EX-99

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2022

Table of Contents

PRIMERICA, INC.
Financial Supplement


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

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2021.

2 of 18

Preface

PRIMERICA, INC.
Financial Supplement

Fourth Quarter 2022

This document is a financial supplement to our fourth quarter 2022 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

•

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

•

Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

•

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.

3 of 18

Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures

PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)				Dec 31, 2020			Mar 31, 2021			Jun 30, 2021			Sep 30, 2021			Dec 31, 2021			Mar 31, 2022			Jun 30, 2022			Sep 30, 2022			Dec 31, 2022
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,096,703		$	3,133,860		$	3,431,825		$	3,056,395		$	3,277,830		$	3,191,154		$	3,048,974		$	2,981,598		$	3,141,919
	Securities held to maturity				1,346,350			1,362,210			1,368,740			1,376,090			1,379,100			1,390,310			1,415,940			1,433,760			1,444,920
			Total investments and cash		4,443,053			4,496,070			4,800,565			4,432,485			4,656,930			4,581,464			4,464,914			4,415,358			4,586,839
	Due from reinsurers				4,273,904			4,345,483			4,239,510			4,278,322			4,268,419			4,240,481			4,069,039			4,033,897			4,015,909
	Deferred policy acquisition costs				2,629,644			2,712,169			2,808,347			2,877,921			2,943,782			2,994,367			3,028,511			3,049,102			3,081,886
	Goodwill				—			—			—			224,180			179,154			179,154			187,707			127,707			127,707
	Other assets				899,165			921,236			925,621			1,330,620			1,274,946			1,242,457			1,219,847			1,209,471			1,230,820
	Separate account assets				2,659,520			2,638,901			2,745,827			2,672,606			2,799,992			2,696,891			2,358,987			2,206,608			2,305,717
			Total assets	$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135		$	16,123,222		$	15,934,813		$	15,329,005		$	15,042,143		$	15,348,877

Liabilities:
	Future policy benefits			$	6,790,557		$	6,885,115		$	6,984,272		$	7,057,599		$	7,138,649		$	7,216,597		$	7,276,278		$	7,314,688		$	7,390,800
	Other policy liabilities				984,612			1,020,349			977,373			1,054,925			1,103,642			1,108,047			999,789			1,005,195			1,037,440
	Income taxes				223,496			235,233			204,197			260,264			241,311			217,326			164,971			129,347			128,333
	Other liabilities				618,874			633,719			641,025			668,643			669,631			683,865			646,660			659,582			626,776
	Debt obligations				374,415			374,511			499,606			514,702			607,102			598,303			592,504			592,705			592,905
	Surplus note				1,345,772			1,361,648			1,368,194			1,375,559			1,378,585			1,389,811			1,415,457			1,433,293			1,444,469
	Payable under securities lending				72,154			87,190			80,613			105,264			94,529			93,171			96,603			80,754			100,938
	Separate account liabilities				2,659,520			2,638,901			2,745,827			2,672,606			2,799,992			2,696,891			2,358,987			2,206,608			2,305,717
			Total liabilities		13,069,401			13,236,666			13,501,107			13,709,563			14,033,442			14,004,011			13,551,249			13,422,171			13,627,379

Redeemable noncontrolling interest				$	—		$	—		$	—		$	7,631		$	7,271		$	4,616		$	2,233		$	—		$	—

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				393			394			394			395			394			388			378			370			368
	Paid-in capital				(0	)		8,138			12,880			17,454			5,224			(0	)		(0	)		(0	)		(0	)
	Retained earnings				1,705,786			1,785,037			1,894,539			1,988,324			2,004,506			1,980,467			1,948,244			1,887,952			1,973,403
	Treasury stock				—			—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			128,128			77,053			96,990			84,701			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)
		Cumulative translation adjustment			1,578			6,570			13,960			8,068			8,611			11,769			2,648			(15,437	)		(11,404	)
			Total stockholders’ equity (2)		1,835,885			1,877,192			2,018,764			2,098,941			2,082,510			1,926,185			1,775,524			1,619,971			1,721,498
			Total liabilities and stockholders' equity	$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135		$	16,123,222		$	15,934,813		$	15,329,005		$	15,042,143		$	15,348,877

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,835,885		$	1,877,192		$	2,018,764		$	2,098,941		$	2,082,510		$	1,926,185		$	1,775,524		$	1,619,971		$	1,721,498
	Less: Net unrealized gains (losses)				128,128			77,053			96,990			84,701			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)
			Adjusted stockholders’ equity	$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270		$	1,872,885		$	1,962,368

