Equibles

8-K

Primerica, Inc. (PRI)

8-K 2026-02-11 For: 2026-02-11
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (Date of earliest event reported): February 11, 2026

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Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

(770) 381-1000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 11, 2026, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

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

Use of Non-GAAP Financial Measures.

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

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

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (“e-TeleQuote”). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business in 2024. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in 2024 for e-TeleQuote’s state net operating losses, which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

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

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

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

Item 7.01 Regulation FD Disclosure.

On February 11, 2026, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended December 31, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

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

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated February 11, 2026 – Primerica Reports Fourth Quarter 2025 Results
99.2 Primerica, Inc. Supplemental Financial Information – Fourth Quarter 2025
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

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

Date: February 11, 2026 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

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PRIMERICA REPORTS FOURTH QUARTER 2025 RESULTS

Record Investment and Savings Products (ISP) sales up 24%; ISP client asset values up 15% to end the year at all-time high of $129 billion

Life-licensed sales force totaled 151,524 at year end

Term Life direct premiums grew 2%; adjusted direct premiums increased 4%

Net earnings per diluted share (EPS) of $6.13 compared to EPS from continuing operations of $4.98 in the prior year period; Diluted adjusted operating EPS of $6.13 compared to $5.03 in the prior year period

Return on stockholder’s equity (ROE) of 33.2% compared to 31.9% in the prior year period

Adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 33.5% compared to 31.3% in the prior year period

Completed the Board authorization to repurchase $450 million in 2025; the Board authorized a new $475 million share repurchase program to occur through December 31, 2026

Declared a quarterly dividend of $1.20 per share, payable on March 13, 2026,

up 15% compared to the prior quarterly dividend

Strong capital return with 79% of full year adjusted net operating income returned to stockholders in 2025

Duluth, GA, Feb. 11, 2026 – Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended December 31, 2025. Total revenues were $853.7 million, an increase of 8% from the fourth quarter of 2024. Net income of $197.0 million increased 18% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $6.13 increased 23% compared to net earnings per diluted share from continuing operations in the prior year period.

Adjusted operating revenues of $853.5 million increased 8% compared to the fourth quarter of 2024. Adjusted net operating income of $196.9 million increased 16%, while

adjusted operating earnings per diluted share of $6.13 grew 22% compared to the prior year period.

Comparing financial results for the full year, net income of $751.2 million in 2025 increased 4% compared to net income from continuing operations in 2024, while net earnings per diluted share of $22.91 in 2025 increased 9% compared to net earnings per diluted share from continuing operations in 2024. Adjusted net operating income of $751.4 million in 2025 increased 10% compared to 2024, while adjusted operating earnings per diluted share of $22.92 in 2025 increased 16% compared to 2024.

Fourth quarter results were driven by record ISP sales and rising client asset values, supported by favorable equity market performance. The Term Life segment also saw continued earnings growth.

“I am pleased with our 2025 financial results, which reflected the complementary balance of our business model. The Term Life business continues to provide stability through its large in-force block of business, while the Investment and Savings Products business is increasingly driving growth,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “At the core of our success is the strength of our sales force and their continued commitment to serving middle-income families.”

Fourth Quarter Distribution & Segment Results

Distribution Results
Q4 2025 Q4 2024 % Change
Life-Licensed Sales Force 151,524 151,611 *
Recruits 75,369 95,497 (21 )%
New Life-Licensed Representatives 10,998 14,620 (25 )%
Life Insurance Policies Issued 76,143 89,664 (15 )%
Life Productivity (1) 0.17 0.20 *
Issued Term Life Face Amount ($ billions) (2) $ 26.1 $ 29.6 (12 )%
ISP Product Sales ($ billions) $ 4.1 $ 3.3 24 %
Average Client Asset Values ($ billions) $ 128.2 $ 112.3 14 %
Closed U.S. Mortgage Volume ($ million brokered) $ 130.9 $ 121.0 8 %
  • Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
  • Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

* Not calculated or less than 1%

Segment Results
Q4 2025 Q4 2024 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 450,578 1 %
Investment and Savings Products 286,048 19 %
Corporate and Other Distributed Products (1) 53,508 5 %
Total adjusted operating revenues (1) $ 790,134 8 %
Adjusted Operating Income (Loss) before <br>  income taxes:
Term Life Insurance $ 139,541 5 %
Investment and Savings Products 81,988 23 %
Corporate and Other Distributed Products (1) ) (993 ) 71 %
Total adjusted operating income before income taxes (1) $ 220,536 12 %

All values are in US Dollars.

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

Life Insurance Licensed Sales Force

The Company’s life licensed sales force ended the fourth quarter of 2025 largely unchanged from year-end 2024 at 151,524 representatives. While recruiting and new licenses were lower than the prior year quarter, we recruited a total of 75,369 individuals and 10,998 new representatives obtained their life insurance licenses, demonstrating the continued interest in the Primerica opportunity and our commitment to helping families achieve financial independence.

Term Life Insurance

The number of new life insurance policies issued during the fourth quarter decreased 15% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.17. The Company continues to support the sales force with training designed to help representatives guide clients in understanding and prioritizing their financial needs.

Fourth quarter revenues of $456.8 million increased 1% compared to the prior year period, while pre-tax operating income of $146.6 million increased 5%. The benefits and claims ratio was 57.8% compared to 58.6% in the prior year period. Excluding the $5.2 million remeasurement gain recognized in the current year period and the $1.5 million remeasurement loss recognized in the prior year period, the benefits and claims ratio was largely consistent year over year. The DAC amortization and insurance commissions ratio remained stable at 12.2%, while the insurance expense ratio at 8.5% was up modestly compared to 8.0% in the prior year period. The Term Life operating margin was 21.5%, up modestly compared to 21.3% in the prior year period.

Investment and Savings Products

During the fourth quarter of 2025, total product sales were $4.1 billion, a new Company record and a 24% increase compared to the prior year period. Strong demand across all major product lines supported sales growth, while favorable equity market performance led to a 15% increase in client asset values year-over-year. Net inflows during the fourth quarter of 2025 were $325 million.

Fourth quarter revenues of $340.3 million increased 19% year-over-year, while income before income taxes of $100.6 million increased 23%. Growth in sales-based commission revenues modestly outpaced revenue-generating sales due to the continued strong demand for variable annuities. Asset-based commission revenues grew 21%, supported by a favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model, compared to a 14% increase in average client asset values. Sales-based and asset-based commission expenses grew in line with related revenues.

Corporate and Other Distributed Products

During the fourth quarter of 2025, the segment recorded a pre-tax adjusted operating loss of $0.3 million compared to a pre-tax adjusted operating loss of $1.0 million in the prior

year period. Adjusted net investment income increased $3.6 million compared to the prior year period largely due to the continued growth of the invested asset portfolio.

Taxes

The effective income tax rate was 20.2% during the fourth quarter of 2025 compared to the effective income tax rate from continuing operations of 23.3% in the fourth quarter of 2024. During the fourth quarter of 2025, we recognized an income tax benefit of $7.4 million, or $0.23 per diluted share, from the purchase of transferable federal income tax credits. Excluding the impact from these credits, our effective income tax rate was 23.3%.

Capital

During the fourth quarter, the Company repurchased $74.0 million of its common stock, completing the Board of Directors' authorization to repurchase $450 million of common stock during 2025. The Board of Directors authorized a new $475 million share repurchase program to occur through December 31, 2026. In addition, the Board of Directors approved a 15% increase to our first quarter dividend, now at $1.20 per share and payable on March 13, 2026 to stockholders of record on February 23, 2026. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be 455% as of December 31, 2025.

Non-GAAP Financial Measures

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

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

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

operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds in the second quarter of 2024 under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges in 2024 associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in the second quarter of 2024 for e-TeleQuote’s state net operating losses (NOLs), which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

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

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

reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast on Thursday, February 12, 2026, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity;

cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts on December 31, 2025. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

