EX-99

Exhibit 99.2

Supplemental Financial Information

First Quarter 2023

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.

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Preface

PRIMERICA, INC.
Financial Supplement

First Quarter 2023

This document is a financial supplement to our first quarter 2023 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, 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 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. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

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

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

Effective January 1, 2023, we adopted FASB ASU 2018-12 "Targeted Improvements to the Accounting for Long-Duration Contracts" (or "LDTI"). 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. We have restated our 12/31/2021 balance sheet and 2022 financial statements in this document as it was necessary to present historical periods on a comparable basis with future period results

Also effective January 1, 2023, we no longer allocate 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 2022 income statements in this document 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.

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

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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			Mar 31, 2023			Jun 30, 2023	Sep 30, 2023	Dec 31, 2023
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		$	3,246,388
	Securities held to maturity				1,379,100			1,390,310			1,415,940			1,433,760			1,444,920			1,460,000
			Total investments and cash		4,656,930			4,581,464			4,464,914			4,415,358			4,586,839			4,706,388
	Due from reinsurers				4,218,704			3,692,660			3,359,054			3,160,111			3,176,397			3,179,074
	Deferred policy acquisition costs				2,959,654			3,033,186			3,088,172			3,133,408			3,194,029			3,256,845
	Goodwill				179,154			179,154			187,707			127,707			127,707			127,707
	Other assets				1,367,435			1,253,840			1,217,898			1,206,368			1,227,459			1,195,710
	Separate account assets				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968
			Total assets	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147		$	14,795,692

Liabilities:
	Future policy benefits			$	8,594,476		$	7,332,290		$	6,606,150		$	6,094,187		$	6,297,911		$	6,561,624
	Other policy liabilities				1,103,642			1,108,047			999,789			1,005,195			1,037,440			996,747
	Income taxes				15,311			95,302			167,560			217,364			202,462			199,394
	Other liabilities				669,631			683,865			646,660			659,582			626,773			659,734
	Debt obligations				607,102			598,303			592,504			592,705			592,905			593,106
	Surplus note				1,378,585			1,389,811			1,415,457			1,433,293			1,444,469			1,459,565
	Payable under securities lending				94,529			93,171			96,603			80,754			100,938			74,452
	Separate account liabilities				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968
			Total liabilities		15,263,269			13,997,680			12,883,710			12,289,687			12,608,615			12,874,590

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

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				394			388			378			370			368			364
	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			2,151,771
	Treasury stock				—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)
		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			(11,679	)
		Cumulative translation adjustment			8,553			11,842			2,362			(16,514	)		(12,196	)		(11,198	)
			Total stockholders’ equity (2)		911,330			1,434,897			1,790,789			1,959,874			2,009,532			1,921,102
			Total liabilities and stockholders' equity	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147		$	14,795,692

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		$	1,921,102
	Less: Net unrealized gains (losses)				63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)
	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			(11,679	)
			Adjusted stockholders’ equity	$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107		$	2,140,938

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period							$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107
	Net Income attributable to Primerica, Inc.							115,039			125,168			76,777			143,956			125,106
	Shareholder dividends							(21,645	)		(21,178	)		(20,571	)		(20,389	)		(23,910	)
	Retirement of shares and warrants							(103,862	)		(127,963	)		(97,515	)		(32,098	)		(96,323	)
	Net foreign currency translation adjustment							3,289			(9,480	)		(18,876	)		4,318			998
	Other, net							14,820			8,961			5,979			6,096			15,960
Balance, end of period							$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107		$	2,140,938

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period							$	2,959,654		$	3,033,186		$	3,088,172		$	3,133,408		$	3,194,029
	General expenses deferred							9,519			9,321			9,726			9,283			10,777
	Commission costs deferred							123,739			119,794			119,734			113,479			118,386
	Amortization of deferred policy acquisition costs							(63,223	)		(64,200	)		(65,447	)		(66,236	)		(67,358	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095			1,011
Balance, end of period							$	3,033,186		$	3,088,172		$	3,133,408		$	3,194,029		$	3,256,845

(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 Q1												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ 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			36,709,525						(2,511,478	)		-6.4	%		39,221,003			36,709,525			(2,511,478	)		-6.4	%

