Equibles

8-K

Primerica, Inc. (PRI)

8-K 2025-02-11 For: 2025-02-11
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): February 11, 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 February 11, 2025, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended December 31, 2024. 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. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (“e-TeleQuote”). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures 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, which is required to be reported in income taxes from continuing operations. 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 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 February 11, 2025, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended December 31, 2024. 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 February 11, 2025 – Primerica Reports Fourth Quarter 2024 Results
99.2 Primerica, Inc. Supplemental Financial Information – Fourth Quarter 2024
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: February 11, 2025 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

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PRIMERICA REPORTS FOURTH QUARTER 2024 RESULTS

Momentum in recruiting and licensing drove life-licensed sales force to a record 151,611, up 7%

Investment and Savings Products ("ISP") sales up 41%; ending client asset values grew 16%

Term Life net premiums grew 4%; adjusted direct premiums increased 6%

Net earnings per diluted share from continuing operations (EPS) of $4.98 increased 14%; return from continuing operations on stockholders’ equity (ROE) of 31.9%

Diluted adjusted operating earnings per share of $5.03 increased 17%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 31.3%

Declared a 16% increase in dividend to $1.04 per share, payable on March 14, 2025

Duluth, GA, Feb. 11, 2025 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended December 31, 2024. Total revenues of $788.1 million increased 12% compared to the fourth quarter of 2023. Net income from continuing operations of $167.7 million increased 9% while net earnings per diluted share from continuing operations of $4.98 increased 14% compared to the prior year period.

Adjusted operating revenues of $790.1 million increased 12% compared to the fourth quarter of 2023. Adjusted net operating income of $169.2 million increased 11%, while adjusted operating earnings per diluted share of $5.03 grew 17% compared to the prior year period.

Continued momentum during the fourth quarter led to a record number of life-licensed representatives at year-end, reflecting the ongoing interest and appeal of Primerica’s business opportunity. Financial results were notably strong, driven by steady premium revenue growth due to the cumulative impact of new policy sales in recent periods adding to the Company’s large block of in-force term life insurance policies. This growth, combined with higher ISP sales and rising client asset values which benefited from favorable equity market conditions, further strengthened overall performance.

“Strong growth in 2024 has fueled another year of double-digit adjusted operating earnings growth for our stockholders and positioned us for continued success,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “Our independent sales representatives remain well-positioned to deliver much needed advice to middle-income families in the U.S. and Canada.”

Sustained recruiting and licensing momentum throughout 2024 drove a 15% increase in new insurance licenses and 7% growth in the size of the life-licensed sales force from year-end 2023. Issued term life insurance policies and newly issued term life face amount both increased 3%. ISP sales were very strong, increasing 31% to a total of $12.1 billion in 2024. Favorable equity market conditions served as an added catalyst for growth and helped push client asset values to a record $112.1 billion, up 16% compared to December 31, 2023.

Comparing financial results for the full year 2024 to 2023, net income from continuing operations of $720.1 million increased 22%, while earnings per diluted share from continuing operations of $20.99 increased 28%. Adjusted net operating income of $680.9 million increased 14%, while adjusted operating earnings per diluted share of $19.84 increased 20%. Net income and diluted earnings per share, including discontinued operations, were $470.5 million and $13.71, respectively, compared to $576.6 million and $15.94, respectively, in the prior year.

Fourth Quarter Distribution & Segment Results

Distribution Results
Q4 2024 Q4 2023 % Change
Life-Licensed Sales Force 151,611 141,572 7 %
Recruits 95,497 89,992 6 %
New Life-Licensed Representatives 14,620 13,029 12 %
Life Insurance Policies Issued 89,664 88,757 1 %
Life Productivity (1) 0.20 0.21 *
Issued Term Life Face Amount ($ billions) (2) $ 29.6 $ 29.3 1 %
ISP Product Sales ($ billions) $ 3.3 $ 2.4 41 %
Average Client Asset Values ($ billions) $ 112.3 $ 91.0 23 %
Closed U.S. Mortgage Volume ($ million brokered) $ 121.0 $ 72.9 66 %
  • 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

Segment Results
Q4 2024 Q4 2023 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 431,327 4 %
Investment and Savings Products 221,656 29 %
Corporate and Other Distributed Products (1) 51,157 5 %
Total adjusted operating revenues (1) $ 704,140 12 %
Adjusted Operating Income (Loss) before <br>  income taxes:
Term Life Insurance $ 140,285 (1 )%
Investment and Savings Products 62,763 31 %
Corporate and Other Distributed Products (1) ) (5,375 ) NM
Total adjusted operating income before income taxes (1) $ 197,673 12 %

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

Primerica’s entrepreneurial opportunity continues to resonate strongly, with the Company experiencing sustained high interest from individuals who are attracted to the flexibility offered by Primerica. During the fourth quarter of 2024, the Company recruited a total of 95,497 individuals and added 14,620 new life-licensed representatives, representing a 12% increase in the number of newly licensed individuals compared to the prior year period. The size of the sales force increased year-over-year to a record of 151,611 life-licensed representatives as of December 31, 2024.

Term Life Insurance

The number of new life insurance policies issued during the fourth quarter increased 1% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.20, in line with the historical range. Cost of living pressure continued to impact sales during the fourth quarter and are expected to further affect middle-income families in 2025.

Fourth quarter revenues of $450.6 million increased 4% compared to the prior year period, driven by 6% growth in adjusted direct premiums. During the quarter, the benefits and claims ratio was 58.6% which included a one-time adjustment from an actuarial model refinement that led to a $4.2 million increase in reserves. Excluding this model refinement adjustment, the benefits and claims ratio was 57.9% compared to 58.2% in the prior year period. The DAC amortization and insurance commissions ratio at 12.2% was consistent with the prior year period. Insurance expenses increased year-over-year due to an increase in variable expenses associated with the growth in direct premiums, recruiting and licensing, higher employee incentive compensation reflecting the Company’s strong performance in 2024, as well as higher technology costs.

Investment and Savings Products

Total product sales during the quarter were $3.3 billion, reflecting growth of 41% year-over-year as client demand for mutual funds, annuities and managed accounts remained strong. Client asset values continued to benefit from solid equity market gains, reaching $112.1 billion at the end of the quarter, a 16% increase compared to December 31, 2023. During the fourth quarter, net inflows were $731 million compared to inflows of $172 million in the prior year period.

Revenues of $286.0 million increased 29% compared to the fourth quarter of 2023, while income before income taxes of $82.0 million increased 31%. Results were driven by higher up-front revenue-generating product sales and an increase in average client asset values. Sales-based revenues increased 42% and sales-based commission expenses increased 40%. Revenue growth slightly outpaced correlated product sales due to continued strong demand for variable annuities on which we earn higher up-front fees. Asset-based revenues increased 27%, outpacing 23% growth in average client asset values due to a continued mix-shift toward managed accounts and Canadian mutual funds sold under the proprietary distributor model on which we earn higher asset-based fees. Year-over-year, operating expenses increased $5.3 million largely due to an

increase in variable growth-related expenses, higher performance-based employee incentive compensation and investments in technology.

Corporate and Other Distributed Products

During the fourth quarter of 2024, the segment recorded a pre-tax adjusted operating loss of $1.0 million compared to a pre-tax adjusted operating loss of $5.4 million in the prior year period. The year-over-year improvement was due in part to a $3.3 million adjustment in the prior year period to the ceded reserve estimate for a closed block of non-term life insurance business and higher net investment income in the 2024 period. The segment also incurred higher performance-based employee incentive compensation costs in the fourth quarter of 2024.

Taxes

The effective tax rate from continuing operations remained largely consistent at 23.3% in the fourth quarter of 2024 compared to 23.0% in the prior year period.

Capital

During the fourth quarter, the Company repurchased $44.4 million of its common stock, completing the Board of Directors’ authorization to repurchase $425 million of common stock during 2024, and authorized a new $450 million share repurchase program to occur through December 31, 2025. The Board of Directors has approved a 16% dividend increase to $1.04 per share, payable on March 14, 2025 to stockholders of record on February 21, 2025. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 430% as of December 31, 2024.