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

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
December 31, 2025 December 31, 2024
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 3,265,246 $ 2,946,126
Fixed-maturity security held-to-maturity, at amortized cost 1,175,380 1,303,880
Equity securities, at fair value 26,433 27,144
Trading securities, at fair value 12,801 3,011
Policy loans and other invested assets 56,233 50,881
Total investments 4,536,093 4,331,042
Cash and cash equivalents 756,227 687,821
Accrued investment income 30,122 28,100
Reinsurance recoverables 2,564,952 2,744,165
Deferred policy acquisition costs, net 3,915,998 3,680,430
Agent balances, due premiums and other receivables 275,171 282,607
Intangible asset 45,275 45,275
Income taxes 177,302 122,664
Operating lease right-of-use assets 41,900 47,023
Other assets 387,776 403,608
Separate account assets 2,281,520 2,209,287
Total assets $ 15,012,336 $ 14,582,022
Liabilities and stockholders' equity
Liabilities:
Future policy benefits $ 6,818,179 $ 6,503,064
Unearned and advance premiums 15,521 15,606
Policy claims and other benefits payable 495,356 488,350
Other policyholders' funds 356,427 402,323
Note payable 595,315 594,512
Surplus note 1,175,119 1,303,556
Income taxes 147,960 115,611
Operating lease liabilities 49,565 55,478
Other liabilities 546,596 549,160
Payable under securities lending 84,876 86,034
Separate account liabilities 2,281,520 2,209,287
Total liabilities 12,566,434 12,322,981
Stockholders' equity:
Common stock 318 334
Retained earnings 2,416,149 2,231,483
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 134,594 224,833
Unrealized foreign currency translation gains (losses) (15,836 ) (34,767 )
Net unrealized gains (losses) on available-for-sale securities (89,323 ) (162,842 )
Total stockholders' equity 2,445,902 2,259,041
Total liabilities and stockholders' equity $ 15,012,336 $ 14,582,022
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended December 31,
2025 2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 869,030 $ 854,748
Ceded premiums (420,843 ) (414,463 )
Net premiums 448,187 440,285
Commissions and fees 347,386 293,850
Net investment income 42,122 38,134
Investment gains (losses) 641 (1,179 )
Other, net 15,347 17,019
Total revenues 853,683 788,109
Benefits and expenses:
Benefits and claims 166,420 167,449
Future policy benefits remeasurement (gain) loss (5,107 ) 1,374
Amortization of deferred policy acquisition costs 82,813 76,905
Sales commissions 187,823 157,703
Insurance expenses 70,168 66,256
Insurance commissions 5,621 7,795
Interest expense 5,968 6,070
Other operating expenses 92,904 86,046
Total benefits and expenses 606,610 569,598
Income from continuing operations before income taxes 247,073 218,511
Income taxes from continuing operations 50,027 50,835
Income from continuing operations 197,046 167,676
Loss from discontinued operations, net of income tax - (606 )
Net income $ 197,046 $ 167,070
Basic earnings per share:
Continuing operations $ 6.14 $ 4.99
Discontinued operations - (0.02 )
Basic earnings per share $ 6.14 $ 4.97
Diluted earnings per share:
Continuing operations $ 6.13 $ 4.98
Discontinued operations - (0.02 )
Diluted earnings per share $ 6.13 $ 4.96
Weighted-average shares used in computing <br>  earnings per share:
Basic 31,979 33,482
Diluted 32,032 33,541
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Year ended December 31,
2025 2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 3,462,780 $ 3,393,604
Ceded premiums (1,678,877 ) (1,664,433 )
Net premiums 1,783,903 1,729,171
Commissions and fees 1,275,864 1,082,889
Net investment income 167,152 155,501
Investment gains (losses) (816 ) 2,236
Other, net 65,610 119,346
Total revenues 3,291,713 3,089,143
Benefits and expenses:
Benefits and claims 665,927 648,163
Future policy benefits remeasurement (gain) loss (37,389 ) (25,920 )
Amortization of deferred policy acquisition costs 322,903 298,136
Sales commissions 686,920 573,249
Insurance expenses 263,467 255,619
Insurance commissions 22,995 32,008
Interest expense 23,958 25,034
Other operating expenses 368,368 343,607
Total benefits and expenses 2,317,149 2,149,896
Income from continuing operations before income taxes 974,564 939,247
Income taxes from continuing operations 223,330 219,118
Income from continuing operations 751,234 720,129
Loss from discontinued operations, net of income tax - (249,611 )
Net income $ 751,234 $ 470,518
Basic earnings per share:
Continuing operations $ 22.95 $ 21.02
Discontinued operations - (7.29 )
Basic earnings per share $ 22.95 $ 13.73
Diluted earnings per share:
Continuing operations $ 22.91 $ 20.99
Discontinued operations - (7.28 )
Diluted earnings per share $ 22.91 $ 13.71
Weighted-average shares used in computing earnings per share:
Basic 32,632 34,142
Diluted 32,680 34,199
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2025 2024 % Change
(In thousands, except per-share amounts)
Total revenues $ 853,683 $ 788,109 8 %
Less: Investment (losses) gains 641 (1,179 )
Less: 10% deposit asset MTM included in NII (466 ) (846 )
Adjusted operating revenues $ 853,508 $ 790,134 8 %
Income from continuing operations before income taxes $ 247,073 $ 218,511 13 %
Less: Investment (losses) gains 641 (1,179 )
Less: 10% deposit asset MTM included in NII (466 ) (846 )
Adjusted operating income before income taxes $ 246,898 $ 220,536 12 %
Income from continuing operations $ 197,046 $ 167,676 18 %
Less: Investment (losses) gains 641 (1,179 )
Less: 10% deposit asset MTM included in NII (466 ) (846 )
Less: Tax impact of preceding items (35 ) 471
Adjusted net operating income $ 196,906 $ 169,230 16 %
Diluted earnings per share from continuing operations $ 6.13 $ 4.98 23 %
Less: Net after-tax impact of operating adjustments - (0.05 )
Diluted adjusted operating earnings per share $ 6.13 $ 5.03 22 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Year ended December 31,
2025 2024 % Change
(In thousands, except per-share amounts)
Total revenues $ 3,291,713 $ 3,089,143 7 %
Less: Investment (losses) gains (816 ) 2,236
Less: 10% deposit asset MTM included in NII 567 1,037
Less: Insurance claim proceeds - 50,000
Adjusted operating revenues $ 3,291,962 $ 3,035,870 8 %
Income from continuing operations before income taxes $ 974,564 $ 939,247 4 %
Less: Investment (losses) gains (816 ) 2,236
Less: 10% deposit asset MTM included in NII 567 1,037
Less Insurance proceeds - 50,000
Less: Restructuring costs - (2,837 )
Adjusted operating income before income taxes $ 974,813 $ 888,811 10 %
Income from continuing operations $ 751,234 $ 720,129 4 %
Less: Investment (losses) gains (816 ) 2,236
Less: 10% deposit asset MTM included in NII 567 1,037
Less: Insurance claims proceeds - 50,000
Less: Restructuring costs - (2,837 )
Less: Tax impact of preceding items 71 (123 )
Less: Valuation allowance on Senior Health NOLs - (11,080 )
Adjusted net operating income $ 751,412 $ 680,896 10 %
Diluted earnings per share from continuing operations $ 22.91 $ 20.99 9 %
Less: Net after-tax impact of operating adjustments (0.01 ) 1.15
Diluted adjusted operating earnings per share $ 22.92 $ 19.84 16 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended December 31,
2025 2024 % Change
(In thousands)
Direct premiums $ 865,138 $ 850,667 2 %
Less: Premiums ceded to IPO coinsurers 183,123 195,039
Adjusted direct premiums 682,015 655,628 4 %
Ceded premiums (419,273 ) (412,916 )
Less: Premiums ceded to IPO coinsurers (183,123 ) (195,039 )
Other ceded premiums (236,150 ) (217,877 )
Net premiums $ 445,865 $ 437,751 2 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2025 2024 % Change
(In thousands)
Total revenues $ 56,516 $ 51,483 10 %
Less: Investment gains (losses) 641 (1,179 )
Less: 10% deposit asset MTM included in NII (466 ) (846 )
Adjusted operating revenues $ 56,341 $ 53,508 5 %
Income (loss) before income taxes $ (113 ) $ (3,018 ) 96 %
Less: Investment gains (losses) 641 (1,179 )
Less: 10% deposit asset MTM included in NII (466 ) (846 )
Adjusted operating income (loss) before income taxes $ (288 ) $ (993 ) 71 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
December 31, 2025 December 31, 2024 % Change
(In thousands)
Stockholders' equity $ 2,445,902 $ 2,259,041 8 %
Less: Net unrealized gains (losses) (89,323 ) (162,842 )
Less: Effect of change in discount rate assumptions <br>              on the liability for future policy benefits 134,594 224,833
Adjusted stockholders' equity $ 2,400,631 $ 2,197,050 9 %

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Fourth Quarter 2025

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

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

2 of 17

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

Fourth Quarter 2025

This document is a financial supplement to our fourth quarter 2025 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

