EX-99

Exhibit 99.1

Supplemental Financial Information

As Adjusted for ASU 2018-12

Fourth Quarter 2022

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

Also effective January 1, 2023, we will no longer be allocating a portion of net investment income to the Term Life Insurance segment, and all net investment income will be recorded in the Corporate & Other Distributed Products segment. As such, we have retrospectively restated for comparison purposes the 2021 and 2022 income statements for the Term Life Insurance and Corporate and Other Distributed Product Segments.

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

A summary of significant changes by line item follows:


Term Life Insurance -	Removal of Net investment income allocation and changes reflected in Benefits and claims, Future policy benefits remeasurement (gain)/loss and Amortization of DAC
Term Life Insurance -
Investment and Savings Products -	Amortization of DAC
Senior Health -	No change
Corp & Other Distributed Products -	Inclusion of Net investment income formerly allocated to Term Life and changes reflected in Benefits and claims, Future policy benefits remeasurement (gain)/loss and Amortization of DAC for discontinued lines written by our New York subsidiary
Corp & Other Distributed Products -
Consolidated Balance Sheets -	Due from Reinsurers, Deferred acquisitions costs, Future policy benefits, Income taxes, Retained Earnings, Accumulated other comprehensive income
Consolidated Balance Sheets -
Statements of Income -	Benefits and claims, Future policy benefits remeasurement (gain)/loss, Amortization of DAC

To facilitate comparison, lines impacted by the change have been highlighted. Note that ratios and totals are also affected, however, these were not highlighted.

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, 2022.

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

•

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

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

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, 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			$	3,277,830		$	3,191,154		$	3,048,974		$	2,981,598		$	3,141,919
	Securities held to maturity				1,379,100			1,390,310			1,415,940			1,433,760			1,444,920
			Total investments and cash		4,656,930			4,581,464			4,464,914			4,415,358			4,586,839
	Due from reinsurers				4,218,704			3,692,660			3,359,054			3,160,111			3,176,397
	Deferred policy acquisition costs				2,959,654			3,033,186			3,088,172			3,133,408			3,194,029
	Goodwill				179,154			179,154			187,707			127,707			127,707
	Other assets				1,367,435			1,253,840			1,217,898			1,206,368			1,227,459
	Separate account assets				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717
			Total assets	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147

Liabilities:
	Future policy benefits			$	8,594,476		$	7,332,290		$	6,606,150		$	6,094,187		$	6,297,911
	Other policy liabilities				1,103,642			1,108,047			999,789			1,005,195			1,037,440
	Income taxes				15,311			95,302			167,560			217,364			202,462
	Other liabilities				669,631			683,865			646,660			659,582			626,773
	Debt obligations				607,102			598,303			592,504			592,705			592,905
	Surplus note				1,378,585			1,389,811			1,415,457			1,433,293			1,444,469
	Payable under securities lending				94,529			93,171			96,603			80,754			100,938
	Separate account liabilities				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717
			Total liabilities		15,263,269			13,997,680			12,883,710			12,289,687			12,608,615

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

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				394			388			378			370			368
	Paid-in capital				5,224			(0	)		(0	)		(0	)		(0	)
	Retained earnings				2,074,111			2,083,693			2,068,690			2,033,368			2,130,935
	Treasury stock				—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)
		Effect of change in discount rate assumptions on the liability for future policy benefits			(1,240,727	)		(594,586	)		(104,894	)		195,563			131,295
		Cumulative translation adjustment			8,553			11,842			2,362			(16,514	)		(12,196	)
			Total stockholders’ equity (2)		911,330			1,434,897			1,790,789			1,959,874			2,009,532
			Total liabilities and stockholders' equity	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	911,330		$	1,434,897		$	1,790,789		$	1,959,874		$	2,009,532
	Less: Net unrealized gains (losses)				63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)
	Less: Effect of change in discount rate assumptions on the liability for future policy benefits				(1,240,727	)		(594,586	)		(104,894	)		195,563			131,295
			Adjusted stockholders’ equity	$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period							$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224
	Net Income attributable to Primerica, Inc.							115,039			125,168			76,777			143,956
	Shareholder dividends							(21,645	)		(21,178	)		(20,571	)		(20,389	)
	Retirement of shares and warrants							(103,862	)		(127,963	)		(97,515	)		(32,098	)
	Net foreign currency translation adjustment							3,289			(9,480	)		(18,876	)		4,318
	Other, net							14,820			8,961			5,979			6,096
Balance, end of period							$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period							$	2,959,654		$	3,033,186		$	3,088,172		$	3,133,408
	General expenses deferred							9,519			9,321			9,726			9,283
	Commission costs deferred							123,739			119,794			119,734			113,479
	Amortization of deferred policy acquisition costs							(63,223	)		(64,200	)		(65,447	)		(66,236	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095
Balance, end of period							$	3,033,186		$	3,088,172		$	3,133,408		$	3,194,029

(1)

Outstanding common shares exclude restricted stock units.

(2)

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

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Financial Results and Other Statistical Data

PRIMERICA, INC.
Financial Supplement


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

	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	465,808		$	460,940		$	(4,869	)		-1.0	%
	Less income attributable to unvested participating securities			(477	)		(554	)		(362	)		(690	)		(1,913	)		(2,081	)		(168	)		-8.8	%
		Net income used in computing basic EPS	$	114,562		$	124,614		$	76,415		$	143,267		$	463,896		$	458,859		$	(5,037	)		-1.1	%
		Basic earnings per share	$	2.92		$	3.25		$	2.04		$	3.87		$	11.74		$	12.08		$	0.34			2.9	%

	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	554,650		$	525,813		$	(28,838	)		-5.2	%
	Less operating income attributable to unvested participating securities			(484	)		(566	)		(655	)		(681	)		(2,277	)		(2,374	)		(96	)		-4.2	%
		Adjusted net operating income used in computing basic operating EPS	$	116,469		$	127,356		$	138,243		$	141,359		$	552,373		$	523,439		$	(28,934	)		-5.2	%
		Basic adjusted operating income per share	$	2.97		$	3.32		$	3.69		$	3.82		$	13.97		$	13.78		$	(0.20	)		-1.4	%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			39,221,003			38,385,520			37,438,254			36,973,967			39,529,786			37,996,978			(1,532,808	)		-3.9	%
	Dilutive impact of contingently issuable shares			110,941			115,058			102,810			107,245			121,738			109,014			(12,724	)		-10.5	%
		Shares used to calculate diluted EPS		39,331,944			38,500,578			37,541,064			37,081,212			39,651,524			38,105,992			(1,545,532	)		-3.9	%