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,614,688		$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270		$	1,872,885
	Net Income attributable to Primerica, Inc.				100,084			97,872			128,162			112,456			34,868			81,418			107,947			51,807			131,840
	Shareholder dividends				(15,851	)		(18,620	)		(18,660	)		(18,671	)		(18,686	)		(21,645	)		(21,178	)		(20,571	)		(20,389	)
	Retirement of shares and warrants				(13,426	)		(5,966	)		(521	)		(88	)		(18,829	)		(103,862	)		(127,963	)		(97,515	)		(32,098	)
	Net foreign currency translation adjustment				16,398			4,992			7,390			(5,892	)		543			3,158			(9,121	)		(18,086	)		4,034
	Other, net				5,864			14,105			5,264			4,662			6,597			14,820			8,961			5,979			6,096
Balance, end of period				$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270		$	1,872,885		$	1,962,368

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,532,409		$	2,629,644		$	2,712,169		$	2,808,347		$	2,877,921		$	2,943,782		$	2,994,367		$	3,028,511		$	3,049,102
	General expenses deferred				9,510			10,558			10,055			9,248			9,062			9,519			9,321			9,726			9,283
	Commission costs deferred				128,084			134,188			136,085			129,287			124,515			123,739			119,794			119,734			113,479
	Amortization of deferred policy acquisition costs				(53,342	)		(66,105	)		(54,286	)		(62,214	)		(68,575	)		(86,063	)		(85,379	)		(90,925	)		(93,776	)
	Foreign currency impact and other, net				12,984			3,884			4,324			(6,748	)		858			3,390			(9,593	)		(17,943	)		3,797
Balance, end of period				$	2,629,644		$	2,712,169		$	2,808,347		$	2,877,921		$	2,943,782		$	2,994,367		$	3,028,511		$	3,049,102		$	3,081,886

(1) Outstanding common shares exclude restricted stock units.

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

4 of 18

Financial Results and Other Statistical Data

PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			39,455,948			39,530,691			39,560,786			39,568,470			39,221,003			38,385,520			37,438,254			36,973,967			(2,594,503	)		-6.6	%		39,529,786			37,996,978			(1,532,808	)		-3.9	%

	Net income attributable to Primerica, Inc.		$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	131,840		$	96,972		nm			$	373,357		$	373,012		$	(345	)		-0.1	%
	Less income attributable to unvested participating securities			(417	)		(525	)		(458	)		(141	)		(337	)		(477	)		(244	)		(632	)		(491	)	nm				(1,533	)		(1,684	)		(151	)		-9.8	%
		Net income used in computing basic EPS	$	97,455		$	127,636		$	111,997		$	34,728		$	81,081		$	107,470		$	51,563		$	131,209		$	96,481		nm			$	371,824		$	371,329		$	(495	)		-0.1	%
		Basic earnings per share	$	2.47		$	3.23		$	2.83		$	0.88		$	2.07		$	2.80		$	1.38		$	3.55		$	2.67		nm			$	9.41		$	9.77		$	0.37			3.9	%

	Adjusted net operating income		$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	129,924		$	12,917			11.0	%	$	462,199		$	437,886		$	(24,313	)		-5.3	%
	Less operating income attributable to unvested participating securities			(414	)		(530	)		(484	)		(472	)		(345	)		(490	)		(537	)		(622	)		(150	)		-31.9	%		(1,898	)		(1,977	)		(79	)		-4.1	%
		Adjusted net operating income used in computing basic operating EPS	$	96,715		$	128,825		$	118,224		$	116,535		$	82,988		$	110,212		$	113,391		$	129,302		$	12,767			11.0	%	$	460,301		$	435,909		$	(24,392	)		-5.3	%
		Basic adjusted operating income per share	$	2.45		$	3.26		$	2.99		$	2.95		$	2.12		$	2.87		$	3.03		$	3.50		$	0.55			18.7	%	$	11.64		$	11.47		$	(0.17	)		-1.5	%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			39,455,948			39,530,691			39,560,786			39,568,470			39,221,003			38,385,520			37,438,254			36,973,967			(2,594,503	)		-6.6	%		39,529,786			37,996,978			(1,532,808	)		-3.9	%
	Dilutive impact of contingently issuable shares			124,505			121,595			117,923			122,929			110,941			115,058			102,810			107,245			(15,684	)		-12.8	%		121,738			109,014			(12,724	)		-10.5	%
		Shares used to calculate diluted EPS		39,580,453			39,652,286			39,678,709			39,691,399			39,331,944			38,500,578			37,541,064			37,081,212			(2,610,187	)		-6.6	%		39,651,524			38,105,992			(1,545,532	)		-3.9	%

	Net income attributable to Primerica, Inc.		$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	131,840		$	96,972		nm			$	373,357		$	373,012		$	(345	)		-0.1	%
	Less income attributable to unvested participating securities			(416	)		(524	)		(457	)		(140	)		(337	)		(476	)		(244	)		(630	)		(490	)	nm				(1,529	)		(1,680	)		(151	)		-9.9	%
		Net income used in computing diluted EPS	$	97,456		$	127,638		$	111,998		$	34,728		$	81,081		$	107,471		$	51,563		$	131,210		$	96,482		nm			$	371,828		$	371,332		$	(495	)		-0.1	%
		Diluted earnings per share	$	2.46		$	3.22		$	2.82		$	0.87		$	2.06		$	2.79		$	1.37		$	3.54		$	2.66		nm			$	9.38		$	9.74		$	0.37			3.9	%

