Equibles

8-K

Primerica, Inc. (PRI)

8-K 2025-08-06 For: 2025-08-06
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (Date of earliest event reported): August 6, 2025

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Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

(770) 381-1000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2025, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

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

Use of Non-GAAP Financial Measures.

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

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

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

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

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

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

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

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

Item 7.01 Regulation FD Disclosure.

On August 6, 2025, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

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

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated August 6, 2025 – Primerica Reports Second Quarter 2025 Results
99.2 Primerica, Inc. Supplemental Financial Information – Second Quarter 2025
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

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

Date: August 6, 2025 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

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PRIMERICA REPORTS SECOND QUARTER 2025 RESULTS

Life-licensed sales force reached 152,592, up 5% year-over-year

Term Life adjusted direct premiums increased 5%; net premiums grew 4%

Investment and Savings Products (ISP) sales of $3.5 billion, up 15%

ISP client asset values ended the quarter at $120 billion, up 14%, a new record

Net earnings per diluted share (EPS) of $5.40 compared to EPS from continuing operations of $6.07 in the prior year period; return on stockholders’ equity (ROE) of 31.3% versus ROE from continuing operations of 38.9% in the prior year period

Diluted adjusted operating EPS of $5.46 compared to diluted adjusted operating EPS of $4.95 in the prior year period; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 32.2% versus ROAE from continuing operations of 31.2% in the prior year period

Repurchases of $129 million of common stock during the quarter;

declared dividend of $1.04 per share, payable on September 15, 2025

Duluth, GA, Aug. 6, 2025 – Primerica, Inc. (NYSE: PRI) announced financial results for the quarter ended June 30, 2025. The Company reported total revenue of $793.3 million, net income of $178.3 million and net earnings per diluted share of $5.40 during the second quarter of 2025. During the second quarter of 2024, the Company reported total revenue of $791.0 million, net income from continuing operations of $209.3 million and net earnings per diluted share from continuing operations of $6.07. The comparable financial results presented in continuing operations in the second quarter of 2024 were impacted by two distinct non-recurring items: a $50 million gain from the receipt of proceeds from a Representation and Warranty insurance policy claim and the recognition of an $11 million valuation allowance for acquired state net operating loss deferred tax assets.

The Company delivered strong adjusted operating financial results during the quarter including adjusted operating revenues of $796.0 million, up 7% year-over-year. Adjusted net operating income totaled $180.4 million, reflecting 6% growth in the second quarter of 2025, while diluted adjusted operating earnings per share of $5.46 increased 10% compared to the second quarter of 2024.

“Our second quarter results underscore the resilience and strength of our business model,” said Glenn Williams, Chief Executive Officer of Primerica. “Continued growth in our Investment and Savings Products segment, along with steady performance in Term Life, fueled another quarter of strong financial results. As families face ongoing economic uncertainty, we remain confident in our sales force's ability to deliver meaningful support by helping clients make informed financial decisions.”

Second Quarter Distribution & Segment Results

Distribution Results
Q2 2025 Q2 2024 % Change
Life-Licensed Sales Force 152,592 145,789 5 %
Recruits 80,924 96,563 (16 )%
New Life-Licensed Representatives 12,903 14,402 (10 )%
Life Insurance Policies Issued 89,850 100,768 (11 )%
Life Productivity (1) 0.20 0.23 *
Issued Term Life Face Amount ($ billions) (2) $ 30.3 $ 33.2 (9 )%
ISP Product Sales ($ billions) $ 3.5 $ 3.1 15 %
Average Client Asset Values ($ billions) $ 114.0 $ 103.0 11 %
Closed U.S. Mortgage Volume ($ million brokered) $ 132.8 $ 99.6 33 %
  • Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
  • Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

* Not calculated or less than 1%

Segment Results
Q2 2025 Q2 2024 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 426,944 3 %
Investment and Savings Products 260,906 14 %
Corporate and Other Distributed Products (1) 53,015 5 %
Total adjusted operating revenues (1) $ 740,865 7 %
Adjusted Operating Income (Loss) Before <br>  Income Taxes:
Term Life Insurance $ 147,779 5 %
Investment and Savings Products 74,782 6 %
Corporate and Other Distributed Products (1) 942 NM
Total adjusted operating income before income taxes (1) $ 223,503 6 %

All values are in US Dollars.

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

Life Insurance Licensed Sales Force

During the second quarter of 2025, the Company continued to generate interest with individuals drawn to the appeal of creating a flexible career path. Primerica’s business model remains highly attractive to those committed to guiding families toward financial independence. The Company recruited a total of 80,924 individuals and licensed 12,903 new representatives in the second quarter of 2025. As of June 30, 2025, the life-licensed sales force totaled 152,592 representatives, reflecting a 5% increase year-over-year.

Term Life Insurance

During the second quarter of 2025, the Company issued 89,850 new life insurance policies, a solid performance when compared to prior year record results. Productivity was 0.20 policies per month per life-licensed representative, within the historical range of 0.20 to 0.24 policies per representative.

Term Life revenues were $441.8 million, increasing 3% year-over-year, driven by 5% growth in adjusted direct premiums, while pre-tax operating income of $155.0 million increased 5% compared to the second quarter of 2024. The benefits and claims ratio was 57.5%, largely consistent with the prior year period. The DAC amortization and insurance commissions ratio remained stable compared to the prior year period. The Term Life operating margin was 23.0%, in line with the second quarter of 2024.

Investment and Savings Products

Total product sales for the second quarter of 2025 were $3.5 billion, the second largest in company history, representing a 15% increase compared to the prior year period. Net inflows of $487 million continued to be positive and favorable market performance helped average client asset values rise 11% compared to the prior year period.

During the second quarter of 2025, segment revenues increased 14% to $298.3 million, and income before income taxes grew 6% to $79.4 million, driven by growth in average client asset values and higher product sales. Sales-based commissions and fees rose 15%, compared to an 11% increase in related product sales, reflecting strong client demand for variable annuities. Sales-based commission expenses rose 18% during the second quarter of 2025. Asset-based commission and fees grew 17%, outpacing growth in average client asset values of 11%, reflecting continued demand for managed accounts and Canadian mutual funds sold under the principal distributor model, which yield higher asset-based fees. Asset-based commission expenses tracked closely with asset-based revenues. Other operating expenses increased $8.8 million, primarily driven by variable growth-related expenses and continued investments in technology and infrastructure.

Corporate and Other Distributed Products

During the second quarter of 2025, the segment recorded pre-tax adjusted operating income of $2.7 million compared to $0.9 million in the prior year period. Adjusted net investment income increased $2.5 million compared to the prior year period largely due to the continued growth of the invested asset portfolio.

Taxes

The effective income tax rate was 23.9% during the second quarter of 2025, slightly higher than the effective income tax rate from continuing operations of 23.3% in the second quarter of 2024. The effective income tax rate from continuing operations in 2024 included the impact of two largely offsetting non-recurring items, specifically the non-taxable receipt of proceeds from a Representation and Warranty insurance policy claim and the recognition of a valuation allowance for acquired state net operating losses as mentioned above.

Capital

The Company repurchased 487,993 shares of common stock for $129 million during the second quarter of 2025 and the Board of Directors has approved a dividend of $1.04 per share, payable on September 15, 2025, to stockholders of record on August 22, 2025. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 490% as of June 30, 2025.

