Equibles

8-K

Primerica, Inc. (PRI)

8-K 2024-05-06 For: 2024-05-06
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): May 6, 2024

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Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

(770)

381-1000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2024, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

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

Use of Non-GAAP Financial Measures

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

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

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), 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.

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

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional

meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

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

Item 7.01 Regulation FD Disclosure.

On May 6, 2024, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2024. 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 May 6, 2024 – Primerica Reports First Quarter 2024 Results
99.2 Primerica, Inc. Supplemental Financial Information – First Quarter 2024
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: May 6, 2024 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

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PRIMERICA REPORTS FIRST QUARTER 2024 RESULTS

Continued momentum in recruiting and licensing, up 18% and 16%, respectively

Life-licensed sales force ended the quarter at 142,855, up 5%

Term Life net premiums grew 5%; adjusted direct premiums grew 6%

Investment and Savings Products sales of $2.8 billion, up 20%

Investment and Savings Products client asset values up 18%, ending the quarter at $103 billion

Earnings per diluted share (EPS) of $3.93 increased 14%; return on stockholders’ equity (ROE) was 25.9%

Diluted adjusted operating EPS of $3.91 increased 10%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) was 24.1%

Declared dividend of $0.75 per share, payable on June 12, 2024, and repurchased $109 million of common stock during the quarter

Duluth, GA, May 6, 2024 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended March 31, 2024. Total revenues of $742.8 million increased 8% compared to the first quarter of 2023. Net income of $137.9 million increased 8%, while earnings per diluted share of $3.93 increased 14% compared to the prior year period.

Adjusted operating revenues of $741.7 million increased 7% compared to the first quarter of 2023. Adjusted net operating income of $137.0 million increased 4%, while adjusted operating earnings per diluted share of $3.91 increased 10% compared to the prior year period.

Financial results during the first quarter of 2024 reflected the stability of the Company’s large in-force block of term life insurance, higher investment products sales, appreciation of client asset values, and the impact of higher interest rates on net investment income. Results were partly offset by weakness in the Senior Health business, which reported a loss of $14 million. Distribution results demonstrated sustained momentum in recruiting and the Company’s continued success in licensing new representatives.

“Our financial results reflect the fundamental strength in our core Term Life and ISP segments and the predictability of our model, particularly during uncertain times,” said Glenn Williams, Chief Executive Officer of Primerica, inc. “We started 2024 with solid momentum and we are well-positioned to grow the size of our sales force for the third consecutive year.”

First Quarter Distribution & Segment Results

Distribution Results
Q1 2024 Q1 2023 % Change
Life-Licensed Sales Force 142,855 136,430 5 %
Recruits 110,710 93,540 18 %
New Life-Licensed Representatives 12,949 11,118 16 %
Life Insurance Policies Issued 86,587 84,561 2 %
Life Productivity (1) 0.20 0.21 *
Issued Term Life Face Amount ($ billions) (2) $ 28.7 $ 28.1 2 %
ISP Product Sales ($ billions) $ 2.8 $ 2.3 20 %
Average Client Asset Values ($ billions) $ 99.5 $ 86.6 15 %
Senior Health Submitted Policies (3) 16,068 19,826 (19 )%
Senior Health Approved Policies (4) 15,023 18,413 (18 )%
Closed U.S. Mortgage Volume ($ million brokered) $ 71.4 $ 55.6 28 %

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

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

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

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

* Not calculated

Segment Results
Q1 2024 Q1 2023 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 421,069 5 %
Investment and Savings Products 210,202 16 %
Senior Health (1) 18,710 (63 )%
Corporate and Other Distributed Products (2) 44,990 13 %
Total adjusted operating revenues (2) $ 694,971 7 %
Adjusted Operating Income (Loss) before <br>  income taxes:
Term Life Insurance $ 130,541 6 %
Investment and Savings Products 56,106 17 %
Senior Health (1) ) (3,762 ) 276 %
Corporate and Other Distributed Products (2) ) (11,008 ) (6 )%
Total adjusted operating income before income taxes (2) $ 171,877 4 %

All values are in US Dollars.

(1) First quarter 2024 included a $7.8 million negative tail revenue adjustment reflecting an increase in plan switching.

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

Life Insurance Licensed Sales Force

The attractiveness of Primerica’s business opportunity continues to generate a high degree of interest, creating momentum in both recruiting and licensing and fueling growth in the size of the sales force. During the first quarter, recruiting increased 18% compared to the same period in 2023 while new life licenses increased 16%. As of March 31, 2024, the Company had a total of 142,855 independent life-licensed representatives, a 5% increase year-over-year.

Term Life Insurance

Life insurance policies issued during the first quarter of 2024 increased 2% to 86,587, helping to drive $28.7 billion in term life face amount issued during the three months ended March 31, 2024. Productivity, as measured by the number of policies issued per life-licensed representative per month, was 0.20 policies compared to 0.21 policies in the first quarter of 2023.

Compared to the prior year period, first quarter revenues increased 5% to $440.4 million due principally to a 6% increase in adjusted direct premium. Pre-tax operating income of $138.4 million increased 6%. The benefits and claims ratio at 58.0% and the DAC amortization ratio at 12.2% were both stable year-over-year. The Term Life operating margin was 22.0%, in line with the prior year period

Investment and Savings Products

Total product sales of $2.8 billion during the first quarter increased 20% compared to the prior year period, driven by continued strong sales of mutual funds in both the U.S. and Canada as well as solid demand for variable annuities and managed accounts. On March 31, 2024, client asset values were $103 billion, up 18% year-over-year primarily due to strong equity market appreciation as well continued net client inflows of $274 million during the quarter.

First quarter revenues of $243.7 million increased 16% compared to the prior year period, while pre-tax operating income of $65.6 million increased 17% driven by a combination of strong sales and an increase in average client asset values. Sales-based commissions and fees revenues increased 23%, in line with a 24% increase in revenue generating product sales, while sales-based commission expenses increased 20%. Asset-based revenues increased 15%, in line with the growth in average client asset values. The change in asset-based commission expenses was consistent with asset-based revenues, excluding revenues on Canadian segregated funds. Expenses related to Canadian segregated funds are reflected in insurance commissions and amortization of DAC.

Senior Health

During the first quarter of 2024, a total of 15,023 policies were approved by carriers, representing 18% fewer policies than in the prior year period due to fewer tenured agents and the negative impact of an industry-wide service disruption in a third-party service provider that affected the ability of our agents to verify plan eligibility. The lifetime value

of commissions per approved policy (“LTV”) was $926, while contract acquisition costs per approved policy (“CAC”) were $901 for a LTV/CAC ratio of 1.0.

First quarter revenues of $6.9 million included a $7.8 million negative tail revenue adjustment. The tail adjustment was largely driven by an increase in plan switching. Total contract acquisition costs declined 10% year-over-year, reflecting lower sales volume, while operating expenses remained unchanged. The operating loss was $14.2 million compared to a loss of $3.8 million in the prior year period. The Company did not contribute cash to the segment during the first quarter of 2024, nor does it expect to do so for the remainder of the year.

Corporate and Other Distributed Products

During the first quarter of 2024, the segment recorded an adjusted operating loss of $11.7 million compared to an adjusted operating loss of $11.0 million in the prior year period. Adjusted net investment income increased $6.6 million from the continued benefit of higher interest rates and growth in the size of the invested asset portfolio. Insurance and other operating expenses increased $7.4 million due to higher growth-related technology costs and employee-related compensation increase.

Capital

The Company repurchased 465,938 shares of common stock for $109 million during the first quarter of 2024 and the Board of Directors has approved a dividend of $0.75 per share, payable on June 12, 2024 to stockholders of record on May 21, 2024.

Primerica has a strong balance sheet, including invested assets and cash at the holding company of $281 million. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 430% as of March 31, 2024.

Subsequent Event

In April 2024, the Company executed agreements providing for the payment of certain claims filed by the Company under a Representation and Warranty insurance policy negotiated and purchased in connection with the acquisition of e-TeleQuote Insurance. The claims made by the Company involved breaches of certain representations and warranties relating to the pre-acquisition financial statements made by the sellers of e-TeleQuote in connection with the acquisition. The Company will recognize a gain in earnings during the three months ended June 30, 2024 of $50 million, which is equal to the aggregate proceeds to be received from the third-party insurers under the policy, reflecting the full coverage under the policy. The proceeds of this claim will be excluded from second quarter adjusted operating results to provide comparability to the prior year results.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded

premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share.