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

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

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

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

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

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Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Mar 31,<br>2024 Jun 30,<br>2024 Sep 30,<br>2024 Dec 31,<br>2024 Mar 31,<br>2025 Jun 30,<br>2025 Sep 30,<br>2025 Dec 31,<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,456,543 $ 3,502,298 $ 3,629,584 $ 3,714,983 $ 3,784,534 $ 3,798,697 $ 3,885,589 $ 4,116,941
Securities held to maturity 1,376,400 1,353,370 1,330,430 1,303,880 1,285,340 1,258,800 1,241,540 1,175,380
Total investments and cash 4,832,943 4,855,668 4,960,014 5,018,863 5,069,874 5,057,497 5,127,129 5,292,321
Reinsurance recoverables 2,920,417 2,833,055 2,873,528 2,744,165 2,722,544 2,698,144 2,596,597 2,564,952
Deferred policy acquisition costs 3,503,940 3,566,126 3,636,964 3,680,430 3,742,693 3,817,119 3,863,442 3,915,998
Goodwill 127,707 — — — — — — —
Other assets 1,189,436 1,056,890 943,524 929,277 935,802 938,583 946,717 957,544
Separate account assets 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098 2,318,492 2,313,874 2,281,520
Total assets $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010 $ 14,829,834 $ 14,847,759 $ 15,012,336
Liabilities:
Future policy benefits $ 6,548,050 $ 6,436,332 $ 6,919,418 $ 6,503,064 $ 6,637,937 $ 6,719,044 $ 6,816,778 $ 6,818,179
Other policy liabilities 954,350 908,419 911,485 906,280 907,038 906,558 862,242 867,305
Other liabilities 839,550 807,108 626,663 720,248 692,224 641,378 618,061 744,121
Debt obligations 593,909 594,110 594,311 594,512 594,713 594,913 595,114 595,315
Surplus note 1,376,028 1,353,014 1,330,090 1,303,556 1,285,032 1,258,508 1,241,263 1,175,119
Payable under securities lending 76,648 90,995 85,236 86,034 97,560 83,425 104,535 84,876
Separate account liabilities 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098 2,318,492 2,313,874 2,281,520
Total liabilities 12,723,446 12,443,945 12,868,340 12,322,981 12,332,601 12,522,318 12,551,868 12,566,435
Stockholders’ equity:
Common stock (0.01 par value) (1) 346 340 335 334 330 325 321 318
Paid-in capital — — — — — — — —
Retained earnings 2,285,944 2,122,839 2,132,015 2,231,483 2,253,435 2,270,996 2,319,750 2,416,149
Treasury stock — — — — — — — —
Accumulated other comprehensive income (loss), net:
(181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 ) (124,629 ) (91,680 ) (89,323 )
92,853 201,441 (71,241 ) 224,833 171,599 174,626 89,692 134,594
(11,698 ) (15,514 ) (10,771 ) (34,767 ) (35,191 ) (13,803 ) (22,191 ) (15,836 )
Total stockholders’ equity 2,185,908 2,121,759 1,946,827 2,259,041 2,256,409 2,307,516 2,295,892 2,445,901
Total liabilities and stockholders' equity $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010 $ 14,829,834 $ 14,847,759 $ 15,012,336
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 2,185,908 $ 2,121,759 $ 1,946,827 $ 2,259,041 $ 2,256,409 $ 2,307,516 $ 2,295,892 $ 2,445,901
Less: Net unrealized gains (losses) (181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 ) (124,629 ) (91,680 ) (89,323 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits 92,853 201,441 (71,241 ) 224,833 171,599 174,626 89,692 134,594
Adjusted stockholders’ equity $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519 $ 2,297,880 $ 2,400,630
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519 $ 2,297,880
Net Income 137,904 1,171 164,373 167,071 169,051 178,344 206,793 197,047
Shareholder dividends (26,256 ) (25,835 ) (30,515 ) (30,207 ) (34,736 ) (34,209 ) (33,819 ) (33,288 )
Retirement of shares and warrants (116,563 ) (142,744 ) (129,672 ) (45,703 ) (126,637 ) (129,124 ) (129,000 ) (74,654 )
Net foreign currency translation adjustment (9,463 ) (3,817 ) 4,744 (23,996 ) (424 ) 21,388 (8,388 ) 6,355
Other, net 13,909 4,297 4,986 8,307 14,270 2,546 4,775 7,291
Balance, end of period $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519 $ 2,297,880 $ 2,400,630
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 3,447,234 $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430 $ 3,742,693 $ 3,817,119 $ 3,863,442
General expenses deferred 11,156 11,235 11,424 10,805 10,883 11,605 11,235 10,368
Commission costs deferred 125,811 127,800 130,964 128,734 130,162 126,272 122,850 120,125
Amortization of deferred policy acquisition costs (72,049 ) (73,643 ) (75,539 ) (76,905 ) (78,550 ) (80,043 ) (81,498 ) (82,813 )
Foreign currency impact and other, net (8,211 ) (3,207 ) 3,988 (19,167 ) (232 ) 16,592 (6,263 ) 4,876
Balance, end of period $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430 $ 3,742,693 $ 3,817,119 $ 3,863,442 $ 3,915,998

All values are in US Dollars.

  • Outstanding common shares exclude restricted stock units.

4 of 17

Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 32,404,112 31,978,688 ) -4.5 % 34,142,480 32,632,095 ) -4.4 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 $ 197,047 17.5 % $ 720,129 $ 751,234 4.3 %
Less income attributable to unvested participating securities (608 ) (96 ) (704 ) (537 ) (585 ) (572 ) (678 ) (606 ) ) -12.8 % (2,443 ) (2,446 ) ) -0.1 %
Net income used in computing basic EPS $ 147,806 $ 209,205 $ 194,033 $ 167,141 $ 168,466 $ 177,772 $ 206,114 $ 196,441 17.5 % $ 717,686 $ 748,788 4.3 %
Basic earnings per share $ 4.24 $ 6.08 $ 5.73 $ 4.99 $ 5.06 $ 5.41 $ 6.36 $ 6.14 23.0 % $ 21.02 $ 22.95 9.2 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 $ 196,907 16.4 % $ 680,896 $ 751,412 10.4 %
Less operating income attributable to unvested participating securities (612 ) (634 ) (719 ) (542 ) (581 ) (579 ) (676 ) (605 ) ) -11.6 % (2,520 ) (2,446 ) 2.9 %
Adjusted net operating income used in computing basic operating EPS $ 146,902 $ 170,330 $ 192,467 $ 168,689 $ 167,487 $ 179,806 $ 205,376 $ 196,302 16.4 % $ 678,377 $ 748,965 10.4 %
Basic adjusted operating income per share $ 4.21 $ 4.95 $ 5.69 $ 5.04 $ 5.03 $ 5.47 $ 6.34 $ 6.14 21.8 % $ 19.87 $ 22.95 15.5 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 32,404,112 31,978,688 ) -4.5 % 34,142,480 32,632,095 ) -4.4 %
Dilutive impact of contingently issuable shares 53,938 56,591 56,960 59,672 49,670 41,352 47,284 53,183 ) -10.9 % 56,790 47,872 ) -15.7 %
Shares used to calculate diluted EPS 34,936,762 34,439,935 33,891,040 33,541,205 33,342,129 32,911,413 32,451,396 32,031,871 ) -4.5 % 34,199,271 32,679,967 ) -4.4 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 $ 197,047 17.5 % $ 720,129 $ 751,234 4.3 %
Less income attributable to unvested participating securities (607 ) (96 ) (703 ) (536 ) (584 ) (571 ) (678 ) (605 ) ) -12.8 % (2,440 ) (2,443 ) ) -0.1 %
Net income used in computing diluted EPS $ 147,807 $ 209,205 $ 194,034 $ 167,141 $ 168,467 $ 177,772 $ 206,115 $ 196,442 17.5 % $ 717,690 $ 748,791 4.3 %
Diluted earnings per share $ 4.23 $ 6.07 $ 5.72 $ 4.98 $ 5.05 $ 5.40 $ 6.35 $ 6.13 23.1 % $ 20.99 $ 22.91 9.1 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 $ 196,907 16.4 % $ 680,896 $ 751,412 10.4 %
Less operating income attributable to unvested participating securities (612 ) (633 ) (718 ) (542 ) (580 ) (578 ) (675 ) (604 ) ) -11.6 % (2,516 ) (2,443 ) 2.9 %
Adjusted net operating income used in computing diluted operating EPS $ 146,903 $ 170,330 $ 192,468 $ 168,690 $ 167,487 $ 179,807 $ 205,377 $ 196,303 16.4 % $ 678,380 $ 748,968 10.4 %
Diluted adjusted operating income per share $ 4.20 $ 4.95 $ 5.68 $ 5.03 $ 5.02 $ 5.46 $ 6.33 $ 6.13 21.9 % $ 19.84 $ 22.92 15.5 %
Annualized Return on Equity
Average stockholders' equity $ 2,125,938 $ 2,153,834 $ 2,034,293 $ 2,102,934 $ 2,257,725 $ 2,281,963 $ 2,301,704 $ 2,370,896 12.7 % $ 2,104,250 $ 2,303,072 9.4 %
Average adjusted stockholders' equity $ 2,274,827 $ 2,191,128 $ 2,114,622 $ 2,159,315 $ 2,207,812 $ 2,238,047 $ 2,277,699 $ 2,349,255 8.8 % $ 2,184,973 $ 2,268,203 3.8 %
Net income from continuing ops return on stockholders' equity 27.9 % 38.9 % 38.3 % 31.9 % 30.0 % 31.3 % 35.9 % 33.2 % % nm 34.2 % 32.6 % % nm
Net income from continuing ops return on adjusted stockholders' equity 26.1 % 38.2 % 36.8 % 31.1 % 30.6 % 31.9 % 36.3 % 33.6 % % nm 33.0 % 33.1 % % nm
Adjusted net operating income return on adjusted stockholders' equity 25.9 % 31.2 % 36.5 % 31.3 % 30.4 % 32.2 % 36.2 % 33.5 % % nm 31.2 % 33.1 % % nm
Capital Structure
Debt-to-capital (1) 21.4 % 21.9 % 23.4 % 20.8 % 20.9 % 20.5 % 20.6 % 19.6 % % nm 20.8 % 19.6 % % nm
Debt-to-capital, excluding AOCI (1) 20.6 % 21.9 % 21.8 % 21.0 % 20.9 % 20.8 % 20.4 % 19.8 % % nm 21.0 % 19.8 % % nm
Cash and invested assets to stockholders' equity 2.2 x 2.3 x 2.5 x 2.2 x 2.2 x 2.2 x 2.2 x 2.2 x x) nm 2.2 x 2.2 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.1 x 2.3 x 2.3 x 2.3 x 2.3 x 2.2 x 2.2 x 2.2 x x) nm 2.3 x 2.2 x x) nm
Share count, end of period (2) 34,609,005 33,993,897 33,508,129 33,367,737 33,022,554 32,545,209 32,075,564 31,809,803 ) -4.7 % 33,367,737 31,809,803 ) -4.7 %
Adjusted stockholders' equity per share $ 65.72 $ 62.00 $ 63.32 $ 65.84 $ 67.18 $ 69.37 $ 71.64 $ 75.47 14.6 % $ 65.84 $ 75.47 14.6 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 A1 A1 na na na na na na
S&P AA- AA- AA- AA- AA- AA- AA- AA- na na na na na na
A.M. Best A+ A+ A+ A+ A+ A+ A+ A+ na na na na na na
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 na na na na na na
S&P A- A- A- A- A- A- A- A- na na na na na na
A.M. Best a- a- a- a- a- a- a- a- na na na na na na