Non-GAAP Financial Measures

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

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

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

We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

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

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

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

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

Earnings Webcast Information

Primerica will hold a webcast on Thursday, August 7, 2025, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

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

orders and policies, judicial rulings and decisions by public officials with regard to our business, the financial services industry and climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

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

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, <br>2025 December 31, 2024
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 3,096,708 $ 2,946,126
Fixed-maturity security held-to-maturity, at amortized cost 1,258,800 1,303,880
Equity securities, at fair value 24,867 27,144
Trading securities, at fair value 2,969 3,011
Policy loans and other invested assets 52,955 50,881
Total investments 4,436,299 4,331,042
Cash and cash equivalents 621,198 687,821
Accrued investment income 29,247 28,100
Reinsurance recoverables 2,698,144 2,744,165
Deferred policy acquisition costs, net 3,817,119 3,680,430
Agent balances, due premiums and other receivables 300,498 282,607
Intangible asset 45,275 45,275
Income taxes 131,807 122,664
Operating lease right-of-use assets 44,149 47,023
Other assets 387,605 403,608
Separate account assets 2,318,492 2,209,287
Total assets $ 14,829,833 $ 14,582,022
Liabilities and stockholders' equity
Liabilities:
Future policy benefits $ 6,719,044 $ 6,503,064
Unearned and advance premiums 16,917 15,606
Policy claims and other benefits payable 507,553 488,350
Other policyholders' funds 382,089 402,323
Note payable 594,913 594,512
Surplus note 1,258,508 1,303,556
Income taxes 65,537 115,611
Operating lease liabilities 52,323 55,478
Other liabilities 523,517 549,160
Payable under securities lending 83,425 86,034
Separate account liabilities 2,318,492 2,209,287
Total liabilities $ 12,522,318 $ 12,322,981
Stockholders' equity:
Common stock 326 334
Retained earnings 2,270,995 2,231,483
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 174,626 224,833
Unrealized foreign currency translation gains (losses) (13,803 ) (34,767 )
Net unrealized gains (losses) on available-for-sale securities (124,629 ) (162,842 )
Total stockholders' equity 2,307,515 2,259,041
Total liabilities and stockholders' equity $ 14,829,833 $ 14,582,022
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended June 30,
2025 2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 866,254 $ 845,358
Ceded premiums (433,408 ) (427,561 )
Net premiums 432,846 417,797
Commissions and fees 306,032 268,193
Net investment income 40,928 38,452
Investment gains (losses) (2,866 ) (99 )
Other, net 16,394 66,612
Total revenues 793,334 790,955
Benefits and expenses:
Benefits and claims 152,494 150,030
Future policy benefits remeasurement (gain) loss (5,895 ) (4,329 )
Amortization of deferred policy acquisition costs 80,043 73,643
Sales commissions 166,291 142,154
Insurance expenses 64,362 62,685
Insurance commissions 5,751 7,399
Interest expense 6,000 6,099
Other operating expenses 89,791 80,505
Total benefits and expenses 558,837 518,186
Income from continuing operations before income taxes 234,497 272,769
Income taxes from continuing operations 56,153 63,467
Income from continuing operations 178,344 209,302
Loss from discontinued operations, net of income tax - (208,131 )
Net income $ 178,344 $ 1,171
Basic earnings per share:
Continuing operations $ 5.41 $ 6.08
Discontinued operations - (6.05 )
Basic earnings per share $ 5.41 $ 0.03
Diluted earnings per share:
Continuing operations $ 5.40 $ 6.07
Discontinued operations - (6.04 )
Diluted earnings per share $ 5.40 $ 0.03
Weighted-average shares used in computing <br>earnings per share:
Basic 32,870 34,383
Diluted 32,911 34,440
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended June 30,
2025 2024 % Change
(In thousands, except per-share amounts)
Total revenues $ 793,334 $ 790,955 *
Less: Investment (losses) gains (2,866 ) (99 )
Less: 10% deposit asset MTM included in NII 182 189
Less: Insurance claim proceeds - 50,000
Adjusted operating revenues $ 796,018 $ 740,865 7 %
Income from continuing operations before income taxes $ 234,497 $ 272,769 (14 )%
Less: Investment (losses) gains (2,866 ) (99 )
Less: 10% deposit asset MTM included in NII 182 189
Less: Insurance claim proceeds - 50,000
Less: Restructuring cost - (824 )
Adjusted operating income before income taxes $ 237,181 $ 223,503 6 %
Income from continuing operations $ 178,344 $ 209,302 (15 )%
Less: Investment (losses) gains (2,866 ) (99 )
Less: 10% deposit asset MTM included in NII 182 189
Less: Insurance claim proceeds - 50,000
Less: Restructuring costs - (824 )
Less: Tax impact of preceding items 643 152
Less: Valuation allowance on Senior Health NOLs - (11,080 )
Adjusted net operating income $ 180,385 $ 170,964 6 %
Diluted earnings per share from continuing operations $ 5.40 $ 6.07 (11 )%
Less: Net after-tax impact of operating adjustments (0.06 ) 1.12
Diluted adjusted operating earnings per share $ 5.46 $ 4.95 10 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended June 30,
2025 2024 % Change
(In thousands)
Direct premiums $ 861,919 $ 840,668 3 %
Less: Premiums ceded to IPO coinsurers 187,988 201,566
Adjusted direct premiums 673,931 639,102 5 %
Ceded premiums (432,306 ) (426,348 )
Less: Premiums ceded to IPO coinsurers (187,988 ) (201,566 )
Other ceded premiums (244,318 ) (224,782 )
Net premiums $ 429,613 $ 414,320 4 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended June 30,
2025 2024 % Change
(In thousands)
Total revenues $ 53,202 $ 103,105 (48 )%
Less: Investment gains (losses) (2,866 ) (99 )
Less: 10% deposit asset MTM included in NII 182 189
Less: Gain on insurance proceeds - 50,000
Adjusted operating revenues $ 55,886 $ 53,015 5 %
Income (loss) before income taxes $ 64 $ 50,208 NM
Less: Investment gains (losses) (2,866 ) (99 )
Less: 10% deposit asset MTM included in NII 182 189
Less: Gain on insurance proceeds - 50,000
Less: Restructuring costs - (824 )
Adjusted operating income (loss) before income taxes $ 2,748 $ 942 NM
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
June 30, <br>2025 December 31, 2024 % Change
(In thousands)
Stockholders' equity $ 2,307,515 $ 2,259,041 2 %
Less: Net unrealized gains (losses) on available-for-sale securities (124,629 ) (162,842 )
Less: Effect of change in discount rate assumptions <br> on the liability for future policy benefits 174,626 224,833
Adjusted stockholders' equity $ 2,257,518 $ 2,197,050 3 %

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Second Quarter 2025

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

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

2 of 17

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

Second Quarter 2025

This document is a financial supplement to our first quarter 2024 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

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

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

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

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

In the second quarter of 2025, we discovered that a correction was needed to our methodology for presenting outflows and calculating the change in market value for Canadian mutual fund assets included in our consolidated client asset rollforward statistical data. The correction had no impact on our financial statements, ISP product sales, nor the average and ending client asset values during the relevant periods. In addition, we have assessed the qualitative impact of making this correction as immaterial, most notably due to the immaterial impact that higher projections of future client asset outflows would have on future earnings estimates. We have restated outflows, net flows, and change in market value in our rollforward of client asset value statistics back to 2023 as shown below:

Rollforward of investment and savings products client asset values
( in millions)
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 FY<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 FY<br>2024 Q1<br>2025
Revised Calculations
Client asset values, beginning of period (mills) $ 83,949 $ 87,621 $ 91,646 $ 88,441 $ 83,949 $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 96,735 $ 112,081
2,300 2,382 2,174 2,356 9,212 2,770 3,083 2,905 3,321 12,079 3,559
(1,841 ) (2,033 ) (2,134 ) (2,345 ) (8,354 ) (2,694 ) (2,856 ) (2,650 ) (2,804 ) (11,005 ) (3,017 )
Net flows 459 349 40 10 858 76 227 255 517 1,074 542
16 315 (303 ) 344 372 (392 ) (163 ) 203 (1,022 ) (1,374 ) (12 )
3,198 3,361 (2,942 ) 7,939 11,556 6,921 1,708 5,676 1,340 15,646 (2,703 )
Client asset values, end of period $ 87,621 $ 91,646 $ 88,441 $ 96,735 $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 112,081 $ 109,908
Prior Calculation
Client asset values, beginning of period (mills) $ 83,949 $ 87,621 $ 91,646 $ 88,441 $ 83,949 $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 96,735 $ 112,081
2,300 2,382 2,174 2,356 9,212 2,770 3,083 2,905 3,321 12,079 3,559
(1,658 ) (1,839 ) (1,982 ) (2,184 ) (7,663 ) (2,497 ) (2,660 ) (2,461 ) (2,590 ) (10,207 ) (2,721 )
Net flows 642 542 192 172 1,549 274 423 444 731 1,872 839
16 315 (303 ) 344 372 (392 ) (163 ) 203 (1,022 ) (1,374 ) (12 )
3,014 3,168 (3,094 ) 7,777 10,865 6,724 1,512 5,487 1,126 14,848 (3,000 )
Client asset values, end of period $ 87,621 $ 91,646 $ 88,441 $ 96,735 $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 112,081 $ 109,908
(1)
(2)

All values are in US Dollars.

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

3 of 17

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

All values are in US Dollars.

  • Outstanding common shares exclude restricted stock units.

4 of 17

Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 ) -4.4 % 34,633,084 33,080,093 ) -4.5 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 ) -14.8 % $ 357,715 $ 347,395 ) -2.9 %
Less income attributable to unvested participating securities (608 ) (96 ) (704 ) (537 ) (585 ) (572 ) ) nm (1,084 ) (1,158 ) ) -6.8 %
Net income used in computing basic EPS $ 147,806 $ 209,205 $ 194,033 $ 167,141 $ 168,466 $ 177,772 ) -15.0 % $ 356,631 $ 346,237 ) -2.9 %
Basic earnings per share $ 4.24 $ 6.08 $ 5.73 $ 4.99 $ 5.06 $ 5.41 ) -11.0 % $ 10.30 $ 10.47 1.7 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 5.5 % $ 318,478 $ 348,453 9.4 %
Less operating income attributable to unvested participating securities (612 ) (634 ) (719 ) (542 ) (581 ) (579 ) 8.7 % (1,252 ) (1,161 ) 7.2 %
Adjusted net operating income used in computing basic operating EPS $ 146,902 $ 170,330 $ 192,467 $ 168,689 $ 167,487 $ 179,806 5.6 % $ 317,226 $ 347,291 9.5 %
Basic adjusted operating income per share $ 4.21 $ 4.95 $ 5.69 $ 5.04 $ 5.03 $ 5.47 10.5 % $ 9.16 $ 10.50 14.6 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 ) -4.4 % 34,633,084 33,080,093 ) -4.5 %
Dilutive impact of contingently issuable shares 53,938 56,591 56,960 59,672 49,670 41,352 ) -26.9 % 55,265 45,511 ) -17.6 %
Shares used to calculate diluted EPS 34,936,762 34,439,935 33,891,040 33,541,205 33,342,129 32,911,413 ) -4.4 % 34,688,349 33,125,604 ) -4.5 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 ) -14.8 % $ 357,715 $ 347,395 ) -2.9 %
Less income attributable to unvested participating securities (607 ) (96 ) (703 ) (536 ) (584 ) (571 ) ) nm (1,083 ) (1,156 ) ) -6.8 %
Net income used in computing diluted EPS $ 147,807 $ 209,205 $ 194,034 $ 167,141 $ 168,467 $ 177,772 ) -15.0 % $ 356,632 $ 346,238 ) -2.9 %
Diluted earnings per share $ 4.23 $ 6.07 $ 5.72 $ 4.98 $ 5.05 $ 5.40 ) -11.0 % $ 10.28 $ 10.45 1.7 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 5.5 % $ 318,478 $ 348,453 9.4 %
Less operating income attributable to unvested participating securities (612 ) (633 ) (718 ) (542 ) (580 ) (578 ) 8.7 % (1,250 ) (1,160 ) 7.2 %
Adjusted net operating income used in computing diluted operating EPS $ 146,903 $ 170,330 $ 192,468 $ 168,690 $ 167,487 $ 179,807 5.6 % $ 317,228 $ 347,293 9.5 %
Diluted adjusted operating income per share $ 4.20 $ 4.95 $ 5.68 $ 5.03 $ 5.02 $ 5.46 10.3 % $ 9.15 $ 10.48 14.5 %
Annualized Return on Equity
Average stockholders' equity $ 2,125,938 $ 2,153,834 $ 2,034,293 $ 2,102,934 $ 2,257,725 $ 2,281,963 5.9 % $ 2,139,886 $ 2,269,844 6.1 %
Average adjusted stockholders' equity $ 2,274,827 $ 2,191,128 $ 2,114,622 $ 2,159,315 $ 2,207,812 $ 2,238,047 2.1 % $ 2,232,978 $ 2,222,929 ) -0.4 %
Net income from continuing ops return on stockholders' equity 27.9 % 38.9 % 38.3 % 31.9 % 30.0 % 31.3 % % nm 33.4 % 30.6 % % nm
Net income from continuing ops return on adjusted stockholders' equity 26.1 % 38.2 % 36.8 % 31.1 % 30.6 % 31.9 % % nm 32.0 % 31.3 % % nm
Adjusted net operating income return on adjusted stockholders' equity 25.9 % 31.2 % 36.5 % 31.3 % 30.4 % 32.2 % % nm 28.5 % 31.4 % % nm
Capital Structure
Debt-to-capital (1) 21.4 % 21.9 % 23.4 % 20.8 % 20.9 % 20.5 % % nm 21.9 % 20.5 % % nm
Debt-to-capital, excluding AOCI (1) 20.6 % 21.9 % 21.8 % 21.0 % 20.9 % 20.8 % % nm 21.9 % 20.8 % % nm
Cash and invested assets to stockholders' equity 2.2 x 2.3 x 2.5 x 2.2 x 2.2 x 2.2 x x) nm 2.3 x 2.2 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.1 x 2.3 x 2.3 x 2.3 x 2.3 x 2.2 x x) nm 2.3 x 2.2 x x) nm
Share count, end of period (2) 34,609,005 33,993,897 33,508,129 33,367,737 33,022,554 32,545,209 ) -4.3 % 33,993,897 32,545,209 ) -4.3 %
Adjusted stockholders' equity per share $ 65.72 $ 62.00 $ 63.32 $ 65.84 $ 67.18 $ 69.37 11.9 % $ 62.00 $ 69.37 11.9 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 na na na na na na
S&P AA- AA- AA- AA- AA- AA- na na na na na na
A.M. Best A+ A+ A+ A+ A+ A+ na na na na na na
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 na na na na na na
S&P A- A- A- A- A- A- na na na na na na
A.M. Best a- a- a- a- a- a- na na na na na na

All values are in US Dollars.