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. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries ("e-TeleQuote"). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures 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, which is required to be reported in income taxes from continuing operations. 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 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 Wednesday, February 12, 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 #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. 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)
December 31, 2024 December 31, 2023
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 2,946,126 $ 2,719,467
Fixed-maturity security held-to-maturity, at amortized cost 1,303,880 1,386,980
Short-term investments available-for-sale, at fair value - 276
Equity securities, at fair value 27,144 29,680
Trading securities, at fair value 3,011 18,383
Policy loans and other invested assets 50,881 51,175
Total investments 4,331,042 4,205,961
Cash and cash equivalents 687,821 594,148
Accrued investment income 28,100 23,958
Reinsurance recoverables 2,744,165 3,015,777
Deferred policy acquisition costs, net 3,680,430 3,447,234
Agent balances, due premiums and other receivables 282,607 269,216
Intangible asset 45,275 45,275
Income taxes 122,664 120,035
Operating lease right-of-use assets 47,023 51,506
Other assets 403,608 439,940
Separate account assets 2,209,287 2,395,842
Assets from discontinued operations entities - 418,840
Total assets $ 14,582,022 $ 15,027,732
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 6,503,064 $ 6,742,025
Unearned and advance premiums 15,606 14,876
Policy claims and other benefits payable 488,350 513,803
Other policyholders' funds 402,323 435,094
Note payable 594,512 593,709
Surplus note 1,303,556 1,386,592
Income taxes 115,611 76,257
Operating lease liabilities 55,478 58,893
Other liabilities 549,160 579,045
Payable under securities lending 86,034 99,785
Separate account liabilities 2,209,287 2,395,842
Liabilities from discontinued operations entities - 65,844
Total liabilities 12,322,981 12,961,765
Stockholders' equity
Common stock 334 350
Retained earnings 2,231,483 2,276,946
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 224,833 (39,086 )
Unrealized foreign currency translation gains (losses) (34,767 ) (2,235 )
Net unrealized gains (losses) on available-for-sale securities (162,842 ) (170,008 )
Total stockholders' equity 2,259,041 2,065,967
Total liabilities and stockholders' equity $ 14,582,022 $ 15,027,732
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended December 31,
2024 2023
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 854,748 $ 834,275
Ceded premiums (414,463 ) (410,182 )
Net premiums 440,285 424,093
Commissions and fees 293,850 227,788
Net investment income 38,134 37,644
Investment gains (losses) (1,179 ) 835
Other, net 17,019 15,830
Total revenues 788,109 706,190
Benefits and expenses:
Benefits and claims 167,449 168,739
Future policy benefits remeasurement (gain) loss 1,374 746
Amortization of deferred policy acquisition costs 76,905 70,378
Sales commissions 157,703 116,747
Insurance expenses 66,256 57,420
Insurance commissions 7,795 9,030
Interest expense 6,070 6,586
Other operating expenses 86,046 76,821
Total benefits and expenses 569,598 506,467
Income from continuing operations before income taxes 218,511 199,723
Income taxes from continuing operations 50,835 45,953
Income from continuing operations 167,676 153,770
Loss from discontinued operations, net of income tax (606 ) (1,834 )
Net income $ 167,070 $ 151,936
Basic earnings per share:
Continuing operations $ 4.99 $ 4.36
Discontinued operations (0.02 ) (0.06 )
Basic earnings per share $ 4.97 $ 4.30
Diluted earnings per share:
Continuing operations $ 4.98 $ 4.35
Discontinued operations (0.02 ) (0.05 )
Diluted earnings per share $ 4.96 $ 4.30
Weighted-average shares used in computing <br>  earnings per share:
Basic 33,482 35,149
Diluted 33,541 35,208
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Year ended December 31,
2024 2023
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 3,393,604 $ 3,312,125
Ceded premiums (1,664,433 ) (1,651,811 )
Net premiums 1,729,171 1,660,314
Commissions and fees 1,082,889 892,853
Net investment income 155,501 135,837
Investment gains (losses) 2,236 (5,896 )
Other, net 119,346 65,399
Total revenues 3,089,143 2,748,507
Benefits and expenses:
Benefits and claims 648,163 642,979
Future policy benefits remeasurement (gain) loss (25,920 ) (384 )
Amortization of deferred policy acquisition costs 298,136 275,816
Sales commissions 573,249 457,444
Insurance expenses 255,619 235,460
Insurance commissions 32,008 34,222
Interest expense 25,034 26,594
Other operating expenses 343,607 304,638
Total benefits and expenses 2,149,896 1,976,769
Income from continuing operations before income taxes 939,247 771,738
Income taxes from continuing operations 219,118 180,556
Income from continuing operations $ 720,129 $ 591,182
Loss from discontinued operations, net of income tax (249,611 ) (14,581 )
Net income $ 470,518 $ 576,601
Basic earnings per share:
Continuing operations $ 21.02 $ 16.37
Discontinued operations (7.29 ) (0.40 )
Basic earnings per share $ 13.73 $ 15.97
Diluted earnings per share:
Continuing operations $ 20.99 $ 16.34
Discontinued operations (7.28 ) (0.40 )
Diluted earnings per share $ 13.71 $ 15.94
Weighted-average shares used in computing earnings per share:
Basic 34,142 35,954
Diluted 34,199 36,027
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2024 2023 % Change
(In thousands, except per-share amounts)
Total revenues $ 788,109 $ 706,190 12 %
Less: Investment (losses) gains (1,179 ) 835
Less: 10% deposit asset MTM included in NII (846 ) 1,215
Adjusted operating revenues $ 790,134 $ 704,140 12 %
Income from continuing operations before income taxes $ 218,511 $ 199,723 9 %
Less: Investment (losses) gains (1,179 ) 835
Less: 10% deposit asset MTM included in NII (846 ) 1,215
Adjusted operating income before income taxes $ 220,536 $ 197,673 12 %
Income from continuing operations $ 167,676 $ 153,770 9 %
Less: Investment (losses) gains (1,179 ) 835
Less: 10% deposit asset MTM included in NII (846 ) 1,215
Less: Tax impact of preceding items 471 (469 )
Adjusted net operating income $ 169,230 $ 152,189 11 %
Diluted earnings per share from continuing operations $ 4.98 $ 4.35 14 %
Less: Net after-tax impact of operating adjustments (0.05 ) 0.05
Diluted adjusted operating earnings per share $ 5.03 $ 4.30 17 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Year ended December 31,
2024 2023 % Change
(In thousands, except per-share amounts)
Total revenues $ 3,089,143 $ 2,748,507 12 %
Less: Investment (losses) gains 2,236 (5,896 )
Less: 10% deposit asset MTM included in NII 1,037 (446 )
Less: Insurance claim proceeds 50,000 -
Adjusted operating revenues $ 3,035,870 $ 2,754,849 10 %
Income from continuing operations before income taxes $ 939,247 $ 771,738 22 %
Less: Investment (losses) gains 2,236 (5,896 )
Less: 10% deposit asset MTM included in NII 1,037 (446 )
Less Insurance proceeds 50,000 -
Less: Restructuring costs (2,837 ) -
Adjusted operating income before income taxes $ 888,811 $ 778,080 14 %
Income from continuing operations $ 720,129 $ 591,182 22 %
Less: Investment (losses) gains 2,236 (5,896 )
Less: 10% deposit asset MTM included in NII 1,037 (446 )
Less: Insurance claims proceeds 50,000 -
Less: Restructuring costs (2,837 ) -
Less: Tax impact of preceding items (123 ) 1,494
Less: Valuation allowance on Senior Health NOLs (11,080 ) -
Adjusted net operating income $ 680,896 $ 596,030 14 %
Diluted earnings per share from continuing operations $ 20.99 $ 16.34 28 %
Less: Net after-tax impact of operating adjustments 1.15 (0.13 )
Diluted adjusted operating earnings per share $ 19.84 $ 16.47 20 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended December 31,
2024 2023 % Change
(In thousands)
Direct premiums $ 850,667 $ 829,918 3 %
Less: Premiums ceded to IPO coinsurers 195,039 210,310
Adjusted direct premiums 655,628 619,608 6 %
Ceded premiums (412,916 ) (410,456 )
Less: Premiums ceded to IPO coinsurers (195,039 ) (210,310 )
Other ceded premiums (217,877 ) (200,146 )
Net premiums $ 437,751 $ 419,462 4 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2024 2023 % Change
(In thousands)
Total revenues $ 51,483 $ 53,207 (3 )%
Less: Investment gains (losses) (1,179 ) 835
Less: 10% deposit asset MTM included in NII (846 ) 1,215
Adjusted operating revenues $ 53,508 $ 51,157 5 %
Income (loss) before income taxes $ (3,018 ) $ (3,325 ) 9 %
Less: Investment gains (losses) (1,179 ) 835
Less: 10% deposit asset MTM included in NII (846 ) 1,215
Adjusted operating income (loss) before income taxes $ (993 ) $ (5,375 ) NM
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
December 31, 2024 December 31, 2023 % Change
(In thousands)
Stockholders' equity $ 2,259,041 $ 2,065,967 9 %
Less: Net unrealized gains (losses) (162,842 ) (170,008 )
Less: Effect of change in discount rate assumptions <br>              on the liability for future policy benefits 224,833 (39,086 )
Adjusted stockholders' equity $ 2,197,050 $ 2,275,061 (3 )%

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Fourth Quarter 2024

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, 2023.

