Equibles

8-K

Primerica, Inc. (PRI)

8-K 2024-02-14 For: 2024-02-13
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 13, 2024

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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 13, 2024, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

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

Use of Non-GAAP Financial Measures

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

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

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

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately

realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

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

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

Item 7.01 Regulation FD Disclosure.

On February 13, 2024, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended December 31, 2023. 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 and Exhibit 99.3 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated February 13, 2024 – Primerica Reports Fourth Quarter 2023 Results
99.2 Primerica, Inc. Supplemental Financial Information – Fourth Quarter 2023
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 13, 2024 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

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PRIMERICA REPORTS FOURTH QUARTER 2023 RESULTS

Recruiting and licensing momentum drove life-licensed sales force to a record 141,572; up 5% compared to the prior year end

Issued Term Life policies up 12% and total face amount issued up 16%

Investment and Savings Product sales up 13% and ending client asset values up 15%

Earnings per diluted share (EPS) of $4.30 increased 9%; return on stockholders’ equity (ROE) was 27.8%

Diluted adjusted operating EPS of $4.25 increased 9%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) was 26.9%

Duluth, GA, Feb. 13, 2024 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended December 31, 2023. Total revenues of $726.3 million increased 6% compared to the fourth quarter of 2022. Net income of $151.9 million increased 4%, while earnings per diluted share of $4.30 increased 9% compared to the prior year period.

Adjusted operating revenues of $724.3 million increased 6% compared to the fourth quarter of 2022. Adjusted net operating income of $150.4 million increased 4%, while adjusted operating earnings per diluted share of $4.25 increased 9% compared to the prior year period.

Strong recruiting and licensing trends continue to reflect the attractiveness of Primerica’s business model and fuel the growth of its powerful distribution platform that now exceeds 141,500 life-licensed individuals. The Company’s financial results during the fourth quarter reflected the benefit of a large and stable block of in-force term life insurance policies, higher investment products sales and appreciation of client asset values, while net investment income was higher due to an increase in interest rates and growth in the size of the investment portfolio. The Company continued to experience pressures in senior health, resulting in a small loss in the segment.

“Strong fourth quarter results completed another solid year at Primerica as we continue to meet the growing financial needs of middle-income families,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “Our expanding sales force plays a crucial role

in our success, and I believe 2024 holds exciting opportunities to build momentum as we work toward our biennial convention in July.”

For the full year ended December 31, 2023, the Company recruited nearly 362,000 individuals, resulting in 9% increase in new insurance licenses and 5% growth in the size of the life-licensed sales force. The momentum of the sales force led to an 8% increase in issued term life insurance policies and a 15% increase in new issued term life face amount. Investment product sales were solid at $9.2 billion, declining 8% year-over-year due to pressures from volatile equity markets in the first half of 2023. Comparing financial results for the year ended December 31, 2023 to the year ended December 31, 2022, net income of $576.6 million increased 23%, while earnings per diluted share of $15.94 increased 29%. Excluding certain non-GAAP adjustments, such as the impact of a $60 million goodwill impairment in the prior year, adjusted net operating income of $581.4 million increased 8%, while adjusted operating earnings per diluted share of $16.07 increased 15%.

Fourth Quarter Distribution & Segment Results

Distribution Results
Q4 2023 Q4 2022 % Change Adjusted Q4 2022 % Change
Life-Licensed Sales Force 141,572 135,208 5 %
Recruits 89,992 77,025 17 %
New Life-Licensed Representatives 13,029 11,117 17 %
Life Insurance Policies Issued (1) 88,757 72,544 22 % 79,282 12 %
Life Productivity (1) (2) 0.21 0.18 * 0.20 *
Issued Term Life Face Amount ($ billions) (3) $ 29.3 $ 25.3 16 %
ISP Product Sales ($ billions) $ 2.4 $ 2.1 13 %
Average Client Asset Values ($ billions) $ 91.0 $ 83.3 9 %
Senior Health Submitted Policies (4) 18,663 23,060 (19 )%
Senior Health Approved Policies (5) 17,181 20,705 (17 )%
Closed U.S. Mortgage Volume ($ million brokered) $ 72.9 $ 78.9 (8 )%

(1) Previously reported numbers for the three months ended December 31, 2022 have been adjusted as a result of a product change made in the fourth quarter of 2022, which modified how policies are structured in relation to individual lives. To make year-over-year comparisons more consistent, we have provided estimates for the prior year period.

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

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

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

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

* Not calculated

Segment Results
Q4 2023 Q4 2022 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 415,974 4 %
Investment and Savings Products 198,280 12 %
Senior Health 27,853 (28 )%
Corporate and Other Distributed Products (1) 42,396 21 %
Total adjusted operating revenues (1) $ 684,503 6 %
Adjusted Operating Income (Loss) before <br>  income taxes:
Term Life Insurance $ 132,001 6 %
Investment and Savings Products 56,612 11 %
Senior Health ) 4,285 NM
Corporate and Other Distributed Products (1) ) (8,762 ) 39 %
Total adjusted operating income before <br>   income taxes (1) $ 184,136 6 %

All values are in US Dollars.

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

Life Insurance Licensed Sales Force

Primerica's entrepreneurial business opportunity continues to generate a high degree of interest, leading to a year-over-year increase of 17% in both licensing and recruiting during the fourth quarter. In total, the Company recruited 89,992 individuals and added 13,029 new life-licenses to end the year with a record 141,572 independent life-licensed representatives, up 5% year-over-year.

Term Life Insurance

Sales volume remained robust with 88,757 new term life insurance policies issued during the fourth quarter, a 12% increase compared to the adjusted number of policies issued in the prior year period. Issued term life face amount, which captures the face amount of both new policies issued and additions to in-force policies, increased 16% to $29.3 billion compared to $25.3 billion in the prior year period. Productivity, as measured by the number of policies issued per life-licensed reps per month, increased from an adjusted 0.20 policies in the fourth quarter of 2022 to 0.21 policies in the fourth quarter of 2023.

Fourth quarter revenues of $431.3 million increased 4% compared to the prior year period, while pre-tax operating income of $140.3 million increased 6%, in line with the growth in adjusted direct premiums. The Company believes pressure from higher costs of living has likely contributed to the elevated lapse rates it continues to experience, although there was minimal impact on the fourth quarter’s financial results. The benefits and claims ratio was 58.2% and the DAC amortization and insurance commissions ratio was 12.0%, both largely consistent with the prior year period. Year-over-year, insurance expenses declined $1.6 million due to higher expenses in the prior year period associated with the launch of the new term life insurance products.

Investment and Savings Products

Total product sales of $2.4 billion during the fourth quarter increased 13% compared to the prior year period driven by a combination of stronger demand for variable annuities and U.S. mutual funds. The Company also experienced increased momentum in managed accounts sales following a temporary disruption caused by a platform conversion during the third quarter. Client asset values ended the year at $96.7 billion, up 15% year-over-year.

Fourth quarter revenues of $221.7 million increased 12% compared to the prior year period, while pre-tax operating income of $62.8 million increased 11% driven by higher up-front revenue-generating product sales and an increase in average client asset values. Sales-based revenues and sales-based commission expenses increased 15% and 13%, respectively, benefiting from higher sales of variable annuities. Asset-based revenues increased 12%, outpacing 9% growth in average client asset values. This was due to a continued mix shift toward U.S. managed accounts and products such as the Canadian principal distributor mutual funds for which the Company earns higher asset-based fees in lieu of up-front sales-based compensation. The change in asset-based commission expenses was consistent with the growth in asset-based revenues, when including asset-based commission expenses on Canadian segregated funds which are

recognized as insurance commissions and amortization of DAC. Year-over-year, operating expenses increased $3.9 million due to timing of costs associated with the managed account platform conversion.

Senior Health

The fourth quarter results reflect lower sales from a less tenured agent mix. Approximately 17,000 policies were approved by health carriers, which represents 17% fewer policies than the prior year period. The lifetime value of commissions per approved policy (“LTV”) was $1,109 which, beginning in the fourth quarter of 2023, includes marketing development funds that are now contractually earned on a per policy basis. The contract acquisition costs per approved policy (“CAC”) were $878.

Fourth quarter revenues of $20.1 million declined $7.7 million, or 28% compared to the prior year period, largely driven by lower sales volume in the current period. The pre-tax operating loss of $2.7 million reflected higher CAC due to lower productivity from newer agents. The Company did not contribute cash to the segment in 2023.

Corporate and Other Distributed Products

During the fourth quarter of 2023, the segment recorded an adjusted operating pre-tax loss of $5.4 million compared to an adjusted operating pre-tax loss of $8.8 million in the fourth quarter of 2022. The improvement was driven by a $7.5 million increase in adjusted net investment income, partially offset by a $3.3 million increase in benefits and claims for an adjustment made to the ceded reserves estimate for a closed block of non-term life insurance business.

Taxes

The effective tax rate was 22.9% in the fourth quarter of 2023 compared to 21.4% in the prior year period. The effective tax rate in the prior year period was lower than the current year period because it included a tax benefit from revaluing the Canadian deferred tax asset to reflect an incremental Canadian federal tax enacted in December of 2022.

Capital

During the fourth quarter, the Company repurchased $72.5 million of its common stock, completing the Board of Directors' authorization to repurchase $375 million of common stock during 2023. On November 16, 2023, the Board authorized a new $425 million share repurchase program to occur through December 31, 2024.

Primerica has a strong balance sheet, including invested assets and cash at the holding company of $382 million. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 435% as of December 31, 2023.