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

5 of 17

Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Statements of Income
Revenues:
Direct premiums $ 841,046 $ 845,358 $ 852,452 $ 854,748 $ 858,845 $ 866,254 2.5 % $ 1,686,404 $ 1,725,099 2.3 %
Ceded premiums (409,764 ) (427,561 ) (412,645 ) (414,463 ) (410,521 ) (433,408 ) ) -1.4 % (837,325 ) (843,930 ) ) -0.8 %
Net premiums 431,283 417,797 439,807 440,285 448,323 432,846 3.6 % 849,079 881,169 3.8 %
Net investment income 37,806 38,452 41,109 38,134 41,671 40,928 6.4 % 76,258 82,599 8.3 %
Commissions and fees:
Sales-based (1) 88,746 101,178 96,269 108,240 111,270 115,933 14.6 % 189,924 227,204 19.6 %
Asset-based (2) 128,532 132,765 142,051 150,208 152,014 154,735 16.5 % 261,297 306,749 17.4 %
Account-based (3) 23,180 23,740 24,107 24,245 24,195 24,394 2.8 % 46,919 48,588 3.6 %
Other commissions and fees 8,487 10,511 9,474 11,158 9,477 10,970 4.4 % 18,998 20,448 7.6 %
Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) ) nm 1,206 (2,109 ) ) nm
Other, net 16,611 66,612 19,103 17,020 17,135 16,394 ) -75.4 % 83,223 33,529 ) -59.7 %
Total revenues 735,950 790,955 774,129 788,110 804,843 793,334 0.3 % 1,526,904 1,598,177 4.7 %
Benefits and expenses:
Benefits and claims 166,321 150,030 164,363 167,449 174,862 152,494 1.6 % 316,351 327,355 3.5 %
Future policy benefits remeasurement (gain)/loss 55 (4,329 ) (23,019 ) 1,374 (3,273 ) (5,895 ) ) -36.2 % (4,274 ) (9,168 ) ) -114.5 %
Amortization of DAC 72,049 73,643 75,539 76,905 78,550 80,043 8.7 % 145,692 158,592 8.9 %
Insurance commissions 9,634 7,399 7,180 7,795 6,124 5,751 ) -22.3 % 17,033 11,875 ) -30.3 %
Insurance expenses 63,149 62,685 63,529 66,256 64,805 64,362 2.7 % 125,834 129,168 2.6 %
Sales commissions:
Sales-based (1) 62,814 70,509 66,333 75,926 77,267 82,935 17.6 % 133,322 160,202 20.2 %
Asset-based (2) 64,208 66,525 71,012 76,298 76,246 78,010 17.3 % 130,733 154,256 18.0 %
Other sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4.4 % 9,237 9,951 7.7 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 ) -1.6 % 12,870 12,005 ) -6.7 %
Other operating expenses 93,443 80,506 83,612 86,046 98,338 89,792 11.5 % 173,949 188,130 8.2 %
Total benefits and expenses 542,561 518,186 519,551 569,598 583,528 558,838 7.8 % 1,060,747 1,142,366 7.7 %
Income from continuing operations before income taxes 193,389 272,769 254,578 218,512 221,315 234,496 ) -14.0 % 466,157 455,811 ) -2.2 %
Income taxes 44,975 63,467 59,841 50,835 52,264 56,153 ) -11.5 % 108,442 108,417 ) nm
Net Income from continuing operations 148,414 209,301 194,737 167,678 169,051 178,344 ) -14.8 % 357,715 347,395 ) -2.9 %
Net Loss from discontinued operations net of tax (10,510 ) (208,131 ) (30,364 ) (606 ) — — 100.0 % (218,641 ) — 100.0 %
Net Income $ 137,904 $ 1,171 $ 164,373 $ 167,071 $ 169,051 $ 178,344 nm $ 139,074 $ 347,395 149.8 %
Income from Continuing Operations Before Income Taxes by Segment
Term Life Insurance $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 4.9 % $ 286,147 $ 301,798 5.5 %
Investment & Savings Products 65,563 74,783 79,912 81,988 81,270 79,420 6.2 % 140,346 160,691 14.5 %
Corporate & Other Distributed Products (10,542 ) 50,206 (3,687 ) (3,017 ) (6,741 ) 64 ) -99.9 % 39,664 (6,677 ) ) -116.8 %
Income before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 ) -14.0 % $ 466,157 $ 455,811 ) -2.2 %

All values are in US Dollars.

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

6 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
Term Life Insurance direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 2.5 % $ 1,676,989 $ 1,716,350 2.3 %
Less: Premiums ceded to IPO Coinsurers 206,502 201,566 198,726 195,039 191,477 187,988 ) -6.7 % 408,068 379,465 ) -7.0 %
Term Life Insurance adjusted direct premiums $ 629,819 $ 639,102 $ 648,900 $ 655,628 $ 662,953 $ 673,931 5.4 % $ 1,268,921 $ 1,336,884 5.4 %
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
Term Life Insurance ceded premiums $ (408,558 ) $ (426,348 ) $ (411,526 ) $ (412,916 ) $ (409,334 ) $ (432,306 ) ) -1.4 % $ (834,906 ) $ (841,640 ) ) -0.8 %
Less: Premiums ceded to IPO Coinsurers (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) 6.7 % (408,068 ) (379,465 ) 7.0 %
Term Life Insurance other ceded premiums $ (202,056 ) $ (224,782 ) $ (212,800 ) $ (217,876 ) $ (217,857 ) $ (244,318 ) ) -8.7 % $ (426,838 ) $ (462,175 ) ) -8.3 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 6.4 % $ 76,258 $ 82,599 8.3 %
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 nm nm 52 712 nm nm
Adjusted net investment income $ 37,943 $ 38,263 $ 39,279 $ 38,980 $ 41,141 $ 40,746 6.5 % $ 76,206 $ 81,887 7.5 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 93,443 $ 80,506 $ 83,612 $ 86,046 $ 98,338 $ 89,792 11.5 % $ 173,949 $ 188,130 8.2 %
Less: Restructuring costs — 824 2,013 — — — nm nm 824 — nm nm
Adjusted other operating expenses $ 93,443 $ 79,682 $ 81,599 $ 86,046 $ 98,338 $ 89,792 12.7 % $ 173,125 $ 188,130 8.7 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 735,950 $ 790,955 $ 774,129 $ 788,110 $ 804,843 $ 793,334 0.3 % $ 1,526,904 $ 1,598,177 4.7 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) nm nm 1,206 (2,109 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 nm nm 52 712 nm nm
Less: Insurance claim proceeds — 50,000 — — — — nm nm 50,000 — nm nm
Adjusted operating revenues $ 734,781 $ 740,865 $ 770,089 $ 790,135 $ 803,556 $ 796,018 7.4 % $ 1,475,646 $ 1,599,574 8.4 %
Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income from continuing operations before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 ) -14.0 % $ 466,157 $ 455,811 ) -2.2 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) nm nm 1,206 (2,109 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 nm nm 52 712 nm nm
Less: Insurance claim proceeds — 50,000 — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — nm nm (824 ) — nm nm
Adjusted operating income before income taxes $ 192,220 $ 223,503 $ 252,552 $ 220,537 $ 220,028 $ 237,181 6.1 % $ 415,723 $ 457,208 10.0 %
Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 ) -14.8 % $ 357,715 $ 347,395 ) -2.9 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) nm nm 1,206 (2,109 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 nm nm 52 712 nm nm
Less: Insurance claim proceeds — 50,000 — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — nm nm (824 ) — nm nm
Less: Tax impact of preceding items (269 ) 152 (476 ) 471 (304 ) 643 nm nm (117 ) 339 nm nm
Less: Valuation allowance on Senior Health NOLs — (11,080 ) — — — — nm nm (11,080 ) — nm nm
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 5.5 % $ 318,478 $ 348,453 9.4 %

All values are in US Dollars.

