Equibles

8-K

Primerica, Inc. (PRI)

8-K 2025-05-07 For: 2025-05-07
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): May 7, 2025

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Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-34680 27-1204330
(State or other jurisdiction of<br>incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
1 Primerica Parkway<br><br>Duluth, Georgia 30099
(Address of Principal Executive Offices, and Zip Code)

(770) 381-1000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock PRI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2025, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.

Use of Non-GAAP Financial Measures.

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders’ equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations

Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments that will cause incomparability between period-over-period results.

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at https://investors.primerica.com.

Item 7.01 Regulation FD Disclosure.

On May 7, 2025, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated May 7, 2025 – Primerica Reports First Quarter 2025 Results
99.2 Primerica, Inc. Supplemental Financial Information – First Quarter 2025
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 7, 2025 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

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PRIMERICA REPORTS FIRST QUARTER 2025 RESULTS

Life-licensed sales force increased to 152,167, up 7% year-over-year

Record Investment and Savings Products ("ISP") sales of $3.6 billion, up 28%

ISP client asset values up 6%, ending the quarter at $110 billion

Term Life net premiums grew 4%; adjusted direct premiums increased 5%

Net earnings per diluted share (EPS) of $5.05 increased 19% versus EPS from continuing operations in the prior year period; return on stockholders’ equity (ROE) of 30.0% versus ROE from continuing operations of 27.9% in the prior year period

Diluted adjusted operating earnings per share of $5.02 increased 20%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 30.4% versus ROAE from continuing operations of 25.9% in the prior year period

Repurchased $118 million of common stock during the quarter;

declared dividend of $1.04 per share, payable on June 13, 2025

Duluth, GA, May 7, 2025 – Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended March 31, 2025. Total revenues were $804.8 million, an increase of 9% from the first quarter of 2024. Net income of $169.1 million increased 14% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $5.05 increased 19% compared to net earnings per diluted share from continuing operations in the prior year period.

Adjusted operating revenues were $803.6 million, increasing 9% year-over-year. Adjusted net operating income totaled $168.1 million, reflecting 14% growth, while diluted adjusted operating earnings per share of $5.02 increased 20% compared to the first quarter of 2024.

The continued strength in distribution following a record year in 2024 underscores the appeal of Primerica’s entrepreneurial model. Results in the ISP segment were driven by strong product sales and higher client asset values due to favorable equity markets throughout most of 2024. The Term Life segment benefited from the stability of the Company’s large block of in-force term life insurance policies.

“Our results this quarter highlight the strength and consistency of our business. Momentum in our Investment and Savings Products segment, along with steady performance in our Term Life business, contributed to strong financial results this quarter,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “As economic uncertainty increases, we anticipate that our balanced business model and the personalized support provided to our clients by our independent sales force will demonstrate Primerica’s resilience as it has in uncertain times in the past.”

First Quarter Distribution & Segment Results

Distribution Results
Q1 2025 Q1 2024 % Change
Life-Licensed Sales Force 152,167 142,855 7 %
Recruits 100,867 110,710 (9 )%
New Life-Licensed Representatives 12,339 12,949 (5 )%
Life Insurance Policies Issued 86,415 86,587 *
Life Productivity (1) 0.19 0.20 *
Issued Term Life Face Amount ($ billions) (2) $ 28.5 $ 28.7 *
ISP Product Sales ($ billions) $ 3.6 $ 2.8 28 %
Average Client Asset Values ($ billions) $ 113.0 $ 99.5 14 %
Closed U.S. Mortgage Volume ($ million brokered) $ 93.5 $ 71.4 31 %
  • Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
  • Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

* Not calculated or less than 1%

Segment Results
Q1 2025 Q1 2024 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 440,412 4 %
Investment and Savings Products 243,716 19 %
Corporate and Other Distributed Products (1) 50,654 8 %
Total adjusted operating revenues (1) $ 734,782 9 %
Adjusted Operating Income (Loss) Before <br>  Income Taxes:
Term Life Insurance $ 138,367 6 %
Investment and Savings Products 65,562 24 %
Corporate and Other Distributed Products (1) ) (11,708 ) (31 )%
Total adjusted operating income before income taxes (1) $ 192,221 14 %

All values are in US Dollars.

  • See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.

Life Insurance Licensed Sales Force

During the first quarter of 2025, the Company continued to attract individuals motivated by the opportunity to create a flexible career path while helping families achieve financial independence. The appeal of our business opportunity led to 100,867 new recruits and 12,339 newly licensed representatives during the first quarter of 2025. The size of the life-licensed sales force was up slightly from year end 2024 and increased 7% compared to March 31, 2024, for a total of 152,167 life-licensed representatives as of March 31, 2025.

Term Life Insurance

During the first quarter of 2025, the Company issued 86,415 new life insurance policies, consistent with the prior year period. Productivity was 0.19 policies per month per life-licensed representative, slightly below the historical range of 0.20 to 0.24 policies per representative. The Company believes that growing economic uncertainty and the ongoing impact of cost of living pressures on middle-income families may have impacted productivity.

First quarter Term Life revenues of $457.8 million increased 4% compared to the first quarter of 2024, driven by 5% growth in adjusted direct premiums. The benefits and claims ratio was 58.2%, generally consistent with the prior year period. The DAC amortization and insurance commissions ratio at 12.0% and the insurance expense ratio at 7.7% remained stable year-over-year. The Term Life operating margin was 22.1%, in line with the prior year period.

Investment and Savings Products

Total product sales during the first quarter of 2025 reached $3.6 billion, a 28% increase over the prior year period. Strong investor demand for mutual funds, annuities and managed accounts continued to drive growth in the ISP segment. Net inflows were $839 million compared to $274 million in the prior year period. Average asset values were up 14% year-over-year despite increasing market volatility during the first quarter of 2025.

Segment revenues were $290.8 million, up 19% year-over-year, while income before income taxes of $81.3 million increased 24%, largely driven by strong sales and higher average client asset values. Sales-based commissions and fees increased 25%, outpacing a 22% increase in revenue generating product sales, driven by strong variable annuities sales. Sales-based commission expenses remained largely consistent with revenue growth. Asset-based revenues increased 18%, outpacing the 14% increase in average client asset values due to a continued mix-shift toward managed accounts and Canadian mutual funds sold under the principal distributor model on which we earn higher asset-based fees. Operating expenses were $51.4 million, up 10% compared to the prior year period, primarily due to higher growth-related variable costs and investments in technology.

Corporate and Other Distributed Products

During the first quarter of 2025, the segment recorded a pre-tax adjusted operating loss of $8.0 million compared to a pre-tax adjusted operating loss of $11.7 million in the prior year period. Adjusted net investment income increased $3.2 million compared to the prior year period due to the continued growth of the invested asset portfolio. Operating expenses were consistent with the prior year period.

Taxes

The effective income tax rate remained largely consistent with the prior year period at 23.6% during the first quarter of 2025 compared to the effective income tax rate from continuing operations of 23.3% in the prior year period.

Capital

The Company repurchased 413,670 shares of common stock for $118 million during the first quarter of 2025 and the Board of Directors has approved a dividend of $1.04 per share, payable on June 13, 2025, to stockholders of record on May 22, 2025. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 470% as of March 31, 2025.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations.

Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments that will cause incomparability between period-over-period results.

