EX-99.3

Exhibit 99.3

Supplemental Financial Information

As Adjusted for ASU 2018-12

Fourth Quarter 2022

This document is a revision of the restated fourth quarter 2022 financial supplement furnished as an exhibit to the 8-K filed on May 2, 2023 and corrects certain immaterial misstatements identified in the prior period results related to the adoption of LDTI. These immaterial misstatements were specifically related to the Company’s accounting estimates under LDTI and thus no financial statements prior to the adoption of LDTI were affected.

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.

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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				4,239,627			3,716,686			3,386,120			3,190,157			3,209,540
	Deferred policy acquisition costs				2,956,650			3,029,551			3,083,905			3,128,511			3,188,502
	Goodwill				179,154			179,154			187,707			127,707			127,707
	Other assets				1,363,612			1,249,598			1,213,620			1,202,072			1,223,120
	Separate account assets				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717
			Total assets	$	16,195,964		$	15,453,343		$	14,695,254		$	14,270,413		$	14,641,423

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			95,424			168,160			218,441			204,017
	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			13,997,803			12,884,310			12,290,764			12,610,170

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				2,085,665			2,098,037			2,085,823			2,053,285			2,153,617
	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			(1,238,180	)		(592,910	)		(104,078	)		195,520			130,416
		Cumulative translation adjustment			8,547			11,847			2,336			(16,614	)		(12,279	)
			Total stockholders’ equity (2)		925,425			1,450,923			1,808,712			1,979,648			2,031,253
			Total liabilities and stockholders' equity	$	16,195,964		$	15,453,343		$	14,695,254		$	14,270,413		$	14,641,423

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	925,425		$	1,450,923		$	1,808,712		$	1,979,648		$	2,031,253
	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				(1,238,180	)		(592,910	)		(104,078	)		195,520			130,416
			Adjusted stockholders’ equity	$	2,099,830		$	2,110,271		$	2,088,536		$	2,037,041		$	2,141,707

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period							$	2,099,830		$	2,110,271		$	2,088,536		$	2,037,041
	Net Income attributable to Primerica, Inc.							117,829			127,956			79,561			146,721
	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							3,300			(9,511	)		(18,949	)		4,335
	Other, net							14,820			8,961			5,979			6,096
Balance, end of period							$	2,110,271		$	2,088,536		$	2,037,041		$	2,141,707

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period							$	2,956,650		$	3,029,551		$	3,083,905		$	3,128,511
	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							(63,854	)		(64,830	)		(66,077	)		(66,867	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095
Balance, end of period							$	3,029,551		$	3,083,905		$	3,128,511		$	3,188,502

(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.		$	117,829		$	127,956		$	79,561		$	146,721		$	477,362		$	472,068		$	(5,294	)		-1.1	%
	Less income attributable to unvested participating securities			(488	)		(566	)		(375	)		(703	)		(1,960	)		(2,131	)		(171	)		-8.7	%
		Net income used in computing basic EPS	$	117,341		$	127,390		$	79,186		$	146,019		$	475,402		$	469,937		$	(5,465	)		-1.1	%
		Basic earnings per share	$	2.99		$	3.32		$	2.12		$	3.95		$	12.03		$	12.37		$	0.34			2.8	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	566,204		$	536,941		$	(29,263	)		-5.2	%
	Less operating income attributable to unvested participating securities			(496	)		(578	)		(668	)		(694	)		(2,325	)		(2,424	)		(99	)		-4.3	%
		Adjusted net operating income used in computing basic operating EPS	$	119,248		$	130,132		$	141,014		$	144,111		$	563,879		$	534,518		$	(29,362	)		-5.2	%
		Basic adjusted operating income per share	$	3.04		$	3.39		$	3.77		$	3.90		$	14.26		$	14.07		$	(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.		$	117,829		$	127,956		$	79,561		$	146,721		$	477,362		$	472,068		$	(5,294	)		-1.1	%
	Less income attributable to unvested participating securities			(487	)		(564	)		(374	)		(701	)		(1,955	)		(2,153	)		(198	)		-10.1	%
		Net income used in computing diluted EPS	$	117,342		$	127,392		$	79,187		$	146,020		$	475,407		$	469,915		$	(5,492	)		-1.2	%
		Diluted earnings per share	$	2.98		$	3.31		$	2.11		$	3.94		$	11.99		$	12.33		$	0.34			2.9	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	566,204		$	536,941		$	(29,263	)		-5.2	%
	Less operating income attributable to unvested participating securities			(495	)		(577	)		(666	)		(692	)		(2,319	)		(2,418	)		(99	)		-4.3	%
		Adjusted net operating income used in computing diluted operating EPS	$	119,249		$	130,134		$	141,016		$	144,113		$	563,885		$	534,523		$	(29,362	)		-5.2	%
		Diluted adjusted operating income per share	$	3.03		$	3.38		$	3.76		$	3.89		$	14.22		$	14.03		$	(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)		$	1,188,174		$	1,629,817		$	1,894,180		$	2,005,451		$	1,056,387		$	1,679,406		$	623,019			59.0	%
	Average adjusted stockholders' equity (1)		$	2,105,050		$	2,099,404		$	2,062,789		$	2,089,374		$	1,931,643		$	2,089,154		$	157,511			8.2	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			39.7	%		31.4	%		16.8	%		29.3	%		45.2	%		28.1	%		-17.1	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.4	%		24.4	%		15.4	%		28.1	%		24.7	%		22.6	%		-2.1	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.8	%		24.9	%		27.5	%		27.7	%		29.3	%		25.7	%		-3.6	%	nm

Capital Structure
	Debt-to-capital (2)			29.2	%		24.7	%		23.0	%		22.6	%		39.6	%		22.6	%		-17.0	%	nm
	Debt-to-capital, excluding AOCI (2)			22.2	%		22.1	%		22.4	%		21.6	%		22.5	%		21.6	%		-0.9	%	nm

	Cash and invested assets to stockholders' equity			3.2	x		2.5	x		2.2	x		2.3	x		5.0	x		2.3	x		(2.8	x)	nm
	Cash and invested assets to adjusted stockholders' equity			2.2	x		2.1	x		2.2	x		2.1	x		2.2	x		2.1	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		$	54.46		$	55.30		$	55.02		$	58.16		$	53.34		$	58.16		$	4.82			9.0	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A1			A1			A1			A1			nm			nm			nm			nm
	S&P		AA-			AA-			AA-			AA-			nm