Equibles

8-K

Primerica, Inc. (PRI)

8-K 2020-08-05 For: 2020-08-05
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (Date of earliest event reported):      August 5, 2020

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) (I.R.S. Employer<br>Identification Number)
1 Primerica Parkway<br><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))

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. ☐

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

Item 2.02Results of Operations and Financial Condition.

On August 5, 2020, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2020. 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 realized investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude realized 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 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.

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 our 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 http://investors.primerica.com.

Item 7.01Regulation FD Disclosure.

On August 5, 2020, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2020.  A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

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

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated August 5, 2020 – Primerica Reports Second Quarter 2020 Results
99.2 Primerica, Inc. Supplemental Financial Information – Second Quarter 2020
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

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

Date:  August 5, 2020 PRIMERICA, INC.
/s/ Alison S. Rand
Alison S. Rand
Executive Vice President and Chief Financial Officer

4

pri-ex991_6.htm

Exhibit 99.1

PRIMERICA REPORTS SECOND QUARTER 2020 RESULTS

Issued Term Life policies grow 20%

Term Life net premiums grow 10%; adjusted direct premiums grow 11%

Life-Licensed Sales Force of 134,157 aided by temporary COVID-19 state licensing measures

Investment and Savings Products client asset values recover from the first quarter market disruption, ending the quarter at $68 billion

Investment and Savings Products sales decline 13%; in line with Company expectations

Net earnings per diluted share (EPS) of $2.51, up 10%; return on stockholders’ equity (ROE) of 25.6%

Diluted adjusted operating EPS of $2.44, up 10%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 25.6%

Declared dividend of $0.40 per share, payable on September 14, 2020

Duluth, GA, August 5, 2020 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2020. Total revenues of $525.8 million increased 4% compared to the second quarter of 2019.  Net income of $101.5 million increased 4%, while earnings per diluted share of $2.51 increased 10% compared to the same quarter last year.  ROE remained robust at 25.6%.

Compared to the second quarter of 2019, adjusted operating revenues of $521.8 million increased 4%, adjusted operating net income of $98.5 million increased 4% and diluted adjusted operating earnings per share of $2.44 increased 10%. ROAE increased to 25.6% during the quarter from 25.1% during the second quarter of 2019.

Second quarter results were positively impacted by strong public sentiment toward owning life insurance, which increased demand for new term life insurance policies and drove higher retention of existing policies.  Term Life financial results were strong

despite elevated COVID-19 claims.  Investment and Savings Product (ISP) average client assets values recovered during the quarter, however market uncertainty negatively impacted ISP sales.  The Company continued to invest in projects that enhance business opportunities such as digital technologies and the rollout of the mortgage distribution program.  Savings from COVID-19 related business travel restrictions and event cancellations generally offset these costs with operating expenses remaining flat year-over-year.  During the quarter, the Company repurchased $86.5 million of common stock and is on track to achieve its $250 million repurchase target for the year.

“Our second quarter performance reflects the complementary nature of our two product lines. Term Life sales grew, aided by clients’ increased priority on preserving the financial security of their families, as momentum slowed in ISP sales due to uncertainty in the markets,” said Glenn Williams, Chief Executive Officer.  “Our sales force’s resilience and our ability to adapt to the challenges posed by the crisis positioned us well to quickly respond to clients’ needs.”

Second Quarter Distribution & Segment Results

Distribution Results
Q2 2020 Q2 2019 % Change
Life-Licensed Sales Force ^(1)^ 134,157 129,550 4 %
Recruits 133,123 86,173 54 %
New Life-Licensed Representatives 12,250 10,919 12 %
Life Insurance Policies Issued 94,044 78,664 20 %
Life Productivity^(2)^ 0.24 0.20 *
ISP Product Sales ($ billions) $ 1.69 $ 1.94 (13 )%
Average Client Asset Values ($ billions) $ 64.64 $ 64.43 *
^(1)^ End of period
--- ---
^(2)^ Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month
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*     Not calculated or less than 1%

Segment Results
Q2 2020 Q2 2019 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 296,868 11 %
Investment and Savings Products 173,086 (5 )%
Corporate and Other Distributed Products ^(1)^ 31,434 (6 )%
Total adjusted operating revenues ^(1)^ $ 501,388 4 %
Adjusted Operating Income (Loss) before<br><br><br>income taxes:
Term Life Insurance $ 83,997 13 %
Investment and Savings Products 47,343 (1 )%
Corporate and Other Distributed Products ^(1)^ ) (7,394 ) 58 %
Total adjusted operating income before<br><br><br>income taxes ^(1)^ $ 123,946 5 %

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

Recruiting and field training incentives introduced at the onset of the COVID-19 pandemic were extended through the second quarter, which led to a total of 133,123 new recruits during the period.  New life-licensed representatives increased 12% year-over-year to 12,250 and included a number of individuals with temporary licenses.  These temporary licenses were concentrated in several states that started issuing such licenses in response to testing disruptions from COVID-19.  At quarter end, a total of 3,400 representatives with temporary licenses were included in the size of the sales force.  Many states have also extended licensing renewal dates due to COVID-19.  There were about 4,400 of these extended licenses included in the 134,157 independent life-licensed representatives at quarter-end.  The number of COVID-19 temporary licenses that become permanent and the number of extended licenses that renew will emerge over the next few quarters.

Term Life Insurance

Life insurance policies issued during the second quarter increased 20% year-over-year, reflecting the heightened awareness of the value of protection products that has emerged with the COVID-19 pandemic.  The sales force quickly adapted to using virtual communication tools which, combined with our extensive point-of-sale technologies and existing products, allowed our life-licensed representatives to readily meet clients’ needs.  Productivity for the quarter was 0.24 policies per life insurance licensed representative, up from 0.20 policies per life insurance licensed representative in the prior year’s second quarter.

Revenues of $328.2 million increased 11% compared to the second quarter of 2019 and pre-tax income of $94.9 million increased 13% year-over-year.  Strong sales and persistency drove an 11% increase in adjusted direct premiums.  Extremely favorable persistency during the quarter led to a decline in DAC amortization year-over-year, partially offset by higher benefit reserve increases.  Benefits and claims also included approximately $10 million in COVID-19 related claims in the quarter.

Investment and Savings Products

Market volatility and economic uncertainty impacted clients’ willingness to make investment decisions during the quarter.  As we expected, total product sales declined 13% year-over-year to $1.7 billion, while net client inflows were a robust $613 million, twice the level recorded in the prior year period due to a significant reduction in client redemptions.  Average client asset values at $64.6 billion were flat year-over-year and down 3% compared to the first quarter of 2020.  Markets recovered as the quarter progressed and quarter-ending client asset values were $68.2 billion, up 4% year-over-year.

Revenues of $164.2 million during the quarter declined 5% compared to the same quarter in 2019 and pre-tax income of $46.9 million decreased 1%.  Sales-based revenues declined 12% in line with the decrease in revenue-generating product sales and asset-based revenues declined 1% due to average client asset values remaining flat year-over-year.  Sales and asset-based commission expenses declined in correlation with associated revenues.  Canadian segregated fund DAC amortization was favorable $2 million during the quarter due to market recoveries, which effectively reversed the accelerated amortization recognized in the first quarter of 2020.

Net Investment Income

Consolidated net investment income during the quarter decreased approximately $2.2 million versus the prior year period due to lower investment yields, partially offset by an increase in the size of the invested asset portfolio.  On a segment basis, net investment income allocated to the Term Life segment continues to increase as the block of business grows, which reduces net investment income recognized in the Corporate and Other Distributed Products segment.  The invested asset portfolio had a fair market value of $2.4 billion at the end of the second quarter, reflecting a net unrealized gain of $120 million.

Taxes

The second quarter effective income tax rate was 24.3% versus 23.5% in the prior year period, in part due to a lower tax benefit being recognized on vested equity awards.

Capital

During the second quarter, the Company repurchased 848,450 shares of common stock for $86.5 million, bringing the total through June 30 to $176.6 million.  The Company expects to repurchase $250 million of its common stock during 2020.  The Board of Directors has approved a dividend of $0.40 per share, payable on September 14, 2020, to stockholders of record on August 21, 2020.

Primerica has a strong balance sheet and continues to be well-capitalized to meet future needs.  Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 400% and holding company liquidity was $256 million as of June 30, 2020.  The RBC ratio declined during the quarter due to the growth in the business and higher commissions and acquisition expenses related to that growth.

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 realized investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including credit impairments, for all periods presented. We exclude realized 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 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.

