Equibles

8-K

Primerica, Inc. (PRI)

8-K 2023-08-07 For: 2023-08-07
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (Date of earliest event reported): August 7, 2023

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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 August 7, 2023, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2023. 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, adjusted stockholders’ equity and diluted adjusted operating earnings per share. 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) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges as these are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company. 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. 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 investors 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 August 7, 2023, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2023. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

During the second quarter of 2023, the Company identified immaterial errors in previously presented financial information in connection with the newly adopted accounting standard for Long-Duration Insurance Contracts (“LDTI”). Accordingly, financial information prior to the second quarter of 2023 has been revised as reflected in the Second Quarter 2023 Financial Supplement attached hereto as Exhibit 99.2 and the Fourth Quarter 2022 Revised Restated Financial Supplement attached hereto as Exhibit 99.3.

The information provided pursuant to this Item 7.01, including Exhibit 99.2 and Exhibit 99.3 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 August 7, 2023 – Primerica Reports Second Quarter 2023 Results
99.2 Primerica, Inc. Supplemental Financial Information – Second Quarter 2023
99.3 Primerica, Inc. Supplemental Financial Information – Restated Fourth Quarter 2022
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: August 7, 2023 PRIMERICA, INC.
/s/ Alison S. Rand
Alison S. Rand
Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

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PRIMERICA REPORTS SECOND QUARTER 2023 RESULTS

10% increase in new life-licensed representatives fuels 4% growth in life-licensed sales force to nearly 138,000

Issued nearly 97,000 new Term Life policies, up 9%; total face amount issued during the quarter of $32 billion, up 16%

Investment and Savings Products results improving as equity markets strengthened over the last few quarters

Net earnings per diluted share (EPS) of $3.97 increased 20%; return on stockholders’ equity (ROE) of 29.2%

Diluted adjusted operating EPS of $3.99 increased 18%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 26.7%

Declared dividend of $0.65 per share, payable on September 11, 2023, and repurchased $111 million of common stock during the quarter

Duluth, GA, August 7, 2023 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2023. Total revenues of $688.4 million increased 3% compared to the second quarter of 2022. Net income attributable to Primerica of $144.5 million increased 13%, while earnings per diluted share of $3.97 increased 20% compared to the same period in the prior year. ROE was 29.2% for the quarter.

Adjusted operating revenues of $689.6 million increased 3% compared to the second quarter of 2022. Adjusted net operating income of $145.4 million increased 11%, while adjusted operating earnings per diluted share of $3.99 increased 18% compared to the same period in the prior year. ROAE was 26.7% for the quarter.

During the second quarter, the Company identified immaterial errors in previously presented financial information in connection with the newly adopted accounting standard for Long-Duration Insurance Contracts (“LDTI”). Accordingly, financial information prior to the second quarter of 2023 has been revised as reflected in the fourth quarter 2022 Revised Restated Financial Supplement and the second quarter 2023 Financial Supplement, which are furnished as exhibits to the Current Report on Form 8-K dated August 7, 2023. Prior year comparisons throughout this release reflect the revised

results. A table summarizing the impact of the changes on second quarter 2022 results is included at the end of this release.

Second quarter results reflect the benefit of continued, predictable growth in the Term Life segment. Results in the Investment and Savings Product segment improved as equity market recovery positively impacted client asset values. We believe inflationary pressure on middle-income families remained a headwind to new savings for retirement and term life policy retention. Senior Health segment results, which are typically weak in the second quarter due to limited sales opportunities in the market, also improved year-over-year since the Company did not recognize a negative tail revenue adjustment in the current year period, while it did so in the prior year period. The effect of higher interest rates on the invested asset portfolio benefitted the Corporate and Other Distributed Product segment.

“Second quarter results reflect our distribution strength and the depth of field leadership,” said Glenn Williams, Chief Executive Officer. “We continue to be a much-needed resource to guide middle-income households on their path toward financial security.”

Second Quarter Distribution & Segment Results

Distribution Results
Q2 2023 Q2 2022 % Change Adjusted Q2 2022 % Change
Life-Licensed Sales Force 137,806 132,149 4 %
Recruits 86,124 70,215 23 %
New Life-Licensed Representatives 12,638 11,529 10 %
Life Insurance Policies Issued (1) 96,953 76,946 N/A 89,316 9 %
Life Productivity (1) (2) 0.24 0.20 N/A 0.23 *
Issued term life face amount ($ billions) (3) $ 32.2 $ 27.7 16 %
ISP Product Sales ($ billions) $ 2.4 $ 2.7 (11 )%
Average Client Asset Values ($ billions) $ 88.8 $ 88.0 1 %
Senior Health Submitted Policies (4) 13,885 19,652 (29 )%
Senior Health Approved Policies (5) 12,915 17,925 (28 )%
Closed U.S. Mortgage Volume ($ million brokered) $ 82.2 $ 152.7 (46 )%

(1) Previously reported numbers for the three months ended June 30, 2022 have been adjusted as a result of a product change made near the end of 2022, which modified how policies are structured in relation to individual lives. To make year-over year comparisons more consistent, we have provided estimates for the prior year period.

(2) Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month.

(3) Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

(4) Represents the number of completed applications that, with respect to each such application, the applicant has authorized us to submit to the health insurance carrier.

(5) Represents an estimate of submitted policies approved by health insurance carriers during the indicated period. Not all approved policies will go in force.

* Not calculated

Segment Results
Q2 2023 Q2 2022 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 398,421 3 %
Investment and Savings Products 222,416 (4 )%
Senior Health 11,814 26 %
Corporate and Other Distributed Products (1) 39,177 23 %
Total adjusted operating revenues (1) $ 671,828 3 %
Adjusted Operating Income (Loss) before <br>  income taxes:
Term Life Insurance $ 128,579 9 %
Investment and Savings Products 63,017 (5 )%
Senior Health  (1) ) (12,955 ) 53 %
Corporate and Other Distributed Products (1) ) (9,093 ) 61 %
Total adjusted operating income before <br>   income taxes (1) $ 169,548 12 %

All values are in US Dollars.

(1) 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

The value of Primerica’s entrepreneurial opportunity continues to drive recruiting momentum and the number of new recruits during the quarter increased 23% compared to the same period in 2022. The Company and its field leaders’ efforts to help new recruits successfully navigate the licensing process is reflected in the strong licensing results. During the quarter, a total of 12,638 individuals obtained a new life license, a 10% increase compared to the prior year period. As of June 30, 2023, the Company had a total of 137,806 independent life-licensed representatives, representing a 4% increase compared to the end of June 2022.

Term Life Insurance

Our new term life products launched late last year continued to be very well received with 96,953 new term life insurance policies issued during the quarter, up 9% compared to the estimated number of policies issued in the second quarter of 2022 (as adjusted to reflect a comparable one life per policy basis). Issued term life face amount, which captures the number of policies issued and the face amount of both new policies issued and additions to in-force policies, increased 16% to $32.2 billion compared to $27.7 billion in the prior year period. Productivity at 0.24 policies per life-licensed representative per month during the quarter compares favorably to 0.23 policies in the prior year period.

Year-over-year, revenues of $411.9 million and net premiums of $399.6 million increased 3% and 4%, respectively, while adjusted direct premiums increased 6%. The higher number of policies issued offset the negative impact of lapses on adjusted direct premiums. The Company believes inflation continues to pressure middle-income families, resulting in higher policy lapses versus historical levels.

Pre-tax income of $140.1 million increased 9% year-over-year. The second quarter benefits and claims ratio of 57.6% and the DAC amortization ratio of 11.8% are both consistent with the prior year period revised results. The pre-tax margin at 23.1% during the quarter was higher than the prior year period’s margin of 22.5% as the second quarter of 2022 included elevated costs associated with sales force leadership events from delays caused by COVID.

Investment and Savings Products

Equity markets continued to recover during the quarter with ending client asset values of $91.6 billion, up 11%, and average client asset values of $88.8 billion, up 1% year-over-year. While total product sales of $2.4 billion declined 11% compared to the same period in 2022, we believe sales trends will improve with market stability. Redemption activity remained below 3% of beginning asset levels as clients continue to focus on their long-term goals, resulting in net client inflows during the quarter of $542 million.

Revenues of $214.5 million decreased 4% year-over-year, while operating income of $59.6 million decreased 5%. Both sales-based commission revenues and expenses decreased 15% and revenue-generating sales decreased 12%. While average client asset values increased 1%, asset-based revenues increased 5% as the Company

continues to benefit from higher client asset values in managed accounts and in mutual fund sales in Canada under the Principal Distributor model introduced in June 2022. The change in asset-based commission expenses is consistent with asset-based revenues, excluding revenue on Canadian Segregated funds for which the commission expense is recognized as insurance commissions and amortized with DAC.

Senior Health

Approximately 13,000 policies were approved during the second quarter, which reflected lower activity as typically seen following the close of the Open Enrollment Period on March 31 and the Company’s intentional efforts to control growth as it continues to evaluate emerging profitability dynamics. The lifetime value of commissions per approved policy (“LTV”) was $880, while contract acquisition costs per approved policy (“CAC”) was $976. CAC is typically higher than LTV during the second quarter as seasonably lower sales volume limit fixed costs absorption. The second quarter LTV/CAC ratio was 0.9x.

The Company remains disciplined in moving the Senior Health business toward profitability. The second quarter operating loss of $6.0 million compares favorably to an operating loss of $13.0 million in the prior year period, which included a $5.4 million negative tail revenue adjustment. The Company did not recognize a tail revenue adjustment this quarter. Consistent with prior disclosure, the Company does not anticipate a need to provide capital to the segment in 2023.

Corporate and Other Distributed Products

During the second quarter of 2023, the segment recorded an operating loss of $3.6 million compared to an operating loss of $9.1 million in the prior year period. The improvement was driven by higher revenues, primarily due to a $10.7 million increase in adjusted net investment income as interest rates have increased significantly since the prior year period.

Taxes

The effective tax rate was 23.5% in the second quarter of 2023, up from 22.9% in the second quarter of 2022 as a result of slightly higher state income taxes.

Capital

During the second quarter, the Company repurchased $110.8 million of common stock, for a total of $196.0 million year-to-date and expects to complete the repurchase of $375 million of common stock during 2023 as authorized by the Board of Directors. The Board of Directors has also approved a dividend of $0.65 per share, payable on September 11, 2023, to stockholders of record on August 21, 2023.

Primerica has a strong balance sheet, including invested assets and cash at the holding company of $342 million. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 445% as of June 30, 2023.

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, adjusted stockholders’ equity and diluted adjusted operating earnings per share. 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) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges as these are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company. 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. 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 investors 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 Tuesday, August 8, 2023, at 10:00 a.m. Eastern, 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 sales representatives or license or maintain the licensing of sales representatives; new 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 sales representatives’ violation of or non-compliance with laws and regulations; any failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality or persistency 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; litigation and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or

more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; economic down cycles 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 information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; 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; 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; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; due to our very limited history with e-TeleQuote, we cannot be certain that its business will be successful or that we will successfully address any risks not known to us that may become material; a failure by e-TeleQuote to comply with the requirements of the United States government’s Centers for Medicare and Medicaid Services and those of its carrier partners; legislative or regulatory changes to Medicare Advantage or changes to the implementing guidance by the Centers for Medicare and Medicaid Services; e-TeleQuote’s inability to acquire or generate leads on commercially viable terms, convert leads to sales or if customer policy retention is lower than assumed; e-TeleQuote’s inability to enroll individuals during the Medicare annual election period; the loss of a key carrier, or the modification of commission rates or underwriting practices with a key carrier partner could adversely affect e-TeleQuote’s business; cyber-attack(s), security breaches or if e-TeleQuote is otherwise unable to safeguard the security and privacy of confidential data, including personal health information; 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 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 5.7 million lives and had over 2.8 million client investment accounts on December 31, 2022. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2022. 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)
June 30, 2023 December 31, 2022
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 2,541,310 $ 2,495,456
Fixed-maturity security held-to-maturity, at amortized cost 1,433,520 1,444,920
Short-term investments available-for-sale, at fair value 21,576 69,406
Equity securities, at fair value 33,601 35,404
Trading securities, at fair value 18,379 3,698
Policy loans and other invested assets 49,605 48,713
Total investments 4,097,991 4,097,597
Cash and cash equivalents 561,585 489,240
Accrued investment income 22,928 20,885
Reinsurance recoverables 3,084,520 3,209,540
Deferred policy acquisition costs, net 3,319,844 3,188,502
Renewal commissions receivable 191,224 200,043
Agent balances, due premiums and other receivables 269,369 254,276
Goodwill 127,707 127,707
Intangible assets 180,275 185,525
Income taxes 107,697 93,632
Operating lease right-of-use assets 57,040 40,500
Other assets 372,733 428,259
Separate account assets 2,358,823 2,305,717
Total assets $ 14,751,736 $ 14,641,423
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 6,491,564 $ 6,297,906
Unearned and advance premiums 16,283 15,422
Policy claims and other benefits payable 495,141 538,250
Other policyholders' funds 458,774 483,769
Notes payable 593,307 592,905
Surplus note 1,433,101 1,444,469
Income taxes 169,487 204,018
Operating lease liabilities 62,309 45,995
Other liabilities 579,840 580,780
Payable under securities lending 77,643 100,938
Separate account liabilities 2,358,823 2,305,717
Total liabilities 12,736,272 12,610,169
Stockholders' equity
Common stock 358 368
Paid-in capital - -
Retained earnings 2,190,223 2,153,617
Effect of change in discount rate assumptions on the liability for future policy benefits, net of income tax 55,386 130,416
Net unrealized gains (losses) and foreign currency translation, net of income tax (230,503 ) (253,147 )
Total stockholders' equity 2,015,464 2,031,254
Total liabilities and stockholders' equity $ 14,751,736 $ 14,641,423
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended June 30,
2023 2022
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 828,296 $ 808,894
Ceded premiums (425,266 ) (419,048 )
Net premiums 403,030 389,846
Commissions and fees 233,130 240,688
Net investment income 32,398 21,284
Investment gains (losses) (328 ) (1,892 )
Other, net 20,155 18,756
Total revenues 688,385 668,682
Benefits and expenses:
Benefits and claims 148,911 148,369
Future policy benefits remeasurement (gain)/loss (1,867 ) (100 )
Amortization of deferred policy acquisition costs 68,110 64,830
Sales commissions 113,623 119,763
Insurance expenses 59,093 59,461
Insurance commissions 9,142 7,594
Contract acquisition costs 12,602 19,384
Interest expense 6,686 6,814
Other operating expenses 83,189 79,730
Total benefits and expenses 499,489 505,845
Income before income taxes 188,896 162,837
Income taxes 44,392 37,265
Net income 144,504 125,572
Net income attributable to noncontrolling interests - (2,384 )
Net income attributable to Primerica, Inc. $ 144,504 $ 127,956
Earnings per share attributable to common stockholders:
Basic earnings per share $ 3.97 $ 3.32
Diluted earnings per share $ 3.97 $ 3.31
Weighted-average shares used in computing <br>  earnings per share:
Basic 36,215 38,386
Diluted 36,290 38,501
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
Three months ended June 30,
2023 2022 % Change
Total revenues $ 688,385 $ 668,682 3 %
Less: Investment gains (losses) (328 ) (1,892 )
Less: 10% deposit asset MTM included in NII (852 ) (1,254 )
Adjusted operating revenues $ 689,565 $ 671,828 3 %
Income before income taxes $ 188,896 $ 162,837 16 %
Less: Investment gains (losses) (328 ) (1,892 )
Less: 10% deposit asset MTM included in NII (852 ) (1,254 )
Less: e-TeleQuote transaction-related expenses - 2,892
Less: Equity comp for awards exchanged during acquisition - (3,328 )
Less: Noncontrolling interest - (3,129 )
Adjusted operating income before income taxes $ 190,076 $ 169,548 12 %
Net income $ 144,504 $ 125,572 15 %
Less: Investment gains (losses) (328 ) (1,892 )
Less: 10% deposit asset MTM included in NII (852 ) (1,254 )
Less: e-TeleQuote transaction-related expenses - 2,892
Less: Equity comp for awards exchanged during acquisition - (3,328 )
Less: Noncontrolling interest - (3,129 )
Less: Tax impact of preceding items 277 1,573
Adjusted net operating income $ 145,407 $ 130,710 11 %
Diluted earnings per share (1) $ 3.97 $ 3.31 20 %
Less: Net after-tax impact of operating adjustments (0.02 ) (0.07 )
Diluted adjusted operating earnings per share (1) $ 3.99 $ 3.38 18 %

(1) Percentage change in earnings per share is calculated prior to rounding per share amounts.

TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2023 2022 % Change
Direct premiums $ 823,297 $ 803,453 2 %
Less: Premiums ceded to IPO coinsurers 216,740 231,805
Adjusted direct premiums 606,557 571,648 6 %
Ceded premiums (423,704 ) (417,406 )
Less: Premiums ceded to IPO coinsurers (216,740 ) (231,805 )
Other ceded premiums (206,964 ) (185,601 )
Net premiums $ 399,593 $ 386,047 4 %
SENIOR HEALTH SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2023 2022 % Change
Income/(loss) before income taxes $ (6,033 ) $ (16,150 ) (63 )%
Less: e-TeleQuote transaction-related costs - (66 )
Less: Noncontrolling interest - (3,129 )
Adjusted operating income before taxes $ (6,033 ) $ (12,955 ) (53 )%
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2023 2022 % Change
Total revenues $ 47,113 $ 36,031 31 %
Less: Investment gains (losses) (328 ) (1,892 )
Less: 10% deposit asset MTM included in NII (852 ) (1,254 )
Adjusted operating revenues $ 48,293 $ 39,177 23 %
Loss before income taxes $ (4,769 ) $ (12,609 ) (62 )%
Less: Investment gains (losses) (328 ) (1,892 )
Less: 10% deposit asset MTM included in NII (852 ) (1,254 )
Less: e-TeleQuote transaction-related expenses - 2,958
Less: Equity comp for awards exchanged during acquisition - (3,328 )
Adjusted operating loss before income taxes $ (3,590 ) $ (9,093 ) (61 )%
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
June 30, 2023 December 31, 2022 % Change
Stockholders' equity $ 2,015,464 $ 2,031,254 (1 )%
Less: Net unrealized gains (losses) (226,250 ) (240,868 )
Less: Effect of change in discount rate assumptions <br>              on the liability for future policy benefits 55,386 130,416
Adjusted stockholders' equity $ 2,186,328 $ 2,141,706 2 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Impact of Revised LDTI Information
(Unaudited - in thousands)
Three months ended June 30, 2022
As Previously Restated Revision Impact As Revised
Term Life Insurance - Select Items
Benefits and claims $ 149,328 $ (4,702 ) $ 144,626
Future policy benefits remeasurement (gain)/loss $ (663 ) $ 527 $ (136 )
Amortization of deferred policy acquisition costs $ 62,538 $ 630 $ 63,168
Income before income taxes $ 125,034 $ 3,545 $ 128,579
Term Life Insurance - Financial Analysis
Benefits and claims, net (1) $ 334,266 $ (4,176 ) $ 330,090
% of Adjusted direct premiums 58.5 % 57.7 %
DAC amortization & Insurance commissions $ 66,393 $ 630 $ 67,023
% of Adjusted direct premiums 11.6 % 11.7 %
Total Term Life income before income taxes $ 125,034 $ 3,545 $ 128,579
Term Life operating margin (2) 21.9 % 22.5 %
(1) Benefits and claims, net: Benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely Yearly Renewable Term reinsurance.
(2) Term Life operating margin: Term Life operating income before income taxes as a percentage of adjusted direct premiums.

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Second Quarter 2023

Financial information in this document prior to the second quarter of 2023 has been revised from the information originally included in the first quarter 2023 financial supplement furnished as an exhibit to the 8-K filed on May 8, 2023 and corrects certain immaterial misstatements identified in the prior period results related to the accounting of the Company’s Term Life Insurance segment under LDTI.

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, key statistics, and financial analysis 9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics 11-12
Senior Health segment - financial results, financial analysis, and key statistics 13
Corporate & Other Distributed Products segment - financial results 14
Investment portfolio 15-17
Five-year historical key statistics 18

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, 2022.

2 of 18

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

Second Quarter 2023

This document is a financial supplement to our second quarter 2023 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 and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. 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 the Company's insurance operations. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges in our non-GAAP financial measures as such expenses are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company.

• 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.

Effective January 1, 2023, we adopted FASB ASU 2018-12 "Targeted Improvements to the Accounting for Long-Duration Contracts" (or "LDTI"). The impact of LDTI on our financial statements is significant, as it requires us to make changes to the way we calculate future policy benefit reserves on our term life insurance product and discontinued product lines issued by our New York subsidiary. LDTI also requires changes to the way we amortize deferred acquisition costs for these products as well as Canadian Segregated funds. We have restated our 12/31/2021 balance sheet and 2022 financial statements in this document as it was necessary to present historical periods on a comparable basis with future period results

Also effective January 1, 2023, we no longer allocate a portion of net investment income to the Term Life Insurance segment, and all net investment income will be recorded in the Corporate & Other Distributed Products segment. As such, we have retrospectively restated for comparison purposes the 2022 income statements in this document for the Term Life Insurance and Corporate and Other Distributed Product Segments.

In this document, we have also included estimated term life issued policy counts by quarter for 2022 adjusting issued policies to a single life per policy basis to facilitate comparisons going forward.

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. These reclassifications had no impact on net income or total stockholders’ equity.

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Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Dec 31,<br>2021 Mar 31,<br>2022 Jun 30,<br>2022 Sep 30,<br>2022 Dec 31,<br>2022 Mar 31,<br>2023 Jun 30,<br>2023 Sep 30,<br>2023 Dec 31,<br>2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,277,830 $ 3,191,154 $ 3,048,974 $ 2,981,598 $ 3,141,919 $ 3,246,388 $ 3,226,056
Securities held to maturity 1,379,100 1,390,310 1,415,940 1,433,760 1,444,920 1,460,000 1,433,520
Total investments and cash 4,656,930 4,581,464 4,464,914 4,415,358 4,586,839 4,706,388 4,659,576
Due from reinsurers 4,239,627 3,716,686 3,386,120 3,190,157 3,209,540 3,217,354 3,084,520
Deferred policy acquisition costs 2,956,650 3,029,551 3,083,905 3,128,511 3,188,502 3,250,753 3,319,844
Goodwill 179,154 179,154 187,707 127,707 127,707 127,707 127,707
Other assets 1,363,612 1,249,598 1,213,620 1,202,072 1,223,120 1,191,286 1,201,266
Separate account assets 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717 2,329,968 2,358,823
Total assets $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423 $ 14,823,457 $ 14,751,736
Liabilities:
Future policy benefits $ 8,594,476 $ 7,332,290 $ 6,606,150 $ 6,094,187 $ 6,297,911 $ 6,561,624 $ 6,491,564
Other policy liabilities 1,103,642 1,108,047 999,789 1,005,195 1,037,440 996,747 970,198
Income taxes 15,311 95,424 168,160 218,441 204,017 201,850 169,487
Other liabilities 669,631 683,865 646,660 659,582 626,773 659,734 642,149
Debt obligations 607,102 598,303 592,504 592,705 592,905 593,106 593,307
Surplus note 1,378,585 1,389,811 1,415,457 1,433,293 1,444,469 1,459,565 1,433,101
Payable under securities lending 94,529 93,171 96,603 80,754 100,938 74,452 77,643
Separate account liabilities 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717 2,329,968 2,358,823
Total liabilities 15,263,269 13,997,803 12,884,310 12,290,764 12,610,170 12,877,046 12,736,272
Redeemable noncontrolling interest $ 7,271 $ 4,616 $ 2,233 $ — $ — $ — $ —
Stockholders’ equity:
Common stock (0.01 par value) (1) 394 388 378 370 368 364 358
Paid-in capital 5,224 (0 ) (0 ) (0 ) (0 ) — —
Retained earnings 2,085,665 2,098,037 2,085,823 2,053,285 2,153,617 2,177,428 2,190,223
Treasury stock — — — — — — —
Accumulated other comprehensive income (loss), net:
63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 ) (208,157 ) (226,250 )
(1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416 (11,966 ) 55,386
8,547 11,847 2,336 (16,614 ) (12,279 ) (11,259 ) (4,253 )
Total stockholders’ equity (2) 925,425 1,450,923 1,808,712 1,979,648 2,031,253 1,946,411 2,015,464
Total liabilities and stockholders' equity $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423 $ 14,823,457 $ 14,751,736
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 925,425 $ 1,450,923 $ 1,808,712 $ 1,979,648 $ 2,031,253 $ 1,946,411 $ 2,015,464
Less: Net unrealized gains (losses) 63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 ) (208,157 ) (226,250 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits (1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416 (11,966 ) 55,386
Adjusted stockholders’ equity $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533 $ 2,186,328
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533
Net Income attributable to Primerica, Inc. 117,829 127,956 79,561 146,721 128,099 144,504
Shareholder dividends (21,645 ) (21,178 ) (20,571 ) (20,389 ) (23,910 ) (23,598 )
Retirement of shares and warrants (103,862 ) (127,963 ) (97,515 ) (32,098 ) (96,323 ) (112,606 )
Net foreign currency translation adjustment 3,300 (9,511 ) (18,949 ) 4,335 1,020 7,005
Other, net 14,820 8,961 5,979 6,096 15,941 4,490
Balance, end of period $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533 $ 2,186,328
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 2,956,650 $ 3,029,551 $ 3,083,905 $ 3,128,511 $ 3,188,502 $ 3,250,753
General expenses deferred 9,519 9,321 9,726 9,283 10,777 10,692
Commission costs deferred 123,739 119,794 119,734 113,479 118,386 119,676
Amortization of deferred policy acquisition costs (63,854 ) (64,830 ) (66,077 ) (66,867 ) (67,923 ) (68,110 )
Foreign currency impact and other, net 3,496 (9,930 ) (18,777 ) 4,095 1,011 6,833
Balance, end of period $ 3,029,551 $ 3,083,905 $ 3,128,511 $ 3,188,502 $ 3,250,753 $ 3,319,844

All values are in US Dollars.

(1) Outstanding common shares exclude restricted stock units.

(2) Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 36,709,525 36,215,232 ) -5.7 % 38,800,954 36,461,013 ) -6.0 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 12.9 % $ 245,785 $ 272,603 10.9 %
Less income attributable to unvested participating securities (488 ) (566 ) (375 ) (703 ) (579 ) (609 ) ) -7.6 % (1,052 ) (1,190 ) ) -13.1 %
Net income used in computing basic EPS $ 117,341 $ 127,390 $ 79,186 $ 146,019 $ 127,520 $ 143,896 13.0 % $ 244,733 $ 271,413 10.9 %
Basic earnings per share $ 2.99 $ 3.32 $ 2.12 $ 3.95 $ 3.47 $ 3.97 19.7 % $ 6.31 $ 7.44 18.0 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 11.2 % $ 250,454 $ 277,290 10.7 %
Less operating income attributable to unvested participating securities (496 ) (578 ) (668 ) (694 ) (596 ) (612 ) ) -5.9 % (1,072 ) (1,210 ) ) -12.9 %
Adjusted net operating income used in computing basic operating EPS $ 119,248 $ 130,132 $ 141,014 $ 144,111 $ 131,288 $ 144,794 11.3 % $ 249,382 $ 276,080 10.7 %
Basic adjusted operating income per share $ 3.04 $ 3.39 $ 3.77 $ 3.90 $ 3.58 $ 4.00 17.9 % $ 6.43 $ 7.57 17.8 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 36,709,525 36,215,232 ) -5.7 % 38,800,954 36,461,013 ) -6.0 %
Dilutive impact of contingently issuable shares 110,941 115,058 102,810 107,245 94,123 74,712 ) -35.1 % 113,000 84,418 ) -25.3 %
Shares used to calculate diluted EPS 39,331,944 38,500,578 37,541,064 37,081,212 36,803,648 36,289,944 ) -5.7 % 38,913,954 36,545,431 ) -6.1 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 12.9 % $ 245,785 $ 272,603 10.9 %
Less income attributable to unvested participating securities (487 ) (564 ) (374 ) (701 ) (577 ) (608 ) ) -7.6 % (1,050 ) (1,188 ) ) -13.1 %
Net income used in computing diluted EPS $ 117,342 $ 127,392 $ 79,187 $ 146,020 $ 127,521 $ 143,897 13.0 % $ 244,735 $ 271,415 10.9 %
Diluted earnings per share $ 2.98 $ 3.31 $ 2.11 $ 3.94 $ 3.46 $ 3.97 19.8 % $ 6.29 $ 7.43 18.1 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 11.2 % $ 250,454 $ 277,290 10.7 %
Less operating income attributable to unvested participating securities (495 ) (577 ) (666 ) (692 ) (595 ) (611 ) ) -6.0 % (1,070 ) (1,208 ) ) -12.9 %
Adjusted net operating income used in computing diluted operating EPS $ 119,249 $ 130,134 $ 141,016 $ 144,113 $ 131,289 $ 144,795 11.3 % $ 249,384 $ 276,082 10.7 %
Diluted adjusted operating income per share $ 3.03 $ 3.38 $ 3.76 $ 3.89 $ 3.57 $ 3.99 18.0 % $ 6.41 $ 7.55 17.9 %
YOY Q2 YOY YTD
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Annualized Return on Equity
Average stockholders' equity (1) $ 1,188,174 $ 1,629,817 $ 1,894,180 $ 2,005,451 $ 1,988,832 $ 1,980,938 21.5 % $ 1,408,996 $ 1,984,885 40.9 %
Average adjusted stockholders' equity (1) $ 2,105,050 $ 2,099,404 $ 2,062,789 $ 2,089,374 $ 2,154,120 $ 2,176,431 3.7 % $ 2,102,227 $ 2,165,275 3.0 %
Net income attributable to Primerica, Inc. return on stockholders' equity 39.7 % 31.4 % 16.8 % 29.3 % 25.8 % 29.2 % % nm 34.9 % 27.5 % % nm
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity 22.4 % 24.4 % 15.4 % 28.1 % 23.8 % 26.6 % % nm 23.4 % 25.2 % % nm
Adjusted net operating income return on adjusted stockholders' equity 22.8 % 24.9 % 27.5 % 27.7 % 24.5 % 26.7 % % nm 23.8 % 25.6 % % nm
Capital Structure
Debt-to-capital (2) 29.2 % 24.7 % 23.0 % 22.6 % 23.4 % 22.7 % % nm 24.7 % 22.7 % % nm
Debt-to-capital, excluding AOCI (2) 22.2 % 22.1 % 22.4 % 21.6 % 21.4 % 21.3 % % nm 22.1 % 21.3 % % nm
Cash and invested assets to stockholders' equity 3.2 x 2.5 x 2.2 x 2.3 x 2.4 x 2.3 x x) nm 2.5 x 2.3 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.2 x 2.1 x 2.2 x 2.1 x x) nm 2.1 x 2.1 x x) nm
Share count, end of period (3) 38,751,885 37,768,052 37,026,600 36,824,428 36,407,876 35,845,525 ) -5.1 % 37,768,052 35,845,525 ) -5.1 %
Adjusted stockholders' equity per share $ 54.46 $ 55.30 $ 55.02 $ 58.16 $ 59.51 $ 60.99 10.3 % $ 55.30 $ 60.99 10.3 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 nm nm nm nm nm nm
S&P AA- AA- AA- AA- AA- AA- nm nm nm nm nm nm
A.M. Best A+ A+ A+ A+ A+ A+ nm nm nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 nm nm nm nm nm nm
S&P A- A- A- A- A- A- nm nm nm nm nm nm
A.M. Best a- a- a- a- a- a- nm nm nm nm nm nm

All values are in US Dollars.

(1) Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

(2) Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

(3) Share count reflects outstanding common shares, but excludes restricted stock units (RSUs).