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

Fourth Quarter 2024

This document is a financial supplement to our fourth 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>2023 Jun 30,<br>2023 Sep 30,<br>2023 Dec 31,<br>2023 Mar 31,<br>2024 Jun 30,<br>2024 Sep 30,<br>2024 Dec 31,<br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,246,388 $ 3,226,056 $ 3,174,938 $ 3,432,129 $ 3,456,543 $ 3,502,298 $ 3,629,584 $ 3,714,983
Securities held to maturity 1,460,000 1,433,520 1,417,460 1,386,980 1,376,400 1,353,370 1,330,430 1,303,880
Total investments and cash 4,706,388 4,659,576 4,592,398 4,819,109 4,832,943 4,855,668 4,960,014 5,018,863
Reinsurance recoverables 3,217,354 3,084,520 2,954,245 3,015,777 2,920,417 2,833,055 2,873,528 2,744,165
Deferred policy acquisition costs 3,250,753 3,319,844 3,374,627 3,447,234 3,503,940 3,566,126 3,636,964 3,680,430
Goodwill 127,707 127,707 127,707 127,707 127,707 — — —
Other assets 1,191,286 1,201,266 1,200,647 1,222,064 1,189,436 1,056,890 943,524 929,277
Separate account assets 2,329,968 2,358,823 2,183,435 2,395,842 2,334,911 2,253,966 2,401,137 2,209,287
Total assets $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732 $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022
Liabilities:
Future policy benefits $ 6,561,624 $ 6,491,564 $ 6,045,151 $ 6,742,025 $ 6,548,050 $ 6,436,332 $ 6,919,418 $ 6,503,064
Other policy liabilities 996,747 970,198 938,665 963,773 954,350 908,419 911,485 906,280
Income taxes 201,850 169,487 227,866 135,248 197,714 135,050 20,524 115,610
Other liabilities 659,734 642,149 636,927 644,792 641,836 672,058 606,139 604,638
Debt obligations 593,106 593,307 593,508 593,709 593,909 594,110 594,311 594,512
Surplus note 1,459,565 1,433,101 1,417,056 1,386,592 1,376,028 1,353,014 1,330,090 1,303,556
Payable under securities lending 74,452 77,643 77,956 99,785 76,648 90,995 85,236 86,034
Separate account liabilities 2,329,968 2,358,823 2,183,435 2,395,842 2,334,911 2,253,966 2,401,137 2,209,287
Total liabilities 12,877,046 12,736,272 12,120,564 12,961,765 12,723,446 12,443,945 12,868,340 12,322,981
Stockholders’ equity:
Common stock (0.01 par value) (1) 364 358 353 350 346 340 335 334
Paid-in capital — — — — — — — —
Retained earnings 2,177,428 2,190,223 2,215,378 2,276,947 2,285,944 2,122,839 2,132,015 2,231,483
Treasury stock — — — — — — — —
Accumulated other comprehensive income (loss), net:
(208,157 ) (226,250 ) (269,604 ) (170,008 ) (181,537 ) (187,346 ) (103,510 ) (162,842 )
(11,966 ) 55,386 377,637 (39,086 ) 92,853 201,441 (71,241 ) 224,833
(11,259 ) (4,253 ) (11,269 ) (2,235 ) (11,698 ) (15,514 ) (10,771 ) (34,767 )
Total stockholders’ equity 1,946,411 2,015,464 2,312,495 2,065,967 2,185,908 2,121,759 1,946,827 2,259,041
Total liabilities and stockholders' equity $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732 $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 1,946,411 $ 2,015,464 $ 2,312,495 $ 2,065,967 $ 2,185,908 $ 2,121,759 $ 1,946,827 $ 2,259,041
Less: Net unrealized gains (losses) (208,157 ) (226,250 ) (269,604 ) (170,008 ) (181,537 ) (187,346 ) (103,510 ) (162,842 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits (11,966 ) 55,386 377,637 (39,086 ) 92,853 201,441 (71,241 ) 224,833
Adjusted stockholders’ equity $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,141,707 $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579
Net Income 128,099 144,504 152,063 151,935 137,904 1,171 164,373 167,071
Shareholder dividends (23,910 ) (23,598 ) (23,336 ) (22,870 ) (26,256 ) (25,835 ) (30,515 ) (30,207 )
Retirement of shares and warrants (96,323 ) (112,606 ) (106,479 ) (72,886 ) (116,563 ) (142,744 ) (129,672 ) (45,703 )
Net foreign currency translation adjustment 1,020 7,005 (7,016 ) 9,035 (9,463 ) (3,817 ) 4,744 (23,996 )
Other, net 15,941 4,490 2,902 5,386 13,909 4,297 4,986 8,307
Balance, end of period $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 3,188,502 $ 3,250,753 $ 3,319,844 $ 3,374,627 $ 3,447,234 $ 3,503,940 $ 3,566,126 $ 3,636,964
General expenses deferred 10,777 10,692 10,764 9,910 11,156 11,235 11,424 10,805
Commission costs deferred 118,386 119,676 119,976 125,335 125,811 127,800 130,964 128,734
Amortization of deferred policy acquisition costs (67,923 ) (68,110 ) (69,405 ) (70,378 ) (72,049 ) (73,643 ) (75,539 ) (76,905 )
Foreign currency impact and other, net 1,011 6,833 (6,551 ) 7,739 (8,211 ) (3,207 ) 3,988 (19,167 )
Balance, end of period $ 3,250,753 $ 3,319,844 $ 3,374,627 $ 3,447,234 $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430

All values are in US Dollars.

  • Outstanding common shares exclude restricted stock units.

4 of 17

Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 36,709,525 36,215,232 35,760,090 35,148,919 34,882,824 34,383,344 33,834,080 33,481,533 ) -4.7 % 35,953,622 34,142,480 ) -5.0 %
Net income from continuing operations $ 130,820 $ 149,140 $ 157,453 $ 153,769 $ 148,414 $ 209,301 $ 194,737 $ 167,678 9.0 % $ 591,182 $ 720,129 21.8 %
Less income attributable to unvested participating securities (589 ) (625 ) (662 ) (655 ) (608 ) (96 ) (704 ) (537 ) 18.0 % (2,535 ) (2,443 ) 3.6 %
Net income used in computing basic EPS $ 130,232 $ 148,515 $ 156,791 $ 153,114 $ 147,806 $ 209,205 $ 194,033 $ 167,141 9.2 % $ 588,646 $ 717,686 21.9 %
Basic earnings per share $ 3.55 $ 4.10 $ 4.38 $ 4.36 $ 4.24 $ 6.08 $ 5.73 $ 4.99 14.4 % $ 16.37 $ 21.02 28.4 %
Adjusted net operating income $ 134,605 $ 150,042 $ 159,194 $ 152,188 $ 147,515 $ 170,964 $ 193,187 $ 169,231 11.2 % $ 596,030 $ 680,896 14.2 %
Less operating income attributable to unvested participating securities (608 ) (632 ) (673 ) (649 ) (612 ) (634 ) (719 ) (542 ) 16.5 % (2,566 ) (2,520 ) 1.8 %
Adjusted net operating income used in computing basic operating EPS $ 133,997 $ 149,410 $ 158,522 $ 151,539 $ 146,902 $ 170,330 $ 192,467 $ 168,689 11.3 % $ 593,463 $ 678,377 14.3 %
Basic adjusted operating income per share $ 3.65 $ 4.13 $ 4.43 $ 4.31 $ 4.21 $ 4.95 $ 5.69 $ 5.04 16.9 % $ 16.51 $ 19.87 20.4 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 36,709,525 36,215,232 35,760,090 35,148,919 34,882,824 34,383,344 33,834,080 33,481,533 ) -4.7 % 35,953,622 34,142,480 ) -5.0 %
Dilutive impact of contingently issuable shares 94,123 74,712 62,182 59,473 53,938 56,591 56,960 59,672 0.3 % 72,623 56,790 ) -21.8 %
Shares used to calculate diluted EPS 36,803,648 36,289,944 35,822,272 35,208,392 34,936,762 34,439,935 33,891,040 33,541,205 ) -4.7 % 36,026,245 34,199,271 ) -5.1 %
Net income from continuing operations $ 130,820 $ 149,140 $ 157,453 $ 153,769 $ 148,414 $ 209,301 $ 194,737 $ 167,678 9.0 % $ 591,182 $ 720,129 21.8 %
Less income attributable to unvested participating securities (587 ) (624 ) (661 ) (654 ) (607 ) (96 ) (703 ) (536 ) 18.0 % (2,531 ) (2,440 ) 3.6 %
Net income used in computing diluted EPS $ 130,233 $ 148,516 $ 156,792 $ 153,115 $ 147,807 $ 209,205 $ 194,034 $ 167,141 9.2 % $ 588,651 $ 717,690 21.9 %
Diluted earnings per share $ 3.54 $ 4.09 $ 4.38 $ 4.35 $ 4.23 $ 6.07 $ 5.72 $ 4.98 14.5 % $ 16.34 $ 20.99 28.5 %
Adjusted net operating income $ 134,605 $ 150,042 $ 159,194 $ 152,188 $ 147,515 $ 170,964 $ 193,187 $ 169,231 11.2 % $ 596,030 $ 680,896 14.2 %
Less operating income attributable to unvested participating securities (607 ) (631 ) (672 ) (648 ) (612 ) (633 ) (718 ) (542 ) 16.5 % (2,562 ) (2,516 ) 1.8 %
Adjusted net operating income used in computing diluted operating EPS $ 133,998 $ 149,411 $ 158,523 $ 151,540 $ 146,903 $ 170,330 $ 192,468 $ 168,690 11.3 % $ 593,467 $ 678,380 14.3 %
Diluted adjusted operating income per share $ 3.64 $ 4.12 $ 4.43 $ 4.30 $ 4.20 $ 4.95 $ 5.68 $ 5.03 17.0 % $ 16.47 $ 19.84 20.5 %
Annualized Return on Equity
Average stockholders' equity $ 1,988,832 $ 1,980,938 $ 2,163,980 $ 2,189,231 $ 2,125,938 $ 2,153,834 $ 2,034,293 $ 2,102,934 ) -3.9 % $ 2,080,745 $ 2,104,250 1.1 %
Average adjusted stockholders' equity $ 2,154,120 $ 2,176,431 $ 2,195,395 $ 2,239,762 $ 2,274,827 $ 2,191,128 $ 2,114,622 $ 2,159,315 ) -3.6 % $ 2,191,427 $ 2,184,973 ) -0.3 %
Net income from continuing ops return on stockholders' equity 26.3 % 30.1 % 29.1 % 28.1 % 27.9 % 38.9 % 38.3 % 31.9 % % nm 28.4 % 34.2 % % nm
Net income from continuing ops return on adjusted stockholders' equity 24.3 % 27.4 % 28.7 % 27.5 % 26.1 % 38.2 % 36.8 % 31.1 % % nm 27.0 % 33.0 % % nm
Adjusted net operating income return on adjusted stockholders' equity 25.0 % 27.6 % 29.0 % 27.2 % 25.9 % 31.2 % 36.5 % 31.3 % % nm 27.2 % 31.2 % % nm
Capital Structure
Debt-to-capital (1) 23.4 % 22.7 % 20.4 % 22.3 % 21.4 % 21.9 % 23.4 % 20.8 % % nm 22.3 % 20.8 % % nm
Debt-to-capital, excluding AOCI (1) 21.4 % 21.3 % 21.1 % 20.7 % 20.6 % 21.9 % 21.8 % 21.0 % % nm 20.7 % 21.0 % % nm
Cash and invested assets to stockholders' equity 2.4 x 2.3 x 2.0 x 2.3 x 2.2 x 2.3 x 2.5 x 2.2 x x) nm 2.3 x 2.2 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.1 x 2.1 x 2.1 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) 36,407,876 35,845,525 35,342,474 34,995,613 34,609,005 33,993,897 33,508,129 33,367,737 ) -4.7 % 34,995,613 33,367,737 ) -4.7 %
Adjusted stockholders' equity per share $ 59.51 $ 60.99 $ 62.37 $ 65.01 $ 65.72 $ 62.00 $ 63.32 $ 65.84 1.3 % $ 65.01 $ 65.84 1.3 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 A1 A1 na na na na na na
S&P AA- AA- AA- AA- AA- AA- AA- AA- na na na na na na
A.M. Best A+ A+ A+ A+ A+ A+ A+ A+ na na na na na na
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 na na na na na na
S&P A- A- A- A- A- A- A- A- na na na na na na
A.M. Best a- a- a- 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).

