Good morning, welcome to the 2015 annual meeting of stockholders of Primerica. I am Rick Williams, chairman of the board. I now call this meeting to order. As a reminder, please ensure that your cell phones have been turned off. This meeting is being webcast for the benefit of remote participants. If you need to move about the room during the meeting, please avoid the obstructions of the cameras. The board has appointed Debra Baker to act as our Inspector of Elections. Ms. Baker, please stand. Thank you. At this time, I am pleased to introduce our directors. Please stand as I call your name and remain standing until all of the directors are introduced.
Our current directors are John Addison, the chairman of Primerica Distribution; Joel Babbit, co-founder and chief executive officer of Mother Nature Network; George Benson, former president of the College of Charleston and our lead director; Gary Crittenden, a managing partner and chairman of HGGC; Cynthia Day, the president and CEO of Citizens Bancshares Corporation and Citizens Trust Bank; Mark Mason, the chief financial officer of the Institutional Clients Group of Citigroup; Bob McCullough, a retired senior partner of Invesco and a former partner of Arthur Andersen; Glenn Williams, the company's chief executive officer; Barbara Yastine, the chair, president, and chief executive officer of Ally Bank. Our board includes Beatriz Perez, the chief sustainability officer of The Coca-Cola Company, who was unable to be with us today. Thank you.
Seated to my left is Stacey Geer , senior vice president, associate general counsel, and corporate secretary of the company, who will act as secretary of this meeting. I would also like to introduce our other senior executives who are with us 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. Thank you. At this time, I am also pleased to introduce Rob Evans of our independent registered public accounting firm, KPMG. Thank you, Rob. The Inspector of Elections has reported that holders of at least 92% 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 and procedures for conducting today's meeting. If you did not receive one, please raise your hand, and you will be provided with a copy. According to Ms. Geer, notice of the meeting was distributed on or about April 3rd, 2015, to all of our stockholders of record on March 25, 2015. A list of all stockholders of record as of that date has been available at the company's offices for at least the last 10 days and is available for inspection by stockholders at any time during the meeting. We will announce the preliminary number of votes in our totals. The final vote count will be certified after the meeting and reported as required by the Securities and Exchange Commission. There are two 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 this meeting. No nominations or other proposals have been received other than those described in the proxy statement. Therefore, nominations for directors are closed, no proposal other than those described in the proxy may come before the meeting. Only holders of the company's common stock on March 25, 2015, the record date for this meeting, or persons holding a ballot proxy for such shares may address this meeting. If you are a record holder and you have voted by proxy, you do not need to complete a ballot in person at this meeting.
If you wish to revoke a proxy previously submitted and vote in person, or you have not previously submitted a proxy and wish to vote in person, please raise your hand a ballot will be brought to you. It is now 10:04 A.M., the polls are now open for anyone who wants to cast a vote or change an earlier vote. The stockholders will consider the proposal in our proxy statement to elect 11 directors to serve until the annual meeting of stockholders in 2016. Information about each nominee is contained in the proxy statement, along with the recommendation of the board for the election of our 11 nominees. Is there any discussion on this slate of directors? Please raise your hand and a microphone will be brought to you. I see that there are no questions at this time.
The final item of business is consideration of a proposal to ratify the appointment by the Audit Committee of KPMG 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, 2015. Mr. Evans of KPMG is available to answer questions. Please raise your hand, a microphone will be brought to you if you have any. I see that there are no questions at this time. I hereby declare that the polls on the final matters presented at this meeting are now closed as of 10:06 A.M. today. The proxies will be held in the possession of the Inspector of Elections. The Inspector of Elections will now count the votes. I would like to ask Glenn Williams, our CEO, to come to the podium to give his remarks about our 2014 results.
Thank you, Rick. Good morning, everyone. I'd like to present some selected performance highlights for Primerica during 2014. Since our strength is in distribution, we'll start there. You can see from the sales force highlights slide, I believe it's our first slide, that we've had continued growth in the size of our sales force in past years, ending in 2014 with a sales force of 98,358, up 3%. You can see that from the right bar on the bar chart. You can also see from the green portion at the bottom of the bar chart, we're also seeing growth in our mutual fund licensed sales force, at the end of 2014 was up 4% versus 2013. On the next slide, we have some business highlights of the sales of our major products, Term Life Insurance and investments.