5 of 18

Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Statement of Income
Revenues:
Direct premiums $ 798,666 $ 808,894 $ 810,079 $ 812,481 $ 817,872 $ 828,296 2.4 % $ 1,607,560 $ 1,646,169 2.4 %
Ceded premiums (399,885 ) (419,048 ) (404,870 ) (406,088 ) (405,347 ) (425,266 ) ) -1.5 % (818,933 ) (830,613 ) ) -1.4 %
Net premiums 398,781 389,846 405,209 406,393 412,525 403,030 3.4 % 788,626 815,555 3.4 %
Net investment income 18,905 21,284 24,346 28,530 31,065 32,398 52.2 % 40,189 63,462 57.9 %
Commissions and fees:
Sales-based (1) 103,242 88,701 67,962 66,473 72,388 74,958 ) -15.5 % 191,942 147,346 ) -23.2 %
Asset-based (2) 113,112 108,101 107,483 105,357 111,904 113,335 4.8 % 221,213 225,239 1.8 %
Account-based (3) 21,541 22,592 22,910 23,348 22,790 23,095 2.2 % 44,134 45,886 4.0 %
Other commissions and fees 13,905 21,294 27,113 31,542 24,464 21,742 2.1 % 35,200 46,206 31.3 %
Investment (losses) gains 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) 82.7 % (1,141 ) (4,936 ) ) nm
Other, net 20,988 18,755 20,964 22,451 19,508 20,155 7.5 % 39,744 39,663 ) -0.2 %
Total revenues 691,225 668,681 673,288 686,940 690,036 688,385 2.9 % 1,359,906 1,378,422 1.4 %
Benefits and expenses:
Benefits and claims 163,584 148,369 159,395 161,055 163,267 148,911 0.4 % 311,953 312,179 0.1 %
Future policy benefits remeasurement (gain)/loss (745 ) (100 ) 1,514 958 559 (1,867 ) ) nm (845 ) (1,308 ) ) -54.7 %
Amortization of DAC 63,854 64,830 66,077 66,867 67,923 68,110 5.1 % 128,684 136,033 5.7 %
Insurance commissions 7,721 7,594 7,666 7,280 8,138 9,142 20.4 % 15,315 17,281 12.8 %
Insurance expenses 59,509 59,461 57,552 58,883 61,125 59,093 ) -0.6 % 118,970 120,219 1.0 %
Sales commissions:
Sales-based (1) 74,606 63,403 48,775 47,927 52,452 53,630 ) -15.4 % 138,009 106,082 ) -23.1 %
Asset-based (2) 53,366 50,876 51,549 51,047 54,276 55,085 8.3 % 104,242 109,361 4.9 %
Other sales commissions 5,952 5,484 5,592 4,187 4,147 4,907 ) -10.5 % 11,436 9,054 ) -20.8 %
Interest expense 6,853 6,814 6,802 6,768 6,690 6,686 ) -1.9 % 13,667 13,376 ) -2.1 %
Contract acquistion costs (4) 20,649 19,384 13,446 14,952 14,984 12,602 ) -35.0 % 40,034 27,586 ) -31.1 %
Other operating expenses 86,434 79,728 73,790 80,443 89,534 83,189 4.3 % 166,162 172,723 3.9 %
Goodwill impairment — — 60,000 — — — #DIV/0! — — #DIV/0!
Loss on extinguishment of debt — — — — — — #DIV/0! — — #DIV/0!
Total benefits and expenses 541,783 505,844 552,157 500,367 523,095 499,489 ) -1.3 % 1,047,627 1,022,584 ) -2.4 %
Income before income taxes 149,442 162,837 121,131 186,572 166,942 188,896 16.0 % 312,280 355,838 13.9 %
Income taxes 34,268 37,265 41,569 39,851 38,843 44,392 19.1 % 71,533 83,235 16.4 %
Net income 115,175 125,572 79,561 146,721 128,099 144,504 15.1 % 240,747 272,603 13.2 %
Net income attributable to noncontrolling interests (2,654 ) (2,384 ) — — — — 100.0 % (5,038 ) — 100.0 %
Net Income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 12.9 % $ 245,785 $ 272,603 10.9 %
Income Before Income Taxes by Segment
Term Life $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 9.0 % $ 250,701 $ 270,655 8.0 %
Investment & Savings Products 67,038 63,017 59,222 56,612 56,107 59,583 ) -5.4 % 130,056 115,691 ) -11.0 %
Senior Health (23,085 ) (16,150 ) (63,723 ) 4,285 (3,762 ) (6,033 ) 62.6 % (39,235 ) (9,795 ) 75.0 %
Corporate & Other Distributed Products (16,632 ) (12,609 ) (6,075 ) (6,325 ) (15,944 ) (4,769 ) 62.2 % (29,241 ) (20,713 ) 29.2 %
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 166,942 $ 188,896 16.0 % $ 312,280 $ 355,838 13.9 %

All values are in US Dollars.

(1) Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2) 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.

(3) Account-based - revenues relating to the fee generating client accounts we administer.

(4) Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire Senior Health product leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

6 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 2.5 % $ 1,596,707 $ 1,636,177 2.5 %
Less: Premiums ceded to IPO Coinsurers 234,614 231,805 226,869 224,240 220,240 216,740 ) -6.5 % 466,419 436,980 ) -6.3 %
Term Life adjusted direct premiums $ 558,640 $ 571,648 $ 577,717 $ 583,556 $ 592,640 $ 606,557 6.1 % $ 1,130,288 $ 1,199,197 6.1 %
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums $ (398,446 ) $ (417,406 ) $ (403,416 ) $ (404,174 ) $ (404,044 ) $ (423,704 ) ) -1.5 % $ (815,852 ) $ (827,747 ) ) -1.5 %
Less: Premiums ceded to IPO Coinsurers (234,614 ) (231,805 ) (226,869 ) (224,240 ) (220,240 ) (216,740 ) 6.5 % (466,419 ) (436,980 ) 6.3 %
Term Life other ceded premiums $ (163,832 ) $ (185,601 ) $ (176,548 ) $ (179,935 ) $ (183,804 ) $ (206,964 ) ) -11.5 % $ (349,433 ) $ (390,767 ) ) -11.8 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 18,905 $ 21,284 $ 24,346 $ 28,530 $ 31,065 $ 32,398 52.2 % $ 40,189 $ 63,462 57.9 %
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) nm nm (3,353 ) (1,179 ) nm nm
Adjusted net investment income $ 21,004 $ 22,538 $ 24,414 $ 28,940 $ 31,392 $ 33,250 47.5 % $ 43,542 $ 64,642 48.5 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 86,434 $ 79,728 $ 73,790 $ 80,443 $ 89,534 $ 83,189 4.3 % $ 166,162 $ 172,723 3.9 %
Less: eTeleQuote transaction-related costs 900 (2,892 ) — — — — nm nm (1,992 ) — nm nm
Less: Equity comp for awards exchanged during acquisition 256 3,328 — — — — nm nm 3,584 — nm nm
Adjusted other operating expenses $ 85,278 $ 79,292 $ 73,790 $ 80,443 $ 89,534 $ 83,189 4.9 % $ 164,570 $ 172,723 5.0 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 691,225 $ 668,681 $ 673,288 $ 686,940 $ 690,036 $ 688,385 2.9 % $ 1,359,906 $ 1,378,422 1.4 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) nm nm (1,141 ) (4,936 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) nm nm (3,353 ) (1,179 ) nm nm
Adjusted operating revenues $ 692,573 $ 671,827 $ 676,056 $ 684,503 $ 694,972 $ 689,565 2.6 % $ 1,364,401 $ 1,384,537 1.5 %
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 166,942 $ 188,896 16.0 % $ 312,280 $ 355,838 13.9 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) nm nm (1,141 ) (4,936 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) nm nm (3,353 ) (1,179 ) nm nm
Less: eTeleQuote transaction-related costs (900 ) 2,892 — — — — nm nm 1,992 — nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — — — nm nm (3,584 ) — nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — — — nm nm (6,797 ) — nm nm
Less: Goodwill impairment — — (60,000 ) — — — nm nm — — nm nm
Adjusted operating income before income taxes $ 155,615 $ 169,548 $ 183,898 $ 184,136 $ 171,877 $ 190,076 12.1 % $ 325,163 $ 361,953 11.3 %
Reconciliation from Net Income to Adjusted Net Operating Income
Net income $ 115,175 $ 125,572 $ 79,561 $ 146,721 $ 128,099 $ 144,504 15.1 % $ 240,747 $ 272,603 13.2 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) nm nm (1,141 ) (4,936 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) nm nm (3,353 ) (1,179 ) nm nm
Less: e-TeleQuote transaction-related costs (900 ) 2,892 — — — — nm nm 1,992 — nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — — — nm nm (3,584 ) — nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — — — nm nm (6,797 ) — nm nm
Less: Goodwill impairment — — (60,000 ) — — — nm nm — — nm nm
Less: Tax impact of reconciling items 1,603 1,573 647 (520 ) 1,151 277 nm nm 3,176 1,428 nm nm
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 11.2 % $ 250,454 $ 277,290 10.7 %

All values are in US Dollars.

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
Income before income taxes $ (23,085 ) $ (16,150 ) $ (63,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) 62.6 % $ (39,235 ) $ (9,795 ) 75.0 %
Less: e-TeleQuote transaction-related costs (399 ) (66 ) — — — — nm nm nm nm nm nm
Less: Noncontrolling interest (3,668 ) (3,129 ) — — — — nm nm nm nm nm nm
Less: Goodwill impairment — — (60,000 ) — — — nm nm nm nm nm nm
Adjusted operating income before income taxes $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) 53.4 % $ (31,973 ) $ (9,795 ) 69.4 %
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (16,632 ) $ (12,609 ) $ (6,075 ) $ (6,325 ) $ (15,944 ) $ (4,769 ) 62.2 % $ (29,241 ) $ (20,713 ) 29.2 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) nm nm nm nm nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) nm nm nm nm nm nm
Less: e-TeleQuote transaction-related costs (501 ) 2,958 — — — — nm nm nm nm nm nm
Less: Equity comp for awards exchanged during acquistion (256 ) (3,328 ) — — — — nm nm nm nm nm nm
Less: Loss on extinguishment of debt — — — — — — nm nm nm nm nm nm
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (11,008 ) $ (3,589 ) 60.5 % $ (23,621 ) $ (14,598 ) 38.2 %

All values are in US Dollars.

8 of 18

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 2.5 % $ 1,596,707 $ 1,636,177 2.5 %
Premiums ceded to IPO coinsurers (1) (234,614 ) (231,805 ) (226,869 ) (224,240 ) (220,240 ) (216,740 ) 6.5 % (466,419 ) (436,980 ) 6.3 %
Adjusted direct premiums (2) 558,640 571,648 577,717 583,556 592,640 606,557 6.1 % 1,130,288 1,199,197 6.1 %
Other ceded premiums (3) (163,832 ) (185,601 ) (176,548 ) (179,935 ) (183,804 ) (206,964 ) ) -11.5 % (349,433 ) (390,767 ) ) -11.8 %
Net premiums 394,808 386,047 401,169 403,621 408,836 399,594 3.5 % 780,855 808,430 3.5 %
Other, net 12,175 12,374 13,419 12,352 12,233 12,280 ) -0.8 % 24,549 24,513 ) -0.1 %
Revenues 406,983 398,421 414,588 415,974 421,069 411,873 3.4 % 805,404 832,942 3.4 %
Benefits and expenses:
Benefits and claims 161,702 144,626 156,587 157,082 158,940 143,855 ) -0.5 % 306,328 302,795 ) -1.2 %
Future policy benefits remeasurement (gain)/loss (907 ) (136 ) 1,598 (1 ) 1,035 (1,312 ) ) nm (1,043 ) (277 ) 73.5 %
Amortization of DAC 62,000 63,169 64,262 65,444 66,068 66,004 4.5 % 125,169 132,072 5.5 %
Insurance commissions 3,793 3,854 3,964 3,724 4,590 5,496 42.6 % 7,648 10,086 31.9 %
Insurance expenses 58,272 58,329 56,471 57,723 59,896 57,717 ) -1.0 % 116,601 117,613 0.9 %
Benefits and expenses 284,861 269,842 282,881 283,973 290,529 271,759 0.7 % 554,703 562,288 1.4 %
Income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 9.0 % $ 250,701 $ 270,655 8.0 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 448,657 $ 460,061 $ 465,354 $ 469,565 $ 477,227 $ 489,826 6.5 % $ 908,718 $ 967,054 6.4 %
Pre-IPO direct premiums (5) 344,597 343,392 339,232 338,230 335,652 333,471 ) -2.9 % 687,989 669,123 ) -2.7 %
Total direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 2.5 % $ 1,596,707 $ 1,636,177 2.5 %
Premiums ceded to IPO coinsurers $ 234,614 $ 231,805 $ 226,869 $ 224,240 $ 220,240 $ 216,740 ) -6.5 % $ 466,419 $ 436,980 ) -6.3 %
% of Pre-IPO direct premiums 68.1 % 67.5 % 66.9 % 66.3 % 65.6 % 65.0 % nm nm 67.8 % 65.3 % nm nm
Benefits and claims, net (6) $ 324,628 $ 330,090 $ 334,732 $ 337,017 $ 343,779 $ 349,506 5.9 % $ 654,718 $ 693,285 5.9 %
% of adjusted direct premiums 58.1 % 57.7 % 57.9 % 57.8 % 58.0 % 57.6 % nm nm 57.9 % 57.8 % nm nm
DAC amortization & insurance commissions $ 65,793 $ 67,023 $ 68,226 $ 69,168 $ 70,657 $ 71,500 6.7 % $ 132,817 $ 142,157 7.0 %
% of adjusted direct premiums 11.8 % 11.7 % 11.8 % 11.9 % 11.9 % 11.8 % nm nm 11.8 % 11.9 % nm nm
Insurance expenses, net (7) $ 46,097 $ 45,955 $ 43,052 $ 45,371 $ 47,663 $ 45,437 ) -1.1 % $ 92,053 $ 93,100 1.1 %
% of adjusted direct premiums 8.3 % 8.0 % 7.5 % 7.8 % 8.0 % 7.5 % nm nm 8.1 % 7.8 % nm nm
Total Term Life income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 9.0 % $ 250,701 $ 270,655 8.0 %
Term Life operating margin (8) 21.9 % 22.5 % 22.8 % 22.6 % 22.0 % 23.1 % nm nm 22.2 % 22.6 % nm nm

All values are in US Dollars.

(1) 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.

(2) Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3) Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4) Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5) Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6) Benefits and claims, net - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely YRT.

(7) Insurance expenses, net - insurance expenses net of other, net revenues.

(8) Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 18

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 129,515 130,206 132,149 134,313 135,208 136,430 4.8 % 129,515 135,208 4.4 %
9,983 11,529 12,518 11,117 11,118 12,638 9.6 % 21,512 23,756 10.4 %
(9,292 ) (9,586 ) (10,354 ) (10,222 ) (9,896 ) (11,262 ) ) -17.5 % (18,878 ) (21,158 ) ) -12.1 %
Life-insurance licensed sales force, end of period 130,206 132,149 134,313 135,208 136,430 137,806 4.3 % 132,149 137,806 4.3 %
Estimated annualized issued term life premium (mills) (1):
$ 65.5 $ 72.3 $ 68.0 $ 66.0 $ 70.7 $ 82.0 13.3 % $ 137.8 $ 152.7 10.8 %
18.4 20.6 19.5 18.2 18.2 19.7 ) -4.5 % 39.0 37.9 ) -2.8 %
Total estimated annualized issued term life premium $ 83.8 $ 92.9 $ 87.5 $ 84.2 $ 88.9 $ 101.7 9.4 % $ 176.8 $ 190.6 7.8 %
Issued term life policies 71,324 76,946 71,104 72,544 84,561 96,953 26.0 % 148,270 181,514 22.4 %
Estimated average annualized issued term life premium per policy (1)(2) $ 918 $ 940 $ 957 $ 910 $ 836 $ 846 ) -10.1 % $ 929 $ 841 ) -9.5 %
Adjusted issued term life policies (3) $ 83,050 $ 89,316 $ 81,372 $ 79,282 $ 84,561 $ 96,953 8.6 % $ 172,366 $ 181,514 5.3 %
Adjusted estimated average annualized issued term life premium per policy (1)(2) $ 788 $ 810 $ 836 $ 833 $ 836 $ 846 4.4 % $ 799 $ 841 5.2 %
Term life face amount in-force, beginning of period (mills) $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 1.5 % $ 903,404 $ 916,808 1.5 %
24,773 27,651 26,049 25,349 28,124 32,203 16.5 % 52,423 60,327 15.1 %
(19,787 ) (19,298 ) (21,033 ) (22,776 ) (22,210 ) (22,583 ) ) -17.0 % (39,085 ) (44,793 ) ) -14.6 %
1,242 (3,547 ) (6,669 ) 1,450 124 2,401 nm (2,305 ) 2,525 nm
Term life face amount in-force, end of period $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867 2.2 % $ 914,438 $ 934,867 2.2 %

All values are in US Dollars.