7 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (10,542 ) $ 50,206 $ (3,687 ) $ (3,017 ) $ (6,741 ) $ 64 ) -99.9 % $ 39,664 $ (6,677 ) ) -116.8 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) nm nm 1,206 (2,109 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 nm nm 52 712 nm nm
Less: Insurance claim proceeds — 50,000 — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — nm nm (824 ) — nm nm
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 nm $ (10,770 ) $ (5,280 ) 51.0 %

All values are in US Dollars.

8 of 17

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 2.5 % $ 1,676,989 $ 1,716,350 2.3 %
Premiums ceded to IPO coinsurers (1) (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) 6.7 % (408,068 ) (379,465 ) 7.0 %
Adjusted direct premiums (2) 629,819 639,102 648,900 655,628 662,953 673,931 5.4 % 1,268,921 1,336,884 5.4 %
Other ceded premiums (3) (202,056 ) (224,782 ) (212,800 ) (217,876 ) (217,857 ) (244,318 ) ) -8.7 % (426,838 ) (462,175 ) ) -8.3 %
Net premiums 427,762 414,320 436,099 437,752 445,096 429,613 3.7 % 842,083 874,709 3.9 %
Other, net 12,649 12,624 14,206 12,826 12,745 12,221 ) -3.2 % 25,274 24,966 ) -1.2 %
Revenues 440,412 426,944 450,305 450,578 457,842 441,834 3.5 % 867,356 899,676 3.7 %
Benefits and expenses:
Benefits and claims 163,847 146,268 160,652 164,588 171,243 148,725 1.7 % 310,115 319,968 3.2 %
Future policy benefits remeasurement (gain)/loss (319 ) (4,280 ) (28,203 ) 1,537 (3,402 ) (5,743 ) ) -34.2 % (4,599 ) (9,145 ) ) -98.8 %
Amortization of DAC 70,491 71,916 73,698 75,383 76,921 78,386 9.0 % 142,407 155,308 9.1 %
Insurance commissions 6,047 3,785 3,410 4,422 2,649 2,238 ) -40.9 % 9,833 4,887 ) -50.3 %
Insurance expenses 61,979 61,476 62,395 65,107 63,645 63,216 2.8 % 123,454 126,861 2.8 %
Benefits and expenses 302,044 279,164 271,952 311,037 311,056 286,821 2.7 % 581,209 597,878 2.9 %
Income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 4.9 % $ 286,147 $ 301,798 5.5 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 508,687 $ 517,691 $ 525,697 $ 530,867 $ 538,072 $ 547,938 5.8 % $ 1,026,378 $ 1,086,010 5.8 %
Pre-IPO direct premiums (5) 327,634 322,977 321,929 319,800 316,359 313,981 ) -2.8 % 650,611 630,340 ) -3.1 %
Total direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 2.5 % $ 1,676,989 $ 1,716,350 2.3 %
Premiums ceded to IPO coinsurers $ 206,502 $ 201,566 $ 198,726 $ 195,039 $ 191,477 $ 187,988 ) -6.7 % $ 408,068 $ 379,465 ) -7.0 %
% of Pre-IPO direct premiums 63.0 % 62.4 % 61.7 % 61.0 % 60.5 % 59.9 % nm nm 62.7 % 60.2 % nm nm
Benefits and claims, net (6) $ 365,584 $ 366,770 $ 345,249 $ 384,002 $ 385,698 $ 387,300 5.6 % $ 732,353 $ 772,998 5.5 %
% of adjusted direct premiums 58.0 % 57.4 % 53.2 % 58.6 % 58.2 % 57.5 % nm nm 57.7 % 57.8 % nm nm
DAC amortization & insurance commissions $ 76,538 $ 75,701 $ 77,108 $ 79,805 $ 79,570 $ 80,624 6.5 % $ 152,239 $ 160,194 5.2 %
% of adjusted direct premiums 12.2 % 11.8 % 11.9 % 12.2 % 12.0 % 12.0 % nm nm 12.0 % 12.0 % nm nm
Insurance expenses, net (7) $ 49,329 $ 48,851 $ 48,189 $ 52,281 $ 50,900 $ 50,995 4.4 % $ 98,181 $ 101,894 3.8 %
% of adjusted direct premiums 7.8 % 7.6 % 7.4 % 8.0 % 7.7 % 7.6 % nm nm 7.7 % 7.6 % nm nm
Total Term Life income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 4.9 % $ 286,147 $ 301,798 5.5 %
Term Life operating margin (8) 22.0 % 23.1 % 27.5 % 21.3 % 22.1 % 23.0 % nm nm 22.6 % 22.6 % nm nm

All values are in US Dollars.

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

9 of 17

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 141,572 142,855 145,789 148,890 151,611 152,167 6.5 % 141,572 151,611 7.1 %
12,949 14,402 14,349 14,620 12,339 12,903 ) -10.4 % 27,351 25,242 ) -7.7 %
(11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 ) ) -8.8 % (23,134 ) (24,261 ) ) -4.9 %
Life-insurance licensed sales force, end of period 142,855 145,789 148,890 151,611 152,167 152,592 4.7 % 145,789 152,592 4.7 %
Estimated annualized issued term life premium (mills) (1):
$ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5 ) -9.4 % $ 159.7 $ 152.9 ) -4.3 %
18.1 19.9 18.8 17.9 18.5 20.2 1.6 % 38.0 38.7 1.9 %
Total estimated annualized issued term life premium $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7 ) -7.4 % $ 197.7 $ 191.6 ) -3.1 %
Issued term life policies 86,587 100,768 93,377 89,664 86,415 89,850 ) -10.8 % 187,355 176,265 ) -5.9 %
Estimated average annualized issued term life premium per policy (1)(2) $ 844 $ 860 $ 859 $ 871 $ 861 $ 874 1.6 % $ 853 $ 868 1.8 %
Term life face amount in-force, beginning of period (mills) $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 1.0 % $ 944,609 $ 953,583 0.9 %
28,725 33,155 30,793 29,560 28,455 30,292 ) -8.6 % 61,880 58,747 ) -5.1 %
(23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 ) 12.2 % (51,564 ) (49,775 ) 3.5 %
(2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834 nm (4,046 ) 5,757 nm
Term life face amount in-force, end of period $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 1.8 % $ 950,880 $ 968,312 1.8 %

All values are in US Dollars.