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

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), 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.

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

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

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

Earnings Webcast Information

Primerica will hold a webcast on Tuesday, May 7, 2024, at 10:00 a.m. Eastern, to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; we may not be able to execute an effective senior health insurance business strategy; a failure by e-TeleQuote to comply with the requirements of the United States government’s Centers for Medicare and Medicaid Services and those of its carrier partners; legislative or regulatory changes to Medicare Advantage or changes to the implementing guidance by the Centers for Medicare and Medicaid Services; e-TeleQuote’s inability to acquire or generate leads on commercially viable terms, convert leads to sales or if customer policy retention is lower than assumed; e-TeleQuote’s inability to enroll individuals during the Medicare annual election period; the loss of a key carrier, or the modification of commission rates or underwriting practices with a key carrier partner could adversely affect e-TeleQuote’s business; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage

lenders to satisfy their contractual obligations to us; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches or if e-TeleQuote is otherwise unable to safeguard the security and privacy of confidential data, including personal health information; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. 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)
March 31, 2024 December 31, 2023
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 2,782,140 $ 2,719,467
Fixed-maturity security held-to-maturity, at amortized cost 1,376,400 1,386,980
Short-term investments available-for-sale, at fair value 271 276
Equity securities, at fair value 26,647 29,680
Trading securities, at fair value 3,253 18,383
Policy loans and other invested assets 50,835 51,175
Total investments 4,239,546 4,205,961
Cash and cash equivalents 593,399 613,148
Accrued investment income 24,991 23,958
Reinsurance recoverables 2,920,417 3,015,777
Deferred policy acquisition costs, net 3,503,940 3,447,234
Renewal commissions receivable 176,298 190,258
Agent balances, due premiums and other receivables 287,459 273,066
Goodwill 127,707 127,707
Intangible assets, net 172,400 175,025
Income taxes 120,126 123,514
Operating lease right-of-use assets 52,135 53,693
Other assets 356,025 382,549
Separate account assets 2,334,911 2,395,842
Total assets $ 14,909,354 $ 15,027,732
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits $ 6,548,050 $ 6,742,025
Unearned and advance premiums 15,855 14,876
Policy claims and other benefits payable 517,468 513,803
Other policyholders' funds 421,027 435,094
Note payable 593,909 593,709
Surplus note 1,376,028 1,386,592
Income taxes 197,714 135,247
Operating lease liabilities 60,494 61,358
Other liabilities 581,342 583,434
Payable under securities lending 76,648 99,785
Separate account liabilities 2,334,911 2,395,842
Total liabilities 12,723,446 12,961,765
Stockholders' equity
Common stock 346 350
Paid-in capital - -
Retained earnings 2,285,937 2,276,946
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 92,853 (39,086 )
Unrealized foreign currency translation gains (losses) (11,691 ) (2,235 )
Net unrealized investment gains (losses) on available-for-sale securities (181,537 ) (170,008 )
Total stockholders' equity 2,185,908 2,065,967
Total liabilities and stockholders' equity $ 14,909,354 $ 15,027,732
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended March 31,
2024 2023
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 841,047 $ 817,872
Ceded premiums (409,764 ) (405,347 )
Net premiums 431,283 412,525
Commissions and fees 255,021 231,547
Net investment income 37,806 31,065
Investment gains (losses) 1,305 (4,608 )
Other, net 17,415 19,507
Total revenues 742,830 690,036
Benefits and expenses:
Benefits and claims 166,321 163,265
Future policy benefits remeasurement (gain) loss 55 559
Amortization of deferred policy acquisition costs 72,049 67,923
Sales commissions 131,138 110,874
Insurance expenses 63,149 61,125
Insurance commissions 9,634 8,138
Contract acquisition costs 13,533 14,984
Interest expense 6,771 6,690
Other operating expenses 100,944 89,536
Total benefits and expenses 563,594 523,094
Income before income taxes 179,236 166,942
Income taxes 41,332 38,843
Net income $ 137,904 $ 128,099
Earnings per share:
Basic earnings per share $ 3.94 $ 3.47
Diluted earnings per share $ 3.93 $ 3.46
Weighted-average shares used in computing <br>  earnings per share:
Basic 34,883 36,710
Diluted 34,937 36,804
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended March 31,
2024 2023 % Change
(In thousands, except per-share amounts)
Total revenues $ 742,830 $ 690,036 8 %
Less: Investment gains (losses) 1,305 (4,608 )
Less: 10% deposit asset MTM included in NII (137 ) (327 )
Adjusted operating revenues $ 741,662 $ 694,971 7 %
Income before income taxes $ 179,236 $ 166,942 7 %
Less: Investment gains (losses) 1,305 (4,608 )
Less: 10% deposit asset MTM included in NII (137 ) (327 )
Adjusted operating income before income taxes $ 178,068 $ 171,877 4 %
Net income $ 137,904 $ 128,099 8 %
Less: Investment gains (losses) 1,305 (4,608 )
Less: 10% deposit asset MTM included in NII (137 ) (327 )
Less: Tax impact of preceding items (269 ) 1,151
Adjusted net operating income $ 137,005 $ 131,883 4 %
Diluted earnings per share (1) $ 3.93 $ 3.46 14 %
Less: Net after-tax impact of operating adjustments 0.02 (0.11 )
Diluted adjusted operating earnings per share (1) $ 3.91 $ 3.57 10 %

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

TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended March 31,
2024 2023 % Change
(In thousands)
Direct premiums $ 836,321 $ 812,880 3 %
Less: Premiums ceded to IPO coinsurers 206,502 220,240
Adjusted direct premiums 629,819 592,640 6 %
Ceded premiums (408,558 ) (404,044 )
Less: Premiums ceded to IPO coinsurers (206,502 ) (220,240 )
Other ceded premiums (202,056 ) (183,804 )
Net premiums $ 427,763 $ 408,836 5 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended March 31,
2024 2023 % Change
(In thousands)
Total revenues $ 51,822 $ 40,055 29 %
Less: Investment gains (losses) 1,305 (4,608 )
Less: 10% deposit asset MTM included in NII (137 ) (327 )
Adjusted operating revenues $ 50,654 $ 44,990 13 %
Loss before income taxes $ (10,540 ) $ (15,943 ) 34 %
Less: Investment gains (losses) 1,305 (4,608 )
Less: 10% deposit asset MTM included in NII (137 ) (327 )
Adjusted operating loss before income taxes $ (11,708 ) $ (11,008 ) (6 )%
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
March 31, 2024 December 31, 2023 % Change
(In thousands)
Stockholders' equity $ 2,185,908 $ 2,065,967 6 %
Less: Net unrealized gains (losses) (181,537 ) (170,008 )
Less: Effect of change in discount rate assumptions <br>              on the liability for future policy benefits 92,853 (39,086 )
Adjusted stockholders' equity $ 2,274,592 $ 2,275,061 0 %

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

First Quarter 2024

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
Segment operating results
Term Life Insurance segment - financial results, key statistics, and financial analysis 8-9
Investment and Savings Products segment - financial results, financial analysis, and key statistics 10-11
Senior Health segment - financial results, financial analysis, and key statistics 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, 2023.

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

First Quarter 2024

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 and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of investment gains/losses, including credit impairmentsand 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.