(1) 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.

(2) In whole dollars.

(3) Provided for comparability of year-over-year results of term life issued policies and reflects the estimated number of policies issued after adjusting for a consistent basis of insured lives per policy following the Q4 2022 new product launch

(4) 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 18

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 103,242 $ 88,701 $ 67,962 $ 66,473 $ 72,388 $ 74,958 ) -15.5 % $ 191,942 $ 147,346 ) -23.2 %
Asset-based 113,112 108,101 107,483 105,357 111,904 113,335 4.8 % 221,213 225,239 1.8 %
Account-based 21,541 22,592 22,910 23,348 22,790 23,095 2.2 % 44,134 45,886 4.0 %
Other, net 3,144 3,022 3,342 3,102 3,120 3,121 3.3 % 6,166 6,240 1.2 %
Revenues 241,039 222,416 201,697 198,280 210,202 214,509 ) -3.6 % 463,455 424,712 ) -8.4 %
Benefits and expenses:
Amortization of DAC 1,446 1,421 1,378 1,336 1,493 1,409 ) -0.9 % 2,867 2,901 1.2 %
Insurance commissions 3,646 3,450 3,419 3,320 3,308 3,273 ) -5.1 % 7,096 6,581 ) -7.2 %
Sales commissions:
Sales-based 74,606 63,403 48,775 47,927 52,452 53,630 ) -15.4 % 138,009 106,082 ) -23.1 %
Asset-based 53,366 50,876 51,549 51,047 54,276 55,085 8.3 % 104,242 109,361 4.9 %
Other operating expenses 40,936 40,249 37,355 38,038 42,567 41,529 3.2 % 81,185 84,095 3.6 %
Benefits and expenses 174,001 159,398 142,476 141,669 154,095 154,926 ) -2.8 % 333,399 309,021 ) -7.3 %
Income before income taxes $ 67,038 $ 63,017 $ 59,222 $ 56,612 $ 56,107 $ 59,583 ) -5.4 % $ 130,056 $ 115,691 ) -11.0 %
Financial Analysis
Fees paid based on client asset values (1) $ 8,037 $ 7,917 $ 7,980 $ 8,004 $ 8,034 $ 8,142 2.8 % $ 15,954 $ 16,176 1.4 %
Fees paid based on fee-generating positions (2) 10,948 9,974 9,486 9,665 11,528 10,216 2.4 % 20,922 21,744 3.9 %
Other operating expenses 21,951 22,358 19,889 20,369 23,005 23,171 3.6 % 44,309 46,176 4.2 %
Total other operating expenses $ 40,936 $ 40,249 $ 37,355 $ 38,038 $ 42,567 $ 41,529 3.2 % $ 81,185 $ 84,095 3.6 %
Sales-based net revenue as % of revenue-generating sales (3)
U.S. 1.20 % 1.27 % 1.23 % 1.21 % 1.21 % 1.21 % nm nm 1.23 % 1.21 % nm nm
Canada 1.00 % 0.78 % 0.32 % 0.31 % 0.33 % 0.37 % nm nm 0.92 % 0.34 % nm nm
Total 1.16 % 1.21 % 1.17 % 1.15 % 1.13 % 1.16 % nm nm 1.18 % 1.15 % nm nm
Asset-based net revenue as % of average asset values (4)
U.S. 0.039 % 0.040 % 0.042 % 0.040 % 0.042 % 0.041 % nm nm 0.078 % 0.084 % nm nm
Canada 0.108 % 0.106 % 0.105 % 0.103 % 0.102 % 0.104 % nm nm 0.214 % 0.206 % nm nm
Total 0.049 % 0.051 % 0.052 % 0.050 % 0.052 % 0.051 % nm nm 0.100 % 0.103 % nm nm
Account-based net revenue per average fee generating position (5)(6) $ 3.48 $ 4.08 $ 4.31 $ 4.37 $ 3.58 $ 4.07 nm nm $ 7.57 $ 7.65 nm nm

All values are in US Dollars.

(1) 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.

(2) Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

(3) Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4) Asset-based net revenue - 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.

(5) Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6) In whole dollars.

11 of 18

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,298.6 $ 1,151.4 $ 931.8 $ 883.8 $ 971.7 $ 998.5 ) -13.3 % $ 2,450.0 $ 1,970.2 ) -19.6 %
437.6 250.6 112.2 112.0 149.8 106.2 ) -57.6 % 688.3 256.0 ) -62.8 %
57.5 70.2 55.8 69.2 80.7 89.3 27.3 % 127.6 170.0 33.2 %
668.4 617.3 542.5 548.0 556.4 649.1 5.2 % 1,285.7 1,205.5 ) -6.2 %
Total sales-based revenue generating product sales 2,462.1 2,089.5 1,642.3 1,612.9 1,758.6 1,843.1 ) -11.8 % 4,551.6 3,601.7 ) -20.9 %
453.7 451.3 319.6 288.1 306.1 317.0 ) -29.8 % 905.0 623.1 ) -31.1 %
82.2 97.5 157.9 156.6 183.4 193.6 98.5 % 179.8 377.0 109.7 %
67.3 51.3 41.6 35.0 51.9 27.9 ) -45.6 % 118.6 79.8 ) -32.7 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6 ) -11.5 % $ 5,755.0 $ 4,681.6 ) -18.7 %
$ 519.9 $ 348.1 $ 270.2 $ 268.6 $ 333.2 $ 299.8 ) -13.9 % $ 868.0 $ 633.0 ) -27.1 %
67.3 51.3 41.6 35.0 51.9 27.9 ) -45.6 % 118.6 79.8 ) -32.7 %
Total Canada product sales 587.1 399.4 311.8 303.5 385.0 327.7 ) -18.0 % 986.6 712.8 ) -27.8 %
Total U.S. product sales 2,478.2 2,290.1 1,849.7 1,789.0 1,914.9 2,053.9 ) -10.3 % 4,768.4 3,968.8 ) -16.8 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6 ) -11.5 % $ 5,755.0 $ 4,681.6 ) -18.7 %
Client asset values, beginning of period (mills) $ 97,312 $ 93,708 $ 82,291 $ 78,737 $ 83,949 $ 87,621 ) -6.5 % $ 97,312 $ 83,949 ) -13.7 %
3,065 2,690 2,161 2,093 2,300 2,382 ) -11.5 % 5,755 4,682 ) -18.7 %
(1,900 ) (1,797 ) (1,447 ) (1,444 ) (1,658 ) (1,839 ) ) -2.4 % (3,697 ) (3,497 ) 5.4 %
Net flows 1,166 893 714 649 642 542 ) -39.2 % 2,058 1,184 ) -42.5 %
171 (474 ) (802 ) 174 16 315 nm (303 ) 330 nm
(4,941 ) (11,836 ) (3,466 ) 4,388 3,014 3,168 126.8 % (16,777 ) 6,182 136.8 %
Client asset values, end of period $ 93,708 $ 82,291 $ 78,737 $ 83,949 $ 87,621 $ 91,646 11.4 % $ 82,291 $ 91,646 11.4 %
4.8 % 3.8 % 3.5 % 3.3 % 3.1 % 2.5 % % nm 4.2 % 2.8 % % nm
Average client asset values (mills)
$ 46,429 $ 42,870 $ 40,331 $ 40,402 $ 42,096 $ 43,225 0.8 % $ 44,650 $ 42,661 ) -4.5 %
12,119 11,539 10,840 10,759 11,345 11,567 0.2 % 11,829 11,456 ) -3.1 %
7,077 6,960 6,817 6,949 7,338 7,613 9.4 % 7,018 7,475 6.5 %
2,650 2,677 2,696 2,710 2,729 2,760 3.1 % 2,664 2,745 3.0 %
23,218 21,431 20,269 20,137 20,744 21,323 ) -0.5 % 22,324 21,034 ) -5.8 %
2,710 2,517 2,368 2,299 2,329 2,324 ) -7.7 % 2,614 2,326 ) -11.0 %
Total $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813 0.9 % $ 91,098 $ 87,697 ) -3.7 %
$ 12,119 $ 11,539 $ 10,840 $ 10,759 $ 11,345 $ 11,567 0.2 % $ 11,829 $ 11,456 ) -3.1 %
2,710 2,517 2,368 2,299 2,329 2,324 ) -7.7 % 2,614 2,326 ) -11.0 %
Total Canada average client assets 14,829 14,056 13,208 13,058 13,674 13,891 ) -1.2 % 14,443 13,782 ) -4.6 %
Total U.S. average client assets 79,374 73,938 70,112 70,198 72,907 74,922 1.3 % 76,656 73,915 ) -3.6 %
Total average client assets $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813 0.9 % $ 91,098 $ 87,697 ) -3.7 %
Average number of fee-generating positions (thous) (3)
2,243 2,277 2,295 2,309 2,316 2,331 2.4 % 2,260 2,324 2.8 %
797 812 820 825 829 834 2.7 % 805 832 3.4 %
Total 3,040 3,089 3,115 3,134 3,145 3,165 2.5 % 3,065 3,155 3.0 %

All values are in US Dollars.

(1) 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.

(2) Change in market value, net - market value fluctuations net of fees and expenses.

(3) 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 18

Senior Health - Financial Results, Financial Analysis Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Senior Health Income Before Income Taxes
Revenues:
Commissions and fees (1) $ 1,278 $ 9,343 $ 14,601 $ 22,198 $ 15,755 $ 11,371 21.7 % $ 10,621 $ 27,125 nm
Other, net (2) 4,553 2,471 2,583 5,655 2,955 3,519 42.4 % 7,024 6,474 ) -7.8 %
Revenues 5,831 11,814 17,183 27,853 18,710 14,889 26.0 % 17,645 33,599 90.4 %
Benefits and expenses:
Contract acquisition costs (3) 20,649 19,384 13,446 14,952 14,984 12,602 ) -35.0 % 40,034 27,586 ) -31.1 %
Adjusted other operating expenses 7,868 8,514 7,461 8,617 7,488 8,320 ) -2.3 % 16,381 15,808 ) -3.5 %
Adjusted operating benefits and expenses 28,517 27,898 20,907 23,568 22,471 20,922 ) -25.0 % 56,415 43,394 ) -23.1 %
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) 62.5 % $ (38,770 ) $ (9,795 ) 74.7 %
Non-controlling interest before income taxes (3,668 ) (3,129 ) — — — — 100.0 % (6,797 ) — 100.0 %
Adjusted operating income before income taxes attributable to Primerica, Inc. $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) 53.4 % $ (31,973 ) $ (9,795 ) 69.4 %
Senior Health EBITDA
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) 62.5 % $ (38,770 ) $ (9,795 ) 74.7 %
Less: Amortization of intangibles (2,600 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) nm (5,400 ) (5,600 ) ) -3.7 %
Less: Depreciation (245 ) (226 ) (221 ) (211 ) (200 ) (160 ) 29.0 % (471 ) (360 ) 23.4 %
Adjusted EBITDA (Including non-controlling interest) (4) $ (19,841 ) $ (13,058 ) $ (703 ) $ 7,297 $ (762 ) $ (3,073 ) 76.5 % $ (32,899 ) $ (3,834 ) 88.3 %
Financial Analysis and Key Statistics
Senior Health submitted policies (5) 26,231 19,652 16,095 23,060 19,826 13,885 ) -29.3 % 45,883 33,711 ) -26.5 %
Senior Health approved policies (6) 23,594 17,925 14,862 20,705 18,413 12,915 ) -27.9 % 41,519 31,328 ) -24.5 %
Primerica representatives Senior Health certified (7) 42,147 60,412 83,280 93,348 94,623 94,335 56.2 % 60,412 94,335 56.2 %
Senior Health submitted policies sourced by Primerica representatives 988 831 1,016 5,666 2,073 1,707 105.4 % 1,819 3,780 107.8 %
LTV per approved policy (8) $ 862 $ 820 $ 868 $ 888 $ 856 $ 880 7.3 % $ 844 $ 866 2.6 %
CAC per approved policy (8) $ 875 $ 1,081 $ 905 $ 722 $ 814 $ 976 ) -9.8 % $ 964 $ 881 ) -8.7 %
LTV / CAC multiple 1.0 x 0.8 x 1.0 x 1.2 x 1.1 x 0.9 x x nm 0.9 x 1.0 x x nm

All values are in US Dollars.

(1) Commission revenue recognized based on the estimated Lifetime value (LTV) to be collected over the estimated life of an approved policy for the relevant period based on multiple factors, including but not limited to contracted commission rates, carrier mix, expected policy turnover, historical chargeback activity and applied constraints. Adjustments to revenue outside of LTV for approved policies from prior periods are recognized when our cash collections are different, or are expected to be, from the estimated constrained LTV’s which we refer to as tail revenue.

(2) Primarily reflects marketing development revenues, which are non-commission revenues received from carriers to support marketing efforts and lead acquisition.

(3) Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

(4) Adjusted EBITDA - Earnings before interest, taxes, depreciation, amortization and certain adjustments for non-cash or non-recurring expenses including purchase accounting adjustments.

(5) Senior Health submitted policies - represents the number of completed applications that, with respect to each such application, the applicant has authorized us to submit to the health insurance carrier. The applicant may need to take additional actions, including providing subsequent information before the application is reviewed by the health insurance carrier.

(6) Senior Health approved policies - represent an estimate of submitted policies approved by health insurance carriers during the indicated period. Not all approved policies will go in force.

(7) A Primerica independent contractor sales representative does not need to be life-insurance licensed in order to obtain a Primerica Senior Health certification.

(8) In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 5,412 $ 5,441 $ 5,494 $ 4,685 $ 4,993 $ 4,999 ) -8.1 % $ 10,853 $ 9,991 ) -7.9 %
Ceded premiums (1,439 ) (1,642 ) (1,454 ) (1,914 ) (1,304 ) (1,562 ) 4.9 % (3,082 ) (2,866 ) 7.0 %
Net premiums 3,973 3,799 4,040 2,772 3,689 3,436 ) -9.5 % 7,771 7,125 ) -8.3 %
Adjusted net investment income 21,004 22,538 24,414 28,940 31,392 33,250 47.5 % 43,542 64,641 48.5 %
Commissions and fees:
Prepaid Legal Services 4,287 4,664 5,672 3,821 3,991 4,421 ) -5.2 % 8,951 8,412 ) -6.0 %
Auto and Homeowners Insurance 1,591 2,056 2,647 1,994 1,831 2,349 14.3 % 3,647 4,180 14.6 %
Mortgage loans 4,818 3,128 2,103 1,656 1,211 1,775 ) -43.2 % 7,946 2,987 ) -62.4 %
Other sales commissions 1,932 2,103 2,090 1,872 1,676 1,826 ) -13.2 % 4,034 3,502 ) -13.2 %
Other, net 1,117 889 1,621 1,341 1,200 1,236 39.1 % 2,006 2,436 21.5 %
Adjusted operating revenues 38,721 39,176 42,587 42,396 44,990 48,293 23.3 % 77,897 93,283 19.8 %
Benefits and expenses:
Benefits and claims 1,881 3,743 2,809 3,972 4,327 5,057 35.1 % 5,624 9,384 66.8 %
Future policy benefits remeasurement (gain)/loss 162 36 (84 ) 958 (477 ) (554 ) ) nm 198 (1,031 ) ) nm
Amortization of DAC 407 240 438 87 362 697 nm 648 1,060 63.6 %
Insurance commissions 282 290 283 237 241 373 28.4 % 572 614 7.3 %
Insurance expenses 1,237 1,132 1,081 1,160 1,229 1,377 21.7 % 2,368 2,606 10.0 %
Sales commissions 5,952 5,484 5,592 4,187 4,147 4,907 ) -10.5 % 11,436 9,054 ) -20.8 %
Interest expense 6,853 6,814 6,802 6,768 6,690 6,686 ) -1.9 % 13,667 13,376 ) -2.1 %
Adjusted other operating expenses 36,475 30,530 28,974 33,788 39,480 33,340 9.2 % 67,004 72,820 8.7 %
Adjusted benefits and expenses 53,248 48,270 45,894 51,158 55,999 51,882 7.5 % 101,518 107,881 6.3 %
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (11,008 ) $ (3,589 ) 60.5 % $ (23,621 ) $ (14,598 ) 38.2 %

All values are in US Dollars.