	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%
	Less income attributable to unvested participating securities			(477	)		(554	)		(362	)		(690	)		(565	)					(89	)		-18.6	%		(477	)		(565	)		(89	)		-18.6	%
		Net income used in computing basic EPS	$	114,562		$	124,614		$	76,415		$	143,267		$	124,541					$	9,978			8.7	%	$	114,562		$	124,541		$	9,978			8.7	%
		Basic earnings per share	$	2.92		$	3.25		$	2.04		$	3.87		$	3.39					$	0.47			16.1	%	$	2.92		$	3.39		$	0.47			16.1	%

	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%
	Less operating income attributable to unvested participating securities			(484	)		(566	)		(655	)		(681	)		(564	)					(80	)		-16.4	%		(484	)		(564	)		(80	)		-16.4	%
		Adjusted net operating income used in computing basic operating EPS	$	116,469		$	127,356		$	138,243		$	141,359		$	128,327					$	11,857			10.2	%	$	116,469		$	128,327		$	11,857			10.2	%
		Basic adjusted operating income per share	$	2.97		$	3.32		$	3.69		$	3.82		$	3.50					$	0.53			17.7	%	$	2.97		$	3.50		$	0.53			17.7	%

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			36,709,525						(2,511,478	)		-6.4	%		39,221,003			36,709,525			(2,511,478	)		-6.4	%
	Dilutive impact of contingently issuable shares			110,941			115,058			102,810			107,245			94,123						(16,818	)		-15.2	%		110,941			94,123			(16,818	)		-15.2	%
		Shares used to calculate diluted EPS		39,331,944			38,500,578			37,541,064			37,081,212			36,803,648						(2,528,296	)		-6.4	%		39,331,944			36,803,648			(2,528,296	)		-6.4	%

	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%
	Less income attributable to unvested participating securities			(475	)		(552	)		(361	)		(688	)		(582	)					(107	)		-22.5	%		(475	)		(582	)		(107	)		-22.5	%
		Net income used in computing diluted EPS	$	114,564		$	124,615		$	76,415		$	143,268		$	124,524					$	9,960			8.7	%	$	114,564		$	124,524		$	9,960			8.7	%
		Diluted earnings per share	$	2.91		$	3.24		$	2.04		$	3.86		$	3.38					$	0.47			16.2	%	$	2.91		$	3.38		$	0.47			16.2	%

	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%
	Less operating income attributable to unvested participating securities			(483	)		(564	)		(653	)		(679	)		(581	)					(98	)		-20.2	%		(483	)		(581	)		(98	)		-20.2	%
		Adjusted net operating income used in computing diluted operating EPS	$	116,471		$	127,357		$	138,244		$	141,361		$	128,310					$	11,839			10.2	%	$	116,471		$	128,310		$	11,839			10.2	%
		Diluted adjusted operating income per share	$	2.96		$	3.31		$	3.68		$	3.81		$	3.49					$	0.53			17.7	%	$	2.96		$	3.49		$	0.53			17.7	%




																					YOY Q1												YOY YTD
			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023						$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,173,114		$	1,612,843		$	1,875,331		$	1,984,703		$	1,965,317					$	792,203			67.5	%	$	1,173,114		$	1,965,317		$	792,203			67.5	%
	Average adjusted stockholders' equity (1)		$	2,092,102		$	2,083,676		$	2,044,327		$	2,068,165		$	2,130,022					$	37,920			1.8	%	$	2,092,102		$	2,130,022		$	37,920			1.8	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			39.2	%		31.0	%		16.4	%		29.0	%		25.5	%					-13.8	%	nm				39.2	%		25.5	%		-13.8	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.0	%		24.0	%		15.0	%		27.8	%		23.5	%					1.5	%	nm				22.0	%		23.5	%		1.5	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.4	%		24.6	%		27.2	%		27.5	%		24.2	%					1.8	%	nm				22.4	%		24.2	%		1.8	%	nm

Capital Structure
	Debt-to-capital (2)			29.4	%		24.9	%		23.2	%		22.8	%		23.6	%					-5.8	%	nm				29.4	%		23.6	%		-5.8	%	nm
	Debt-to-capital, excluding AOCI (2)			22.3	%		22.3	%		22.6	%		21.8	%		21.6	%					-0.7	%	nm				22.3	%		21.6	%		-0.7	%	nm