Non-GAAP Financial Measures

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

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

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

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads

that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

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

Earnings Webcast Information

Primerica will hold a webcast on Wednesday, February 14, 2024, at 10:00 a.m. Eastern, to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or 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 sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; we may not be able to execute an effective senior health insurance business strategy; a failure by e-TeleQuote to comply with the requirements of the United States government’s Centers for Medicare and Medicaid Services and those of its carrier partners; legislative or regulatory changes to Medicare Advantage or changes to the implementing guidance by the Centers for Medicare and Medicaid Services; e-TeleQuote’s inability to acquire or generate leads on commercially viable terms, convert leads to sales or if customer policy retention is lower than assumed; e-TeleQuote’s inability to enroll individuals during the Medicare annual election period; the loss of a key carrier, or the modification of commission rates or underwriting practices with a key carrier partner could adversely affect e-TeleQuote’s business; 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; 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 or if e-TeleQuote is otherwise unable to safeguard the security and privacy of confidential data, including personal health information; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; 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 approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2022. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

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

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, 2023 December 31, 2022
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 2,719,467 $ 2,495,456
Fixed-maturity security held-to-maturity, at amortized cost 1,386,980 1,444,920
Short-term investments available-for-sale, at fair value 276 69,406
Equity securities, at fair value 29,680 35,404
Trading securities, at fair value 18,383 3,698
Policy loans and other invested assets 51,175 48,713
Total investments 4,205,961 4,097,597
Cash and cash equivalents 613,148 489,240
Accrued investment income 23,958 20,885
Reinsurance recoverables 3,015,777 3,209,540
Deferred policy acquisition costs, net 3,447,234 3,188,502
Renewal commissions receivable 190,258 200,043
Agent balances, due premiums and other receivables 273,066 254,276
Goodwill 127,707 127,707
Intangible assets, net 175,025 185,525
Income taxes 123,514 93,632
Operating lease right-of-use assets 53,693 40,500
Other assets 382,549 428,259
Separate account assets 2,395,842 2,305,717
Total assets $ 15,027,732 $ 14,641,423
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 6,742,025 $ 6,297,906
Unearned and advance premiums 14,876 15,422
Policy claims and other benefits payable 513,803 538,250
Other policyholders' funds 435,094 483,769
Notes payable 593,709 592,905
Surplus note 1,386,592 1,444,469
Income taxes 135,247 204,018
Operating lease liabilities 61,358 45,995
Other liabilities 583,434 580,780
Payable under securities lending 99,785 100,938
Separate account liabilities 2,395,842 2,305,717
Total liabilities 12,961,765 12,610,169
Stockholders' equity
Common stock 350 368
Paid-in capital - -
Retained earnings 2,276,946 2,153,617
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits (39,086 ) 130,416
Unrealized foreign currency translation gains (losses) (2,235 ) (12,279 )
Net unrealized gains (losses) and foreign currency translation (170,008 ) (240,868 )
Total stockholders' equity 2,065,967 2,031,254
Total liabilities and stockholders' equity $ 15,027,732 $ 14,641,423
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended December 31,
2023 2022
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 834,275 $ 812,481
Ceded premiums (410,182 ) (406,088 )
Net premiums 424,093 406,393
Commissions and fees 246,837 226,720
Net investment income 37,644 28,530
Investment gains (losses) 835 2,846
Other, net 16,929 22,451
Total revenues 726,338 686,940
Benefits and expenses:
Benefits and claims 168,739 161,055
Future policy benefits remeasurement (gain) loss 746 958
Amortization of deferred policy acquisition costs 70,378 66,867
Sales commissions 116,747 103,161
Insurance expenses 57,420 58,883
Insurance commissions 9,030 7,280
Contract acquisition costs 15,079 14,952
Interest expense 6,586 6,768
Other operating expenses 84,572 80,443
Total benefits and expenses 529,297 500,367
Income before income taxes 197,041 186,573
Income taxes 45,106 39,851
Net income $ 151,935 $ 146,722
Earnings per share attributable to common stockholders:
Basic earnings per share $ 4.30 $ 3.95
Diluted earnings per share $ 4.30 $ 3.94
Weighted-average shares used in computing <br>  earnings per share:
Basic 35,149 36,974
Diluted 35,208 37,081
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Year ended December 31,
2023 2022
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 3,312,125 $ 3,230,120
Ceded premiums (1,651,811 ) (1,629,892 )
Net premiums 1,660,314 1,600,228
Commissions and fees 950,416 944,676
Net investment income 135,837 93,065
Investment gains (losses) (5,896 ) (995 )
Other, net 75,020 83,159
Total revenues 2,815,691 2,720,133
Benefits and expenses:
Benefits and claims 642,979 632,403
Future policy benefits remeasurement (gain) loss (384 ) 1,626
Amortization of deferred policy acquisition costs 275,816 261,629
Sales commissions 457,444 462,764
Insurance expenses 235,460 235,405
Insurance commissions 34,222 30,261
Contract acquisition costs 55,233 68,431
Interest expense 26,594 27,237
Goodwill impairment loss - 60,000
Other operating expenses 336,647 320,394
Total benefits and expenses 2,064,011 2,100,150
Income before income taxes 751,680 619,983
Income taxes 175,079 152,953
Net income $ 576,601 $ 467,030
Net income (loss) attributable to noncontrolling interests - (5,038 )
Net income attributable to Primerica, Inc. $ 576,601 $ 472,068
Earnings per share attributable to common stockholders:
Basic earnings per share $ 15.97 $ 12.37
Diluted earnings per share $ 15.94 $ 12.33
Weighted-average shares used in computing <br>  earnings per share:
Basic 35,954 37,997
Diluted 36,027 38,106
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2023 2022 % Change
(In thousands, except per-share amounts)
Total revenues $ 726,338 $ 686,940 6 %
Less: Investment gains (losses) 835 2,846
Less: 10% deposit asset MTM included in NII 1,215 (409 )
Adjusted operating revenues $ 724,288 $ 684,503 6 %
Income before income taxes $ 197,041 $ 186,573 6 %
Less: Investment gains (losses) 835 2,846
Less: 10% deposit asset MTM included in NII 1,215 (409 )
Adjusted operating income before income taxes $ 194,991 $ 184,136 6 %
Net income $ 151,935 $ 146,722 4 %
Less: Investment gains (losses) 835 2,846
Less: 10% deposit asset MTM included in NII 1,215 (409 )
Less: Tax impact of preceding items (469 ) (520 )
Adjusted net operating income $ 150,354 $ 144,805 4 %
Diluted earnings per share (1) $ 4.30 $ 3.94 9 %
Less: Net after-tax impact of operating adjustments 0.05 0.05
Diluted adjusted operating earnings per share (1) $ 4.25 $ 3.89 9 %

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

PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Year ended December 31,
2023 2022 % Change
(In thousands, except per-share amounts)
Total revenues $ 2,815,691 $ 2,720,133 4 %
Less: Investment gains (losses) (5,896 ) (995 )
Less: 10% deposit asset MTM included in NII (446 ) (3,830 )
Adjusted operating revenues $ 2,822,033 $ 2,724,958 4 %
Income before income taxes $ 751,680 $ 619,983 21 %
Less: Investment gains (losses) (5,896 ) (995 )
Less: 10% deposit asset MTM included in NII (446 ) (3,830 )
Less: e-TeleQuote transaction-related expenses - 1,992
Less: Equity comp for awards exchanged during acquisition - (3,584 )
Less: Noncontrolling interest - (6,797 )
Less: Goodwill impairment - (60,000 )
Adjusted operating income before income taxes $ 758,022 $ 693,197 9 %
Net income $ 576,601 $ 467,030 23 %
Less: Investment gains (losses) (5,896 ) (995 )
Less: 10% deposit asset MTM included in NII (446 ) (3,830 )
Less: e-TeleQuote transaction-related expenses - 1,992
Less: Equity comp for awards exchanged during acquisition - (3,584 )
Less: Noncontrolling interest - (6,797 )
Less: Goodwill impairment - (60,000 )
Less: Tax impact of preceding items 1,494 3,303
Adjusted net operating income $ 581,449 $ 536,941 8 %
Diluted earnings per share (1) $ 15.94 $ 12.33 29 %
Less: Net after-tax impact of operating adjustments (0.13 ) (1.70 )
Diluted adjusted operating earnings per share (1) $ 16.07 $ 14.03 15 %

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

TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended December 31,
2023 2022 % Change
(In thousands)
Direct premiums $ 829,918 $ 807,796 3 %
Less: Premiums ceded to IPO coinsurers 210,310 224,240
Adjusted direct premiums 619,608 583,556 6 %
Ceded premiums (410,456 ) (404,174 )
Less: Premiums ceded to IPO coinsurers (210,310 ) (224,240 )
Other ceded premiums (200,146 ) (179,934 )
Net premiums $ 419,462 $ 403,622 4 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
2023 2022 % Change
(In thousands)
Total revenues $ 53,207 $ 44,833 19 %
Less: Investment gains (losses) 835 2,846
Less: 10% deposit asset MTM included in NII 1,215 (409 )
Adjusted operating revenues $ 51,157 $ 42,396 21 %
Loss before income taxes $ (3,327 ) $ (6,325 ) 47 %
Less: Investment gains (losses) 835 2,846
Less: 10% deposit asset MTM included in NII 1,215 (409 )
Adjusted operating loss before income taxes $ (5,377 ) $ (8,762 ) 39 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
December 31, 2023 December 31, 2022 % Change
(In thousands)
Stockholders' equity $ 2,065,967 $ 2,031,254 2 %
Less: Net unrealized gains (losses) (170,008 ) (240,868 )
Less: Effect of change in discount rate assumptions <br>              on the liability for future policy benefits (39,086 ) 130,416
Adjusted stockholders' equity $ 2,275,061 $ 2,141,706 6 %

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Fourth Quarter 2023

Table of Contents PRIMERICA, INC.<br><br>Financial Supplement
Page
--- ---
Preface, definition of Non-GAAP financial measures 3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures 4
Financial results and other statistical data 5
Statements of income 6
Reconciliation of statement of income GAAP to non-GAAP financial measures 7-8
Segment operating results
Term Life Insurance segment - financial results, key statistics, and financial analysis 9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics 11-12
Senior Health segment - financial results, financial analysis, and key statistics 13
Corporate & Other Distributed Products segment - financial results 14
Investment portfolio 15-17
Five-year historical key statistics 18

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2022.

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

Fourth Quarter 2023

This document is a financial supplement to our fourth quarter 2023 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated the Company's insurance operations. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges in our non-GAAP financial measures as such expenses are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company.

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

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

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

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

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

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

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.