• 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. Adjustedstockholders' equity alsoexcludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

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

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

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

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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>2023 Jun 30,<br>2023 Sep 30,<br>2023 Dec 31,<br>2023 Mar 31,<br>2024 Jun 30,<br>2024 Sep 30,<br>2024 Dec 31,<br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,246,388 $ 3,226,056 $ 3,174,938 $ 3,432,129 $ 3,456,543
Securities held to maturity 1,460,000 1,433,520 1,417,460 1,386,980 1,376,400
Total investments and cash 4,706,388 4,659,576 4,592,398 4,819,109 4,832,943
Reinsurance recoverables 3,217,354 3,084,520 2,954,245 3,015,777 2,920,417
Deferred policy acquisition costs 3,250,753 3,319,844 3,374,627 3,447,234 3,503,940
Goodwill 127,707 127,707 127,707 127,707 127,707
Other assets 1,191,286 1,201,266 1,200,647 1,222,064 1,189,436
Separate account assets 2,329,968 2,358,823 2,183,435 2,395,842 2,334,911
Total assets $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732 $ 14,909,354
Liabilities:
Future policy benefits $ 6,561,624 $ 6,491,564 $ 6,045,151 $ 6,742,025 $ 6,548,050
Other policy liabilities 996,747 970,198 938,665 963,773 954,350
Income taxes 201,850 169,487 227,866 135,248 197,714
Other liabilities 659,734 642,149 636,927 644,792 641,836
Debt obligations 593,106 593,307 593,508 593,709 593,909
Surplus note 1,459,565 1,433,101 1,417,056 1,386,592 1,376,028
Payable under securities lending 74,452 77,643 77,956 99,785 76,648
Separate account liabilities 2,329,968 2,358,823 2,183,435 2,395,842 2,334,911
Total liabilities 12,877,046 12,736,272 12,120,564 12,961,765 12,723,446
Stockholders’ equity:
Common stock (0.01 par value) (1) 364 358 353 350 346
Paid-in capital — — — — —
Retained earnings 2,177,428 2,190,223 2,215,378 2,276,947 2,285,937
Treasury stock — — — — —
Accumulated other comprehensive income (loss), net:
(208,157 ) (226,250 ) (269,604 ) (170,008 ) (181,537 )
(11,966 ) 55,386 377,637 (39,086 ) 92,853
(11,259 ) (4,253 ) (11,269 ) (2,235 ) (11,691 )
Total stockholders’ equity 1,946,411 2,015,464 2,312,495 2,065,967 2,185,908
Total liabilities and stockholders' equity $ 14,823,457 $ 14,751,736 $ 14,433,059 $ 15,027,732 $ 14,909,354
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 1,946,411 $ 2,015,464 $ 2,312,495 $ 2,065,967 $ 2,185,908
Less: Net unrealized gains (losses) (208,157 ) (226,250 ) (269,604 ) (170,008 ) (181,537 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits (11,966 ) 55,386 377,637 (39,086 ) 92,853
Adjusted stockholders’ equity $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062 $ 2,274,592
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,141,707 $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062
Net Income 128,099 144,504 152,063 151,935 137,904
Shareholder dividends (23,910 ) (23,598 ) (23,336 ) (22,870 ) (26,256 )
Retirement of shares and warrants (96,323 ) (112,606 ) (106,479 ) (72,886 ) (116,570 )
Net foreign currency translation adjustment 1,020 7,005 (7,016 ) 9,035 (9,456 )
Other, net 15,941 4,490 2,902 5,386 13,909
Balance, end of period $ 2,166,533 $ 2,186,328 $ 2,204,462 $ 2,275,062 $ 2,274,592
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 3,188,502 $ 3,250,753 $ 3,319,844 $ 3,374,627 $ 3,447,234
General expenses deferred 10,777 10,692 10,764 9,910 11,156
Commission costs deferred 118,386 119,676 119,976 125,335 125,811
Amortization of deferred policy acquisition costs (67,923 ) (68,110 ) (69,405 ) (70,378 ) (72,049 )
Foreign currency impact and other, net 1,011 6,833 (6,551 ) 7,739 (8,211 )
Balance, end of period $ 3,250,753 $ 3,319,844 $ 3,374,627 $ 3,447,234 $ 3,503,940

All values are in US Dollars.

(1) Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 36,709,525 36,215,232 35,760,090 35,148,919 34,882,824 ) -5.0 % 36,709,525 34,882,824 ) -5.0 %
Net income $ 128,099 $ 144,504 $ 152,063 $ 151,935 $ 137,904 7.7 % $ 128,099 $ 137,904 7.7 %
Less income attributable to unvested participating securities (579 ) (609 ) (643 ) (648 ) (572 ) 1.1 % (579 ) (572 ) 1.1 %
Net income used in computing basic EPS $ 127,520 $ 143,896 $ 151,420 $ 151,287 $ 137,331 7.7 % $ 127,520 $ 137,331 7.7 %
Basic earnings per share $ 3.47 $ 3.97 $ 4.23 $ 4.30 $ 3.94 13.5 % $ 3.47 $ 3.94 13.5 %
Adjusted net operating income $ 131,883 $ 145,407 $ 153,804 $ 150,354 $ 137,005 3.9 % $ 131,883 $ 137,005 3.9 %
Less operating income attributable to unvested participating securities (596 ) (612 ) (650 ) (642 ) (569 ) 4.5 % (596 ) (569 ) 4.5 %
Adjusted net operating income used in computing basic operating EPS $ 131,288 $ 144,794 $ 153,154 $ 149,713 $ 136,436 3.9 % $ 131,288 $ 136,436 3.9 %
Basic adjusted operating income per share $ 3.58 $ 4.00 $ 4.28 $ 4.26 $ 3.91 9.2 % $ 3.58 $ 3.91 9.2 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 36,709,525 36,215,232 35,760,090 35,148,919 34,882,824 ) -5.0 % 36,709,525 34,882,824 ) -5.0 %
Dilutive impact of contingently issuable shares 94,123 74,712 62,182 59,473 53,938 ) -42.7 % 94,123 53,938 ) -42.7 %
Shares used to calculate diluted EPS 36,803,648 36,289,944 35,822,272 35,208,392 34,936,762 ) -5.1 % 36,803,648 34,936,762 ) -5.1 %
Net income $ 128,099 $ 144,504 $ 152,063 $ 151,935 $ 137,904 7.7 % $ 128,099 $ 137,904 7.7 %
Less income attributable to unvested participating securities (577 ) (608 ) (642 ) (647 ) (572 ) 1.0 % (577 ) (572 ) 1.0 %
Net income used in computing diluted EPS $ 127,521 $ 143,897 $ 151,421 $ 151,288 $ 137,332 7.7 % $ 127,521 $ 137,332 7.7 %
Diluted earnings per share $ 3.46 $ 3.97 $ 4.23 $ 4.30 $ 3.93 13.6 % $ 3.46 $ 3.93 13.6 %
Adjusted net operating income $ 131,883 $ 145,407 $ 153,804 $ 150,354 $ 137,005 3.9 % $ 131,883 $ 137,005 3.9 %
Less operating income attributable to unvested participating securities (595 ) (611 ) (649 ) (641 ) (568 ) 4.5 % (595 ) (568 ) 4.5 %
Adjusted net operating income used in computing diluted operating EPS $ 131,289 $ 144,795 $ 153,155 $ 149,714 $ 136,437 3.9 % $ 131,289 $ 136,437 3.9 %
Diluted adjusted operating income per share $ 3.57 $ 3.99 $ 4.28 $ 4.25 $ 3.91 9.5 % $ 3.57 $ 3.91 9.5 %
Annualized Return on Equity
Average stockholders' equity $ 1,988,832 $ 1,980,938 $ 2,163,980 $ 2,189,231 $ 2,125,938 6.9 % $ 1,988,832 $ 2,125,938 6.9 %
Average adjusted stockholders' equity $ 2,154,120 $ 2,176,431 $ 2,195,395 $ 2,239,762 $ 2,274,827 5.6 % $ 2,154,120 $ 2,274,827 5.6 %
Net income return on stockholders' equity 25.8 % 29.2 % 28.1 % 27.8 % 25.9 % % nm 25.8 % 25.9 % % nm
Net income return on adjusted stockholders' equity 23.8 % 26.6 % 27.7 % 27.1 % 24.2 % % nm 23.8 % 24.2 % % nm
Adjusted net operating income return on adjusted stockholders' equity 24.5 % 26.7 % 28.0 % 26.9 % 24.1 % % nm 24.5 % 24.1 % % nm
Capital Structure
Debt-to-capital (1) 23.4 % 22.7 % 20.4 % 22.3 % 21.4 % % nm 23.4 % 21.4 % % nm
Debt-to-capital, excluding AOCI (1) 21.4 % 21.3 % 21.1 % 20.7 % 20.6 % % nm 21.4 % 20.6 % % nm
Cash and invested assets to stockholders' equity 2.4 x 2.3 x 2.0 x 2.3 x 2.2 x x) nm 2.4 x 2.2 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.2 x 2.1 x 2.1 x 2.1 x 2.1 x x) nm 2.2 x 2.1 x x) nm
Share count, end of period (2) 36,407,876 35,845,525 35,342,474 34,995,613 34,609,005 ) -4.9 % 36,407,876 34,609,005 ) -4.9 %
Adjusted stockholders' equity per share $ 59.51 $ 60.99 $ 62.37 $ 65.01 $ 65.72 10.4 % $ 59.51 $ 65.72 10.4 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 nm nm nm nm nm nm
S&P AA- AA- AA- AA- AA- nm nm nm nm nm nm
A.M. Best A+ A+ A+ A+ A+ nm nm nm nm nm nm
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 nm nm nm nm nm nm
S&P A- A- A- A- A- nm nm nm nm nm nm
A.M. Best a- a- a- a- a- nm nm nm nm nm nm

All values are in US Dollars.