	Cash and invested assets to stockholders' equity			3.2	x		2.5	x		2.3	x		2.3	x		2.4	x					(0.7	x)	nm				3.2	x		2.4	x		(0.7	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					0.0	x	nm				2.2	x		2.2	x		0.0	x	nm

	Share count, end of period (3)			38,751,885			37,768,052			37,026,600			36,824,428			36,407,876						(2,344,009	)		-6.0	%		38,751,885			36,407,876			(2,344,009	)		-6.0	%
	Adjusted stockholders' equity per share		$	54.09		$	54.85		$	54.48		$	57.55		$	58.80					$	4.72			8.7	%	$	54.09		$	58.80		$	4.72			8.7	%

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

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

(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 Q1												YOY YTD
(Dollars in thousands)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	798,666		$	808,894		$	810,079		$	812,481		$	817,872					$	19,206			2.4	%	$	798,666		$	817,872		$	19,206			2.4	%
	Ceded premiums			(399,885	)		(419,048	)		(404,870	)		(406,088	)		(405,347	)					(5,462	)		-1.4	%		(399,885	)		(405,347	)		(5,462	)		-1.4	%
		Net premiums		398,781			389,846			405,209			406,393			412,525						13,745			3.4	%		398,781			412,525			13,745			3.4	%
	Net investment income			18,905			21,284			24,346			28,530			31,065						12,160			64.3	%		18,905			31,065			12,160			64.3	%
	Commissions and fees:
		Sales-based (1)		103,242			88,701			67,962			66,473			72,388						(30,853	)		-29.9	%		103,242			72,388			(30,853	)		-29.9	%
		Asset-based (2)		113,112			108,101			107,483			105,357			111,904						(1,208	)		-1.1	%		113,112			111,904			(1,208	)		-1.1	%
		Account-based (3)		21,541			22,592			22,910			23,348			22,790						1,249			5.8	%		21,541			22,790			1,249			5.8	%
		Other commissions and fees		13,905			21,294			27,113			31,542			24,464						10,559			75.9	%		13,905			24,464			10,559			75.9	%
	Investment (losses) gains			751			(1,892	)		(2,699	)		2,846			(4,608	)					(5,359	)	nm				751			(4,608	)		(5,359	)	nm
	Other, net			20,988			18,755			20,964			22,451			19,508						(1,481	)		-7.1	%		20,988			19,508			(1,481	)		-7.1	%
	Total revenues			691,225			668,681			673,288			686,940			690,036						(1,189	)		-0.2	%		691,225			690,036			(1,189	)		-0.2	%
Benefits and expenses:
	Benefits and claims			168,288			153,071			164,092			165,742			168,702						414			0.2	%		168,288			168,702			414			0.2	%
	Future policy benefits remeasurement (gain)/loss			(1,272	)		(627	)		988			433			(508	)					765			60.1	%		(1,272	)		(508	)		765			60.1	%
	Amortization of DAC			63,223			64,200			65,447			66,236			67,358						4,136			6.5	%		63,223			67,358			4,136			6.5	%
	Insurance commissions			7,721			7,594			7,666			7,280			8,138						417			5.4	%		7,721			8,138			417			5.4	%
	Insurance expenses			59,509			59,461			57,552			58,883			61,125						1,616			2.7	%		59,509			61,125			1,616			2.7	%
	Sales commissions:
		Sales-based (1)		74,606			63,403			48,775			47,927			52,452						(22,154	)		-29.7	%		74,606			52,452			(22,154	)		-29.7	%
		Asset-based (2)		53,366			50,876			51,549			51,047			54,276						910			1.7	%		53,366			54,276			910			1.7	%
		Other sales commissions		5,952			5,484			5,592			4,187			4,147						(1,805	)		-30.3	%		5,952			4,147			(1,805	)		-30.3	%
	Interest expense			6,853			6,814			6,802			6,768			6,690						(163	)		-2.4	%		6,853			6,690			(163	)		-2.4	%
	Contract acquistion costs (4)			20,649			19,384			13,446			14,952			14,984						(5,665	)		-27.4	%		20,649			14,984			(5,665	)		-27.4	%
	Other operating expenses			86,434			79,728			73,790			80,443			89,534						3,100			3.6	%		86,434			89,534			3,100			3.6	%
	Goodwill impairment			—			—			60,000			—			—						—		#DIV/0!				—			—			—		#DIV/0!
	Loss on extinguishment of debt			—			—			—			—			—						—		#DIV/0!				—			—			—		#DIV/0!
	Total benefits and expenses			545,329			509,389			555,697			503,898			526,899						(18,430	)		-3.4	%		545,329			526,899			(18,430	)		-3.4	%
	Income before income taxes			145,896			159,292			117,591			183,041			163,137						17,241			11.8	%		145,896			163,137			17,241			11.8	%
		Income taxes		33,511			36,509			40,815			39,085			38,031						4,520			13.5	%		33,511			38,031			4,520			13.5	%
	Net income			112,385			122,784			76,777			143,956			125,106						12,721			11.3	%		112,385			125,106			12,721			11.3	%
	Net income attributable to noncontrolling interests			(2,654	)		(2,384	)		—			—			—						2,654			100.0	%		(2,654	)		—			2,654			100.0	%
		Net Income attributable to Primerica, Inc.	$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%