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Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Statements of Income
Revenues:
Direct premiums $ 817,872 $ 828,296 $ 831,681 $ 834,275 $ 841,046 $ 845,358 $ 852,452 $ 854,748 2.5 % $ 3,312,125 $ 3,393,604 2.5 %
Ceded premiums (405,347 ) (425,266 ) (411,015 ) (410,182 ) (409,764 ) (427,561 ) (412,645 ) (414,463 ) ) -1.0 % (1,651,811 ) (1,664,433 ) ) -0.8 %
Net premiums 412,525 403,030 420,666 424,093 431,283 417,797 439,807 440,285 3.8 % 1,660,314 1,729,171 4.1 %
Net investment income 31,065 32,398 34,730 37,644 37,806 38,452 41,109 38,134 1.3 % 135,837 155,501 14.5 %
Commissions and fees:
Sales-based (1) 72,388 74,958 72,996 76,274 88,746 101,178 96,269 108,240 41.9 % 296,617 394,432 33.0 %
Asset-based (2) 111,904 113,335 119,413 118,303 128,532 132,765 142,051 150,208 27.0 % 462,955 553,555 19.6 %
Account-based (3) 22,790 23,095 23,344 23,960 23,180 23,740 24,107 24,245 1.2 % 93,189 95,272 2.2 %
Other commissions and fees 8,710 10,371 11,761 9,251 8,487 10,511 9,474 11,158 20.6 % 40,092 39,629 ) -1.2 %
Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 (99 ) 2,209 (1,179 ) ) nm (5,896 ) 2,236 nm
Other, net 16,553 16,636 16,380 15,830 16,611 66,612 19,103 17,020 7.5 % 65,399 119,345 82.5 %
Total revenues 671,327 673,496 697,495 706,189 735,950 790,955 774,129 788,110 11.6 % 2,748,507 3,089,143 12.4 %
Benefits and expenses:
Benefits and claims 163,267 148,911 162,062 168,739 166,321 150,030 164,363 167,449 ) -0.8 % 642,979 648,163 0.8 %
Future policy benefits remeasurement (gain)/loss 559 (1,867 ) 179 746 55 (4,329 ) (23,019 ) 1,374 84.2 % (384 ) (25,920 ) ) nm
Amortization of DAC 67,923 68,110 69,405 70,378 72,049 73,643 75,539 76,905 9.3 % 275,816 298,136 8.1 %
Insurance commissions 8,138 9,142 7,911 9,030 9,634 7,399 7,180 7,795 ) -13.7 % 34,222 32,008 ) -6.5 %
Insurance expenses 61,125 59,093 57,821 57,420 63,149 62,685 63,529 66,256 15.4 % 235,460 255,619 8.6 %
Sales commissions:
Sales-based (1) 52,452 53,630 52,343 54,057 62,814 70,509 66,333 75,926 40.5 % 212,482 275,582 29.7 %
Asset-based (2) 54,276 55,085 58,793 58,388 64,208 66,525 71,012 76,298 30.7 % 226,542 278,042 22.7 %
Other sales commissions 4,147 4,907 5,064 4,303 4,117 5,120 4,909 5,479 27.3 % 18,420 19,625 6.5 %
Interest expense 6,690 6,686 6,632 6,586 6,771 6,099 6,093 6,070 ) -7.8 % 26,594 25,034 ) -5.9 %
Other operating expenses 82,047 74,868 70,903 76,821 93,443 80,506 83,612 86,046 12.0 % 304,639 343,607 12.8 %
Total benefits and expenses 500,623 478,567 491,112 506,468 542,561 518,186 519,551 569,598 12.5 % 1,976,770 2,149,895 8.8 %
Income from continuing operations before income taxes 170,704 194,929 206,383 199,722 193,389 272,769 254,578 218,512 9.4 % 771,737 939,247 21.7 %
Income taxes 39,883 45,789 48,930 45,953 44,975 63,467 59,841 50,835 10.6 % 180,555 219,118 21.4 %
Net Income from continuing operations 130,820 149,140 157,453 153,769 148,414 209,301 194,737 167,678 9.0 % 591,182 720,129 21.8 %
Net Loss from discontinued operations net of tax (2,722 ) (4,635 ) (5,391 ) (1,834 ) (10,510 ) (208,131 ) (30,364 ) (606 ) 66.9 % (14,581 ) (249,611 ) ) nm
Net Income $ 128,099 $ 144,504 $ 152,063 $ 151,935 $ 137,904 $ 1,171 $ 164,373 $ 167,071 10.0 % $ 576,601 $ 470,518 ) -18.4 %
Income from Continuing Operations Before Income Taxes by Segment
Term Life Insurance $ 130,540 $ 140,115 $ 141,223 $ 140,285 $ 138,367 $ 147,780 $ 178,353 $ 139,541 ) -0.5 % $ 552,162 $ 604,042 9.4 %
Investment & Savings Products 56,107 59,583 64,374 62,763 65,563 74,783 79,912 81,988 30.6 % 242,828 302,245 24.5 %
Corporate & Other Distributed Products (15,944 ) (4,769 ) 787 (3,327 ) (10,542 ) 50,206 (3,687 ) (3,017 ) 9.3 % (23,253 ) 32,960 nm
Income before income taxes $ 170,704 $ 194,929 $ 206,383 $ 199,722 $ 193,389 $ 272,769 $ 254,578 $ 218,512 9.4 % $ 771,737 $ 939,247 21.7 %