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 Thursday, August 6, 2020 at 10:00 am EST, to discuss the quarter’s results.  To access the webcast, go to http://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 on Primerica’s website, http://investors.primerica.com.  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, major public health pandemics, epidemics or outbreaks, specifically the novel COVID-19 pandemic; our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of  sales representatives; new laws or regulations that could apply to  our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; any failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality or persistency as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event; 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 downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business or a significant change in the competitive environment in which we operate; fluctuations in the performance of client assets under management; litigation and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of, or legal challenges to, the support tools we provide to the sales force; the failure of our information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; economic down cycles that impact our business, financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; the loss of key personnel or sales force leaders; 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 http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future

by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5 million lives and had approximately 2.5 million client investment accounts at December 31, 2019. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2019. 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: investorrelations@primerica.com

Media Contact:

Keith Hancock

470-564-6328

Email: Keith.Hancock@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, 2020 December 31, 2019
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 2,357,154 $ 2,356,996
Fixed-maturity security held-to-maturity, at amortized cost 1,278,580 1,184,370
Equity securities, at fair value 33,689 40,684
Trading securities, at fair value 22,399 43,233
Policy loans 31,471 32,927
Total investments 3,723,293 3,658,210
Cash and cash equivalents 360,351 256,876
Accrued investment income 16,940 17,361
Reinsurance recoverables 4,217,129 4,169,823
Deferred policy acquisition costs, net 2,434,462 2,325,750
Agent balances, due premiums and other receivables 270,421 227,100
Intangible assets, net 45,275 45,275
Income taxes 69,408 70,492
Operating lease right-of-use assets 48,487 47,265
Other assets 401,129 384,634
Separate account assets 2,377,654 2,485,745
Total assets $ 13,964,549 $ 13,688,531
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 6,567,169 $ 6,446,569
Unearned and advance premiums 18,619 15,470
Policy claims and other benefits payable 412,446 339,954
Other policyholders' funds 424,018 388,663
Notes payable 374,226 374,037
Surplus note 1,277,970 1,183,728
Income taxes 265,369 209,221
Operating lease liabilities 54,680 53,487
Other liabilities 519,745 510,443
Payable under securities lending 29,973 28,723
Separate account liabilities 2,377,654 2,485,745
Total liabilities 12,321,869 12,036,040
Stockholders' equity:
Common stock 397 412
Paid-in capital - -
Retained earnings 1,569,689 1,593,281
Accumulated other comprehensive income (loss),<br><br><br>net of income tax 72,594 58,798
Total stockholders' equity 1,642,680 1,652,491
Total liabilities and stockholders' equity $ 13,964,549 $ 13,688,531
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended June 30,
2020 2019
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 717,088 $ 687,262
Ceded premiums (402,549 ) (400,588 )
Net premiums 314,539 286,674
Commissions and fees 171,788 178,468
Net investment income 22,710 24,868
Realized investment gains (losses) 1,742 1,067
Other, net 15,036 13,825
Total revenues 525,815 504,902
Benefits and expenses:
Benefits and claims 139,646 115,068
Amortization of deferred policy acquisition costs 53,177 58,762
Sales commissions 85,492 90,099
Insurance expenses 43,753 44,570
Insurance commissions 6,333 5,829
Interest expense 7,200 7,201
Other operating expenses 56,152 55,913
Total benefits and expenses 391,753 377,442
Income before income taxes 134,062 127,460
Income taxes 32,552 30,014
Net income $ 101,510 $ 97,446
Earnings per share:
Basic earnings per share $ 2.52 $ 2.28
Diluted earnings per share $ 2.51 $ 2.28
Weighted-average shares used in computing<br><br><br>earnings per share:
Basic 40,132 42,483
Diluted 40,246 42,619
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
Three months ended June 30,
2020 2019 % Change
Total revenues $ 525,815 $ 504,902 4 %
Less: Realized investment gains 1,742 1,067
Less: 10% deposit asset MTM included in NII 2,259 2,447
Adjusted operating revenues $ 521,814 $ 501,388 4 %
Income before income taxes $ 134,062 $ 127,460 5 %
Less: Realized investment gains 1,742 1,067
Less: 10% deposit asset MTM included in NII 2,259 2,447
Adjusted operating income before income taxes $ 130,061 $ 123,946 5 %
Net income $ 101,510 $ 97,446 4 %
Less: Realized investment gains 1,742 1,067
Less: 10% deposit asset MTM included in NII 2,259 2,447
Less: Tax impact of preceding items (972 ) (828 )
Adjusted net operating income $ 98,481 $ 94,760 4 %
Diluted earnings per share ^(1)^ $ 2.51 $ 2.28 10 %
Less: Net after-tax impact of operating adjustments 0.07 0.07
Diluted adjusted operating earnings per share ^(1)^ $ 2.44 $ 2.21 10 %
^(1)^ Percentage change in earnings per share is calculated prior to rounding per share amounts.
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TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2020 2019 % Change
Direct premiums $ 711,188 $ 681,004 4 %
Less: Premiums ceded to IPO coinsurers 257,529 272,596
Adjusted direct premiums $ 453,659 $ 408,408 11 %
Ceded premiums $ (400,919 ) $ (398,927 )
Less: Premiums ceded to IPO coinsurers (257,529 ) (272,596 )
Other ceded premiums $ (143,390 ) $ (126,331 )
Net premiums $ 310,269 $ 282,077 10 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
Three months ended June 30,
2020 2019 % Change
Total revenues $ 33,401 $ 34,948 (4 )%
Less: Realized investment gains 1,742 1,067
Less: 10% deposit asset MTM included in NII 2,259 2,447
Adjusted operating revenues $ 29,400 $ 31,434 (6 )%
Loss before income taxes $ (7,702 ) $ (3,880 ) 99 %
Less: Realized investment gains 1,742 1,067
Less: 10% deposit asset MTM included in NII 2,259 2,447
Adjusted operating loss before income taxes $ (11,703 ) $ (7,394 ) 58 %
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
June 30, 2020 December 31, 2019 % Change
Stockholders' equity $ 1,642,680 $ 1,652,491 (1 )%
Less: Unrealized net investment gains (losses) recorded<br><br><br>in stockholders' equity, net of income tax 93,726 64,563
Adjusted stockholders' equity $ 1,548,954 $ 1,587,928 (2 )%

11

pri-ex992_7.htm

Exhibit 99.2

Supplemental Financial Information

Second Quarter 2020

Table of Contents PRIMERICA, INC.<br><br><br>Financial Supplement
Page
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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
Segment operating results 8
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
Investment portfolio 13-15
Five-year historical key statistics 16

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, 2019.

2 of 16

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

Second Quarter 2020

This document is a financial supplement to our second quarter 2020 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 realized investment gains/losses, including credit impairments, and mark-to-market (MTM) investment adjustments.  We exclude realized investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations.
• 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.
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• 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.
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Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business.  Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

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

3 of 16

Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br><br>Financial Supplement
(Dollars in thousands) Dec 31,<br><br><br>2018 Mar 31,<br><br><br>2019 Jun 30,<br><br><br>2019 Sep 30,<br><br><br>2019 Dec 31,<br><br><br>2019 Mar 31,<br><br><br>2020 Jun 30,<br><br><br>2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 2,422,734 $ 2,471,745 $ 2,557,033 $ 2,617,685 $ 2,730,715 $ 2,626,043 $ 2,805,065
Securities held to maturity 970,390 1,036,110 1,087,790 1,140,250 1,184,370 1,237,270 1,278,580
Total investments and cash 3,393,124 3,507,855 3,644,823 3,757,935 3,915,085 3,863,313 4,083,645
Due from reinsurers 4,141,569 4,202,903 4,185,850 4,166,362 4,169,823 4,132,897 4,217,129
Deferred policy acquisition costs 2,133,920 2,181,741 2,238,315 2,281,560 2,325,750 2,346,656 2,434,462
Other assets 730,933 814,854 811,426 818,029 792,128 799,122 851,660
Separate account assets 2,195,501 2,368,760 2,437,291 2,427,852 2,485,745 2,128,924 2,377,654
Total assets $ 12,595,047 $ 13,076,112 $ 13,317,706 $ 13,451,737 $ 13,688,531 $ 13,270,911 $ 13,964,549
Liabilities:
Future policy benefits $ 6,168,157 $ 6,240,864 $ 6,314,403 $ 6,374,327 $ 6,446,569 $ 6,472,397 $ 6,567,169
Other policy liabilities 700,094 703,123 717,265 714,930 744,087 737,435 855,083
Income taxes 187,104 206,180 206,301 207,453 209,221 208,357 265,369
Other liabilities 486,772 561,709 551,689 565,894 563,931 554,014 574,425
Notes payable 373,661 373,755 373,848 373,942 374,037 374,131 374,226
Surplus note 969,685 1,035,421 1,087,117 1,139,592 1,183,728 1,236,644 1,277,970
Payable under securities lending 52,562 64,914 43,867 39,933 28,723 28,896 29,973
Separate account liabilities 2,195,501 2,368,760 2,437,291 2,427,852 2,485,745 2,128,924 2,377,654
Total liabilities 11,133,535 11,554,726 11,731,781 11,843,924 12,036,040 11,740,797 12,321,869
Stockholders’ equity:
Common stock (0.01 par value) (1) 427 424 420 415 412 405 397
Paid-in capital (0 ) (0 ) (0 ) (0 ) (0 ) (0 ) (0 )
Retained earnings 1,489,520 1,506,944 1,537,537 1,553,286 1,593,281 1,565,803 1,569,689
Treasury stock — — — — — — —
Accumulated other comprehensive income (loss), net:
(7,370 ) 28,916 56,227 66,377 64,564 (1,318 ) 93,726
(21,064 ) (14,897 ) (8,258 ) (12,265 ) (5,765 ) (34,776 ) (21,132 )
Total stockholders’ equity 1,461,513 1,521,387 1,585,926 1,607,813 1,652,492 1,530,114 1,642,680
Total liabilities and stockholders' equity $ 12,595,047 $ 13,076,112 $ 13,317,706 $ 13,451,737 $ 13,688,531 $ 13,270,911 $ 13,964,549
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 1,461,513 $ 1,521,387 $ 1,585,926 $ 1,607,813 $ 1,652,492 $ 1,530,114 $ 1,642,680
Less: Net unrealized gains (losses) (7,370 ) 28,916 56,227 66,377 64,564 (1,318 ) 93,726
Adjusted stockholders’ equity $ 1,468,882 $ 1,492,471 $ 1,529,699 $ 1,541,436 $ 1,587,928 $ 1,531,431 $ 1,548,954
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 1,447,972 $ 1,468,882 $ 1,492,471 $ 1,529,699 $ 1,541,436 $ 1,587,928 $ 1,531,431
Net Income 86,541 79,166 97,446 96,223 93,557 72,469 101,510
Shareholder dividends (10,856 ) (14,628 ) (14,517 ) (14,324 ) (14,162 ) (16,530 ) (16,083 )
Retirement of shares and warrants (43,338 ) (60,288 ) (57,117 ) (70,679 ) (44,137 ) (95,676 ) (86,513 )
Net foreign currency translation adjustment (15,765 ) 6,167 6,639 (4,007 ) 6,500 (29,011 ) 13,645
Other, net 4,328 13,171 4,778 4,524 4,734 12,252 4,964
Balance, end of period $ 1,468,882 $ 1,492,471 $ 1,529,699 $ 1,541,436 $ 1,587,928 $ 1,531,431 $ 1,548,954
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 2,107,814 $ 2,133,920 $ 2,181,741 $ 2,238,315 $ 2,281,560 $ 2,325,750 $ 2,346,656
General expenses deferred 8,497 9,163 9,384 9,468 8,608 9,726 9,205
Commission costs deferred 96,697 98,196 100,498 100,913 97,538 104,793 120,967
Amortization of deferred policy acquisition costs (66,184 ) (64,628 ) (58,762 ) (63,883 ) (67,279 ) (70,311 ) (53,177 )
Foreign currency impact and other, net (12,904 ) 5,091 5,455 (3,254 ) 5,322 (23,302 ) 10,812
Balance, end of period $ 2,133,920 $ 2,181,741 $ 2,238,315 $ 2,281,560 $ 2,325,750 $ 2,346,656 $ 2,434,462