	Adjusted net operating income		$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	129,924		$	12,917			11.0	%	$	462,199		$	437,886		$	(24,313	)		-5.3	%
	Less operating income attributable to unvested participating securities			(413	)		(529	)		(483	)		(471	)		(344	)		(488	)		(536	)		(621	)		(150	)		-31.9	%		(1,893	)		(1,972	)		(79	)		-4.2	%
		Adjusted net operating income used in computing diluted operating EPS	$	96,717		$	128,827		$	118,225		$	116,536		$	82,988		$	110,213		$	113,392		$	129,303		$	12,767			11.0	%	$	460,306		$	435,914		$	(24,393	)		-5.3	%
		Diluted adjusted operating income per share	$	2.44		$	3.25		$	2.98		$	2.94		$	2.11		$	2.86		$	3.02		$	3.49		$	0.55			18.8	%	$	11.61		$	11.44		$	(0.17	)		-1.5	%




																											YOY Q4												YOY YTD
			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,856,539		$	1,947,978		$	2,058,852		$	2,090,726		$	2,004,348		$	1,850,855		$	1,697,748		$	1,670,735		$	(419,991	)		-20.1	%	$	1,988,524		$	1,805,921		$	(182,603	)		-9.2	%
	Average adjusted stockholders' equity (1)		$	1,753,948		$	1,860,956		$	1,968,007		$	2,016,488		$	2,005,679		$	1,971,947		$	1,912,077		$	1,917,626		$	(98,862	)		-4.9	%	$	1,899,850		$	1,951,832		$	51,983			2.7	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			21.1	%		26.3	%		21.8	%		6.7	%		16.2	%		23.3	%		12.2	%		31.6	%		24.9	%	nm				18.8	%		20.7	%		1.9	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.3	%		27.5	%		22.9	%		6.9	%		16.2	%		21.9	%		10.8	%		27.5	%		20.6	%	nm				19.7	%		19.1	%		-0.5	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.2	%		27.8	%		24.1	%		23.2	%		16.6	%		22.5	%		23.8	%		27.1	%		3.9	%	nm				24.3	%		22.4	%		-1.9	%	nm

Capital Structure
	Debt-to-capital (2)			16.6	%		19.8	%		19.7	%		22.6	%		23.7	%		25.0	%		26.8	%		25.6	%		3.0	%	nm				22.6	%		25.6	%		3.0	%	nm
	Debt-to-capital, excluding AOCI (2)			17.3	%		20.8	%		20.4	%		23.2	%		23.2	%		23.3	%		23.9	%		23.1	%		-0.1	%	nm				23.2	%		23.1	%		-0.1	%	nm

	Cash and invested assets to stockholders' equity			2.4	x		2.4	x		2.1	x		2.2	x		2.4	x		2.5	x		2.7	x		2.7	x		0.4	x	nm				2.2	x		2.7	x		0.4	x	nm
	Cash and invested assets to adjusted stockholders' equity			2.5	x		2.5	x		2.2	x		2.3	x		2.3	x		2.3	x		2.4	x		2.3	x		0.0	x	nm				2.3	x		2.3	x		0.0	x	nm

	Share count, end of period (3)			39,414,085			39,443,561			39,470,748			39,367,754			38,751,885			37,768,052			37,026,600			36,824,428			(2,543,326	)		-6.5	%		39,367,754			36,824,428			(2,543,326	)		-6.5	%
	Adjusted stockholders' equity per share		$	45.67		$	48.72		$	51.03		$	51.28		$	51.42		$	51.66		$	50.58		$	53.29		$	2.01			3.9	%	$	51.28		$	53.29		$	2.01			3.9	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A1			A1			A1			A1			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P		AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best		A+			A+			A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm

Holding Company Senior Debt Ratings
	Moody's		Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P		A-			A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best		a-			a-			a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