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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
Term Life Insurance direct premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 $ 840,668 $ 847,626 $ 850,667 2.5 % $ 3,292,760 $ 3,375,282 2.5 %
Less: Premiums ceded to IPO Coinsurers 220,240 216,740 212,951 210,310 206,502 201,566 198,726 195,039 ) -7.3 % 860,241 801,833 ) -6.8 %
Term Life Insurance adjusted direct premiums $ 592,640 $ 606,557 $ 613,714 $ 619,608 $ 629,819 $ 639,102 $ 648,900 $ 655,628 5.8 % $ 2,432,519 $ 2,573,448 5.8 %
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
Term Life Insurance ceded premiums $ (404,044 ) $ (423,704 ) $ (409,801 ) $ (410,456 ) $ (408,558 ) $ (426,348 ) $ (411,526 ) $ (412,916 ) ) -0.6 % $ (1,648,004 ) $ (1,659,348 ) ) -0.7 %
Less: Premiums ceded to IPO Coinsurers (220,240 ) (216,740 ) (212,951 ) (210,310 ) (206,502 ) (201,566 ) (198,726 ) (195,039 ) 7.3 % (860,241 ) (801,833 ) 6.8 %
Term Life Insurance other ceded premiums $ (183,804 ) $ (206,964 ) $ (196,849 ) $ (200,146 ) $ (202,056 ) $ (224,782 ) $ (212,800 ) $ (217,876 ) ) -8.9 % $ (787,763 ) $ (857,515 ) ) -8.9 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 31,065 $ 32,398 $ 34,730 $ 37,644 $ 37,806 $ 38,452 $ 41,109 $ 38,134 1.3 % $ 135,837 $ 155,501 14.5 %
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) nm nm (446 ) 1,037 nm nm
Adjusted net investment income $ 31,392 $ 33,250 $ 35,212 $ 36,429 $ 37,943 $ 38,263 $ 39,279 $ 38,980 7.0 % $ 136,282 $ 154,464 13.3 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 82,047 $ 74,868 $ 70,903 $ 76,821 $ 93,443 $ 80,506 $ 83,612 $ 86,046 12.0 % $ 304,639 $ 343,607 12.8 %
Less: Restructuring costs — — — — — 824 2,013 — nm nm — 2,837 nm nm
Adjusted other operating expenses $ 82,047 $ 74,868 $ 70,903 $ 76,821 $ 93,443 $ 79,682 $ 81,599 $ 86,046 12.0 % $ 304,639 $ 340,770 11.9 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 671,327 $ 673,496 $ 697,495 $ 706,189 $ 735,950 $ 790,955 $ 774,129 $ 788,110 11.6 % $ 2,748,507 $ 3,089,143 12.4 %
Less: Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 (99 ) 2,209 (1,179 ) nm nm (5,896 ) 2,236 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) nm nm (446 ) 1,037 nm nm
Less: Insurance claim proceeds — — — — — 50,000 — — nm nm — 50,000 nm nm
Adjusted operating revenues $ 676,262 $ 674,675 $ 699,772 $ 704,140 $ 734,781 $ 740,865 $ 770,089 $ 790,135 12.2 % $ 2,754,849 $ 3,035,870 10.2 %
Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income from continuing operations before income taxes $ 170,704 $ 194,929 $ 206,383 $ 199,722 $ 193,389 $ 272,769 $ 254,578 $ 218,512 9.4 % $ 771,737 $ 939,247 21.7 %
Less: Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 (99 ) 2,209 (1,179 ) nm nm (5,896 ) 2,236 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) nm nm (446 ) 1,037 nm nm
Less: Insurance claim proceeds — — — — — 50,000 — — nm nm — 50,000 nm nm
Less: Restructuring costs — — — — — (824 ) (2,013 ) — nm nm — (2,837 ) nm nm
Adjusted operating income before income taxes $ 175,639 $ 196,108 $ 208,660 $ 197,672 $ 192,220 $ 223,503 $ 252,552 $ 220,537 11.6 % $ 778,079 $ 888,812 14.2 %
Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
Net income from continuing operations $ 130,820 $ 149,140 $ 157,453 $ 153,769 $ 148,414 $ 209,301 $ 194,737 $ 167,678 9.0 % $ 591,182 $ 720,129 21.8 %
Less: Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 (99 ) 2,209 (1,179 ) nm nm (5,896 ) 2,236 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) nm nm (446 ) 1,037 nm nm
Less: Insurance claim proceeds — — — — — 50,000 — — nm nm — 50,000 nm nm
Less: Restructuring costs — — — — — (824 ) (2,013 ) — nm nm — (2,837 ) nm nm
Less: Tax impact of preceding items 1,151 277 535 (469 ) (269 ) 152 (476 ) 471 nm nm 1,494 (123 ) nm nm
Less: Valuation allowance on Senior Health NOLs — — — — — (11,080 ) — — nm nm — (11,080 ) nm nm
Adjusted net operating income $ 134,605 $ 150,042 $ 159,194 $ 152,188 $ 147,515 $ 170,964 $ 193,187 $ 169,231 11.2 % $ 596,030 $ 680,896 14.2 %

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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (15,944 ) $ (4,769 ) $ 787 $ (3,327 ) $ (10,542 ) $ 50,206 $ (3,687 ) $ (3,017 ) 9.3 % $ (23,253 ) $ 32,960 nm
Less: Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 (99 ) 2,209 (1,179 ) nm nm (5,896 ) 2,236 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) nm nm (446 ) 1,037 nm nm
Less: Insurance claim proceeds — — — — — 50,000 — — nm nm — 50,000 nm nm
Less: Restructuring costs — — — — — (824 ) (2,013 ) — nm nm — (2,837 ) nm nm
Adjusted operating income before income taxes $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) 81.5 % $ (16,911 ) $ (17,475 ) ) -3.3 %

All values are in US Dollars.

8 of 17

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 $ 840,668 $ 847,626 $ 850,667 2.5 % $ 3,292,760 $ 3,375,282 2.5 %
Premiums ceded to IPO coinsurers (1) (220,240 ) (216,740 ) (212,951 ) (210,310 ) (206,502 ) (201,566 ) (198,726 ) (195,039 ) 7.3 % (860,241 ) (801,833 ) 6.8 %
Adjusted direct premiums (2) 592,640 606,557 613,714 619,608 629,819 639,102 648,900 655,628 5.8 % 2,432,519 2,573,448 5.8 %
Other ceded premiums (3) (183,804 ) (206,964 ) (196,849 ) (200,146 ) (202,056 ) (224,782 ) (212,800 ) (217,876 ) ) -8.9 % (787,763 ) (857,515 ) ) -8.9 %
Net premiums 408,836 399,594 416,864 419,462 427,762 414,320 436,099 437,752 4.4 % 1,644,756 1,715,933 4.3 %
Other, net 12,233 12,280 11,909 11,865 12,649 12,624 14,206 12,826 8.1 % 48,286 52,306 8.3 %
Revenues 421,069 411,873 428,773 431,327 440,412 426,944 450,305 450,578 4.5 % 1,693,042 1,768,239 4.4 %
Benefits and expenses:
Benefits and claims 158,940 143,855 158,508 160,782 163,847 146,268 160,652 164,588 2.4 % 622,084 635,354 2.1 %
Future policy benefits remeasurement (gain)/loss 1,035 (1,312 ) 251 (187 ) (319 ) (4,280 ) (28,203 ) 1,537 nm (213 ) (31,265 ) ) nm
Amortization of DAC 66,068 66,004 67,720 69,012 70,491 71,916 73,698 75,383 9.2 % 268,803 291,488 8.4 %
Insurance commissions 4,590 5,496 4,373 5,356 6,047 3,785 3,410 4,422 ) -17.4 % 19,814 17,664 ) -10.9 %
Insurance expenses 59,896 57,717 56,698 56,080 61,979 61,476 62,395 65,107 16.1 % 230,390 250,957 8.9 %
Benefits and expenses 290,529 271,759 287,549 291,042 302,044 279,164 271,952 311,037 6.9 % 1,140,879 1,164,198 2.0 %
Income before income taxes $ 130,540 $ 140,115 $ 141,224 $ 140,285 $ 138,367 $ 147,780 $ 178,353 $ 139,541 ) -0.5 % $ 552,163 $ 604,042 9.4 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 477,227 $ 489,826 $ 495,769 $ 499,965 $ 508,687 $ 517,691 $ 525,697 $ 530,867 6.2 % $ 1,962,788 $ 2,082,941 6.1 %
Pre-IPO direct premiums (5) 335,652 333,471 330,896 329,953 327,634 322,977 321,929 319,800 ) -3.1 % 1,329,972 1,292,341 ) -2.8 %
Total direct premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 $ 840,668 $ 847,626 $ 850,667 2.5 % $ 3,292,760 $ 3,375,282 2.5 %
Premiums ceded to IPO coinsurers $ 220,240 $ 216,740 $ 212,951 $ 210,310 $ 206,502 $ 201,566 $ 198,726 $ 195,039 ) -7.3 % $ 860,241 $ 801,833 ) -6.8 %
% of Pre-IPO direct premiums 65.6 % 65.0 % 64.4 % 63.7 % 63.0 % 62.4 % 61.7 % 61.0 % nm nm 64.7 % 62.0 % nm nm
Benefits and claims, net (6) $ 343,779 $ 349,506 $ 355,608 $ 360,741 $ 365,584 $ 366,770 $ 345,249 $ 384,002 6.4 % $ 1,409,634 $ 1,461,604 3.7 %
% of adjusted direct premiums 58.0 % 57.6 % 57.9 % 58.2 % 58.0 % 57.4 % 53.2 % 58.6 % nm nm 57.9 % 56.8 % nm nm
DAC amortization & insurance commissions $ 70,657 $ 71,500 $ 72,093 $ 74,367 $ 76,538 $ 75,701 $ 77,108 $ 79,805 7.3 % $ 288,618 $ 309,152 7.1 %
% of adjusted direct premiums 11.9 % 11.8 % 11.7 % 12.0 % 12.2 % 11.8 % 11.9 % 12.2 % nm nm 11.9 % 12.0 % nm nm
Insurance expenses, net (7) $ 47,663 $ 45,437 $ 44,789 $ 44,215 $ 49,329 $ 48,851 $ 48,189 $ 52,281 18.2 % $ 182,104 $ 198,651 9.1 %
% of adjusted direct premiums 8.0 % 7.5 % 7.3 % 7.1 % 7.8 % 7.6 % 7.4 % 8.0 % nm nm 7.5 % 7.7 % nm nm
Total Term Life income before income taxes $ 130,540 $ 140,115 $ 141,224 $ 140,285 $ 138,367 $ 147,780 $ 178,353 $ 139,541 ) -0.5 % $ 552,163 $ 604,042 9.4 %
Term Life operating margin (8) 22.0 % 23.1 % 23.0 % 22.6 % 22.0 % 23.1 % 27.5 % 21.3 % nm nm 22.7 % 23.5 % 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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 135,208 136,430 137,806 139,053 141,572 142,855 145,789 148,890 7.1 % 135,208 141,572 4.7 %
11,118 12,638 12,311 13,029 12,949 14,402 14,349 14,620 12.2 % 49,096 56,320 14.7 %
(9,896 ) (11,262 ) (11,064 ) (10,510 ) (11,666 ) (11,468 ) (11,248 ) (11,899 ) ) -13.2 % (42,732 ) (46,281 ) ) -8.3 %
Life-insurance licensed sales force, end of period 136,430 137,806 139,053 141,572 142,855 145,789 148,890 151,611 7.1 % 141,572 151,611 7.1 %
Estimated annualized issued term life premium (mills) (1):
$ 70.7 $ 82.0 $ 74.0 $ 75.6 $ 73.1 $ 86.7 $ 80.2 $ 78.1 3.2 % $ 302.4 $ 318.0 5.2 %
18.2 19.7 18.7 17.7 18.1 19.9 18.8 17.9 1.3 % 74.3 74.7 0.6 %
Total estimated annualized issued term life premium $ 88.9 $ 101.7 $ 92.7 $ 93.3 $ 91.2 $ 106.5 $ 99.0 $ 96.0 2.9 % $ 376.6 $ 392.7 4.3 %
Issued term life policies 84,561 96,953 88,589 88,757 86,587 100,768 93,377 89,664 1.0 % 358,860 370,396 3.2 %
Estimated average annualized issued term life premium per policy (1)(2) $ 836 $ 846 $ 836 $ 852 $ 844 $ 860 $ 859 $ 871 2.2 % $ 843 $ 858 1.9 %
Term life face amount in-force, beginning of period (mills) $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101 $ 950,880 $ 957,811 2.1 % $ 916,808 $ 944,609 3.0 %
28,124 32,203 29,452 29,322 28,725 33,155 30,793 29,560 0.8 % 119,102 122,233 2.6 %
(22,210 ) (22,583 ) (24,143 ) (25,293 ) (23,323 ) (28,241 ) (25,264 ) (27,045 ) ) -6.9 % (94,230 ) (103,872 ) ) -10.2 %
124 2,401 (2,320 ) 2,724 (2,911 ) (1,134 ) 1,402 (6,744 ) ) nm 2,929 (9,387 ) ) nm
Term life face amount in-force, end of period $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 0.9 % $ 944,609 $ 953,583 0.9 %