All values are in US Dollars.

(1) Outstanding common shares exclude restricted stock units.

4 of 16

Financial Results and Other Statistical Data PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
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(Dollars in thousands, except per-share data) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 /#<br>Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 /#<br>Change %<br><br><br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 42,824,471 42,482,631 41,963,672 41,470,805 41,131,200 40,131,877 ) -5.5 % 42,652,607 40,631,539 ) -4.7%
Net income $ 79,166 $ 97,446 $ 96,223 $ 93,557 $ 72,469 $ 101,510 4.2 % $ 176,611 $ 173,979 ) -1.5%
Less income attributable to unvested participating securities (401 ) (428 ) (415 ) (402 ) (310 ) (437 ) ) -2.2 % (835 ) (747 ) 10.5%
Net income used in computing basic EPS $ 78,765 $ 97,018 $ 95,808 $ 93,155 $ 72,159 $ 101,073 4.2 % $ 175,777 $ 173,232 ) -1.4%
Basic earnings per share $ 1.84 $ 2.28 $ 2.28 $ 2.25 $ 1.75 $ 2.52 10.3 % $ 4.12 $ 4.26 3.5%
Adjusted net operating income $ 75,303 $ 94,759 $ 95,592 $ 92,776 $ 85,047 $ 98,480 3.9 % $ 170,062 $ 183,527 7.9%
Less operating income attributable to unvested participating securities (381 ) (416 ) (412 ) (399 ) (364 ) (424 ) ) -1.9 % (804 ) (788 ) 1.9%
Adjusted net operating income used in computing basic operating EPS $ 74,922 $ 94,343 $ 95,181 $ 92,377 $ 84,682 $ 98,056 3.9 % $ 169,258 $ 182,739 8.0%
Basic adjusted operating income per share $ 1.75 $ 2.22 $ 2.27 $ 2.23 $ 2.06 $ 2.44 10.0 % $ 3.97 $ 4.50 13.3%
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 42,824,471 42,482,631 41,963,672 41,470,805 41,131,200 40,131,877 ) -5.5 % 42,652,607 40,631,539 ) -4.7%
Dilutive impact of contingently issuable shares 118,014 135,719 135,887 143,224 107,361 114,090 ) -15.9 % 126,867 110,725 ) -12.7%
Shares used to calculate diluted EPS 42,942,485 42,618,350 42,099,559 41,614,029 41,238,561 40,245,967 ) -5.6 % 42,779,474 40,742,264 ) -4.8%
Net income $ 79,166 $ 97,446 $ 96,223 $ 93,557 $ 72,469 $ 101,510 4.2 % $ 176,611 $ 173,979 ) -1.5%
Less income attributable to unvested participating securities (400 ) (427 ) (413 ) (401 ) (310 ) (436 ) ) -2.2 % (833 ) (746 ) 10.4%
Net income used in computing diluted EPS $ 78,766 $ 97,019 $ 95,809 $ 93,156 $ 72,159 $ 101,074 4.2 % $ 175,779 $ 173,234 ) -1.4%
Diluted earnings per share $ 1.83 $ 2.28 $ 2.28 $ 2.24 $ 1.75 $ 2.51 10.3 % $ 4.11 $ 4.25 3.5%
Adjusted net operating income $ 75,303 $ 94,759 $ 95,592 $ 92,776 $ 85,047 $ 98,480 3.9 % $ 170,062 $ 183,527 7.9%
Less operating income attributable to unvested participating securities (381 ) (415 ) (411 ) (398 ) (364 ) (423 ) ) -2.0 % (802 ) (786 ) 1.9%
Adjusted net operating income used in computing diluted operating EPS $ 74,923 $ 94,344 $ 95,182 $ 92,379 $ 84,683 $ 98,057 3.9 % $ 169,260 $ 182,741 8.0%
Diluted adjusted operating income per share $ 1.74 $ 2.21 $ 2.26 $ 2.22 $ 2.05 $ 2.44 10.1 % $ 3.96 $ 4.49 13.4%

All values are in US Dollars.

YOY Q2 YOY YTD
Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 /#<br>Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 /#<br>Change %<br><br><br>Change
Annualized Return on Equity
Average stockholders' equity $ 1,491,450 $ 1,553,656 $ 1,596,869 $ 1,630,152 $ 1,591,303 $ 1,586,397 2.1 % $ 1,522,553 $ 1,588,850 4.4 %
Average adjusted stockholders' equity $ 1,480,676 $ 1,511,085 $ 1,535,567 $ 1,564,682 $ 1,559,680 $ 1,540,193 1.9 % $ 1,495,881 $ 1,549,936 3.6 %
Net income return on stockholders' equity 21.2 % 25.1 % 24.1 % 23.0 % 18.2 % 25.6 % % nm 23.2 % 21.9 % % nm
Net income return on adjusted stockholders' equity 21.4 % 25.8 % 25.1 % 23.9 % 18.6 % 26.4 % % nm 23.6 % 22.4 % % nm
Adjusted net operating income return on adjusted stockholders' equity 20.3 % 25.1 % 24.9 % 23.7 % 21.8 % 25.6 % % nm 22.7 % 23.7 % % nm
Capital Structure
Debt-to-capital (1) 19.7 % 19.1 % 18.9 % 18.5 % 19.6 % 18.6 % % nm 19.1 % 18.6 % % nm
Cash and invested assets to stockholders' equity 2.3 x 2.3 x 2.3 x 2.4 x 2.5 x 2.5 x x nm 2.3 x 2.5 x x nm
Cash and invested assets to adjusted stockholders' equity 2.4 x 2.4 x 2.4 x 2.5 x 2.5 x 2.6 x x nm 2.4 x 2.6 x x nm
Share count, end of period (2) 42,398,643 42,008,450 41,491,998 41,206,504 40,459,767 39,667,002 ) -5.6 % 42,008,450 39,667,002 ) -5.6 %
Adjusted stockholders' equity per share $ 35.20 $ 36.41 $ 37.15 $ 38.54 $ 37.85 $ 39.05 7.2 % $ 36.41 $ 39.05 7.2 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 nm nm nm nm nm nm
S&P AA- AA- AA- AA- AA- AA- nm nm nm nm nm nm
A.M. Best A+ A+ A+ A+ A+ A+ nm nm nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 nm nm nm nm nm nm
S&P A- A- A- A- A- A- nm nm nm nm nm nm
A.M. Best a- a- a- a- a- a- nm nm nm nm nm nm

All values are in US Dollars.

