of ALWC stock, making Primerica the majority shareholder. Treacy Beyer, president of MILICO, becomes chairman and chief executive officer of ALWC.
• Art Williams resigns as ALWC chairman to provide additional leadership to the growing A. L. Williams general agency sales force.
• The A. L. Williams sales force continues to top the industry with $96 billion in face amount of individual life insurance sold.

December 1988

Commercial Credit acquires "old" Primerica Corporation, the successor to American Can, for $1.54 billion. Adopts Primerica name.

December 1988

New management installed at Smith Barney. Restructuring begun to improve profitability and focus firm on the high net worth individual and institutional market.

January 1989

Restructuring of "old" Primerica undertaken, including sales of non-strategic assets, elimination of $50 million in overhead and unprofitable business lines.

1989

The A. L. Williams Corporation begins trading its common stock on the New York Stock Exchange under the symbol, "ALW" on February 6.

June 1989

A.L. Williams begins offering $.M.A.R.T. Loans™, a Commercial Credit debt consolidation second mortgage product.

November 1989

Primerica Corporation repurchases minority interest of 30% of A.L. Williams Corporation and the related privately owned general agency.

March 1990

Commercial Credit acquires consumer lending operations of Barclays American/Financial, adding approximately $1 billion in receivables and 159 branches.

August 1990

The PennCorp group of insurance companies sold for gross proceeds of approximately $300 million.

September 1990

Primerica Financial Services launches sales of S.A.F.E. Loans™, a Commercial Credit debt consolidation personal loan product.

October 1990

Primerica Corporation repurchases 17% minority interest in American Capital Management & Research.

February 1991

Primerica Corporation changes name of A.L. Williams subsidiary to Primerica Financial Services. Pete Dawkins joins company as CEO.

February 1992

Divestitures of Margaretten, Musicland and Inter-Regional Financial Group generate gross proceeds of $312 million, for net gain of $66.9 million or $.39 per share.

April 1992

Primerica Financial Services enters New York State insurance market.

June 1992

A.M. Best upgrades MILICO to "A" (Excellent).

July 1992

Primerica Financial Services changes names of insurance underwriter and broker-dealer to Primerica Life Insurance Co, and PFS Investments.

July 1992

• Primerica Financial Services introduces three new level term insurance products, 10-, 15- and 20-year.
• Massachusetts Indemnity and Life Insurance Company (MILICO) is renamed Primerica Life Insurance Company and First American National Securities, Inc. (FANS) is renamed PFS Investments, Inc. The new names tie both business units to the parent company Primerica brand name.

September 1992

Primerica and Travelers announce strategic alliance. Primerica to invest $722.5 million for a 27% equity position in Travelers.

December 1992

Travelers, Primerica strategic alliance completed upon shareholder approval. Rating agencies affirm Travelers' ratings.

January 1993

Letter of intent signed to sell Voyager insurance companies.

March 1993

Definitive agreement signed to merge the retail brokerage and asset management operations of Shearson Lehman Brother into Smith Barney.

July 1993

Consumer Reports crowns Primerica the "King of Term" in a positive article that appeared as part of a major series on life insurance.

July 1993

Acquired Shearson Lehman's domestic retail brokerage and asset management operations for $1.6 billion, boosting sales force to 2nd largest in industry.

December 1993

Acquired remaining 73% of Travelers for $3.4 billion, accelerating program of expense reductions and asset dispositions. Changed name to The Travelers Inc.

January 1994

• Following the December 30, 1993 shareholder vote approving the merger of Primerica and Travelers Corporation, the new company, Travelers Inc. opens for trading under its new ticker symbol, NYSE:TRV.
• 1994 mirrored 1984, as PFS regained its title as #1 in the industry by placing in force more individual life insurance than the competition.

December 1994

Sold American Capital Management for $430 million.

January 1995

Sold group life insurance business for $350 million.

January 1995

Formed MetraHealth, joint venture combining the medical insurance business of MetLife and Travelers.

April 1995

Changed name to Travelers Group Inc.

September 1995

Spun off Transport Life (supplemental health and long term care insurance).

October 1995

Sold MetraHealth for $879 million.

April 1996

Initial public offering of 39 million shares of Travelers Property Casualty Corp. for $928 million.

April 1996

Acquired Aetna's domestic property casualty operations for $4.2 million.

June 1996

Sold RCM Capital Management (asset management).

December 1996

Primerica ended a great year with a great celebration. The 1996 Great Crusade to the Summit Convention, held in St. Louis, brought together nearly 30,000 representatives.

November 1997

Travelers Group acquired Salomon Inc. in a $9 billion pooling of interests, creating a top tier global securities and investment banking firm.

December 1997

Gateway to the Future

St. Louis welcomed nearly 40,000 representatives as Primerica held the biggest convention event of the year in the Gateway City

1998

1,000 and counting...

1998 witnessed the 1,000th Primerica representative to achieve the $100,000 level. Melvin and Annette Calhoun of Philadelphia, Pennsylvania, were recognized at the Evening of Stars gala in December.

April 1998

Travelers Group and banking giant Citicorp wowed the business community with the announcement in April 1998 of plans for the largest merger ever to hit Wall Street. The merger was finalized in October and a new financial powerhouse – Citigroup – was born.