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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 72,388 $ 74,958 $ 72,996 $ 76,274 $ 88,746 $ 101,178 $ 96,269 $ 108,240 41.9 % $ 296,617 $ 394,432 33.0 %
Asset-based 111,904 113,335 119,413 118,303 128,532 132,765 142,051 150,208 27.0 % 462,955 553,555 19.6 %
Account-based 22,790 23,095 23,344 23,960 23,180 23,740 24,107 24,245 1.2 % 93,189 95,272 2.2 %
Other, net 3,120 3,121 3,145 3,119 3,258 3,224 3,646 3,355 7.6 % 12,504 13,483 7.8 %
Revenues 210,202 214,509 218,898 221,656 243,716 260,906 266,073 286,048 29.1 % 865,266 1,056,743 22.1 %
Benefits and expenses:
Amortization of DAC 1,493 1,409 1,311 1,267 1,201 1,478 1,540 1,225 ) -3.4 % 5,479 5,443 ) -0.7 %
Insurance commissions 3,308 3,273 3,321 3,246 3,400 3,343 3,499 3,397 4.7 % 13,148 13,638 3.7 %
Sales commissions:
Sales-based 52,452 53,630 52,343 54,057 62,814 70,509 66,333 75,926 40.5 % 212,482 275,582 29.7 %
Asset-based 54,276 55,085 58,793 58,388 64,208 66,525 71,012 76,298 30.7 % 226,542 278,042 22.7 %
Other operating expenses 42,567 41,529 38,757 41,935 46,531 44,269 43,778 47,214 12.6 % 164,788 181,792 10.3 %
Benefits and expenses 154,095 154,926 154,524 158,893 178,153 186,123 186,161 204,060 28.4 % 622,438 754,498 21.2 %
Income before income taxes $ 56,107 $ 59,583 $ 64,374 $ 62,763 $ 65,563 $ 74,783 $ 79,912 $ 81,988 30.6 % $ 242,828 $ 302,245 24.5 %
Financial Analysis
Fees paid based on client asset values (1) $ 8,034 $ 8,142 $ 8,608 $ 8,102 $ 9,342 $ 9,548 $ 10,156 $ 11,213 38.4 % $ 32,886 $ 40,260 22.4 %
Fees paid based on fee-generating positions (2) 11,528 10,216 9,469 10,270 11,426 10,483 10,392 10,538 2.6 % 41,483 42,839 3.3 %
Other operating expenses 23,005 23,171 20,680 23,563 25,763 24,238 23,230 25,463 8.1 % 90,419 98,693 9.2 %
Total other operating expenses $ 42,567 $ 41,529 $ 38,757 $ 41,935 $ 46,531 $ 44,269 $ 43,778 $ 47,214 12.6 % $ 164,788 $ 181,792 10.3 %
Sales-based variable margin as % of revenue-generating sales (3)
U.S. 1.21 % 1.21 % 1.22 % 1.27 % 1.25 % 1.33 % 1.37 % 1.35 % nm nm 1.23 % 1.33 % nm nm
Canada 0.33 % 0.37 % 0.41 % 0.45 % 0.48 % 0.37 % 0.34 % 0.31 % nm nm 0.38 % 0.38 % nm nm
Total 1.13 % 1.16 % 1.17 % 1.22 % 1.19 % 1.27 % 1.31 % 1.27 % nm nm 1.17 % 1.26 % nm nm
Asset-based variable margin as % of average asset values (4)
U.S. 0.042 % 0.041 % 0.042 % 0.042 % 0.041 % 0.041 % 0.042 % 0.042 % nm nm 0.168 % 0.165 % nm nm
Canada 0.102 % 0.104 % 0.105 % 0.105 % 0.104 % 0.104 % 0.109 % 0.109 % nm nm 0.416 % 0.426 % nm nm
Total 0.052 % 0.051 % 0.052 % 0.052 % 0.051 % 0.050 % 0.052 % 0.052 % nm nm 0.207 % 0.204 % nm nm
Account-based variable margin per average fee generating position (5)(6) $ 3.58 $ 4.07 $ 4.36 $ 4.29 $ 3.67 $ 4.10 $ 4.21 $ 4.18 nm nm $ 16.30 $ 16.16 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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Key Statistics
Product sales (mills)
$ 971.7 $ 998.5 $ 956.9 $ 970.9 $ 1,162.2 $ 1,228.6 $ 1,162.7 $ 1,241.3 27.8 % $ 3,897.9 $ 4,794.7 23.0 %
149.8 106.2 110.1 112.0 179.6 147.6 146.2 192.1 71.6 % 478.0 665.5 39.2 %
80.7 89.3 72.7 68.9 81.0 98.0 89.5 86.7 25.7 % 311.7 355.1 13.9 %
556.4 649.1 628.8 671.9 756.0 941.4 891.5 1,023.8 52.4 % 2,506.2 3,612.8 44.2 %
Total sales-based revenue generating product sales 1,758.6 1,843.1 1,768.5 1,823.7 2,178.8 2,415.6 2,289.9 2,543.9 39.5 % 7,193.8 9,428.2 31.1 %
306.1 317.0 236.0 353.2 370.9 456.1 411.9 548.7 55.3 % 1,212.3 1,787.5 47.4 %
183.4 193.6 152.4 161.8 197.7 196.5 189.4 213.9 32.2 % 691.1 797.5 15.4 %
51.9 27.9 17.4 17.2 23.0 14.8 13.9 14.0 ) -18.5 % 114.4 65.7 ) -42.5 %
Total product sales $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 40.9 % $ 9,211.7 $ 12,078.9 31.1 %
$ 333.2 $ 299.8 $ 262.5 $ 273.8 $ 377.4 $ 344.1 $ 335.6 $ 406.0 48.3 % $ 1,169.2 $ 1,463.1 25.1 %
51.9 27.9 17.4 17.2 23.0 14.8 13.9 14.0 ) -18.5 % 114.4 65.7 ) -42.5 %
Total Canada product sales 385.0 327.7 279.8 291.0 400.4 358.8 349.5 420.1 44.4 % 1,283.6 1,528.8 19.1 %
Total U.S. product sales 1,914.9 2,053.9 1,894.4 2,065.0 2,370.0 2,724.1 2,555.6 2,900.5 40.5 % 7,928.1 10,550.2 33.1 %
Total product sales $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 40.9 % $ 9,211.7 $ 12,078.9 31.1 %
Client asset values, beginning of period (mills) $ 83,949 $ 87,621 $ 91,646 $ 88,441 $ 96,735 $ 103,340 $ 105,112 $ 111,247 25.8 % $ 83,949 $ 96,735 15.2 %
2,300 2,382 2,174 2,356 2,770 3,083 2,905 3,321 40.9 % 9,212 12,079 31.1 %
(1,658 ) (1,839 ) (1,982 ) (2,184 ) (2,497 ) (2,660 ) (2,461 ) (2,590 ) ) -18.6 % (7,663 ) (10,207 ) ) -33.2 %
Net flows 642 542 192 172 274 423 444 731 nm 1,549 1,872 20.8 %
16 315 (303 ) 344 (392 ) (163 ) 203 (1,022 ) ) nm 372 (1,374 ) ) nm
3,014 3,168 (3,094 ) 7,777 6,724 1,512 5,487 1,126 ) -85.5 % 10,865 14,848 36.7 %
Client asset values, end of period $ 87,621 $ 91,646 $ 88,441 $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 15.9 % $ 96,735 $ 112,081 15.9 %
3.1 % 2.5 % 0.8 % 0.8 % 1.1 % 1.6 % 1.7 % 2.6 % % nm 1.8 % 1.9 % % nm
Average client asset values (mills)
$ 42,096 $ 43,225 $ 44,748 $ 44,622 $ 49,013 $ 50,560 $ 52,721 $ 54,630 22.4 % $ 43,673 $ 51,731 18.5 %
11,345 11,567 11,817 11,722 12,850 13,259 13,959 14,442 23.2 % 11,613 13,627 17.3 %
7,338 7,613 7,850 7,851 8,806 9,376 10,216 11,010 40.2 % 7,663 9,852 28.6 %
2,729 2,760 2,793 2,807 2,824 2,868 2,908 2,959 5.4 % 2,772 2,890 4.2 %
20,744 21,323 21,999 21,762 23,665 24,663 26,014 26,970 23.9 % 21,457 25,328 18.0 %
2,329 2,324 2,298 2,232 2,344 2,266 2,334 2,312 3.6 % 2,295 2,314 0.8 %
Total $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502 $ 102,993 $ 108,152 $ 112,323 23.4 % $ 89,474 $ 105,742 18.2 %
$ 11,345 $ 11,567 $ 11,817 $ 11,722 $ 12,850 $ 13,259 $ 13,959 $ 14,442 23.2 % $ 11,613 $ 13,627 17.3 %
2,329 2,324 2,298 2,232 2,344 2,266 2,334 2,312 3.6 % 2,295 2,314 0.8 %
Total Canada average client assets 13,674 13,891 14,115 13,954 15,194 15,526 16,293 16,754 20.1 % 13,908 15,942 14.6 %
Total U.S. average client assets 72,907 74,922 77,391 77,042 84,308 87,468 91,858 95,570 24.0 % 75,565 89,801 18.8 %
Total average client assets $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502 $ 102,993 $ 108,152 $ 112,323 23.4 % $ 89,474 $ 105,742 18.2 %
Average number of fee-generating positions (thous) (3)
2,316 2,331 2,342 2,351 2,359 2,378 2,393 2,407 2.4 % 2,335 2,384 2.1 %
829 834 839 842 847 857 865 874 3.8 % 836 861 3.0 %
Total 3,145 3,165 3,181 3,193 3,206 3,235 3,258 3,281 2.8 % 3,171 3,245 2.3 %