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast on Thursday, May 8, 2025, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing

of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; the current regulatory climate with regard to financial services and climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed

representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

470-564-6663 Email: Nicole.Russell@Primerica.com

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, <br>2025 December 31, 2024
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 3,076,471 $ 2,946,126
Fixed-maturity security held-to-maturity, at amortized cost 1,285,340 1,303,880
Equity securities, at fair value 27,029 27,144
Trading securities, at fair value 3,024 3,011
Policy loans and other invested assets 52,939 50,881
Total investments 4,444,803 4,331,042
Cash and cash equivalents 625,072 687,821
Accrued investment income 28,960 28,100
Reinsurance recoverables 2,722,544 2,744,165
Deferred policy acquisition costs, net 3,742,693 3,680,430
Agent balances, due premiums and other receivables 281,709 282,607
Intangible asset 45,275 45,275
Income taxes 126,929 122,664
Operating lease right-of-use assets 45,122 47,023
Other assets 407,805 403,608
Separate account assets 2,118,098 2,209,287
Total assets $ 14,589,010 $ 14,582,022
Liabilities and stockholders' equity
Liabilities:
Future policy benefits $ 6,637,937 $ 6,503,064
Unearned and advance premiums 17,474 15,606
Policy claims and other benefits payable 494,734 488,350
Other policyholders' funds 394,830 402,323
Note payable 594,713 594,512
Surplus note 1,285,032 1,303,556
Income taxes 115,706 115,611
Operating lease liabilities 52,907 55,478
Other liabilities 523,610 549,160
Payable under securities lending 97,560 86,034
Separate account liabilities 2,118,098 2,209,287
Total liabilities $ 12,332,601 $ 12,322,981
Stockholders' equity
Common stock 331 334
Retained earnings 2,253,434 2,231,483
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 171,599 224,833
Unrealized foreign currency translation gains (losses) (35,191 ) (34,767 )
Net unrealized gains (losses) on available-for-sale securities (133,764 ) (162,842 )
Total stockholders' equity 2,256,409 2,259,041
Total liabilities and stockholders' equity $ 14,589,010 $ 14,582,022
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended March 31,
2025 2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 858,845 $ 841,047
Ceded premiums (410,521 ) (409,764 )
Net premiums 448,324 431,283
Commissions and fees 296,957 248,944
Net investment income 41,671 37,806
Investment gains (losses) 757 1,305
Other, net 17,134 16,612
Total revenues 804,843 735,950
Benefits and expenses:
Benefits and claims 174,862 166,321
Future policy benefits remeasurement (gain) loss (3,273 ) 55
Amortization of deferred policy acquisition costs 78,550 72,049
Sales commissions 158,118 131,138
Insurance expenses 64,805 63,149
Insurance commissions 6,124 9,634
Interest expense 6,004 6,771
Other operating expenses 98,338 93,444
Total benefits and expenses 583,528 542,561
Income from continuing operations before income taxes 221,315 193,389
Income taxes from continuing operations 52,264 44,975
Income from continuing operations 169,051 148,414
Loss from discontinued operations, net of income tax - (10,510 )
Net income $ 169,051 $ 137,904
Basic earnings per share:
Continuing operations $ 5.06 $ 4.24
Discontinued operations - (0.30 )
Basic earnings per share $ 5.06 $ 3.94
Diluted earnings per share:
Continuing operations $ 5.05 $ 4.23
Discontinued operations - (0.30 )
Diluted earnings per share $ 5.05 $ 3.93
Weighted-average shares used in computing <br>  earnings per share:
Basic 33,292 34,883
Diluted 33,342 34,937
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended March 31,
2025 2024 % Change
(In thousands, except per-share amounts)
Total revenues $ 804,843 $ 735,950 9 %
Less: Investment (losses) gains 757 1,305
Less: 10% deposit asset MTM included in NII 530 (137 )
Adjusted operating revenues $ 803,556 $ 734,782 9 %
Income from continuing operations before income taxes $ 221,315 $ 193,389 14 %
Less: Investment (losses) gains 757 1,305
Less: 10% deposit asset MTM included in NII 530 (137 )
Adjusted operating income before income taxes $ 220,028 $ 192,221 14 %
Income from continuing operations $ 169,051 $ 148,414 14 %
Less: Investment (losses) gains 757 1,305
Less: 10% deposit asset MTM included in NII 530 (137 )
Less: Tax impact of preceding items (304 ) (269 )
Adjusted net operating income $ 168,068 $ 147,515 14 %
Diluted earnings per share from continuing operations $ 5.05 $ 4.23 19 %
Less: Net after-tax impact of operating adjustments 0.03 0.03
Diluted adjusted operating earnings per share $ 5.02 $ 4.20 20 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended March 31,
2025 2024 % Change
(In thousands)
Direct premiums $ 854,430 $ 836,321 2 %
Less: Premiums ceded to IPO coinsurers 191,477 206,502
Adjusted direct premiums 662,953 629,819 5 %
Ceded premiums (409,334 ) (408,558 )
Less: Premiums ceded to IPO coinsurers (191,477 ) (206,502 )
Other ceded premiums (217,857 ) (202,056 )
Net premiums $ 445,096 $ 427,763 4 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended March 31,
2025 2024 % Change
(In thousands)
Total revenues $ 56,190 $ 51,822 8 %
Less: Investment gains (losses) 757 1,305
Less: 10% deposit asset MTM included in NII 530 (137 )
Adjusted operating revenues $ 54,903 $ 50,654 8 %
Income (loss) before income taxes $ (6,741 ) $ (10,540 ) 36 %
Less: Investment gains (losses) 757 1,305
Less: 10% deposit asset MTM included in NII 530 (137 )
Adjusted operating income (loss) before income taxes $ (8,028 ) $ (11,708 ) 31 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
March 31, <br>2025 December 31, 2024 % Change
(In thousands)
Stockholders' equity $ 2,256,409 $ 2,259,041 *
Less: Net unrealized gains (losses) on available-for-sale securities (133,764 ) (162,842 )
Less: Effect of change in discount rate assumptions <br> on the liability for future policy benefits 171,599 224,833
Adjusted stockholders' equity $ 2,218,574 $ 2,197,050 *

* Not calculated or less than 1%

EX-99.2

Exhibit 99.2

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Supplemental Financial Information

First Quarter 2025

Table of Contents PRIMERICA, INC.<br><br>Financial Supplement
Page
--- ---
Preface, definition of non-GAAP financial measures 3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures 4
Financial results and other statistical data 5
Statements of income 6
Reconciliation of statement of income GAAP to non-GAAP financial measures 7-8
Segment operating results
Term Life Insurance segment - financial results, financial analysis, and key statistics 9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics 11-12
Corporate & Other Distributed Products segment - financial results 13
Investment portfolio 14-16
Five-year historical key statistics 17

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2024.

2 of 17

Preface PRIMERICA, INC.<br><br>Financial Supplement

First Quarter 2025

This document is a financial supplement to our first quarter 2024 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

•Operating adjustments exclude the impact of investment gains/losses, including credit impairments and mark-to-market (MTM) investment adjustments. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these charges as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized for e-TeleQuote's state net operating losses (NOLs). We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

•Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

•IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO). We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications, primarily related to the presentation of the senior health business’ results of operations as discontinued operations on the Company’s statements of income. However, balance sheet amounts have not been restated for prior periods to separately present the assets and liabilities related to discontinued operations, which primarily included goodwill, other assets and income taxes. These reclassifications had no impact on net income or total stockholders’ equity.