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

10 of 17

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 88,746 $ 101,178 $ 96,269 $ 108,240 $ 111,270 $ 115,933 14.6 % $ 189,924 $ 227,204 19.6 %
Asset-based 128,532 132,765 142,051 150,208 152,014 154,735 16.5 % 261,297 306,749 17.4 %
Account-based 23,180 23,740 24,107 24,245 24,195 24,394 2.8 % 46,919 48,588 3.6 %
Other, net 3,258 3,224 3,646 3,355 3,333 3,236 0.4 % 6,482 6,568 1.3 %
Revenues 243,716 260,906 266,073 286,048 290,812 298,297 14.3 % 504,622 589,109 16.7 %
Benefits and expenses:
Amortization of DAC 1,201 1,478 1,540 1,225 1,337 1,368 ) -7.4 % 2,679 2,705 1.0 %
Insurance commissions 3,400 3,343 3,499 3,397 3,277 3,468 3.7 % 6,743 6,745 nm
Sales commissions:
Sales-based 62,814 70,509 66,333 75,926 77,267 82,935 17.6 % 133,322 160,202 20.2 %
Asset-based 64,208 66,525 71,012 76,298 76,246 78,010 17.3 % 130,733 154,256 18.0 %
Other operating expenses 46,531 44,269 43,778 47,214 51,414 53,096 19.9 % 90,800 104,510 15.1 %
Benefits and expenses 178,153 186,123 186,161 204,060 209,541 218,877 17.6 % 364,276 428,418 17.6 %
Income before income taxes $ 65,563 $ 74,783 $ 79,912 $ 81,988 $ 81,270 $ 79,420 6.2 % $ 140,346 $ 160,691 14.5 %
Financial Analysis
Fees paid based on client asset values (1) $ 9,342 $ 9,548 $ 10,156 $ 11,213 $ 10,915 $ 11,404 19.4 % $ 18,890 $ 22,319 18.2 %
Fees paid based on fee-generating positions (2) 11,426 10,483 10,392 10,538 12,410 11,015 5.1 % 21,909 23,425 6.9 %
Other operating expenses 25,763 24,238 23,230 25,463 28,089 30,676 26.6 % 50,001 58,765 17.5 %
Total other operating expenses $ 46,531 $ 44,269 $ 43,778 $ 47,214 $ 51,414 $ 53,096 19.9 % $ 90,800 $ 104,510 15.1 %
Sales-based variable margin as % of revenue-generating sales (3)
U.S. 1.25 % 1.33 % 1.37 % 1.35 % 1.37 % 1.29 % nm nm 1.29 % 1.33 % nm nm
Canada 0.48 % 0.37 % 0.34 % 0.31 % 0.35 % 0.35 % nm nm 0.43 % 0.35 % nm nm
Total 1.19 % 1.27 % 1.31 % 1.27 % 1.28 % 1.23 % nm nm 1.23 % 1.26 % nm nm
Asset-based variable margin as % of average asset values (4)
U.S. 0.041 % 0.041 % 0.042 % 0.042 % 0.043 % 0.043 % nm nm 0.082 % 0.086 % nm nm
Canada 0.104 % 0.104 % 0.109 % 0.109 % 0.113 % 0.109 % nm nm 0.208 % 0.221 % nm nm
Total 0.051 % 0.050 % 0.052 % 0.052 % 0.053 % 0.053 % nm nm 0.101 % 0.106 % nm nm
Account-based variable margin per average fee generating position (5)(6) $ 3.67 $ 4.10 $ 4.21 $ 4.18 $ 3.57 $ 4.02 nm nm $ 7.77 $ 7.59 nm nm

All values are in US Dollars.

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

11 of 17

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,162.2 $ 1,228.6 $ 1,162.7 $ 1,241.3 $ 1,317.9 $ 1,244.0 1.3 % $ 2,390.7 $ 2,561.9 7.2 %
179.6 147.6 146.2 192.1 220.7 168.5 14.1 % 327.2 389.2 18.9 %
81.0 98.0 89.5 86.7 71.1 93.0 ) -5.1 % 179.0 164.1 ) -8.3 %
756.0 941.4 891.5 1,023.8 1,038.9 1,178.7 25.2 % 1,697.4 2,217.5 30.6 %
Total sales-based revenue generating product sales 2,178.8 2,415.6 2,289.9 2,543.9 2,648.6 2,684.2 11.1 % 4,594.3 5,332.8 16.1 %
370.9 456.1 411.9 548.7 596.7 634.1 39.0 % 827.0 1,230.8 48.8 %
197.7 196.5 189.4 213.9 296.4 218.6 11.3 % 394.2 515.0 30.6 %
23.0 14.8 13.9 14.0 17.7 11.5 ) -22.2 % 37.8 29.2 ) -22.7 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 15.1 % $ 5,853.3 $ 7,107.7 21.4 %
$ 377.4 $ 344.1 $ 335.6 $ 406.0 $ 517.1 $ 387.1 12.5 % $ 721.4 $ 904.2 25.3 %
23.0 14.8 13.9 14.0 17.7 11.5 ) -22.2 % 37.8 29.2 ) -22.7 %
Total Canada product sales 400.4 358.8 349.5 420.1 534.8 398.6 11.1 % 759.2 933.4 22.9 %
Total U.S. product sales 2,370.0 2,724.1 2,555.6 2,900.5 3,024.6 3,149.8 15.6 % 5,094.1 6,174.3 21.2 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 15.1 % $ 5,853.3 $ 7,107.7 21.4 %
Client asset values, beginning of period (mills) $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 6.4 % $ 96,735 $ 112,081 15.9 %
2,770 3,083 2,905 3,321 3,559 3,548 15.1 % 5,853 7,108 21.4 %
(2,694 ) (2,856 ) (2,650 ) (2,804 ) (3,017 ) (3,062 ) ) -7.2 % (5,551 ) (6,079 ) ) -9.5 %
Net flows 76 227 255 517 542 487 114.8 % 302 1,029 nm
(392 ) (163 ) 203 (1,022 ) (12 ) 900 nm (555 ) 888 nm
6,921 1,708 5,676 1,340 (2,703 ) 8,931 nm 8,630 6,227 ) -27.8 %
Client asset values, end of period $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 $ 120,224 14.4 % $ 105,112 $ 120,224 14.4 %
0.3 % 0.9 % 1.0 % 1.9 % 1.9 % 1.8 % % nm 0.6 % 1.8 % % nm
Average client asset values (mills)
$ 49,013 $ 50,560 $ 52,721 $ 54,630 $ 54,649 $ 54,324 7.4 % $ 49,787 $ 54,486 9.4 %
12,850 13,259 13,959 14,442 14,555 15,153 14.3 % 13,055 14,854 13.8 %
8,806 9,376 10,216 11,010 11,537 12,167 29.8 % 9,091 11,852 30.4 %
2,824 2,868 2,908 2,959 3,003 3,033 5.8 % 2,846 3,018 6.0 %
23,665 24,663 26,014 26,970 27,086 27,075 9.8 % 24,164 27,080 12.1 %
2,344 2,266 2,334 2,312 2,189 2,223 ) -1.9 % 2,305 2,206 ) -4.3 %
Total $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 10.7 % $ 101,247 $ 113,496 12.1 %
$ 12,850 $ 13,259 $ 13,959 $ 14,442 $ 14,555 $ 15,153 14.3 % $ 13,055 $ 14,854 13.8 %
2,344 2,266 2,334 2,312 2,189 2,223 ) -1.9 % 2,305 2,206 ) -4.3 %
Total Canada average client assets 15,194 15,526 16,293 16,754 16,743 17,376 11.9 % 15,360 17,060 11.1 %
Total U.S. average client assets 84,308 87,468 91,858 95,570 96,274 96,599 10.4 % 85,888 96,437 12.3 %
Total average client assets $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 10.7 % $ 101,247 $ 113,496 12.1 %
Average number of fee-generating positions (thous) (3)
2,359 2,378 2,393 2,407 2,419 2,437 2.4 % 2,369 2,428 2.5 %
847 857 865 874 885 893 4.2 % 852 889 4.3 %
Total 3,206 3,235 3,258 3,281 3,304 3,330 2.9 % 3,221 3,317 3.0 %

All values are in US Dollars.