Income Before Income Taxes by Segment
Term Life			$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%
Investment & Savings Products				67,038			63,017			59,222			56,612			56,107						(10,931	)		-16.3	%		67,038			56,107			(10,931	)		-16.3	%
Senior Health				(23,085	)		(16,150	)		(63,723	)		4,285			(3,762	)					19,324			83.7	%		(23,085	)		(3,762	)		19,324			83.7	%
Corporate & Other Distributed Products				(16,632	)		(12,609	)		(6,075	)		(6,325	)		(15,944	)					688			4.1	%		(16,632	)		(15,944	)		688			4.1	%
	Income before income taxes		$	145,896		$	159,292		$	117,591		$	183,041		$	163,137					$	17,242			11.8	%	$	145,896		$	163,137		$	17,242			11.8	%

(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 Q1												YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ 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		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%
	Less: Premiums ceded to IPO Coinsurers		234,614			231,805			226,869			224,240			220,240						(14,374	)		-6.1	%		234,614			220,240			(14,374	)		-6.1	%
	Term Life adjusted direct premiums	$	558,640		$	571,648		$	577,717		$	583,556		$	592,640					$	34,000			6.1	%	$	558,640		$	592,640		$	34,000			6.1	%

Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(398,446	)	$	(417,406	)	$	(403,416	)	$	(404,174	)	$	(404,044	)				$	(5,597	)		-1.4	%	$	(398,446	)	$	(404,044	)	$	(5,597	)		-1.4	%
	Less: Premiums ceded to IPO Coinsurers		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)					14,374			6.1	%		(234,614	)		(220,240	)		14,374			6.1	%
	Term Life other ceded premiums	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(179,935	)	$	(183,804	)				$	(19,971	)		-12.2	%	$	(163,832	)	$	(183,804	)	$	(19,971	)		-12.2	%

Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	18,905		$	21,284		$	24,346		$	28,530		$	31,065					$	12,160			64.3	%	$	18,905		$	31,065		$	12,160			64.3	%
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Adjusted net investment income	$	21,004		$	22,538		$	24,414		$	28,940		$	31,392					$	10,388			49.5	%	$	21,004		$	31,392		$	10,388			49.5	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	86,434		$	79,728		$	73,790		$	80,443		$	89,534					$	3,100			3.6	%	$	86,434		$	89,534		$	3,100			3.6	%
	Less: eTeleQuote transaction-related costs		900			(2,892	)		—			—			—					nm			nm				900			—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		256			3,328			—			—			—					nm			nm				256			—		nm			nm
	Adjusted other operating expenses	$	85,278		$	79,292		$	73,790		$	80,443		$	89,534					$	4,256			5.0	%	$	85,278		$	89,534		$	4,256			5.0	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	691,225		$	668,681		$	673,288		$	686,940		$	690,036					$	(1,189	)		-0.2	%	$	691,225		$	690,036		$	(1,189	)		-0.2	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Adjusted operating revenues	$	692,573		$	671,827		$	676,056		$	684,503		$	694,972					$	2,398			0.3	%	$	692,573		$	694,972		$	2,398			0.3	%