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

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

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

5 of 18

Statements of Income

 
PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands)			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	762,227		$	780,299		$	785,277		$	794,344		$	798,666		$	808,894		$	810,079		$	812,481		$	18,136			2.3	%	$	3,122,148		$	3,230,120		$	107,972			3.5	%
	Ceded premiums			(395,973	)		(413,850	)		(401,295	)		(405,147	)		(399,885	)		(419,048	)		(404,870	)		(406,088	)		(941	)		-0.2	%		(1,616,264	)		(1,629,892	)		(13,627	)		-0.8	%
		Net premiums		366,254			366,450			383,983			389,197			398,781			389,846			405,209			406,393			17,196			4.4	%		1,505,884			1,600,229			94,344			6.3	%
	Net investment income			20,052			20,535			20,000			20,001			18,905			21,284			24,346			28,530			8,530			42.6	%		80,588			93,065			12,477			15.5	%
	Commissions and fees:
		Sales-based (1)		98,112			104,716			95,229			103,451			103,242			88,701			67,962			66,473			(36,978	)		-35.7	%		401,508			326,378			(75,130	)		-18.7	%
		Asset-based (2)		101,241			108,490			113,558			118,015			113,112			108,101			107,483			105,357			(12,657	)		-10.7	%		441,303			434,053			(7,250	)		-1.6	%
		Account-based (3)		21,120			21,848			21,456			22,514			21,541			22,592			22,910			23,348			834			3.7	%		86,939			90,391			3,453			4.0	%
		Other commissions and fees		13,571			15,635			39,553			44,304			13,905			21,294			27,113			31,542			(12,763	)		-28.8	%		113,063			93,854			(19,209	)		-17.0	%
	Investment (losses) gains			1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		2,846			850			42.6	%		5,872			(995	)		(6,867	)		-116.9	%
	Other, net			15,595			16,313			18,051			24,616			20,988			18,755			20,964			22,451			(2,165	)		-8.8	%		74,575			83,159			8,584			11.5	%
	Total revenues			637,711			654,687			693,240			724,094			691,225			668,681			673,288			686,940			(37,154	)		-5.1	%		2,709,732			2,720,134			10,402			0.4	%
Benefits and expenses:
	Benefits and claims			183,789			168,347			183,425			187,192			187,069			153,257			171,293			154,130			(33,062	)		-17.7	%		722,753			665,748			(57,004	)		-7.9	%
	Amortization of DAC			66,105			54,286			62,214			68,575			86,063			85,379			90,925			93,776			25,201			36.7	%		251,179			356,143			104,964			41.8	%
	Insurance commissions			8,740			8,838			8,412			8,542			7,721			7,594			7,666			7,280			(1,262	)		-14.8	%		34,532			30,261			(4,271	)		-12.4	%
	Insurance expenses			48,766			48,579			51,901			53,359			59,509			59,461			57,552			58,883			5,525			10.4	%		202,604			235,405			32,801			16.2	%
	Sales commissions:
		Sales-based (1)		68,594			73,629			67,745			77,390			74,606			63,403			48,775			47,927			(29,463	)		-38.1	%		287,359			234,711			(52,648	)		-18.3	%
		Asset-based (2)		46,866			50,488			53,233			55,614			53,366			50,876			51,549			51,047			(4,567	)		-8.2	%		206,201			206,838			637			0.3	%
		Other sales commissions		6,434			7,185			8,290			6,839			5,952			5,484			5,592			4,187			(2,652	)		-38.8	%		28,748			21,215			(7,533	)		-26.2	%
	Interest expense			7,145			7,141			7,529			8,804			6,853			6,814			6,802			6,768			(2,035	)		-23.1	%		30,618			27,237			(3,381	)		-11.0	%
	Contract acquistion costs (4)			—			—			23,524			29,264			20,649			19,384			13,446			14,952			(14,312	)		-48.9	%		52,788			68,431			15,643			29.6	%
	Other operating expenses			72,964			66,730			79,866			77,292			86,434			79,728			73,790			80,443			3,151			4.1	%		296,851			320,394			23,544			7.9	%
	Goodwill impairment			—			—			—			76,000			—			—			60,000			—			(76,000	)		-100.0	%		76,000			60,000			(16,000	)		-21.1	%
	Loss on extinguishment of debt			—			—			—			8,927			—			—			—			—			(8,927	)		-100.0	%		8,927			—			(8,927	)		-100.0	%
	Total benefits and expenses			509,403			485,222			546,138			657,797			588,222			531,381			587,389			519,393			(138,404	)		-21.0	%		2,198,561			2,226,385			27,824			1.3	%
	Income before income taxes			128,308			169,465			147,102			66,296			103,003			137,300			85,899			167,547			101,250		nm				511,171			493,749			(17,422	)		-3.4	%
		Income taxes		30,437			41,304			35,663			31,788			24,239			31,737			34,092			35,706			3,918			12.3	%		139,191			125,775			(13,417	)		-9.6	%
	Net income			97,872			128,162			111,439			34,508			78,764			105,563			51,807			131,840			97,333		nm				371,980			367,974			(4,006	)		-1.1	%
	Net income attributable to noncontrolling interests			—			—			(1,017	)		(360	)		(2,654	)		(2,384	)		—			—			360			100.0	%		(1,377	)		(5,038	)		(3,661	)	nm
		Net Income attributable to Primerica, Inc.	$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	131,840		$	96,972		nm			$	373,357		$	373,012		$	(345	)		-0.1	%

