EX-99.2

Exhibit 99.2

Supplemental Financial Information

Third 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

Third Quarter 2023

This document is a financial supplement to our third 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		$	3,226,056		$	3,174,938
	Securities held to maturity				1,379,100			1,390,310			1,415,940			1,433,760			1,444,920			1,460,000			1,433,520			1,417,460
			Total investments and cash		4,656,930			4,581,464			4,464,914			4,415,358			4,586,839			4,706,388			4,659,576			4,592,398
	Due from reinsurers				4,239,627			3,716,686			3,386,120			3,190,157			3,209,540			3,217,354			3,084,520			2,954,245
	Deferred policy acquisition costs				2,956,650			3,029,551			3,083,905			3,128,511			3,188,502			3,250,753			3,319,844			3,374,627
	Goodwill				179,154			179,154			187,707			127,707			127,707			127,707			127,707			127,707
	Other assets				1,363,612			1,249,598			1,213,620			1,202,072			1,223,120			1,191,286			1,201,266			1,200,647
	Separate account assets				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968			2,358,823			2,183,435
			Total assets	$	16,195,964		$	15,453,343		$	14,695,254		$	14,270,413		$	14,641,423		$	14,823,457		$	14,751,736		$	14,433,059

Liabilities:
	Future policy benefits			$	8,594,476		$	7,332,290		$	6,606,150		$	6,094,187		$	6,297,911		$	6,561,624		$	6,491,564		$	6,045,151
	Other policy liabilities				1,103,642			1,108,047			999,789			1,005,195			1,037,440			996,747			970,198			938,665
	Income taxes				15,311			95,424			168,160			218,441			204,017			201,850			169,487			227,866
	Other liabilities				669,631			683,865			646,660			659,582			626,773			659,734			642,149			636,927
	Debt obligations				607,102			598,303			592,504			592,705			592,905			593,106			593,307			593,508
	Surplus note				1,378,585			1,389,811			1,415,457			1,433,293			1,444,469			1,459,565			1,433,101			1,417,056
	Payable under securities lending				94,529			93,171			96,603			80,754			100,938			74,452			77,643			77,956
	Separate account liabilities				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968			2,358,823			2,183,435
			Total liabilities		15,263,269			13,997,803			12,884,310			12,290,764			12,610,170			12,877,046			12,736,272			12,120,564

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

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				394			388			378			370			368			364			358			353
	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			2,177,428			2,190,223			2,215,378
	Treasury stock				—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)		(226,250	)		(269,604	)
		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			(11,966	)		55,386			377,637
		Cumulative translation adjustment			8,547			11,847			2,336			(16,614	)		(12,279	)		(11,259	)		(4,253	)		(11,269	)
			Total stockholders’ equity (2)		925,425			1,450,923			1,808,712			1,979,648			2,031,253			1,946,411			2,015,464			2,312,495
			Total liabilities and stockholders' equity	$	16,195,964		$	15,453,343		$	14,695,254		$	14,270,413		$	14,641,423		$	14,823,457		$	14,751,736		$	14,433,059

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		$	1,946,411		$	2,015,464		$	2,312,495
	Less: Net unrealized gains (losses)				63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)		(226,250	)		(269,604	)
	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			(11,966	)		55,386			377,637
			Adjusted stockholders’ equity	$	2,099,830		$	2,110,271		$	2,088,536		$	2,037,041		$	2,141,707		$	2,166,533		$	2,186,328		$	2,204,462

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period							$	2,099,830		$	2,110,271		$	2,088,536		$	2,037,041		$	2,141,707		$	2,166,533		$	2,186,328
	Net Income attributable to Primerica, Inc.							117,829			127,956			79,561			146,721			128,099			144,504			152,063
	Shareholder dividends							(21,645	)		(21,178	)		(20,571	)		(20,389	)		(23,910	)		(23,598	)		(23,336	)
	Retirement of shares and warrants							(103,862	)		(127,963	)		(97,515	)		(32,098	)		(96,323	)		(112,606	)		(106,479	)
	Net foreign currency translation adjustment							3,300			(9,511	)		(18,949	)		4,335			1,020			7,005			(7,016	)
	Other, net							14,820			8,961			5,979			6,096			15,941			4,490			2,902
Balance, end of period							$	2,110,271		$	2,088,536		$	2,037,041		$	2,141,707		$	2,166,533		$	2,186,328		$	2,204,462