14 of 18

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended June 30, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% 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 $ 583,161 $ 583,161 $ - 18.4 % 16.8 %
Fixed Income:
Treasury 19,162 19,893 (731 ) 0.6 % 0.6 % 2.62 % AAA
Government 232,220 254,859 (22,639 ) 7.3 % 7.4 % 3.07 % AA-
Tax-Exempt Municipal 33,285 36,777 (3,493 ) 1.0 % 1.1 % 2.69 % AA
Corporate 1,276,784 1,408,086 (131,302 ) 40.2 % 40.6 % 3.69 % BBB+
Mortgage Backed 415,498 486,809 (71,311 ) 13.1 % 14.1 % 3.01 % AAA
Asset Backed 179,067 194,087 (15,021 ) 5.6 % 5.6 % 4.12 % A+
Cmbs 118,124 135,788 (17,664 ) 3.7 % 3.9 % 3.50 % AA-
Private 281,669 306,898 (25,229 ) 8.9 % 8.9 % 4.71 % BBB+
Redeemable Preferred 3,882 4,248 (367 ) 0.1 % 0.1 % 5.33 % BBB-
Total Fixed Income 2,559,690 2,847,445 (287,756 ) 80.6 % 82.2 % 3.63 % A
Equities and Other:
Perpetual Preferred 8,585 8,585 - 0.3 % 0.2 %
Common Stock 18,772 18,772 0 0.6 % 0.5 %
Mutual Fund 6,245 6,245 - 0.2 % 0.2 %
Total Equities 33,601 33,601 0 1.1 % 1.0 %
Total Invested Assets $ 3,176,452 $ 3,464,207 $ (287,756 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 155,868 $ 175,918 $ (20,051 ) 12.2 % 12.5 %
Energy 144,532 156,761 (12,229 ) 11.3 % 11.1 %
Consumer Non Cyclical 127,556 142,661 (15,106 ) 10.0 % 10.1 %
Banking 113,484 118,009 (4,525 ) 8.9 % 8.4 %
Reits 112,547 130,813 (18,267 ) 8.8 % 9.3 %
Consumer Cyclical 106,721 117,131 (10,409 ) 8.4 % 8.3 %
Technology 93,582 100,814 (7,232 ) 7.3 % 7.2 %
Capital Goods 74,083 79,544 (5,462 ) 5.8 % 5.6 %
Basic Industry 63,549 71,108 (7,560 ) 5.0 % 5.0 %
Electric 57,986 63,588 (5,602 ) 4.5 % 4.5 %
Finance Companies 54,799 61,667 (6,869 ) 4.3 % 4.4 %
Transportation 53,045 57,641 (4,596 ) 4.2 % 4.1 %
Communications 48,041 51,975 (3,934 ) 3.8 % 3.7 %
Brokerage 42,724 48,420 (5,696 ) 3.3 % 3.4 %
Financial Other 8,570 9,588 (1,018 ) 0.7 % 0.7 %
Natural Gas 7,288 7,813 (525 ) 0.6 % 0.6 %
Industrial Other 5,934 6,920 (985 ) 0.5 % 0.5 %
Utility Other 4,613 5,389 (775 ) 0.4 % 0.4 %
Owned No Guarantee 1,862 2,325 (463 ) 0.1 % 0.2 %
Total Corporate portfolio $ 1,276,784 $ 1,408,086 $ (131,302 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 191,811 $ 194,913 $ (3,102 ) 7.5 % 6.8 % 3.78 %
1-2 Yrs. 240,051 249,402 (9,350 ) 9.4 % 8.8 % 3.69 %
2-5 Yrs. 755,693 816,578 (60,885 ) 29.5 % 28.7 % 3.74 %
5-10 Yrs. 1,093,928 1,259,836 (165,908 ) 42.7 % 44.2 % 3.47 %
> 10 Yrs. 278,206 326,716 (48,510 ) 10.9 % 11.5 % 3.83 %
Total Fixed Income $ 2,559,690 $ 2,847,445 $ (287,756 ) 100.0 % 100.0 % 3.63 %
Duration
Fixed Income portfolio duration 4.7 years

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

15 of 18

Investment Portfolio - Quality Ratings As of June 30, 2023 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 590,359 20.7 %
AA 325,732 11.4 %
A 706,034 24.8 %
BBB 1,163,384 40.9 %
Below Investment Grade 57,736 2.0 %
NA 4,201 0.1 %
Total Fixed Income $ 2,847,445 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 10,169 0.7 % AAA $ - —
AA 66,906 4.8 % AA 9,189 3.0 %
A 361,574 25.7 % A 72,421 23.6 %
BBB 917,306 65.1 % BBB 223,562 72.8 %
Below Investment Grade 51,955 3.7 % Below Investment Grade 1,726 0.6 %
NA 176 0.0 % NA - —
Total Corporate $ 1,408,086 100.0 % Total Private $ 306,898 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 60,324 44.4 % AAA $ 437,676 89.9 %
AA 8,895 6.6 % AA 48,921 10.0 %
A 66,570 49.0 % A 126 0.0 %
BBB - — BBB - —
Below Investment Grade - — Below Investment Grade 64 0.0 %
NA - — NA 22 0.0 %
Total CMBS $ 135,788 100.0 % Total Mortgage-Backed $ 486,809 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 36,015 18.6 % AAA $ 45,486 16.6 %
AA 15,357 7.9 % AA 148,407 54.0 %
A 129,723 66.8 % A 68,638 25.0 %
BBB 6,138 3.2 % BBB 11,081 4.0 %
Below Investment Grade 2,850 1.5 % Below Investment Grade 1,140 0.4 %
NA 4,004 2.1 % NA 0 0.0 %
Total Asset-Backed $ 194,087 100.0 % Total Treasury & Government $ 274,752 100.0 %
NAIC Designations
1 $ 1,377,017 55.0 %
2 1,056,881 42.2 %
3 59,590 2.4 %
4 7,752 0.3 %
5 691 0.0 %
6 0 0.0 %
U.S. Insurer Fixed Income (2) 2,501,931 100.0 %
Other (3) 379,115
Cash and cash equivalents 583,161
Total Invested Assets $ 3,464,207

(1) Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2) NAIC ratings for our U.S. insurance companies' fixed income portfolios.

(3) 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.

16 of 18

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 20,889 $ 22,414 $ 23,067 $ 24,605 $ 25,806 $ 26,357 17.6%
Fixed-maturity securities (held-to-maturity) 15,515 15,815 16,283 16,309 16,435 16,608 5.0%
Equity Securities 387 371 373 377 380 380 2.4%
Deposit asset underlying 10% reinsurance treaty 589 485 557 2,134 2,377 2,488 nm
Deposit asset - Mark to Market (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) 32.1%
Policy loans and other invested assets 102 58 436 450 (72 ) 352 nm
Cash & cash equivalents 125 498 1,714 3,605 5,128 5,840 nm
Total investment income 35,508 38,387 42,362 47,072 49,727 51,172 33.3%
Investment expenses 1,088 1,288 1,733 2,233 2,227 2,167 68.2%
Interest Expense on Surplus Note 15,515 15,815 16,283 16,309 16,435 16,608 5.0%
Net investment income $ 18,905 $ 21,284 $ 24,346 $ 28,530 $ 31,065 $ 32,397 52.2%
Fixed income book yield, end of period 3.18 % 3.25 % 3.34 % 3.44 % 3.57 % 3.63 %
New money yield 3.37 % 4.21 % 3.93 % 5.41 % 5.57 % 5.46 %
YOY Q2
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 21.0 % 22.0 % 21.5 % 21.6 % 20.8 % 20.7 % %
AA 11.2 % 11.2 % 11.1 % 11.5 % 11.3 % 11.4 % %
A 23.7 % 23.0 % 23.0 % 24.6 % 25.0 % 24.8 % %
BBB 39.8 % 39.6 % 40.1 % 39.9 % 40.5 % 40.9 % %
Below Investment Grade 3.1 % 2.8 % 2.7 % 2.4 % 2.2 % 2.0 % %
NA 1.2 % 1.3 % 1.5 % 0.0 % 0.2 % 0.1 % %
100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
A A A A A A

All values are in US Dollars.

As of June 30, 2023 As of June 30, 2023 As of June 30, 2023
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 Canada $ 19,657 $ 20,984 AAA Canada $ 83,898 $ 93,452 AAA $ 2,015 $ 2,114
2 Province of Alberta Canada 15,151 16,179 A+ United Kingdom 24,731 25,270 AA — —
3 Province of Quebec Canada 14,988 15,584 AA- Australia 18,201 19,500 A 7,795 9,475
4 Province of Ontario Canada 14,317 14,847 A+ Mexico 6,535 7,690 BBB 9,642 10,631
5 Bank of America Corp 12,963 13,295 A- France 6,116 6,395 Below Investment Grade 641 1,140
6 Ontario Teachers' Pension Plan 12,774 14,429 AA+ Bermuda 5,921 6,237 NA — —
7 Wells Fargo & Co 11,309 11,395 BBB+ Netherlands 5,407 5,474 Total $ 20,093 $ 23,360
8 Manulife Financial Corp 10,779 11,686 A Japan 5,294 5,450
9 Morgan Stanley 10,357 10,765 BBB+ Luxembourg 4,579 4,700
10 TC Energy Corp 10,272 11,677 BBB+ Ireland 4,397 4,416 Non-Government Investments (1)
11 Province of Saskatchewan Canada 9,900 10,236 AA Malta 4,360 4,527
12 Goldman Sachs Group Inc. 9,482 9,811 BBB+ Israel 3,528 3,559 AAA $ 5,413 $ 5,461
13 ConocoPhillips 9,351 10,702 A Cayman Islands 3,512 3,534 AA 5,270 5,314
14 Enbridge Inc 9,164 9,959 BBB+ Brazil 2,423 2,616 A 46,409 49,325
15 Walmart Inc 8,464 8,610 AA Supranational 2,015 2,114 BBB 137,634 147,984
16 Fairfax Financial Holdings Ltd 8,319 9,788 BBB Emerging Markets (2) 10,334 12,068 Below Investment Grade 3,947 4,092
17 Province of Newfoundland and Labrador 8,305 9,120 AA All Other 29,099 30,116 NA 1,582 1,582
18 Brookfield Corp 8,180 8,573 A- Total $ 220,348 $ 237,119 Total $ 200,255 $ 213,758
19 Province of New Brunswick Canada 8,128 8,462 AA
20 Kemper Corp 8,092 9,093 BBB
21 Province of British Columbia Canada 8,055 8,528 AA
22 Intact Financial Corp 7,944 7,878 A+
23 Enterprise Products Partners 7,914 7,562 A-
24 City of Toronto Canada 7,851 8,162 AA
25 Western & Southern Mutual Holdings 7,734 9,426 AA
Total $ 259,451 $ 276,753
% of total fixed income portfolio 8.2 % 8.0 %

(1) US$ denominated investments in issuers outside of the United States based on country of risk.

(2) 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.

17 of 18

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2018 2019 2020 2021 2022 Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 290,886 282,207 400,345 349,374 359,735 84,707 70,215 127,788 77,025 93,540 86,124
Life-insurance licensed sales force, beginning of period 126,121 130,736 130,522 134,907 129,515 129,515 130,206 132,149 134,313 135,208 136,430
New life-licensed representatives 48,041 44,739 48,106 39,622 45,147 9,983 11,529 12,518 11,117 11,118 12,638
Non-renewal and terminated representatives (43,426 ) (44,953 ) (43,721 ) (45,014 ) (39,454 ) (9,292 ) (9,586 ) (10,354 ) (10,222 ) (9,896 ) (11,262 )
Life-insurance licensed sales force, end of period 130,736 130,522 134,907 129,515 135,208 130,206 132,149 134,313 135,208 136,430 137,806
Issued term life policies 301,589 287,809 352,868 323,855 291,918 71,324 76,946 71,104 72,544 84,561 96,953
Issued term life face amount $ 95,209 $ 93,994 $ 109,436 $ 108,521 $ 103,822 $ 24,773 $ 27,651 $ 26,049 $ 25,349 $ 28,124 $ 32,203
Term life face amount in force, beginning of period $ 763,831 $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845
Issued term life face amount 95,209 93,994 109,436 108,521 103,822 24,773 27,651 26,049 25,349 28,124 32,203
Terminated term life face amount (70,291 ) (71,519 ) (60,848 ) (64,798 ) (82,894 ) (19,787 ) (19,298 ) (21,033 ) (22,776 ) (22,210 ) (22,583 )
Foreign currency impact, net (7,708 ) 4,746 1,968 862 (7,524 ) 1,242 (3,547 ) (6,669 ) 1,450 124 2,401
Term life face amount in force, end of period $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867
Estimated annualized issued term life premium
Premium from new policies $ 250.8 $ 244.8 $ 303.6 $ 297.2 $ 271.9 $ 65.5 $ 72.3 $ 68.0 $ 66.0 $ 70.7 $ 82.0
Additions and increases in premium 55.2 60.2 68.9 77.0 76.7 18.4 20.6 19.5 18.2 18.2 19.7
Total estimated annualized issued term life premium $ 306.0 $ 305.0 $ 372.5 $ 374.2 $ 348.5 $ 83.8 $ 92.9 $ 87.5 $ 84.2 $ 88.9 $ 101.7
Investment & Savings product sales $ 7,040.1 $ 7,533.2 $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6
Investment & Savings average client asset values $ 61,842 $ 65,029 $ 69,709 $ 89,993 $ 87,193 $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813
Closed U.S. Mortgage Volume (brokered) $ — $ 31.1 $ 442.5 $ 1,229.2 $ 567.2 $ 235.9 $ 152.7 $ 99.8 $ 78.9 $ 55.6 $ 82.2

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EX-99.3

Exhibit 99.3

img166118240_0.jpg

Supplemental Financial Information

As Adjusted for ASU 2018-12

Fourth Quarter 2022

This document is a revision of the restated fourth quarter 2022 financial supplement furnished as an exhibit to the 8-K filed on May 2, 2023 and corrects certain immaterial misstatements identified in the prior period results related to the adoption of LDTI. These immaterial misstatements were specifically related to the Company’s accounting estimates under LDTI and thus no financial statements prior to the adoption of LDTI were affected.

Effective January 1, 2023, we adopted FASB ASU 2018-12 "Targeted Improvements to the Accounting for Long-Duration Contracts" (or "LDTI"). We have retrospectively restated 2021 and 2022 financial statements in compliance with the new accounting standard, with 2021 full year and 2022 quarterly restated results included herein. The impact of LDTI on our financial statements is significant, as it requires us to make changes to the way we calculate future policy benefit reserves on our term life insurance product and discontinued product lines issued by our New York subsidiary. LDTI also requires changes to the way we amortize deferred acquisition costs for these products as well as Canadian Segregated funds. Restating our financial statements is necessary to present historical periods on a comparable basis with future period results.

Also effective January 1, 2023, we will no longer be allocating a portion of net investment income to the Term Life Insurance segment, and all net investment income will be recorded in the Corporate & Other Distributed Products segment. As such, we have retrospectively restated for comparison purposes the 2021 and 2022 income statements for the Term Life Insurance and Corporate and Other Distributed Product Segments.

In this document, we have also included estimated term life issued policy counts by quarter for 2022 adjusting issued policies to a single life per policy basis to facilitate comparisons going forward.

A summary of significant changes by line item follows:

Term Life Insurance - Removal of Net investment income allocation and changes reflected in Benefits and claims, Future policy benefits remeasurement (gain)/loss and Amortization of DAC
Investment and Savings Products - Amortization of DAC
Senior Health - No change
Corp & Other Distributed Products - Inclusion of Net investment income formerly allocated to Term Life and changes reflected in Benefits and claims, Future policy benefits remeasurement (gain)/loss and Amortization of DAC for discontinued lines written by our New York subsidiary
Consolidated Balance Sheets - Due from Reinsurers, Deferred acquisitions costs, Future policy benefits, Income taxes, Retained Earnings, Accumulated other comprehensive income
Statements of Income - Benefits and claims, Future policy benefits remeasurement (gain)/loss, Amortization of DAC

To facilitate comparison, lines impacted by the change have been highlighted. Note that ratios and totals are also affected, however, these were not highlighted.