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Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Dec 31,<br>2021 Mar 31,<br>2022 Jun 30,<br>2022 Sep 30,<br>2022 Dec 31,<br>2022 Mar 31,<br>2023 Jun 30,<br>2023 Sep 30,<br>2023 Dec 31,<br>2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,277,830 $ 3,191,154 $ 3,048,974 $ 2,981,598 $ 3,141,919 $ 3,246,388 $ 3,226,056 $ 3,174,938 $ 3,432,129
Securities held to maturity 1,379,100 1,390,310 1,415,940 1,433,760 1,444,920 1,460,000 1,433,520 1,417,460 1,386,980
Total investments and cash 4,656,930 4,581,464 4,464,914 4,415,358 4,586,839 4,706,388 4,659,576 4,592,398 4,819,109
Due from reinsurers 4,239,627 3,716,686 3,386,120 3,190,157 3,209,540 3,217,354 3,084,520 2,954,245 3,015,777
Deferred policy acquisition costs 2,956,650 3,029,551 3,083,905 3,128,511 3,188,502 3,250,753 3,319,844 3,374,627 3,447,234
Goodwill 179,154 179,154 187,707 127,707 127,707 127,707 127,707 127,707 127,707
Other assets 1,363,612 1,249,598 1,213,620 1,202,072 1,223,120 1,191,286 1,201,266 1,200,647 1,222,064
Separate account assets 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717 2,329,968 2,358,823 2,183,435 2,395,842
Total assets $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423 $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732
Liabilities:
Future policy benefits $ 8,594,476 $ 7,332,290 $ 6,606,150 $ 6,094,187 $ 6,297,911 $ 6,561,624 $ 6,491,564 $ 6,045,151 $ 6,742,025
Other policy liabilities 1,103,642 1,108,047 999,789 1,005,195 1,037,440 996,747 970,198 938,665 963,773
Income taxes 15,311 95,424 168,160 218,441 204,017 201,850 169,487 227,866 135,248
Other liabilities 669,631 683,865 646,660 659,582 626,773 659,734 642,149 636,927 644,792
Debt obligations 607,102 598,303 592,504 592,705 592,905 593,106 593,307 593,508 593,709
Surplus note 1,378,585 1,389,811 1,415,457 1,433,293 1,444,469 1,459,565 1,433,101 1,417,056 1,386,592
Payable under securities lending 94,529 93,171 96,603 80,754 100,938 74,452 77,643 77,956 99,785
Separate account liabilities 2,799,992 2,696,891 2,358,987 2,206,608 2,305,717 2,329,968 2,358,823 2,183,435 2,395,842
Total liabilities 15,263,269 13,997,803 12,884,310 12,290,764 12,610,170 12,877,046 12,736,272 12,120,564 12,961,765
Redeemable noncontrolling interest $ 7,271 $ 4,616 $ 2,233 $ — $ — $ — $ — $ — $ —
Stockholders’ equity:
Common stock (0.01 par value) (1) 394 388 378 370 368 364 358 353 350
Paid-in capital 5,224 (0 ) (0 ) (0 ) (0 ) — — — —
Retained earnings 2,085,665 2,098,037 2,085,823 2,053,285 2,153,617 2,177,428 2,190,223 2,215,378 2,276,947
Treasury stock — — — — — — — — —
Accumulated other comprehensive income (loss), net:
63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 ) (208,157 ) (226,250 ) (269,604 ) (170,008 )
(1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416 (11,966 ) 55,386 377,637 (39,086 )
8,547 11,847 2,336 (16,614 ) (12,279 ) (11,259 ) (4,253 ) (11,269 ) (2,235 )
Total stockholders’ equity (2) 925,425 1,450,923 1,808,712 1,979,648 2,031,253 1,946,411 2,015,464 2,312,495 2,065,967
Total liabilities and stockholders' equity $ 16,195,964 $ 15,453,343 $ 14,695,254 $ 14,270,413 $ 14,641,423 $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 925,425 $ 1,450,923 $ 1,808,712 $ 1,979,648 $ 2,031,253 $ 1,946,411 $ 2,015,464 $ 2,312,495 $ 2,065,967
Less: Net unrealized gains (losses) 63,775 (66,439 ) (175,746 ) (252,913 ) (240,869 ) (208,157 ) (226,250 ) (269,604 ) (170,008 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits (1,238,180 ) (592,910 ) (104,078 ) 195,520 130,416 (11,966 ) 55,386 377,637 (39,086 )
Adjusted stockholders’ equity $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,099,830 $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533 $ 2,186,328 $ 2,204,462
Net Income attributable to Primerica, Inc. 117,829 127,956 79,561 146,721 128,099 144,504 152,063 151,935
Shareholder dividends (21,645 ) (21,178 ) (20,571 ) (20,389 ) (23,910 ) (23,598 ) (23,336 ) (22,870 )
Retirement of shares and warrants (103,862 ) (127,963 ) (97,515 ) (32,098 ) (96,323 ) (112,606 ) (106,479 ) (72,886 )
Net foreign currency translation adjustment 3,300 (9,511 ) (18,949 ) 4,335 1,020 7,005 (7,016 ) 9,035
Other, net 14,820 8,961 5,979 6,096 15,941 4,490 2,902 5,386
Balance, end of period $ 2,110,271 $ 2,088,536 $ 2,037,041 $ 2,141,707 $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 2,956,650 $ 3,029,551 $ 3,083,905 $ 3,128,511 $ 3,188,502 $ 3,250,753 $ 3,319,844 $ 3,374,627
General expenses deferred 9,519 9,321 9,726 9,283 10,777 10,692 10,764 9,910
Commission costs deferred 123,739 119,794 119,734 113,479 118,386 119,676 119,976 125,335
Amortization of deferred policy acquisition costs (63,854 ) (64,830 ) (66,077 ) (66,867 ) (67,923 ) (68,110 ) (69,405 ) (70,378 )
Foreign currency impact and other, net 3,496 (9,930 ) (18,777 ) 4,095 1,011 6,833 (6,551 ) 7,739
Balance, end of period $ 3,029,551 $ 3,083,905 $ 3,128,511 $ 3,188,502 $ 3,250,753 $ 3,319,844 $ 3,374,627 $ 3,447,234

All values are in US Dollars.

(1) Outstanding common shares exclude restricted stock units.

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

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 36,709,525 36,215,232 35,760,090 35,148,919 ) -4.9 % 37,996,978 35,953,622 ) -5.4 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 $ 152,063 $ 151,935 3.6 % $ 472,068 $ 576,601 22.1 %
Less income attributable to unvested participating securities (488 ) (566 ) (375 ) (703 ) (579 ) (609 ) (643 ) (648 ) 7.8 % (2,131 ) (2,483 ) ) -16.5 %
Net income used in computing basic EPS $ 117,341 $ 127,390 $ 79,186 $ 146,019 $ 127,520 $ 143,896 $ 151,420 $ 151,287 3.6 % $ 469,937 $ 574,118 22.2 %
Basic earnings per share $ 2.99 $ 3.32 $ 2.12 $ 3.95 $ 3.47 $ 3.97 $ 4.23 $ 4.30 9.0 % $ 12.37 $ 15.97 29.1 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 $ 153,804 $ 150,354 3.8 % $ 536,941 $ 581,448 8.3 %
Less operating income attributable to unvested participating securities (496 ) (578 ) (668 ) (694 ) (596 ) (612 ) (650 ) (642 ) 7.5 % (2,424 ) (2,504 ) ) -3.3 %
Adjusted net operating income used in computing basic operating EPS $ 119,248 $ 130,132 $ 141,014 $ 144,111 $ 131,288 $ 144,794 $ 153,154 $ 149,713 3.9 % $ 534,518 $ 578,945 8.3 %
Basic adjusted operating income per share $ 3.04 $ 3.39 $ 3.77 $ 3.90 $ 3.58 $ 4.00 $ 4.28 $ 4.26 9.3 % $ 14.07 $ 16.10 14.5 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 39,221,003 38,385,520 37,438,254 36,973,967 36,709,525 36,215,232 35,760,090 35,148,919 ) -4.9 % 37,996,978 35,953,622 ) -5.4 %
Dilutive impact of contingently issuable shares 110,941 115,058 102,810 107,245 94,123 74,712 62,182 59,473 ) -44.5 % 109,014 72,623 ) -33.4 %
Shares used to calculate diluted EPS 39,331,944 38,500,578 37,541,064 37,081,212 36,803,648 36,289,944 35,822,272 35,208,392 ) -5.1 % 38,105,992 36,026,245 ) -5.5 %
Net income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 $ 152,063 $ 151,935 3.6 % $ 472,068 $ 576,601 22.1 %
Less income attributable to unvested participating securities (487 ) (564 ) (374 ) (701 ) (577 ) (608 ) (642 ) (647 ) 7.7 % (2,126 ) (2,479 ) ) -16.6 %
Net income used in computing diluted EPS $ 117,342 $ 127,392 $ 79,187 $ 146,020 $ 127,521 $ 143,897 $ 151,421 $ 151,288 3.6 % $ 469,942 $ 574,122 22.2 %
Diluted earnings per share $ 2.98 $ 3.31 $ 2.11 $ 3.94 $ 3.46 $ 3.97 $ 4.23 $ 4.30 9.1 % $ 12.33 $ 15.94 29.2 %
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 $ 153,804 $ 150,354 3.8 % $ 536,941 $ 581,448 8.3 %
Less operating income attributable to unvested participating securities (495 ) (577 ) (666 ) (692 ) (595 ) (611 ) (649 ) (641 ) 7.4 % (2,418 ) (2,499 ) ) -3.4 %
Adjusted net operating income used in computing diluted operating EPS $ 119,249 $ 130,134 $ 141,016 $ 144,113 $ 131,289 $ 144,795 $ 153,155 $ 149,714 3.9 % $ 534,523 $ 578,949 8.3 %
Diluted adjusted operating income per share $ 3.03 $ 3.38 $ 3.76 $ 3.89 $ 3.57 $ 3.99 $ 4.28 $ 4.25 9.4 % $ 14.03 $ 16.07 14.6 %
Annualized Return on Equity
Average stockholders' equity (1) $ 1,188,174 $ 1,629,817 $ 1,894,180 $ 2,005,451 $ 1,988,832 $ 1,980,938 $ 2,163,980 $ 2,189,231 9.2 % $ 1,679,406 $ 2,080,745 23.9 %
Average adjusted stockholders' equity (1) $ 2,105,050 $ 2,099,404 $ 2,062,789 $ 2,089,374 $ 2,154,120 $ 2,176,431 $ 2,195,395 $ 2,239,762 7.2 % $ 2,089,154 $ 2,191,427 4.9 %
Net income attributable to Primerica, Inc. return on stockholders' equity 39.7 % 31.4 % 16.8 % 29.3 % 25.8 % 29.2 % 28.1 % 27.8 % % nm 28.1 % 27.7 % % nm
Net income attributable to Primerica, Inc. return on adjusted stockholders' equity 22.4 % 24.4 % 15.4 % 28.1 % 23.8 % 26.6 % 27.7 % 27.1 % % nm 22.6 % 26.3 % % nm
Adjusted net operating income return on adjusted stockholders' equity 22.8 % 24.9 % 27.5 % 27.7 % 24.5 % 26.7 % 28.0 % 26.9 % % nm 25.7 % 26.5 % % nm
Capital Structure
Debt-to-capital (2) 29.2 % 24.7 % 23.0 % 22.6 % 23.4 % 22.7 % 20.4 % 22.3 % % nm 22.6 % 22.3 % % nm
Debt-to-capital, excluding AOCI (2) 22.2 % 22.1 % 22.4 % 21.6 % 21.4 % 21.3 % 21.1 % 20.7 % % nm 21.6 % 20.7 % % nm
Cash and invested assets to stockholders' equity 3.2 x 2.5 x 2.2 x 2.3 x 2.4 x 2.3 x 2.0 x 2.3 x x nm 2.3 x 2.3 x x nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.2 x 2.1 x 2.2 x 2.1 x 2.1 x 2.1 x x) nm 2.1 x 2.1 x x) nm
Share count, end of period (3) 38,751,885 37,768,052 37,026,600 36,824,428 36,407,876 35,845,525 35,342,474 34,995,613 ) -5.0 % 36,824,428 34,995,613 ) -5.0 %
Adjusted stockholders' equity per share $ 54.46 $ 55.30 $ 55.02 $ 58.16 $ 59.51 $ 60.99 $ 62.37 $ 65.01 11.8 % $ 58.16 $ 65.01 11.8 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 A1 A1 nm nm nm nm nm nm
S&P AA- AA- AA- AA- AA- AA- AA- AA- nm nm nm nm nm nm
A.M. Best A+ A+ A+ A+ A+ A+ A+ A+ nm nm nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 nm nm nm nm nm nm
S&P A- A- A- A- A- A- A- A- nm nm nm nm nm nm
A.M. Best a- a- a- a- a- a- a- a- nm nm nm nm nm nm

All values are in US Dollars.