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period							$	2,956,650		$	3,029,551		$	3,083,905		$	3,128,511		$	3,188,502		$	3,250,753		$	3,319,844
	General expenses deferred							9,519			9,321			9,726			9,283			10,777			10,692			10,764
	Commission costs deferred							123,739			119,794			119,734			113,479			118,386			119,676			119,976
	Amortization of deferred policy acquisition costs							(63,854	)		(64,830	)		(66,077	)		(66,867	)		(67,923	)		(68,110	)		(69,405	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095			1,011			6,833			(6,551	)
Balance, end of period							$	3,029,551		$	3,083,905		$	3,128,511		$	3,188,502		$	3,250,753		$	3,319,844		$	3,374,627

(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 Q3												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			36,215,232			35,760,090				(1,678,164	)		-4.5	%		38,341,729			36,224,804			(2,116,925	)		-5.5	%

	Net income attributable to Primerica, Inc.		$	117,829		$	127,956		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063			$	72,501			91.1	%	$	325,347		$	424,666		$	99,319			30.5	%
	Less income attributable to unvested participating securities			(488	)		(566	)		(375	)		(703	)		(579	)		(609	)		(643	)			(268	)		-71.3	%		(1,439	)		(1,834	)		(395	)		-27.4	%
		Net income used in computing basic EPS	$	117,341		$	127,390		$	79,186		$	146,019		$	127,520		$	143,896		$	151,420			$	72,234			91.2	%	$	323,907		$	422,832		$	98,924			30.5	%
		Basic earnings per share	$	2.99		$	3.32		$	2.12		$	3.95		$	3.47		$	3.97		$	4.23			$	2.12			100.2	%	$	8.45		$	11.67		$	3.22			38.2	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	131,883		$	145,407		$	153,804			$	12,122			8.6	%	$	392,136		$	431,094		$	38,958			9.9	%
	Less operating income attributable to unvested participating securities			(496	)		(578	)		(668	)		(694	)		(596	)		(612	)		(650	)			18			2.7	%		(1,735	)		(1,862	)		(127	)		-7.3	%
		Adjusted net operating income used in computing basic operating EPS	$	119,248		$	130,132		$	141,014		$	144,111		$	131,288		$	144,794		$	153,154			$	12,139			8.6	%	$	390,401		$	429,232		$	38,831			9.9	%
		Basic adjusted operating income per share	$	3.04		$	3.39		$	3.77		$	3.90		$	3.58		$	4.00		$	4.28			$	0.52			13.7	%	$	10.18		$	11.85		$	1.67			16.4	%

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			36,709,525			36,215,232			35,760,090				(1,678,164	)		-4.5	%		38,341,729			36,224,804			(2,116,925	)		-5.5	%
	Dilutive impact of contingently issuable shares			110,941			115,058			102,810			107,245			94,123			74,712			62,182				(40,628	)		-39.5	%		109,603			77,006			(32,597	)		-29.7	%
		Shares used to calculate diluted EPS		39,331,944			38,500,578			37,541,064			37,081,212			36,803,648			36,289,944			35,822,272				(1,718,792	)		-4.6	%		38,451,332			36,301,810			(2,149,522	)		-5.6	%

	Net income attributable to Primerica, Inc.		$	117,829		$	127,956		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063			$	72,501			91.1	%	$	325,347		$	424,666		$	99,319			30.5	%
	Less income attributable to unvested participating securities			(487	)		(564	)		(374	)		(701	)		(577	)		(608	)		(642	)			(267	)		-71.4	%		(1,436	)		(1,831	)		(395	)		-27.5	%
		Net income used in computing diluted EPS	$	117,342		$	127,392		$	79,187		$	146,020		$	127,521		$	143,897		$	151,421			$	72,234			91.2	%	$	323,911		$	422,835		$	98,924			30.5	%
		Diluted earnings per share	$	2.98		$	3.31		$	2.11		$	3.94		$	3.46		$	3.97		$	4.23			$	2.12			100.4	%	$	8.42		$	11.65		$	3.22			38.3	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	131,883		$	145,407		$	153,804			$	12,122			8.6	%	$	392,136		$	431,094		$	38,958			9.9	%
	Less operating income attributable to unvested participating securities			(495	)		(577	)		(666	)		(692	)		(595	)		(611	)		(649	)			17			2.6	%		(1,731	)		(1,858	)		(128	)		-7.4	%
		Adjusted net operating income used in computing diluted operating EPS	$	119,249		$	130,134		$	141,016		$	144,113		$	131,289		$	144,795		$	153,155			$	12,139			8.6	%	$	390,406		$	429,235		$	38,830			9.9	%
		Diluted adjusted operating income per share	$	3.03		$	3.38		$	3.76		$	3.89		$	3.57		$	3.99		$	4.28			$	0.52			13.8	%	$	10.15		$	11.82		$	1.67			16.5	%