Income Before Income Taxes by Segment
Term Life			$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	125,321		$	23,302			22.8	%	$	414,621		$	448,540		$	33,918			8.2	%
Investment & Savings Products				63,363			71,154			69,369			70,699			64,560			58,975			58,377			57,417			(13,282	)		-18.8	%		274,585			239,329			(35,255	)		-12.8	%
Senior Health				—			—			(8,489	)		(76,561	)		(23,085	)		(16,150	)		(63,723	)		4,285			80,846			105.6	%		(85,050	)		(98,673	)		(13,624	)		-16.0	%
Corporate & Other Distributed Products				(23,290	)		(18,467	)		(21,367	)		(29,861	)		(30,048	)		(25,403	)		(20,518	)		(19,477	)		10,384			34.8	%		(92,985	)		(95,446	)		(2,461	)		-2.6	%
	Income before income taxes		$	128,308		$	169,465		$	147,102		$	66,296		$	103,003		$	137,300		$	85,899		$	167,547		$	101,250		nm			$	511,171		$	493,749		$	(17,422	)		-3.4	%

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

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

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

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

6 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures

PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	807,796		$	18,471			2.3	%	$	3,099,828		$	3,209,088		$	109,260			3.5	%
	Less: Premiums ceded to IPO Coinsurers		249,944			246,874			241,439			239,828			234,614			231,805			226,869			224,240			(15,589	)		-6.5	%		978,085			917,527			(60,558	)		-6.2	%
	Term Life adjusted direct premiums	$	506,570		$	527,626		$	538,051		$	549,496		$	558,640		$	571,648		$	577,717		$	583,556		$	34,060			6.2	%	$	2,121,743		$	2,291,561		$	169,818			8.0	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(394,550	)	$	(412,028	)	$	(399,835	)	$	(403,184	)	$	(398,446	)	$	(417,406	)	$	(403,416	)	$	(404,174	)	$	(990	)		-0.2	%	$	(1,609,598	)	$	(1,623,442	)	$	(13,845	)		-0.9	%
	Less: Premiums ceded to IPO Coinsurers		(249,944	)		(246,874	)		(241,439	)		(239,828	)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		15,589			6.5	%		(978,085	)		(917,527	)		60,558			6.2	%
	Term Life other ceded premiums	$	(144,606	)	$	(165,154	)	$	(158,397	)	$	(163,356	)	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(179,935	)	$	(16,578	)		-10.1	%	$	(631,513	)	$	(705,915	)	$	(74,403	)		-11.8	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	20,052		$	20,535		$	20,000		$	20,001		$	18,905		$	21,284		$	24,346		$	28,530		$	8,530			42.6	%	$	80,588		$	93,065		$	12,477			15.5	%
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)	nm			nm				(2,502	)		(3,830	)	nm			nm
	Adjusted net investment income	$	20,845		$	20,705		$	20,640		$	20,900		$	21,004		$	22,538		$	24,414		$	28,940		$	8,040			38.5	%	$	83,091		$	96,896		$	13,805			16.6	%


Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	72,964		$	66,730		$	79,866		$	77,292		$	86,434		$	79,728		$	73,790		$	80,443		$	3,151			4.1	%	$	296,851		$	320,394		$	23,544			7.9	%
	Less: eTeleQuote transaction-related costs		—			2,109			10,027			812			900			(2,892	)		—			—		nm			nm				12,948			(1,992	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			(1,004	)		(739	)		256			3,328			—			—		nm			nm				(1,744	)		3,584		nm			nm
	Adjusted other operating expenses	$	72,964		$	64,620		$	70,843		$	77,219		$	85,278		$	79,292		$	73,790		$	80,443		$	3,224			4.2	%	$	285,646		$	318,803		$	33,156			11.6	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	637,711		$	654,687		$	693,240		$	724,094		$	691,225		$	668,681		$	673,288		$	686,940		$	(37,154	)		-5.1	%	$	2,709,732		$	2,720,134		$	10,402			0.4	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		2,846		nm			nm				5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)	nm			nm				(2,502	)		(3,830	)	nm			nm
	Adjusted operating revenues	$	636,738		$	654,156		$	692,470		$	722,998		$	692,573		$	671,827		$	676,056		$	684,503		$	(38,494	)		-5.3	%	$	2,706,363		$	2,724,960		$	18,597			0.7	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	128,308		$	169,465		$	147,102		$	66,296		$	103,003		$	137,300		$	85,899		$	167,547		$	101,250		nm			$	511,171		$	493,749		$	(17,422	)		-3.4	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		2,846		nm			nm				5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)	nm			nm				(2,502	)		(3,830	)	nm			nm
	Less: eTeleQuote transaction-related costs		—			(2,109	)		(10,027	)		(812	)		(900	)		2,892			—			—		nm			nm				(12,948	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			1,004			739			(256	)		(3,328	)		—			—		nm			nm				1,744			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		—			—			(1,465	)		(540	)		(3,668	)		(3,129	)		—			—		nm			nm				(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			—			(76,000	)		—			—			(60,000	)		—		nm			nm				(76,000	)		(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—			—		nm			nm				(8,927	)		—		nm			nm
	Adjusted operating income before income taxes	$	127,335		$	171,044		$	156,819		$	150,740		$	109,175		$	144,011		$	148,667		$	165,110		$	14,370			9.5	%	$	605,938		$	566,963		$	(38,975	)		-6.4	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	97,872		$	128,162		$	111,439		$	34,508		$	78,764		$	105,563		$	51,807		$	131,840		$	97,333		nm			$	371,980		$	367,974		$	(4,006	)		-1.1	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		2,846		nm			nm				5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)	nm			nm				(2,502	)		(3,830	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			(2,109	)		(10,027	)		(812	)		(900	)		2,892			—			—		nm			nm				(12,948	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			1,004			739			(256	)		(3,328	)		—			—		nm			nm				1,744			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		—			—			(1,465	)		(540	)		(3,668	)		(3,129	)		—			—		nm			nm				(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			—			(76,000	)		—			—			(60,000	)		—		nm			nm				(76,000	)		(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—			—		nm			nm				(8,927	)		—		nm			nm
	Less: Tax impact of reconciling items		(231	)		385			2,449			1,945			1,603			1,573			647			(520	)	nm			nm				4,548			3,303		nm			nm
	Adjusted net operating income	$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	129,924		$	12,917			11.0	%	$	462,199		$	437,886		$	(24,313	)		-5.3	%