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, key statistics, and financial analysis 9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics 11-12
Senior Health segment - financial results, financial analysis, and key statistics 13
Corporate & Other Distributed Products segment - financial results 14
Investment portfolio 15-17
Five-year historical key statistics 18

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, 2022.

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

Fourth Quarter 2022

This document is a financial supplement to our fourth quarter 2022 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 and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, loss on the extinguishment of debt, transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. 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 the Company's insurance operations. We exclude the loss on the extinguishment of debt, e-TeleQuote transaction-related expenses/recoveries, and non-cash goodwill impairment charges in our non-GAAP financial measures as such expenses are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company.

• 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. 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. These reclassifications had no impact on net income or total stockholders’ equity.

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Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Dec 31,<br>2021 Mar 31,<br>2022 Jun 30,<br>2022 Sep 30,<br>2022 Dec 31,<br>2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,277,830 $ 3,191,154 $ 3,048,974 $ 2,981,598 $ 3,141,919
Securities held to maturity 1,379,100 1,390,310 1,415,940 1,433,760 1,444,920
Total investments and cash 4,656,930 4,581,464 4,464,914 4,415,358 4,586,839
Due from reinsurers 4,239,627 3,716,686 3,386,120 3,190,157 3,209,540
Deferred policy acquisition costs 2,956,650 3,029,551 3,083,905 3,128,511 3,188,502
Goodwill 179,154 179,154 187,707 127,707 127,707
Other assets 1,363,612 1,249,598 1,213,620 1,202,072 1,223,120
Separate account assets 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717
Total assets $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423
Liabilities:
Future policy benefits $ 8,594,476 $ 7,332,290 $ 6,606,150 $ 6,094,187 $ 6,297,911
Other policy liabilities 1,103,642 1,108,047 999,789 1,005,195 1,037,440
Income taxes 15,311 95,424 168,160 218,441 204,017
Other liabilities 669,631 683,865 646,660 659,582 626,773
Debt obligations 607,102 598,303 592,504 592,705 592,905
Surplus note 1,378,585 1,389,811 1,415,457 1,433,293 1,444,469
Payable under securities lending 94,529 93,171 96,603 80,754 100,938
Separate account liabilities 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717
Total liabilities 15,263,269 13,997,803 12,884,310 12,290,764 12,610,170
Redeemable noncontrolling interest $ 7,271 $ 4,616 $ 2,233 $ — $ —
Stockholders’ equity:
Common stock (0.01 par value) (1) 394 388 378 370 368
Paid-in capital 5,224 (0 ) (0 ) (0 ) (0 )
Retained earnings 2,085,665 2,098,037 2,085,823 2,053,285 2,153,617
Treasury stock — — — — —
Accumulated other comprehensive income (loss), net:
63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 )
(1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416
8,547 11,847 2,336 (16,614 ) (12,279 )
Total stockholders’ equity (2) 925,425 1,450,923 1,808,712 1,979,648 2,031,253
Total liabilities and stockholders' equity $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 925,425 $ 1,450,923 $ 1,808,712 $ 1,979,648 $ 2,031,253
Less: Net unrealized gains (losses) 63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits (1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416
Adjusted stockholders’ equity $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041
Net Income attributable to Primerica, Inc. 117,829 127,956 79,561 146,721
Shareholder dividends (21,645 ) (21,178 ) (20,571 ) (20,389 )
Retirement of shares and warrants (103,862 ) (127,963 ) (97,515 ) (32,098 )
Net foreign currency translation adjustment 3,300 (9,511 ) (18,949 ) 4,335
Other, net 14,820 8,961 5,979 6,096
Balance, end of period $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 2,956,650 $ 3,029,551 $ 3,083,905 $ 3,128,511
General expenses deferred 9,519 9,321 9,726 9,283
Commission costs deferred 123,739 119,794 119,734 113,479
Amortization of deferred policy acquisition costs (63,854 ) (64,830 ) (66,077 ) (66,867 )
Foreign currency impact and other, net 3,496 (9,930 ) (18,777 ) 4,095
Balance, end of period $ 3,029,551 $ 3,083,905 $ 3,128,511 $ 3,188,502

All values are in US Dollars.

(1) Outstanding common shares exclude restricted stock units.

(2) Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 /#Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 39,529,786 37,996,978 ) -3.9 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 477,362 $ 472,068 ) -1.1 %
Less income attributable to unvested participating securities (488 ) (566 ) (375 ) (703 ) (1,960 ) (2,131 ) ) -8.7 %
Net income used in computing basic EPS $ 117,341 $ 127,390 $ 79,186 $ 146,019 $ 475,402 $ 469,937 ) -1.1 %
Basic earnings per share $ 2.99 $ 3.32 $ 2.12 $ 3.95 $ 12.03 $ 12.37 2.8 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 566,204 $ 536,941 ) -5.2 %
Less operating income attributable to unvested participating securities (496 ) (578 ) (668 ) (694 ) (2,325 ) (2,424 ) ) -4.3 %
Adjusted net operating income used in computing basic operating EPS $ 119,248 $ 130,132 $ 141,014 $ 144,111 $ 563,879 $ 534,518 ) -5.2 %
Basic adjusted operating income per share $ 3.04 $ 3.39 $ 3.77 $ 3.90 $ 14.26 $ 14.07 ) -1.4 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 39,529,786 37,996,978 ) -3.9 %
Dilutive impact of contingently issuable shares 110,941 115,058 102,810 107,245 121,738 109,014 ) -10.5 %
Shares used to calculate diluted EPS 39,331,944 38,500,578 37,541,064 37,081,212 39,651,524 38,105,992 ) -3.9 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 477,362 $ 472,068 ) -1.1 %
Less income attributable to unvested participating securities (487 ) (564 ) (374 ) (701 ) (1,955 ) (2,153 ) ) -10.1 %
Net income used in computing diluted EPS $ 117,342 $ 127,392 $ 79,187 $ 146,020 $ 475,407 $ 469,915 ) -1.2 %
Diluted earnings per share $ 2.98 $ 3.31 $ 2.11 $ 3.94 $ 11.99 $ 12.33 2.9 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 566,204 $ 536,941 ) -5.2 %
Less operating income attributable to unvested participating securities (495 ) (577 ) (666 ) (692 ) (2,319 ) (2,418 ) ) -4.3 %
Adjusted net operating income used in computing diluted operating EPS $ 119,249 $ 130,134 $ 141,016 $ 144,113 $ 563,885 $ 534,523 ) -5.2 %
Diluted adjusted operating income per share $ 3.03 $ 3.38 $ 3.76 $ 3.89 $ 14.22 $ 14.03 ) -1.4 %
YOY YTD
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 /#Change %<br>Change
Annualized Return on Equity
Average stockholders' equity (1) $ 1,188,174 $ 1,629,817 $ 1,894,180 $ 2,005,451 $ 1,056,387 $ 1,679,406 59.0 %
Average adjusted stockholders' equity (1) $ 2,105,050 $ 2,099,404 $ 2,062,789 $ 2,089,374 $ 1,931,643 $ 2,089,154 8.2 %
Net income attributable to Primerica, Inc. return on stockholders' equity 39.7 % 31.4 % 16.8 % 29.3 % 45.2 % 28.1 % % nm
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity 22.4 % 24.4 % 15.4 % 28.1 % 24.7 % 22.6 % % nm
Adjusted net operating income return on adjusted stockholders' equity 22.8 % 24.9 % 27.5 % 27.7 % 29.3 % 25.7 % % nm
Capital Structure
Debt-to-capital (2) 29.2 % 24.7 % 23.0 % 22.6 % 39.6 % 22.6 % % nm
Debt-to-capital, excluding AOCI (2) 22.2 % 22.1 % 22.4 % 21.6 % 22.5 % 21.6 % % nm
Cash and invested assets to stockholders' equity 3.2 x 2.5 x 2.2 x 2.3 x 5.0 x 2.3 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.2 x 2.1 x 2.2 x 2.1 x x) nm
Share count, end of period (3) 38,751,885 37,768,052 37,026,600 36,824,428 39,367,754 36,824,428 ) -6.5 %
Adjusted stockholders' equity per share $ 54.46 $ 55.30 $ 55.02 $ 58.16 $ 53.34 $ 58.16 9.0 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 nm nm nm nm
S&P AA- AA- AA- AA- nm nm nm nm
A.M. Best A+ A+ A+ A+ nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 nm nm nm nm
S&P A- A- A- A- nm nm nm nm
A.M. Best a- a- a- a- nm nm nm nm

All values are in US Dollars.

(1) Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

(2) Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

(3) Share count reflects outstanding common shares, but excludes restricted stock units (RSUs).

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Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Statement of Income
Revenues:
Direct premiums $ 798,666 $ 808,894 $ 810,079 $ 812,481 $ 3,122,148 $ 3,230,120 3.5 %
Ceded premiums (399,885 ) (419,048 ) (404,870 ) (406,088 ) (1,616,264 ) (1,629,892 ) ) -0.8 %
Net premiums 398,781 389,846 405,209 406,393 1,505,884 1,600,229 6.3 %
Net investment income 18,905 21,284 24,346 28,530 80,588 93,065 15.5 %
Commissions and fees:
Sales-based (1) 103,242 88,701 67,962 66,473 401,508 326,378 ) -18.7 %
Asset-based (2) 113,112 108,101 107,483 105,357 441,303 434,053 ) -1.6 %
Account-based (3) 21,541 22,592 22,910 23,348 86,939 90,391 4.0 %
Other commissions and fees 13,905 21,294 27,113 31,542 113,063 93,854 ) -17.0 %
Investment (losses) gains 751 (1,892 ) (2,699 ) 2,846 5,872 (995 ) ) -116.9 %
Other, net 20,988 18,755 20,964 22,451 74,575 83,159 11.5 %
Total revenues 691,225 668,681 673,288 686,940 2,709,732 2,720,134 0.4 %
Benefits and expenses:
Benefits and claims 163,584 148,369 159,395 161,055 602,007 632,403 5.0 %
Future policy benefits remeasurement (gain)/loss (745 ) (100 ) 1,514 958 1,297 1,626 nm
Amortization of DAC 63,854 64,830 66,077 66,867 238,270 261,629 9.8 %
Insurance commissions 7,721 7,594 7,666 7,280 34,532 30,261 ) -12.4 %
Insurance expenses 59,509 59,461 57,552 58,883 202,604 235,405 16.2 %
Sales commissions:
Sales-based (1) 74,606 63,403 48,775 47,927 287,359 234,711 ) -18.3 %
Asset-based (2) 53,366 50,876 51,549 51,047 206,201 206,838 0.3 %
Other sales commissions 5,952 5,484 5,592 4,187 28,748 21,215 ) -26.2 %
Interest expense 6,853 6,814 6,802 6,768 30,618 27,237 ) -11.0 %
Contract acquistion costs (4) 20,649 19,384 13,446 14,952 52,788 68,431 29.6 %
Other operating expenses 86,434 79,728 73,790 80,443 296,851 320,394 7.9 %
Goodwill impairment — — 60,000 — 76,000 60,000 ) -21.1 %
Loss on extinguishment of debt — — — — 8,927 — ) -100.0 %
Total benefits and expenses 541,783 505,844 552,157 500,367 2,066,203 2,100,151 1.6 %
Income before income taxes 149,442 162,837 121,131 186,572 643,529 619,983 ) -3.7 %
Income taxes 34,268 37,265 41,569 39,851 167,544 152,953 ) -8.7 %
Net income 115,175 125,572 79,561 146,721 475,985 467,030 ) -1.9 %
Net income attributable to noncontrolling interests (2,654 ) (2,384 ) — — (1,377 ) (5,038 ) ) nm
Net Income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 477,362 $ 472,068 ) -1.1 %
Income Before Income Taxes by Segment
Term Life $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 501,233 $ 514,409 2.6 %
Investment & Savings Products 67,038 63,017 59,222 56,612 277,742 245,889 ) -11.5 %
Senior Health (23,085 ) (16,150 ) (63,723 ) 4,285 (85,050 ) (98,673 ) ) -16.0 %
Corporate & Other Distributed Products (16,632 ) (12,609 ) (6,075 ) (6,325 ) (50,397 ) (41,641 ) 17.4 %
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 643,529 $ 619,983 ) -3.7 %

All values are in US Dollars.

(1) Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2) 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.

(3) Account-based - revenues relating to the fee generating client accounts we administer.

(4) Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire Senior Health product leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

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Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 3,099,828 $ 3,209,088 3.5 %
Less: Premiums ceded to IPO Coinsurers 234,614 231,805 226,869 224,240 978,085 917,527 ) -6.2 %
Term Life adjusted direct premiums $ 558,640 $ 571,648 $ 577,717 $ 583,556 $ 2,121,743 $ 2,291,561 8.0 %
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums $ (398,446 ) $ (417,406 ) $ (403,416 ) $ (404,174 ) $ (1,609,598 ) $ (1,623,442 ) ) -0.9 %
Less: Premiums ceded to IPO Coinsurers (234,614 ) (231,805 ) (226,869 ) (224,240 ) (978,085 ) (917,527 ) 6.2 %
Term Life other ceded premiums $ (163,832 ) $ (185,601 ) $ (176,548 ) $ (179,935 ) $ (631,513 ) $ (705,915 ) ) -11.8 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 18,905 $ 21,284 $ 24,346 $ 28,530 $ 80,588 $ 93,065 15.5 %
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (2,502 ) (3,830 ) nm nm
Adjusted net investment income $ 21,004 $ 22,538 $ 24,414 $ 28,940 $ 83,091 $ 96,896 16.6 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 86,434 $ 79,728 $ 73,790 $ 80,443 $ 296,851 $ 320,394 7.9 %
Less: eTeleQuote transaction-related costs 900 (2,892 ) — — 12,948 (1,992 ) nm nm
Less: Equity comp for awards exchanged during acquisition 256 3,328 — — (1,744 ) 3,584 nm nm
Adjusted other operating expenses $ 85,278 $ 79,292 $ 73,790 $ 80,443 $ 285,646 $ 318,803 11.6 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 691,225 $ 668,681 $ 673,288 $ 686,940 $ 2,709,732 $ 2,720,134 0.4 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 5,872 (995 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (2,502 ) (3,830 ) nm nm
Adjusted operating revenues $ 692,573 $ 671,827 $ 676,056 $ 684,503 $ 2,706,363 $ 2,724,960 0.7 %
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 643,529 $ 619,983 ) -3.7 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 5,872 (995 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (2,502 ) (3,830 ) nm nm
Less: eTeleQuote transaction-related costs (900 ) 2,892 — — (12,948 ) 1,992 nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — 1,744 (3,584 ) nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — (2,005 ) (6,797 ) nm nm
Less: Goodwill impairment — — (60,000 ) — (76,000 ) (60,000 ) nm nm
Less: Loss on extinguishment of debt — — — — (8,927 ) — nm nm
Adjusted operating income before income taxes $ 155,615 $ 169,548 $ 183,898 $ 184,136 $ 738,296 $ 693,197 ) -6.1 %
Reconciliation from Net Income to Adjusted Net Operating Income
Net income $ 115,175 $ 125,572 $ 79,561 $ 146,721 $ 475,985 $ 467,030 ) -1.9 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 5,872 (995 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (2,502 ) (3,830 ) nm nm
Less: e-TeleQuote transaction-related costs (900 ) 2,892 — — (12,948 ) 1,992 nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — 1,744 (3,584 ) nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — (2,005 ) (6,797 ) nm nm
Less: Goodwill impairment — — (60,000 ) — (76,000 ) (60,000 ) nm nm
Less: Loss on extinguishment of debt — — — — (8,927 ) — nm nm
Less: Tax impact of reconciling items 1,603 1,573 647 (520 ) 4,548 3,303 nm nm
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 566,204 $ 536,941 ) -5.2 %

All values are in US Dollars.

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
Income before income taxes $ (23,085 ) $ (16,150 ) $ (63,723 ) $ 4,285 $ (85,050 ) $ (98,673 ) ) -16.0 %
Less: e-TeleQuote transaction-related costs (399 ) (66 ) — — (806 ) (465 ) nm nm
Less: Noncontrolling interest (3,668 ) (3,129 ) — — (2,005 ) (6,797 ) nm nm
Less: Goodwill impairment — — (60,000 ) — (76,000 ) (60,000 ) nm nm
Adjusted operating income before income taxes $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (6,239 ) $ (31,411 ) ) nm
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (16,632 ) $ (12,609 ) $ (6,075 ) $ (6,325 ) $ (50,397 ) $ (41,641 ) 17.4 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 5,872 (995 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (2,502 ) (3,830 ) nm nm
Less: e-TeleQuote transaction-related costs (501 ) 2,958 — — (12,142 ) 2,458 nm nm
Less: Equity comp for awards exchanged during acquistion (256 ) (3,328 ) — — 1,744 (3,584 ) nm nm
Less: Loss on extinguishment of debt — — — — (8,927 ) — nm nm
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (34,440 ) $ (35,690 ) ) -3.6 %

All values are in US Dollars.