All values are in US Dollars.

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

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Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Statements of Income
Revenues:
Direct premiums $ 841,046 $ 845,358 $ 852,452 $ 854,748 $ 858,845 $ 866,254 $ 868,651 $ 869,030 1.7 % $ 3,393,604 $ 3,462,780 2.0 %
Ceded premiums (409,764 ) (427,561 ) (412,645 ) (414,463 ) (410,521 ) (433,408 ) (414,104 ) (420,843 ) ) -1.5 % (1,664,433 ) (1,678,877 ) ) -0.9 %
Net premiums 431,283 417,797 439,807 440,285 448,323 432,846 454,547 448,187 1.8 % 1,729,171 1,783,903 3.2 %
Net investment income 37,806 38,452 41,109 38,134 41,671 40,928 42,431 42,122 10.5 % 155,501 167,152 7.5 %
Commissions and fees:
Sales-based (1) 88,746 101,178 96,269 108,240 111,270 115,933 118,637 131,305 21.3 % 394,432 477,146 21.0 %
Asset-based (2) 128,532 132,765 142,051 150,208 152,014 154,735 172,286 181,407 20.8 % 553,555 660,443 19.3 %
Account-based (3) 23,180 23,740 24,107 24,245 24,195 24,394 24,420 24,347 0.4 % 95,272 97,355 2.2 %
Other commissions and fees 8,487 10,511 9,474 11,158 9,477 10,970 10,146 10,326 ) -7.5 % 39,629 40,920 3.3 %
Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 641 nm 2,236 (816 ) ) nm
Other, net 16,611 66,612 19,103 17,020 17,135 16,394 16,732 15,347 ) -9.8 % 119,345 65,609 ) -45.0 %
Total revenues 735,950 790,955 774,129 788,110 804,843 793,334 839,852 853,683 8.3 % 3,089,143 3,291,712 6.6 %
Benefits and expenses:
Benefits and claims 166,321 150,030 164,363 167,449 174,862 152,494 172,152 166,420 ) -0.6 % 648,163 665,927 2.7 %
Future policy benefits remeasurement (gain)/loss 55 (4,329 ) (23,019 ) 1,374 (3,273 ) (5,895 ) (23,114 ) (5,107 ) ) nm (25,920 ) (37,389 ) ) -44.2 %
Amortization of DAC 72,049 73,643 75,539 76,905 78,550 80,043 81,498 82,813 7.7 % 298,136 322,903 8.3 %
Insurance commissions 9,634 7,399 7,180 7,795 6,124 5,751 5,499 5,621 ) -27.9 % 32,008 22,995 ) -28.2 %
Insurance expenses 63,149 62,685 63,529 66,256 64,805 64,362 64,131 70,168 5.9 % 255,619 263,467 3.1 %
Sales commissions:
Sales-based (1) 62,814 70,509 66,333 75,926 77,267 82,935 82,867 89,561 18.0 % 275,582 332,630 20.7 %
Asset-based (2) 64,208 66,525 71,012 76,298 76,246 78,010 87,337 93,247 22.2 % 278,042 334,840 20.4 %
Other sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4,484 5,015 ) -8.5 % 19,625 19,450 ) -0.9 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 5,985 5,968 ) -1.7 % 25,034 23,958 ) -4.3 %
Other operating expenses 93,443 80,506 83,612 86,046 98,338 89,792 87,333 92,904 8.0 % 343,607 368,368 7.2 %
Total benefits and expenses 542,561 518,186 519,551 569,598 583,528 558,838 568,173 606,609 6.5 % 2,149,895 2,317,148 7.8 %
Income from continuing operations before income taxes 193,389 272,769 254,578 218,512 221,315 234,496 271,679 247,074 13.1 % 939,247 974,564 3.8 %
Income taxes 44,975 63,467 59,841 50,835 52,264 56,153 64,886 50,027 ) -1.6 % 219,118 223,330 1.9 %
Net Income from continuing operations 148,414 209,301 194,737 167,678 169,051 178,344 206,793 197,047 17.5 % 720,129 751,234 4.3 %
Net Loss from discontinued operations net of tax (10,510 ) (208,131 ) (30,364 ) (606 ) — — — — 100.0 % (249,611 ) — 100.0 %
Net Income $ 137,904 $ 1,171 $ 164,373 $ 167,071 $ 169,051 $ 178,344 $ 206,793 $ 197,047 17.9 % $ 470,518 $ 751,234 59.7 %
Income from Continuing Operations Before Income Taxes by Segment
Term Life Insurance $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 $ 146,578 5.0 % $ 604,042 $ 621,060 2.8 %
Investment & Savings Products 65,563 74,783 79,912 81,988 81,270 79,420 94,223 100,609 22.7 % 302,245 355,523 17.6 %
Corporate & Other Distributed Products (10,542 ) 50,206 (3,687 ) (3,017 ) (6,741 ) 64 4,771 (113 ) 96.2 % 32,960 (2,020 ) ) -106.1 %
Income before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 $ 271,679 $ 247,074 13.1 % $ 939,247 $ 974,564 3.8 %

All values are in US Dollars.

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

6 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
Term Life Insurance direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 $ 865,138 1.7 % $ 3,375,282 $ 3,445,535 2.1 %
Less: Premiums ceded to IPO Coinsurers 206,502 201,566 198,726 195,039 191,477 187,988 185,392 183,123 ) -6.1 % 801,833 747,981 ) -6.7 %
Term Life Insurance adjusted direct premiums $ 629,819 $ 639,102 $ 648,900 $ 655,628 $ 662,953 $ 673,931 $ 678,655 $ 682,015 4.0 % $ 2,573,448 $ 2,697,554 4.8 %
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
Term Life Insurance ceded premiums $ (408,558 ) $ (426,348 ) $ (411,526 ) $ (412,916 ) $ (409,334 ) $ (432,306 ) $ (412,935 ) $ (419,273 ) ) -1.5 % $ (1,659,348 ) $ (1,673,848 ) ) -0.9 %
Less: Premiums ceded to IPO Coinsurers (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) (185,392 ) (183,123 ) 6.1 % (801,833 ) (747,981 ) 6.7 %
Term Life Insurance other ceded premiums $ (202,056 ) $ (224,782 ) $ (212,800 ) $ (217,876 ) $ (217,857 ) $ (244,318 ) $ (227,543 ) $ (236,149 ) ) -8.4 % $ (857,515 ) $ (925,868 ) ) -8.0 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 $ 42,431 $ 42,122 10.5 % $ 155,501 $ 167,152 7.5 %
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 (466 ) nm nm 1,037 567 nm nm
Adjusted net investment income $ 37,943 $ 38,263 $ 39,279 $ 38,980 $ 41,141 $ 40,746 $ 42,110 $ 42,588 9.3 % $ 154,464 $ 166,585 7.8 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 93,443 $ 80,506 $ 83,612 $ 86,046 $ 98,338 $ 89,792 $ 87,333 $ 92,904 8.0 % $ 343,607 $ 368,368 7.2 %
Less: Restructuring costs — 824 2,013 — — — — — nm nm 2,837 — nm nm
Adjusted other operating expenses $ 93,443 $ 79,682 $ 81,599 $ 86,046 $ 98,338 $ 89,792 $ 87,333 $ 92,904 8.0 % $ 340,770 $ 368,368 8.1 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 735,950 $ 790,955 $ 774,129 $ 788,110 $ 804,843 $ 793,334 $ 839,852 $ 853,683 8.3 % $ 3,089,143 $ 3,291,712 6.6 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 641 nm nm 2,236 (816 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 (466 ) nm nm 1,037 567 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — — nm nm 50,000 — nm nm
Adjusted operating revenues $ 734,781 $ 740,865 $ 770,089 $ 790,135 $ 803,556 $ 796,018 $ 838,879 $ 853,508 8.0 % $ 3,035,870 $ 3,291,961 8.4 %
Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income from continuing operations before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 $ 271,679 $ 247,074 13.1 % $ 939,247 $ 974,564 3.8 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 641 nm nm 2,236 (816 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 (466 ) nm nm 1,037 567 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — — nm nm (2,837 ) — nm nm
Adjusted operating income before income taxes $ 192,220 $ 223,503 $ 252,552 $ 220,537 $ 220,028 $ 237,181 $ 270,706 $ 246,899 12.0 % $ 888,812 $ 974,813 9.7 %
Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 $ 197,047 17.5 % $ 720,129 $ 751,234 4.3 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 641 nm nm 2,236 (816 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 (466 ) nm nm 1,037 567 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — — nm nm (2,837 ) — nm nm
Less: Tax impact of preceding items (269 ) 152 (476 ) 471 (304 ) 643 (232 ) (35 ) nm nm (123 ) 71 nm nm
Less: Valuation allowance on Senior Health NOLs — (11,080 ) — — — — — — nm nm (11,080 ) — nm nm
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 $ 196,907 16.4 % $ 680,896 $ 751,412 10.4 %