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures

PRIMERICA, INC.
Financial Supplement


																										YOY Q4											YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$ Change		% Change			YTD 2021			YTD 2022			$ Change			% Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
	Income before income taxes	na			na			$	(8,489	)	$	(76,561	)	$	(23,085	)	$	(16,150	)	$	(63,723	)	$	4,285		$	80,846		105.6	%	$	(85,050	)	$	(98,673	)	$	(13,624	)		-16.0	%
	Less: e-TeleQuote transaction-related costs	na			na				(417	)		(389	)		(399	)		(66	)		—			—		nm		nm				(806	)		(465	)	nm			nm
	Less: Noncontrolling interest	na			na				(1,465	)		(540	)		(3,668	)		(3,129	)		—			—		nm		nm				(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment	na			na				—			(76,000	)		—			—			(60,000	)		—		nm		nm				(76,000	)		(60,000	)	nm			nm
	Adjusted operating income before income taxes	na			na			$	(6,608	)	$	369		$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	3,917	nm			$	(6,239	)	$	(31,411	)	$	(25,172	)	nm


Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(23,290	)	$	(18,467	)	$	(21,367	)	$	(29,861	)	$	(30,048	)	$	(25,403	)	$	(20,518	)	$	(19,477	)	$	10,384		34.8	%	$	(92,985	)	$	(95,446	)	$	(2,461	)		-2.6	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		2,846		nm		nm				5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)	nm		nm				(2,502	)		(3,830	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			(2,109	)		(9,610	)		(423	)		(501	)		2,958			—			—		nm		nm				(12,142	)		2,458		nm			nm
	Less: Equity comp for awards exchanged during acquistion		—			—			1,004			739			(256	)		(3,328	)		—			—		nm		nm				1,744			(3,584	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—			—		nm		nm				(8,927	)		—		nm			nm
	Adjusted operating income before income taxes	$	(24,263	)	$	(16,888	)	$	(13,531	)	$	(22,346	)	$	(27,943	)	$	(21,887	)	$	(17,750	)	$	(21,914	)	$	432		1.9	%	$	(77,029	)	$	(89,495	)	$	(12,466	)		-16.2	%

8 of 18

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	807,796		$	18,471			2.3	%	$	3,099,828		$	3,209,088		$	109,260			3.5	%
	Premiums ceded to IPO coinsurers (1)		(249,944	)		(246,874	)		(241,439	)		(239,828	)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		15,589			6.5	%		(978,085	)		(917,527	)		60,558			6.2	%
	Adjusted direct premiums (2)		506,570			527,626			538,051			549,496			558,640			571,648			577,717			583,556			34,060			6.2	%		2,121,743			2,291,561			169,818			8.0	%
	Other ceded premiums (3)		(144,606	)		(165,154	)		(158,397	)		(163,356	)		(163,832	)		(185,601	)		(176,548	)		(179,935	)		(16,578	)		-10.1	%		(631,513	)		(705,915	)		(74,403	)		-11.8	%
	Net premiums		361,964			362,472			379,654			386,140			394,808			386,047			401,169			403,621			17,481			4.5	%		1,490,231			1,585,646			95,415			6.4	%
	Allocated net investment income		8,253			8,751			9,320			10,162			11,445			12,286			13,241			14,187			4,025			39.6	%		36,486			51,160			14,674			40.2	%
	Other, net		11,810			12,315			12,476			12,369			12,175			12,374			13,419			12,352			(17	)		-0.1	%		48,970			50,320			1,350			2.8	%
	Revenues		382,028			383,537			401,450			408,672			418,428			410,707			427,830			430,161			21,489			5.3	%		1,575,687			1,687,126			111,439			7.1	%