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Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Mar 31,<br>2024 Jun 30,<br>2024 Sep 30,<br>2024 Dec 31,<br>2024 Mar 31,<br>2025 Jun 30,<br>2025 Sep 30,<br>2025 Dec 31,<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,456,543 $ 3,502,298 $ 3,629,584 $ 3,714,983 $ 3,784,534
Securities held to maturity 1,376,400 1,353,370 1,330,430 1,303,880 1,285,340
Total investments and cash 4,832,943 4,855,668 4,960,014 5,018,863 5,069,874
Reinsurance recoverables 2,920,417 2,833,055 2,873,528 2,744,165 2,722,544
Deferred policy acquisition costs 3,503,940 3,566,126 3,636,964 3,680,430 3,742,693
Goodwill 127,707 — — — —
Other assets 1,189,436 1,056,890 943,524 929,277 935,802
Separate account assets 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098
Total assets $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010
Liabilities:
Future policy benefits $ 6,548,050 $ 6,436,332 $ 6,919,418 $ 6,503,064 $ 6,637,937
Other policy liabilities 954,350 908,419 911,485 906,280 907,038
Other liabilities 839,550 807,108 626,663 720,248 692,224
Debt obligations 593,909 594,110 594,311 594,512 594,713
Surplus note 1,376,028 1,353,014 1,330,090 1,303,556 1,285,032
Payable under securities lending 76,648 90,995 85,236 86,034 97,560
Separate account liabilities 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098
Total liabilities 12,723,446 12,443,945 12,868,340 12,322,981 12,332,601
Stockholders’ equity:
Common stock (0.01 par value) (1) 346 340 335 334 330
Paid-in capital — — — — —
Retained earnings 2,285,944 2,122,839 2,132,015 2,231,483 2,253,435
Treasury stock — — — — —
Accumulated other comprehensive income (loss), net:
(181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 )
92,853 201,441 (71,241 ) 224,833 171,599
(11,698 ) (15,514 ) (10,771 ) (34,767 ) (35,191 )
Total stockholders’ equity 2,185,908 2,121,759 1,946,827 2,259,041 2,256,409
Total liabilities and stockholders' equity $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 2,185,908 $ 2,121,759 $ 1,946,827 $ 2,259,041 $ 2,256,409
Less: Net unrealized gains (losses) (181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits 92,853 201,441 (71,241 ) 224,833 171,599
Adjusted stockholders’ equity $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050
Net Income 137,904 1,171 164,373 167,071 169,051
Shareholder dividends (26,256 ) (25,835 ) (30,515 ) (30,207 ) (34,736 )
Retirement of shares and warrants (116,563 ) (142,744 ) (129,672 ) (45,703 ) (126,637 )
Net foreign currency translation adjustment (9,463 ) (3,817 ) 4,744 (23,996 ) (424 )
Other, net 13,909 4,297 4,986 8,307 14,270
Balance, end of period $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 3,447,234 $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430
General expenses deferred 11,156 11,235 11,424 10,805 10,883
Commission costs deferred 125,811 127,800 130,964 128,734 130,162
Amortization of deferred policy acquisition costs (72,049 ) (73,643 ) (75,539 ) (76,905 ) (78,550 )
Foreign currency impact and other, net (8,211 ) (3,207 ) 3,988 (19,167 ) (232 )
Balance, end of period $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430 $ 3,742,693

All values are in US Dollars.

  • Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
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(Dollars in thousands, except per-share data) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 ) -4.6 % 34,882,824 33,292,459 ) -4.6 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 13.9 % $ 148,414 $ 169,051 13.9 %
Less income attributable to unvested participating securities (608 ) (96 ) (704 ) (537 ) (585 ) 3.8 % (608 ) (585 ) 3.8 %
Net income used in computing basic EPS $ 147,806 $ 209,205 $ 194,033 $ 167,141 $ 168,466 14.0 % $ 147,806 $ 168,466 14.0 %
Basic earnings per share $ 4.24 $ 6.08 $ 5.73 $ 4.99 $ 5.06 19.3 % $ 4.24 $ 5.06 19.3 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 13.9 % $ 147,515 $ 168,068 13.9 %
Less operating income attributable to unvested participating securities (612 ) (634 ) (719 ) (542 ) (581 ) 5.1 % (612 ) (581 ) 5.1 %
Adjusted net operating income used in computing basic operating EPS $ 146,902 $ 170,330 $ 192,467 $ 168,689 $ 167,487 14.0 % $ 146,902 $ 167,487 14.0 %
Basic adjusted operating income per share $ 4.21 $ 4.95 $ 5.69 $ 5.04 $ 5.03 19.5 % $ 4.21 $ 5.03 19.5 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 ) -4.6 % 34,882,824 33,292,459 ) -4.6 %
Dilutive impact of contingently issuable shares 53,938 56,591 56,960 59,672 49,670 ) -7.9 % 53,938 49,670 ) -7.9 %
Shares used to calculate diluted EPS 34,936,762 34,439,935 33,891,040 33,541,205 33,342,129 ) -4.6 % 34,936,762 33,342,129 ) -4.6 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 13.9 % $ 148,414 $ 169,051 13.9 %
Less income attributable to unvested participating securities (607 ) (96 ) (703 ) (536 ) (584 ) 3.8 % (607 ) (584 ) 3.8 %
Net income used in computing diluted EPS $ 147,807 $ 209,205 $ 194,034 $ 167,141 $ 168,467 14.0 % $ 147,807 $ 168,467 14.0 %
Diluted earnings per share $ 4.23 $ 6.07 $ 5.72 $ 4.98 $ 5.05 19.4 % $ 4.23 $ 5.05 19.4 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 13.9 % $ 147,515 $ 168,068 13.9 %
Less operating income attributable to unvested participating securities (612 ) (633 ) (718 ) (542 ) (580 ) 5.1 % (612 ) (580 ) 5.1 %
Adjusted net operating income used in computing diluted operating EPS $ 146,903 $ 170,330 $ 192,468 $ 168,690 $ 167,487 14.0 % $ 146,903 $ 167,487 14.0 %
Diluted adjusted operating income per share $ 4.20 $ 4.95 $ 5.68 $ 5.03 $ 5.02 19.5 % $ 4.20 $ 5.02 19.5 %
Annualized Return on Equity
Average stockholders' equity $ 2,125,938 $ 2,153,834 $ 2,034,293 $ 2,102,934 $ 2,257,725 6.2 % $ 2,125,938 $ 2,257,725 6.2 %
Average adjusted stockholders' equity $ 2,274,827 $ 2,191,128 $ 2,114,622 $ 2,159,315 $ 2,207,812 ) -2.9 % $ 2,274,827 $ 2,207,812 ) -2.9 %
Net income from continuing ops return on stockholders' equity 27.9 % 38.9 % 38.3 % 31.9 % 30.0 % % nm 27.9 % 30.0 % % nm
Net income from continuing ops return on adjusted stockholders' equity 26.1 % 38.2 % 36.8 % 31.1 % 30.6 % % nm 26.1 % 30.6 % % nm
Adjusted net operating income return on adjusted stockholders' equity 25.9 % 31.2 % 36.5 % 31.3 % 30.4 % % nm 25.9 % 30.4 % % nm
Capital Structure
Debt-to-capital (1) 21.4 % 21.9 % 23.4 % 20.8 % 20.9 % % nm 21.4 % 20.9 % % nm
Debt-to-capital, excluding AOCI (1) 20.6 % 21.9 % 21.8 % 21.0 % 20.9 % % nm 20.6 % 20.9 % % nm
Cash and invested assets to stockholders' equity 2.2 x 2.3 x 2.5 x 2.2 x 2.2 x x nm 2.2 x 2.2 x x nm
Cash and invested assets to adjusted stockholders' equity 2.1 x 2.3 x 2.3 x 2.3 x 2.3 x x nm 2.1 x 2.3 x x nm
Share count, end of period (2) 34,609,005 33,993,897 33,508,129 33,367,737 33,022,554 ) -4.6 % 34,609,005 33,022,554 ) -4.6 %
Adjusted stockholders' equity per share $ 65.72 $ 62.00 $ 63.32 $ 65.84 $ 67.18 2.2 % $ 65.72 $ 67.18 2.2 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 na na na na na na
S&P AA- AA- AA- AA- AA- na na na na na na
A.M. Best A+ A+ A+ A+ A+ na na na na na na
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 na na na na na na
S&P A- A- A- A- A- na na na na na na
A.M. Best a- a- a- a- a- na na na na na na

All values are in US Dollars.

  • Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
  • Share count reflects outstanding common shares, which excludes restricted stock units (RSUs).

5 of 17

Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
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(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Statements of Income
Revenues:
Direct premiums $ 841,046 $ 845,358 $ 852,452 $ 854,748 $ 858,845 2.1 % $ 841,046 $ 858,845 2.1 %
Ceded premiums (409,764 ) (427,561 ) (412,645 ) (414,463 ) (410,521 ) ) -0.2 % (409,764 ) (410,521 ) ) -0.2 %
Net premiums 431,283 417,797 439,807 440,285 448,323 4.0 % 431,283 448,323 4.0 %
Net investment income 37,806 38,452 41,109 38,134 41,671 10.2 % 37,806 41,671 10.2 %
Commissions and fees:
Sales-based (1) 88,746 101,178 96,269 108,240 111,270 25.4 % 88,746 111,270 25.4 %
Asset-based (2) 128,532 132,765 142,051 150,208 152,014 18.3 % 128,532 152,014 18.3 %
Account-based (3) 23,180 23,740 24,107 24,245 24,195 4.4 % 23,180 24,195 4.4 %
Other commissions and fees 8,487 10,511 9,474 11,158 9,477 11.7 % 8,487 9,477 11.7 %
Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 ) nm 1,305 757 ) nm
Other, net 16,611 66,612 19,103 17,020 17,135 3.2 % 16,611 17,135 3.2 %
Total revenues 735,950 790,955 774,129 788,110 804,843 9.4 % 735,950 804,843 9.4 %
Benefits and expenses:
Benefits and claims 166,321 150,030 164,363 167,449 174,862 5.1 % 166,321 174,862 5.1 %
Future policy benefits remeasurement (gain)/loss 55 (4,329 ) (23,019 ) 1,374 (3,273 ) ) nm 55 (3,273 ) ) nm
Amortization of DAC 72,049 73,643 75,539 76,905 78,550 9.0 % 72,049 78,550 9.0 %
Insurance commissions 9,634 7,399 7,180 7,795 6,124 ) -36.4 % 9,634 6,124 ) -36.4 %
Insurance expenses 63,149 62,685 63,529 66,256 64,805 2.6 % 63,149 64,805 2.6 %
Sales commissions:
Sales-based (1) 62,814 70,509 66,333 75,926 77,267 23.0 % 62,814 77,267 23.0 %
Asset-based (2) 64,208 66,525 71,012 76,298 76,246 18.7 % 64,208 76,246 18.7 %
Other sales commissions 4,117 5,120 4,909 5,479 4,605 11.9 % 4,117 4,605 11.9 %
Interest expense 6,771 6,099 6,093 6,070 6,004 ) -11.3 % 6,771 6,004 ) -11.3 %
Other operating expenses 93,443 80,506 83,612 86,046 98,338 5.2 % 93,443 98,338 5.2 %
Total benefits and expenses 542,561 518,186 519,551 569,598 583,528 7.6 % 542,561 583,528 7.6 %
Income from continuing operations before income taxes 193,389 272,769 254,578 218,512 221,315 14.4 % 193,389 221,315 14.4 %
Income taxes 44,975 63,467 59,841 50,835 52,264 16.2 % 44,975 52,264 16.2 %
Net Income from continuing operations 148,414 209,301 194,737 167,678 169,051 13.9 % 148,414 169,051 13.9 %
Net Loss from discontinued operations net of tax (10,510 ) (208,131 ) (30,364 ) (606 ) — 100.0 % (10,510 ) — 100.0 %
Net Income $ 137,904 $ 1,171 $ 164,373 $ 167,071 $ 169,051 22.6 % $ 137,904 $ 169,051 22.6 %
Income from Continuing Operations Before Income Taxes by Segment
Term Life Insurance $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 6.1 % $ 138,367 $ 146,785 6.1 %
Investment & Savings Products 65,563 74,783 79,912 81,988 81,270 24.0 % 65,563 81,270 24.0 %
Corporate & Other Distributed Products (10,542 ) 50,206 (3,687 ) (3,017 ) (6,741 ) 36.1 % (10,542 ) (6,741 ) 36.1 %
Income before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 14.4 % $ 193,389 $ 221,315 14.4 %

All values are in US Dollars.

  • Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.
  • Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.
  • Account-based - revenues relating to the fee generating client accounts we administer.

6 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
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(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
Term Life Insurance direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 2.2 % $ 836,321 $ 854,430 2.2 %
Less: Premiums ceded to IPO Coinsurers 206,502 201,566 198,726 195,039 191,477 ) -7.3 % 206,502 191,477 ) -7.3 %
Term Life Insurance adjusted direct premiums $ 629,819 $ 639,102 $ 648,900 $ 655,628 $ 662,953 5.3 % $ 629,819 $ 662,953 5.3 %
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
Term Life Insurance ceded premiums $ (408,558 ) $ (426,348 ) $ (411,526 ) $ (412,916 ) $ (409,334 ) ) -0.2 % $ (408,558 ) $ (409,334 ) ) -0.2 %
Less: Premiums ceded to IPO Coinsurers (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) 7.3 % (206,502 ) (191,477 ) 7.3 %
Term Life Insurance other ceded premiums $ (202,056 ) $ (224,782 ) $ (212,800 ) $ (217,876 ) $ (217,857 ) ) -7.8 % $ (202,056 ) $ (217,857 ) ) -7.8 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 10.2 % $ 37,806 $ 41,671 10.2 %
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 nm nm (137 ) 530 nm nm
Adjusted net investment income $ 37,943 $ 38,263 $ 39,279 $ 38,980 $ 41,141 8.4 % $ 37,943 $ 41,141 8.4 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 93,443 $ 80,506 $ 83,612 $ 86,046 $ 98,338 5.2 % $ 93,443 $ 98,338 5.2 %
Less: Restructuring costs — 824 2,013 — — nm nm — — nm nm
Adjusted other operating expenses $ 93,443 $ 79,682 $ 81,599 $ 86,046 $ 98,338 5.2 % $ 93,443 $ 98,338 5.2 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 735,950 $ 790,955 $ 774,129 $ 788,110 $ 804,843 9.4 % $ 735,950 $ 804,843 9.4 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 nm nm 1,305 757 nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 nm nm (137 ) 530 nm nm
Less: Insurance claim proceeds — 50,000 — — — nm nm — — nm nm
Adjusted operating revenues $ 734,781 $ 740,865 $ 770,089 $ 790,135 $ 803,556 9.4 % $ 734,781 $ 803,556 9.4 %
Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income from continuing operations before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 14.4 % $ 193,389 $ 221,315 14.4 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 nm nm 1,305 757 nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 nm nm (137 ) 530 nm nm
Less: Insurance claim proceeds — 50,000 — — — nm nm — — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — nm nm — — nm nm
Adjusted operating income before income taxes $ 192,220 $ 223,503 $ 252,552 $ 220,537 $ 220,028 14.5 % $ 192,220 $ 220,028 14.5 %
Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 13.9 % $ 148,414 $ 169,051 13.9 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 nm nm 1,305 757 nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 nm nm (137 ) 530 nm nm
Less: Insurance claim proceeds — 50,000 — — — nm nm — — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — nm nm — — nm nm
Less: Tax impact of preceding items (269 ) 152 (476 ) 471 (304 ) nm nm (269 ) (304 ) nm nm
Less: Valuation allowance on Senior Health NOLs — (11,080 ) — — — nm nm — — nm nm
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 13.9 % $ 147,515 $ 168,068 13.9 %

All values are in US Dollars.