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

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

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Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Statement of Income
Revenues:
Direct premiums $ 817,872 $ 828,296 $ 831,681 $ 834,275 $ 841,046 2.8 % $ 817,872 $ 841,046 2.8 %
Ceded premiums (405,347 ) (425,266 ) (411,015 ) (410,182 ) (409,764 ) ) -1.1 % (405,347 ) (409,764 ) ) -1.1 %
Net premiums 412,525 403,030 420,666 424,093 431,283 4.5 % 412,525 431,283 4.5 %
Net investment income 31,065 32,398 34,730 37,644 37,806 21.7 % 31,065 37,806 21.7 %
Commissions and fees:
Sales-based (1) 72,388 74,958 72,996 76,274 88,746 22.6 % 72,388 88,746 22.6 %
Asset-based (2) 111,904 113,335 119,413 118,303 128,532 14.9 % 111,904 128,532 14.9 %
Account-based (3) 22,790 23,095 23,344 23,960 23,180 1.7 % 22,790 23,180 1.7 %
Other commissions and fees 24,464 21,742 23,149 28,300 14,563 ) -40.5 % 24,464 14,563 ) -40.5 %
Investment (losses) gains (4,608 ) (328 ) (1,795 ) 835 1,305 128.3 % (4,608 ) 1,305 128.3 %
Other, net 19,508 20,155 18,429 16,929 17,415 ) -10.7 % 19,508 17,415 ) -10.7 %
Total revenues 690,036 688,385 710,932 726,338 742,829 7.7 % 690,036 742,829 7.7 %
Benefits and expenses:
Benefits and claims 163,267 148,911 162,062 168,739 166,321 1.9 % 163,267 166,321 1.9 %
Future policy benefits remeasurement (gain)/loss 559 (1,867 ) 179 746 55 ) -90.2 % 559 55 ) -90.2 %
Amortization of DAC 67,923 68,110 69,405 70,378 72,049 6.1 % 67,923 72,049 6.1 %
Insurance commissions 8,138 9,142 7,911 9,030 9,634 18.4 % 8,138 9,634 18.4 %
Insurance expenses 61,125 59,093 57,821 57,420 63,149 3.3 % 61,125 63,149 3.3 %
Sales commissions:
Sales-based (1) 52,452 53,630 52,343 54,057 62,814 19.8 % 52,452 62,814 19.8 %
Asset-based (2) 54,276 55,085 58,793 58,388 64,208 18.3 % 54,276 64,208 18.3 %
Other sales commissions 4,147 4,907 5,064 4,303 4,117 ) -0.7 % 4,147 4,117 ) -0.7 %
Interest expense 6,690 6,686 6,632 6,586 6,771 1.2 % 6,690 6,771 1.2 %
Contract acquistion costs (4) 14,984 12,602 12,568 15,079 13,533 ) -9.7 % 14,984 13,533 ) -9.7 %
Other operating expenses 89,534 83,189 79,354 84,572 100,943 12.7 % 89,534 100,943 12.7 %
Loss on extinguishment of debt — — — — — #DIV/0! — — #DIV/0!
Total benefits and expenses 523,095 499,489 512,131 529,297 563,594 7.7 % 523,095 563,594 7.7 %
Income before income taxes 166,942 188,896 198,801 197,041 179,236 7.4 % 166,942 179,236 7.4 %
Income taxes 38,843 44,392 46,738 45,106 41,332 6.4 % 38,843 41,332 6.4 %
Net Income $ 128,099 $ 144,504 $ 152,063 $ 151,935 $ 137,904 7.7 % $ 128,099 $ 137,904 7.7 %
Income Before Income Taxes by Segment
Term Life $ 130,540 $ 140,115 $ 141,223 $ 140,285 $ 138,367 6.0 % $ 130,540 $ 138,367 6.0 %
Investment & Savings Products 56,107 59,583 64,374 62,763 65,563 16.9 % 56,107 65,563 16.9 %
Senior Health (3,762 ) (6,033 ) (7,583 ) (2,681 ) (14,153 ) ) nm (3,762 ) (14,153 ) ) nm
Corporate & Other Distributed Products (15,944 ) (4,769 ) 787 (3,327 ) (10,542 ) 33.9 % (15,944 ) (10,542 ) 33.9 %
Income before income taxes $ 166,942 $ 188,896 $ 198,801 $ 197,041 $ 179,236 7.4 % $ 166,942 $ 179,236 7.4 %

All values are in US Dollars.

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

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

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

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

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Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 2.9 % $ 812,880 $ 836,321 2.9 %
Less: Premiums ceded to IPO Coinsurers 220,240 216,740 212,951 210,310 206,502 ) -6.2 % 220,240 206,502 ) -6.2 %
Term Life adjusted direct premiums $ 592,640 $ 606,557 $ 613,714 $ 619,608 $ 629,819 6.3 % $ 592,640 $ 629,819 6.3 %
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums $ (404,044 ) $ (423,704 ) $ (409,801 ) $ (410,456 ) $ (408,558 ) ) -1.1 % $ (404,044 ) $ (408,558 ) ) -1.1 %
Less: Premiums ceded to IPO Coinsurers (220,240 ) (216,740 ) (212,951 ) (210,310 ) (206,502 ) 6.2 % (220,240 ) (206,502 ) 6.2 %
Term Life other ceded premiums $ (183,804 ) $ (206,964 ) $ (196,849 ) $ (200,146 ) $ (202,056 ) ) -9.9 % $ (183,804 ) $ (202,056 ) ) -9.9 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 31,065 $ 32,398 $ 34,730 $ 37,644 $ 37,806 21.7 % $ 31,065 $ 37,806 21.7 %
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) nm nm (327 ) (137 ) nm nm
Adjusted net investment income $ 31,392 $ 33,250 $ 35,212 $ 36,429 $ 37,943 20.9 % $ 31,392 $ 37,943 20.9 %
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (15,944 ) $ (4,769 ) $ 787 $ (3,327 ) $ (10,542 ) 33.9 % $ (15,944 ) $ (10,542 ) 33.9 %
Less: Investment gains/(losses) (4,608 ) (328 ) (1,795 ) 835 1,305 nm nm (4,608 ) 1,305 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) nm nm (327 ) (137 ) nm nm
Adjusted operating income before income taxes $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) $ (11,710 ) ) -6.4 % $ (11,008 ) $ (11,710 ) ) -6.4 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 690,036 $ 688,385 $ 710,932 $ 726,338 $ 742,829 7.7 % $ 690,036 $ 742,829 7.7 %
Less: Investment gains/(losses) (4,608 ) (328 ) (1,795 ) 835 1,305 nm nm (4,608 ) 1,305 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) nm nm (327 ) (137 ) nm nm
Adjusted operating revenues $ 694,972 $ 689,565 $ 713,208 $ 724,288 $ 741,661 6.7 % $ 694,972 $ 741,661 6.7 %
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes $ 166,942 $ 188,896 $ 198,801 $ 197,041 $ 179,236 7.4 % $ 166,942 $ 179,236 7.4 %
Less: Investment gains/(losses) (4,608 ) (328 ) (1,795 ) 835 1,305 nm nm (4,608 ) 1,305 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) nm nm (327 ) (137 ) nm nm
Adjusted operating income before income taxes $ 171,877 $ 190,076 $ 201,077 $ 194,991 $ 178,067 3.6 % $ 171,877 $ 178,067 3.6 %
Reconciliation from Net Income to Adjusted Net Operating Income
Net income $ 128,099 $ 144,504 $ 152,063 $ 151,935 $ 137,904 7.7 % $ 128,099 $ 137,904 7.7 %
Less: Investment gains/(losses) (4,608 ) (328 ) (1,795 ) 835 1,305 nm nm (4,608 ) 1,305 nm nm
Less: MTM investment adjustments (327 ) (852 ) (481 ) 1,215 (137 ) nm nm (327 ) (137 ) nm nm
Less: Tax impact of reconciling items 1,151 277 535 (469 ) (269 ) nm nm 1,151 (269 ) nm nm
Adjusted net operating income $ 131,883 $ 145,407 $ 153,804 $ 150,354 $ 137,005 3.9 % $ 131,883 $ 137,005 3.9 %

All values are in US Dollars.