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

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

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

5 of 18

Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Statement of Income
Revenues:
Direct premiums $ 798,666 $ 808,894 $ 810,079 $ 812,481 $ 817,872 $ 828,296 $ 831,681 $ 834,275 2.7 % $ 3,230,120 $ 3,312,125 2.5 %
Ceded premiums (399,885 ) (419,048 ) (404,870 ) (406,088 ) (405,347 ) (425,266 ) (411,015 ) (410,182 ) ) -1.0 % (1,629,892 ) (1,651,811 ) ) -1.3 %
Net premiums 398,781 389,846 405,209 406,393 412,525 403,030 420,666 424,093 4.4 % 1,600,229 1,660,314 3.8 %
Net investment income 18,905 21,284 24,346 28,530 31,065 32,398 34,730 37,644 31.9 % 93,065 135,837 46.0 %
Commissions and fees:
Sales-based (1) 103,242 88,701 67,962 66,473 72,388 74,958 72,996 76,274 14.7 % 326,378 296,617 ) -9.1 %
Asset-based (2) 113,112 108,101 107,483 105,357 111,904 113,335 119,413 118,303 12.3 % 434,053 462,955 6.7 %
Account-based (3) 21,541 22,592 22,910 23,348 22,790 23,095 23,344 23,960 2.6 % 90,391 93,189 3.1 %
Other commissions and fees 13,905 21,294 27,113 31,542 24,464 21,742 23,149 28,300 ) -10.3 % 93,854 97,655 4.0 %
Investment (losses) gains 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) (1,795 ) 835 ) -70.7 % (995 ) (5,896 ) ) nm
Other, net 20,988 18,755 20,964 22,451 19,508 20,155 18,429 16,929 ) -24.6 % 83,159 75,020 ) -9.8 %
Total revenues 691,225 668,681 673,288 686,940 690,036 688,385 710,932 726,338 5.7 % 2,720,134 2,815,691 3.5 %
Benefits and expenses:
Benefits and claims 163,584 148,369 159,395 161,055 163,267 148,911 162,062 168,739 4.8 % 632,403 642,979 1.7 %
Future policy benefits remeasurement (gain)/loss (745 ) (100 ) 1,514 958 559 (1,867 ) 179 746 ) -22.1 % 1,626 (384 ) ) -123.6 %
Amortization of DAC 63,854 64,830 66,077 66,867 67,923 68,110 69,405 70,378 5.3 % 261,629 275,816 5.4 %
Insurance commissions 7,721 7,594 7,666 7,280 8,138 9,142 7,911 9,030 24.0 % 30,261 34,222 13.1 %
Insurance expenses 59,509 59,461 57,552 58,883 61,125 59,093 57,821 57,420 ) -2.5 % 235,405 235,460 nm
Sales commissions:
Sales-based (1) 74,606 63,403 48,775 47,927 52,452 53,630 52,343 54,057 12.8 % 234,711 212,482 ) -9.5 %
Asset-based (2) 53,366 50,876 51,549 51,047 54,276 55,085 58,793 58,388 14.4 % 206,838 226,542 9.5 %
Other sales commissions 5,952 5,484 5,592 4,187 4,147 4,907 5,064 4,303 2.8 % 21,215 18,420 ) -13.2 %
Interest expense 6,853 6,814 6,802 6,768 6,690 6,686 6,632 6,586 ) -2.7 % 27,237 26,594 ) -2.4 %
Contract acquistion costs (4) 20,649 19,384 13,446 14,952 14,984 12,602 12,568 15,079 0.9 % 68,431 55,233 ) -19.3 %
Other operating expenses 86,434 79,728 73,790 80,443 89,534 83,189 79,354 84,572 5.1 % 320,394 336,648 5.1 %
Goodwill impairment — — 60,000 — — — — — 60,000 — ) -100.0 %
Loss on extinguishment of debt — — — — — — — — #DIV/0! — — #DIV/0!
Total benefits and expenses 541,783 505,844 552,157 500,367 523,095 499,489 512,131 529,297 5.8 % 2,100,151 2,064,012 ) -1.7 %
Income before income taxes 149,442 162,837 121,131 186,572 166,942 188,896 198,801 197,041 5.6 % 619,983 751,679 21.2 %
Income taxes 34,268 37,265 41,569 39,851 38,843 44,392 46,738 45,106 13.2 % 152,953 175,079 14.5 %
Net income 115,175 125,572 79,561 146,721 128,099 144,504 152,063 151,935 3.6 % 467,030 576,601 23.5 %
Net income attributable to noncontrolling interests (2,654 ) (2,384 ) — — — — — — (5,038 ) — 100.0 %
Net Income attributable to Primerica, Inc. $ 117,829 $ 127,956 $ 79,561 $ 146,721 $ 128,099 $ 144,504 $ 152,063 $ 151,935 3.6 % $ 472,068 $ 576,601 22.1 %
Income Before Income Taxes by Segment
Term Life $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 $ 141,223 $ 140,285 6.3 % $ 514,409 $ 552,162 7.3 %
Investment & Savings Products 67,038 63,017 59,222 56,612 56,107 59,583 64,374 62,763 10.9 % 245,889 242,828 ) -1.2 %
Senior Health (23,085 ) (16,150 ) (63,723 ) 4,285 (3,762 ) (6,033 ) (7,583 ) (2,681 ) ) nm (98,673 ) (20,058 ) 79.7 %
Corporate & Other Distributed Products (16,632 ) (12,609 ) (6,075 ) (6,325 ) (15,944 ) (4,769 ) 787 (3,327 ) 47.4 % (41,641 ) (23,253 ) 44.2 %
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 166,942 $ 188,896 $ 198,801 $ 197,041 5.6 % $ 619,983 $ 751,679 21.2 %

All values are in US Dollars.

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

(2) Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.

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

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

6 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 $ 826,665 $ 829,918 2.7 % $ 3,209,088 $ 3,292,760 2.6 %
Less: Premiums ceded to IPO Coinsurers 234,614 231,805 226,869 224,240 220,240 216,740 212,951 210,310 ) -6.2 % 917,527 860,241 ) -6.2 %
Term Life adjusted direct premiums $ 558,640 $ 571,648 $ 577,717 $ 583,556 $ 592,640 $ 606,557 $ 613,714 $ 619,608 6.2 % $ 2,291,561 $ 2,432,519 6.2 %
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums $ (398,446 ) $ (417,406 ) $ (403,416 ) $ (404,174 ) $ (404,044 ) $ (423,704 ) $ (409,801 ) $ (410,456 ) ) -1.6 % $ (1,623,442 ) $ (1,648,004 ) ) -1.5 %
Less: Premiums ceded to IPO Coinsurers (234,614 ) (231,805 ) (226,869 ) (224,240 ) (220,240 ) (216,740 ) (212,951 ) (210,310 ) 6.2 % (917,527 ) (860,241 ) 6.2 %
Term Life other ceded premiums $ (163,832 ) $ (185,601 ) $ (176,548 ) $ (179,935 ) $ (183,804 ) $ (206,964 ) $ (196,849 ) $ (200,146 ) ) -11.2 % $ (705,915 ) $ (787,763 ) ) -11.6 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 18,905 $ 21,284 $ 24,346 $ 28,530 $ 31,065 $ 32,398 $ 34,730 $ 37,644 31.9 % $ 93,065 $ 135,837 46.0 %
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm nm (3,830 ) (446 ) nm nm
Adjusted net investment income $ 21,004 $ 22,538 $ 24,414 $ 28,940 $ 31,392 $ 33,250 $ 35,212 $ 36,429 25.9 % $ 96,896 $ 136,282 40.6 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 86,434 $ 79,728 $ 73,790 $ 80,443 $ 89,534 $ 83,189 $ 79,354 $ 84,572 5.1 % $ 320,394 $ 336,648 5.1 %
Less: eTeleQuote transaction-related costs 900 (2,892 ) — — — — — — nm nm (1,992 ) — nm nm
Less: Equity comp for awards exchanged during acquisition 256 3,328 — — — — — — nm nm 3,584 — nm nm
Adjusted other operating expenses $ 85,278 $ 79,292 $ 73,790 $ 80,443 $ 89,534 $ 83,189 $ 79,354 $ 84,572 5.1 % $ 318,803 $ 336,648 5.6 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 691,225 $ 668,681 $ 673,288 $ 686,940 $ 690,036 $ 688,385 $ 710,932 $ 726,338 5.7 % $ 2,720,134 $ 2,815,691 3.5 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) (1,795 ) 835 nm nm (995 ) (5,896 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm nm (3,830 ) (446 ) nm nm
Adjusted operating revenues $ 692,573 $ 671,827 $ 676,056 $ 684,503 $ 694,972 $ 689,565 $ 713,208 $ 724,288 5.8 % $ 2,724,960 $ 2,822,033 3.6 %
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes $ 149,442 $ 162,837 $ 121,131 $ 186,572 $ 166,942 $ 188,896 $ 198,801 $ 197,041 5.6 % $ 619,983 $ 751,679 21.2 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) (1,795 ) 835 nm nm (995 ) (5,896 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm nm (3,830 ) (446 ) nm nm
Less: eTeleQuote transaction-related costs (900 ) 2,892 — — — — — — nm nm 1,992 — nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — — — — — nm nm (3,584 ) — nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — — — — — nm nm (6,797 ) — nm nm
Less: Goodwill impairment — — (60,000 ) — — — — — nm nm (60,000 ) — nm nm
Adjusted operating income before income taxes $ 155,615 $ 169,548 $ 183,898 $ 184,136 $ 171,877 $ 190,076 $ 201,077 $ 194,991 5.9 % $ 693,197 $ 758,021 9.4 %
Reconciliation from Net Income to Adjusted Net Operating Income
Net income $ 115,175 $ 125,572 $ 79,561 $ 146,721 $ 128,099 $ 144,504 $ 152,063 $ 151,935 3.6 % $ 467,030 $ 576,601 23.5 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) (1,795 ) 835 nm nm (995 ) (5,896 ) nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm nm (3,830 ) (446 ) nm nm
Less: e-TeleQuote transaction-related costs (900 ) 2,892 — — — — — — nm nm 1,992 — nm nm
Less: Equity comp for awards exchanged during acquisition (256 ) (3,328 ) — — — — — — nm nm (3,584 ) — nm nm
Less: Noncontrolling interest before income taxes (3,668 ) (3,129 ) — — — — — — nm nm (6,797 ) — nm nm
Less: Goodwill impairment — — (60,000 ) — — — — — nm nm (60,000 ) — nm nm
Less: Tax impact of reconciling items 1,603 1,573 647 (520 ) 1,151 277 535 (469 ) nm nm 3,303 1,494 nm nm
Adjusted net operating income $ 119,744 $ 130,710 $ 141,682 $ 144,805 $ 131,883 $ 145,407 $ 153,804 $ 150,354 3.8 % $ 536,941 $ 581,448 8.3 %

All values are in US Dollars.