																									YOY Q3												YOY YTD
			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023				$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,188,174		$	1,629,817		$	1,894,180		$	2,005,451		$	1,988,832		$	1,980,938		$	2,163,980			$	269,800			14.2	%	$	1,570,724		$	2,044,583		$	473,859			30.2	%
	Average adjusted stockholders' equity (1)		$	2,105,050		$	2,099,404		$	2,062,789		$	2,089,374		$	2,154,120		$	2,176,431		$	2,195,395			$	132,607			6.4	%	$	2,089,081		$	2,175,315		$	86,234			4.1	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			39.7	%		31.4	%		16.8	%		29.3	%		25.8	%		29.2	%		28.1	%			11.3	%	nm				27.6	%		27.7	%		0.1	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.4	%		24.4	%		15.4	%		28.1	%		23.8	%		26.6	%		27.7	%			12.3	%	nm				20.8	%		26.0	%		5.3	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.8	%		24.9	%		27.5	%		27.7	%		24.5	%		26.7	%		28.0	%			0.5	%	nm				25.0	%		26.4	%		1.4	%	nm

Capital Structure
	Debt-to-capital (2)			29.2	%		24.7	%		23.0	%		22.6	%		23.4	%		22.7	%		20.4	%			-2.6	%	nm				23.0	%		20.4	%		-2.6	%	nm
	Debt-to-capital, excluding AOCI (2)			22.2	%		22.1	%		22.4	%		21.6	%		21.4	%		21.3	%		21.1	%			-1.3	%	nm				22.4	%		21.1	%		-1.3	%	nm

	Cash and invested assets to stockholders' equity			3.2	x		2.5	x		2.2	x		2.3	x		2.4	x		2.3	x		2.0	x			(0.2	x)	nm				2.2	x		2.0	x		(0.2	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		2.1	x			(0.1	x)	nm				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			36,407,876			35,845,525			35,342,474				(1,684,126	)		-4.5	%		37,026,600			35,342,474			(1,684,126	)		-4.5	%
	Adjusted stockholders' equity per share		$	54.46		$	55.30		$	55.02		$	58.16		$	59.51		$	60.99		$	62.37			$	7.36			13.4	%	$	55.02		$	62.37		$	7.36			13.4	%

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

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

(1)

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

(2)

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

(3)