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

12 of 17

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,725 $ 4,690 $ 4,826 $ 4,081 $ 4,414 $ 4,335 ) -7.6 % $ 9,415 $ 8,750 ) -7.1 %
Ceded premiums (1,205 ) (1,213 ) (1,118 ) (1,548 ) (1,187 ) (1,102 ) 9.2 % (2,419 ) (2,290 ) 5.3 %
Net premiums 3,520 3,477 3,708 2,533 3,227 3,233 ) -7.0 % 6,997 6,460 ) -7.7 %
Adjusted net investment income 37,943 38,263 39,279 38,980 41,141 40,746 6.5 % 76,206 81,887 7.5 %
Commissions and fees:
Prepaid legal services 3,591 3,924 4,070 4,373 3,682 4,009 2.1 % 7,516 7,691 2.3 %
Auto and homeowners insurance 1,777 2,413 1,375 2,280 1,966 2,440 1.1 % 4,190 4,406 5.1 %
Mortgage loans 1,499 2,211 2,384 2,750 2,129 3,020 36.5 % 3,711 5,148 38.7 %
Other sales commissions 1,618 1,963 1,645 1,755 1,701 1,502 ) -23.5 % 3,581 3,203 ) -10.6 %
Adjusted other, net 704 764 1,251 838 1,057 938 22.7 % 1,467 1,995 35.9 %
Adjusted operating revenues 50,653 53,014 53,711 53,509 54,902 55,887 5.4 % 103,668 110,790 6.9 %
Benefits and expenses:
Benefits and claims 2,475 3,762 3,712 2,861 3,619 3,769 0.2 % 6,236 7,388 18.5 %
Future policy benefits remeasurement (gain)/loss 374 (49 ) 5,184 (163 ) 128 (152 ) ) nm 325 (23 ) ) -107.2 %
Amortization of DAC 357 250 300 298 291 288 15.5 % 606 580 ) -4.4 %
Insurance commissions 187 271 272 (24 ) 199 45 ) -83.3 % 458 244 ) -46.7 %
Insurance expenses 1,171 1,209 1,134 1,149 1,160 1,147 ) -5.2 % 2,380 2,307 ) -3.1 %
Sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4.4 % 9,237 9,951 7.7 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 ) -1.6 % 12,870 12,005 ) -6.7 %
Adjusted other operating expenses 46,913 35,413 37,821 38,831 46,924 36,696 3.6 % 82,325 83,620 1.6 %
Adjusted benefits and expenses 62,363 52,074 59,425 54,501 62,930 53,139 2.0 % 114,437 116,070 1.4 %
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 nm $ (10,770 ) $ (5,280 ) 51.0 %

All values are in US Dollars.

13 of 17

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Avg
Market Amortized Unrealized Market Amortized Book Avg
(Dollars in thousands) Value Cost G/(L) Value Cost Yield Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term $ 621,198 $ 621,198 $ - 16.6 % 15.9 %
Fixed Income:
Treasury 16,225 16,488 (263 ) 0.4 % 0.4 % 3.2 % AAA
Government 257,385 271,565 (14,180 ) 6.9 % 7.0 % 3.3 % AA-
Tax-Exempt Municipal 31,296 35,257 (3,961 ) 0.8 % 0.9 % 2.7 % AA
Corporate 1,563,886 1,623,559 (59,674 ) 41.8 % 41.6 % 4.3 % BBB+
Mortgage Backed 583,634 639,853 (56,219 ) 15.6 % 16.4 % 4.0 % AAA
Asset Backed 194,634 198,082 (3,447 ) 5.2 % 5.1 % 4.5 % A+
Cmbs 97,549 106,388 (8,839 ) 2.6 % 2.7 % 3.7 % AA-
Private 351,349 362,231 (10,882 ) 9.4 % 9.3 % 5.2 % BBB+
Redeemable Preferred 3,720 4,248 (528 ) 0.1 % 0.1 % 5.2 % BBB-
Total Fixed Income 3,099,677 3,257,670 (157,993 ) 82.8 % 83.5 % 4.3 % A
Equities and Other:
Perpetual Preferred 3,426 3,426 - 0.1 % 0.1 %
Common Stock 17,245 17,245 - 0.5 % 0.4 %
Mutual Fund 4,168 4,168 0 0.1 % 0.1 %
Total Equities 24,838 24,838 0 0.7 % 0.6 %
Total Invested Assets $ 3,745,713 $ 3,903,707 $ (157,993 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 214,380 $ 222,239 $ (7,859 ) 13.7 % 13.7 %
Energy 204,168 211,178 (7,010 ) 13.1 % 13.0 %
Consumer Non Cyclical ** 152,691 162,762 (10,071 ) 9.8 % 10.0 %
Reits 123,875 131,588 (7,713 ) 7.9 % 8.1 %
Consumer Cyclical 123,317 128,147 (4,830 ) 7.9 % 7.9 %
Electric 106,017 109,708 (3,691 ) 6.8 % 6.8 %
Technology 105,058 108,561 (3,502 ) 6.7 % 6.7 %
Capital Goods 91,388 93,427 (2,039 ) 5.8 % 5.8 %
Banking 89,737 89,027 709 5.7 % 5.5 %
Basic Industry 67,752 72,834 (5,081 ) 4.3 % 4.5 %
Transportation 64,660 66,380 (1,720 ) 4.1 % 4.1 %
Communications 63,591 64,624 (1,033 ) 4.1 % 4.0 %
Brokerage 61,128 63,343 (2,215 ) 3.9 % 3.9 %
Finance Companies 59,472 61,043 (1,571 ) 3.8 % 3.8 %
Natural Gas 19,906 20,315 (409 ) 1.3 % 1.3 %
Industrial Other 6,019 6,732 (713 ) 0.4 % 0.4 %
Financial Other 4,802 4,935 (133 ) 0.3 % 0.3 %
Utility Other 3,857 4,392 (534 ) 0.2 % 0.3 %
Owned No Guarantee 2,067 2,325 (258 ) 0.1 % 0.1 %
Total Corporate portfolio $ 1,563,886 $ 1,623,559 $ (59,674 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 206,663 $ 207,537 $ (874 ) 6.7 % 6.4 % 4.1 %
1-2 Yrs. 298,242 303,044 (4,802 ) 9.6 % 9.3 % 3.7 %
2-5 Yrs. 743,218 755,866 (12,648 ) 24.0 % 23.2 % 4.3 %
5-10 Yrs. 1,214,094 1,306,889 (92,795 ) 39.2 % 40.1 % 3.9 %
> 10 Yrs. 637,459 684,334 (46,875 ) 20.6 % 21.0 % 5.1 %
Total Fixed Income $ 3,099,677 $ 3,257,670 $ (157,993 ) 100.0 % 100.0 % 4.3 %
Duration
Fixed Income portfolio duration 5.3 years

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

14 of 17

Investment Portfolio - Quality Ratings As of June 30, 2025 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 629,645 19.3 %
AA 455,415 14.0 %
A 775,657 23.8 %
BBB 1,364,534 41.9 %
Below Investment Grade 29,192 0.9 %
NA 3,227 0.1 %
Total Fixed Income $ 3,257,670 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 2,213 0.1 % AAA $ - —
AA 87,366 5.4 % AA 8,860 2.4 %
A 436,263 26.9 % A 89,959 24.8 %
BBB 1,069,638 65.9 % BBB 262,912 72.6 %
Below Investment Grade 27,879 1.7 % Below Investment Grade 500 0.1 %
NA 201 0.0 % NA - —
Total Corporate $ 1,623,559 100.0 % Total Private $ 362,231 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 38,729 36.4 % AAA $ 510,850 79.8 %
AA 12,617 11.9 % AA 128,846 20.1 %
A 43,271 40.7 % A - —
BBB 11,771 11.1 % BBB - —
Below Investment Grade - — Below Investment Grade 57 0.0 %
NA - — NA 100 0.0 %
Total CMBS $ 106,388 100.0 % Total Mortgage-Backed $ 639,853 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 45,447 22.9 % AAA $ 31,736 11.0 %
AA 30,890 15.6 % AA 159,986 55.5 %
A 120,988 61.1 % A 78,449 27.2 %
BBB - — BBB 14,955 5.2 %
Below Investment Grade 756 0.4 % Below Investment Grade - —
NA - — NA 2,926 1.0 %
Total Asset-Backed $ 198,082 100.0 % Total Treasury & Government $ 288,053 100.0 %
NAIC Designations
1 $ 1,550,452 55.5 %
2 1,219,019 43.6 %
3 21,810 0.8 %
4 4,586 0.2 %
5 - —
6 - —
U.S. Insurer Fixed Income (2) 2,795,867 100.0 %
Other (3) 486,670
Cash and cash equivalents 621,198
Total Invested Assets $ 3,903,735
  • Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.
  • NAIC ratings for our U.S. insurance companies' fixed income portfolios.
  • Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