(1) Debt-to-capital is that of the parent company only.  Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
(2) Share count reflects outstanding common shares, but excludes restricted stock units (RSUs).
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5 of 16

Statements of Income PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 Change %<br><br><br>Change
Statement of Income
Revenues:
Direct premiums $ 677,286 $ 687,262 $ 692,258 $ 697,060 $ 702,637 $ 717,088 4.3 % $ 1,364,548 $ 1,419,725 4.0 %
Ceded premiums (389,795 ) (400,588 ) (388,982 ) (390,364 ) (386,825 ) (402,549 ) ) -0.5 % (790,383 ) (789,374 ) 0.1 %
Net premiums 287,491 286,675 303,276 306,696 315,813 314,539 9.7 % 574,166 630,351 9.8 %
Net investment income 24,111 24,868 22,675 22,418 15,420 22,710 ) -8.7 % 48,980 38,130 ) -22.2 %
Commissions and fees:
Sales-based (1) 66,997 71,438 69,034 75,418 80,891 62,812 ) -12.1 % 138,435 143,704 3.8 %
Asset-based (2) 73,639 79,317 81,009 84,184 81,395 78,146 ) -1.5 % 152,956 159,540 4.3 %
Account-based (3) 19,613 19,897 20,449 20,598 20,204 20,478 2.9 % 39,509 40,682 3.0 %
Other commissions and fees 7,066 7,817 9,227 8,103 7,579 10,352 32.4 % 14,883 17,931 20.5 %
Realized investment (losses) gains 2,847 1,067 285 766 (10,030 ) 1,742 63.3 % 3,914 (8,288 ) ) nm
Other, net 13,223 13,825 14,698 13,778 13,665 15,036 8.8 % 27,048 28,701 6.1 %
Total revenues 494,988 504,903 520,654 531,959 524,936 525,815 4.1 % 999,891 1,050,751 5.1 %
Benefits and expenses:
Benefits and claims 122,284 115,068 128,684 127,784 134,813 139,646 21.4 % 237,352 274,459 15.6 %
Amortization of DAC 64,628 58,762 63,883 67,279 70,311 53,177 ) -9.5 % 123,390 123,488 0.1 %
Insurance commissions 5,619 5,829 6,980 6,624 6,844 6,333 8.6 % 11,447 13,177 15.1 %
Insurance expenses 43,402 44,569 44,854 45,991 48,709 43,753 ) -1.8 % 87,972 92,463 5.1 %
Sales commissions:
Sales-based (1) 47,831 50,679 48,652 52,529 56,561 44,834 ) -11.5 % 98,509 101,395 2.9 %
Asset-based (2) 32,343 35,665 35,875 37,772 36,323 35,673 nm 68,008 71,996 5.9 %
Other sales commissions 3,626 3,755 4,535 3,937 3,723 4,985 32.8 % 7,381 8,708 18.0 %
Interest expense 7,180 7,201 7,209 7,222 7,192 7,200 ) nm 14,381 14,392 0.1 %
Other operating expenses 65,706 55,917 54,844 60,676 65,914 56,152 0.4 % 121,623 122,066 0.4 %
Total benefits and expenses 392,619 377,444 395,515 409,815 430,391 391,753 3.8 % 770,063 822,144 6.8 %
Income before income taxes 102,368 127,459 125,138 122,145 94,546 134,062 5.2 % 229,828 228,608 ) -0.5 %
Income taxes 23,203 30,014 28,916 28,588 22,077 32,552 8.5 % 53,217 54,628 2.7 %
Net income $ 79,166 $ 97,446 $ 96,223 $ 93,557 $ 72,469 $ 101,510 4.2 % $ 176,611 $ 173,979 ) -1.5 %
Income Before Income Taxes by Segment
Term Life $ 70,339 $ 83,999 $ 83,761 $ 81,995 $ 82,892 $ 94,903 13.0 % $ 154,337 $ 177,795 15.2 %
Investment & Savings Products 42,684 47,343 48,794 52,991 47,700 46,859 ) -1.0 % 90,027 94,559 5.0 %
Corporate & Other Distributed Products (10,654 ) (3,882 ) (7,416 ) (12,841 ) (36,046 ) (7,700 ) ) -98.4 % (14,536 ) (43,746 ) ) nm
Income before income taxes $ 102,368 $ 127,459 $ 125,138 $ 122,145 $ 94,546 $ 134,062 5.2 % $ 229,828 $ 228,608 ) -0.5 %

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.
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(3) Account-based - revenues relating to the fee generating client accounts we administer.
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6 of 16

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 Change %<br><br><br>Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums $ 670,755 $ 681,004 $ 685,539 $ 691,546 $ 696,564 $ 711,188 4.4 % $ 1,351,759 $ 1,407,751 4.1 %
Less: Premiums ceded to IPO Coinsurers 276,150 272,596 267,856 264,786 260,076 257,529 ) -5.5 % 548,747 517,605 ) -5.7 %
Term Life adjusted direct premiums $ 394,605 $ 408,408 $ 417,683 $ 426,761 $ 436,488 $ 453,659 11.1 % $ 803,013 $ 890,147 10.9 %
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums $ (388,100 ) $ (398,927 ) $ (387,120 ) $ (388,237 ) $ (385,232 ) $ (400,919 ) ) -0.5 % $ (787,027 ) $ (786,151 ) 0.1 %
Less: Premiums ceded to IPO Coinsurers (276,150 ) (272,596 ) (267,856 ) (264,786 ) (260,076 ) (257,529 ) 5.5 % (548,747 ) (517,605 ) 5.7 %
Term Life other ceded premiums $ (111,950 ) $ (126,330 ) $ (119,264 ) $ (123,451 ) $ (125,156 ) $ (143,390 ) ) -13.5 % $ (238,280 ) $ (268,546 ) ) -12.7 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 24,111 $ 24,868 $ 22,675 $ 22,418 $ 15,420 $ 22,710 ) -8.7 % $ 48,980 $ 38,130 ) -22.2 %
Less: MTM investment adjustments 2,147 2,447 534 254 (6,379 ) 2,259 nm nm 4,594 (4,120 ) nm nm
Adjusted net investment income $ 21,964 $ 22,421 $ 22,141 $ 22,165 $ 21,799 $ 20,451 ) -8.8 % $ 44,385 $ 42,250 ) -4.8 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 494,988 $ 504,903 $ 520,654 $ 531,959 $ 524,936 $ 525,815 4.1 % $ 999,891 $ 1,050,751 5.1 %
Less: Realized investment gains/(losses) 2,847 1,067 285 766 (10,030 ) 1,742 nm nm 3,914 (8,288 ) nm nm
Less: MTM investment adjustments 2,147 2,447 534 254 (6,379 ) 2,259 nm nm 4,594 (4,120 ) nm nm
Adjusted operating revenues $ 489,993 $ 501,389 $ 519,834 $ 530,940 $ 541,346 $ 521,813 4.1 % $ 991,382 $ 1,063,159 7.2 %
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes $ 102,368 $ 127,459 $ 125,138 $ 122,145 $ 94,546 $ 134,062 5.2 % $ 229,828 $ 228,608 ) -0.5 %
Less: Realized investment gains/(losses) 2,847 1,067 285 766 (10,030 ) 1,742 nm nm 3,914 (8,288 ) nm nm
Less: MTM investment adjustments 2,147 2,447 534 254 (6,379 ) 2,259 nm nm 4,594 (4,120 ) nm nm
Adjusted operating income before income taxes $ 97,374 $ 123,945 $ 124,319 $ 121,125 $ 110,955 $ 130,060 4.9 % $ 221,319 $ 241,015 8.9 %
Reconciliation from Net Income to Adjusted Net Operating Income
Net income $ 79,166 $ 97,446 $ 96,223 $ 93,557 $ 72,469 $ 101,510 4.2 % $ 176,611 $ 173,979 ) -1.5 %
Less: Income before income taxes reconciling items 4,994 3,514 819 1,019 (16,409 ) 4,002 nm nm 8,509 (12,408 ) nm nm
Less: Tax impact of income before income taxes reconciling items (1,132 ) (828 ) (189 ) (239 ) 3,832 (972 ) nm nm (1,960 ) 2,860 nm nm
Adjusted net operating income $ 75,303 $ 94,759 $ 95,592 $ 92,776 $ 85,047 $ 98,480 3.9 % $ 170,062 $ 183,527 7.9 %

All values are in US Dollars.