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Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 2.9 % $ 812,880 $ 836,321 2.9 %
Premiums ceded to IPO coinsurers (1) (220,240 ) (216,740 ) (212,951 ) (210,310 ) (206,502 ) 6.2 % (220,240 ) (206,502 ) 6.2 %
Adjusted direct premiums (2) 592,640 606,557 613,714 619,608 629,819 6.3 % 592,640 629,819 6.3 %
Other ceded premiums (3) (183,804 ) (206,964 ) (196,849 ) (200,146 ) (202,056 ) ) -9.9 % (183,804 ) (202,056 ) ) -9.9 %
Net premiums 408,836 399,594 416,864 419,462 427,762 4.6 % 408,836 427,762 4.6 %
Other, net 12,233 12,280 11,909 11,865 12,649 3.4 % 12,233 12,649 3.4 %
Revenues 421,069 411,873 428,773 431,327 440,412 4.6 % 421,069 440,412 4.6 %
Benefits and expenses:
Benefits and claims 158,940 143,855 158,508 160,782 163,847 3.1 % 158,940 163,847 3.1 %
Future policy benefits remeasurement (gain)/loss 1,035 (1,312 ) 251 (187 ) (319 ) ) -130.8 % 1,035 (319 ) ) -130.8 %
Amortization of DAC 66,068 66,004 67,720 69,012 70,491 6.7 % 66,068 70,491 6.7 %
Insurance commissions 4,590 5,496 4,373 5,356 6,047 31.7 % 4,590 6,047 31.7 %
Insurance expenses 59,896 57,717 56,698 56,080 61,979 3.5 % 59,896 61,979 3.5 %
Benefits and expenses 290,529 271,759 287,549 291,042 302,044 4.0 % 290,529 302,044 4.0 %
Income before income taxes $ 130,540 $ 140,115 $ 141,224 $ 140,285 $ 138,367 6.0 % $ 130,540 $ 138,367 6.0 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 477,227 $ 489,826 $ 495,769 $ 499,965 $ 508,687 6.6 % $ 477,227 $ 508,687 6.6 %
Pre-IPO direct premiums (5) 335,652 333,471 330,896 329,953 327,634 ) -2.4 % 335,652 327,634 ) -2.4 %
Total direct premiums $ 812,880 $ 823,297 $ 826,665 $ 829,918 $ 836,321 2.9 % $ 812,880 $ 836,321 2.9 %
Premiums ceded to IPO coinsurers $ 220,240 $ 216,740 $ 212,951 $ 210,310 $ 206,502 ) -6.2 % $ 220,240 $ 206,502 ) -6.2 %
% of Pre-IPO direct premiums 65.6 % 65.0 % 64.4 % 63.7 % 63.0 % nm nm 65.6 % 63.0 % nm nm
Benefits and claims, net (6) $ 343,779 $ 349,506 $ 355,608 $ 360,741 $ 365,584 6.3 % $ 343,779 $ 365,584 6.3 %
% of adjusted direct premiums 58.0 % 57.6 % 57.9 % 58.2 % 58.0 % nm nm 58.0 % 58.0 % nm nm
DAC amortization & insurance commissions $ 70,657 $ 71,500 $ 72,093 $ 74,367 $ 76,538 8.3 % $ 70,657 $ 76,538 8.3 %
% of adjusted direct premiums 11.9 % 11.8 % 11.7 % 12.0 % 12.2 % nm nm 11.9 % 12.2 % nm nm
Insurance expenses, net (7) $ 47,663 $ 45,437 $ 44,789 $ 44,215 $ 49,329 3.5 % $ 47,663 $ 49,329 3.5 %
% of adjusted direct premiums 8.0 % 7.5 % 7.3 % 7.1 % 7.8 % nm nm 8.0 % 7.8 % nm nm
Total Term Life income before income taxes $ 130,540 $ 140,115 $ 141,224 $ 140,285 $ 138,367 6.0 % $ 130,540 $ 138,367 6.0 %
Term Life operating margin (8) 22.0 % 23.1 % 23.0 % 22.6 % 22.0 % nm nm 22.0 % 22.0 % nm nm

All values are in US Dollars.

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

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

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

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

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

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

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

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

8 of 17

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 135,208 136,430 137,806 139,053 141,572 4.7 % 135,208 141,572 4.7 %
11,118 12,638 12,311 13,029 12,949 16.5 % 11,118 12,949 16.5 %
(9,896 ) (11,262 ) (11,064 ) (10,510 ) (11,666 ) ) -17.9 % (9,896 ) (11,666 ) ) -17.9 %
Life-insurance licensed sales force, end of period 136,430 137,806 139,053 141,572 142,855 4.7 % 136,430 142,855 4.7 %
Estimated annualized issued term life premium (mills) (1):
$ 70.7 $ 82.0 $ 74.0 $ 75.6 $ 73.1 3.3 % $ 70.7 $ 73.1 3.3 %
18.2 19.7 18.7 17.7 18.1 ) -0.5 % 18.2 18.1 ) -0.5 %
Total estimated annualized issued term life premium $ 88.9 $ 101.7 $ 92.7 $ 93.3 $ 91.2 2.5 % $ 88.9 $ 91.2 2.5 %
Issued term life policies 84,561 96,953 88,589 88,757 86,587 2.4 % 84,561 86,587 2.4 %
Estimated average annualized issued term life premium per policy (1)(2) $ 836 $ 846 $ 836 $ 852 $ 844 0.9 % $ 836 $ 844 0.9 %
Term life face amount in-force, beginning of period (mills) $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609 3.0 % $ 916,808 $ 944,609 3.0 %
28,124 32,203 29,452 29,322 28,725 2.1 % 28,124 28,725 2.1 %
(22,210 ) (22,583 ) (24,143 ) (25,293 ) (23,323 ) ) -5.0 % (22,210 ) (23,323 ) ) -5.0 %
124 2,401 (2,320 ) 2,724 (2,911 ) ) nm 124 (2,911 ) ) nm
Term life face amount in-force, end of period $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101 2.6 % $ 922,845 $ 947,101 2.6 %

All values are in US Dollars.

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

(2) In whole dollars.

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

9 of 17

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 72,388 $ 74,958 $ 72,996 $ 76,274 $ 88,746 22.6 % $ 72,388 $ 88,746 22.6 %
Asset-based 111,904 113,335 119,413 118,303 128,532 14.9 % 111,904 128,532 14.9 %
Account-based 22,790 23,095 23,344 23,960 23,180 1.7 % 22,790 23,180 1.7 %
Other, net 3,120 3,121 3,145 3,119 3,258 4.4 % 3,120 3,258 4.4 %
Revenues 210,202 214,509 218,898 221,656 243,716 15.9 % 210,202 243,716 15.9 %
Benefits and expenses:
Amortization of DAC 1,493 1,409 1,311 1,267 1,201 ) -19.5 % 1,493 1,201 ) -19.5 %
Insurance commissions 3,308 3,273 3,321 3,246 3,400 2.8 % 3,308 3,400 2.8 %
Sales commissions:
Sales-based 52,452 53,630 52,343 54,057 62,814 19.8 % 52,452 62,814 19.8 %
Asset-based 54,276 55,085 58,793 58,388 64,208 18.3 % 54,276 64,208 18.3 %
Other operating expenses 42,567 41,529 38,757 41,935 46,531 9.3 % 42,567 46,531 9.3 %
Benefits and expenses 154,095 154,926 154,524 158,893 178,153 15.6 % 154,095 178,153 15.6 %
Income before income taxes $ 56,107 $ 59,583 $ 64,374 $ 62,763 $ 65,563 16.9 % $ 56,107 $ 65,563 16.9 %
Financial Analysis
Fees paid based on client asset values (1) $ 8,034 $ 8,142 $ 8,608 $ 8,102 $ 9,342 16.3 % $ 8,034 $ 9,342 16.3 %
Fees paid based on fee-generating positions (2) 11,528 10,216 9,469 10,270 11,426 ) -0.9 % 11,528 11,426 ) -0.9 %
Other operating expenses 23,005 23,171 20,680 23,563 25,763 12.0 % 23,005 25,763 12.0 %
Total other operating expenses $ 42,567 $ 41,529 $ 38,757 $ 41,935 $ 46,531 9.3 % $ 42,567 $ 46,531 9.3 %
Sales-based net revenue as % of revenue-generating sales (3)
U.S. 1.21 % 1.21 % 1.22 % 1.27 % 1.25 % nm nm 1.21 % 1.25 % nm nm
Canada 0.33 % 0.37 % 0.41 % 0.45 % 0.48 % nm nm 0.33 % 0.48 % nm nm
Total 1.13 % 1.16 % 1.17 % 1.22 % 1.19 % nm nm 1.13 % 1.19 % nm nm
Asset-based net revenue as % of average asset values (4)
U.S. 0.042 % 0.041 % 0.042 % 0.042 % 0.041 % nm nm 0.042 % 0.041 % nm nm
Canada 0.102 % 0.104 % 0.105 % 0.105 % 0.104 % nm nm 0.102 % 0.104 % nm nm
Total 0.052 % 0.051 % 0.052 % 0.052 % 0.051 % nm nm 0.052 % 0.051 % nm nm
Account-based net revenue per average fee generating position (5)(6) $ 3.58 $ 4.07 $ 4.36 $ 4.29 $ 3.67 nm nm $ 3.58 $ 3.67 nm nm