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

5 of 18

Statements of Income

 
PRIMERICA, INC.
Financial Supplement


																									YOY Q3												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		$	828,296		$	831,681			$	21,602			2.7	%	$	2,417,639		$	2,477,850		$	60,210			2.5	%
	Ceded premiums			(399,885	)		(419,048	)		(404,870	)		(406,088	)		(405,347	)		(425,266	)		(411,015	)			(6,145	)		-1.5	%		(1,223,804	)		(1,241,629	)		(17,825	)		-1.5	%
		Net premiums		398,781			389,846			405,209			406,393			412,525			403,030			420,666				15,457			3.8	%		1,193,836			1,236,221			42,385			3.6	%
	Net investment income			18,905			21,284			24,346			28,530			31,065			32,398			34,730				10,384			42.7	%		64,535			98,192			33,658			52.2	%
	Commissions and fees:
		Sales-based (1)		103,242			88,701			67,962			66,473			72,388			74,958			72,996				5,034			7.4	%		259,905			220,343			(39,562	)		-15.2	%
		Asset-based (2)		113,112			108,101			107,483			105,357			111,904			113,335			119,413				11,930			11.1	%		328,696			344,652			15,956			4.9	%
		Account-based (3)		21,541			22,592			22,910			23,348			22,790			23,095			23,344				434			1.9	%		67,043			69,229			2,186			3.3	%
		Other commissions and fees		13,905			21,294			27,113			31,542			24,464			21,742			23,149				(3,963	)		-14.6	%		62,312			69,355			7,043			11.3	%
	Investment (losses) gains			751			(1,892	)		(2,699	)		2,846			(4,608	)		(328	)		(1,795	)			904			33.5	%		(3,841	)		(6,730	)		(2,890	)		-75.2	%
	Other, net			20,988			18,755			20,964			22,451			19,508			20,155			18,429				(2,536	)		-12.1	%		60,708			58,091			(2,617	)		-4.3	%
	Total revenues			691,225			668,681			673,288			686,940			690,036			688,385			710,932				37,644			5.6	%		2,033,194			2,089,353			56,159			2.8	%
Benefits and expenses:
	Benefits and claims			163,584			148,369			159,395			161,055			163,267			148,911			162,062				2,666			1.7	%		471,348			474,240			2,892			0.6	%
	Future policy benefits remeasurement (gain)/loss			(745	)		(100	)		1,514			958			559			(1,867	)		179				(1,335	)		-88.2	%		668			(1,129	)		(1,798	)	nm
	Amortization of DAC			63,854			64,830			66,077			66,867			67,923			68,110			69,405				3,328			5.0	%		194,761			205,438			10,676			5.5	%
	Insurance commissions			7,721			7,594			7,666			7,280			8,138			9,142			7,911				245			3.2	%		22,982			25,192			2,210			9.6	%
	Insurance expenses			59,509			59,461			57,552			58,883			61,125			59,093			57,821				269			0.5	%		176,522			178,039			1,517			0.9	%
	Sales commissions:
		Sales-based (1)		74,606			63,403			48,775			47,927			52,452			53,630			52,343				3,568			7.3	%		186,784			158,425			(28,359	)		-15.2	%
		Asset-based (2)		53,366			50,876			51,549			51,047			54,276			55,085			58,793				7,244			14.1	%		155,791			168,154			12,363			7.9	%
		Other sales commissions		5,952			5,484			5,592			4,187			4,147			4,907			5,064				(528	)		-9.4	%		17,028			14,118			(2,910	)		-17.1	%
	Interest expense			6,853			6,814			6,802			6,768			6,690			6,686			6,632				(169	)		-2.5	%		20,469			20,008			(461	)		-2.3	%
	Contract acquistion costs (4)			20,649			19,384			13,446			14,952			14,984			12,602			12,568				(878	)		-6.5	%		53,479			40,154			(13,326	)		-24.9	%
	Other operating expenses			86,434			79,728			73,790			80,443			89,534			83,189			79,354				5,564			7.5	%		239,952			252,077			12,125			5.1	%
	Goodwill impairment			—			—			60,000			—			—			—			—				(60,000	)		-100.0	%		60,000			—			(60,000	)		-100.0	%
	Loss on extinguishment of debt			—			—			—			—			—			—			—				—		#DIV/0!				—			—			—		#DIV/0!
	Total benefits and expenses			541,783			505,844			552,157			500,367			523,095			499,489			512,131				(40,026	)		-7.2	%		1,599,784			1,534,715			(65,069	)		-4.1	%
	Income before income taxes			149,442			162,837			121,131			186,572			166,942			188,896			198,801				77,670			64.1	%		433,411			554,639			121,228			28.0	%
		Income taxes		34,268			37,265			41,569			39,851			38,843			44,392			46,738				5,169			12.4	%		113,102			129,973			16,871			14.9	%
	Net income			115,175			125,572			79,561			146,721			128,099			144,504			152,063				72,501			91.1	%		320,309			424,666			104,357			32.6	%
	Net income attributable to noncontrolling interests			(2,654	)		(2,384	)		—			—			—			—			—				—		#DIV/0!				(5,038	)		—			5,038			100.0	%
		Net Income attributable to Primerica, Inc.	$	117,829		$	127,956		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063			$	72,501			91.1	%	$	325,347		$	424,666		$	99,319			30.5	%

Income Before Income Taxes by Segment
Term Life			$	122,122		$	128,579		$	131,707		$	132,001		$	130,540		$	140,115		$	141,223			$	9,515			7.2	%	$	382,408		$	411,877		$	29,469			7.7	%
Investment & Savings Products				67,038			63,017			59,222			56,612			56,107			59,583			64,374				5,152			8.7	%		189,277			180,064			(9,213	)		-4.9	%
Senior Health				(23,085	)		(16,150	)		(63,723	)		4,285			(3,762	)		(6,033	)		(7,583	)			56,141			88.1	%		(102,959	)		(17,377	)		85,582			83.1	%
Corporate & Other Distributed Products				(16,632	)		(12,609	)		(6,075	)		(6,325	)		(15,944	)		(4,769	)		787				6,861			113.0	%		(35,316	)		(19,926	)		15,390			43.6	%
	Income before income taxes		$	149,442		$	162,837		$	121,131		$	186,572		$	166,942		$	188,896		$	198,801			$	77,670			64.1	%	$	433,411		$	554,639		$	121,228			28.0	%

(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 Q3												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		$	823,297		$	826,665			$	22,079			2.7	%	$	2,401,293		$	2,462,842		$	61,549			2.6	%
	Less: Premiums ceded to IPO Coinsurers		234,614			231,805			226,869			224,240			220,240			216,740			212,951				(13,918	)		-6.1	%		693,288			649,931			(43,356	)		-6.3	%
	Term Life adjusted direct premiums	$	558,640		$	571,648		$	577,717		$	583,556		$	592,640		$	606,557		$	613,714			$	35,997			6.2	%	$	1,708,005		$	1,812,911		$	104,906			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	)	$	(423,704	)	$	(409,801	)		$	(6,384	)		-1.6	%	$	(1,219,268	)	$	(1,237,548	)	$	(18,280	)		-1.5	%
	Less: Premiums ceded to IPO Coinsurers		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)		(216,740	)		(212,951	)			13,918			6.1	%		(693,288	)		(649,931	)		43,356			6.3	%
	Term Life other ceded premiums	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(179,935	)	$	(183,804	)	$	(206,964	)	$	(196,849	)		$	(20,302	)		-11.5	%	$	(525,981	)	$	(587,617	)	$	(61,636	)		-11.7	%

Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	18,905		$	21,284		$	24,346		$	28,530		$	31,065		$	32,398		$	34,730			$	10,384			42.7	%	$	64,535		$	98,192		$	33,658			52.2	%
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)		nm			nm				(3,421	)		(1,661	)	nm			nm
	Adjusted net investment income	$	21,004		$	22,538		$	24,414		$	28,940		$	31,392		$	33,250		$	35,212			$	10,797			44.2	%	$	67,956		$	99,853		$	31,897			46.9	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	86,434		$	79,728		$	73,790		$	80,443		$	89,534		$	83,189		$	79,354			$	5,564			7.5	%	$	239,952		$	252,077		$	12,125			5.1	%
	Less: eTeleQuote transaction-related costs		900			(2,892	)		—			—			—			—			—			nm			nm				(1,992	)		—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		256			3,328			—			—			—			—			—			nm			nm				3,584			—		nm			nm
	Adjusted other operating expenses	$	85,278		$	79,292		$	73,790		$	80,443		$	89,534		$	83,189		$	79,354			$	5,564			7.5	%	$	238,360		$	252,077		$	13,717			5.8	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	691,225		$	668,681		$	673,288		$	686,940		$	690,036		$	688,385		$	710,932			$	37,644			5.6	%	$	2,033,194		$	2,089,353		$	56,159			2.8	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)		(328	)		(1,795	)		nm			nm				(3,841	)		(6,730	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)		nm			nm				(3,421	)		(1,661	)	nm			nm
	Adjusted operating revenues	$	692,573		$	671,827		$	676,056		$	684,503		$	694,972		$	689,565		$	713,208			$	37,152			5.5	%	$	2,040,456		$	2,097,745		$	57,288			2.8	%

Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	149,442		$	162,837		$	121,131		$	186,572		$	166,942		$	188,896		$	198,801			$	77,670			64.1	%	$	433,411		$	554,639		$	121,228			28.0	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)		(328	)		(1,795	)		nm			nm				(3,841	)		(6,730	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)		nm			nm				(3,421	)		(1,661	)	nm			nm
	Less: eTeleQuote transaction-related costs		(900	)		2,892			—			—			—			—			—			nm			nm				1,992			—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—			—			—			nm			nm				(3,584	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—			—			—			nm			nm				(6,797	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—			—			—			nm			nm				(60,000	)		—		nm			nm
	Adjusted operating income before income taxes	$	155,615		$	169,548		$	183,898		$	184,136		$	171,877		$	190,076		$	201,077			$	17,179			9.3	%	$	509,061		$	563,030		$	53,969			10.6	%

Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	115,175		$	125,572		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063			$	72,501			91.1	%	$	320,309		$	424,666		$	104,357			32.6	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)		(328	)		(1,795	)		nm			nm				(3,841	)		(6,730	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)		nm			nm				(3,421	)		(1,661	)	nm			nm
	Less: e-TeleQuote transaction-related costs		(900	)		2,892			—			—			—			—			—			nm			nm				1,992			—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—			—			—			nm			nm				(3,584	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—			—			—			nm			nm				(6,797	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—			—			—			nm			nm				(60,000	)		—		nm			nm
	Less: Tax impact of reconciling items		1,603			1,573			647			(520	)		1,151			277			535			nm			nm				3,823			1,963		nm			nm
	Adjusted net operating income	$	119,744		$	130,710		$	141,682		$	144,805		$	131,883		$	145,407		$	153,804			$	12,122			8.6	%	$	392,136		$	431,094		$	38,958			9.9	%

7 of 18

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

PRIMERICA, INC.
Financial Supplement


																								YOY Q3												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	)	$	(6,033	)	$	(7,583	)		$	56,141			88.1	%	$	(102,959	)	$	(17,377	)	$	85,582		83.1	%
	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	)	$	(6,033	)	$	(7,583	)		$	(3,859	)		-103.6	%	$	(35,696	)	$	(17,377	)	$	18,319		51.3	%