On the left side of the slide, you can see, first of all, in the bar charts, the fourth bar from the left for 2014 indicates that our Term Life Insurance face amount in force at the end of 2014 was $681.9 billion, about two-thirds of a trillion dollars of life insurance in force. The bullets at the bottom of the slide indicate that was aided by 3% growth in Term Life Insurance policies issued in 2014 over 2013, and we saw an increase in the average annualized term premiums as well as the average face amount year-over-year. On the right side, you can see our Investment and Savings Products business. You can see a 9% increase in Investment and Savings Product sales and an 8% increase in client asset values at the end of 2014.
On the right side of the slide, the green line indicates those asset values, which ended the year at $48.66 billion in assets under management, and the bar chart indicates on the right side, $5.68 billion in sales in 2014, which was a record year for us. Financial highlights on the next slide indicates, at the bottom of the slide, a 9% growth at the bullet you'll see there in both operating revenues and net operating income in 2014 over 2013. The bar chart on the left-hand side, you'll see that $3.31 in operating earnings per diluted share was a 14% increase in 2014 over 2013. Our net operating income return on adjusted shareholders' equity increased 60 basis points in 2014, and you can see that represented in the bar graph on the right-hand side of the slide, and the 2014 bar indicates that was 15.3%.
At the very bottom of the slide, you can see that our expected ROAE in 2015 is to be in the 16% range. On the next slide, we'll see highlights of our capital deployment plan. Some bullets to highlight our accomplishments there. The first bullet, we've returned over 95% of operating earnings to stockholders each year since our IPO in 2010. We've also completed a redundant reserve financing transaction in 2014, which should enable us to execute our multi-year capital strategy on an ongoing basis. In 2014, we paid $26.5 million of stockholder dividends, and we also repurchased almost $148 million of Primerica's common stock, retiring 5.5% of the stock outstanding. In the first quarter of this year, 2015, we raised our quarterly stockholder dividends 33% to $0.16 per share.
At the bottom bullet, you can see we continue in our plan to repurchase $150 million of Primerica's common stock during 2015. The next slide, we show graphs representing our total shareholder return on the left side for the period of 2014. For the year from January through December was 28%, significantly outpacing the S&P 500, which you see represented by the green line of 14%. On the right-hand side, you see our five-year total shareholder return since our IPO on April 1, 2010, at a rate of 253%, also outpacing the S&P 500 during that time, which increased by 97%. We're proud of our track record, and we appreciate the continued confidence and support of all of you as stockholders of Primerica. Thank you very much. I'll turn it back over to our Chairman, Rick Williams.
Thank you, Glenn. We will now report on the results of the remaining balloting. Ms. Geer, do you have the preliminary report of the inspector?
The inspector reports that at least 44.6 million shares, representing more than 93% of the votes cast at this meeting, have been voted for the election of each of the 11 directors recommended and nominated. The inspector further reports that at least 47 million shares, or approximately 98% of the votes cast at this meeting, have been voted for the proposal to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the 2015 fiscal year. The inspector will furnish to the secretary a written report of the final vote count with respect to these matters, which shall be included in the minutes of this meeting. Final results, including the results for each director nominee, will be included in a Form 8-K filed with the SEC within four business days. It will be posted on our investor relations website.
Thank you, Ms. Geer. I declare the report of the inspectors is improved. Based on the preliminary results, the nominees for directors have been duly elected and the appointment of KPMG has been ratified. Glenn, Williams, and I now begin the question and answer period. Glenn, please join me at the podium. If you are a stockholder and wish to ask a question, please raise your hand and a microphone will be brought to you. Please state your name and the number of shares you own for which you hold a valid proxy. If you represent an institutional owner, please also state the name of your firm. Please adhere to the two-minute time period and limit of two questions per stockholder, as described in the meeting procedures as a courtesy to all present.