	Benefits and expenses:
	Benefits and claims		178,963			162,488			179,696			182,749			182,903			148,977			167,356			150,294			(32,455	)		-17.8	%		703,897			649,530			(54,366	)		-7.7	%
	Amortization of DAC		62,584			52,235			59,287			67,344			81,883			79,668			88,275			93,099			25,755			38.2	%		241,451			342,925			101,475			42.0	%
	Insurance commissions		4,869			4,785			4,345			4,458			3,793			3,854			3,964			3,724			(734	)		-16.5	%		18,457			15,335			(3,122	)		-16.9	%
	Insurance expenses		47,375			47,252			50,534			52,102			58,272			58,329			56,471			57,723			5,622			10.8	%		197,262			230,796			33,534			17.0	%
	Benefits and expenses		293,792			266,760			293,862			306,652			326,851			290,829			316,066			304,839			(1,813	)		-0.6	%		1,161,066			1,238,587			77,521			6.7	%
	Income before income taxes	$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	125,321		$	23,302			22.8	%	$	414,621		$	448,540		$	33,918			8.2	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	401,106		$	420,865		$	431,022		$	440,490		$	448,657		$	460,061		$	465,354		$	469,565		$	29,075			6.6	%	$	1,693,483		$	1,843,637		$	150,154			8.9	%
	Pre-IPO direct premiums (5)		355,408			353,635			348,468			348,834			344,597			343,392			339,232			338,230			(10,604	)		-3.0	%		1,406,345			1,365,451			(40,894	)		-2.9	%
	Total direct premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	807,796		$	18,471			2.3	%	$	3,099,828		$	3,209,088		$	109,260			3.5	%

	Premiums ceded to IPO coinsurers	$	249,944		$	246,874		$	241,439		$	239,828		$	234,614		$	231,805		$	226,869		$	224,240		$	(15,589	)		-6.5	%	$	978,085		$	917,527		$	(60,558	)		-6.2	%
	% of Pre-IPO direct premiums		70.3	%		69.8	%		69.3	%		68.8	%		68.1	%		67.5	%		66.9	%		66.3	%	nm			nm				69.5	%		67.2	%	nm			nm

	Benefits and claims, net (6)	$	323,569		$	327,642		$	338,093		$	346,105		$	346,735		$	334,578		$	343,904		$	330,228		$	(15,877	)		-4.6	%	$	1,335,409		$	1,355,446		$	20,036			1.5	%
	% of adjusted direct premiums		63.9	%		62.1	%		62.8	%		63.0	%		62.1	%		58.5	%		59.5	%		56.6	%	nm			nm				62.9	%		59.1	%	nm			nm

	DAC amortization & insurance commissions	$	67,454		$	57,020		$	63,632		$	71,802		$	85,676		$	83,523		$	92,239		$	96,823		$	25,020			34.8	%	$	259,908		$	358,261		$	98,353			37.8	%
	% of adjusted direct premiums		13.3	%		10.8	%		11.8	%		13.1	%		15.3	%		14.6	%		16.0	%		16.6	%	nm			nm				12.2	%		15.6	%	nm			nm

	Insurance expenses, net (7)	$	35,565		$	34,937		$	38,057		$	39,732		$	46,097		$	45,955		$	43,052		$	45,371		$	5,639			14.2	%	$	148,291		$	180,476		$	32,184			21.7	%
	% of adjusted direct premiums		7.0	%		6.6	%		7.1	%		7.2	%		8.3	%		8.0	%		7.5	%		7.8	%	nm			nm				7.0	%		7.9	%	nm			nm

	Total Term Life income before income taxes	$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	125,321		$	23,302			22.8	%	$	414,621		$	448,540		$	33,918			8.2	%
	Term Life operating margin (8)		17.4	%		22.1	%		20.0	%		18.6	%		16.4	%		21.0	%		19.3	%		21.5	%	nm			nm				19.5	%		19.6	%	nm			nm

(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 net of other ceded premiums which are largely YRT.

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

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

9 of 18

Term Life Insurance - Key Statistics

PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands, except as noted)			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				134,907			132,030			132,041			130,023			129,515			130,206			132,149			134,313			4,290			3.3	%		134,907			129,515			(5,392	)		-4.0	%
	New life-licensed representatives			10,833			10,112			9,381			9,296			9,983			11,529			12,518			11,117			1,821			19.6	%		39,622			45,147			5,525			13.9	%
	Non-renewal and terminated representatives			(13,710	)		(10,101	)		(11,399	)		(9,804	)		(9,292	)		(9,586	)		(10,354	)		(10,222	)		(418	)		-4.3	%		(45,014	)		(39,454	)		5,560			12.4	%
Life-insurance licensed sales force, end of period				132,030			132,041			130,023			129,515			130,206			132,149			134,313			135,208			5,693			4.4	%		129,515			135,208			5,693			4.4	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	74.5		$	82.6		$	70.7		$	69.4		$	65.5		$	72.3		$	68.0		$	66.0		$	(3.4	)		-4.9	%	$	297.2		$	271.9		$	(25.4	)		-8.5	%
	Additions and increases in premium			18.0			20.3			19.5			19.1			18.4			20.6			19.5			18.2			(0.9	)		-4.8	%		77.0			76.7			(0.3	)		-0.4	%
		Total estimated annualized issued term life premium	$	92.5		$	103.0		$	90.2		$	88.5		$	83.8		$	92.9		$	87.5		$	84.2		$	(4.3	)		-4.9	%	$	374.2		$	348.5		$	(25.7	)		-6.9	%