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 Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,993 $ 4,999 $ 5,016 $ 4,358 $ 4,725 $ 4,690 $ 4,826 $ 4,081 ) -6.3 % $ 19,365 $ 18,322 ) -5.4 %
Ceded premiums (1,304 ) (1,562 ) (1,215 ) 273 (1,205 ) (1,213 ) (1,118 ) (1,548 ) ) nm (3,807 ) (5,085 ) ) -33.5 %
Net premiums 3,689 3,436 3,801 4,631 3,520 3,477 3,708 2,533 ) -45.3 % 15,558 13,238 ) -14.9 %
Adjusted net investment income 31,392 33,250 35,213 36,429 37,943 38,263 39,279 38,980 7.0 % 136,283 154,464 13.3 %
Commissions and fees:
Prepaid legal services 3,991 4,421 5,311 3,806 3,591 3,924 4,070 4,373 14.9 % 17,530 15,958 ) -9.0 %
Auto and homeowners insurance 1,831 2,349 2,951 2,133 1,777 2,413 1,375 2,280 6.9 % 9,264 7,845 ) -15.3 %
Mortgage loans 1,211 1,775 1,733 1,530 1,499 2,211 2,384 2,750 79.7 % 6,250 8,845 41.5 %
Other sales commissions 1,676 1,826 1,765 1,781 1,618 1,963 1,645 1,755 ) -1.5 % 7,049 6,981 ) -1.0 %
Adjusted other, net 1,200 1,236 1,327 846 704 764 1,251 838 ) -0.9 % 4,609 3,556 ) -22.8 %
Adjusted operating revenues 44,990 48,293 52,102 51,157 50,653 53,014 53,711 53,509 4.6 % 196,542 210,888 7.3 %
Benefits and expenses:
Benefits and claims 4,327 5,057 3,554 7,957 2,475 3,762 3,712 2,861 ) -64.0 % 20,895 12,809 ) -38.7 %
Future policy benefits remeasurement (gain)/loss (477 ) (554 ) (72 ) 933 374 (49 ) 5,184 (163 ) ) -117.5 % (170 ) 5,345 nm
Amortization of DAC 362 697 375 99 357 250 300 298 nm 1,533 1,205 ) -21.4 %
Insurance commissions 241 373 217 429 187 271 272 (24 ) ) -105.6 % 1,260 705 ) -44.0 %
Insurance expenses 1,229 1,377 1,123 1,341 1,171 1,209 1,134 1,149 ) -14.3 % 5,070 4,662 ) -8.0 %
Sales commissions 4,147 4,907 5,064 4,303 4,117 5,120 4,909 5,479 27.3 % 18,420 19,625 6.5 %
Interest expense 6,690 6,686 6,632 6,586 6,771 6,099 6,093 6,070 ) -7.8 % 26,594 25,034 ) -5.9 %
Adjusted other operating expenses 39,480 33,340 32,146 34,886 46,913 35,413 37,821 38,831 11.3 % 139,851 158,978 13.7 %
Adjusted benefits and expenses 55,999 51,882 49,039 56,533 62,363 52,074 59,425 54,501 ) -3.6 % 213,453 228,363 7.0 %
Adjusted operating income before income taxes $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) 81.5 % $ (16,911 ) $ (17,475 ) ) -3.3 %

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 December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% 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 $ 687,821 $ 687,821 $ - 18.8 % 17.8 %
Fixed Income:
Treasury 16,508 16,820 (312 ) 0.5 % 0.4 % 3.3 % AAA
Government 240,633 256,955 (16,322 ) 6.6 % 6.6 % 3.3 % AA-
Tax-Exempt Municipal 32,355 35,439 (3,084 ) 0.9 % 0.9 % 2.7 % AA
Corporate 1,489,097 1,576,522 (87,424 ) 40.6 % 40.7 % 4.2 % BBB+
Mortgage Backed 497,975 564,185 (66,210 ) 13.6 % 14.6 % 3.7 % AAA
Asset Backed 237,196 242,393 (5,197 ) 6.5 % 6.3 % 4.7 % AA-
Cmbs 99,444 110,426 (10,982 ) 2.7 % 2.9 % 3.7 % AA-
Private 332,142 348,505 (16,363 ) 9.1 % 9.0 % 5.1 % BBB+
Redeemable Preferred 3,787 4,248 (462 ) 0.1 % 0.1 % 5.3 % BBB-
Total Fixed Income 2,949,137 3,155,494 (206,357 ) 80.5 % 81.5 % 4.1 % A
Equities and Other:
Perpetual Preferred 4,523 4,523 - 0.1 % 0.1 %
Common Stock 18,914 18,914 0 0.5 % 0.5 %
Mutual Fund 3,693 3,693 0 0.1 % 0.1 %
Total Equities 27,130 27,130 0 0.7 % 0.7 %
Total Invested Assets $ 3,664,088 $ 3,870,446 $ (206,357 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 201,988 $ 214,754 $ (12,766 ) 13.6 % 13.6 %
Energy 191,499 200,917 (9,418 ) 12.9 % 12.7 %
Consumer Non Cyclical 143,425 156,491 (13,066 ) 9.6 % 9.9 %
Reits 126,841 137,294 (10,453 ) 8.5 % 8.7 %
Consumer Cyclical 121,976 129,461 (7,485 ) 8.2 % 8.2 %
Capital Goods 96,003 100,197 (4,194 ) 6.4 % 6.4 %
Technology 94,796 99,978 (5,182 ) 6.4 % 6.3 %
Electric 90,495 94,365 (3,870 ) 6.1 % 6.0 %
Banking 90,488 90,793 (305 ) 6.1 % 5.8 %
Communications 64,419 68,090 (3,671 ) 4.3 % 4.3 %
Finance Companies 64,051 66,417 (2,366 ) 4.3 % 4.2 %
Basic Industry 62,157 68,422 (6,265 ) 4.2 % 4.3 %
Transportation 54,573 57,228 (2,654 ) 3.7 % 3.6 %
Brokerage 50,055 53,318 (3,263 ) 3.4 % 3.4 %
Natural Gas 18,991 19,417 (427 ) 1.3 % 1.2 %
Industrial Other 5,925 6,727 (802 ) 0.4 % 0.4 %
Financial Other 4,745 4,933 (188 ) 0.3 % 0.3 %
Utility Other 4,711 5,391 (680 ) 0.3 % 0.3 %
Owned No Guarantee 1,957 2,325 (368 ) 0.1 % 0.1 %
Total Corporate portfolio $ 1,489,097 $ 1,576,522 $ (87,424 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 260,818 $ 262,070 $ (1,252 ) 8.8 % 8.3 % 4.3 %
1-2 Yrs. 277,915 284,586 (6,671 ) 9.4 % 9.0 % 3.6 %
2-5 Yrs. 730,803 753,635 (22,832 ) 24.8 % 23.9 % 4.3 %
5-10 Yrs. 1,177,554 1,305,804 (128,250 ) 39.9 % 41.4 % 3.8 %
> 10 Yrs. 502,046 549,399 (47,353 ) 17.0 % 17.4 % 5.0 %
Total Fixed Income $ 2,949,137 $ 3,155,494 $ (206,357 ) 100.0 % 100.0 % 4.1 %
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 December 31, 2024 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 615,348 19.5 %
AA 414,052 13.1 %
A 770,616 24.4 %
BBB 1,315,973 41.7 %
Below Investment Grade 36,548 1.2 %
NA 2,957 0.1 %
Total Fixed Income $ 3,155,494 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 10,172 0.6 % AAA $ - —
AA 67,678 4.3 % AA 8,912 2.6 %
A 421,433 26.7 % A 87,693 25.2 %
BBB 1,042,659 66.1 % BBB 250,749 71.9 %
Below Investment Grade 34,403 2.2 % Below Investment Grade 1,152 0.3 %
NA 176 0.0 % NA - —
Total Corporate $ 1,576,522 100.0 % Total Private $ 348,505 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 48,262 43.7 % AAA $ 451,879 80.1 %
AA 7,009 6.3 % AA 112,128 19.9 %
A 49,554 44.9 % A 99 0.0 %
BBB 5,601 5.1 % BBB - —
Below Investment Grade - — Below Investment Grade 59 0.0 %
NA - — NA 21 0.0 %
Total CMBS $ 110,426 100.0 % Total Mortgage-Backed $ 564,185 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 73,356 30.3 % AAA $ 31,004 11.3 %
AA 37,380 15.4 % AA 153,972 56.2 %
A 130,723 53.9 % A 74,343 27.2 %
BBB - — BBB 11,696 4.3 %
Below Investment Grade 934 0.4 % Below Investment Grade - —
NA - — NA 2,760 1.0 %
Total Asset-Backed $ 242,393 100.0 % Total Treasury & Government $ 273,776 100.0 %
NAIC Designations
1 $ 1,485,103 54.7 %
2 1,189,456 43.8 %
3 35,078 1.3 %
4 6,429 0.2 %
5 - —
6 - —
U.S. Insurer Fixed Income (2) 2,716,067 100.0 %
Other (3) 466,571
Cash and cash equivalents 687,821
Total Invested Assets $ 3,870,459
  • 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.