All values are in US Dollars.

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

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

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

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

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

(6) In whole dollars.

10 of 17

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Key Statistics
Product sales (mills)
$ 971.7 $ 998.5 $ 956.9 $ 970.9 $ 1,162.2 19.6 % $ 971.7 $ 1,162.2 19.6 %
149.8 106.2 110.1 112.0 179.6 19.9 % 149.8 179.6 19.9 %
80.7 89.3 72.7 68.9 81.0 0.4 % 80.7 81.0 0.4 %
556.4 649.1 628.8 671.9 756.0 35.9 % 556.4 756.0 35.9 %
Total sales-based revenue generating product sales 1,758.6 1,843.1 1,768.5 1,823.7 2,178.8 23.9 % 1,758.6 2,178.8 23.9 %
306.1 317.0 236.0 353.2 370.9 21.1 % 306.1 370.9 21.1 %
183.4 193.6 152.4 161.8 197.7 7.8 % 183.4 197.7 7.8 %
51.9 27.9 17.4 17.2 23.0 ) -55.7 % 51.9 23.0 ) -55.7 %
Total product sales $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4 20.5 % $ 2,300.0 $ 2,770.4 20.5 %
$ 333.2 $ 299.8 $ 262.5 $ 273.8 $ 377.4 13.3 % $ 333.2 $ 377.4 13.3 %
51.9 27.9 17.4 17.2 23.0 ) -55.7 % 51.9 23.0 ) -55.7 %
Total Canada product sales 385.0 327.7 279.8 291.0 400.4 4.0 % 385.0 400.4 4.0 %
Total U.S. product sales 1,914.9 2,053.9 1,894.4 2,065.0 2,370.0 23.8 % 1,914.9 2,370.0 23.8 %
Total product sales $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4 20.5 % $ 2,300.0 $ 2,770.4 20.5 %
Client asset values, beginning of period (mills) $ 83,949 $ 87,621 $ 91,646 $ 88,441 $ 96,735 15.2 % $ 83,949 $ 96,735 15.2 %
2,300 2,382 2,174 2,356 2,770 20.5 % 2,300 2,770 20.5 %
(1,658 ) (1,839 ) (1,982 ) (2,184 ) (2,497 ) ) -50.6 % (1,658 ) (2,497 ) ) -50.6 %
Net flows 642 542 192 172 274 ) -57.4 % 642 274 ) -57.4 %
16 315 (303 ) 344 (392 ) ) nm 16 (392 ) ) nm
3,014 3,168 (3,094 ) 7,777 6,724 123.1 % 3,014 6,724 123.1 %
Client asset values, end of period $ 87,621 $ 91,646 $ 88,441 $ 96,735 $ 103,340 17.9 % $ 87,621 $ 103,340 17.9 %
3.1 % 2.5 % 0.8 % 0.8 % 1.1 % % nm 3.1 % 1.1 % % nm
Average client asset values (mills)
$ 42,096 $ 43,225 $ 44,748 $ 44,622 $ 49,013 16.4 % $ 42,096 $ 49,013 16.4 %
11,345 11,567 11,817 11,722 12,850 13.3 % 11,345 12,850 13.3 %
7,338 7,613 7,850 7,851 8,806 20.0 % 7,338 8,806 20.0 %
2,729 2,760 2,793 2,807 2,824 3.5 % 2,729 2,824 3.5 %
20,744 21,323 21,999 21,762 23,665 14.1 % 20,744 23,665 14.1 %
2,329 2,324 2,298 2,232 2,344 0.6 % 2,329 2,344 0.6 %
Total $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502 14.9 % $ 86,581 $ 99,502 14.9 %
$ 11,345 $ 11,567 $ 11,817 $ 11,722 $ 12,850 13.3 % $ 11,345 $ 12,850 13.3 %
2,329 2,324 2,298 2,232 2,344 0.6 % 2,329 2,344 0.6 %
Total Canada average client assets 13,674 13,891 14,115 13,954 15,194 11.1 % 13,674 15,194 11.1 %
Total U.S. average client assets 72,907 74,922 77,391 77,042 84,308 15.6 % 72,907 84,308 15.6 %
Total average client assets $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502 14.9 % $ 86,581 $ 99,502 14.9 %
Average number of fee-generating positions (thous) (3)
2,316 2,331 2,342 2,351 2,359 1.9 % 2,316 2,359 1.9 %
829 834 839 842 847 2.2 % 829 847 2.2 %
Total 3,145 3,165 3,181 3,193 3,206 1.9 % 3,145 3,206 1.9 %

All values are in US Dollars.

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

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

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

11 of 17

Senior Health - Financial Results, Financial Analysis Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Senior Health Income Before Income Taxes
Revenues:
Commissions and fees (1) $ 15,755 $ 11,371 $ 11,388 $ 19,049 $ 6,077 ) -61.4 % $ 15,755 $ 6,077 ) -61.4 %
Other, net (2) 2,955 3,519 2,048 1,099 803 ) -72.8 % 2,955 803 ) -72.8 %
Revenues 18,710 14,889 13,436 20,148 6,880 ) -63.2 % 18,710 6,880 ) -63.2 %
Benefits and expenses:
Contract acquisition costs (3) 14,984 12,602 12,568 15,079 13,533 ) -9.7 % 14,984 13,533 ) -9.7 %
Other operating expenses 7,488 8,320 8,451 7,750 7,500 0.2 % 7,488 7,500 0.2 %
Operating benefits and expenses 22,471 20,922 21,019 22,829 21,033 ) -6.4 % 22,471 21,033 ) -6.4 %
Operating income before income taxes $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) $ (14,153 ) ) nm $ (3,762 ) $ (14,153 ) ) nm
Senior Health EBITDA
Operating income before income taxes $ (3,762 ) $ (6,033 ) $ (7,583 ) $ (2,681 ) $ (14,153 ) ) nm $ (3,762 ) $ (14,153 ) ) nm
Less: Amortization of intangibles (2,800 ) (2,800 ) (2,800 ) (2,800 ) (2,800 ) nm (2,800 ) (2,800 ) nm
Less: Depreciation (200 ) (160 ) (166 ) (173 ) (144 ) 28.0 % (200 ) (144 ) 28.0 %
EBITDA (4) $ (762 ) $ (3,073 ) $ (4,617 ) $ 292 $ (11,209 ) ) nm $ (762 ) $ (11,209 ) ) nm
Financial Analysis and Key Statistics
Senior Health submitted policies (5) 19,826 13,885 10,718 18,663 16,068 ) -19.0 % 19,826 16,068 ) -19.0 %
Senior Health approved policies (6) 18,413 12,915 9,948 17,181 15,023 ) -18.4 % 18,413 15,023 ) -18.4 %
Primerica representatives Senior Health certified (7) 94,623 94,335 93,217 89,082 81,348 ) -14.0 % 94,623 81,348 ) -14.0 %
Senior Health submitted policies sourced by Primerica representatives 2,073 1,707 1,549 5,111 2,051 ) -1.1 % 2,073 2,051 ) -1.1 %
LTV per approved policy (8) $ 856 $ 880 $ 911 $ 1,109 $ 926 8.3 % $ 856 $ 926 8.3 %
CAC per approved policy (8) $ 814 $ 976 $ 1,263 $ 878 $ 901 10.7 % $ 814 $ 901 10.7 %
LTV / CAC multiple 1.1 x 0.9 x 0.7 x 1.3 x 1.0 x x nm 1.1 x 1.0 x x nm

All values are in US Dollars.