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	)	$	(4,769	)	$	787			$	6,861			113.0	%	$	(35,316	)	$	(19,926	)	$	15,390		43.6	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)		(328	)		(1,795	)		nm			nm			nm			nm			nm		nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)		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	)	$	(3,589	)	$	3,063			$	6,370		nm			$	(26,928	)	$	(11,535	)	$	15,393		57.2	%

8 of 18

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.
Financial Supplement


																								YOY Q3												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		$	823,297		$	826,665			$	22,079			2.7	%	$	2,401,293		$	2,462,842		$	61,549			2.6	%
	Premiums ceded to IPO coinsurers (1)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)		(216,740	)		(212,951	)			13,918			6.1	%		(693,288	)		(649,931	)		43,356			6.3	%
	Adjusted direct premiums (2)		558,640			571,648			577,717			583,556			592,640			606,557			613,714				35,997			6.2	%		1,708,005			1,812,911			104,906			6.1	%
	Other ceded premiums (3)		(163,832	)		(185,601	)		(176,548	)		(179,935	)		(183,804	)		(206,964	)		(196,849	)			(20,302	)		-11.5	%		(525,981	)		(587,617	)		(61,636	)		-11.7	%
	Net premiums		394,808			386,047			401,169			403,621			408,836			399,594			416,864				15,695			3.9	%		1,182,024			1,225,294			43,270			3.7	%
	Other, net		12,175			12,374			13,419			12,352			12,233			12,280			11,909				(1,511	)		-11.3	%		37,968			36,421			(1,547	)		-4.1	%
	Revenues		406,983			398,421			414,588			415,974			421,069			411,873			428,773				14,185			3.4	%		1,219,992			1,261,715			41,723			3.4	%

	Benefits and expenses:
	Benefits and claims		161,702			144,626			156,587			157,082			158,940			143,855			158,508				1,921			1.2	%		462,915			461,303			(1,612	)		-0.3	%
	Future policy benefits remeasurement (gain)/loss		(907	)		(136	)		1,598			(1	)		1,035			(1,312	)		251				(1,348	)		-84.3	%		555			(26	)		(581	)		-104.8	%
	Amortization of DAC		62,000			63,169			64,262			65,444			66,068			66,004			67,720				3,459			5.4	%		189,431			199,792			10,361			5.5	%
	Insurance commissions		3,793			3,854			3,964			3,724			4,590			5,496			4,373				409			10.3	%		11,612			14,459			2,847			24.5	%
	Insurance expenses		58,272			58,329			56,471			57,723			59,896			57,717			56,698				227			0.4	%		173,072			174,310			1,238			0.7	%
	Benefits and expenses		284,861			269,842			282,881			283,973			290,529			271,759			287,549				4,668			1.7	%		837,585			849,837			12,252			1.5	%
	Income before income taxes	$	122,122		$	128,579		$	131,707		$	132,001		$	130,540		$	140,115		$	141,224			$	9,516			7.2	%	$	382,408		$	411,878		$	29,470			7.7	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	448,657		$	460,061		$	465,354		$	469,565		$	477,227		$	489,826		$	495,769			$	30,415			6.5	%	$	1,374,072		$	1,462,823		$	88,751			6.5	%
	Pre-IPO direct premiums (5)		344,597			343,392			339,232			338,230			335,652			333,471			330,896				(8,336	)		-2.5	%		1,027,221			1,000,019			(27,202	)		-2.6	%
	Total direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880		$	823,297		$	826,665			$	22,079			2.7	%	$	2,401,293		$	2,462,842		$	61,549			2.6	%

	Premiums ceded to IPO coinsurers	$	234,614		$	231,805		$	226,869		$	224,240		$	220,240		$	216,740		$	212,951			$	(13,918	)		-6.1	%	$	693,288		$	649,931		$	(43,356	)		-6.3	%
	% of Pre-IPO direct premiums		68.1	%		67.5	%		66.9	%		66.3	%		65.6	%		65.0	%		64.4	%		nm			nm				67.5	%		65.0	%	nm			nm

	Benefits and claims, net (6)	$	324,628		$	330,090		$	334,732		$	337,017		$	343,779		$	349,506		$	355,608			$	20,876			6.2	%	$	989,450		$	1,048,893		$	59,443			6.0	%
	% of adjusted direct premiums		58.1	%		57.7	%		57.9	%		57.8	%		58.0	%		57.6	%		57.9	%		nm			nm				57.9	%		57.9	%	nm			nm

	DAC amortization & insurance commissions	$	65,793		$	67,023		$	68,226		$	69,168		$	70,657		$	71,500		$	72,093			$	3,868			5.7	%	$	201,042		$	214,250		$	13,208			6.6	%
	% of adjusted direct premiums		11.8	%		11.7	%		11.8	%		11.9	%		11.9	%		11.8	%		11.7	%		nm			nm				11.8	%		11.8	%	nm			nm