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		$	163,137					$	17,241			11.8	%	$	145,896		$	163,137		$	17,241			11.8	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Less: eTeleQuote transaction-related costs		(900	)		2,892			—			—			—					nm			nm				(900	)		—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—					nm			nm				(256	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—					nm			nm				(3,668	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm			nm				—			—		nm			nm
	Adjusted operating income before income taxes	$	152,068		$	166,003		$	180,359		$	180,605		$	168,073					$	16,005			10.5	%	$	152,068		$	168,073		$	16,005			10.5	%

Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	112,385		$	122,784		$	76,777		$	143,956		$	125,106					$	12,721			11.3	%	$	112,385		$	125,106		$	12,721			11.3	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Less: e-TeleQuote transaction-related costs		(900	)		2,892			—			—			—					nm			nm				(900	)		—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—					nm			nm				(256	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—					nm			nm				(3,668	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm			nm				—			—		nm			nm
	Less: Tax impact of reconciling items		1,603			1,573			647			(520	)		1,151					nm			nm				1,603			1,151		nm			nm
	Adjusted net operating income	$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%

7 of 18

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

PRIMERICA, INC.
Financial Supplement


																				YOY Q1											YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change		% Change			YTD 2022			YTD 2023			$ 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		$	(3,762	)				$	19,324		83.7	%	$	(23,085	)	$	(3,762	)	$	19,324		83.7	%
	Less: e-TeleQuote transaction-related costs		(399	)		(66	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Noncontrolling interest		(3,668	)		(3,129	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm		nm			nm			nm			nm		nm
	Adjusted operating income before income taxes	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(3,762	)				$	15,256		80.2	%	$	(19,018	)	$	(3,762	)	$	15,256		80.2	%

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	)	$	(15,944	)				$	688		4.1	%	$	(16,632	)	$	(15,944	)	$	688		4.1	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm		nm			nm			nm			nm		nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm		nm			nm			nm			nm		nm
	Less: e-TeleQuote transaction-related costs		(501	)		2,958			—			—			—					nm		nm			nm			nm			nm		nm
	Less: Equity comp for awards exchanged during acquistion		(256	)		(3,328	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Loss on extinguishment of debt		—			—			—			—			—					nm		nm			nm			nm			nm		nm
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(11,008	)				$	3,519		24.2	%	$	(14,527	)	$	(11,008	)	$	3,519		24.2	%

8 of 18

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.
Financial Supplement


																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%
	Premiums ceded to IPO coinsurers (1)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)					14,374			6.1	%		(234,614	)		(220,240	)		14,374			6.1	%
	Adjusted direct premiums (2)		558,640			571,648			577,717			583,556			592,640						34,000			6.1	%		558,640			592,640			34,000			6.1	%
	Other ceded premiums (3)		(163,832	)		(185,601	)		(176,548	)		(179,935	)		(183,804	)					(19,971	)		-12.2	%		(163,832	)		(183,804	)		(19,971	)		-12.2	%
	Net premiums		394,808			386,047			401,169			403,621			408,836						14,028			3.6	%		394,808			408,836			14,028			3.6	%
	Other, net		12,175			12,374			13,419			12,352			12,233						58			0.5	%		12,175			12,233			58			0.5	%
	Revenues		406,983			398,421			414,588			415,974			421,069						14,086			3.5	%		406,983			421,069			14,086			3.5	%

	Benefits and expenses:
	Benefits and claims		166,407			149,328			161,283			161,769			164,375						(2,032	)		-1.2	%		166,407			164,375			(2,032	)		-1.2	%
	Future policy benefits remeasurement (gain)/loss		(1,434	)		(663	)		1,072			(526	)		(31	)					1,403			97.9	%		(1,434	)		(31	)		1,403			97.9	%
	Amortization of DAC		61,369			62,538			63,631			64,813			65,503						4,134			6.7	%		61,369			65,503			4,134			6.7	%
	Insurance commissions		3,793			3,854			3,964			3,724			4,590						797			21.0	%		3,793			4,590			797			21.0	%
	Insurance expenses		58,272			58,329			56,471			57,723			59,896						1,624			2.8	%		58,272			59,896			1,624			2.8	%
	Benefits and expenses		288,408			273,387			286,421			287,504			294,334						5,926			2.1	%		288,408			294,334			5,926			2.1	%
	Income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	448,657		$	460,061		$	465,354		$	469,565		$	477,227					$	28,570			6.4	%	$	448,657		$	477,227		$	28,570			6.4	%
	Pre-IPO direct premiums (5)		344,597			343,392			339,232			338,230			335,652						(8,945	)		-2.6	%		344,597			335,652			(8,945	)		-2.6	%
	Total direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%