All values are in US Dollars.

7 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (10,542 ) $ 50,206 $ (3,687 ) $ (3,017 ) $ (6,741 ) $ 64 $ 4,771 $ (113 ) 96.2 % $ 32,960 $ (2,020 ) ) -106.1 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 641 nm nm 2,236 (816 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 (466 ) nm nm 1,037 567 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — — nm nm (2,837 ) — nm nm
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 $ 3,798 $ (288 ) 70.9 % $ (17,475 ) $ (1,771 ) 89.9 %

All values are in US Dollars.

8 of 17

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 $ 865,138 1.7 % $ 3,375,282 $ 3,445,535 2.1 %
Premiums ceded to IPO coinsurers (1) (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) (185,392 ) (183,123 ) 6.1 % (801,833 ) (747,981 ) 6.7 %
Adjusted direct premiums (2) 629,819 639,102 648,900 655,628 662,953 673,931 678,655 682,015 4.0 % 2,573,448 2,697,554 4.8 %
Other ceded premiums (3) (202,056 ) (224,782 ) (212,800 ) (217,876 ) (217,857 ) (244,318 ) (227,543 ) (236,149 ) ) -8.4 % (857,515 ) (925,868 ) ) -8.0 %
Net premiums 427,762 414,320 436,099 437,752 445,096 429,613 451,112 445,866 1.9 % 1,715,933 1,771,686 3.2 %
Other, net 12,649 12,624 14,206 12,826 12,745 12,221 12,189 10,967 ) -14.5 % 52,306 48,122 ) -8.0 %
Revenues 440,412 426,944 450,305 450,578 457,842 441,834 463,301 456,832 1.4 % 1,768,239 1,819,809 2.9 %
Benefits and expenses:
Benefits and claims 163,847 146,268 160,652 164,588 171,243 148,725 168,319 163,257 ) -0.8 % 635,354 651,544 2.5 %
Future policy benefits remeasurement (gain)/loss (319 ) (4,280 ) (28,203 ) 1,537 (3,402 ) (5,743 ) (23,392 ) (5,190 ) ) nm (31,265 ) (37,726 ) ) -20.7 %
Amortization of DAC 70,491 71,916 73,698 75,383 76,921 78,386 79,876 81,227 7.8 % 291,488 316,411 8.6 %
Insurance commissions 6,047 3,785 3,410 4,422 2,649 2,238 2,755 1,993 ) -54.9 % 17,664 9,635 ) -45.5 %
Insurance expenses 61,979 61,476 62,395 65,107 63,645 63,216 63,058 68,966 5.9 % 250,957 258,885 3.2 %
Benefits and expenses 302,044 279,164 271,952 311,037 311,056 286,821 290,616 310,254 ) -0.3 % 1,164,198 1,198,748 3.0 %
Income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 $ 146,578 5.0 % $ 604,042 $ 621,060 2.8 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 508,687 $ 517,691 $ 525,697 $ 530,867 $ 538,072 $ 547,938 $ 551,915 $ 554,372 4.4 % $ 2,082,941 $ 2,192,297 5.3 %
Pre-IPO direct premiums (5) 327,634 322,977 321,929 319,800 316,359 313,981 312,132 310,766 ) -2.8 % 1,292,341 1,253,238 ) -3.0 %
Total direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 $ 865,138 1.7 % $ 3,375,282 $ 3,445,535 2.1 %
Premiums ceded to IPO coinsurers $ 206,502 $ 201,566 $ 198,726 $ 195,039 $ 191,477 $ 187,988 $ 185,392 $ 183,123 ) -6.1 % $ 801,833 $ 747,981 ) -6.7 %
% of Pre-IPO direct premiums 63.0 % 62.4 % 61.7 % 61.0 % 60.5 % 59.9 % 59.4 % 58.9 % nm nm 62.0 % 59.7 % nm nm
Benefits and claims, net (6) $ 365,584 $ 366,770 $ 345,249 $ 384,002 $ 385,698 $ 387,300 $ 372,471 $ 394,217 2.7 % $ 1,461,604 $ 1,539,686 5.3 %
% of adjusted direct premiums 58.0 % 57.4 % 53.2 % 58.6 % 58.2 % 57.5 % 54.9 % 57.8 % nm nm 56.8 % 57.1 % nm nm
DAC amortization & insurance commissions $ 76,538 $ 75,701 $ 77,108 $ 79,805 $ 79,570 $ 80,624 $ 82,631 $ 83,220 4.3 % $ 309,152 $ 326,045 5.5 %
% of adjusted direct premiums 12.2 % 11.8 % 11.9 % 12.2 % 12.0 % 12.0 % 12.2 % 12.2 % nm nm 12.0 % 12.1 % nm nm
Insurance expenses, net (7) $ 49,329 $ 48,851 $ 48,189 $ 52,281 $ 50,900 $ 50,995 $ 50,869 $ 57,999 10.9 % $ 198,651 $ 210,763 6.1 %
% of adjusted direct premiums 7.8 % 7.6 % 7.4 % 8.0 % 7.7 % 7.6 % 7.5 % 8.5 % nm nm 7.7 % 7.8 % nm nm
Total Term Life income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 $ 146,578 5.0 % $ 604,042 $ 621,060 2.8 %
Term Life operating margin (8) 22.0 % 23.1 % 27.5 % 21.3 % 22.1 % 23.0 % 25.4 % 21.5 % nm nm 23.5 % 23.0 % nm nm

All values are in US Dollars.

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

9 of 17

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 141,572 142,855 145,789 148,890 151,611 152,167 152,592 152,200 2.2 % 141,572 151,611 7.1 %
12,949 14,402 14,349 14,620 12,339 12,903 12,482 10,998 ) -24.8 % 56,320 48,722 ) -13.5 %
(11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 ) (12,874 ) (11,674 ) 1.9 % (46,281 ) (48,809 ) ) -5.5 %
Life-insurance licensed sales force, end of period 142,855 145,789 148,890 151,611 152,167 152,592 152,200 151,524 ) -0.1 % 151,611 151,524 ) -0.1 %
Estimated annualized issued term life premium (mills) (1):
$ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5 $ 69.8 $ 67.1 ) -14.0 % $ 318.0 $ 289.9 ) -8.8 %
18.1 19.9 18.8 17.9 18.5 20.2 19.0 17.9 ) -0.1 % 74.7 75.6 1.2 %
Total estimated annualized issued term life premium $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7 $ 88.8 $ 85.0 ) -11.4 % $ 392.7 $ 365.4 ) -6.9 %
Issued term life policies 86,587 100,768 93,377 89,664 86,415 89,850 79,379 76,143 ) -15.1 % 370,396 331,787 ) -10.4 %
Estimated average annualized issued term life premium per policy (1)(2) $ 844 $ 860 $ 859 $ 871 $ 861 $ 874 $ 879 $ 882 1.2 % $ 858 $ 874 1.8 %
Term life face amount in-force, beginning of period (mills) $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024 1.0 % $ 944,609 $ 953,583 0.9 %
28,725 33,155 30,793 29,560 28,455 30,292 27,067 26,068 ) -11.8 % 122,233 111,882 ) -8.5 %
(23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 ) (26,159 ) (27,170 ) ) -0.5 % (103,872 ) (103,103 ) 0.7 %
(2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834 (2,196 ) 1,690 125.1 % (9,387 ) 5,251 nm
Term life face amount in-force, end of period $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024 $ 967,612 1.5 % $ 953,583 $ 967,612 1.5 %

All values are in US Dollars.