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
Income before income taxes $ (23,085 ) $ (16,150 ) $ (63,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) ) nm $ (98,673 ) $ (20,058 ) 79.7 %
Less: e-TeleQuote transaction-related costs (399 ) (66 ) — — — — — — nm nm nm nm nm nm
Less: Noncontrolling interest (3,668 ) (3,129 ) — — — — — — nm nm nm nm nm nm
Less: Goodwill impairment — — (60,000 ) — — — — — nm nm nm nm nm nm
Adjusted operating income before income taxes $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) ) nm $ (31,411 ) $ (20,058 ) 36.1 %
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (16,632 ) $ (12,609 ) $ (6,075 ) $ (6,325 ) $ (15,944 ) $ (4,769 ) $ 787 $ (3,327 ) 47.4 % $ (41,641 ) $ (23,253 ) 44.2 %
Less: Investment gains/(losses) 751 (1,892 ) (2,699 ) 2,846 (4,608 ) (328 ) (1,795 ) 835 nm nm nm nm nm nm
Less: MTM investment adjustments (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm nm nm nm nm nm
Less: e-TeleQuote transaction-related costs (501 ) 2,958 — — — — — — nm nm nm nm nm nm
Less: Equity comp for awards exchanged during acquistion (256 ) (3,328 ) — — — — — — nm nm nm nm nm nm
Less: Loss on extinguishment of debt — — — — — — — — nm nm nm nm nm nm
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) 38.6 % $ (35,690 ) $ (16,911 ) 52.6 %

All values are in US Dollars.

8 of 18

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 $ 826,665 $ 829,918 2.7 % $ 3,209,088 $ 3,292,760 2.6 %
Premiums ceded to IPO coinsurers (1) (234,614 ) (231,805 ) (226,869 ) (224,240 ) (220,240 ) (216,740 ) (212,951 ) (210,310 ) 6.2 % (917,527 ) (860,241 ) 6.2 %
Adjusted direct premiums (2) 558,640 571,648 577,717 583,556 592,640 606,557 613,714 619,608 6.2 % 2,291,561 2,432,519 6.2 %
Other ceded premiums (3) (163,832 ) (185,601 ) (176,548 ) (179,935 ) (183,804 ) (206,964 ) (196,849 ) (200,146 ) ) -11.2 % (705,915 ) (787,763 ) ) -11.6 %
Net premiums 394,808 386,047 401,169 403,621 408,836 399,594 416,864 419,462 3.9 % 1,585,646 1,644,756 3.7 %
Other, net 12,175 12,374 13,419 12,352 12,233 12,280 11,909 11,865 ) -3.9 % 50,320 48,286 ) -4.0 %
Revenues 406,983 398,421 414,588 415,974 421,069 411,873 428,773 431,327 3.7 % 1,635,966 1,693,042 3.5 %
Benefits and expenses:
Benefits and claims 161,702 144,626 156,587 157,082 158,940 143,855 158,508 160,782 2.4 % 619,997 622,084 0.3 %
Future policy benefits remeasurement (gain)/loss (907 ) (136 ) 1,598 (1 ) 1,035 (1,312 ) 251 (187 ) ) nm 554 (213 ) ) -138.5 %
Amortization of DAC 62,000 63,169 64,262 65,444 66,068 66,004 67,720 69,012 5.5 % 254,875 268,803 5.5 %
Insurance commissions 3,793 3,854 3,964 3,724 4,590 5,496 4,373 5,356 43.8 % 15,335 19,814 29.2 %
Insurance expenses 58,272 58,329 56,471 57,723 59,896 57,717 56,698 56,080 ) -2.8 % 230,796 230,390 ) -0.2 %
Benefits and expenses 284,861 269,842 282,881 283,973 290,529 271,759 287,549 291,042 2.5 % 1,121,557 1,140,879 1.7 %
Income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 $ 141,224 $ 140,285 6.3 % $ 514,409 $ 552,163 7.3 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 448,657 $ 460,061 $ 465,354 $ 469,565 $ 477,227 $ 489,826 $ 495,769 $ 499,965 6.5 % $ 1,843,637 $ 1,962,788 6.5 %
Pre-IPO direct premiums (5) 344,597 343,392 339,232 338,230 335,652 333,471 330,896 329,953 ) -2.4 % 1,365,451 1,329,972 ) -2.6 %
Total direct premiums $ 793,254 $ 803,453 $ 804,586 $ 807,796 $ 812,880 $ 823,297 $ 826,665 $ 829,918 2.7 % $ 3,209,088 $ 3,292,760 2.6 %
Premiums ceded to IPO coinsurers $ 234,614 $ 231,805 $ 226,869 $ 224,240 $ 220,240 $ 216,740 $ 212,951 $ 210,310 ) -6.2 % $ 917,527 $ 860,241 ) -6.2 %
% of Pre-IPO direct premiums 68.1 % 67.5 % 66.9 % 66.3 % 65.6 % 65.0 % 64.4 % 63.7 % nm nm 67.2 % 64.7 % nm nm
Benefits and claims, net (6) $ 324,628 $ 330,090 $ 334,732 $ 337,017 $ 343,779 $ 349,506 $ 355,608 $ 360,741 7.0 % $ 1,326,467 $ 1,409,634 6.3 %
% of adjusted direct premiums 58.1 % 57.7 % 57.9 % 57.8 % 58.0 % 57.6 % 57.9 % 58.2 % nm nm 57.9 % 57.9 % nm nm
DAC amortization & insurance commissions $ 65,793 $ 67,023 $ 68,226 $ 69,168 $ 70,657 $ 71,500 $ 72,093 $ 74,367 7.5 % $ 270,210 $ 288,618 6.8 %
% of adjusted direct premiums 11.8 % 11.7 % 11.8 % 11.9 % 11.9 % 11.8 % 11.7 % 12.0 % nm nm 11.8 % 11.9 % nm nm
Insurance expenses, net (7) $ 46,097 $ 45,955 $ 43,052 $ 45,371 $ 47,663 $ 45,437 $ 44,789 $ 44,215 ) -2.5 % $ 180,476 $ 182,104 0.9 %
% of adjusted direct premiums 8.3 % 8.0 % 7.5 % 7.8 % 8.0 % 7.5 % 7.3 % 7.1 % nm nm 7.9 % 7.5 % nm nm
Total Term Life income before income taxes $ 122,122 $ 128,579 $ 131,707 $ 132,001 $ 130,540 $ 140,115 $ 141,224 $ 140,285 6.3 % $ 514,409 $ 552,163 7.3 %
Term Life operating margin (8) 21.9 % 22.5 % 22.8 % 22.6 % 22.0 % 23.1 % 23.0 % 22.6 % nm nm 22.4 % 22.7 % nm nm

All values are in US Dollars.

(1) Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

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

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

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

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

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

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

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

9 of 18

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 129,515 130,206 132,149 134,313 135,208 136,430 137,806 139,053 3.5 % 129,515 135,208 4.4 %
9,983 11,529 12,518 11,117 11,118 12,638 12,311 13,029 17.2 % 45,147 49,096 8.7 %
(9,292 ) (9,586 ) (10,354 ) (10,222 ) (9,896 ) (11,262 ) (11,064 ) (10,510 ) ) -2.8 % (39,454 ) (42,732 ) ) -8.3 %
Life-insurance licensed sales force, end of period 130,206 132,149 134,313 135,208 136,430 137,806 139,053 141,572 4.7 % 135,208 141,572 4.7 %
Estimated annualized issued term life premium (mills) (1):
$ 65.5 $ 72.3 $ 68.0 $ 66.0 $ 70.7 $ 82.0 $ 74.0 $ 75.6 14.5 % $ 271.9 $ 302.4 11.2 %
18.4 20.6 19.5 18.2 18.2 19.7 18.7 17.7 ) -2.8 % 76.7 74.3 ) -3.1 %
Total estimated annualized issued term life premium $ 83.8 $ 92.9 $ 87.5 $ 84.2 $ 88.9 $ 101.7 $ 92.7 $ 93.3 10.8 % $ 348.5 $ 376.6 8.1 %
Issued term life policies 71,324 76,946 71,104 72,544 84,561 96,953 88,589 88,757 22.3 % 291,918 358,860 22.9 %
Estimated average annualized issued term life premium per policy (1)(2) $ 918 $ 940 $ 957 $ 910 $ 836 $ 846 $ 836 $ 852 ) -6.4 % $ 931 $ 843 ) -9.5 %
Adjusted issued term life policies (3) $ 83,050 $ 89,316 $ 81,372 $ 79,282 $ 84,561 $ 96,953 $ 88,589 $ 88,757 12.0 % $ 333,020 $ 358,860 7.8 %
Adjusted estimated average annualized issued term life premium per policy (1)(2) $ 788 $ 810 $ 836 $ 833 $ 836 $ 846 $ 836 $ 852 2.3 % $ 816 $ 843 3.2 %
Term life face amount in-force, beginning of period (mills) $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867 $ 937,856 2.7 % $ 903,404 $ 916,808 1.5 %
24,773 27,651 26,049 25,349 28,124 32,203 29,452 29,322 15.7 % 103,822 119,102 14.7 %
(19,787 ) (19,298 ) (21,033 ) (22,776 ) (22,210 ) (22,583 ) (24,143 ) (25,293 ) ) -11.1 % (82,894 ) (94,230 ) ) -13.7 %
1,242 (3,547 ) (6,669 ) 1,450 124 2,401 (2,320 ) 2,724 87.9 % (7,524 ) 2,929 138.9 %
Term life face amount in-force, end of period $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609 3.0 % $ 916,808 $ 944,609 3.0 %

All values are in US Dollars.