7 of 16

Segment Operating Results PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
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(Dollars in thousands) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 Change %<br><br><br>Change
Term Life Insurance
Revenues:
Direct Premiums $ 670,755 $ 681,004 $ 685,539 $ 691,546 $ 696,564 $ 711,188 4.4 % $ 1,351,759 $ 1,407,751 4.1 %
Premiums ceded to IPO coinsurers (1) (276,150 ) (272,596 ) (267,856 ) (264,786 ) (260,076 ) (257,529 ) 5.5 % (548,747 ) (517,605 ) 5.7 %
Adjusted direct premiums (2) 394,605 408,408 417,683 426,761 436,488 453,659 11.1 % 803,013 890,147 10.9 %
Other ceded premiums (3) (111,950 ) (126,330 ) (119,264 ) (123,451 ) (125,156 ) (143,390 ) ) -13.5 % (238,280 ) (268,546 ) ) -12.7 %
Net premiums 282,655 282,077 298,419 303,310 311,332 310,269 10.0 % 564,732 621,601 10.1 %
Allocated net investment income 4,444 4,736 5,123 5,619 6,246 6,538 38.0 % 9,180 12,785 39.3 %
Other, net 9,744 10,055 10,985 10,063 10,168 11,426 13.6 % 19,800 21,594 9.1 %
Revenues 296,843 296,869 314,527 318,992 327,747 328,233 10.6 % 593,712 655,979 10.5 %
Benefits and expenses:
Benefits and claims 118,443 111,480 122,751 122,657 128,563 135,409 21.5 % 229,923 263,973 14.8 %
Amortization of DAC 64,066 56,179 61,548 66,918 65,840 52,730 ) -6.1 % 120,245 118,571 ) -1.4 %
Insurance commissions 2,163 2,298 3,311 3,009 3,286 2,884 25.5 % 4,461 6,169 38.3 %
Insurance expenses 41,832 42,914 43,157 44,413 47,165 42,306 ) -1.4 % 84,746 89,472 5.6 %
Benefits and expenses 226,504 212,870 230,766 236,997 244,855 233,330 9.6 % 439,375 478,185 8.8 %
Income before income taxes $ 70,339 $ 83,999 $ 83,761 $ 81,995 $ 82,892 $ 94,903 13.0 % $ 154,337 $ 177,795 15.2 %
Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based $ 66,997 $ 71,438 $ 69,034 $ 75,418 $ 80,891 $ 62,812 ) -12.1 % $ 138,435 $ 143,704 3.8 %
Asset-based 73,639 79,317 81,009 84,184 81,395 78,146 ) -1.5 % 152,956 159,540 4.3 %
Account-based 19,613 19,897 20,449 20,598 20,204 20,478 2.9 % 39,509 40,682 3.0 %
Other, net 2,423 2,434 2,661 2,500 2,542 2,745 12.8 % 4,856 5,287 8.9 %
Revenues 162,671 173,085 173,153 182,699 185,033 164,180 ) -5.1 % 335,757 349,213 4.0 %
Benefits and expenses:
Amortization of DAC 477 2,101 2,044 (74 ) 4,305 100 ) -95.2 % 2,578 4,405 70.9 %
Insurance commissions 3,025 3,155 3,257 3,297 3,201 3,106 ) -1.6 % 6,180 6,307 2.1 %
Sales commissions:
Sales-based 47,831 50,679 48,652 52,529 56,561 44,834 ) -11.5 % 98,509 101,395 2.9 %
Asset-based 32,343 35,665 35,875 37,772 36,323 35,673 nm 68,008 71,996 5.9 %
Other operating expenses 36,312 34,143 34,530 36,182 36,942 33,608 ) -1.6 % 70,455 70,551 0.1 %
Benefits and expenses 119,988 125,742 124,359 129,707 137,332 117,321 ) -6.7 % 245,730 254,654 3.6 %
Income before income taxes $ 42,684 $ 47,343 $ 48,794 $ 52,991 $ 47,700 $ 46,859 ) -1.0 % $ 90,027 $ 94,559 5.0 %
Corporate & Other Distributed Products
Revenues:
Direct premiums $ 6,531 $ 6,258 $ 6,719 $ 5,514 $ 6,074 $ 5,900 ) -5.7 % $ 12,789 $ 11,974 ) -6.4 %
Ceded premiums (1,695 ) (1,661 ) (1,862 ) (2,128 ) (1,593 ) (1,631 ) 1.8 % (3,356 ) (3,224 ) 3.9 %
Net premiums 4,836 4,597 4,858 3,386 4,480 4,270 ) -7.1 % 9,433 8,750 ) -7.2 %
Allocated net investment income 17,521 17,684 17,018 16,545 15,553 13,913 ) -21.3 % 35,205 29,466 ) -16.3 %
Commissions and fees:
Prepaid Legal Services 3,737 4,159 4,776 3,905 3,829 4,557 9.6 % 7,896 8,386 6.2 %
Auto and Homeowners Insurance 1,500 1,877 2,165 1,766 1,672 2,263 20.6 % 3,377 3,935 16.5 %
Other sales commissions 1,829 1,781 2,286 2,432 2,077 3,533 98.4 % 3,610 5,610 55.4 %
Other, net 1,056 1,336 1,052 1,215 954 865 ) -35.3 % 2,393 1,820 ) -23.9 %
Adjusted operating revenues 30,479 31,435 32,154 29,250 28,566 29,400 ) -6.5 % 61,914 57,967 ) -6.4 %
Benefits and expenses:
Benefits and claims 3,842 3,588 5,933 5,127 6,249 4,236 18.1 % 7,430 10,486 41.1 %
Amortization of DAC 85 482 291 434 166 346 ) -28.2 % 567 512 ) -9.7 %
Insurance commissions 431 376 411 318 357 343 ) -8.7 % 806 701 ) -13.1 %
Insurance expenses 1,570 1,656 1,697 1,578 1,544 1,447 ) -12.6 % 3,226 2,991 ) -7.3 %
Sales commissions 3,626 3,755 4,535 3,937 3,723 4,985 32.8 % 7,381 8,708 18.0 %
Interest expense 7,180 7,201 7,209 7,222 7,192 7,200 ) nm 14,381 14,392 0.1 %
Other operating expenses 29,394 21,774 20,314 24,494 28,972 22,544 3.5 % 51,168 51,516 0.7 %
Benefits and expenses 46,127 38,831 40,390 43,110 48,203 41,102 5.8 % 84,958 89,305 5.1 %
Adjusted operating income before income taxes $ (15,648 ) $ (7,396 ) $ (8,236 ) $ (13,861 ) $ (19,637 ) $ (11,702 ) ) -58.2 % $ (23,045 ) $ (31,339 ) ) -36.0 %

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.
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(3) Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.
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8 of 16

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 Change %<br><br><br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 670,755 $ 681,004 $ 685,539 $ 691,546 $ 696,564 $ 711,188 4.4 % $ 1,351,759 $ 1,407,751 4.1 %
Premiums ceded to IPO coinsurers (1) (276,150 ) (272,596 ) (267,856 ) (264,786 ) (260,076 ) (257,529 ) 5.5 % (548,747 ) (517,605 ) 5.7 %
Adjusted direct premiums (2) 394,605 408,408 417,683 426,761 436,488 453,659 11.1 % 803,013 890,147 10.9 %
Other ceded premiums (3) (111,950 ) (126,330 ) (119,264 ) (123,451 ) (125,156 ) (143,390 ) ) -13.5 % (238,280 ) (268,546 ) ) -12.7 %
Net premiums 282,655 282,077 298,419 303,310 311,332 310,269 10.0 % 564,732 621,601 10.1 %
Allocated net investment income 4,444 4,736 5,123 5,619 6,246 6,538 38.0 % 9,180 12,785 39.3 %
Other, net 9,744 10,055 10,985 10,063 10,168 11,426 13.6 % 19,800 21,594 9.1 %
Revenues 296,843 296,869 314,527 318,992 327,747 328,233 10.6 % 593,712 655,979 10.5 %
Benefits and expenses:
Benefits and claims 118,443 111,480 122,751 122,657 128,563 135,409 21.5 % 229,923 263,973 14.8 %
Amortization of DAC 64,066 56,179 61,548 66,918 65,840 52,730 ) -6.1 % 120,245 118,571 ) -1.4 %
Insurance commissions 2,163 2,298 3,311 3,009 3,286 2,884 25.5 % 4,461 6,169 38.3 %
Insurance expenses 41,832 42,914 43,157 44,413 47,165 42,306 ) -1.4 % 84,746 89,472 5.6 %
Benefits and expenses 226,504 212,870 230,766 236,997 244,855 233,330 9.6 % 439,375 478,185 8.8 %
Income before income taxes $ 70,339 $ 83,999 $ 83,761 $ 81,995 $ 82,892 $ 94,903 13.0 % $ 154,337 $ 177,795 15.2 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 300,708 $ 312,436 $ 320,424 $ 327,939 $ 336,921 $ 352,353 12.8 % $ 613,144 $ 689,273 12.4 %
Pre-IPO direct premiums (5) 370,047 368,568 365,115 363,607 359,643 358,835 ) -2.6 % 738,615 718,478 ) -2.7 %
Total direct premiums $ 670,755 $ 681,004 $ 685,539 $ 691,546 $ 696,564 $ 711,188 4.4 % $ 1,351,759 $ 1,407,751 4.1 %
Premiums ceded to IPO coinsurers $ 276,150 $ 272,596 $ 267,856 $ 264,786 $ 260,076 $ 257,529 ) -5.5 % $ 548,747 $ 517,605 ) -5.7 %
% of Pre-IPO direct premiums 74.6 % 74.0 % 73.4 % 72.8 % 72.3 % 71.8 % nm nm 74.3 % 72.0 % nm nm
Benefits and claims, net (6) $ 230,392 $ 237,810 $ 242,016 $ 246,108 $ 253,719 $ 278,799 17.2 % $ 468,203 $ 532,519 13.7 %
% of adjusted direct premiums 58.4 % 58.2 % 57.9 % 57.7 % 58.1 % 61.5 % nm nm 58.3 % 59.8 % nm nm
DAC amortization & insurance commissions $ 66,229 $ 58,477 $ 64,858 $ 69,927 $ 69,126 $ 55,614 ) -4.9 % $ 124,706 $ 124,740 nm
% of adjusted direct premiums 16.8 % 14.3 % 15.5 % 16.4 % 15.8 % 12.3 % nm nm 15.5 % 14.0 % nm nm
Insurance expenses, net (7) $ 32,088 $ 32,858 $ 32,171 $ 34,351 $ 36,997 $ 30,881 ) -6.0 % $ 64,946 $ 67,878 4.5 %
% of adjusted direct premiums 8.1 % 8.0 % 7.7 % 8.0 % 8.5 % 6.8 % nm nm 8.1 % 7.6 % nm nm
Total Term Life income before income taxes $ 70,339 $ 83,999 $ 83,761 $ 81,995 $ 82,892 $ 94,903 13.0 % $ 154,337 $ 177,795 15.2 %
Term Life operating margin (8) 17.8 % 20.6 % 20.1 % 19.2 % 19.0 % 20.9 % nm nm 19.2 % 20.0 % 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.
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(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 net of other ceded premiums which are largely YRT.
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(7) Insurance expenses, net - insurance expenses net of other, net revenues.
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(8) Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.
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9 of 16