8 of 18

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 3,099,828 $ 3,209,088 3.5 %
Premiums ceded to IPO coinsurers (1) (234,614 ) (231,805 ) (226,869 ) (224,240 ) (978,085 ) (917,527 ) 6.2 %
Adjusted direct premiums (2) 558,640 571,648 577,717 583,556 2,121,743 2,291,561 8.0 %
Other ceded premiums (3) (163,832 ) (185,601 ) (176,548 ) (179,935 ) (631,513 ) (705,915 ) ) -11.8 %
Net premiums 394,808 386,047 401,169 403,621 1,490,231 1,585,646 6.4 %
Allocated net investment income — — — — — — 0.0 %
Other, net 12,175 12,374 13,419 12,352 48,970 50,320 2.8 %
Revenues 406,983 398,421 414,588 415,974 1,539,201 1,635,966 6.3 %
Benefits and expenses:
Benefits and claims 161,702 144,626 156,587 157,082 589,958 619,997 5.1 %
Future policy benefits remeasurement (gain)/loss (907 ) (136 ) 1,598 (1 ) 911 554 ) nm
Amortization of DAC 62,000 63,169 64,262 65,444 231,380 254,875 10.2 %
Insurance commissions 3,793 3,854 3,964 3,724 18,457 15,335 ) -16.9 %
Insurance expenses 58,272 58,329 56,471 57,723 197,262 230,796 17.0 %
Benefits and expenses 284,861 269,842 282,881 283,973 1,037,968 1,121,557 8.1 %
Income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 501,233 $ 514,409 2.6 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 448,657 $ 460,061 $ 465,354 $ 469,565 $ 1,693,483 $ 1,843,637 8.9 %
Pre-IPO direct premiums (5) 344,597 343,392 339,232 338,230 1,406,345 1,365,451 ) -2.9 %
Total direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 3,099,828 $ 3,209,088 3.5 %
Premiums ceded to IPO coinsurers $ 234,614 $ 231,805 $ 226,869 $ 224,240 $ 978,085 $ 917,527 ) -6.2 %
% of Pre-IPO direct premiums 68.1 % 67.5 % 66.9 % 66.3 % 69.5 % 67.2 % nm nm
Benefits and claims, net (6) $ 324,628 $ 330,090 $ 334,732 $ 337,017 $ 1,222,382 $ 1,326,467 8.5 %
% of adjusted direct premiums 58.1 % 57.7 % 57.9 % 57.8 % 57.6 % 57.9 % nm nm
DAC amortization & insurance commissions $ 65,793 $ 67,023 $ 68,226 $ 69,168 $ 249,837 $ 270,210 8.2 %
% of adjusted direct premiums 11.8 % 11.7 % 11.8 % 11.9 % 11.8 % 11.8 % nm nm
Insurance expenses, net (7) $ 46,097 $ 45,955 $ 43,052 $ 45,371 $ 148,291 $ 180,476 21.7 %
% of adjusted direct premiums 8.3 % 8.0 % 7.5 % 7.8 % 7.0 % 7.9 % nm nm
Total Term Life income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 501,233 $ 514,409 2.6 %
Term Life operating margin (8) 21.9 % 22.5 % 22.8 % 22.6 % 23.6 % 22.4 % nm nm

All values are in US Dollars.

(1) 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.

(2) Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3) Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4) Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5) Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6) Benefits and claims, net - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely YRT.

(7) Insurance expenses, net - insurance expenses net of other, net revenues.

(8) Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 18

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 /#Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 129,515 130,206 132,149 134,313 134,907 129,515 ) -4.0 %
9,983 11,529 12,518 11,117 39,622 45,147 13.9 %
(9,292 ) (9,586 ) (10,354 ) (10,222 ) (45,014 ) (39,454 ) 12.4 %
Life-insurance licensed sales force, end of period 130,206 132,149 134,313 135,208 129,515 135,208 4.4 %
Estimated annualized issued term life premium (mills) (1):
$ 65.5 $ 72.3 $ 68.0 $ 66.0 $ 297.2 $ 271.9 ) -8.5 %
18.4 20.6 19.5 18.2 77.0 76.7 ) -0.4 %
Total estimated annualized issued term life premium $ 83.8 $ 92.9 $ 87.5 $ 84.2 $ 374.2 $ 348.5 ) -6.9 %
Issued term life policies 71,324 76,946 71,104 72,544 323,855 291,918 ) -9.9 %
Estimated average annualized issued term life premium per policy (1)(2) $ 918 $ 940 $ 957 $ 910 $ 918 $ 931 1.5 %
Adjusted issued term life policies (3) $ 83,050 $ 89,316 $ 81,372 $ 79,282 na $ 333,020 na na
Adjusted estimated average annualized issued term life premium per policy (1)(2) $ 788 $ 810 $ 836 $ 833 na $ 816 na na
Term life face amount in-force, beginning of period (mills) $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 858,818 $ 903,404 5.2 %
24,773 27,651 26,049 25,349 108,521 103,822 ) -4.3 %
(19,787 ) (19,298 ) (21,033 ) (22,776 ) (64,798 ) (82,894 ) ) -27.9 %
1,242 (3,547 ) (6,669 ) 1,450 862 (7,524 ) ) nm
Term life face amount in-force, end of period $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 903,404 $ 916,808 1.5 %

All values are in US Dollars.

(1) 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.

(2) In whole dollars.

(3) Provided for comparability of year-over-year results of term life issued policies and reflects the estimated number of policies issued after adjusting for a consistent basis of insured lives per policy following the Q4 2022 new product launch

(4) 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 18

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 103,242 $ 88,701 $ 67,962 $ 66,473 $ 401,508 $ 326,378 ) -18.7 %
Asset-based 113,112 108,101 107,483 105,357 441,303 434,053 ) -1.6 %
Account-based 21,541 22,592 22,910 23,348 86,939 90,391 4.0 %
Other, net 3,144 3,022 3,342 3,102 12,097 12,610 4.2 %
Revenues 241,039 222,416 201,697 198,280 941,848 863,432 ) -8.3 %
Benefits and expenses:
Amortization of DAC 1,446 1,421 1,378 1,336 5,511 5,581 1.3 %
Insurance commissions 3,646 3,450 3,419 3,320 14,904 13,834 ) -7.2 %
Sales commissions:
Sales-based 74,606 63,403 48,775 47,927 287,359 234,711 ) -18.3 %
Asset-based 53,366 50,876 51,549 51,047 206,201 206,838 0.3 %
Other operating expenses 40,936 40,249 37,355 38,038 150,130 156,578 4.3 %
Benefits and expenses 174,001 159,398 142,476 141,669 664,106 617,543 ) -7.0 %
Income before income taxes $ 67,038 $ 63,017 $ 59,222 $ 56,612 $ 277,742 $ 245,889 ) -11.5 %
Financial Analysis
Fees paid based on client asset values (1) $ 8,037 $ 7,917 $ 7,980 $ 8,004 $ 30,872 $ 31,939 3.5 %
Fees paid based on fee-generating positions (2) 10,948 9,974 9,486 9,665 39,452 40,073 1.6 %
Other operating expenses 21,951 22,358 19,889 20,369 79,806 84,567 6.0 %
Total other operating expenses $ 40,936 $ 40,249 $ 37,355 $ 38,038 $ 150,130 $ 156,578 4.3 %
Sales-based net revenue as % of revenue-generating sales (3)
U.S. 1.20 % 1.27 % 1.23 % 1.21 % 1.23 % 1.23 % nm nm
Canada 1.00 % 0.78 % 0.32 % 0.31 % 0.91 % 0.77 % nm nm
Total 1.16 % 1.21 % 1.17 % 1.15 % 1.18 % 1.17 % nm nm
Asset-based net revenue as % of average asset values (4)
U.S. 0.039 % 0.040 % 0.042 % 0.040 % 0.157 % 0.160 % nm nm
Canada 0.108 % 0.106 % 0.105 % 0.103 % 0.459 % 0.422 % nm nm
Total 0.049 % 0.051 % 0.052 % 0.050 % 0.204 % 0.202 % nm nm
Account-based net revenue per average fee generating position (5)(6) $ 3.48 $ 4.08 $ 4.31 $ 4.37 $ 16.26 $ 16.26 nm nm

All values are in US Dollars.

(1) 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.

(2) Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

(3) Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4) Asset-based net revenue - 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.

(5) Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6) In whole dollars.

11 of 18

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 /#Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,298.6 $ 1,151.4 $ 931.8 $ 883.8 $ 5,146.1 $ 4,265.6 ) -17.1 %
437.6 250.6 112.2 112.0 1,438.8 912.5 ) -36.6 %
57.5 70.2 55.8 69.2 230.2 252.6 9.7 %
668.4 617.3 542.5 548.0 2,845.6 2,376.2 ) -16.5 %
Total sales-based revenue generating product sales 2,462.1 2,089.5 1,642.3 1,612.9 9,660.7 7,806.8 ) -19.2 %
453.7 451.3 319.6 288.1 1,505.6 1,512.8 0.5 %
82.2 97.5 157.9 156.6 317.9 494.3 55.5 %
67.3 51.3 41.6 35.0 219.0 195.1 ) -10.9 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 11,703.2 $ 10,009.0 ) -14.5 %
$ 519.9 $ 348.1 $ 270.2 $ 268.6 $ 1,756.7 $ 1,406.8 ) -19.9 %
67.3 51.3 41.6 35.0 219.0 195.1 ) -10.9 %
Total Canada product sales 587.1 399.4 311.8 303.5 1,975.6 1,601.9 ) -18.9 %
Total U.S. product sales 2,478.2 2,290.1 1,849.7 1,789.0 9,727.5 8,407.1 ) -13.6 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 11,703.2 $ 10,009.0 ) -14.5 %
Client asset values, beginning of period (mills) $ 97,312 $ 93,708 $ 82,291 $ 78,737 $ 81,533 $ 97,312 19.4 %
3,065 2,690 2,161 2,093 11,703 10,009 ) -14.5 %
(1,900 ) (1,797 ) (1,447 ) (1,444 ) (7,161 ) (6,587 ) 8.0 %
Net flows 1,166 893 714 649 4,543 3,422 ) nm
171 (474 ) (802 ) 174 91 (930 ) ) nm
(4,941 ) (11,836 ) (3,466 ) 4,388 11,146 (15,855 ) ) nm
Client asset values, end of period $ 93,708 $ 82,291 $ 78,737 $ 83,949 $ 97,312 $ 83,949 ) -13.7 %
4.8 % 3.8 % 3.5 % 3.3 % 5.6 % 3.5 % % nm
Average client asset values (mills)
$ 46,429 $ 42,870 $ 40,331 $ 40,402 $ 44,703 $ 42,508 ) -4.9 %
12,119 11,539 10,840 10,759 11,294 11,314 0.2 %
7,077 6,960 6,817 6,949 6,086 6,951 14.2 %
2,650 2,677 2,696 2,710 2,560 2,683 4.8 %
23,218 21,431 20,269 20,137 22,651 21,264 ) -6.1 %
2,710 2,517 2,368 2,299 2,698 2,474 ) -8.3 %
Total $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 89,993 $ 87,193 ) -3.1 %
$ 12,119 $ 11,539 $ 10,840 $ 10,759 $ 11,294 $ 11,314 0.2 %
2,710 2,517 2,368 2,299 2,698 2,474 ) -8.3 %
Total Canada average client assets 14,829 14,056 13,208 13,058 13,992 13,788 ) -1.5 %
Total U.S. average client assets 79,374 73,938 70,112 70,198 76,000 73,405 ) -3.4 %
Total average client assets $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 89,993 $ 87,193 ) -3.1 %
Average number of fee-generating positions (thous) (3)
2,243 2,277 2,295 2,309 2,171 2,281 5.1 %
797 812 820 825 749 814 8.6 %
Total 3,040 3,089 3,115 3,134 2,920 3,095 6.0 %

All values are in US Dollars.

(1) 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.

(2) Change in market value, net - market value fluctuations net of fees and expenses.

(3) 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 18

Senior Health - Financial Results, Financial Analysis Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Senior Health Income Before Income Taxes
Revenues:
Commissions and fees (1) $ 1,278 $ 9,343 $ 14,601 $ 22,198 $ 50,903 $ 47,420 ) -6.8 %
Other, net (2) 4,553 2,471 2,583 5,655 9,537 15,262 60.0 %
Revenues 5,831 11,814 17,183 27,853 60,440 62,682 3.7 %
Benefits and expenses:
Contract acquisition costs (3) 20,649 19,384 13,446 14,952 52,788 68,431 29.6 %
Adjusted other operating expenses 7,868 8,514 7,461 8,617 15,895 32,459 104.2 %
Adjusted operating benefits and expenses 28,517 27,898 20,907 23,568 68,684 100,889 46.9 %
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (8,243 ) $ (38,208 ) ) nm
Non-controlling interest before income taxes (3,668 ) (3,129 ) — — (2,005 ) (6,797 ) ) nm
Adjusted operating income before income taxes attributable to Primerica, Inc. $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (6,239 ) $ (31,411 ) ) nm
Senior Health EBITDA
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (8,243 ) $ (38,208 ) ) nm
Less: Amortization of intangibles (2,600 ) (2,800 ) (2,800 ) (2,800 ) (5,800 ) (11,000 ) ) -89.7 %
Less: Depreciation (245 ) (226 ) (221 ) (211 ) (493 ) (903 ) ) -83.0 %
Adjusted EBITDA (Including non-controlling interest) (4) $ (19,841 ) $ (13,058 ) $ (703 ) $ 7,297 $ (1,950 ) $ (26,305 ) ) nm
Financial Analysis and Key Statistics
Senior Health submitted policies (5) 26,231 19,652 16,095 23,060 60,009 85,038 41.7 %
Senior Health approved policies (6) 23,594 17,925 14,862 20,705 50,323 77,086 53.2 %
Primerica representatives Senior Health certified 42,147 60,412 83,280 93,348 26,441 93,348 nm
Senior Health submitted policies sourced by Primerica representatives 988 831 1,016 5,666 4,494 8,501 89.2 %
LTV per approved policy (7) $ 862 $ 820 $ 868 $ 888 $ 1,109 $ 860 ) -22.4 %
CAC per approved policy (7) $ 875 $ 1,081 $ 905 $ 722 $ 1,049 $ 888 ) -15.4 %
LTV / CAC multiple 1.0 x 0.8 x 1.0 x 1.2 x 1.1 x 1.0 x x nm

All values are in US Dollars.

(1) Commission revenue recognized based on the estimated Lifetime value (LTV) to be collected over the estimated life of an approved policy for the relevant period based on multiple factors, including but not limited to contracted commission rates, carrier mix, expected policy turnover, historical chargeback activity and applied constraints. Adjustments to revenue outside of LTV for approved policies from prior periods are recognized when our cash collections are different from the estimated constrained LTV’s which we refer to as tail revenue.

(2) Primarily reflects marketing development revenues, which are non-commission revenues received from carriers to support marketing efforts and lead acquisition.

(3) Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

(4) Adjusted EBITDA - Earnings before interest, taxes, depreciation, amortization and certain adjustments for non-cash or non-recurring expenses including purchase accounting adjustments.

(5) Senior Health submitted policies - represents the number of completed applications that, with respect to each such application, the applicant has authorized us to submit to the health insurance carrier. The applicant may need to take additional actions, including providing subsequent information before the application is reviewed by the health insurance carrier.

(6) Senior Health approved policies - represent an estimate of submitted policies approved by health insurance carriers during the indicated period. Not all approved policies will go in force.