7 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
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(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (10,542 ) $ 50,206 $ (3,687 ) $ (3,017 ) $ (6,741 ) 36.1 % $ (10,542 ) $ (6,741 ) 36.1 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 nm nm 1,305 757 nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 nm nm (137 ) 530 nm nm
Less: Insurance claim proceeds — 50,000 — — — nm nm — — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — nm nm — — nm nm
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) 31.4 % $ (11,710 ) $ (8,028 ) 31.4 %

All values are in US Dollars.

8 of 17

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 2.2 % $ 836,321 $ 854,430 2.2 %
Premiums ceded to IPO coinsurers (1) (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) 7.3 % (206,502 ) (191,477 ) 7.3 %
Adjusted direct premiums (2) 629,819 639,102 648,900 655,628 662,953 5.3 % 629,819 662,953 5.3 %
Other ceded premiums (3) (202,056 ) (224,782 ) (212,800 ) (217,876 ) (217,857 ) ) -7.8 % (202,056 ) (217,857 ) ) -7.8 %
Net premiums 427,762 414,320 436,099 437,752 445,096 4.1 % 427,762 445,096 4.1 %
Other, net 12,649 12,624 14,206 12,826 12,745 0.8 % 12,649 12,745 0.8 %
Revenues 440,412 426,944 450,305 450,578 457,842 4.0 % 440,412 457,842 4.0 %
Benefits and expenses:
Benefits and claims 163,847 146,268 160,652 164,588 171,243 4.5 % 163,847 171,243 4.5 %
Future policy benefits remeasurement (gain)/loss (319 ) (4,280 ) (28,203 ) 1,537 (3,402 ) ) nm (319 ) (3,402 ) ) nm
Amortization of DAC 70,491 71,916 73,698 75,383 76,921 9.1 % 70,491 76,921 9.1 %
Insurance commissions 6,047 3,785 3,410 4,422 2,649 ) -56.2 % 6,047 2,649 ) -56.2 %
Insurance expenses 61,979 61,476 62,395 65,107 63,645 2.7 % 61,979 63,645 2.7 %
Benefits and expenses 302,044 279,164 271,952 311,037 311,056 3.0 % 302,044 311,056 3.0 %
Income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 6.1 % $ 138,367 $ 146,785 6.1 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 508,687 $ 517,691 $ 525,697 $ 530,867 $ 538,072 5.8 % $ 508,687 $ 538,072 5.8 %
Pre-IPO direct premiums (5) 327,634 322,977 321,929 319,800 316,359 ) -3.4 % 327,634 316,359 ) -3.4 %
Total direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 2.2 % $ 836,321 $ 854,430 2.2 %
Premiums ceded to IPO coinsurers $ 206,502 $ 201,566 $ 198,726 $ 195,039 $ 191,477 ) -7.3 % $ 206,502 $ 191,477 ) -7.3 %
% of Pre-IPO direct premiums 63.0 % 62.4 % 61.7 % 61.0 % 60.5 % nm nm 63.0 % 60.5 % nm nm
Benefits and claims, net (6) $ 365,584 $ 366,770 $ 345,249 $ 384,002 $ 385,698 5.5 % $ 365,584 $ 385,698 5.5 %
% of adjusted direct premiums 58.0 % 57.4 % 53.2 % 58.6 % 58.2 % nm nm 58.0 % 58.2 % nm nm
DAC amortization & insurance commissions $ 76,538 $ 75,701 $ 77,108 $ 79,805 $ 79,570 4.0 % $ 76,538 $ 79,570 4.0 %
% of adjusted direct premiums 12.2 % 11.8 % 11.9 % 12.2 % 12.0 % nm nm 12.2 % 12.0 % nm nm
Insurance expenses, net (7) $ 49,329 $ 48,851 $ 48,189 $ 52,281 $ 50,900 3.2 % $ 49,329 $ 50,900 3.2 %
% of adjusted direct premiums 7.8 % 7.6 % 7.4 % 8.0 % 7.7 % nm nm 7.8 % 7.7 % nm nm
Total Term Life income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 6.1 % $ 138,367 $ 146,785 6.1 %
Term Life operating margin (8) 22.0 % 23.1 % 27.5 % 21.3 % 22.1 % nm nm 22.0 % 22.1 % nm nm

All values are in US Dollars.

  • Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.
  • Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.
  • Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.
  • Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.
  • Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.
  • Benefits and claims, net - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely yearly renewable term.
  • Insurance expenses, net - insurance expenses net of other, net revenues.
  • Term Life Insurance operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 17

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 141,572 142,855 145,789 148,890 151,611 7.1 % 141,572 151,611 7.1 %
12,949 14,402 14,349 14,620 12,339 ) -4.7 % 12,949 12,339 ) -4.7 %
(11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) ) -1.0 % (11,666 ) (11,783 ) ) -1.0 %
Life-insurance licensed sales force, end of period 142,855 145,789 148,890 151,611 152,167 6.5 % 142,855 152,167 6.5 %
Estimated annualized issued term life premium (mills) (1):
$ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 1.9 % $ 73.1 $ 74.4 1.9 %
18.1 19.9 18.8 17.9 18.5 2.3 % 18.1 18.5 2.3 %
Total estimated annualized issued term life premium $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 2.0 % $ 91.2 $ 93.0 2.0 %
Issued term life policies 86,587 100,768 93,377 89,664 86,415 ) -0.2 % 86,587 86,415 ) -0.2 %
Estimated average annualized issued term life premium per policy (1)(2) $ 844 $ 860 $ 859 $ 871 $ 861 2.1 % $ 844 $ 861 2.1 %
Term life face amount in-force, beginning of period (mills) $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 0.9 % $ 944,609 $ 953,583 0.9 %
28,725 33,155 30,793 29,560 28,455 ) -0.9 % 28,725 28,455 ) -0.9 %
(23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) ) -7.1 % (23,323 ) (24,979 ) ) -7.1 %
(2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 97.4 % (2,911 ) (77 ) 97.4 %
Term life face amount in-force, end of period $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 1.0 % $ 947,101 $ 956,981 1.0 %

All values are in US Dollars.

  • Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.
  • In whole dollars.
  • Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

10 of 17

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 88,746 $ 101,178 $ 96,269 $ 108,240 $ 111,270 25.4 % $ 88,746 $ 111,270 25.4 %
Asset-based 128,532 132,765 142,051 150,208 152,014 18.3 % 128,532 152,014 18.3 %
Account-based 23,180 23,740 24,107 24,245 24,195 4.4 % 23,180 24,195 4.4 %
Other, net 3,258 3,224 3,646 3,355 3,333 2.3 % 3,258 3,333 2.3 %
Revenues 243,716 260,906 266,073 286,048 290,812 19.3 % 243,716 290,812 19.3 %
Benefits and expenses:
Amortization of DAC 1,201 1,478 1,540 1,225 1,337 11.3 % 1,201 1,337 11.3 %
Insurance commissions 3,400 3,343 3,499 3,397 3,277 ) -3.6 % 3,400 3,277 ) -3.6 %
Sales commissions:
Sales-based 62,814 70,509 66,333 75,926 77,267 23.0 % 62,814 77,267 23.0 %
Asset-based 64,208 66,525 71,012 76,298 76,246 18.7 % 64,208 76,246 18.7 %
Other operating expenses 46,531 44,269 43,778 47,214 51,414 10.5 % 46,531 51,414 10.5 %
Benefits and expenses 178,153 186,123 186,161 204,060 209,541 17.6 % 178,153 209,541 17.6 %
Income before income taxes $ 65,563 $ 74,783 $ 79,912 $ 81,988 $ 81,270 24.0 % $ 65,563 $ 81,270 24.0 %
Financial Analysis
Fees paid based on client asset values (1) $ 9,342 $ 9,548 $ 10,156 $ 11,213 $ 10,915 16.8 % $ 9,342 $ 10,915 16.8 %
Fees paid based on fee-generating positions (2) 11,426 10,483 10,392 10,538 12,410 8.6 % 11,426 12,410 8.6 %
Other operating expenses 25,763 24,238 23,230 25,463 28,089 9.0 % 25,763 28,089 9.0 %
Total other operating expenses $ 46,531 $ 44,269 $ 43,778 $ 47,214 $ 51,414 10.5 % $ 46,531 $ 51,414 10.5 %
Sales-based variable margin as % of revenue-generating sales (3)
U.S. 1.25 % 1.33 % 1.37 % 1.35 % 1.37 % nm nm 1.25 % 1.37 % nm nm
Canada 0.48 % 0.37 % 0.34 % 0.31 % 0.35 % nm nm 0.48 % 0.35 % nm nm
Total 1.19 % 1.27 % 1.31 % 1.27 % 1.28 % nm nm 1.19 % 1.28 % nm nm
Asset-based variable margin as % of average asset values (4)
U.S. 0.041 % 0.041 % 0.042 % 0.042 % 0.043 % nm nm 0.041 % 0.043 % nm nm
Canada 0.104 % 0.104 % 0.109 % 0.109 % 0.113 % nm nm 0.104 % 0.113 % nm nm
Total 0.051 % 0.050 % 0.052 % 0.052 % 0.053 % nm nm 0.051 % 0.053 % nm nm
Account-based variable margin per average fee generating position (5)(6) $ 3.67 $ 4.10 $ 4.21 $ 4.18 $ 3.57 nm nm $ 3.67 $ 3.57 nm nm

All values are in US Dollars.

  • Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.
  • Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.
  • Sales-based variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.
  • Asset-based variable margin - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.
  • Account-based variable margin - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.
  • In whole dollars.

11 of 17

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,162.2 $ 1,228.6 $ 1,162.7 $ 1,241.3 $ 1,317.9 13.4 % $ 1,162.2 $ 1,317.9 13.4 %
179.6 147.6 146.2 192.1 220.7 22.9 % 179.6 220.7 22.9 %
81.0 98.0 89.5 86.7 71.1 ) -12.2 % 81.0 71.1 ) -12.2 %
756.0 941.4 891.5 1,023.8 1,038.9 37.4 % 756.0 1,038.9 37.4 %
Total sales-based revenue generating product sales 2,178.8 2,415.6 2,289.9 2,543.9 2,648.6 21.6 % 2,178.8 2,648.6 21.6 %
370.9 456.1 411.9 548.7 596.7 60.9 % 370.9 596.7 60.9 %
197.7 196.5 189.4 213.9 296.4 49.9 % 197.7 296.4 49.9 %
23.0 14.8 13.9 14.0 17.7 ) -22.9 % 23.0 17.7 ) -22.9 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 28.5 % $ 2,770.4 $ 3,559.3 28.5 %
$ 377.4 $ 344.1 $ 335.6 $ 406.0 $ 517.1 37.0 % $ 377.4 $ 517.1 37.0 %
23.0 14.8 13.9 14.0 17.7 ) -22.9 % 23.0 17.7 ) -22.9 %
Total Canada product sales 400.4 358.8 349.5 420.1 534.8 33.6 % 400.4 534.8 33.6 %
Total U.S. product sales 2,370.0 2,724.1 2,555.6 2,900.5 3,024.6 27.6 % 2,370.0 3,024.6 27.6 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 28.5 % $ 2,770.4 $ 3,559.3 28.5 %
Client asset values, beginning of period (mills) $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 15.9 % $ 96,735 $ 112,081 15.9 %
2,770 3,083 2,905 3,321 3,559 28.5 % 2,770 3,559 28.5 %
(2,497 ) (2,660 ) (2,461 ) (2,590 ) (2,721 ) ) -9.0 % (2,497 ) (2,721 ) ) -9.0 %
Net flows 274 423 444 731 839 nm 274 839 nm
(392 ) (163 ) 203 (1,022 ) (12 ) 96.9 % (392 ) (12 ) 96.9 %
6,724 1,512 5,487 1,126 (3,000 ) ) -144.6 % 6,724 (3,000 ) ) -144.6 %
Client asset values, end of period $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 6.4 % $ 103,340 $ 109,908 6.4 %
1.1 % 1.6 % 1.7 % 2.6 % 3.0 % % nm 1.1 % 3.0 % % nm
Average client asset values (mills)
$ 49,013 $ 50,560 $ 52,721 $ 54,630 $ 54,649 11.5 % $ 49,013 $ 54,649 11.5 %
12,850 13,259 13,959 14,442 14,555 13.3 % 12,850 14,555 13.3 %
8,806 9,376 10,216 11,010 11,537 31.0 % 8,806 11,537 31.0 %
2,824 2,868 2,908 2,959 3,003 6.3 % 2,824 3,003 6.3 %
23,665 24,663 26,014 26,970 27,086 14.5 % 23,665 27,086 14.5 %
2,344 2,266 2,334 2,312 2,189 ) -6.6 % 2,344 2,189 ) -6.6 %
Total $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 13.6 % $ 99,502 $ 113,018 13.6 %
$ 12,850 $ 13,259 $ 13,959 $ 14,442 $ 14,555 13.3 % $ 12,850 $ 14,555 13.3 %
2,344 2,266 2,334 2,312 2,189 ) -6.6 % 2,344 2,189 ) -6.6 %
Total Canada average client assets 15,194 15,526 16,293 16,754 16,743 10.2 % 15,194 16,743 10.2 %
Total U.S. average client assets 84,308 87,468 91,858 95,570 96,274 14.2 % 84,308 96,274 14.2 %
Total average client assets $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 13.6 % $ 99,502 $ 113,018 13.6 %
Average number of fee-generating positions (thous) (3)
2,359 2,378 2,393 2,407 2,419 2.6 % 2,359 2,419 2.6 %
847 857 865 874 885 4.4 % 847 885 4.4 %
Total 3,206 3,235 3,258 3,281 3,304 3.1 % 3,206 3,304 3.1 %

All values are in US Dollars.

  • Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the Company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.
  • Change in market value, net - market value fluctuations net of fees and expenses.
  • Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 17

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,725 $ 4,690 $ 4,826 $ 4,081 $ 4,414 ) -6.6 % $ 4,725 $ 4,414 ) -6.6 %
Ceded premiums (1,205 ) (1,213 ) (1,118 ) (1,548 ) (1,187 ) 1.5 % (1,205 ) (1,187 ) 1.5 %
Net premiums 3,520 3,477 3,708 2,533 3,227 ) -8.3 % 3,520 3,227 ) -8.3 %
Adjusted net investment income 37,943 38,263 39,279 38,980 41,141 8.4 % 37,943 41,141 8.4 %
Commissions and fees:
Prepaid legal services 3,591 3,924 4,070 4,373 3,682 2.5 % 3,591 3,682 2.5 %
Auto and homeowners insurance 1,777 2,413 1,375 2,280 1,966 10.6 % 1,777 1,966 10.6 %
Mortgage loans 1,499 2,211 2,384 2,750 2,129 42.0 % 1,499 2,129 42.0 %
Other sales commissions 1,618 1,963 1,645 1,755 1,701 5.1 % 1,618 1,701 5.1 %
Adjusted other, net 704 764 1,251 838 1,057 50.3 % 704 1,057 50.3 %
Adjusted operating revenues 50,653 53,014 53,711 53,509 54,902 8.4 % 50,653 54,902 8.4 %
Benefits and expenses:
Benefits and claims 2,475 3,762 3,712 2,861 3,619 46.2 % 2,475 3,619 46.2 %
Future policy benefits remeasurement (gain)/loss 374 (49 ) 5,184 (163 ) 128 ) -65.7 % 374 128 ) -65.7 %
Amortization of DAC 357 250 300 298 291 ) -18.4 % 357 291 ) -18.4 %
Insurance commissions 187 271 272 (24 ) 199 6.3 % 187 199 6.3 %
Insurance expenses 1,171 1,209 1,134 1,149 1,160 ) -0.9 % 1,171 1,160 ) -0.9 %
Sales commissions 4,117 5,120 4,909 5,479 4,605 11.9 % 4,117 4,605 11.9 %
Interest expense 6,771 6,099 6,093 6,070 6,004 ) -11.3 % 6,771 6,004 ) -11.3 %
Adjusted other operating expenses 46,913 35,413 37,821 38,831 46,924 nm 46,913 46,924 nm
Adjusted benefits and expenses 62,363 52,074 59,425 54,501 62,930 0.9 % 62,363 62,930 0.9 %
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) 31.4 % $ (11,710 ) $ (8,028 ) 31.4 %

All values are in US Dollars.

13 of 17

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended March 31, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Avg
Market Amortized Unrealized Market Amortized Book Avg
(Dollars in thousands) Value Cost G/(L) Value Cost Yield Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term $ 625,072 $ 625,072 $ - 16.8 % 16.0 %
Fixed Income:
Treasury 16,657 16,817 (161 ) 0.4 % 0.4 % 3.3 % AAA
Government 249,364 261,817 (12,453 ) 6.7 % 6.7 % 3.3 % AA-
Tax-Exempt Municipal 31,762 35,348 (3,586 ) 0.9 % 0.9 % 2.7 % AA
Corporate 1,574,567 1,644,236 (69,669 ) 42.2 % 42.1 % 4.3 % BBB+
Mortgage Backed 561,767 618,107 (56,340 ) 15.1 % 15.8 % 3.9 % AAA
Asset Backed 200,602 204,380 (3,778 ) 5.4 % 5.2 % 4.6 % A+
Cmbs 101,174 110,935 (9,761 ) 2.7 % 2.8 % 3.7 % AA-
Private 339,813 352,959 (13,146 ) 9.1 % 9.0 % 5.2 % BBB+
Redeemable Preferred 3,788 4,248 (460 ) 0.1 % 0.1 % 5.2 % BBB-
Total Fixed Income 3,079,495 3,248,848 (169,353 ) 82.5 % 83.3 % 4.2 % A
Equities and Other:
Perpetual Preferred 3,450 3,450 - 0.1 % 0.1 %
Common Stock 19,622 19,622 (0 ) 0.5 % 0.5 %
Mutual Fund 3,937 3,937 0 0.1 % 0.1 %
Total Equities 27,010 27,010 (0 ) 0.7 % 0.7 %
Total Invested Assets $ 3,731,576 $ 3,900,930 $ (169,353 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 213,148 $ 222,475 $ (9,327 ) 13.5 % 13.5 %
Energy 197,640 204,973 (7,333 ) 12.6 % 12.5 %
Consumer Non Cyclical 148,160 159,291 (11,131 ) 9.4 % 9.7 %
Reits 135,508 144,344 (8,836 ) 8.6 % 8.8 %
Consumer Cyclical 133,573 139,746 (6,173 ) 8.5 % 8.5 %
Banking 102,353 101,920 432 6.5 % 6.2 %
Technology 101,715 105,796 (4,081 ) 6.5 % 6.4 %
Electric 100,729 104,243 (3,514 ) 6.4 % 6.3 %
Capital Goods 92,453 95,301 (2,848 ) 5.9 % 5.8 %
Basic Industry 67,071 72,585 (5,514 ) 4.3 % 4.4 %
Communications 66,808 69,735 (2,927 ) 4.2 % 4.2 %
Finance Companies 61,722 63,416 (1,695 ) 3.9 % 3.9 %
Transportation 58,284 60,337 (2,053 ) 3.7 % 3.7 %
Brokerage 54,527 57,286 (2,759 ) 3.5 % 3.5 %
Natural Gas 24,309 24,409 (100 ) 1.5 % 1.5 %
Industrial Other 5,982 6,730 (748 ) 0.4 % 0.4 %
Financial Other 4,768 4,934 (166 ) 0.3 % 0.3 %
Utility Other 3,810 4,391 (582 ) 0.2 % 0.3 %
Owned No Guarantee 2,009 2,325 (316 ) 0.1 % 0.1 %
Total Corporate portfolio $ 1,574,567 $ 1,644,236 $ (69,669 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 321,794 $ 323,027 $ (1,233 ) 10.4 % 9.9 % 4.4 %
1-2 Yrs. 298,456 304,010 (5,553 ) 9.7 % 9.4 % 3.7 %
2-5 Yrs. 737,003 755,091 (18,087 ) 23.9 % 23.2 % 4.3 %
5-10 Yrs. 1,172,511 1,275,136 (102,624 ) 38.1 % 39.2 % 3.8 %
> 10 Yrs. 549,729 591,585 (41,856 ) 17.9 % 18.2 % 5.1 %
Total Fixed Income $ 3,079,495 $ 3,248,848 $ (169,353 ) 100.0 % 100.0 % 4.2 %
Duration
Fixed Income portfolio duration 5.1 years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