	Premiums ceded to IPO coinsurers	$	234,614		$	231,805		$	226,869		$	224,240		$	220,240					$	(14,374	)		-6.1	%	$	234,614		$	220,240		$	(14,374	)		-6.1	%
	% of Pre-IPO direct premiums		68.1	%		67.5	%		66.9	%		66.3	%		65.6	%				nm			nm				68.1	%		65.6	%	nm			nm

	Benefits and claims, net (6)	$	328,805		$	334,266		$	338,903		$	341,178		$	348,148					$	19,343			5.9	%	$	328,805		$	348,148		$	19,343			5.9	%
	% of adjusted direct premiums		58.9	%		58.5	%		58.7	%		58.5	%		58.7	%				nm			nm				58.9	%		58.7	%	nm			nm

	DAC amortization & insurance commissions	$	65,163		$	66,393		$	67,595		$	68,537		$	70,093					$	4,931			7.6	%	$	65,163		$	70,093		$	4,931			7.6	%
	% of adjusted direct premiums		11.7	%		11.6	%		11.7	%		11.7	%		11.8	%				nm			nm				11.7	%		11.8	%	nm			nm

	Insurance expenses, net (7)	$	46,097		$	45,955		$	43,052		$	45,371		$	47,663					$	1,566			3.4	%	$	46,097		$	47,663		$	1,566			3.4	%
	% of adjusted direct premiums		8.3	%		8.0	%		7.5	%		7.8	%		8.0	%				nm			nm				8.3	%		8.0	%	nm			nm

	Total Term Life income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%
	Term Life operating margin (8)		21.2	%		21.9	%		22.2	%		22.0	%		21.4	%				nm			nm				21.2	%		21.4	%	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 Q1												YOY YTD
(Dollars in thousands, except as noted)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				129,515			130,206			132,149			134,313			135,208						5,693			4.4	%		129,515			135,208			5,693			4.4	%
	New life-licensed representatives			9,983			11,529			12,518			11,117			11,118						1,135			11.4	%		9,983			11,118			1,135			11.4	%
	Non-renewal and terminated representatives			(9,292	)		(9,586	)		(10,354	)		(10,222	)		(9,896	)					(604	)		-6.5	%		(9,292	)		(9,896	)		(604	)		-6.5	%
Life-insurance licensed sales force, end of period				130,206			132,149			134,313			135,208			136,430						6,224			4.8	%		130,206			136,430			6,224			4.8	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	65.5		$	72.3		$	68.0		$	66.0		$	70.7					$	5.3			8.0	%	$	65.5		$	70.7		$	5.3			8.0	%
	Additions and increases in premium			18.4			20.6			19.5			18.2			18.2						(0.2	)		-0.9	%		18.4			18.2			(0.2	)		-0.9	%
		Total estimated annualized issued term life premium	$	83.8		$	92.9		$	87.5		$	84.2		$	88.9					$	5.1			6.1	%	$	83.8		$	88.9		$	5.1			6.1	%

Issued term life policies				71,324			76,946			71,104			72,544			84,561						13,237			18.6	%		71,324			84,561			13,237			18.6	%
Estimated average annualized issued term life premium per policy (1)(2)			$	918		$	940		$	957		$	910		$	836					$	(82	)		-8.9	%	$	918		$	836		$	(82	)		-8.9	%
Adjusted issued term life policies (3)			$	83,050		$	89,316		$	81,372		$	79,282		$	84,561					$	1,511			1.8	%	$	83,050		$	84,561		$	1,511			1.8	%
Adjusted estimated average annualized issued term life premium per policy (1)(2)			$	788		$	810		$	836		$	833		$	836					$	48			6.1	%	$	788		$	836		$	48			6.1	%