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

15 of 17

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q2
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 29,936 $ 30,618 $ 31,990 $ 32,867 $ 33,513 $ 34,346 12.2%
Fixed-maturity securities (held-to-maturity) 15,785 15,659 15,908 15,300 14,669 14,621 ) -6.6%
Equity Securities 390 323 324 327 314 315 ) -2.5%
Deposit asset underlying 10% reinsurance treaty 2,311 2,211 2,129 2,007 1,857 1,736 ) -21.5%
Deposit asset - Mark to Market (137 ) 189 1,830 (846 ) 530 182 ) -3.7%
Policy loans and other invested assets 461 544 402 139 1,032 482 ) -11.4%
Cash & cash equivalents 6,981 6,640 6,540 5,739 6,519 5,959 ) -10.3%
Total investment income 55,727 56,183 59,123 55,533 58,435 57,641 2.6%
Investment expenses 2,136 2,072 2,106 2,099 2,095 2,092 1.0%
Interest Expense on Surplus Note 15,785 15,659 15,908 15,300 14,669 14,621 ) -6.6%
Net investment income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 6.4%
Fixed income book yield, end of period 3.93 % 4.01 % 4.09 % 4.14 % 4.21 % 4.26 %
New money yield 5.70 % 5.78 % 5.42 % 5.32 % 5.47 % 5.64 %
YOY Q2
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 18.9 % 18.3 % 19.4 % 19.5 % 19.0 % 19.3 % %
AA 14.8 % 14.1 % 13.2 % 13.1 % 13.6 % 14.0 % %
A 24.1 % 24.3 % 24.2 % 24.4 % 24.5 % 23.8 % %
BBB 40.5 % 41.9 % 41.8 % 41.7 % 41.7 % 41.9 % %
Below Investment Grade 1.6 % 1.5 % 1.2 % 1.2 % 1.1 % 0.9 % %
NA 0.0 % 0.0 % 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, 2025 As of June 30, 2025 As of June 30, 2025
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Canada $ 16,645 $ 17,080 AAA Canada $ 89,205 $ 94,261 AAA $ — $ —
2 Province of Ontario Canada 15,835 15,972 A+ United Kingdom 32,742 32,238 AA — —
3 Province of Alberta Canada 15,106 15,668 AA- Australia 28,675 29,366 A 11,419 12,446
4 ONEOK Inc 15,019 15,439 BBB Cayman Islands (The) 15,939 15,416 BBB 14,257 14,505
5 Province of Quebec Canada 14,308 14,482 AA- Mexico 10,382 11,125 Below Investment Grade — —
6 Ontario Teachers' Pension Plan 13,708 14,319 AA+ Bermuda 9,486 9,374 NA — —
7 Realty Income Corp 13,555 13,991 A- Ireland 9,442 9,095 Total $ 25,676 $ 26,951
8 Manulife Financial Corp 13,095 13,476 A Luxembourg 7,668 7,361
9 Province of New Brunswick Canada 13,051 13,463 A+ France 7,586 7,737
10 Berkshire Hathaway Inc 12,710 12,527 AA Italy 6,232 5,884 Non-Government Investments (1)
11 Intact Financial Corp 11,776 11,432 A+ Germany 5,122 5,032
12 Province of Manitoba Canada 11,399 11,910 A+ Spain 4,900 4,895 AAA $ — $ —
13 TC Energy Corp 10,527 11,387 BBB+ Netherlands (The) 4,423 4,583 AA 4,878 4,944
14 Government of Newfoundland and Labrador 10,454 10,955 A Japan 3,746 3,700 A 62,618 62,973
15 Alimentation Couche-Tard Inc 10,417 10,756 BBB+ Switzerland 3,384 3,704 BBB 169,325 173,139
16 Province of Nova Scotia Canada 10,247 10,710 AA- Emerging Markets (2) 14,001 14,512 Below Investment Grade 929 1,004
17 Province of Saskatchewan Canada 9,997 10,049 AA All Other 10,493 10,730 NA — —
18 Morgan Stanley 9,961 9,899 BBB+ Total $ 263,426 $ 269,010 Total $ 237,749 $ 242,059
19 ConocoPhillips 9,356 10,723 A-
20 Oglethorpe Power Corp 9,330 10,386 BBB+
21 Sempra 9,255 10,321 BBB+
22 Tokyo Century Corp 8,830 8,980 BBB
23 Broadcom Inc 8,583 8,672 BBB+
24 NextEra Energy Inc 8,565 8,563 A-
25 Province of British Columbia Canada 8,545 8,653 A+
Total $ 290,274 $ 299,815
% of total fixed income portfolio 7.7 % 7.7 %
  • US$ denominated investments in issuers outside of the United States based on country of risk.
  • Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

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

16 of 17

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2020 2021 2022 2023 2024 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 400,345 349,374 359,735 361,925 445,425 110,710 96,563 142,655 95,497 100,867 80,924
Life-insurance licensed sales force, beginning of period 130,522 134,907 129,515 135,208 141,572 141,572 142,855 145,789 148,890 151,611 152,167
New life-licensed representatives 48,106 39,622 45,147 49,096 56,320 12,949 14,402 14,349 14,620 12,339 12,903
Non-renewal and terminated representatives (43,721 ) (45,014 ) (39,454 ) (42,732 ) (46,281 ) (11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 )
Life-insurance licensed sales force, end of period 134,907 129,515 135,208 141,572 151,611 142,855 145,789 148,890 151,611 152,167 152,592
Issued term life policies 352,868 323,855 291,918 358,860 370,396 86,587 100,768 93,377 89,664 86,415 89,850
Issued term life face amount $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 122,233 $ 28,725 $ 33,155 $ 30,793 $ 29,560 $ 28,455 $ 30,292
Term life face amount in-force, beginning of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981
Issued term life face amount 109,436 108,521 103,822 119,102 122,233 28,725 33,155 30,793 29,560 28,455 30,292
Terminated term life face amount (60,848 ) (64,798 ) (82,894 ) (94,230 ) (103,872 ) (23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 )
Foreign currency impact, net 1,968 862 (7,524 ) 2,929 (9,387 ) (2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834
Term life face amount in force, end of period $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312
Estimated annualized issued term life premium
Premium from new policies $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 318.0 $ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5
Additions and increases in premium 68.9 77.0 76.7 74.3 74.7 18.1 19.9 18.8 17.9 18.5 20.2
Total estimated annualized issued term life premium $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 392.7 $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7
Investment & Savings product sales $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 12,078.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4
Investment & Savings average client asset values $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 105,742 $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975
Closed U.S. Mortgage Volume (brokered) $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 397.4 $ 71.4 $ 99.6 $ 105.4 $ 121.0 $ 93.5 $ 132.8

17 of 17

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