	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	465,808		$	460,940		$	(4,869	)		-1.0	%
	Less income attributable to unvested participating securities			(475	)		(552	)		(361	)		(688	)		(1,908	)		(2,076	)		(168	)		-8.8	%
		Net income used in computing diluted EPS	$	114,564		$	124,615		$	76,415		$	143,268		$	463,901		$	458,864		$	(5,037	)		-1.1	%
		Diluted earnings per share	$	2.91		$	3.24		$	2.04		$	3.86		$	11.70		$	12.04		$	0.34			2.9	%

	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	554,650		$	525,813		$	(28,838	)		-5.2	%
	Less operating income attributable to unvested participating securities			(483	)		(564	)		(653	)		(679	)		(2,271	)		(2,368	)		(96	)		-4.2	%
		Adjusted net operating income used in computing diluted operating EPS	$	116,471		$	127,357		$	138,244		$	141,361		$	552,379		$	523,445		$	(28,934	)		-5.2	%
		Diluted adjusted operating income per share	$	2.96		$	3.31		$	3.68		$	3.81		$	13.93		$	13.74		$	(0.19	)		-1.4	%




																					YOY YTD
			Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,173,114		$	1,612,843		$	1,875,331		$	1,984,703		$	1,054,625		$	1,661,498		$	606,873			57.5	%
	Average adjusted stockholders' equity (1)		$	2,092,102		$	2,083,676		$	2,044,327		$	2,068,165		$	1,930,200		$	2,072,068		$	141,868			7.3	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			39.2	%		31.0	%		16.4	%		29.0	%		44.2	%		27.7	%		-16.4	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.0	%		24.0	%		15.0	%		27.8	%		24.1	%		22.2	%		-1.9	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.4	%		24.6	%		27.2	%		27.5	%		28.7	%		25.4	%		-3.4	%	nm

Capital Structure
	Debt-to-capital (2)			29.4	%		24.9	%		23.2	%		22.8	%		40.0	%		22.8	%		-17.2	%	nm
	Debt-to-capital, excluding AOCI (2)			22.3	%		22.3	%		22.6	%		21.8	%		22.6	%		21.8	%		-0.8	%	nm

	Cash and invested assets to stockholders' equity			3.2	x		2.5	x		2.3	x		2.3	x		5.1	x		2.3	x		(2.8	x)	nm
	Cash and invested assets to adjusted stockholders' equity			2.2	x		2.2	x		2.2	x		2.2	x		2.2	x		2.2	x		(0.1	x)	nm

	Share count, end of period (3)			38,751,885			37,768,052			37,026,600			36,824,428			39,367,754			36,824,428			(2,543,326	)		-6.5	%
	Adjusted stockholders' equity per share		$	54.09		$	54.85		$	54.48		$	57.55		$	53.05		$	57.55		$	4.50			8.5	%

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

Holding Company Senior Debt Ratings
	Moody's		Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm
	S&P		A-			A-			A-			A-			nm			nm			nm			nm
	A.M. Best		a-			a-			a-			a-			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 YTD
(Dollars in thousands)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	798,666		$	808,894		$	810,079		$	812,481		$	3,122,148		$	3,230,120		$	107,972			3.5	%
	Ceded premiums			(399,885	)		(419,048	)		(404,870	)		(406,088	)		(1,616,264	)		(1,629,892	)		(13,627	)		-0.8	%
		Net premiums		398,781			389,846			405,209			406,393			1,505,884			1,600,229			94,344			6.3	%
	Net investment income			18,905			21,284			24,346			28,530			80,588			93,065			12,477			15.5	%
	Commissions and fees:
		Sales-based (1)		103,242			88,701			67,962			66,473			401,508			326,378			(75,130	)		-18.7	%
		Asset-based (2)		113,112			108,101			107,483			105,357			441,303			434,053			(7,250	)		-1.6	%
		Account-based (3)		21,541			22,592			22,910			23,348			86,939			90,391			3,453			4.0	%
		Other commissions and fees		13,905			21,294			27,113			31,542			113,063			93,854			(19,209	)		-17.0	%
	Investment (losses) gains			751			(1,892	)		(2,699	)		2,846			5,872			(995	)		(6,867	)		-116.9	%
	Other, net			20,988			18,755			20,964			22,451			74,575			83,159			8,584			11.5	%
	Total revenues			691,225			668,681			673,288			686,940			2,709,732			2,720,134			10,402			0.4	%
Benefits and expenses:
	Benefits and claims			168,288			153,071			164,092			165,742			619,702			651,193			31,491			5.1	%
	Future policy benefits remeasurement (gain)/loss			(1,272	)		(627	)		988			433			1,297			(479	)		(1,777	)	nm
	Amortization of DAC			63,223			64,200			65,447			66,236			235,265			259,105			23,840			10.1	%
	Insurance commissions			7,721			7,594			7,666			7,280			34,532			30,261			(4,271	)		-12.4	%
	Insurance expenses			59,509			59,461			57,552			58,883			202,604			235,405			32,801			16.2	%
	Sales commissions:
		Sales-based (1)		74,606			63,403			48,775			47,927			287,359			234,711			(52,648	)		-18.3	%
		Asset-based (2)		53,366			50,876			51,549			51,047			206,201			206,838			637			0.3	%
		Other sales commissions		5,952			5,484			5,592			4,187			28,748			21,215			(7,533	)		-26.2	%
	Interest expense			6,853			6,814			6,802			6,768			30,618			27,237			(3,381	)		-11.0	%
	Contract acquistion costs (4)			20,649			19,384			13,446			14,952			52,788			68,431			15,643			29.6	%
	Other operating expenses			86,434			79,728			73,790			80,443			296,851			320,394			23,544			7.9	%
	Goodwill impairment			—			—			60,000			—			76,000			60,000			(16,000	)		-21.1	%
	Loss on extinguishment of debt			—			—			—			—			8,927			—			(8,927	)		-100.0	%
	Total benefits and expenses			545,329			509,389			555,697			503,898			2,080,894			2,114,313			33,419			1.6	%
	Income before income taxes			145,896			159,292			117,591			183,041			628,838			605,821			(23,017	)		-3.7	%
		Income taxes		33,511			36,509			40,815			39,085			164,407			149,919			(14,488	)		-8.8	%
	Net income			112,385			122,784			76,777			143,956			464,431			455,902			(8,530	)		-1.8	%
	Net income attributable to noncontrolling interests			(2,654	)		(2,384	)		—			—			(1,377	)		(5,038	)		(3,661	)	nm
		Net Income attributable to Primerica, Inc.	$	115,039		$	125,168		$	76,777		$	143,956		$	465,808		$	460,940		$	(4,869	)		-1.0	%