15 of 17

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 25,806 $ 26,357 $ 27,380 $ 29,218 $ 29,936 $ 30,618 $ 31,990 $ 32,867 12.5%
Fixed-maturity securities (held-to-maturity) 16,435 16,608 16,306 16,126 15,785 15,659 15,908 15,300 ) -5.1%
Equity Securities 380 380 366 397 390 323 324 327 ) -17.6%
Deposit asset underlying 10% reinsurance treaty 2,377 2,488 2,504 2,415 2,311 2,211 2,129 2,007 ) -16.9%
Deposit asset - Mark to Market (327 ) (852 ) (481 ) 1,215 (137 ) 189 1,830 (846 ) ) nm
Policy loans and other invested assets (72 ) 352 475 542 461 544 402 139 ) -74.4%
Cash & cash equivalents 5,128 5,840 6,609 6,024 6,981 6,640 6,540 5,739 ) -4.7%
Total investment income 49,727 51,172 53,159 55,937 55,727 56,183 59,123 55,533 ) -0.7%
Investment expenses 2,227 2,167 2,122 2,167 2,136 2,072 2,106 2,099 ) -3.1%
Interest Expense on Surplus Note 16,435 16,608 16,306 16,126 15,785 15,659 15,908 15,300 ) -5.1%
Net investment income $ 31,065 $ 32,397 $ 34,731 $ 37,644 $ 37,806 $ 38,452 $ 41,109 $ 38,134 1.3%
Fixed income book yield, end of period 3.57 % 3.63 % 3.79 % 3.83 % 3.93 % 4.01 % 4.09 % 4.14 %
New money yield 5.57 % 5.46 % 6.04 % 6.67 % 5.70 % 5.78 % 5.42 % 5.32 %
YOY Q4
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 20.8 % 20.7 % 19.0 % 18.9 % 18.9 % 18.3 % 19.4 % 19.5 % %
AA 11.3 % 11.4 % 14.3 % 14.9 % 14.8 % 14.1 % 13.2 % 13.1 % %
A 25.0 % 24.8 % 24.8 % 24.9 % 24.1 % 24.3 % 24.2 % 24.4 % %
BBB 40.5 % 40.9 % 39.7 % 39.4 % 40.5 % 41.9 % 41.8 % 41.7 % %
Below Investment Grade 2.2 % 2.0 % 1.9 % 2.0 % 1.6 % 1.5 % 1.2 % 1.2 % %
NA 0.2 % 0.1 % 0.3 % 0.0 % 0.0 % 0.0 % 0.1 % 0.1 % %
Total Fixed Income 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Average rating by amortized cost A A A A A A A A

All values are in US Dollars.

As of December 31, 2024 As of December 31, 2024 As of December 31, 2024
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 $ 15,014 $ 15,107 A+ Canada $ 91,480 $ 98,392 AAA $ — $ —
2 Canada 14,693 15,215 AAA United Kingdom 23,759 23,763 AA — —
3 Province of Alberta Canada 14,328 14,871 AA- Australia 21,147 22,177 A 10,934 12,442
4 Province of Quebec Canada 13,551 13,728 AA- Cayman Islands (The) 15,851 15,657 BBB 10,692 11,246
5 Realty Income Corp 13,315 14,008 A- Ireland 12,865 12,344 Below Investment Grade — —
6 Ontario Teachers' Pension Plan 13,038 14,105 AA+ France 7,475 7,736 NA — —
7 Province of New Brunswick Canada 12,553 12,779 A+ Mexico 6,620 7,678 Total $ 21,626 $ 23,688
8 Berkshire Hathaway Inc 12,534 12,582 AA Bermuda 5,082 5,243
9 ONEOK Inc 12,394 12,899 BBB Germany 5,012 5,003
10 Intact Financial Corp 11,492 11,247 A+ Luxembourg 4,997 4,700 Non-Government Investments (1)
11 Gov't of Newfoundland and Labrador 11,386 11,911 A Netherlands (The) 4,461 4,573
12 Manulife Financial Corp 10,747 11,418 A Japan 3,707 3,700 AAA $ — $ —
13 TC Energy Corp 10,050 11,037 BBB+ Malta 3,611 3,627 AA 4,843 4,972
14 Province of Nova Scotia Canada 9,831 10,093 AA- Switzerland 3,284 3,701 A 53,107 54,738
15 Morgan Stanley 9,686 9,685 BBB+ Italy 1,989 1,881 BBB 145,699 152,339
16 Province of Saskatchewan Canada 9,491 9,513 AA Emerging Markets (2) 10,800 11,708 Below Investment Grade 3,546 3,407
17 ConocoPhillips 9,219 10,717 A- All Other 8,178 8,757 NA 1,497 1,497
18 Alimentation Couche-Tard Inc 9,148 9,479 BBB+ Total $ 230,317 $ 240,640 Total $ 208,691 $ 216,952
19 Sempra 9,035 10,294 BBB+
20 Ventas Inc 8,931 8,889 BBB+
21 Tokyo Century Corp 8,658 8,977 BBB
22 Walmart Inc 8,551 8,687 AA
23 Kemper Corp 8,490 9,090 BBB-
24 Oglethorpe Power Corp 8,455 9,384 BBB+
25 Broadcom Inc 8,411 8,672 BBB
Total $ 273,002 $ 284,389
% of total fixed income portfolio 7.5 % 7.3 %
  • 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>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 400,345 349,374 359,735 361,925 445,425 93,540 86,124 92,269 89,992 110,710 96,563 142,655 95,497
Life-insurance licensed sales force, beginning of period 130,522 134,907 129,515 135,208 141,572 135,208 136,430 137,806 139,053 141,572 142,855 145,789 148,890
New life-licensed representatives 48,106 39,622 45,147 49,096 56,320 11,118 12,638 12,311 13,029 12,949 14,402 14,349 14,620
Non-renewal and terminated representatives (43,721 ) (45,014 ) (39,454 ) (42,732 ) (46,281 ) (9,896 ) (11,262 ) (11,064 ) (10,510 ) (11,666 ) (11,468 ) (11,248 ) (11,899 )
Life-insurance licensed sales force, end of period 134,907 129,515 135,208 141,572 151,611 136,430 137,806 139,053 141,572 142,855 145,789 148,890 151,611
Issued term life policies 352,868 323,855 291,918 358,860 370,396 84,561 96,953 88,589 88,757 86,587 100,768 93,377 89,664
Issued term life face amount $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 122,233 $ 28,124 $ 32,203 $ 29,452 $ 29,322 $ 28,725 $ 33,155 $ 30,793 $ 29,560
Term life face amount in-force, beginning of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101 $ 950,880 $ 957,811
Issued term life face amount 109,436 108,521 103,822 119,102 122,233 28,124 32,203 29,452 29,322 28,725 33,155 30,793 29,560
Terminated term life face amount (60,848 ) (64,798 ) (82,894 ) (94,230 ) (103,872 ) (22,210 ) (22,583 ) (24,143 ) (25,293 ) (23,323 ) (28,241 ) (25,264 ) (27,045 )
Foreign currency impact, net 1,968 862 (7,524 ) 2,929 (9,387 ) 124 2,401 (2,320 ) 2,724 (2,911 ) (1,134 ) 1,402 (6,744 )
Term life face amount in force, end of period $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583
Estimated annualized issued term life premium
Premium from new policies $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 318.0 $ 70.7 $ 82.0 $ 74.0 $ 75.6 $ 73.1 $ 86.7 $ 80.2 $ 78.1
Additions and increases in premium 68.9 77.0 76.7 74.3 74.7 18.2 19.7 18.7 17.7 18.1 19.9 18.8 17.9
Total estimated annualized issued term life premium $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 392.7 $ 88.9 $ 101.7 $ 92.7 $ 93.3 $ 91.2 $ 106.5 $ 99.0 $ 96.0
Investment & Savings product sales $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 12,078.9 $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5
Investment & Savings average client asset values $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 105,742 $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502 $ 102,993 $ 108,152 $ 112,323
Closed U.S. Mortgage Volume (brokered) $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 397.4 $ 55.6 $ 82.2 $ 82.7 $ 72.9 $ 71.4 $ 99.6 $ 105.4 $ 121.0

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