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

10 of 17

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 88,746 $ 101,178 $ 96,269 $ 108,240 $ 111,270 $ 115,933 $ 118,637 $ 131,305 21.3 % $ 394,432 $ 477,146 21.0 %
Asset-based 128,532 132,765 142,051 150,208 152,014 154,735 172,286 181,407 20.8 % 553,555 660,443 19.3 %
Account-based 23,180 23,740 24,107 24,245 24,195 24,394 24,420 24,347 0.4 % 95,272 97,355 2.2 %
Other, net 3,258 3,224 3,646 3,355 3,333 3,236 3,445 3,275 ) -2.4 % 13,483 13,288 ) -1.4 %
Revenues 243,716 260,906 266,073 286,048 290,812 298,297 318,789 340,335 19.0 % 1,056,743 1,248,233 18.1 %
Benefits and expenses:
Amortization of DAC 1,201 1,478 1,540 1,225 1,337 1,368 1,355 1,321 7.9 % 5,443 5,381 ) -1.1 %
Insurance commissions 3,400 3,343 3,499 3,397 3,277 3,468 3,485 3,526 3.8 % 13,638 13,755 0.9 %
Sales commissions:
Sales-based 62,814 70,509 66,333 75,926 77,267 82,935 82,867 89,561 18.0 % 275,582 332,630 20.7 %
Asset-based 64,208 66,525 71,012 76,298 76,246 78,010 87,337 93,247 22.2 % 278,042 334,840 20.4 %
Other operating expenses 46,531 44,269 43,778 47,214 51,414 53,096 49,522 52,071 10.3 % 181,792 206,103 13.4 %
Benefits and expenses 178,153 186,123 186,161 204,060 209,541 218,877 224,565 239,726 17.5 % 754,498 892,709 18.3 %
Income before income taxes $ 65,563 $ 74,783 $ 79,912 $ 81,988 $ 81,270 $ 79,420 $ 94,223 $ 100,609 22.7 % $ 302,245 $ 355,523 17.6 %
Financial Analysis
Fees paid based on client asset values (1) $ 9,342 $ 9,548 $ 10,156 $ 11,213 $ 10,915 $ 11,404 $ 12,285 $ 12,803 14.2 % $ 40,260 $ 47,408 17.8 %
Fees paid based on fee-generating positions (2) 11,426 10,483 10,392 10,538 12,410 11,015 10,341 10,543 nm 42,839 44,309 3.4 %
Other operating expenses 25,763 24,238 23,230 25,463 28,089 30,676 26,896 28,724 12.8 % 98,693 114,386 15.9 %
Total other operating expenses $ 46,531 $ 44,269 $ 43,778 $ 47,214 $ 51,414 $ 53,096 $ 49,522 $ 52,071 10.3 % $ 181,792 $ 206,103 13.4 %
Sales-based variable margin as % of revenue-generating sales (3)
U.S. 1.25 % 1.33 % 1.37 % 1.35 % 1.37 % 1.29 % 1.38 % 1.49 % nm nm 1.33 % 1.38 % nm nm
Canada 0.48 % 0.37 % 0.34 % 0.31 % 0.35 % 0.35 % 0.35 % 0.27 % nm nm 0.38 % 0.33 % nm nm
Total 1.19 % 1.27 % 1.31 % 1.27 % 1.28 % 1.23 % 1.31 % 1.40 % nm nm 1.26 % 1.31 % nm nm
Asset-based variable margin as % of average asset values (4)
U.S. 0.041 % 0.041 % 0.042 % 0.042 % 0.043 % 0.043 % 0.044 % 0.045 % nm nm 0.165 % 0.176 % nm nm
Canada 0.104 % 0.104 % 0.109 % 0.109 % 0.113 % 0.109 % 0.115 % 0.110 % nm nm 0.426 % 0.446 % nm nm
Total 0.051 % 0.050 % 0.052 % 0.052 % 0.053 % 0.053 % 0.055 % 0.055 % nm nm 0.204 % 0.217 % nm nm
Account-based variable margin per average fee generating position (5)(6) $ 3.67 $ 4.10 $ 4.21 $ 4.18 $ 3.57 $ 4.02 $ 4.20 $ 4.09 nm nm $ 16.16 $ 15.89 nm nm

All values are in US Dollars.

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

11 of 17

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,162.2 $ 1,228.6 $ 1,162.7 $ 1,241.3 $ 1,317.9 $ 1,244.0 $ 1,298.4 $ 1,323.0 6.6 % $ 4,794.7 $ 5,183.4 8.1 %
179.6 147.6 146.2 192.1 220.7 168.5 185.7 212.9 10.8 % 665.5 787.8 18.4 %
81.0 98.0 89.5 86.7 71.1 93.0 72.7 70.2 ) -19.0 % 355.1 307.0 ) -13.6 %
756.0 941.4 891.5 1,023.8 1,038.9 1,178.7 1,180.6 1,375.3 34.3 % 3,612.8 4,773.4 32.1 %
Total sales-based revenue generating product sales 2,178.8 2,415.6 2,289.9 2,543.9 2,648.6 2,684.2 2,737.4 2,981.4 17.2 % 9,428.2 11,051.5 17.2 %
370.9 456.1 411.9 548.7 596.7 634.1 717.2 822.5 49.9 % 1,787.5 2,770.5 55.0 %
197.7 196.5 189.4 213.9 296.4 218.6 244.7 261.6 22.3 % 797.5 1,021.3 28.1 %
23.0 14.8 13.9 14.0 17.7 11.5 12.6 45.1 nm 65.7 86.9 32.2 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9 $ 4,110.6 23.8 % $ 12,078.9 $ 14,930.2 23.6 %
$ 377.4 $ 344.1 $ 335.6 $ 406.0 $ 517.1 $ 387.1 $ 430.4 $ 474.5 16.9 % $ 1,463.1 $ 1,809.1 23.7 %
23.0 14.8 13.9 14.0 17.7 11.5 12.6 45.1 nm 65.7 86.9 32.2 %
Total Canada product sales 400.4 358.8 349.5 420.1 534.8 398.6 443.0 519.5 23.7 % 1,528.8 1,895.9 24.0 %
Total U.S. product sales 2,370.0 2,724.1 2,555.6 2,900.5 3,024.6 3,149.8 3,268.9 3,591.0 23.8 % 10,550.2 13,034.2 23.5 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9 $ 4,110.6 23.8 % $ 12,078.9 $ 14,930.2 23.6 %
Client asset values, beginning of period (mills) $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 $ 120,224 $ 126,793 14.0 % $ 96,735 $ 112,081 15.9 %
2,770 3,083 2,905 3,321 3,559 3,548 3,712 4,111 23.8 % 12,079 14,930 23.6 %
(2,694 ) (2,856 ) (2,650 ) (2,804 ) (3,017 ) (3,062 ) (3,349 ) (3,786 ) ) -35.0 % (11,005 ) (13,213 ) ) -20.1 %
Net flows 76 227 255 517 542 487 363 325 ) -37.2 % 1,074 1,717 59.8 %
(392 ) (163 ) 203 (1,022 ) (12 ) 900 (357 ) 290 128.4 % (1,374 ) 821 nm
6,921 1,708 5,676 1,340 (2,703 ) 8,931 6,562 1,483 10.7 % 15,646 14,272 ) -8.8 %
Client asset values, end of period $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 $ 120,224 $ 126,793 $ 128,891 15.0 % $ 112,081 $ 128,891 15.0 %
0.3 % 0.9 % 1.0 % 1.9 % 1.9 % 1.8 % 1.2 % 1.0 % % nm 1.1 % 1.5 % % nm
Average client asset values (mills)
$ 49,013 $ 50,560 $ 52,721 $ 54,630 $ 54,649 $ 54,324 $ 58,410 $ 60,288 10.4 % $ 51,731 $ 56,918 10.0 %
12,850 13,259 13,959 14,442 14,555 15,153 16,452 17,226 19.3 % 13,627 15,846 16.3 %
8,806 9,376 10,216 11,010 11,537 12,167 13,759 15,070 36.9 % 9,852 13,133 33.3 %
2,824 2,868 2,908 2,959 3,003 3,033 3,061 3,081 4.1 % 2,890 3,045 5.4 %
23,665 24,663 26,014 26,970 27,086 27,075 29,127 30,210 12.0 % 25,328 28,374 12.0 %
2,344 2,266 2,334 2,312 2,189 2,223 2,307 2,301 ) -0.5 % 2,314 2,255 ) -2.6 %
Total $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117 $ 128,175 14.1 % $ 105,742 $ 119,571 13.1 %
$ 12,850 $ 13,259 $ 13,959 $ 14,442 $ 14,555 $ 15,153 $ 16,452 $ 17,226 19.3 % $ 13,627 $ 15,846 16.3 %
2,344 2,266 2,334 2,312 2,189 2,223 2,307 2,301 ) -0.5 % 2,314 2,255 ) -2.6 %
Total Canada average client assets 15,194 15,526 16,293 16,754 16,743 17,376 18,759 19,526 16.5 % 15,942 18,101 13.5 %
Total U.S. average client assets 84,308 87,468 91,858 95,570 96,274 96,599 104,358 108,649 13.7 % 89,801 101,470 13.0 %
Total average client assets $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117 $ 128,175 14.1 % $ 105,742 $ 119,571 13.1 %
Average number of fee-generating positions (thous) (3)
2,359 2,378 2,393 2,407 2,419 2,437 2,448 2,459 2.2 % 2,384 2,441 2.4 %
847 857 865 874 885 893 902 912 4.3 % 861 898 4.3 %
Total 3,206 3,235 3,258 3,281 3,304 3,330 3,350 3,372 2.8 % 3,245 3,339 2.9 %

All values are in US Dollars.