Income Before Income Taxes by Segment
Term Life			$	118,575		$	125,034		$	128,168		$	128,470		$	486,543		$	500,247		$	13,704			2.8	%
Investment & Savings Products				67,038			63,017			59,222			56,612			277,742			245,889			(31,853	)		-11.5	%
Senior Health				(23,085	)		(16,150	)		(63,723	)		4,285			(85,050	)		(98,673	)		(13,624	)		-16.0	%
Corporate & Other Distributed Products				(16,632	)		(12,609	)		(6,075	)		(6,325	)		(50,397	)		(41,641	)		8,755			17.4	%
	Income before income taxes		$	145,896		$	159,292		$	117,591		$	183,041		$	628,838		$	605,821		$	(23,017	)		-3.7	%

(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 YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	3,099,828		$	3,209,088		$	109,260			3.5	%
	Less: Premiums ceded to IPO Coinsurers		234,614			231,805			226,869			224,240			978,085			917,527			(60,558	)		-6.2	%
	Term Life adjusted direct premiums	$	558,640		$	571,648		$	577,717		$	583,556		$	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	$	(398,446	)	$	(417,406	)	$	(403,416	)	$	(404,174	)	$	(1,609,598	)	$	(1,623,442	)	$	(13,845	)		-0.9	%
	Less: Premiums ceded to IPO Coinsurers		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(978,085	)		(917,527	)		60,558			6.2	%
	Term Life other ceded premiums	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(179,935	)	$	(631,513	)	$	(705,915	)	$	(74,403	)		-11.8	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	18,905		$	21,284		$	24,346		$	28,530		$	80,588		$	93,065		$	12,477			15.5	%
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(2,502	)		(3,830	)	nm			nm
	Adjusted net investment income	$	21,004		$	22,538		$	24,414		$	28,940		$	83,091		$	96,896		$	13,805			16.6	%


Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	86,434		$	79,728		$	73,790		$	80,443		$	296,851		$	320,394		$	23,544			7.9	%
	Less: eTeleQuote transaction-related costs		900			(2,892	)		—			—			12,948			(1,992	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		256			3,328			—			—			(1,744	)		3,584		nm			nm
	Adjusted other operating expenses	$	85,278		$	79,292		$	73,790		$	80,443		$	285,646		$	318,803		$	33,156			11.6	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	691,225		$	668,681		$	673,288		$	686,940		$	2,709,732		$	2,720,134		$	10,402			0.4	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(2,502	)		(3,830	)	nm			nm
	Adjusted operating revenues	$	692,573		$	671,827		$	676,056		$	684,503		$	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	$	145,896		$	159,292		$	117,591		$	183,041		$	628,838		$	605,821		$	(23,017	)		-3.7	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(2,502	)		(3,830	)	nm			nm
	Less: eTeleQuote transaction-related costs		(900	)		2,892			—			—			(12,948	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			1,744			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			(76,000	)		(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			—			(8,927	)		—		nm			nm
	Adjusted operating income before income taxes	$	152,068		$	166,003		$	180,359		$	180,605		$	723,605		$	679,035		$	(44,570	)		-6.2	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	112,385		$	122,784		$	76,777		$	143,956		$	464,431		$	455,902		$	(8,530	)		-1.8	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(2,502	)		(3,830	)	nm			nm
	Less: e-TeleQuote transaction-related costs		(900	)		2,892			—			—			(12,948	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			1,744			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			(76,000	)		(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			—			(8,927	)		—		nm			nm
	Less: Tax impact of reconciling items		1,603			1,573			647			(520	)		4,548			3,303		nm			nm
	Adjusted net operating income	$	116,954		$	127,922		$	138,897		$	142,040		$	554,650		$	525,813		$	(28,838	)		-5.2	%

7 of 18

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

PRIMERICA, INC.
Financial Supplement


																				YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			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	$	(23,085	)	$	(16,150	)	$	(63,723	)	$	4,285		$	(85,050	)	$	(98,673	)	$	(13,624	)		-16.0	%
	Less: e-TeleQuote transaction-related costs		(399	)		(66	)		—			—			(806	)		(465	)	nm			nm
	Less: Noncontrolling interest		(3,668	)		(3,129	)		—			—			(2,005	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			(76,000	)		(60,000	)	nm			nm
	Adjusted operating income before income taxes	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(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	$	(16,632	)	$	(12,609	)	$	(6,075	)	$	(6,325	)	$	(50,397	)	$	(41,641	)	$	8,755			17.4	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			5,872			(995	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(2,502	)		(3,830	)	nm			nm
	Less: e-TeleQuote transaction-related costs		(501	)		2,958			—			—			(12,142	)		2,458		nm			nm
	Less: Equity comp for awards exchanged during acquistion		(256	)		(3,328	)		—			—			1,744			(3,584	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			—			(8,927	)		—		nm			nm
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(34,440	)	$	(35,690	)	$	(1,249	)		-3.6	%

8 of 18

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.
Financial Supplement


																				YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	3,099,828		$	3,209,088		$	109,260			3.5	%
	Premiums ceded to IPO coinsurers (1)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(978,085	)		(917,527	)		60,558			6.2	%
	Adjusted direct premiums (2)		558,640			571,648			577,717			583,556			2,121,743			2,291,561			169,818			8.0	%
	Other ceded premiums (3)		(163,832	)		(185,601	)		(176,548	)		(179,935	)		(631,513	)		(705,915	)		(74,403	)		-11.8	%
	Net premiums		394,808			386,047			401,169			403,621			1,490,231			1,585,646			95,415			6.4	%
	Allocated net investment income		—			—			—			—			—			—			—			0.0	%
	Other, net		12,175			12,374			13,419			12,352			48,970			50,320			1,350			2.8	%
	Revenues		406,983			398,421			414,588			415,974			1,539,201			1,635,966			96,765			6.3	%