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 /#<br>Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 /#<br>Change %<br><br><br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 130,736 129,821 129,550 130,871 130,522 130,095 0.2 % 130,736 130,522 ) -0.2 %
10,065 10,919 12,682 11,073 10,599 12,250 12.2 % 20,984 22,849 8.9 %
(10,980 ) (11,190 ) (11,361 ) (11,422 ) (11,026 ) (8,188 ) 26.8 % (22,170 ) (19,214 ) 13.3 %
Life-insurance licensed sales force, end of period 129,821 129,550 130,871 130,522 130,095 134,157 3.6 % 129,550 134,157 3.6 %
Estimated annualized issued term life premium (mills) (1):
$ 54.1 $ 65.8 $ 63.1 $ 61.8 $ 61.5 $ 77.7 18.0 % $ 120.0 $ 139.2 16.0 %
13.8 15.8 15.1 15.4 15.0 17.8 12.8 % 29.7 32.8 10.7 %
Total estimated annualized issued term life premium $ 68.0 $ 81.6 $ 78.2 $ 77.2 $ 76.5 $ 95.5 17.0 % $ 149.6 $ 172.0 15.0 %
Issued term life policies 64,242 78,664 73,434 71,469 71,318 94,044 19.6 % 142,906 165,362 15.7 %
Estimated average annualized issued term life premium per policy (1)(2) $ 843 $ 837 $ 859 $ 864 $ 863 $ 826 ) -1.3 % $ 840 $ 842 0.3 %
Term life face amount in-force, beginning of period (mills) $ 781,041 $ 785,552 $ 796,376 $ 801,494 $ 808,262 $ 804,512 2.4 % $ 781,041 $ 808,262 3.5 %
20,925 25,300 24,087 23,682 23,221 27,754 9.7 % 46,225 50,975 10.3 %
(18,383 ) (16,512 ) (17,740 ) (18,884 ) (18,294 ) (14,315 ) 13.3 % (34,895 ) (32,609 ) 6.6 %
1,969 2,036 (1,228 ) 1,970 (8,676 ) 4,046 98.7 % 4,005 (4,630 ) ) nm
Term life face amount in-force, end of period $ 785,552 $ 796,376 $ 801,494 $ 808,262 $ 804,512 $ 821,998 3.2 % $ 796,376 $ 821,998 3.2 %

All values are in US Dollars.

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

(2)     In whole dollars.

(3)     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 16

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 Change %<br><br><br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 66,997 $ 71,438 $ 69,034 $ 75,418 $ 80,891 $ 62,812 ) -12.1 % $ 138,435 $ 143,704 3.8 %
Asset-based 73,639 79,317 81,009 84,184 81,395 78,146 ) -1.5 % 152,956 159,540 4.3 %
Account-based 19,613 19,897 20,449 20,598 20,204 20,478 2.9 % 39,509 40,682 3.0 %
Other, net 2,423 2,434 2,661 2,500 2,542 2,745 12.8 % 4,856 5,287 8.9 %
Revenues 162,671 173,085 173,153 182,699 185,033 164,180 ) -5.1 % 335,757 349,213 4.0 %
Benefits and expenses:
Amortization of DAC 477 2,101 2,044 (74 ) 4,305 100 ) -95.2 % 2,578 4,405 70.9 %
Insurance commissions 3,025 3,155 3,257 3,297 3,201 3,106 ) -1.6 % 6,180 6,307 2.1 %
Sales commissions:
Sales-based 47,831 50,679 48,652 52,529 56,561 44,834 ) -11.5 % 98,509 101,395 2.9 %
Asset-based 32,343 35,665 35,875 37,772 36,323 35,673 nm 68,008 71,996 5.9 %
Other operating expenses 36,312 34,143 34,530 36,182 36,942 33,608 ) -1.6 % 70,455 70,551 0.1 %
Benefits and expenses 119,988 125,742 124,359 129,707 137,332 117,321 ) -6.7 % 245,730 254,654 3.6 %
Income before income taxes $ 42,684 $ 47,343 $ 48,794 $ 52,991 $ 47,700 $ 46,859 ) -1.0 % $ 90,027 $ 94,559 5.0 %
Financial Analysis
Fees paid based on client asset values (1) $ 5,898 $ 5,705 $ 6,225 $ 6,169 $ 5,990 $ 5,712 0.1 % $ 11,603 $ 11,702 0.9 %
Fees paid based on fee-generating positions (2) 11,159 9,658 9,354 9,648 10,248 9,094 ) -5.8 % 20,818 19,342 ) -7.1 %
Other operating expenses 19,254 18,780 18,951 20,365 20,704 18,803 0.1 % 38,035 39,507 3.9 %
Total other operating expenses $ 36,312 $ 34,143 $ 34,530 $ 36,182 $ 36,942 $ 33,608 ) -1.6 % $ 70,455 $ 70,551 0.1 %
Sales-based net revenue as % of revenue-generating sales (3)
U.S. 1.33 % 1.29 % 1.31 % 1.41 % 1.34 % 1.33 % nm nm 1.31 % 1.33 % nm nm
Canada 1.00 % 0.97 % 0.96 % 0.94 % 1.06 % 0.87 % nm nm 0.99 % 0.99 % nm nm
Total 1.28 % 1.25 % 1.27 % 1.35 % 1.30 % 1.27 % nm nm 1.26 % 1.29 % nm nm
Asset-based net revenue as % of average asset values (4)
U.S. 0.036 % 0.038 % 0.038 % 0.039 % 0.038 % 0.037 % nm nm 0.074 % 0.075 % nm nm
Canada 0.136 % 0.120 % 0.121 % 0.138 % 0.098 % 0.133 % nm nm 0.255 % 0.230 % nm nm
Total 0.052 % 0.051 % 0.051 % 0.054 % 0.047 % 0.052 % nm nm 0.103 % 0.099 % nm nm
Account-based net revenue per average fee generating position (5)(6) $ 3.20 $ 3.88 $ 4.18 $ 4.10 $ 3.70 $ 4.19 nm nm $ 7.09 $ 7.89 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.
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(3) Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity.
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(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.
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(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.
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(6) In whole dollars.
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11 of 16