(1) Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(2) In whole dollars.

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

(4) Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

10 of 18

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 103,242 $ 88,701 $ 67,962 $ 66,473 $ 72,388 $ 74,958 $ 72,996 $ 76,274 14.7 % $ 326,378 $ 296,617 ) -9.1 %
Asset-based 113,112 108,101 107,483 105,357 111,904 113,335 119,413 118,303 12.3 % 434,053 462,955 6.7 %
Account-based 21,541 22,592 22,910 23,348 22,790 23,095 23,344 23,960 2.6 % 90,391 93,189 3.1 %
Other, net 3,144 3,022 3,342 3,102 3,120 3,121 3,145 3,119 0.5 % 12,610 12,504 ) -0.8 %
Revenues 241,039 222,416 201,697 198,280 210,202 214,509 218,898 221,656 11.8 % 863,432 865,266 0.2 %
Benefits and expenses:
Amortization of DAC 1,446 1,421 1,378 1,336 1,493 1,409 1,311 1,267 ) -5.2 % 5,581 5,479 ) -1.8 %
Insurance commissions 3,646 3,450 3,419 3,320 3,308 3,273 3,321 3,246 ) -2.2 % 13,834 13,148 ) -5.0 %
Sales commissions:
Sales-based 74,606 63,403 48,775 47,927 52,452 53,630 52,343 54,057 12.8 % 234,711 212,482 ) -9.5 %
Asset-based 53,366 50,876 51,549 51,047 54,276 55,085 58,793 58,388 14.4 % 206,838 226,542 9.5 %
Other operating expenses 40,936 40,249 37,355 38,038 42,567 41,529 38,757 41,935 10.2 % 156,578 164,788 5.2 %
Benefits and expenses 174,001 159,398 142,476 141,669 154,095 154,926 154,524 158,893 12.2 % 617,543 622,438 0.8 %
Income before income taxes $ 67,038 $ 63,017 $ 59,222 $ 56,612 $ 56,107 $ 59,583 $ 64,374 $ 62,763 10.9 % $ 245,889 $ 242,828 ) -1.2 %
Financial Analysis
Fees paid based on client asset values (1) $ 8,037 $ 7,917 $ 7,980 $ 8,004 $ 8,034 $ 8,142 $ 8,608 $ 8,102 1.2 % $ 31,939 $ 32,886 3.0 %
Fees paid based on fee-generating positions (2) 10,948 9,974 9,486 9,665 11,528 10,216 9,469 10,270 6.3 % 40,073 41,483 3.5 %
Other operating expenses 21,951 22,358 19,889 20,369 23,005 23,171 20,680 23,563 15.7 % 84,567 90,419 6.9 %
Total other operating expenses $ 40,936 $ 40,249 $ 37,355 $ 38,038 $ 42,567 $ 41,529 $ 38,757 $ 41,935 10.2 % $ 156,578 $ 164,788 5.2 %
Sales-based net revenue as % of revenue-generating sales (3)
U.S. 1.20 % 1.27 % 1.23 % 1.21 % 1.21 % 1.21 % 1.22 % 1.27 % nm nm 1.23 % 1.23 % nm nm
Canada 1.00 % 0.78 % 0.32 % 0.31 % 0.33 % 0.37 % 0.41 % 0.45 % nm nm 0.78 % 0.38 % nm nm
Total 1.16 % 1.21 % 1.17 % 1.15 % 1.13 % 1.16 % 1.17 % 1.22 % nm nm 1.17 % 1.17 % nm nm
Asset-based net revenue as % of average asset values (4)
U.S. 0.039 % 0.040 % 0.042 % 0.040 % 0.042 % 0.041 % 0.042 % 0.042 % nm nm 0.160 % 0.168 % nm nm
Canada 0.108 % 0.106 % 0.105 % 0.103 % 0.102 % 0.104 % 0.105 % 0.105 % nm nm 0.423 % 0.416 % nm nm
Total 0.049 % 0.051 % 0.052 % 0.050 % 0.052 % 0.051 % 0.052 % 0.052 % nm nm 0.202 % 0.207 % nm nm
Account-based net revenue per average fee generating position (5)(6) $ 3.48 $ 4.08 $ 4.31 $ 4.37 $ 3.58 $ 4.07 $ 4.36 $ 4.29 nm nm $ 16.26 $ 16.30 nm nm

All values are in US Dollars.

(1) Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

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

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

(4) Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.

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

(6) In whole dollars.

11 of 18

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,298.6 $ 1,151.4 $ 931.8 $ 883.8 $ 971.7 $ 998.5 $ 956.9 $ 970.9 9.9 % $ 4,265.6 $ 3,897.9 ) -8.6 %
437.6 250.6 112.2 112.0 149.8 106.2 110.1 112.0 ) nm 912.5 478.0 ) -47.6 %
57.5 70.2 55.8 69.2 80.7 89.3 72.7 68.9 ) -0.3 % 252.6 311.7 23.4 %
668.4 617.3 542.5 548.0 556.4 649.1 628.8 671.9 22.6 % 2,376.2 2,506.2 5.5 %
Total sales-based revenue generating product sales 2,462.1 2,089.5 1,642.3 1,612.9 1,758.6 1,843.1 1,768.5 1,823.7 13.1 % 7,806.8 7,193.8 ) -7.9 %
453.7 451.3 319.6 288.1 306.1 317.0 236.0 353.2 22.6 % 1,512.8 1,212.3 ) -19.9 %
82.2 97.5 157.9 156.6 183.4 193.6 152.4 161.8 3.3 % 494.3 691.1 39.8 %
67.3 51.3 41.6 35.0 51.9 27.9 17.4 17.2 ) -50.7 % 195.1 114.4 ) -41.4 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 12.6 % $ 10,009.0 $ 9,211.7 ) -8.0 %
$ 519.9 $ 348.1 $ 270.2 $ 268.6 $ 333.2 $ 299.8 $ 262.5 $ 273.8 1.9 % $ 1,406.8 $ 1,169.2 ) -16.9 %
67.3 51.3 41.6 35.0 51.9 27.9 17.4 17.2 ) -50.7 % 195.1 114.4 ) -41.4 %
Total Canada product sales 587.1 399.4 311.8 303.5 385.0 327.7 279.8 291.0 ) -4.1 % 1,601.9 1,283.6 ) -19.9 %
Total U.S. product sales 2,478.2 2,290.1 1,849.7 1,789.0 1,914.9 2,053.9 1,894.4 2,065.0 15.4 % 8,407.1 7,928.1 ) -5.7 %
Total product sales $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 12.6 % $ 10,009.0 $ 9,211.7 ) -8.0 %
Client asset values, beginning of period (mills) $ 97,312 $ 93,708 $ 82,291 $ 78,737 $ 83,949 $ 87,621 $ 91,646 $ 88,441 12.3 % $ 97,312 $ 83,949 ) -13.7 %
3,065 2,690 2,161 2,093 2,300 2,382 2,174 2,356 12.6 % 10,009 9,212 ) -8.0 %
(1,900 ) (1,797 ) (1,447 ) (1,444 ) (1,658 ) (1,839 ) (1,982 ) (2,184 ) ) -51.3 % (6,587 ) (7,663 ) ) -16.3 %
Net flows 1,166 893 714 649 642 542 192 172 ) -73.5 % 3,422 1,549 ) -54.7 %
171 (474 ) (802 ) 174 16 315 (303 ) 344 97.5 % (930 ) 372 139.9 %
(4,941 ) (11,836 ) (3,466 ) 4,388 3,014 3,168 (3,094 ) 7,777 77.2 % (15,855 ) 10,865 nm
Client asset values, end of period $ 93,708 $ 82,291 $ 78,737 $ 83,949 $ 87,621 $ 91,646 $ 88,441 $ 96,735 15.2 % $ 83,949 $ 96,735 15.2 %
4.8 % 3.8 % 3.5 % 3.3 % 3.1 % 2.5 % 0.8 % 0.8 % % nm 3.5 % 1.8 % % nm
Average client asset values (mills)
$ 46,429 $ 42,870 $ 40,331 $ 40,402 $ 42,096 $ 43,225 $ 44,748 $ 44,622 10.4 % $ 42,508 $ 43,673 2.7 %
12,119 11,539 10,840 10,759 11,345 11,567 11,817 11,722 9.0 % 11,314 11,613 2.6 %
7,077 6,960 6,817 6,949 7,338 7,613 7,850 7,851 13.0 % 6,951 7,663 10.2 %
2,650 2,677 2,696 2,710 2,729 2,760 2,793 2,807 3.6 % 2,683 2,772 3.3 %
23,218 21,431 20,269 20,137 20,744 21,323 21,999 21,762 8.1 % 21,264 21,457 0.9 %
2,710 2,517 2,368 2,299 2,329 2,324 2,298 2,232 ) -2.9 % 2,474 2,295 ) -7.2 %
Total $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813 $ 91,505 $ 90,995 9.3 % $ 87,193 $ 89,474 2.6 %
$ 12,119 $ 11,539 $ 10,840 $ 10,759 $ 11,345 $ 11,567 $ 11,817 $ 11,722 9.0 % $ 11,314 $ 11,613 2.6 %
2,710 2,517 2,368 2,299 2,329 2,324 2,298 2,232 ) -2.9 % 2,474 2,295 ) -7.2 %
Total Canada average client assets 14,829 14,056 13,208 13,058 13,674 13,891 14,115 13,954 6.9 % 13,788 13,908 0.9 %
Total U.S. average client assets 79,374 73,938 70,112 70,198 72,907 74,922 77,391 77,042 9.7 % 73,405 75,565 2.9 %
Total average client assets $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813 $ 91,505 $ 90,995 9.3 % $ 87,193 $ 89,474 2.6 %
Average number of fee-generating positions (thous) (3)
2,243 2,277 2,295 2,309 2,316 2,331 2,342 2,351 1.8 % 2,281 2,335 2.4 %
797 812 820 825 829 834 839 842 2.1 % 814 836 2.8 %
Total 3,040 3,089 3,115 3,134 3,145 3,165 3,181 3,193 1.9 % 3,095 3,171 2.5 %

All values are in US Dollars.