	Benefits and expenses:
	Benefits and claims		166,407			149,328			161,283			161,769			607,653			638,788			31,135			5.1	%
	Future policy benefits remeasurement (gain)/loss		(1,434	)		(663	)		1,072			(526	)		911			(1,551	)		(2,462	)	nm
	Amortization of DAC		61,369			62,538			63,631			64,813			228,375			252,352			23,976			10.5	%
	Insurance commissions		3,793			3,854			3,964			3,724			18,457			15,335			(3,122	)		-16.9	%
	Insurance expenses		58,272			58,329			56,471			57,723			197,262			230,796			33,534			17.0	%
	Benefits and expenses		288,408			273,387			286,421			287,504			1,052,658			1,135,719			83,061			7.9	%
	Income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	486,543		$	500,247		$	13,704			2.8	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	448,657		$	460,061		$	465,354		$	469,565		$	1,693,483		$	1,843,637		$	150,154			8.9	%
	Pre-IPO direct premiums (5)		344,597			343,392			339,232			338,230			1,406,345			1,365,451			(40,894	)		-2.9	%
	Total direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	3,099,828		$	3,209,088		$	109,260			3.5	%

	Premiums ceded to IPO coinsurers	$	234,614		$	231,805		$	226,869		$	224,240		$	978,085		$	917,527		$	(60,558	)		-6.2	%
	% of Pre-IPO direct premiums		68.1	%		67.5	%		66.9	%		66.3	%		69.5	%		67.2	%	nm			nm

	Benefits and claims, net (6)	$	328,805		$	334,266		$	338,903		$	341,178		$	1,240,077		$	1,343,152		$	103,075			8.3	%
	% of adjusted direct premiums		58.9	%		58.5	%		58.7	%		58.5	%		58.4	%		58.6	%	nm			nm

	DAC amortization & insurance commissions	$	65,163		$	66,393		$	67,595		$	68,537		$	246,832		$	267,687		$	20,855			8.4	%
	% of adjusted direct premiums		11.7	%		11.6	%		11.7	%		11.7	%		11.6	%		11.7	%	nm			nm

	Insurance expenses, net (7)	$	46,097		$	45,955		$	43,052		$	45,371		$	148,291		$	180,476		$	32,184			21.7	%
	% of adjusted direct premiums		8.3	%		8.0	%		7.5	%		7.8	%		7.0	%		7.9	%	nm			nm

	Total Term Life income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	486,543		$	500,247		$	13,704			2.8	%
	Term Life operating margin (8)		21.2	%		21.9	%		22.2	%		22.0	%		22.9	%		21.8	%	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 and remeasurement (gain)/loss net of other ceded premiums which are largely YRT.

(7)

Insurance expenses, net - insurance expenses net of other, net revenues.

(8)

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

9 of 18

Term Life Insurance - Key Statistics

PRIMERICA, INC.
Financial Supplement


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

Life-insurance licensed sales force, beginning of period				129,515			130,206			132,149			134,313			134,907			129,515			(5,392	)		-4.0	%
	New life-licensed representatives			9,983			11,529			12,518			11,117			39,622			45,147			5,525			13.9	%
	Non-renewal and terminated representatives			(9,292	)		(9,586	)		(10,354	)		(10,222	)		(45,014	)		(39,454	)		5,560			12.4	%
Life-insurance licensed sales force, end of period				130,206			132,149			134,313			135,208			129,515			135,208			5,693			4.4	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	65.5		$	72.3		$	68.0		$	66.0		$	297.2		$	271.9		$	(25.4	)		-8.5	%
	Additions and increases in premium			18.4			20.6			19.5			18.2			77.0			76.7			(0.3	)		-0.4	%
		Total estimated annualized issued term life premium	$	83.8		$	92.9		$	87.5		$	84.2		$	374.2		$	348.5		$	(25.7	)		-6.9	%

Issued term life policies				71,324			76,946			71,104			72,544			323,855			291,918			(31,937	)		-9.9	%
Estimated average annualized issued term life premium per policy (1)(2)			$	918		$	940		$	957		$	910		$	918		$	931		$	14			1.5	%
Adjusted issued term life policies (3)			$	83,050		$	89,316		$	81,372		$	79,282		na			$	333,020		na			na
Adjusted estimated average annualized issued term life premium per policy (1)(2)			$	788		$	810		$	836		$	833		na			$	816		na			na

Term life face amount in-force, beginning of period ($mills)			$	903,404		$	909,632		$	914,438		$	912,785		$	858,818		$	903,404		$	44,586			5.2	%
	Issued term life face amount (3)			24,773			27,651			26,049			25,349			108,521			103,822			(4,699	)		-4.3	%
	Terminated term life face amount			(19,787	)		(19,298	)		(21,033	)		(22,776	)		(64,798	)		(82,894	)		(18,096	)		-27.9	%
	Foreign currency impact, net			1,242			(3,547	)		(6,669	)		1,450			862			(7,524	)		(8,386	)	nm
Term life face amount in-force, end of period			$	909,632		$	914,438		$	912,785		$	916,808		$	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 YTD
(Dollars in thousands, except as noted)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	103,242		$	88,701		$	67,962		$	66,473		$	401,508		$	326,378		$	(75,130	)		-18.7	%
	Asset-based		113,112			108,101			107,483			105,357			441,303			434,053			(7,250	)		-1.6	%
	Account-based		21,541			22,592			22,910			23,348			86,939			90,391			3,453			4.0	%
	Other, net		3,144			3,022			3,342			3,102			12,097			12,610			513			4.2	%
	Revenues		241,039			222,416			201,697			198,280			941,848			863,432			(78,415	)		-8.3	%

	Benefits and expenses:
	Amortization of DAC		1,446			1,421			1,378			1,336			5,511			5,581			70			1.3	%
	Insurance commissions		3,646			3,450			3,419			3,320			14,904			13,834			(1,070	)		-7.2	%
	Sales commissions:
	Sales-based		74,606			63,403			48,775			47,927			287,359			234,711			(52,648	)		-18.3	%
	Asset-based		53,366			50,876			51,549			51,047			206,201			206,838			637			0.3	%
	Other operating expenses		40,936			40,249			37,355			38,038			150,130			156,578			6,448			4.3	%
	Benefits and expenses		174,001			159,398			142,476			141,669			664,106			617,543			(46,563	)		-7.0	%
	Income before income taxes	$	67,038		$	63,017		$	59,222		$	56,612		$	277,742		$	245,889		$	(31,853	)		-11.5	%

Financial Analysis

	Fees paid based on client asset values (1)	$	8,037		$	7,917		$	7,980		$	8,004		$	30,872		$	31,939		$	1,067			3.5	%
	Fees paid based on fee-generating positions (2)		10,948			9,974			9,486			9,665			39,452			40,073			621			1.6	%
	Other operating expenses		21,951			22,358			19,889			20,369			79,806			84,567			4,761			6.0	%
	Total other operating expenses	$	40,936		$	40,249		$	37,355		$	38,038		$	150,130		$	156,578		$	6,448			4.3	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.20	%		1.27	%		1.23	%		1.21	%		1.23	%		1.23	%	nm			nm
	Canada		1.00	%		0.78	%		0.32	%		0.31	%		0.91	%		0.77	%	nm			nm
	Total		1.16	%		1.21	%		1.17	%		1.15	%		1.18	%		1.17	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.039	%		0.040	%		0.042	%		0.040	%		0.157	%		0.160	%	nm			nm
	Canada		0.108	%		0.106	%		0.105	%		0.103	%		0.459	%		0.422	%	nm			nm
	Total		0.049	%		0.051	%		0.052	%		0.050	%		0.204	%		0.202	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.48		$	4.08		$	4.31		$	4.37		$	16.26		$	16.26		nm			nm

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

In whole dollars.