14 of 17

Investment Portfolio - Quality Ratings As of March 31, 2025 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 618,015 19.0 %
AA 442,642 13.6 %
A 795,928 24.5 %
BBB 1,353,400 41.7 %
Below Investment Grade 35,900 1.1 %
NA 2,963 0.1 %
Total Fixed Income $ 3,248,848 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 7,175 0.4 % AAA $ - —
AA 78,862 4.8 % AA 8,873 2.5 %
A 447,028 27.2 % A 90,417 25.6 %
BBB 1,077,124 65.5 % BBB 252,609 71.6 %
Below Investment Grade 33,871 2.1 % Below Investment Grade 1,060 0.3 %
NA 176 0.0 % NA - —
Total Corporate $ 1,644,236 100.0 % Total Private $ 352,959 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 45,771 41.3 % AAA $ 490,181 79.3 %
AA 10,061 9.1 % AA 127,751 20.7 %
A 49,518 44.6 % A 96 0.0 %
BBB 5,585 5.0 % BBB - —
Below Investment Grade - — Below Investment Grade 58 0.0 %
NA - — NA 21 0.0 %
Total CMBS $ 110,935 100.0 % Total Mortgage-Backed $ 618,107 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 43,236 21.2 % AAA $ 30,979 11.1 %
AA 35,056 17.2 % AA 155,127 55.7 %
A 125,177 61.2 % A 76,944 27.6 %
BBB - — BBB 12,818 4.6 %
Below Investment Grade 911 0.4 % Below Investment Grade - —
NA - — NA 2,766 1.0 %
Total Asset-Backed $ 204,380 100.0 % Total Treasury & Government $ 278,634 100.0 %
NAIC Designations
1 $ 1,547,215 55.6 %
2 1,194,120 42.9 %
3 35,977 1.3 %
4 6,348 0.2 %
5 - —
6 - —
U.S. Insurer Fixed Income (2) 2,783,660 100.0 %
Other (3) 492,217
Cash and cash equivalents 625,072
Total Invested Assets $ 3,900,948
  • Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.
  • NAIC ratings for our U.S. insurance companies' fixed income portfolios.
  • Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 29,936 $ 30,618 $ 31,990 $ 32,867 $ 33,513 11.9%
Fixed-maturity securities (held-to-maturity) 15,785 15,659 15,908 15,300 14,669 ) -7.1%
Equity Securities 390 323 324 327 314 ) -19.5%
Deposit asset underlying 10% reinsurance treaty 2,311 2,211 2,129 2,007 1,857 ) -19.6%
Deposit asset - Mark to Market (137 ) 189 1,830 (846 ) 530 nm
Policy loans and other invested assets 461 544 402 139 1,032 123.8%
Cash & cash equivalents 6,981 6,640 6,540 5,739 6,519 ) -6.6%
Total investment income 55,727 56,183 59,123 55,533 58,435 4.9%
Investment expenses 2,136 2,072 2,106 2,099 2,095 ) -1.9%
Interest Expense on Surplus Note 15,785 15,659 15,908 15,300 14,669 ) -7.1%
Net investment income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 10.2%
Fixed income book yield, end of period 3.93 % 4.01 % 4.09 % 4.14 % 4.21 %
New money yield 5.70 % 5.78 % 5.42 % 5.32 % 5.47 %
YOY Q1
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 18.9 % 18.3 % 19.4 % 19.5 % 19.0 % %
AA 14.8 % 14.1 % 13.2 % 13.1 % 13.6 % %
A 24.1 % 24.3 % 24.2 % 24.4 % 24.5 % %
BBB 40.5 % 41.9 % 41.8 % 41.7 % 41.7 % %
Below Investment Grade 1.6 % 1.5 % 1.2 % 1.2 % 1.1 % %
NA 0.0 % 0.0 % 0.1 % 0.1 % 0.1 % %
Total Fixed Income 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Average rating by amortized cost A A A A A

All values are in US Dollars.

As of March 31, 2025 As of March 31, 2025 As of March 31, 2025
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Province of Ontario Canada $ 15,182 $ 15,118 A+ Canada $ 88,576 $ 94,387 AAA $ — $ —
2 Canada 14,825 15,215 AAA United Kingdom 24,065 23,739 AA — —
3 Province of Alberta Canada 14,522 14,857 AA- Australia 23,730 24,414 A 11,259 12,444
4 Sempra 14,154 15,290 BBB+ Cayman Islands (The) 15,965 15,518 BBB 11,982 12,368
5 Province of Quebec Canada 13,700 13,723 AA- Ireland 13,138 12,432 Below Investment Grade — —
6 Realty Income Corp 13,431 13,999 A- Mexico 10,237 10,233 NA — —
7 Ontario Teachers' Pension Plan 13,383 14,104 AA+ Bermuda 7,718 8,128 Total $ 23,241 $ 24,812
8 Deutsche Telekom AG 12,823 12,797 A- France 7,567 7,736
9 Berkshire Hathaway Inc 12,669 12,555 AA Luxembourg 5,106 4,756
10 Province of New Brunswick Cana 12,641 12,767 A+ Germany 5,068 5,017 Non-Government Investments (1)
11 ONEOK Inc 12,475 12,905 BBB Netherlands (The) 4,448 4,578
12 Government of Newfoundland and 11,555 11,912 A Japan 3,738 3,700 AAA $ — $ —
13 Intact Financial Corp 11,554 11,247 A+ Malta 3,577 3,573 AA 4,875 4,950
14 Manulife Financial Corp 10,876 11,419 A Switzerland 3,327 3,703 A 59,463 60,374
15 Province of Nova Scotia Canada 10,644 10,842 AA- Italy 2,019 1,881 BBB 147,234 152,013
16 Province of Manitoba Canada 10,333 10,652 A+ Emerging Markets (2) 10,843 11,517 Below Investment Grade 3,547 3,319
17 Goldman Sachs Group Inc/The 9,754 9,804 BBB+ All Other 10,839 11,754 NA 1,601 1,601
18 Morgan Stanley 9,733 9,690 BBB+ Total $ 239,961 $ 247,068 Total $ 216,720 $ 222,256
19 Province of Saskatchewan Canad 9,604 9,517 AA
20 ConocoPhillips 9,351 10,720 A-
21 Alimentation Couche-Tard Inc 9,191 9,471 BBB+
22 Citigroup Inc 8,923 9,006 BBB+
23 Tokyo Century Corp 8,761 8,979 BBB
24 Walmart Inc 8,641 8,701 AA
25 NextEra Energy Inc 8,582 8,546 A-
Total $ 287,310 $ 293,836
% of total fixed income portfolio 7.7 % 7.5 %
  • US$ denominated investments in issuers outside of the United States based on country of risk.
  • Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

16 of 17

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2020 2021 2022 2023 2024 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 400,345 349,374 359,735 361,925 445,425 110,710 96,563 142,655 95,497 100,867
Life-insurance licensed sales force, beginning of period 130,522 134,907 129,515 135,208 141,572 141,572 142,855 145,789 148,890 151,611
New life-licensed representatives 48,106 39,622 45,147 49,096 56,320 12,949 14,402 14,349 14,620 12,339
Non-renewal and terminated representatives (43,721 ) (45,014 ) (39,454 ) (42,732 ) (46,281 ) (11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 )
Life-insurance licensed sales force, end of period 134,907 129,515 135,208 141,572 151,611 142,855 145,789 148,890 151,611 152,167
Issued term life policies 352,868 323,855 291,918 358,860 370,396 86,587 100,768 93,377 89,664 86,415
Issued term life face amount $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 122,233 $ 28,725 $ 33,155 $ 30,793 $ 29,560 $ 28,455
Term life face amount in-force, beginning of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583
Issued term life face amount 109,436 108,521 103,822 119,102 122,233 28,725 33,155 30,793 29,560 28,455
Terminated term life face amount (60,848 ) (64,798 ) (82,894 ) (94,230 ) (103,872 ) (23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 )
Foreign currency impact, net 1,968 862 (7,524 ) 2,929 (9,387 ) (2,911 ) (1,134 ) 1,402 (6,744 ) (77 )
Term life face amount in force, end of period $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981
Estimated annualized issued term life premium
Premium from new policies $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 318.0 $ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4
Additions and increases in premium 68.9 77.0 76.7 74.3 74.7 18.1 19.9 18.8 17.9 18.5
Total estimated annualized issued term life premium $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 392.7 $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0
Investment & Savings product sales $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 12,078.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3
Investment & Savings average client asset values $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 105,742 $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018
Closed U.S. Mortgage Volume (brokered) $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 397.4 $ 71.4 $ 99.6 $ 105.4 $ 121.0 $ 93.5

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