	Insurance expenses, net (7)	$	46,097		$	45,955		$	43,052		$	45,371		$	47,663		$	45,437		$	44,789			$	1,737			4.0	%	$	135,104		$	137,889		$	2,785			2.1	%
	% of adjusted direct premiums		8.3	%		8.0	%		7.5	%		7.8	%		8.0	%		7.5	%		7.3	%		nm			nm				7.9	%		7.6	%	nm			nm

	Total Term Life income before income taxes	$	122,122		$	128,579		$	131,707		$	132,001		$	130,540		$	140,115		$	141,224			$	9,516			7.2	%	$	382,408		$	411,878		$	29,470			7.7	%
	Term Life operating margin (8)		21.9	%		22.5	%		22.8	%		22.6	%		22.0	%		23.1	%		23.0	%		nm			nm				22.4	%		22.7	%	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 Q3												YOY YTD
			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			136,430			137,806				5,657			4.3	%		129,515			135,208			5,693			4.4	%
	New life-licensed representatives			9,983			11,529			12,518			11,117			11,118			12,638			12,311				(207	)		-1.7	%		34,030			36,067			2,037			6.0	%
	Non-renewal and terminated representatives			(9,292	)		(9,586	)		(10,354	)		(10,222	)		(9,896	)		(11,262	)		(11,064	)			(710	)		-6.9	%		(29,232	)		(32,222	)		(2,990	)		-10.2	%
Life-insurance licensed sales force, end of period				130,206			132,149			134,313			135,208			136,430			137,806			139,053				4,740			3.5	%		134,313			139,053			4,740			3.5	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	65.5		$	72.3		$	68.0		$	66.0		$	70.7		$	82.0		$	74.0			$	6.0			8.8	%	$	205.9		$	226.7		$	20.9			10.1	%
	Additions and increases in premium			18.4			20.6			19.5			18.2			18.2			19.7			18.7				(0.8	)		-4.1	%		58.5			56.6			(1.9	)		-3.2	%
		Total estimated annualized issued term life premium	$	83.8		$	92.9		$	87.5		$	84.2		$	88.9		$	101.7		$	92.7			$	5.2			5.9	%	$	264.3		$	283.3		$	19.0			7.2	%

Issued term life policies				71,324			76,946			71,104			72,544			84,561			96,953			88,589				17,485			24.6	%		219,374			270,103			50,729			23.1	%
Estimated average annualized issued term life premium per policy (1)(2)			$	918		$	940		$	957		$	910		$	836		$	846		$	836			$	(121	)		-12.7	%	$	938		$	839		$	(99	)		-10.5	%
Adjusted issued term life policies (3)			$	83,050		$	89,316		$	81,372		$	79,282		$	84,561		$	96,953		$	88,589			$	7,217			8.9	%	$	253,738		$	270,103		$	16,365			6.4	%
Adjusted estimated average annualized issued term life premium per policy (1)(2)			$	788		$	810		$	836		$	833		$	836		$	846		$	836			$	(1	)		-0.1	%	$	811		$	839		$	28			3.5	%

Term life face amount in-force, beginning of period ($mills)			$	903,404		$	909,632		$	914,438		$	912,785		$	916,808		$	922,845		$	934,867			$	20,429			2.2	%	$	903,404		$	916,808		$	13,404			1.5	%
	Issued term life face amount (4)			24,773			27,651			26,049			25,349			28,124			32,203			29,452				3,403			13.1	%		78,472			89,780			11,307			14.4	%
	Terminated term life face amount			(19,787	)		(19,298	)		(21,033	)		(22,776	)		(22,210	)		(22,583	)		(24,143	)			(3,110	)		-14.8	%		(60,117	)		(68,936	)		(8,819	)		-14.7	%
	Foreign currency impact, net			1,242			(3,547	)		(6,669	)		1,450			124			2,401			(2,320	)			4,349			65.2	%		(8,974	)		205			9,179			102.3	%
Term life face amount in-force, end of period			$	909,632		$	914,438		$	912,785		$	916,808		$	922,845		$	934,867		$	937,856			$	25,071			2.7	%	$	912,785		$	937,856		$	25,071			2.7	%