11 of 18

Investment and Savings Products - Key Statistics

PRIMERICA, INC.
Financial Supplement


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

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,298.6		$	1,151.4		$	931.8		$	883.8		$	5,146.1		$	4,265.6		$	(880.5	)		-17.1	%
		Canada Retail Mutual Funds				437.6			250.6			112.2			112.0			1,438.8			912.5			(526.3	)		-36.6	%
		Indexed Annuities				57.5			70.2			55.8			69.2			230.2			252.6			22.3			9.7	%
		Variable Annuities and other				668.4			617.3			542.5			548.0			2,845.6			2,376.2			(469.4	)		-16.5	%
				Total sales-based revenue generating product sales		2,462.1			2,089.5			1,642.3			1,612.9			9,660.7			7,806.8			(1,853.9	)		-19.2	%
		Managed Accounts				453.7			451.3			319.6			288.1			1,505.6			1,512.8			7.1			0.5	%
		Canada Retail Mutual Funds - no upfront sales comm				82.2			97.5			157.9			156.6			317.9			494.3			176.4			55.5	%
		Segregated Funds				67.3			51.3			41.6			35.0			219.0			195.1			(23.8	)		-10.9	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	11,703.2		$	10,009.0		$	(1,694.2	)		-14.5	%

		Total Canada Retail Mutual Funds			$	519.9		$	348.1		$	270.2		$	268.6		$	1,756.7		$	1,406.8		$	(349.9	)		-19.9	%
		Segregated Funds				67.3			51.3			41.6			35.0			219.0			195.1			(23.8	)		-10.9	%
			Total Canada product sales			587.1			399.4			311.8			303.5			1,975.6			1,601.9			(373.8	)		-18.9	%
			Total U.S. product sales			2,478.2			2,290.1			1,849.7			1,789.0			9,727.5			8,407.1			(1,320.4	)		-13.6	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	11,703.2		$	10,009.0		$	(1,694.2	)		-14.5	%

	Client asset values, beginning of period ($mills)				$	97,312		$	93,708		$	82,291		$	78,737		$	81,533		$	97,312		$	15,779			19.4	%
		Inflows				3,065			2,690			2,161			2,093			11,703			10,009			(1,694	)		-14.5	%
		Outflows (1)				(1,900	)		(1,797	)		(1,447	)		(1,444	)		(7,161	)		(6,587	)		573			8.0	%
				Net flows		1,166			893			714			649			4,543			3,422			(1,121	)	nm
		Foreign currency impact, net				171			(474	)		(802	)		174			91			(930	)		(1,021	)	nm
		Change in market value, net and other (2)				(4,941	)		(11,836	)		(3,466	)		4,388			11,146			(15,855	)		(27,001	)	nm
	Client asset values, end of period				$	93,708		$	82,291		$	78,737		$	83,949		$	97,312		$	83,949		$	(13,363	)		-13.7	%
		Annualized net flows as % of beginning of period asset values				4.8	%		3.8	%		3.5	%		3.3	%		5.6	%		3.5	%		-2.1	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	46,429		$	42,870		$	40,331		$	40,402		$	44,703		$	42,508		$	(2,195	)		-4.9	%
		Canada Retail Mutual Funds				12,119			11,539			10,840			10,759			11,294			11,314			20			0.2	%
		Managed Accounts				7,077			6,960			6,817			6,949			6,086			6,951			864			14.2	%
		Indexed Annuities				2,650			2,677			2,696			2,710			2,560			2,683			123			4.8	%
		Variable Annuities and other				23,218			21,431			20,269			20,137			22,651			21,264			(1,388	)		-6.1	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,698			2,474			(225	)		-8.3	%
				Total	$	94,203		$	87,994		$	83,320		$	83,256		$	89,993		$	87,193		$	(2,799	)		-3.1	%

		Canada Retail Mutual Funds			$	12,119		$	11,539		$	10,840		$	10,759		$	11,294		$	11,314		$	20			0.2	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,698			2,474			(225	)		-8.3	%
			Total Canada average client assets			14,829			14,056			13,208			13,058			13,992			13,788			(205	)		-1.5	%
			Total U.S. average client assets			79,374			73,938			70,112			70,198			76,000			73,405			(2,595	)		-3.4	%
				Total average client assets	$	94,203		$	87,994		$	83,320		$	83,256		$	89,993		$	87,193		$	(2,799	)		-3.1	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,243			2,277			2,295			2,309			2,171			2,281			110			5.1	%
		Recordkeeping only				797			812			820			825			749			814			65			8.6	%
				Total		3,040			3,089			3,115			3,134			2,920			3,095			175			6.0	%

(1)

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

(2)

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

(3)

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

12 of 18

Senior Health - Financial Results, Financial Analysis Key Statistics

PRIMERICA, INC.
Financial Supplement


																				YOY YTD
(Dollars in thousands, except as noted)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)	$	1,278		$	9,343		$	14,601		$	22,198		$	50,903		$	47,420		$	(3,483	)		-6.8	%
	Other, net (2)		4,553			2,471			2,583			5,655			9,537			15,262			5,724			60.0	%
	Revenues		5,831			11,814			17,183			27,853			60,440			62,682			2,241			3.7	%

	Benefits and expenses:
	Contract acquisition costs (3)		20,649			19,384			13,446			14,952			52,788			68,431			15,643			29.6	%
	Adjusted other operating expenses		7,868			8,514			7,461			8,617			15,895			32,459			16,563			104.2	%
	Adjusted operating benefits and expenses		28,517			27,898			20,907			23,568			68,684			100,889			32,206			46.9	%