Issued term life policies				82,667			90,071			75,914			75,203			71,324			76,946			71,104			72,544			(2,659	)		-3.5	%		323,855			291,918			(31,937	)		-9.9	%
Estimated average annualized issued term life premium per policy (1)(2)			$	901		$	917		$	931		$	923		$	918		$	940		$	957		$	910		$	(13	)		-1.4	%	$	918		$	931		$	14			1.5	%

Term life face amount in-force, beginning of period ($mills)			$	858,818		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785		$	18,767			2.1	%	$	858,818		$	903,404		$	44,586			5.2	%
	Issued term life face amount (3)			26,643			29,981			26,219			25,678			24,773			27,651			26,049			25,349			(329	)		-1.3	%		108,521			103,822			(4,699	)		-4.3	%
	Terminated term life face amount			(17,240	)		(14,706	)		(16,241	)		(16,610	)		(19,787	)		(19,298	)		(21,033	)		(22,776	)		(6,166	)		-37.1	%		(64,798	)		(82,894	)		(18,096	)		-27.9	%
	Foreign currency impact, net			1,422			1,602			(2,480	)		319			1,242			(3,547	)		(6,669	)		1,450			1,131		nm				862			(7,524	)		(8,386	)	nm
Term life face amount in-force, end of period			$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785		$	916,808		$	13,404			1.5	%	$	903,404		$	916,808		$	13,404			1.5	%

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

(2) In whole dollars.

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

10 of 18

Investment and Savings Products - Financial Results and Financial Analysis 

 
PRIMERICA, INC.
Financial Supplement


																		YOY Q4										YOY YTD
(Dollars in thousands, except as noted)		Q1 2021		Q2 2021		Q3 2021		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022		$ Change			% Change			YTD 2021		YTD 2022		$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	98,112	$	104,716	$	95,229	$	103,451	$	103,242	$	88,701	$	67,962	$	66,473	$	(36,978	)		-35.7	%	$	401,508	$	326,378	$	(75,130	)		-18.7	%
	Asset-based		101,241		108,490		113,558		118,015		113,112		108,101		107,483		105,357		(12,657	)		-10.7	%		441,303		434,053		(7,250	)		-1.6	%
	Account-based		21,120		21,848		21,456		22,514		21,541		22,592		22,910		23,348		834			3.7	%		86,939		90,391		3,453			4.0	%
	Other, net		2,949		2,958		3,094		3,096		3,144		3,022		3,342		3,102		6			0.2	%		12,097		12,610		513			4.2	%
	Revenues		223,422		238,012		233,337		247,076		241,039		222,416		201,697		198,280		(48,796	)		-19.7	%		941,848		863,432		(78,415	)		-8.3	%

	Benefits and expenses:
	Amortization of DAC		3,275		1,786		2,580		1,027		3,925		5,463		2,222		530		(497	)		-48.4	%		8,668		12,141		3,473			40.1	%
	Insurance commissions		3,572		3,747		3,747		3,839		3,646		3,450		3,419		3,320		(519	)		-13.5	%		14,904		13,834		(1,070	)		-7.2	%
	Sales commissions:
	Sales-based		68,594		73,629		67,745		77,390		74,606		63,403		48,775		47,927		(29,463	)		-38.1	%		287,359		234,711		(52,648	)		-18.3	%
	Asset-based		46,866		50,488		53,233		55,614		53,366		50,876		51,549		51,047		(4,567	)		-8.2	%		206,201		206,838		637			0.3	%
	Other operating expenses		37,752		37,207		36,664		38,507		40,936		40,249		37,355		38,038		(469	)		-1.2	%		150,130		156,578		6,448			4.3	%
	Benefits and expenses		160,060		166,858		163,968		176,377		176,479		163,440		143,320		140,863		(35,514	)		-20.1	%		667,263		624,103		(43,160	)		-6.5	%
	Income before income taxes	$	63,363	$	71,154	$	69,369	$	70,699	$	64,560	$	58,975	$	58,377	$	57,417	$	(13,282	)		-18.8	%	$	274,585	$	239,329	$	(35,255	)		-12.8	%

Financial Analysis

	Fees paid based on client asset values (1)	$	6,964	$	7,535	$	7,891	$	8,482	$	8,037	$	7,917	$	7,980	$	8,004	$	(478	)		-5.6	%	$	30,872	$	31,939	$	1,067			3.5	%