(1) Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

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

(3) Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 18

Senior Health - Financial Results, Financial Analysis Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Senior Health Income Before Income Taxes
Revenues:
Commissions and fees (1) $ 1,278 $ 9,343 $ 14,601 $ 22,198 $ 15,755 $ 11,371 $ 11,388 $ 19,049 ) -14.2 % $ 47,420 $ 57,563 21.4 %
Other, net (2) 4,553 2,471 2,583 5,655 2,955 3,519 2,048 1,099 ) -80.6 % 15,262 9,621 ) -37.0 %
Revenues 5,831 11,814 17,183 27,853 18,710 14,889 13,436 20,148 ) -27.7 % 62,682 67,184 7.2 %
Benefits and expenses:
Contract acquisition costs (3) 20,649 19,384 13,446 14,952 14,984 12,602 12,568 15,079 0.9 % 68,431 55,233 ) -19.3 %
Adjusted other operating expenses 7,868 8,514 7,461 8,617 7,488 8,320 8,451 7,750 ) -10.1 % 32,459 32,009 ) -1.4 %
Adjusted operating benefits and expenses 28,517 27,898 20,907 23,568 22,471 20,922 21,019 22,829 ) -3.1 % 100,889 87,242 ) -13.5 %
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) ) nm $ (38,208 ) $ (20,058 ) 47.5 %
Non-controlling interest before income taxes (3,668 ) (3,129 ) — — — — — — #DIV/0! (6,797 ) — 100.0 %
Adjusted operating income before income taxes attributable to Primerica, Inc. $ (19,018 ) $ (12,955 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) ) nm $ (31,411 ) $ (20,058 ) 36.1 %
Senior Health EBITDA
Adjusted operating income before income taxes including NCI $ (22,686 ) $ (16,084 ) $ (3,723 ) $ 4,285 $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) ) nm $ (38,208 ) $ (20,058 ) 47.5 %
Less: Amortization of intangibles (2,600 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) nm (11,000 ) (11,200 ) ) -1.8 %
Less: Depreciation (245 ) (226 ) (221 ) (211 ) (200 ) (160 ) (166 ) (173 ) 18.3 % (903 ) (699 ) 22.6 %
Adjusted EBITDA (Including non-controlling interest) (4) $ (19,841 ) $ (13,058 ) $ (703 ) $ 7,297 $ (762 ) $ (3,073 ) $ (4,617 ) $ 292 ) -96.0 % $ (26,305 ) $ (8,159 ) 69.0 %
Financial Analysis and Key Statistics
Senior Health submitted policies (5) 26,231 19,652 16,095 23,060 19,826 13,885 10,718 18,663 ) -19.1 % 85,038 63,092 ) -25.8 %
Senior Health approved policies (6) 23,594 17,925 14,862 20,705 18,413 12,915 9,948 17,181 ) -17.0 % 77,086 58,457 ) -24.2 %
Primerica representatives Senior Health certified (7) 42,147 60,412 83,280 93,348 94,623 94,335 93,217 89,082 ) -4.6 % 93,348 89,082 ) -4.6 %
Senior Health submitted policies sourced by Primerica representatives 988 831 1,016 5,666 2,073 1,707 1,549 5,111 ) -9.8 % 8,501 10,440 22.8 %
LTV per approved policy (8) $ 862 $ 820 $ 868 $ 888 $ 856 $ 880 $ 911 $ 1,109 24.9 % $ 860 $ 945 9.8 %
CAC per approved policy (8) $ 875 $ 1,081 $ 905 $ 722 $ 814 $ 976 $ 1,263 $ 878 21.5 % $ 888 $ 945 6.4 %
LTV / CAC multiple 1.0 x 0.8 x 1.0 x 1.2 x 1.1 x 0.9 x 0.7 x 1.3 x x nm 1.0 x 1.0 x x nm

All values are in US Dollars.

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

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

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

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

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

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

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

(8) In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change YTD 2022 YTD 2023 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 5,412 $ 5,441 $ 5,494 $ 4,685 $ 4,993 $ 4,999 $ 5,016 $ 4,358 ) -7.0 % $ 21,032 $ 19,365 ) -7.9 %
Ceded premiums (1,439 ) (1,642 ) (1,454 ) (1,914 ) (1,304 ) (1,562 ) (1,215 ) 273 114.3 % (6,449 ) (3,807 ) 41.0 %
Net premiums 3,973 3,799 4,040 2,772 3,689 3,436 3,801 4,631 67.1 % 14,583 15,558 6.7 %
Adjusted net investment income 21,004 22,538 24,414 28,940 31,392 33,250 35,213 36,429 25.9 % 96,896 136,283 40.6 %
Commissions and fees:
Prepaid Legal Services 4,287 4,664 5,672 3,821 3,991 4,421 5,311 3,806 ) -0.4 % 18,444 17,530 ) -5.0 %
Auto and Homeowners Insurance 1,591 2,056 2,647 1,994 1,831 2,349 2,951 2,133 7.0 % 8,289 9,264 11.8 %
Mortgage loans 4,818 3,128 2,103 1,656 1,211 1,775 1,733 1,530 ) -7.6 % 11,705 6,250 ) -46.6 %
Other sales commissions 1,932 2,103 2,090 1,872 1,676 1,826 1,765 1,781 ) -4.8 % 7,996 7,049 ) -11.8 %
Other, net 1,117 889 1,621 1,341 1,200 1,236 1,327 846 ) -36.9 % 4,967 4,609 ) -7.2 %
Adjusted operating revenues 38,721 39,176 42,587 42,396 44,990 48,293 52,102 51,157 20.7 % 162,880 196,542 20.7 %
Benefits and expenses:
Benefits and claims 1,881 3,743 2,809 3,972 4,327 5,057 3,554 7,957 100.3 % 12,406 20,895 68.4 %
Future policy benefits remeasurement (gain)/loss 162 36 (84 ) 958 (477 ) (554 ) (72 ) 933 ) -2.7 % 1,072 (170 ) ) -115.9 %
Amortization of DAC 407 240 438 87 362 697 375 99 13.8 % 1,173 1,533 30.8 %
Insurance commissions 282 290 283 237 241 373 217 429 81.4 % 1,092 1,260 15.4 %
Insurance expenses 1,237 1,132 1,081 1,160 1,229 1,377 1,123 1,341 15.6 % 4,609 5,070 10.0 %
Sales commissions 5,952 5,484 5,592 4,187 4,147 4,907 5,064 4,303 2.8 % 21,215 18,420 ) -13.2 %
Interest expense 6,853 6,814 6,802 6,768 6,690 6,686 6,632 6,586 ) -2.7 % 27,237 26,594 ) -2.4 %
Adjusted other operating expenses 36,475 30,530 28,974 33,788 39,480 33,340 32,146 34,886 3.2 % 129,766 139,851 7.8 %
Adjusted benefits and expenses 53,248 48,270 45,894 51,158 55,999 51,882 49,039 56,533 10.5 % 198,569 213,453 7.5 %
Adjusted operating income before income taxes $ (14,527 ) $ (9,094 ) $ (3,307 ) $ (8,762 ) $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) 38.6 % $ (35,690 ) $ (16,911 ) 52.6 %

All values are in US Dollars.

14 of 18

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended December 31, 2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Avg
Market Amortized Unrealized Market Amortized Book Avg
(Dollars in thousands) Value Cost G/(L) Value Cost Yield Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term $ 613,424 $ 613,424 $ - 18.1 % 17.1 %
Fixed Income:
Treasury 20,600 21,013 (413 ) 0.6 % 0.6 % 2.72 % AAA
Government 250,551 269,034 (18,483 ) 7.4 % 7.5 % 3.21 % AA-
Tax-Exempt Municipal 33,737 36,059 (2,323 ) 1.0 % 1.0 % 2.69 % AA
Corporate 1,346,991 1,435,092 (88,100 ) 39.8 % 39.9 % 3.85 % BBB+
Mortgage Backed 449,393 511,999 (62,606 ) 13.3 % 14.2 % 3.29 % AAA
Asset Backed 236,802 247,795 (10,993 ) 7.0 % 6.9 % 4.68 % AA-
Cmbs 112,167 127,454 (15,288 ) 3.3 % 3.5 % 3.73 % AA-
Private 283,658 300,900 (17,242 ) 8.4 % 8.4 % 4.75 % BBB+
Redeemable Preferred 3,951 4,248 (298 ) 0.1 % 0.1 % 5.38 % BBB-
Total Fixed Income 2,737,850 2,953,595 (215,745 ) 81.0 % 82.1 % 3.83 % A
Equities and Other:
Perpetual Preferred 8,684 8,684 - 0.3 % 0.2 %
Common Stock 17,879 17,879 0 0.5 % 0.5 %
Mutual Fund 3,104 3,104 (0 ) 0.1 % 0.1 %
Total Equities 29,666 29,666 0 0.9 % 0.8 %
Total Invested Assets $ 3,380,940 $ 3,596,685 $ (215,745 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 165,576 $ 180,234 $ (14,659 ) 12.3 % 12.6 %
Energy 153,831 161,229 (7,397 ) 11.4 % 11.2 %
Consumer Non Cyclical 129,427 141,490 (12,063 ) 9.6 % 9.9 %
Reits 118,359 130,828 (12,469 ) 8.8 % 9.1 %
Banking 115,553 117,321 (1,768 ) 8.6 % 8.2 %
Consumer Cyclical 110,928 118,274 (7,346 ) 8.2 % 8.2 %
Technology 102,661 107,027 (4,366 ) 7.6 % 7.5 %
Capital Goods 78,718 81,950 (3,232 ) 5.8 % 5.7 %
Electric 66,894 70,204 (3,310 ) 5.0 % 4.9 %
Basic Industry 63,347 68,225 (4,878 ) 4.7 % 4.8 %
Finance Companies 60,401 64,639 (4,238 ) 4.5 % 4.5 %
Transportation 55,496 58,865 (3,369 ) 4.1 % 4.1 %
Communications 50,458 52,823 (2,365 ) 3.7 % 3.7 %
Brokerage 44,217 48,418 (4,201 ) 3.3 % 3.4 %
Natural Gas 11,406 11,486 (79 ) 0.8 % 0.8 %
Financial Other 7,137 7,604 (468 ) 0.5 % 0.5 %
Industrial Other 5,899 6,760 (862 ) 0.4 % 0.5 %
Utility Other 4,720 5,389 (669 ) 0.4 % 0.4 %
Owned No Guarantee 1,963 2,325 (362 ) 0.1 % 0.2 %
Total Corporate portfolio $ 1,346,991 $ 1,435,092 $ (88,100 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 282,714 $ 286,025 $ (3,311 ) 10.3 % 9.7 % 3.93 %
1-2 Yrs. 275,223 282,773 (7,549 ) 10.1 % 9.6 % 4.16 %
2-5 Yrs. 754,230 788,642 (34,412 ) 27.5 % 26.7 % 4.02 %
5-10 Yrs. 1,103,661 1,239,838 (136,177 ) 40.3 % 42.0 % 3.47 %
> 10 Yrs. 322,022 356,318 (34,296 ) 11.8 % 12.1 % 4.37 %
Total Fixed Income $ 2,737,850 $ 2,953,595 $ (215,745 ) 100.0 % 100.0 % 3.83 %
Duration
Fixed Income portfolio duration 4.7 years