	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(8,243	)	$	(38,208	)	$	(29,964	)	nm
	Non-controlling interest before income taxes		(3,668	)		(3,129	)		—			—			(2,005	)		(6,797	)		(4,792	)	nm
	Adjusted operating income before income taxes attributable to Primerica, Inc.	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(6,239	)	$	(31,411	)	$	(25,172	)	nm

Senior Health EBITDA
	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(8,243	)	$	(38,208	)	$	(29,964	)	nm
	Less: Amortization of intangibles		(2,600	)		(2,800	)		(2,800	)		(2,800	)		(5,800	)		(11,000	)		(5,200	)		-89.7	%
	Less: Depreciation		(245	)		(226	)		(221	)		(211	)		(493	)		(903	)		(409	)		-83.0	%
	Adjusted EBITDA (Including non-controlling interest) (4)	$	(19,841	)	$	(13,058	)	$	(703	)	$	7,297		$	(1,950	)	$	(26,305	)	$	(24,355	)	nm

Financial Analysis and Key Statistics
	Senior Health submitted policies (5)		26,231			19,652			16,095			23,060			60,009			85,038			25,029			41.7	%
	Senior Health approved policies (6)		23,594			17,925			14,862			20,705			50,323			77,086			26,763			53.2	%

	Primerica representatives Senior Health certified		42,147			60,412			83,280			93,348			26,441			93,348			66,907		nm
	Senior Health submitted policies sourced by Primerica representatives		988			831			1,016			5,666			4,494			8,501			4,007			89.2	%

	LTV per approved policy (7)	$	862		$	820		$	868		$	888		$	1,109		$	860		$	(249	)		-22.4	%
	CAC per approved policy (7)	$	875		$	1,081		$	905		$	722		$	1,049		$	888		$	(161	)		-15.4	%
	LTV / CAC multiple		1.0	x		0.8	x		1.0	x		1.2	x		1.1	x		1.0	x		-0.1	x	nm

(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 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)

In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results

PRIMERICA, INC.
Financial Supplement


																				YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			YTD 2021			YTD 2022			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	5,412		$	5,441		$	5,494		$	4,685		$	22,320		$	21,032		$	(1,288	)		-5.8	%
	Ceded premiums		(1,439	)		(1,642	)		(1,454	)		(1,914	)		(6,666	)		(6,449	)		217			3.3	%
	Net premiums		3,973			3,799			4,040			2,772			15,654			14,583			(1,071	)		-6.8	%
	Adjusted net investment income		21,004			22,538			24,414			28,940			83,091			96,896			13,805			16.6	%
	Commissions and fees:
	Prepaid Legal Services		4,287			4,664			5,672			3,821			20,761			18,444			(2,316	)		-11.2	%
	Auto and Homeowners Insurance		1,591			2,056			2,647			1,994			8,295			8,289			(7	)		-0.1	%
	Mortgage loans		4,818			3,128			2,103			1,656			24,337			11,705			(12,632	)		-51.9	%
	Other sales commissions		1,932			2,103			2,090			1,872			8,767			7,996			(771	)		-8.8	%
	Other, net		1,117			889			1,621			1,341			3,969			4,967			998			25.1	%
	Adjusted operating revenues		38,721			39,176			42,587			42,396			164,874			162,880			(1,994	)		-1.2	%

Benefits and expenses:
	Benefits and claims		1,881			3,743			2,809			3,972			12,049			12,406			357			3.0	%
	Future policy benefits remeasurement (gain)/loss		162			36			(84	)		958			386			1,072			686		nm
	Amortization of DAC		407			240			438			87			1,379			1,173			(207	)		-15.0	%
	Insurance commissions		282			290			283			237			1,171			1,092			(79	)		-6.7	%
	Insurance expenses		1,237			1,132			1,081			1,160			5,343			4,609			(733	)		-13.7	%
	Sales commissions		5,952			5,484			5,592			4,187			28,748			21,215			(7,533	)		-26.2	%
	Interest expense		6,853			6,814			6,802			6,768			30,618			27,237			(3,381	)		-11.0	%
	Adjusted other operating expenses		36,475			30,530			28,974			33,788			119,621			129,766			10,145			8.5	%
	Adjusted benefits and expenses		53,248			48,270			45,894			51,158			199,314			198,569			(744	)		-0.4	%
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(34,440	)	$	(35,690	)	$	(1,249	)		-3.6	%

14 of 18

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.
Financial Supplement


				As of or for the period ended December 31, 2022
											% 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				$	558,646	$	558,646	$	-			18.1	%		16.4	%

Fixed Income:
	Treasury				41,741		42,629		(889	)		1.3	%		1.3	%		1.31	%	AAA
	Government				231,004		257,418		(26,414	)		7.5	%		7.6	%		2.98	%	AA-
	Tax-Exempt Municipal				32,883		37,084		(4,201	)		1.1	%		1.1	%		2.69	%	AA
	Corporate				1,229,921		1,370,566		(140,645	)		39.8	%		40.3	%		3.55	%	BBB+
	Mortgage Backed				414,043		486,093		(72,050	)		13.4	%		14.3	%		2.92	%	AAA
	Asset Backed				155,397		171,811		(16,413	)		5.0	%		5.1	%		3.70	%	AA
	CMBS				122,967		139,306		(16,339	)		4.0	%		4.1	%		3.39	%	AA-
	Private				267,612		295,957		(28,345	)		8.7	%		8.7	%		4.46	%	BBB
	Redeemable Preferred				3,586		4,248		(662	)		0.1	%		0.1	%		5.27	%	BBB-
			Total Fixed Income		2,499,154		2,805,113		(305,959	)		80.8	%		82.5	%		3.44	%	A

Equities and Other:
	Perpetual Preferred				8,651		8,651		-			0.3	%		0.3	%
	Common Stock				20,958		20,958		(0	)		0.7	%		0.6	%
	Mutual Fund				5,795		5,795		0			0.2	%		0.2	%
			Total Equities		35,404		35,404		(0	)		1.1	%		1.0	%