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

12 of 17

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,725 $ 4,690 $ 4,826 $ 4,081 $ 4,414 $ 4,335 $ 4,604 $ 3,892 ) -4.6 % $ 18,322 $ 17,245 ) -5.9 %
Ceded premiums (1,205 ) (1,213 ) (1,118 ) (1,548 ) (1,187 ) (1,102 ) (1,169 ) (1,571 ) ) -1.5 % (5,085 ) (5,029 ) 1.1 %
Net premiums 3,520 3,477 3,708 2,533 3,227 3,233 3,435 2,321 ) -8.4 % 13,238 12,217 ) -7.7 %
Adjusted net investment income 37,943 38,263 39,279 38,980 41,141 40,746 42,110 42,588 9.3 % 154,464 166,585 7.8 %
Commissions and fees:
Prepaid legal services 3,591 3,924 4,070 4,373 3,682 4,009 2,304 3,479 ) -20.4 % 15,958 13,473 ) -15.6 %
Auto and homeowners insurance 1,777 2,413 1,375 2,280 1,966 2,440 2,941 2,245 ) -1.5 % 7,845 9,592 22.3 %
Mortgage loans 1,499 2,211 2,384 2,750 2,129 3,020 3,281 2,984 8.5 % 8,845 11,414 29.0 %
Other sales commissions 1,618 1,963 1,645 1,755 1,701 1,502 1,620 1,618 ) -7.8 % 6,981 6,441 ) -7.7 %
Adjusted other, net 704 764 1,251 838 1,057 938 1,098 1,106 31.9 % 3,556 4,199 18.1 %
Adjusted operating revenues 50,653 53,014 53,711 53,509 54,902 55,887 56,789 56,341 5.3 % 210,888 223,920 6.2 %
Benefits and expenses:
Benefits and claims 2,475 3,762 3,712 2,861 3,619 3,769 3,833 3,162 10.5 % 12,809 14,383 12.3 %
Future policy benefits remeasurement (gain)/loss 374 (49 ) 5,184 (163 ) 128 (152 ) 278 82 nm 5,345 337 ) -93.7 %
Amortization of DAC 357 250 300 298 291 288 267 265 ) -11.1 % 1,205 1,112 ) -7.7 %
Insurance commissions 187 271 272 (24 ) 199 45 (741 ) 101 nm 705 (396 ) ) nm
Insurance expenses 1,171 1,209 1,134 1,149 1,160 1,147 1,074 1,202 4.6 % 4,662 4,582 ) -1.7 %
Sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4,484 5,015 ) -8.5 % 19,625 19,450 ) -0.9 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 5,985 5,968 ) -1.7 % 25,034 23,958 ) -4.3 %
Adjusted other operating expenses 46,913 35,413 37,821 38,831 46,924 36,696 37,811 40,834 5.2 % 158,978 162,265 2.1 %
Adjusted benefits and expenses 62,363 52,074 59,425 54,501 62,930 53,139 52,992 56,629 3.9 % 228,363 225,691 ) -1.2 %
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 $ 3,798 $ (288 ) 70.9 % $ (17,475 ) $ (1,771 ) 89.9 %

All values are in US Dollars.

13 of 17

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended December 31, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Avg
Market Amortized Unrealized Market Amortized Book Avg
(Dollars in thousands) Value Cost G/(L) Value Cost Yield Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term $ 756,227 $ 756,227 $ - 18.6 % 18.1 %
Fixed Income:
Treasury 12,491 12,797 (306 ) 0.3 % 0.3 % 3.1 % AA+
Government 245,286 258,174 (12,888 ) 6.0 % 6.2 % 3.4 % AA-
Tax-Exempt Municipal 46,819 48,471 (1,652 ) 1.2 % 1.2 % 3.4 % AA-
Corporate 1,641,964 1,682,343 (40,380 ) 40.4 % 40.3 % 4.4 % BBB+
Mortgage Backed 656,051 697,433 (41,381 ) 16.2 % 16.7 % 4.2 % AAA
Asset Backed 225,574 228,894 (3,320 ) 5.6 % 5.5 % 4.4 % AA
CMBS 85,032 92,035 (7,003 ) 2.1 % 2.2 % 3.4 % A+
Private Placements 361,083 367,024 (5,941 ) 8.9 % 8.8 % 5.2 % BBB+
Redeemable Preferred 3,748 4,248 (500 ) 0.1 % 0.1 % 5.2 % BBB-
Total Fixed Income 3,278,048 3,391,419 (113,371 ) 80.7 % 81.2 % 4.3 % A
Equities and Other:
Perpetual Preferred 3,474 3,474 - 0.1 % 0.1 %
Common Stock 19,016 19,016 - 0.5 % 0.5 %
Mutual Fund 3,899 3,899 - 0.1 % 0.1 %
Total Equities 26,389 26,389 - 0.6 % 0.6 %
Total Invested Assets $ 4,060,664 $ 4,174,035 $ (113,371 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 221,768 $ 226,993 $ (5,226 ) 13.5 % 13.5 %
Energy 218,172 221,698 (3,526 ) 13.3 % 13.2 %
Consumer Non Cyclical 158,769 166,987 (8,218 ) 9.7 % 9.9 %
Reits 129,156 134,785 (5,629 ) 7.9 % 8.0 %
Consumer Cyclical 126,031 128,723 (2,693 ) 7.7 % 7.7 %
Capital Goods 108,049 108,875 (826 ) 6.6 % 6.5 %
Electric 102,235 104,589 (2,354 ) 6.2 % 6.2 %
Banking 100,930 99,904 1,026 6.1 % 5.9 %
Technology 98,763 102,073 (3,310 ) 6.0 % 6.1 %
Finance Companies 76,524 77,295 (771 ) 4.7 % 4.6 %
Basic Industry 69,244 73,740 (4,496 ) 4.2 % 4.4 %
Communications 67,695 68,460 (764 ) 4.1 % 4.1 %
Transportation 64,317 65,424 (1,108 ) 3.9 % 3.9 %
Brokerage 62,854 64,120 (1,266 ) 3.8 % 3.8 %
Natural Gas 20,304 20,315 (12 ) 1.2 % 1.2 %
Industrial Other 6,182 6,708 (526 ) 0.4 % 0.4 %
Financial Other 4,885 4,937 (52 ) 0.3 % 0.3 %
Utility Other 3,970 4,392 (423 ) 0.2 % 0.3 %
Owned No Guarantee 2,118 2,325 (207 ) 0.1 % 0.1 %
Total Corporate portfolio $ 1,641,964 $ 1,682,343 $ (40,380 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 378,382 $ 379,693 $ (1,311 ) 11.5 % 11.2 % 3.8 %
1-2 Yrs. 253,811 255,762 (1,951 ) 7.7 % 7.5 % 3.9 %
2-5 Yrs. 825,866 836,465 (10,599 ) 25.2 % 24.7 % 4.3 %
5-10 Yrs. 1,186,768 1,251,690 (64,922 ) 36.2 % 36.9 % 4.1 %
> 10 Yrs. 633,221 667,809 (34,588 ) 19.3 % 19.7 % 5.3 %
Total Fixed Income $ 3,278,048 $ 3,391,419 $ (113,371 ) 100.0 % 100.0 % 4.3 %
Duration
Fixed Income portfolio duration 5.2 years

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

14 of 17

Investment Portfolio - Quality Ratings As of December 31, 2025 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 666,842 19.7 %
AA 503,652 14.9 %
A 805,885 23.8 %
BBB 1,377,970 40.6 %
Below Investment Grade 36,627 1.1 %
NA 444 0.0 %
Total Fixed Income $ 3,391,419 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 2,126 0.1 % AAA $ - —
AA 80,584 4.8 % AA 8,860 2.4 %
A 472,509 28.1 % A 101,733 27.7 %
BBB 1,099,544 65.4 % BBB 252,031 68.7 %
Below Investment Grade 27,379 1.6 % Below Investment Grade 4,400 1.2 %
NA 201 0.0 % NA - —
Total Corporate $ 1,682,343 100.0 % Total Private $ 367,024 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 21,351 23.2 % AAA $ 531,950 76.3 %
AA 26,503 28.8 % AA 165,340 23.7 %
A 33,191 36.1 % A - —
BBB 6,197 6.7 % BBB - —
Below Investment Grade 4,793 5.2 % Below Investment Grade 55 0.0 %
NA - — NA 88 0.0 %
Total CMBS $ 92,035 100.0 % Total Mortgage-Backed $ 697,433 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 85,156 37.2 % AAA $ 25,594 9.4 %
AA 36,950 16.1 % AA 153,460 56.6 %
A 106,632 46.6 % A 76,968 28.4 %
BBB - — BBB 14,949 5.5 %
Below Investment Grade - — Below Investment Grade - —
NA 155 0.1 % NA - —
Total Asset-Backed $ 228,894 100.0 % Total Treasury & Government $ 270,971 100.0 %
NAIC Designations
1 $ 1,605,893 56.1 %
2 1,224,055 42.7 %
3 28,475 1.0 %
4 6,555 0.2 %
5 - —
6 - —
U.S. Insurer Fixed Income (2) 2,864,978 100.0 %
Other (3) 552,873
Cash and cash equivalents 756,227
Total Invested Assets $ 4,174,079
  • Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.
  • NAIC ratings for our U.S. insurance companies' fixed income portfolios.
  • Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