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 /#<br>Change %<br><br><br>Change YTD<br><br><br>2019 YTD<br><br><br>2020 /#<br>Change %<br><br><br>Change
Key Statistics
Product sales (mills)
$ 710.2 $ 855.9 $ 829.7 $ 831.9 $ 921.0 $ 758.4 ) -11.4 % $ 1,566.1 $ 1,679.4 7.2 %
244.1 199.7 184.9 199.0 280.9 165.2 ) -17.2 % 443.8 446.1 0.5 %
81.0 88.2 75.0 76.3 72.2 48.4 ) -45.1 % 169.1 120.6 ) -28.7 %
465.8 514.2 512.8 583.7 600.6 440.5 ) -14.3 % 980.1 1,041.0 6.2 %
Total sales-based revenue generating product sales 1,501.1 1,658.0 1,602.4 1,691.0 1,874.7 1,412.5 ) -14.8 % 3,159.1 3,287.1 4.1 %
161.6 203.5 176.9 197.4 246.2 200.1 ) -1.7 % 365.1 446.3 22.2 %
94.3 76.0 76.4 94.6 124.8 73.9 ) -2.7 % 170.3 198.7 16.7 %
Total product sales $ 1,757.0 $ 1,937.4 $ 1,855.7 $ 1,983.0 $ 2,245.7 $ 1,686.5 ) -13.0 % $ 3,694.5 $ 3,932.1 6.4 %
$ 244.1 $ 199.7 $ 184.9 $ 199.0 $ 280.9 $ 165.2 ) -17.2 % $ 443.8 $ 446.1 0.5 %
94.3 76.0 76.4 94.6 124.8 73.9 ) -2.7 % 170.3 198.7 16.7 %
Total Canada product sales 338.4 275.6 261.3 293.6 405.7 239.2 ) -13.2 % 614.0 644.8 5.0 %
Total U.S. product sales 1,418.6 1,661.8 1,594.4 1,689.4 1,840.0 1,447.3 ) -12.9 % 3,080.5 3,287.3 6.7 %
Total product sales $ 1,757.0 $ 1,937.4 $ 1,855.7 $ 1,983.0 $ 2,245.7 $ 1,686.5 ) -13.0 % $ 3,694.5 $ 3,932.1 6.4 %
Client asset values, beginning of period (mills) $ 57,704 $ 63,602 $ 65,878 $ 66,222 $ 70,537 $ 59,036 ) -7.2 % $ 57,704 $ 70,537 22.2 %
1,757 1,937 1,856 1,983 2,246 1,686 ) -13.0 % 3,694 3,932 6.4 %
(1,530 ) (1,633 ) (1,669 ) (1,596 ) (1,703 ) (1,074 ) 34.2 % (3,163 ) (2,777 ) 12.2 %
Net flows 227 305 186 387 543 613 101.1 % 531 1,155 nm
201 225 (136 ) 217 (978 ) 404 79.4 % 426 (575 ) ) nm
5,470 1,746 294 3,710 (11,065 ) 8,171 nm 7,216 (2,894 ) ) nm
Client asset values, end of period $ 63,602 $ 65,878 $ 66,222 $ 70,537 $ 59,036 $ 68,224 3.6 % $ 65,878 $ 68,224 3.6 %
1.6 % 1.9 % 1.1 % 2.3 % 3.1 % 4.2 % % nm 1.8 % 3.3 % % nm
Average client asset values (mills)
$ 30,266 $ 31,744 $ 32,521 $ 33,658 $ 32,693 $ 31,586 ) -0.5 % $ 31,005 $ 32,140 3.7 %
7,390 7,795 7,991 8,218 7,950 7,573 ) -2.9 % 7,593 7,761 2.2 %
3,241 3,455 3,652 3,901 3,905 3,871 12.0 % 3,348 3,888 16.1 %
2,182 2,247 2,296 2,342 2,389 2,427 8.0 % 2,215 2,408 8.7 %
16,057 16,807 17,114 17,661 17,292 16,890 0.5 % 16,432 17,091 4.0 %
2,314 2,378 2,428 2,455 2,366 2,291 ) -3.6 % 2,346 2,328 ) -0.7 %
Total $ 61,451 $ 64,426 $ 66,002 $ 68,236 $ 66,595 $ 64,638 0.3 % $ 62,938 $ 65,617 4.3 %
$ 7,390 $ 7,795 $ 7,991 $ 8,218 $ 7,950 $ 7,573 ) -2.9 % $ 7,593 $ 7,761 2.2 %
2,314 2,378 2,428 2,455 2,366 2,291 ) -3.6 % 2,346 2,328 ) -0.7 %
Total Canada average client assets 9,704 10,173 10,418 10,674 10,316 9,864 ) -3.0 % 9,938 10,090 1.5 %
Total U.S. average client assets 51,747 54,253 55,583 57,563 56,279 54,775 1.0 % 53,000 55,527 4.8 %
Total average client assets $ 61,451 $ 64,426 $ 66,002 $ 68,236 $ 66,595 $ 64,638 0.3 % $ 62,938 $ 65,617 4.3 %
Average number of fee-generating positions (thous) (3)
1,998 1,996 2,007 2,020 2,031 2,048 2.6 % 1,997 2,039 2.1 %
641 641 646 650 658 671 4.7 % 641 665 3.7 %
Total 2,639 2,637 2,653 2,670 2,689 2,718 3.1 % 2,638 2,704 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.
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(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.
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12 of 16

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br><br>Financial Supplement
As of or for the period ended June 30, 2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% 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 $ 360,351 $ 360,351 $ - 13.0 % 13.6 %
Fixed Income:
Treasury 25,652 24,547 1,105 0.9 % 0.9 % 2.25 % AAA
Government 253,960 237,005 16,954 9.2 % 8.9 % 3.00 % AA-
Tax-Exempt Municipal 30,469 28,459 2,010 1.1 % 1.1 % 3.39 % AA
Public Corporate 1,388,243 1,310,590 77,653 50.1 % 49.4 % 3.79 % BBB+
Mortgage Backed 328,533 316,131 12,401 11.8 % 11.9 % 2.78 % AAA
Asset Backed 79,670 80,346 (676 ) 2.9 % 3.0 % 3.13 % AA
CMBS 122,044 117,355 4,690 4.4 % 4.4 % 3.20 % AA+
Private 145,733 139,992 5,741 5.3 % 5.3 % 4.54 % BBB-
Redeemable Preferred 5,251 5,447 (197 ) 0.2 % 0.2 % 5.47 % BBB
Total Fixed Income 2,379,553 2,259,873 119,680 85.8 % 85.2 % 3.54 % A
Equities:
Perpetual Preferred 12,569 12,569 - 0.5 % 0.5 %
Common Stock 16,039 16,039 - 0.6 % 0.6 %
Mutual Fund 5,066 5,066 - 0.2 % 0.2 %
Other 16 16 - 0.0 % 0.0 %
Total Equities 33,689 33,689 - 1.2 % 1.3 %
Total Invested Assets $ 2,773,594 $ 2,653,913 $ 119,680 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Consumer Non Cyclical $ 182,866 $ 170,337 $ 12,529 13.2 % 13.0 %
Energy 151,692 144,290 7,401 10.9 % 11.0 %
Banking 142,383 136,291 6,092 10.3 % 10.4 %
Reits 122,993 117,342 5,651 8.9 % 9.0 %
Insurance 118,308 110,293 8,015 8.5 % 8.4 %
Technology 117,980 109,730 8,250 8.5 % 8.4 %
Consumer Cyclical 102,388 96,810 5,578 7.4 % 7.4 %
Capital Goods 80,456 77,463 2,993 5.8 % 5.9 %
Communications 75,400 69,144 6,256 5.4 % 5.3 %
Electric 72,283 66,642 5,641 5.2 % 5.1 %
Basic Industry 69,421 65,524 3,896 5.0 % 5.0 %
Transportation 69,254 68,574 680 5.0 % 5.2 %
Brokerage 40,918 37,759 3,159 2.9 % 2.9 %
Finance Companies 20,033 19,604 429 1.4 % 1.5 %
Industrial Other 11,049 10,510 539 0.8 % 0.8 %
Natural Gas 6,194 5,826 368 0.4 % 0.4 %
Financial Other 3,514 3,451 63 0.3 % 0.3 %
Utility Other 1,110 998 112 0.1 % 0.1 %
Total Corporate portfolio $ 1,388,243 $ 1,310,590 $ 77,653 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
1-2 Yrs. $ 283,000 $ 277,216 $ 5,785 11.9 % 12.3 % 3.29 %
2-5 Yrs. 1,003,894 952,578 51,316 42.2 % 42.2 % 3.54 %
5-10 Yrs. 647,022 604,741 42,281 27.2 % 26.8 % 3.70 %
> 10 Yrs. 267,099 248,329 18,770 11.2 % 11.0 % 3.68 %
Total Fixed Income $ 2,379,553 $ 2,259,873 $ 119,680 100.0 % 100.0 % 3.54 %
Duration
Fixed Income portfolio duration 4.1 years