(7) In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 5,412 $ 5,441 $ 5,494 $ 4,685 $ 22,320 $ 21,032 ) -5.8 %
Ceded premiums (1,439 ) (1,642 ) (1,454 ) (1,914 ) (6,666 ) (6,449 ) 3.3 %
Net premiums 3,973 3,799 4,040 2,772 15,654 14,583 ) -6.8 %
Adjusted net investment income 21,004 22,538 24,414 28,940 83,091 96,896 16.6 %
Commissions and fees:
Prepaid Legal Services 4,287 4,664 5,672 3,821 20,761 18,444 ) -11.2 %
Auto and Homeowners Insurance 1,591 2,056 2,647 1,994 8,295 8,289 ) -0.1 %
Mortgage loans 4,818 3,128 2,103 1,656 24,337 11,705 ) -51.9 %
Other sales commissions 1,932 2,103 2,090 1,872 8,767 7,996 ) -8.8 %
Other, net 1,117 889 1,621 1,341 3,969 4,967 25.1 %
Adjusted operating revenues 38,721 39,176 42,587 42,396 164,874 162,880 ) -1.2 %
Benefits and expenses:
Benefits and claims 1,881 3,743 2,809 3,972 12,049 12,406 3.0 %
Future policy benefits remeasurement (gain)/loss 162 36 (84 ) 958 386 1,072 nm
Amortization of DAC 407 240 438 87 1,379 1,173 ) -15.0 %
Insurance commissions 282 290 283 237 1,171 1,092 ) -6.7 %
Insurance expenses 1,237 1,132 1,081 1,160 5,343 4,609 ) -13.7 %
Sales commissions 5,952 5,484 5,592 4,187 28,748 21,215 ) -26.2 %
Interest expense 6,853 6,814 6,802 6,768 30,618 27,237 ) -11.0 %
Adjusted other operating expenses 36,475 30,530 28,974 33,788 119,621 129,766 8.5 %
Adjusted benefits and expenses 53,248 48,270 45,894 51,158 199,314 198,569 ) -0.4 %
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (34,440 ) $ (35,690 ) ) -3.6 %

All values are in US Dollars.

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Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended December 31, 2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% 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 $ 558,646 $ 558,646 $ - 18.1 % 16.4 %
Fixed Income:
Treasury 41,741 42,629 (889 ) 1.3 % 1.3 % 1.31 % AAA
Government 231,004 257,418 (26,414 ) 7.5 % 7.6 % 2.98 % AA-
Tax-Exempt Municipal 32,883 37,084 (4,201 ) 1.1 % 1.1 % 2.69 % AA
Corporate 1,229,921 1,370,566 (140,645 ) 39.8 % 40.3 % 3.55 % BBB+
Mortgage Backed 414,043 486,093 (72,050 ) 13.4 % 14.3 % 2.92 % AAA
Asset Backed 155,397 171,811 (16,413 ) 5.0 % 5.1 % 3.70 % AA
CMBS 122,967 139,306 (16,339 ) 4.0 % 4.1 % 3.39 % AA-
Private 267,612 295,957 (28,345 ) 8.7 % 8.7 % 4.46 % BBB
Redeemable Preferred 3,586 4,248 (662 ) 0.1 % 0.1 % 5.27 % BBB-
Total Fixed Income 2,499,154 2,805,113 (305,959 ) 80.8 % 82.5 % 3.44 % A
Equities and Other:
Perpetual Preferred 8,651 8,651 - 0.3 % 0.3 %
Common Stock 20,958 20,958 (0 ) 0.7 % 0.6 %
Mutual Fund 5,795 5,795 0 0.2 % 0.2 %
Total Equities 35,404 35,404 (0 ) 1.1 % 1.0 %
Total Invested Assets $ 3,093,205 $ 3,399,164 $ (305,959 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 154,034 $ 174,626 $ (20,592 ) 12.5 % 12.7 %
Consumer Non Cyclical 131,027 147,361 (16,334 ) 10.7 % 10.8 %
Energy 127,361 140,782 (13,421 ) 10.4 % 10.3 %
Reits 118,000 135,921 (17,921 ) 9.6 % 9.9 %
Consumer Cyclical 103,177 114,688 (11,512 ) 8.4 % 8.4 %
Banking 97,588 103,414 (5,827 ) 7.9 % 7.5 %
Technology 93,443 102,008 (8,565 ) 7.6 % 7.4 %
Capital Goods 62,874 68,555 (5,680 ) 5.1 % 5.0 %
Basic Industry 60,439 67,998 (7,558 ) 4.9 % 5.0 %
Electric 55,377 61,586 (6,209 ) 4.5 % 4.5 %
Finance Companies 55,140 62,779 (7,639 ) 4.5 % 4.6 %
Transportation 54,942 60,604 (5,663 ) 4.5 % 4.4 %
Communications 44,182 48,537 (4,355 ) 3.6 % 3.5 %
Brokerage 44,124 49,757 (5,633 ) 3.6 % 3.6 %
Financial Other 8,638 9,584 (946 ) 0.7 % 0.7 %
Natural Gas 7,188 7,739 (551 ) 0.6 % 0.6 %
Industrial Other 5,951 6,915 (964 ) 0.5 % 0.5 %
Utility Other 4,583 5,388 (805 ) 0.4 % 0.4 %
Owned No Guarantee 1,854 2,325 (471 ) 0.2 % 0.2 %
Total Corporate portfolio $ 1,229,921 $ 1,370,566 $ (140,645 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 190,479 $ 192,567 $ (2,088 ) 7.6 % 6.9 % 3.15 %
1-2 Yrs. 271,286 280,539 (9,253 ) 10.9 % 10.0 % 3.63 %
2-5 Yrs. 781,492 845,989 (64,497 ) 31.3 % 30.2 % 3.67 %
5-10 Yrs. 980,174 1,149,971 (169,798 ) 39.2 % 41.0 % 3.25 %
> 10 Yrs. 275,724 336,047 (60,323 ) 11.0 % 12.0 % 3.54 %
Total Fixed Income $ 2,499,154 $ 2,805,113 $ (305,959 ) 100.0 % 100.0 % 3.44 %
Duration
Fixed Income portfolio duration 4.7 years

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

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Investment Portfolio - Quality Ratings As of December 31, 2022 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 606,982 21.6 %
AA 321,450 11.5 %
A 688,936 24.6 %
BBB 1,120,096 39.9 %
Below Investment Grade 67,450 2.4 %
NA 199 0.0 %
Total Fixed Income $ 2,805,113 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 11,835 0.9 % AAA $ - —
AA 67,985 5.0 % AA 5,274 1.8 %
A 356,459 26.0 % A 66,034 22.3 %
BBB 872,920 63.7 % BBB 222,819 75.3 %
Below Investment Grade 61,192 4.5 % Below Investment Grade 1,830 0.6 %
NA 176 0.0 % NA - —
Total Corporate $ 1,370,566 100.0 % Total Private $ 295,957 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 60,409 43.4 % AAA $ 435,692 89.6 %
AA 8,930 6.4 % AA 50,170 10.3 %
A 69,968 50.2 % A 135 0.0 %
BBB - — BBB - —
Below Investment Grade - — Below Investment Grade 73 0.0 %
NA - — NA 23 0.0 %
Total CMBS $ 139,306 100.0 % Total Mortgage-Backed $ 486,093 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 35,245 20.5 % AAA $ 63,108 21.0 %
AA 9,466 5.5 % AA 151,320 50.4 %
A 117,409 68.3 % A 71,904 24.0 %
BBB 7,964 4.6 % BBB 11,088 3.7 %
Below Investment Grade 1,727 1.0 % Below Investment Grade 2,629 0.9 %
NA - — NA - —
Total Asset-Backed $ 171,811 100.0 % Total Treasury & Government $ 300,047 100.0 %
NAIC Designations
1 $ 1,357,429 54.8 %
2 1,038,960 42.0 %
3 71,518 2.9 %
4 7,813 0.3 %
5 691 0.0 %
6 0 0.0 %
U.S. Insurer Fixed Income (2) 2,476,411 100.0 %
Other (3) 364,107
Cash and cash equivalents 558,646
Total Invested Assets $ 3,399,164

(1) Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2) NAIC ratings for our U.S. insurance companies' fixed income portfolios.

(3) Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

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

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Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1 <br>2021 Q2 <br>2021 Q3 <br>2021 Q4 <br>2021 Q1 <br>2022 Q2 <br>2022 Q3 <br>2022 Q4 <br>2022 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 20,020 $ 20,155 $ 19,860 $ 20,328 $ 20,889 $ 22,414 $ 23,067 $ 24,605 21.0%
Fixed-maturity securities (held-to-maturity) 15,146 15,495 15,741 15,825 15,515 15,815 16,283 16,309 3.1%
Equity Securities 391 411 413 416 387 371 373 377 ) -9.3%
Deposit asset underlying 10% reinsurance treaty 1,368 1,238 987 785 589 485 557 2,134 172.0%
Deposit asset - Mark to Market (793 ) (170 ) (640 ) (899 ) (2,099 ) (1,254 ) (68 ) (409 ) -54.5%
Policy loans and other invested assets 231 98 289 401 102 58 436 450 12.3%
Cash & cash equivalents 119 156 96 85 125 498 1,714 3,605 4141.4%
Total investment income 36,483 37,383 36,746 36,940 35,508 38,387 42,362 47,072 27.4%
Investment expenses 1,284 1,353 1,004 1,114 1,088 1,288 1,733 2,233 100.4%
Interest Expense on Surplus Note 15,146 15,495 15,741 15,825 15,515 15,815 16,283 16,309 3.1%
Net investment income $ 20,052 $ 20,535 $ 20,001 $ 20,001 $ 18,905 $ 21,284 $ 24,346 $ 28,530 42.6%
Fixed income book yield, end of period 3.30 % 3.31 % 3.23 % 3.12 % 3.18 % 3.25 % 3.34 % 3.44 %
New money yield 1.72 % 2.68 % 2.21 % 1.60 % 3.37 % 4.21 % 3.93 % 5.41 %
YOY Q4
Q1 <br>2021 Q2 <br>2021 Q3 <br>2021 Q4 <br>2021 Q1 <br>2022 Q2 <br>2022 Q3 <br>2022 Q4 <br>2022 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 16.6 % 16.5 % 18.0 % 18.7 % 21.0 % 22.0 % 21.5 % 21.6 % %
AA 12.2 % 11.6 % 11.0 % 11.8 % 11.2 % 11.2 % 11.1 % 11.5 % %
A 23.0 % 22.1 % 23.6 % 24.4 % 23.7 % 23.0 % 23.0 % 24.6 % %
BBB 44.0 % 45.5 % 42.9 % 40.8 % 39.8 % 39.6 % 40.1 % 39.9 % %
Below Investment Grade 4.1 % 4.2 % 4.1 % 3.5 % 3.1 % 2.8 % 2.7 % 2.4 % %
NA 0.1 % 0.1 % 0.3 % 0.8 % 1.2 % 1.3 % 1.5 % 0.0 % %
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.

YOY YTD
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 YTD <br>2021 YTD <br>2022 /#Change %<br>Change
Annualized Return on Equity
Average stockholders' equity (1) $ 1,188,174 $ 1,629,817 $ 1,894,180 $ 2,005,451 $ 1,056,387 $ 1,679,406 59.0 %
Average adjusted stockholders' equity (1) $ 2,105,050 $ 2,099,404 $ 2,062,789 $ 2,089,374 $ 1,931,643 $ 2,089,154 8.2 %
Net income attributable to Primerica, Inc. return on stockholders' equity 39.7 % 31.4 % 16.8 % 29.3 % 45.2 % 28.1 % % nm
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity 22.4 % 24.4 % 15.4 % 28.1 % 24.7 % 22.6 % % nm
Adjusted net operating income return on adjusted stockholders' equity 22.8 % 24.9 % 27.5 % 27.7 % 29.3 % 25.7 % % nm
Capital Structure
Debt-to-capital (2) 29.2 % 24.7 % 23.0 % 22.6 % 39.6 % 22.6 % % nm
Debt-to-capital, excluding AOCI (2) 22.2 % 22.1 % 22.4 % 21.6 % 22.5 % 21.6 % % nm
Cash and invested assets to stockholders' equity 3.2 x 2.5 x 2.2 x 2.3 x 5.0 x 2.3 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.2 x 2.1 x 2.2 x 2.1 x x) nm
Share count, end of period (3) 38,751,885 37,768,052 37,026,600 36,824,428 39,367,754 36,824,428 ) -6.5 %
Adjusted stockholders' equity per share $ 54.46 $ 55.30 $ 55.02 $ 58.16 $ 53.34 $ 58.16 9.0 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 nm nm nm nm
S&P AA- AA- AA- AA- nm nm nm nm
A.M. Best A+ A+ A+ A+ nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 nm nm nm nm
S&P A- A- A- A- nm nm nm nm
A.M. Best a- a- a- a- nm nm nm nm

All values are in US Dollars.

(1) US$ denominated investments in issuers outside of the United States based on country of risk.

(2) 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.

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Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2018 2019 2020 2021 2022 Q1<br>2021 Q2<br>2021 Q3<br>2021 Q4<br>2021 Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 290,886 282,207 400,345 349,374 359,735 94,633 89,285 91,884 73,572 84,707 70,215 127,788 77,025
Life-insurance licensed sales force, beginning of period 126,121 130,736 130,522 134,907 129,515 134,907 132,030 132,041 130,023 129,515 130,206 132,149 134,313
New life-licensed representatives 48,041 44,739 48,106 39,622 45,147 10,833 10,112 9,381 9,296 9,983 11,529 12,518 11,117
Non-renewal and terminated representatives (43,426 ) (44,953 ) (43,721 ) (45,014 ) (39,454 ) (13,710 ) (10,101 ) (11,399 ) (9,804 ) (9,292 ) (9,586 ) (10,354 ) (10,222 )
Life-insurance licensed sales force, end of period 130,736 130,522 134,907 129,515 135,208 132,030 132,041 130,023 129,515 130,206 132,149 134,313 135,208
Issued term life policies 301,589 287,809 352,868 323,855 291,918 82,667 90,071 75,914 75,203 71,324 76,946 71,104 72,544
Issued term life face amount $ 95,209 $ 93,994 $ 109,436 $ 108,521 $ 103,822 $ 26,643 $ 29,981 $ 26,219 $ 25,678 $ 24,773 $ 27,651 $ 26,049 $ 25,349
Term life face amount in force, beginning of period $ 763,831 $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 858,818 $ 869,643 $ 886,519 $ 894,018 $ 903,404 $ 909,632 $ 914,438 $ 912,785
Issued term life face amount 95,209 93,994 109,436 108,521 103,822 26,643 29,981 26,219 25,678 24,773 27,651 26,049 25,349
Terminated term life face amount (70,291 ) (71,519 ) (60,848 ) (64,798 ) (82,894 ) (17,240 ) (14,706 ) (16,241 ) (16,610 ) (19,787 ) (19,298 ) (21,033 ) (22,776 )
Foreign currency impact, net (7,708 ) 4,746 1,968 862 (7,524 ) 1,422 1,602 (2,480 ) 319 1,242 (3,547 ) (6,669 ) 1,450
Term life face amount in force, end of period $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 869,643 $ 886,519 $ 894,018 $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 916,808
Estimated annualized issued term life premium
Premium from new policies $ 250.8 $ 244.8 $ 303.6 $ 297.2 $ 271.9 $ 74.5 $ 82.6 $ 70.7 $ 69.4 $ 65.5 $ 72.3 $ 68.0 $ 66.0
Additions and increases in premium 55.2 60.2 68.9 77.0 76.7 18.0 20.3 19.5 19.1 18.4 20.6 19.5 18.2
Total estimated annualized issued term life premium $ 306.0 $ 305.0 $ 372.5 $ 374.2 $ 348.5 $ 92.5 $ 103.0 $ 90.2 $ 88.5 $ 83.8 $ 92.9 $ 87.5 $ 84.2
Investment & Savings product sales $ 7,040.1 $ 7,533.2 $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 2,853.5 $ 3,040.2 $ 2,790.4 $ 3,019.0 $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5
Investment & Savings average client asset values $ 61,842 $ 65,029 $ 69,709 $ 89,993 $ 87,193 $ 83,131 $ 89,378 $ 92,652 $ 94,809 $ 94,203 $ 87,994 $ 83,320 $ 83,256
Closed U.S. Mortgage Volume (brokered) $ — $ 31.1 $ 442.5 $ 1,229.2 $ 567.2 $ 262.3 $ 298.6 $ 337.6 $ 330.8 $ 235.9 $ 152.7 $ 99.8 $ 78.9

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