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

15 of 17

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 29,936 $ 30,618 $ 31,990 $ 32,867 $ 33,513 $ 34,346 $ 35,218 $ 36,130 9.9%
Fixed-maturity securities (held-to-maturity) 15,785 15,659 15,908 15,300 14,669 14,621 14,476 14,278 ) -6.7%
Equity Securities 390 323 324 327 314 315 318 321 ) -1.8%
Deposit asset underlying 10% reinsurance treaty 2,311 2,211 2,129 2,007 1,857 1,736 1,659 1,512 ) -24.7%
Deposit asset - Mark to Market (137 ) 189 1,830 (846 ) 530 182 321 (466 ) 44.9%
Policy loans and other invested assets 461 544 402 139 1,032 482 611 617 nm
Cash & cash equivalents 6,981 6,640 6,540 5,739 6,519 5,959 6,340 6,065 5.7%
Total investment income 55,727 56,183 59,123 55,533 58,435 57,641 58,943 58,457 5.3%
Investment expenses 2,136 2,072 2,106 2,099 2,095 2,092 2,036 2,057 ) -2.0%
Interest Expense on Surplus Note 15,785 15,659 15,908 15,300 14,669 14,621 14,476 14,278 ) -6.7%
Net investment income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 $ 42,431 $ 42,122 10.5%
Fixed income book yield, end of period 3.93 % 4.01 % 4.09 % 4.14 % 4.21 % 4.26 % 4.27 % 4.30 %
New money yield 5.70 % 5.78 % 5.42 % 5.32 % 5.47 % 5.64 % 5.15 % 4.92 %
YOY Q4
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 18.9 % 18.3 % 19.4 % 19.5 % 19.0 % 19.3 % 19.3 % 19.7 % %
AA 14.8 % 14.1 % 13.2 % 13.1 % 13.6 % 14.0 % 14.6 % 14.9 % %
A 24.1 % 24.3 % 24.2 % 24.4 % 24.5 % 23.8 % 24.0 % 23.8 % %
BBB 40.5 % 41.9 % 41.8 % 41.7 % 41.7 % 41.9 % 41.0 % 40.6 % %
Below Investment Grade 1.6 % 1.5 % 1.2 % 1.2 % 1.1 % 0.9 % 0.9 % 1.1 % %
NA 0.0 % 0.0 % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % 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.

As of December 31, 2025 As of December 31, 2025 As of December 31, 2025
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 ONEOK Inc $ 15,207 $ 15,447 BBB Canada $ 91,407 $ 94,814 AAA $ — $ —
2 Province of Alberta Canada 14,817 15,408 AA- United Kingdom 37,431 36,361 AA — —
3 Province of Ontario Canada 13,865 14,109 A+ Australia 23,287 23,452 A 11,657 12,450
4 Realty Income Corp 13,719 13,973 A- Ireland 18,699 18,174 BBB 14,527 14,499
5 Manulife Financial Corp 13,173 13,456 A Germany 12,974 12,938 Below Investment Grade — —
6 Boeing Co/The 12,903 12,414 BBB- Mexico 10,515 11,122 NA — —
7 Province of Quebec Canada 12,443 12,697 AA- Cayman Islands (The) 10,221 10,005 Total $ 26,184 $ 26,949
8 Morgan Stanley 12,308 12,220 BBB+ Bermuda 9,624 9,375
9 Province of British Columbia Canada 12,036 12,383 A+ Luxembourg 8,158 7,662
10 Province of New Brunswick Canada 11,717 12,246 A+ France 7,711 7,737 Non-Government Investments (1)
11 Intact Financial Corp 11,708 11,420 A+ Japan 7,005 6,952
12 Province of Manitoba Canada 11,466 12,042 A+ Italy 6,366 5,895 AAA $ — $ —
13 Alimentation Couche-Tard Inc 10,702 10,713 BBB+ Norway 5,764 5,765 AA 3,423 3,415
14 Ashtead Group PLC 10,624 10,469 BBB- Spain 4,936 4,902 A 69,737 69,597
15 Boston Properties LP 10,348 10,641 BBB Switzerland 3,436 3,707 BBB 183,398 184,696
16 Province of Nova Scotia Canada 10,081 10,676 AA- Emerging Markets (2) 14,212 14,501 Below Investment Grade 1,692 1,728
17 Province of Saskatchewan Canada 9,921 10,027 AA All Other 12,839 13,179 NA 152 155
18 Goldman Sachs Group Inc/The 9,790 9,775 A+ Total $ 284,586 $ 286,541 Total $ 258,402 $ 259,591
19 ConocoPhillips 9,686 10,728 A-
20 Ontario Teachers' Cadillac Fairview Properties 9,556 10,228 A+
21 Government of Newfoundland and Labrador 9,529 10,152 A
22 Oglethorpe Power Corp 9,506 10,394 BBB+
23 Lakeview Loan Servicing, LLC 9,423 9,256 A-
24 General Motors Co 9,143 8,896 BBB
25 Aviation Capital Group LLC 8,951 8,984 BBB-
Total $ 282,623 $ 288,756
% of total fixed income portfolio 7.0 % 6.9 %
  • US$ denominated investments in issuers outside of the United States based on country of risk.
  • Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

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

16 of 17

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2021 2022 2023 2024 2025 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 349,374 359,735 361,925 445,425 358,316 110,710 96,563 142,655 95,497 100,867 80,924 101,156 75,369
Life-insurance licensed sales force, beginning of period 134,907 129,515 135,208 141,572 151,611 141,572 142,855 145,789 148,890 151,611 152,167 152,592 152,200
New life-licensed representatives 39,622 45,147 49,096 56,320 48,722 12,949 14,402 14,349 14,620 12,339 12,903 12,482 10,998
Non-renewal and terminated representatives (45,014 ) (39,454 ) (42,732 ) (46,281 ) (48,809 ) (11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 ) (12,874 ) (11,674 )
Life-insurance licensed sales force, end of period 129,515 135,208 141,572 151,611 151,524 142,855 145,789 148,890 151,611 152,167 152,592 152,200 151,524
Issued term life policies 323,855 291,918 358,860 370,396 331,787 86,587 100,768 93,377 89,664 86,415 89,850 79,379 76,143
Issued term life face amount $ 108,521 $ 103,822 $ 119,102 $ 122,233 $ 111,882 $ 28,725 $ 33,155 $ 30,793 $ 29,560 $ 28,455 $ 30,292 $ 27,067 $ 26,068
Term life face amount in-force, beginning of period $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024
Issued term life face amount 108,521 103,822 119,102 122,233 111,882 28,725 33,155 30,793 29,560 28,455 30,292 27,067 26,068
Terminated term life face amount (64,798 ) (82,894 ) (94,230 ) (103,872 ) (103,103 ) (23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 ) (26,159 ) (27,170 )
Foreign currency impact, net 862 (7,524 ) 2,929 (9,387 ) 5,251 (2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834 (2,196 ) 1,690
Term life face amount in force, end of period $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 967,612 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024 $ 967,612
Estimated annualized issued term life premium
Premium from new policies $ 297.2 $ 271.9 $ 302.4 $ 318.0 $ 289.9 $ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5 $ 69.8 $ 67.1
Additions and increases in premium 77.0 76.7 74.3 74.7 75.6 18.1 19.9 18.8 17.9 18.5 20.2 19.0 17.9
Total estimated annualized issued term life premium $ 374.2 $ 348.5 $ 376.6 $ 392.7 $ 365.4 $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7 $ 88.8 $ 85.0
Investment & Savings product sales $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 12,078.9 $ 14,930.2 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9 $ 4,110.6
Investment & Savings average client asset values $ 89,993 $ 87,193 $ 89,474 $ 105,742 $ 119,571 $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117 $ 128,175
Closed U.S. Mortgage Volume (brokered) $ 1,229.2 $ 567.2 $ 293.4 $ 397.4 $ 500.7 $ 71.4 $ 99.6 $ 105.4 $ 121.0 $ 93.5 $ 132.8 $ 143.4 $ 130.9

17 of 17

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