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

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Investment Portfolio - Quality Ratings As of June 30, 2020 PRIMERICA, INC.<br><br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized  Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 486,515 21.5 %
AA 263,032 11.6 %
A 504,864 22.3 %
BBB 912,446 40.4 %
Below Investment Grade 89,929 4.0 %
NA 3,085 0.1 %
Total Fixed Income $ 2,259,873 100.0 %
Amortized  Cost % of Total Amortized  Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 11,395 0.9 % AAA $ - —
AA 73,445 5.6 % AA 813 0.6 %
A 376,690 28.7 % A 10,815 7.7 %
BBB 777,449 59.3 % BBB 112,420 80.3 %
Below Investment Grade 70,604 5.4 % Below Investment Grade 15,944 11.4 %
NA 1,006 0.1 % NA - —
Total Corporate $ 1,310,590 100.0 % Total Private $ 139,992 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 92,769 79.0 % AAA $ 276,530 87.5 %
AA - — AA 28,514 9.0 %
A 23,253 19.8 % A 10,704 3.4 %
BBB 1,002 0.9 % BBB 188 0.1 %
Below Investment Grade 332 0.3 % Below Investment Grade 155 0.0 %
NA - — NA 40 0.0 %
Total CMBS $ 117,355 100.0 % Total Mortgage-Backed $ 316,131 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 41,960 52.2 % AAA $ 60,316 23.1 %
AA 5,888 7.3 % AA 134,875 51.6 %
A 25,461 31.7 % A 55,994 21.4 %
BBB 4,998 6.2 % BBB 7,473 2.9 %
Below Investment Grade - — Below Investment Grade 2,894 1.1 %
NA 2,039 2.5 % NA 0 0.0 %
Total Asset-Backed $ 80,346 100.0 % Total Treasury & Government $ 261,552 100.0 %
NAIC Designations
1 $ 931,920 50.6 %
2 826,433 44.9 %
3 69,297 3.8 %
4 9,907 0.5 %
5 2,487 0.1 %
6 219 0.0 % `
U.S. Insurer Fixed Income (2) 1,840,263 100.0 %
Other (3) 453,299
Cash and cash equivalents 360,351
Total Invested Assets $ 2,653,913
(1) Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.
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(2) NAIC ratings for our U.S. insurance companies' fixed income portfolios.
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(3) Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.
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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><br>Financial Supplement
YOY Q2
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 Change %<br><br><br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 20,333 $ 20,345 $ 20,380 $ 20,772 $ 20,784 $ 20,213 ) -0.7%
Fixed-maturity securities (held-to-maturity) 10,674 11,769 12,769 13,113 13,472 14,074 19.6%
Equity Securities 487 446 448 464 451 461 3.4%
Deposit asset underlying 10% reinsurance treaty 1,755 2,141 2,105 2,046 1,830 1,394 ) -34.9%
Deposit asset - Mark to Market 2,147 2,447 534 254 (6,379 ) 2,259 ) -7.7%
Policy loans and other invested assets 467 299 234 215 189 541 81.0%
Cash & cash equivalents 1,056 1,414 1,191 950 843 143 ) -89.9%
Total investment income 36,919 38,862 37,661 37,814 31,190 39,085 0.6%
Investment expenses 2,134 2,225 2,217 2,283 2,298 2,300 3.4%
Interest Expense on Surplus Note 10,674 11,769 12,769 13,113 13,472 14,074 19.6%
Net investment income $ 24,111 $ 24,868 $ 22,675 $ 22,418 $ 15,420 $ 22,710 ) -8.7%
Fixed income book yield, end of period 3.85 % 3.74 % 3.65 % 3.54 % 3.55 % 3.54 %
New money yield 3.56 % 3.10 % 2.73 % 2.73 % 3.25 % 3.14 %
YOY Q2
Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020 % Pt<br>Change
Fixed Income Portfolio Quality Ratings
Rating
AAA 21.4 % 20.9 % 23.0 % 24.0 % 22.9 % 21.5 % %
AA 10.9 % 11.3 % 11.0 % 11.7 % 12.1 % 11.6 % %
A 22.9 % 22.9 % 22.1 % 23.4 % 22.9 % 22.3 % %
BBB 41.8 % 41.8 % 41.0 % 38.2 % 38.9 % 40.4 % %
Below Investment Grade 2.9 % 3.0 % 2.8 % 2.6 % 3.1 % 4.0 % %
NA 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % %
Total Fixed Income 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % -
Average rating by amortized cost A A A A A A

All values are in US Dollars.

As of June 30, 2020 As of June 30, 2020 As of June 30, 2020
Market<br><br><br>Value Amortized<br><br><br>Cost Credit<br><br><br>Rating Market<br><br><br>Value Amortized<br><br><br>Cost Market<br><br><br>Value Amortized<br><br><br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Canada $ 20,655 $ 19,825 AAA Canada $ 66,554 $ 62,419 AAA $ 3,323 $ 3,251
2 Province of Ontario Canada 18,396 17,336 A+ United Kingdom 44,589 42,564 AA 13,186 12,710
3 Province of Quebec Canada 15,248 13,718 AA- Australia 43,273 40,768 A 8,780 8,320
4 Province of New Brunswick Canada 11,879 10,997 A+ Switzerland 15,336 14,919 BBB 6,678 6,032
5 Wells Fargo & Co 11,716 11,730 A- Ireland 13,477 13,084 Below Investment Grade 2,890 2,894
6 Province of Alberta Canada 11,551 10,648 A+ France 13,393 12,769 NA — —
7 Williams Cos Inc/The 11,290 10,926 BBB Bermuda 13,199 12,630 Total $ 34,856 $ 33,207
8 Cigna Corp 10,573 9,889 A- Germany 11,318 10,942
9 Province of British Columbia Canada 10,566 10,068 AAA Netherlands 9,873 8,937
10 Enbridge Inc 10,149 9,564 BBB+ Cayman Islands 9,461 9,461 Non-Government Investments (1)
11 General Motors Co 9,843 9,239 BBB Japan 5,971 5,450
12 Province of Manitoba Canada 9,288 8,638 A+ Israel 5,661 5,021 AAA $ 4,138 $ 4,184
13 Province of Newfoundland and Labrador 9,151 8,251 A Mexico 5,609 5,336 AA 19,693 19,166
14 City of Toronto Canada 9,114 8,457 AA Norway 4,734 4,964 A 69,889 67,099
15 Municipal Finance Authority of British Columbia 8,779 8,296 AAA Belgium 4,054 3,811 BBB 156,607 146,811
16 Honda Motor Co Ltd 8,102 7,664 A Emerging Markets  (2) 10,804 10,370 Below Investment Grade 19,608 19,539
17 Truist Financial Corp 8,096 7,496 A- All Other 27,489 26,560 NA — —
18 Brookfield Asset Management Inc 8,044 7,299 A- Total $ 304,792 $ 290,005 Total $ 269,936 $ 256,798
19 General Mills Inc 7,978 7,340 BBB
20 Discovery Inc 7,971 6,972 BBB-
21 Morgan Stanley 7,856 7,347 A+
22 Comcast Corp 7,832 7,283 A-
23 Deere & Co 7,610 7,105 A
24 Booking Holdings Inc 7,563 7,047 A-
25 ConocoPhillips 7,562 6,063 A
Total $ 256,811 $ 239,199
% of total fixed income portfolio 9.3 % 9.0 %
(1) US$ denominated investments in issuers outside of the United States based on country of risk.
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(2) Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.
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Note:  Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

15 of 16

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br><br>Financial Supplement
(Dollars in millions) 2015 2016 2017 2018 2019 Q1<br><br><br>2019 Q2<br><br><br>2019 Q3<br><br><br>2019 Q4<br><br><br>2019 Q1<br><br><br>2020 Q2<br><br><br>2020
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 228,115 262,732 303,867 290,886 282,207 63,223 86,173 72,345 60,466 84,762 133,123
Life-insurance licensed sales force, beginning of period 98,358 106,710 116,827 126,121 130,736 130,736 129,821 129,550 130,871 130,522 130,095
New life-licensed representatives 39,632 44,724 48,535 48,041 44,739 10,065 10,919 12,682 11,073 10,599 12,250
Non-renewal and terminated representatives (31,280 ) (34,607 ) (39,241 ) (43,426 ) (44,953 ) (10,980 ) (11,190 ) (11,361 ) (11,422 ) (11,026 ) (8,188 )
Life-insurance licensed sales force, end of period 106,710 116,827 126,121 130,736 130,522 129,821 129,550 130,871 130,522 130,095 134,157
Issued term life policies 260,059 298,244 312,799 301,589 287,809 64,242 78,664 73,434 71,469 71,318 94,044
Issued term life face amount $ 79,111 $ 89,869 $ 95,635 $ 95,209 $ 93,994 $ 20,925 $ 25,300 $ 24,087 $ 23,682 $ 23,221 $ 27,754
Term life face amount in force, beginning of period $ 681,927 $ 693,194 $ 728,385 $ 763,831 $ 781,041 $ 781,041 $ 785,552 $ 796,376 $ 801,494 $ 808,262 $ 804,512
Issued term life face amount 79,111 89,869 95,635 95,209 93,994 20,925 25,300 24,087 23,682 23,221 27,754
Terminated term life face amount (53,580 ) (57,238 ) (65,958 ) (70,291 ) (71,519 ) (18,383 ) (16,512 ) (17,740 ) (18,884 ) (18,294 ) (14,315 )
Foreign currency impact, net (14,263 ) 2,560 5,769 (7,708 ) 4,746 1,969 2,036 (1,228 ) 1,970 (8,676 ) 4,046
Term life face amount in force, end of period $ 693,194 $ 728,385 $ 763,831 $ 781,041 $ 808,262 $ 785,552 $ 796,376 $ 801,494 $ 808,262 $ 804,512 $ 821,998
Estimated annualized issued term life premium
Premium from new policies $ 206.5 $ 237.9 $ 255.4 $ 250.8 $ 244.8 $ 54.1 $ 65.8 $ 63.1 $ 61.8 $ 61.5 $ 77.7
Additions and increases in premium 42.3 46.4 49.5 55.2 60.2 13.8 15.8 15.1 15.4 15.0 17.8
Total estimated annualized issued term life premium $ 248.8 $ 284.3 $ 304.9 $ 306.0 $ 305.0 $ 68.0 $ 81.6 $ 78.2 $ 77.2 $ 76.5 $ 95.5
Investment & Savings product sales $ 5,856.8 $ 5,594.3 $ 6,192.2 $ 7,040.1 $ 7,533.2 $ 1,757.0 $ 1,937.4 $ 1,855.7 $ 1,983.0 $ 2,245.7 $ 1,686.5
Investment & Savings average client asset values $ 48,477 $ 49,427 $ 56,791 $ 61,842 $ 65,029 $ 61,451 $ 64,426 $ 66,002 $ 68,236 $ 66,595 $ 64,638

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