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

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

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

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

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

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

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

(8) In whole dollars.

12 of 17

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change YTD 2023 YTD 2024 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,993 $ 4,999 $ 5,016 $ 4,358 $ 4,725 ) -5.4 % $ 4,993 $ 4,725 ) -5.4 %
Ceded premiums (1,304 ) (1,562 ) (1,215 ) 273 (1,205 ) 7.5 % (1,304 ) (1,205 ) 7.5 %
Net premiums 3,689 3,436 3,801 4,631 3,520 ) -4.6 % 3,689 3,520 ) -4.6 %
Adjusted net investment income 31,392 33,250 35,213 36,429 37,943 20.9 % 31,392 37,943 20.9 %
Commissions and fees:
Prepaid Legal Services 3,991 4,421 5,311 3,806 3,591 ) -10.0 % 3,991 3,591 ) -10.0 %
Auto and Homeowners Insurance 1,831 2,349 2,951 2,133 1,777 ) -2.9 % 1,831 1,777 ) -2.9 %
Mortgage loans 1,211 1,775 1,733 1,530 1,499 23.8 % 1,211 1,499 23.8 %
Other sales commissions 1,676 1,826 1,765 1,781 1,618 ) -3.5 % 1,676 1,618 ) -3.5 %
Other, net 1,200 1,236 1,327 846 704 ) -41.4 % 1,200 704 ) -41.4 %
Adjusted operating revenues 44,990 48,293 52,102 51,157 50,653 12.6 % 44,990 50,653 12.6 %
Benefits and expenses:
Benefits and claims 4,327 5,057 3,554 7,957 2,475 ) -42.8 % 4,327 2,475 ) -42.8 %
Future policy benefits remeasurement (gain)/loss (477 ) (554 ) (72 ) 933 374 nm (477 ) 374 nm
Amortization of DAC 362 697 375 99 357 ) -1.5 % 362 357 ) -1.5 %
Insurance commissions 241 373 217 429 187 ) -22.3 % 241 187 ) -22.3 %
Insurance expenses 1,229 1,377 1,123 1,341 1,171 ) -4.8 % 1,229 1,171 ) -4.8 %
Sales commissions 4,147 4,907 5,064 4,303 4,117 ) -0.7 % 4,147 4,117 ) -0.7 %
Interest expense 6,690 6,686 6,632 6,586 6,771 1.2 % 6,690 6,771 1.2 %
Other operating expenses 39,480 33,340 32,146 34,886 46,913 18.8 % 39,480 46,913 18.8 %
Benefits and expenses 55,999 51,882 49,039 56,533 62,363 11.4 % 55,999 62,363 11.4 %
Adjusted operating income before income taxes $ (11,008 ) $ (3,589 ) $ 3,063 $ (5,377 ) $ (11,710 ) ) -6.4 % $ (11,008 ) $ (11,710 ) ) -6.4 %

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 March 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% 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 $ 593,670 $ 593,670 $ - 17.4 % 16.3 %
Fixed Income:
Treasury 20,447 21,072 (625 ) 0.6 % 0.6 % 2.83 % AAA
Government 245,278 266,550 (21,272 ) 7.2 % 7.3 % 3.22 % AA-
Tax-Exempt Municipal 33,194 35,970 (2,776 ) 1.0 % 1.0 % 2.69 % AA
Corporate 1,377,674 1,474,579 (96,905 ) 40.5 % 40.6 % 3.98 % BBB+
Mortgage Backed 458,639 525,933 (67,294 ) 13.5 % 14.5 % 3.40 % AAA
Asset Backed 254,131 263,971 (9,840 ) 7.5 % 7.3 % 4.79 % AA-
Cmbs 111,104 123,895 (12,791 ) 3.3 % 3.4 % 3.66 % AA-
Private 280,980 299,770 (18,790 ) 8.3 % 8.2 % 4.79 % BBB+
Redeemable Preferred 3,946 4,248 (302 ) 0.1 % 0.1 % 5.37 % BBB-
Total Fixed Income 2,785,392 3,015,988 (230,596 ) 81.8 % 82.9 % 3.93 % A
Equities and Other:
Perpetual Preferred 4,492 4,492 - 0.1 % 0.1 %
Common Stock 18,708 18,708 (0 ) 0.5 % 0.5 %
Mutual Fund 3,447 3,447 (0 ) 0.1 % 0.1 %
Total Equities 26,647 26,647 (0 ) 0.8 % 0.7 %
Total Invested Assets $ 3,405,709 $ 3,636,305 $ (230,596 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 184,135 $ 198,930 $ (14,795 ) 13.4 % 13.5 %
Energy 167,863 176,615 (8,751 ) 12.2 % 12.0 %
Consumer Non Cyclical 130,763 143,551 (12,789 ) 9.5 % 9.7 %
Reits 124,964 137,975 (13,011 ) 9.1 % 9.4 %
Consumer Cyclical 113,472 121,879 (8,407 ) 8.2 % 8.3 %
Technology 104,102 109,350 (5,248 ) 7.6 % 7.4 %
Banking 92,124 94,055 (1,930 ) 6.7 % 6.4 %
Electric 78,754 82,797 (4,043 ) 5.7 % 5.6 %
Capital Goods 78,423 83,082 (4,659 ) 5.7 % 5.6 %
Basic Industry 65,221 71,227 (6,006 ) 4.7 % 4.8 %
Finance Companies 59,151 63,139 (3,988 ) 4.3 % 4.3 %
Transportation 54,436 57,980 (3,544 ) 4.0 % 3.9 %
Communications 51,429 54,391 (2,961 ) 3.7 % 3.7 %
Brokerage 42,837 46,883 (4,046 ) 3.1 % 3.2 %
Natural Gas 11,085 11,391 (306 ) 0.8 % 0.8 %
Financial Other 6,447 6,855 (408 ) 0.5 % 0.5 %
Industrial Other 5,876 6,762 (886 ) 0.4 % 0.5 %
Utility Other 4,643 5,390 (746 ) 0.3 % 0.4 %
Owned No Guarantee 1,944 2,325 (381 ) 0.1 % 0.2 %
Total Corporate portfolio $ 1,377,674 $ 1,474,579 $ (96,905 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 315,290 $ 317,962 $ (2,671 ) 11.3 % 10.5 % 4.05 %
1-2 Yrs. 276,779 285,411 (8,632 ) 9.9 % 9.5 % 4.13 %
2-5 Yrs. 767,236 805,689 (38,452 ) 27.5 % 26.7 % 4.09 %
5-10 Yrs. 1,082,638 1,224,115 (141,477 ) 38.9 % 40.6 % 3.52 %
> 10 Yrs. 343,448 382,812 (39,364 ) 12.3 % 12.7 % 4.63 %
Total Fixed Income $ 2,785,392 $ 3,015,988 $ (230,596 ) 100.0 % 100.0 % 3.93 %
Duration
Fixed Income portfolio duration 4.7 years