Term life face amount in-force, beginning of period ($mills)			$	903,404		$	909,632		$	914,438		$	912,785		$	916,808					$	13,404			1.5	%	$	903,404		$	916,808		$	13,404			1.5	%
	Issued term life face amount (4)			24,773			27,651			26,049			25,349			28,124						3,352			13.5	%		24,773			28,124			3,352			13.5	%
	Terminated term life face amount			(19,787	)		(19,298	)		(21,033	)		(22,776	)		(22,210	)					(2,424	)		-12.2	%		(19,787	)		(22,210	)		(2,424	)		-12.2	%
	Foreign currency impact, net			1,242			(3,547	)		(6,669	)		1,450			124						(1,119	)		-90.1	%		1,242			124			(1,119	)		-90.1	%
Term life face amount in-force, end of period			$	909,632		$	914,438		$	912,785		$	916,808		$	922,845					$	13,213			1.5	%	$	909,632		$	922,845		$	13,213			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)

Provided for comparability of year-over-year results of term life issued policies and reflects the estimated number of policies issued after adjusting for a consistent basis of insured lives per policy following the Q4 2022 new product launch

(4)

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 Q1												YOY YTD
(Dollars in thousands, except as noted)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	103,242		$	88,701		$	67,962		$	66,473		$	72,388					$	(30,853	)		-29.9	%	$	103,242		$	72,388		$	(30,853	)		-29.9	%
	Asset-based		113,112			108,101			107,483			105,357			111,904						(1,208	)		-1.1	%		113,112			111,904			(1,208	)		-1.1	%
	Account-based		21,541			22,592			22,910			23,348			22,790						1,249			5.8	%		21,541			22,790			1,249			5.8	%
	Other, net		3,144			3,022			3,342			3,102			3,120						(24	)		-0.8	%		3,144			3,120			(24	)		-0.8	%
	Revenues		241,039			222,416			201,697			198,280			210,202						(30,836	)		-12.8	%		241,039			210,202			(30,836	)		-12.8	%

	Benefits and expenses:
	Amortization of DAC		1,446			1,421			1,378			1,336			1,493						46			3.2	%		1,446			1,493			46			3.2	%
	Insurance commissions		3,646			3,450			3,419			3,320			3,308						(338	)		-9.3	%		3,646			3,308			(338	)		-9.3	%
	Sales commissions:
	Sales-based		74,606			63,403			48,775			47,927			52,452						(22,154	)		-29.7	%		74,606			52,452			(22,154	)		-29.7	%
	Asset-based		53,366			50,876			51,549			51,047			54,276						910			1.7	%		53,366			54,276			910			1.7	%
	Other operating expenses		40,936			40,249			37,355			38,038			42,567						1,631			4.0	%		40,936			42,567			1,631			4.0	%
	Benefits and expenses		174,001			159,398			142,476			141,669			154,095						(19,905	)		-11.4	%		174,001			154,095			(19,905	)		-11.4	%
	Income before income taxes	$	67,038		$	63,017		$	59,222		$	56,612		$	56,107					$	(10,931	)		-16.3	%	$	67,038		$	56,107		$	(10,931	)		-16.3	%