			Total Invested Assets	$	3,093,205	$	3,399,164	$	(305,959	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	154,034	$	174,626	$	(20,592	)		12.5	%		12.7	%
	Consumer Non Cyclical				131,027		147,361		(16,334	)		10.7	%		10.8	%
	Energy				127,361		140,782		(13,421	)		10.4	%		10.3	%
	Reits				118,000		135,921		(17,921	)		9.6	%		9.9	%
	Consumer Cyclical				103,177		114,688		(11,512	)		8.4	%		8.4	%
	Banking				97,588		103,414		(5,827	)		7.9	%		7.5	%
	Technology				93,443		102,008		(8,565	)		7.6	%		7.4	%
	Capital Goods				62,874		68,555		(5,680	)		5.1	%		5.0	%
	Basic Industry				60,439		67,998		(7,558	)		4.9	%		5.0	%
	Electric				55,377		61,586		(6,209	)		4.5	%		4.5	%
	Finance Companies				55,140		62,779		(7,639	)		4.5	%		4.6	%
	Transportation				54,942		60,604		(5,663	)		4.5	%		4.4	%
	Communications				44,182		48,537		(4,355	)		3.6	%		3.5	%
	Brokerage				44,124		49,757		(5,633	)		3.6	%		3.6	%
	Financial Other				8,638		9,584		(946	)		0.7	%		0.7	%
	Natural Gas				7,188		7,739		(551	)		0.6	%		0.6	%
	Industrial Other				5,951		6,915		(964	)		0.5	%		0.5	%
	Utility Other				4,583		5,388		(805	)		0.4	%		0.4	%
	Owned No Guarantee				1,854		2,325		(471	)		0.2	%		0.2	%
			Total Corporate portfolio	$	1,229,921	$	1,370,566	$	(140,645	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	190,479	$	192,567	$	(2,088	)		7.6	%		6.9	%		3.15	%
		1-2 Yrs.			271,286		280,539		(9,253	)		10.9	%		10.0	%		3.63	%
		2-5 Yrs.			781,492		845,989		(64,497	)		31.3	%		30.2	%		3.67	%
		5-10 Yrs.			980,174		1,149,971		(169,798	)		39.2	%		41.0	%		3.25	%
		> 10 Yrs.			275,724		336,047		(60,323	)		11.0	%		12.0	%		3.54	%
			Total Fixed Income	$	2,499,154	$	2,805,113	$	(305,959	)		100.0	%		100.0	%		3.44	%

Duration

Fixed Income portfolio duration					4.7	years

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

15 of 18

Investment Portfolio - Quality Ratings As of December 31, 2022

PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	606,982		21.6	%
	AA			321,450		11.5	%
	A			688,936		24.6	%
	BBB			1,120,096		39.9	%
	Below Investment Grade			67,450		2.4	%
	NA			199		0.0	%
		Total Fixed Income	$	2,805,113		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,835		0.9	%		AAA		$	-		—
	AA			67,985		5.0	%		AA			5,274		1.8	%
	A			356,459		26.0	%		A			66,034		22.3	%
	BBB			872,920		63.7	%		BBB			222,819		75.3	%
	Below Investment Grade			61,192		4.5	%		Below Investment Grade			1,830		0.6	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,370,566		100.0	%			Total Private	$	295,957		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	60,409		43.4	%		AAA		$	435,692		89.6	%
	AA			8,930		6.4	%		AA			50,170		10.3	%
	A			69,968		50.2	%		A			135		0.0	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			73		0.0	%
	NA			-		—			NA			23		0.0	%
		Total CMBS	$	139,306		100.0	%			Total Mortgage-Backed	$	486,093		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	35,245		20.5	%		AAA		$	63,108		21.0	%
	AA			9,466		5.5	%		AA			151,320		50.4	%
	A			117,409		68.3	%		A			71,904		24.0	%
	BBB			7,964		4.6	%		BBB			11,088		3.7	%
	Below Investment Grade			1,727		1.0	%		Below Investment Grade			2,629		0.9	%
	NA			-		—			NA			-		—
		Total Asset-Backed	$	171,811		100.0	%			Total Treasury & Government	$	300,047		100.0	%



NAIC Designations

	1		$	1,357,429		54.8	%
	2			1,038,960		42.0	%
	3			71,518		2.9	%
	4			7,813		0.3	%
	5			691		0.0	%
	6			0		0.0	%
		U.S. Insurer Fixed Income (2)		2,476,411		100.0	%
	Other (3)			364,107
	Cash and cash equivalents			558,646
		Total Invested Assets	$	3,399,164

(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.

16 of 18

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.
Financial Supplement


																												YOY Q4
(Dollars in thousands)				Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,020		$	20,155		$	19,860		$	20,328		$	20,889		$	22,414		$	23,067		$	24,605		$	4,277		21.0%
	Fixed-maturity securities (held-to-maturity)				15,146			15,495			15,741			15,825			15,515			15,815			16,283			16,309			484		3.1%
	Equity Securities				391			411			413			416			387			371			373			377			(39	)	-9.3%
	Deposit asset underlying 10% reinsurance treaty				1,368			1,238			987			785			589			485			557			2,134			1,350		172.0%
	Deposit asset - Mark to Market				(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		(409	)		490		-54.5%
	Policy loans and other invested assets				231			98			289			401			102			58			436			450			49		12.3%
	Cash & cash equivalents				119			156			96			85			125			498			1,714			3,605			3,520		4141.4%
			Total investment income		36,483			37,383			36,746			36,940			35,508			38,387			42,362			47,072			10,132		27.4%
	Investment expenses				1,284			1,353			1,004			1,114			1,088			1,288			1,733			2,233			1,119		100.4%
	Interest Expense on Surplus Note				15,146			15,495			15,741			15,825			15,515			15,815			16,283			16,309			484		3.1%
			Net investment income	$	20,052		$	20,535		$	20,001		$	20,001		$	18,905		$	21,284		$	24,346		$	28,530		$	8,529		42.6%
		Fixed income book yield, end of period			3.30	%		3.31	%		3.23	%		3.12	%		3.18	%		3.25	%		3.34	%		3.44	%
		New money yield			1.72	%		2.68	%		2.21	%		1.60	%		3.37	%		4.21	%		3.93	%		5.41	%

																												YOY Q4
				Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				16.6	%		16.5	%		18.0	%		18.7	%		21.0	%		22.0	%		21.5	%		21.6	%		2.9	%
	AA				12.2	%		11.6	%		11.0	%		11.8	%		11.2	%		11.2	%		11.1	%		11.5	%		-0.3	%
	A				23.0	%		22.1	%		23.6	%		24.4	%		23.7	%		23.0	%		23.0	%		24.6	%		0.2	%
	BBB				44.0	%		45.5	%		42.9	%		40.8	%		39.8	%		39.6	%		40.1	%		39.9	%		-0.9	%
	Below Investment Grade				4.1	%		4.2	%		4.1	%		3.5	%		3.1	%		2.8	%		2.7	%		2.4	%		-1.1	%
	NA				0.1	%		0.1	%		0.3	%		0.8	%		1.2	%		1.3	%		1.5	%		0.0	%		-0.8	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—