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

15 of 18

Investment Portfolio - Quality Ratings As of December 31, 2023 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 556,936 18.9 %
AA 439,814 14.9 %
A 735,647 24.9 %
BBB 1,162,279 39.4 %
Below Investment Grade 58,221 2.0 %
NA 697 0.0 %
Total Fixed Income $ 2,953,595 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 8,472 0.6 % AAA $ - —
AA 66,861 4.7 % AA 9,061 3.0 %
A 385,622 26.9 % A 73,032 24.3 %
BBB 920,946 64.2 % BBB 216,605 72.0 %
Below Investment Grade 53,015 3.7 % Below Investment Grade 2,202 0.7 %
NA 176 0.0 % NA - —
Total Corporate $ 1,435,092 100.0 % Total Private $ 300,900 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 55,391 43.5 % AAA $ 380,383 74.3 %
AA 10,664 8.4 % AA 131,420 25.7 %
A 61,399 48.2 % A 112 0.0 %
BBB - — BBB - —
Below Investment Grade - — Below Investment Grade 63 0.0 %
NA - — NA 22 0.0 %
Total CMBS $ 127,454 100.0 % Total Mortgage-Backed $ 511,999 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 74,632 30.1 % AAA $ 37,374 12.9 %
AA 30,446 12.3 % AA 163,964 56.5 %
A 134,403 54.2 % A 74,141 25.6 %
BBB 6,012 2.4 % BBB 13,430 4.6 %
Below Investment Grade 1,803 0.7 % Below Investment Grade 1,138 0.4 %
NA 500 0.2 % NA 0 0.0 %
Total Asset-Backed $ 247,795 100.0 % Total Treasury & Government $ 290,047 100.0 %
NAIC Designations
1 $ 1,438,381 56.5 %
2 1,044,371 41.0 %
3 52,140 2.0 %
4 7,345 0.3 %
5 2,001 0.1 %
6 0 0.0 %
U.S. Insurer Fixed Income (2) 2,544,237 100.0 %
Other (3) 439,037
Cash and cash equivalents 613,424
Total Invested Assets $ 3,596,699

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

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

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

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

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Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q4
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 20,889 $ 22,414 $ 23,067 $ 24,605 $ 25,806 $ 26,357 $ 27,380 $ 29,218 18.7%
Fixed-maturity securities (held-to-maturity) 15,515 15,815 16,283 16,309 16,435 16,608 16,306 16,126 ) -1.1%
Equity Securities 387 371 373 377 380 380 366 397 5.2%
Deposit asset underlying 10% reinsurance treaty 589 485 557 2,134 2,377 2,488 2,504 2,415 13.1%
Deposit asset - Mark to Market (2,099 ) (1,254 ) (68 ) (409 ) (327 ) (852 ) (481 ) 1,215 nm
Policy loans and other invested assets 102 58 436 450 (72 ) 352 475 542 20.3%
Cash & cash equivalents 125 498 1,714 3,605 5,128 5,840 6,609 6,024 67.1%
Total investment income 35,508 38,387 42,362 47,072 49,727 51,172 53,159 55,937 18.8%
Investment expenses 1,088 1,288 1,733 2,233 2,227 2,167 2,122 2,167 ) -2.9%
Interest Expense on Surplus Note 15,515 15,815 16,283 16,309 16,435 16,608 16,306 16,126 ) -1.1%
Net investment income $ 18,905 $ 21,284 $ 24,346 $ 28,530 $ 31,065 $ 32,397 $ 34,731 $ 37,644 31.9%
Fixed income book yield, end of period 3.18 % 3.25 % 3.34 % 3.44 % 3.57 % 3.63 % 3.79 % 3.83 %
New money yield 3.37 % 4.21 % 3.93 % 5.41 % 5.57 % 5.46 % 6.04 % 6.67 %
YOY Q4
Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 21.0 % 22.0 % 21.5 % 21.6 % 20.8 % 20.7 % 19.0 % 18.9 % %
AA 11.2 % 11.2 % 11.1 % 11.5 % 11.3 % 11.4 % 14.3 % 14.9 % %
A 23.7 % 23.0 % 23.0 % 24.6 % 25.0 % 24.8 % 24.8 % 24.9 % %
BBB 39.8 % 39.6 % 40.1 % 39.9 % 40.5 % 40.9 % 39.7 % 39.4 % %
Below Investment Grade 3.1 % 2.8 % 2.7 % 2.4 % 2.2 % 2.0 % 1.9 % 2.0 % %
NA 1.2 % 1.3 % 1.5 % 0.0 % 0.2 % 0.1 % 0.3 % 0.0 % %
100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
A A A A A A A A

All values are in US Dollars.

As of December 31, 2023 As of December 31, 2023 As of December 31, 2023
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Canada $ 19,546 $ 20,310 AAA Canada $ 83,506 $ 90,373 AAA $ 2,059 $ 2,107
2 Province of Alberta Canada 15,569 16,231 AA- United Kingdom 23,247 23,283 AA — —
3 Province of Quebec Canada 15,367 15,649 AA- Australia 18,541 19,480 A 10,777 12,434
4 Wells Fargo & Co 14,922 14,881 BBB+ Ireland 7,659 8,337 BBB 12,076 12,980
5 Province of Ontario Canada 14,610 14,850 A+ Mexico 6,683 7,686 Below Investment Grade 615 1,138
6 Bank of America Corp 13,258 13,382 A- Netherlands (The) 5,504 5,481 NA — —
7 Ontario Teachers' Pension Plan 13,182 14,449 AA+ Japan 5,388 5,450 Total $ 25,527 $ 28,660
8 ONEOK Inc 12,257 12,399 BBB Bermuda 5,053 5,239
9 Boeing Co 12,211 11,835 BBB- France 4,711 4,899
10 Manulife Financial Corp 11,148 11,708 A Luxembourg 4,707 4,700 Non-Government Investments (1)
11 Berkshire Hathaway Inc 10,646 10,675 AA Israel 3,514 3,561
12 Morgan Stanley 10,620 10,800 BBB+ Malta 3,398 3,378 AAA $ 9,493 $ 9,438
13 Province of Saskatchewan Canada 10,472 10,543 AA Cayman Islands (The) 3,069 3,085 AA 9,212 9,243
14 TC Energy Corp 10,155 11,276 BBB+ Brazil 2,332 2,484 A 44,474 45,665
15 Goldman Sachs Group Inc 9,651 9,867 BBB+ Supranational 2,059 2,107 BBB 133,696 140,229
16 ConocoPhillips 9,627 10,707 BBB+ Emerging Markets (2) 11,349 12,866 Below Investment Grade 4,042 3,948
17 Fairfax Financial Holdings Ltd 8,654 9,761 BBB All Other 41,539 40,861 NA 5,815 6,088
18 Walmart Inc 8,615 8,635 AA Total $ 232,259 $ 243,271 Total $ 206,732 $ 214,611
19 Province of Newfoundland and Labrador 8,506 9,148 A
20 Brookfield Corp 8,365 8,575 A-
21 Province of New Brunswick Canada 8,311 8,483 AA
22 Entergy Corp 8,135 8,663 BBB+
23 Kemper Corp 8,123 9,092 BBB
24 Enterprise Products Partners LP 8,087 7,562 A-
25 Intact Financial Corp 8,033 7,883 A-
Total $ 278,068 $ 287,365
% of total fixed income portfolio 8.2 % 8.0 %

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

(2) Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

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

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Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2019 2020 2021 2022 2023 Q1<br>2022 Q2<br>2022 Q3<br>2022 Q4<br>2022 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 282,207 400,345 349,374 359,735 361,925 84,707 70,215 127,788 77,025 93,540 86,124 92,269 89,992
Life-insurance licensed sales force, beginning of period 130,736 130,522 134,907 129,515 135,208 129,515 130,206 132,149 134,313 135,208 136,430 137,806 139,053
New life-licensed representatives 44,739 48,106 39,622 45,147 49,096 9,983 11,529 12,518 11,117 11,118 12,638 12,311 13,029
Non-renewal and terminated representatives (44,953 ) (43,721 ) (45,014 ) (39,454 ) (42,732 ) (9,292 ) (9,586 ) (10,354 ) (10,222 ) (9,896 ) (11,262 ) (11,064 ) (10,510 )
Life-insurance licensed sales force, end of period 130,522 134,907 129,515 135,208 141,572 130,206 132,149 134,313 135,208 136,430 137,806 139,053 141,572
Issued term life policies 287,809 352,868 323,855 291,918 358,860 71,324 76,946 71,104 72,544 84,561 96,953 88,589 88,757
Issued term life face amount $ 93,994 $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 24,773 $ 27,651 $ 26,049 $ 25,349 $ 28,124 $ 32,203 $ 29,452 $ 29,322
Term life face amount in force, beginning of period $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 903,404 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867 $ 937,856
Issued term life face amount 93,994 109,436 108,521 103,822 119,102 24,773 27,651 26,049 25,349 28,124 32,203 29,452 29,322
Terminated term life face amount (71,519 ) (60,848 ) (64,798 ) (82,894 ) (94,230 ) (19,787 ) (19,298 ) (21,033 ) (22,776 ) (22,210 ) (22,583 ) (24,143 ) (25,293 )
Foreign currency impact, net 4,746 1,968 862 (7,524 ) 2,929 1,242 (3,547 ) (6,669 ) 1,450 124 2,401 (2,320 ) 2,724
Term life face amount in force, end of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 909,632 $ 914,438 $ 912,785 $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609
Estimated annualized issued term life premium
Premium from new policies $ 244.8 $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 65.5 $ 72.3 $ 68.0 $ 66.0 $ 70.7 $ 82.0 $ 74.0 $ 75.6
Additions and increases in premium 60.2 68.9 77.0 76.7 74.3 18.4 20.6 19.5 18.2 18.2 19.7 18.7 17.7
Total estimated annualized issued term life premium $ 305.0 $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 83.8 $ 92.9 $ 87.5 $ 84.2 $ 88.9 $ 101.7 $ 92.7 $ 93.3
Investment & Savings product sales $ 7,533.2 $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 3,065.4 $ 2,689.6 $ 2,161.5 $ 2,092.5 $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9
Investment & Savings average client asset values $ 65,029 $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 94,203 $ 87,994 $ 83,320 $ 83,256 $ 86,581 $ 88,813 $ 91,505 $ 90,995
Closed U.S. Mortgage Volume (brokered) $ 31.1 $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 235.9 $ 152.7 $ 99.8 $ 78.9 $ 55.6 $ 82.2 $ 82.7 $ 72.9

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