Financial Analysis

	Fees paid based on client asset values (1)	$	8,037		$	7,917		$	7,980		$	8,004		$	8,034					$	(3	)	nm			$	8,037		$	8,034		$	(3	)	nm
	Fees paid based on fee-generating positions (2)		10,948			9,974			9,486			9,665			11,528						580			5.3	%		10,948			11,528			580			5.3	%
	Other operating expenses		21,951			22,358			19,889			20,369			23,005						1,054			4.8	%		21,951			23,005			1,054			4.8	%
	Total other operating expenses	$	40,936		$	40,249		$	37,355		$	38,038		$	42,567					$	1,631			4.0	%	$	40,936		$	42,567		$	1,631			4.0	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.20	%		1.27	%		1.23	%		1.21	%		1.21	%				nm			nm				1.20	%		1.21	%	nm			nm
	Canada		1.00	%		0.78	%		0.32	%		0.31	%		0.33	%				nm			nm				1.00	%		0.33	%	nm			nm
	Total		1.16	%		1.21	%		1.17	%		1.15	%		1.13	%				nm			nm				1.16	%		1.13	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.039	%		0.040	%		0.042	%		0.040	%		0.042	%				nm			nm				0.039	%		0.042	%	nm			nm
	Canada		0.108	%		0.106	%		0.105	%		0.103	%		0.102	%				nm			nm				0.108	%		0.102	%	nm			nm
	Total		0.049	%		0.051	%		0.052	%		0.050	%		0.052	%				nm			nm				0.049	%		0.052	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.48		$	4.08		$	4.31		$	4.37		$	3.58					nm			nm			$	3.48		$	3.58		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 Q1												YOY YTD
(Dollars in thousands, except as noted)					Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,298.6		$	1,151.4		$	931.8		$	883.8		$	971.7					$	(326.9	)		-25.2	%	$	1,298.6		$	971.7		$	(326.9	)		-25.2	%
		Canada Retail Mutual Funds				437.6			250.6			112.2			112.0			149.8						(287.9	)		-65.8	%		437.6			149.8			(287.9	)		-65.8	%
		Indexed Annuities				57.5			70.2			55.8			69.2			80.7						23.2			40.4	%		57.5			80.7			23.2			40.4	%
		Variable Annuities and other				668.4			617.3			542.5			548.0			556.4						(112.0	)		-16.8	%		668.4			556.4			(112.0	)		-16.8	%
				Total sales-based revenue generating product sales		2,462.1			2,089.5			1,642.3			1,612.9			1,758.6						(703.6	)		-28.6	%		2,462.1			1,758.6			(703.6	)		-28.6	%
		Managed Accounts				453.7			451.3			319.6			288.1			306.1						(147.6	)		-32.5	%		453.7			306.1			(147.6	)		-32.5	%
		Canada Retail Mutual Funds - no upfront sales comm				82.2			97.5			157.9			156.6			183.4						101.2			123.0	%		82.2			183.4			101.2			123.0	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9						(15.4	)		-22.9	%		67.3			51.9			(15.4	)		-22.9	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0					$	(765.4	)		-25.0	%	$	3,065.4		$	2,300.0		$	(765.4	)		-25.0	%

		Total Canada Retail Mutual Funds			$	519.9		$	348.1		$	270.2		$	268.6		$	333.2					$	(186.7	)		-35.9	%	$	519.9		$	333.2		$	(186.7	)		-35.9	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9						(15.4	)		-22.9	%		67.3			51.9			(15.4	)		-22.9	%
			Total Canada product sales			587.1			399.4			311.8			303.5			385.0						(202.1	)		-34.4	%		587.1			385.0			(202.1	)		-34.4	%
			Total U.S. product sales			2,478.2			2,290.1			1,849.7			1,789.0			1,914.9						(563.3	)		-22.7	%		2,478.2			1,914.9			(563.3	)		-22.7	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0					$	(765.4	)		-25.0	%	$	3,065.4		$	2,300.0		$	(765.4	)		-25.0	%

	Client asset values, beginning of period ($mills)				$	97,312		$	93,708		$	82,291		$	78,737		$	83,949					$	(13,363	)		-13.7	%	$	97,312		$	83,949		$	(13,363	)		-13.7	%
		Inflows				3,065			2,690			2,161			2,093			2,300						(765	)		-25.0	%		3,065			2,300			(765	)		-25.0	%
		Outflows (1)				(1,900	)		(1,797	)		(1,447	)		(1,444	)		(1,658	)					242			12.7	%		(1,900	)		(1,658	)		242			12.7	%
				Net flows		1,166			893			714			649			642						(524	)		-44.9	%		1,166			642			(524	)		-44.9	%
		Foreign currency impact, net				171			(474	)		(802	)		174			16						(155	)		-90.9	%		171			16			(155	)		-90.9	%
		Change in market value, net and other (2)				(4,941	)		(11,836	)		(3,466	)		4,388			3,014						7,955		nm				(4,941	)		3,014			7,955		nm
	Client asset values, end of period				$	93,708		$	82,291		$	78,737		$	83,949		$	87,621					$	(6,087	)		-6.5	%	$	93,708		$	87,621		$	(6,087	)		-6.5	%
		Annualized net flows as % of beginning of period asset values				4.8	%		3.8	%		3.5	%		3.3	%		3.1	%					-1.7	%	nm				4.8	%		3.1	%		-1.7	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	46,429		$	42,870		$	40,331		$	40,402		$	42,096					$	(4,333	)		-9.3	%	$	46,429		$	42,096		$	(4,333	)		-9.3	%
		Canada Retail Mutual Funds				12,119			11,539			10,840			10,759			11,345						(773	)		-6.4	%		12,119			11,345			(773	)		-6.4	%
		Managed Accounts				7,077			6,960			6,817