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

14 of 17

Investment Portfolio - Quality Ratings As of March 31, 2024 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 570,438 18.9 %
AA 447,746 14.8 %
A 727,678 24.1 %
BBB 1,220,606 40.5 %
Below Investment Grade 49,157 1.6 %
NA 363 0.0 %
Total Fixed Income $ 3,015,988 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 7,952 0.5 % AAA $ - —
AA 61,696 4.2 % AA 9,024 3.0 %
A 374,334 25.4 % A 78,854 26.3 %
BBB 985,555 66.8 % BBB 210,546 70.2 %
Below Investment Grade 44,866 3.0 % Below Investment Grade 1,346 0.4 %
NA 176 0.0 % NA - —
Total Corporate $ 1,474,579 100.0 % Total Private $ 299,770 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 53,465 43.2 % AAA $ 384,264 73.1 %
AA 10,587 8.5 % AA 141,479 26.9 %
A 59,843 48.3 % A 107 0.0 %
BBB - — BBB - —
Below Investment Grade - — Below Investment Grade 62 0.0 %
NA - — NA 22 0.0 %
Total CMBS $ 123,895 100.0 % Total Mortgage-Backed $ 525,933 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 87,572 33.2 % AAA $ 36,502 12.7 %
AA 33,817 12.8 % AA 163,804 57.0 %
A 134,875 51.1 % A 72,750 25.3 %
BBB 5,795 2.2 % BBB 13,428 4.7 %
Below Investment Grade 1,746 0.7 % Below Investment Grade 1,138 0.4 %
NA 166 0.1 % NA 0 0.0 %
Total Asset-Backed $ 263,971 100.0 % Total Treasury & Government $ 287,622 100.0 %
NAIC Designations
1 $ 1,456,288 55.4 %
2 1,119,073 42.6 %
3 43,257 1.6 %
4 7,311 0.3 %
5 1,002 0.0 %
6 0 0.0 %
U.S. Insurer Fixed Income (2) 2,626,931 100.0 %
Other (3) 415,703
Cash and cash equivalents 593,670
Total Invested Assets $ 3,636,305

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

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

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

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

15 of 17

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 25,806 $ 26,357 $ 27,380 $ 29,218 $ 29,936 16.0%
Fixed-maturity securities (held-to-maturity) 16,435 16,608 16,306 16,126 15,785 ) -4.0%
Equity Securities 380 380 366 397 390 2.6%
Deposit asset underlying 10% reinsurance treaty 2,377 2,488 2,504 2,415 2,311 ) -2.8%
Deposit asset - Mark to Market (327 ) (852 ) (481 ) 1,215 (137 ) 58.1%
Policy loans and other invested assets (72 ) 352 475 542 461 nm
Cash & cash equivalents 5,128 5,840 6,609 6,024 6,981 36.1%
Total investment income 49,727 51,172 53,159 55,937 55,727 12.1%
Investment expenses 2,227 2,167 2,122 2,167 2,136 ) -4.1%
Interest Expense on Surplus Note 16,435 16,608 16,306 16,126 15,785 ) -4.0%
Net investment income $ 31,065 $ 32,397 $ 34,731 $ 37,644 $ 37,806 21.7%
Fixed income book yield, end of period 3.57 % 3.63 % 3.79 % 3.83 % 3.93 %
New money yield 5.57 % 5.46 % 6.04 % 6.67 % 5.70 %
YOY Q1
Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 20.8 % 20.7 % 19.0 % 18.9 % 18.9 % %
AA 11.3 % 11.4 % 14.3 % 14.9 % 14.8 % %
A 25.0 % 24.8 % 24.8 % 24.9 % 24.1 % %
BBB 40.5 % 40.9 % 39.7 % 39.4 % 40.5 % %
Below Investment Grade 2.2 % 2.0 % 1.9 % 2.0 % 1.6 % %
NA 0.2 % 0.1 % 0.3 % 0.0 % 0.0 % %
100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
A A A A A

All values are in US Dollars.

As of March 31, 2024 As of March 31, 2024 As of March 31, 2024
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Canada $ 19,014 $ 19,935 AAA Canada $ 95,354 $ 102,713 AAA $ 2,077 $ 2,104
2 Province of Ontario Canada 15,555 16,070 A+ United Kingdom 24,614 24,700 AA — —
3 Province of Alberta Canada 14,705 15,803 AA- Australia 15,981 16,959 A 10,676 12,436
4 Province of Quebec Canada 14,653 15,245 AA- Ireland 9,014 8,595 BBB 12,123 12,978
5 ONEOK Inc 14,080 14,378 BBB Mexico 6,637 7,684 Below Investment Grade 666 1,138
6 Realty Income Corp 14,078 15,046 A- Netherlands (The) 5,477 5,486 NA — —
7 Ontario Teachers' Pension Plan 12,904 14,340 AA+ Bermuda 4,980 5,240 Total $ 25,543 $ 28,656
8 Boeing Co 11,753 11,837 BBB- Luxembourg 4,974 4,700
9 Manulife Financial Corp 10,906 11,614 A France 4,664 4,900
10 Berkshire Hathaway Inc 10,658 10,659 AA Japan 4,656 4,700 Non-Government Investments (1)
11 TC Energy Corp 10,060 11,204 BBB+ Israel 3,534 3,562
12 Province of Saskatchewan Canada 9,935 10,277 AA Malta 3,387 3,378 AAA $ 15,300 $ 15,218
13 ConocoPhillips 9,361 10,710 A- Cayman Islands (The) 3,017 3,071 AA 9,218 9,211
14 Morgan Stanley 9,033 9,242 BBB+ Brazil 2,277 2,419 A 47,272 48,832
15 Old Republic International Corp 8,709 8,720 BBB+ Supranational 2,077 2,104 BBB 138,196 145,129
16 Fairfax Financial Holdings Ltd 8,540 9,748 BBB Emerging Markets (2) 11,346 12,860 Below Investment Grade 3,998 3,866
17 Walmart Inc 8,494 8,648 AA All Other 39,121 39,425 NA 1,585 1,585
18 Kemper Corp 8,304 9,091 BBB- Total $ 241,111 $ 252,496 Total $ 215,569 $ 223,841
19 Broadcom Inc 8,296 8,672 BBB
20 Brookfield Corp 8,282 8,475 A-
21 Bank of America Corp 8,154 8,313 A-
22 Deutsche Telekom AG 8,070 7,980 BBB+
23 Province of Newfoundland and Labrador 8,069 8,906 A
24 Enterprise Products Partners LP 7,956 7,563 A
25 Intact Financial Corp 7,954 7,886 A-
Total $ 267,524 $ 280,364
% of total fixed income portfolio 7.9 % 7.7 %

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

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

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

16 of 17

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2019 2020 2021 2022 2023 Q1<br>2023 Q2<br>2023 Q3<br>2023 Q4<br>2023 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 282,207 400,345 349,374 359,735 361,925 93,540 86,124 92,269 89,992 110,710
Life-insurance licensed sales force, beginning of period 130,736 130,522 134,907 129,515 135,208 135,208 136,430 137,806 139,053 141,572
New life-licensed representatives 44,739 48,106 39,622 45,147 49,096 11,118 12,638 12,311 13,029 12,949
Non-renewal and terminated representatives (44,953 ) (43,721 ) (45,014 ) (39,454 ) (42,732 ) (9,896 ) (11,262 ) (11,064 ) (10,510 ) (11,666 )
Life-insurance licensed sales force, end of period 130,522 134,907 129,515 135,208 141,572 136,430 137,806 139,053 141,572 142,855
Issued term life policies 287,809 352,868 323,855 291,918 358,860 84,561 96,953 88,589 88,757 86,587
Issued term life face amount $ 93,994 $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 28,124 $ 32,203 $ 29,452 $ 29,322 $ 28,725
Term life face amount in force, beginning of period $ 781,041 $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 916,808 $ 922,845 $ 934,867 $ 937,856 $ 944,609
Issued term life face amount 93,994 109,436 108,521 103,822 119,102 28,124 32,203 29,452 29,322 28,725
Terminated term life face amount (71,519 ) (60,848 ) (64,798 ) (82,894 ) (94,230 ) (22,210 ) (22,583 ) (24,143 ) (25,293 ) (23,323 )
Foreign currency impact, net 4,746 1,968 862 (7,524 ) 2,929 124 2,401 (2,320 ) 2,724 (2,911 )
Term life face amount in force, end of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 922,845 $ 934,867 $ 937,856 $ 944,609 $ 947,101
Estimated annualized issued term life premium
Premium from new policies $ 244.8 $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 70.7 $ 82.0 $ 74.0 $ 75.6 $ 73.1
Additions and increases in premium 60.2 68.9 77.0 76.7 74.3 18.2 19.7 18.7 17.7 18.1
Total estimated annualized issued term life premium $ 305.0 $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 88.9 $ 101.7 $ 92.7 $ 93.3 $ 91.2
Investment & Savings product sales $ 7,533.2 $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 2,300.0 $ 2,381.6 $ 2,174.2 $ 2,355.9 $ 2,770.4
Investment & Savings average client asset values $ 65,029 $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 86,581 $ 88,813 $ 91,505 $ 90,995 $ 99,502
Closed U.S. Mortgage Volume (brokered) $ 31.1 $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 55.6 $ 82.2 $ 82.7 $ 72.9 $ 71.4

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