			Average rating by amortized cost	A-			A-			A			A			A			A			A			A


				As of December 31, 2022									As of December 31, 2022						As of December 31, 2022
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)

	1	Canada		$	20,709		$	22,122		AAA	Canada		$	87,091	$	97,039	AAA		$	2,000	$	2,121
	2	Province of Quebec Canada			16,052			16,658		A+	Australia			21,060		22,497	AA			4,742		4,749
	3	Province of Ontario Canada			14,139			14,708		AA	United Kingdom			18,418		18,985	A			9,070		10,904
	4	Ontario Teachers' Pension Plan			12,538			14,327		AA+	France			8,720		9,256	BBB			9,552		10,638
	5	Province of Alberta Canada			11,727			12,819		BBB+	Mexico			7,895		9,355	Below Investment Grade			2,160		2,629
	6	Morgan Stanley			11,304			11,782		BBB+	Cayman Islands			6,464		8,201	NA			—		—
	7	Manulife Financial Corp			10,603			11,592		A	Bermuda			6,373		6,853		Total	$	27,524	$	31,040
	8	TC Energy Corp			10,240			11,656		BBB+	Ireland			6,041		6,235
	9	ConocoPhillips			9,249			10,697		A	Japan			5,437		5,474
	10	Province of Saskatchewan Canada			9,247			9,634		AA	Netherlands			5,293		5,450	Non-Government Investments (1)
	11	Enbridge Inc			8,998			9,878		BBB+	Malta			5,231		5,466
	12	Kemper Corp			8,216			9,094		BBB	Israel			4,717		4,825	AAA		$	2,909	$	2,999
	13	Fairfax Financial Holdings Ltd			8,182			9,815		BBB-	Brazil			3,516		3,557	AA			2,305		2,412
	14	Brookfield Corp			8,142			8,500		A-	Norway			2,884		3,144	A			42,393		45,565
	15	Intact Financial Corp			7,924			7,873		A+	Supranational			2,747		2,750	BBB			139,079		150,125
	16	City of Toronto Canada			7,821			8,132		AA	Emerging Markets (2)			11,424		13,080	Below Investment Grade			3,995		4,246
	17	Western & Southern Mutual Holdings			7,769			9,488		AA	All Other			16,558		15,883	NA			1,665		1,665
	18	Province of New Brunswick Canada			7,682			8,134		A+		Total	$	219,870	$	238,052		Total	$	192,346	$	207,011
	19	Province of British Columbia Canada			7,489			7,956		AA+
	20	Province of Newfoundland and Labrador			7,352			8,214		A
	21	Apple Inc			7,139			7,708		AA+
	22	Air Lease Corp			7,055			7,895		BBB
	23	Tokyo Century Corp			6,968			7,984		BBB
	24	Booking Holdings Inc			6,939			7,080		A-
	25	GATX Corp			6,849			7,538		BBB
			Total	$	240,333		$	261,284

			% of total fixed income portfolio		7.8	%		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.

17 of 18

Five-Year Historical Key Statistics

PRIMERICA, INC.
Financial Supplement


(Dollars in millions)			2018			2019			2020			2021			2022			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			Q4 2022


Recruits				290,886			282,207			400,345			349,374			359,735			94,633			89,285			91,884			73,572			84,707			70,215			127,788			77,025


Life-insurance licensed sales force, beginning of period				126,121			130,736			130,522			134,907			129,515			134,907			132,030			132,041			130,023			129,515			130,206			132,149			134,313
	New life-licensed representatives			48,041			44,739			48,106			39,622			45,147			10,833			10,112			9,381			9,296			9,983			11,529			12,518			11,117
	Non-renewal and terminated representatives			(43,426	)		(44,953	)		(43,721	)		(45,014	)		(39,454	)		(13,710	)		(10,101	)		(11,399	)		(9,804	)		(9,292	)		(9,586	)		(10,354	)		(10,222	)
Life-insurance licensed sales force, end of period				130,736			130,522			134,907			129,515			135,208			132,030			132,041			130,023			129,515			130,206			132,149			134,313			135,208


Issued term life policies				301,589			287,809			352,868			323,855			291,918			82,667			90,071			75,914			75,203			71,324			76,946			71,104			72,544


Issued term life face amount			$	95,209		$	93,994		$	109,436		$	108,521		$	103,822		$	26,643		$	29,981		$	26,219		$	25,678		$	24,773		$	27,651		$	26,049		$	25,349


Term life face amount in force, beginning of period			$	763,831		$	781,041		$	808,262		$	858,818		$	903,404		$	858,818		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785
	Issued term life face amount			95,209			93,994			109,436			108,521			103,822			26,643			29,981			26,219			25,678			24,773			27,651			26,049			25,349
	Terminated term life face amount			(70,291	)		(71,519	)		(60,848	)		(64,798	)		(82,894	)		(17,240	)		(14,706	)		(16,241	)		(16,610	)		(19,787	)		(19,298	)		(21,033	)		(22,776	)
	Foreign currency impact, net			(7,708	)		4,746			1,968			862			(7,524	)		1,422			1,602			(2,480	)		319			1,242			(3,547	)		(6,669	)		1,450
Term life face amount in force, end of period			$	781,041		$	808,262		$	858,818		$	903,404		$	916,808		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785		$	916,808


Estimated annualized issued term life premium
	Premium from new policies		$	250.8		$	244.8		$	303.6		$	297.2		$	271.9		$	74.5		$	82.6		$	70.7		$	69.4		$	65.5		$	72.3		$	68.0		$	66.0
	Additions and increases in premium			55.2			60.2			68.9			77.0			76.7			18.0			20.3			19.5			19.1			18.4			20.6			19.5			18.2
		Total estimated annualized issued term life premium	$	306.0		$	305.0		$	372.5		$	374.2		$	348.5		$	92.5		$	103.0		$	90.2		$	88.5		$	83.8		$	92.9		$	87.5		$	84.2


Investment & Savings product sales			$	7,040.1		$	7,533.2		$	7,842.5		$	11,703.2		$	10,009.0		$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5

Investment & Savings average client asset values			$	61,842		$	65,029		$	69,709		$	89,993		$	87,193		$	83,131		$	89,378		$	92,652		$	94,809		$	94,203		$	87,994		$	83,320		$	83,256

Closed U.S. Mortgage Volume (brokered)			$	—		$	31.1		$	442.5		$	1,229.2		$	567.2		$	262.3		$	298.6		$	337.6		$	330.8		$	235.9		$	152.7		$	99.8		$	78.9

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