(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 Q3												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		$	74,958		$	72,996			$	5,034			7.4	%	$	259,905		$	220,343		$	(39,562	)		-15.2	%
	Asset-based		113,112			108,101			107,483			105,357			111,904			113,335			119,413				11,930			11.1	%		328,696			344,652			15,956			4.9	%
	Account-based		21,541			22,592			22,910			23,348			22,790			23,095			23,344				434			1.9	%		67,043			69,229			2,186			3.3	%
	Other, net		3,144			3,022			3,342			3,102			3,120			3,121			3,145				(197	)		-5.9	%		9,508			9,385			(122	)		-1.3	%
	Revenues		241,039			222,416			201,697			198,280			210,202			214,509			218,898				17,201			8.5	%		665,152			643,610			(21,542	)		-3.2	%

	Benefits and expenses:
	Amortization of DAC		1,446			1,421			1,378			1,336			1,493			1,409			1,311				(67	)		-4.9	%		4,245			4,212			(33	)		-0.8	%
	Insurance commissions		3,646			3,450			3,419			3,320			3,308			3,273			3,321				(98	)		-2.9	%		10,514			9,902			(612	)		-5.8	%
	Sales commissions:
	Sales-based		74,606			63,403			48,775			47,927			52,452			53,630			52,343				3,568			7.3	%		186,784			158,425			(28,359	)		-15.2	%
	Asset-based		53,366			50,876			51,549			51,047			54,276			55,085			58,793				7,244			14.1	%		155,791			168,154			12,363			7.9	%
	Other operating expenses		40,936			40,249			37,355			38,038			42,567			41,529			38,757				1,402			3.8	%		118,540			122,852			4,312			3.6	%
	Benefits and expenses		174,001			159,398			142,476			141,669			154,095			154,926			154,524				12,049			8.5	%		475,875			463,545			(12,329	)		-2.6	%
	Income before income taxes	$	67,038		$	63,017		$	59,222		$	56,612		$	56,107		$	59,583		$	64,374			$	5,152			8.7	%	$	189,277		$	180,064		$	(9,213	)		-4.9	%

Financial Analysis

	Fees paid based on client asset values (1)	$	8,037		$	7,917		$	7,980		$	8,004		$	8,034		$	8,142		$	8,608			$	628			7.9	%	$	23,934		$	24,784		$	849			3.5	%
	Fees paid based on fee-generating positions (2)		10,948			9,974			9,486			9,665			11,528			10,216			9,469				(17	)		-0.2	%		30,408			31,213			805			2.6	%
	Other operating expenses		21,951			22,358			19,889			20,369			23,005			23,171			20,680				791			4.0	%		64,198			66,856			2,658			4.1	%
	Total other operating expenses	$	40,936		$	40,249		$	37,355		$	38,038		$	42,567		$	41,529		$	38,757			$	1,402			3.8	%	$	118,540		$	122,852		$	4,312			3.6	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.20	%		1.27	%		1.23	%		1.21	%		1.21	%		1.21	%		1.22	%		nm			nm				1.23	%		1.21	%	nm			nm
	Canada		1.00	%		0.78	%		0.32	%		0.31	%		0.33	%		0.37	%		0.41	%		nm			nm				0.84	%		0.36	%	nm			nm
	Total		1.16	%		1.21	%		1.17	%		1.15	%		1.13	%		1.16	%		1.17	%		nm			nm				1.18	%		1.15	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.039	%		0.040	%		0.042	%		0.040	%		0.042	%		0.041	%		0.042	%		nm			nm				0.120	%		0.126	%	nm			nm
	Canada		0.108	%		0.106	%		0.105	%		0.103	%		0.102	%		0.104	%		0.105	%		nm			nm				0.320	%		0.311	%	nm			nm
	Total		0.049	%		0.051	%		0.052	%		0.050	%		0.052	%		0.051	%		0.052	%		nm			nm				0.152	%		0.155	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.48		$	4.08		$	4.31		$	4.37		$	3.58		$	4.07		$	4.36			nm			nm			$	11.89		$	12.02		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 Q3												YOY YTD
					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		$	998.5		$	956.9			$	25.1			2.7	%	$	3,381.8		$	2,927.0		$	(454.7	)		-13.4	%
		Canada Retail Mutual Funds				437.6			250.6			112.2			112.0			149.8			106.2			110.1				(2.2	)		-1.9	%		800.5			366.1			(434.4	)		-54.3	%
		Indexed Annuities				57.5			70.2			55.8			69.2			80.7			89.3			72.7				17.0			30.4	%		183.4			242.8			59.3			32.4	%
		Variable Annuities and other				668.4			617.3			542.5			548.0			556.4			649.1			628.8				86.3			15.9	%		1,828.2			1,834.3			6.1			0.3	%
				Total sales-based revenue generating product sales		2,462.1			2,089.5			1,642.3			1,612.9			1,758.6			1,843.1			1,768.5				126.2			7.7	%		6,193.9			5,370.2			(823.8	)		-13.3	%
		Managed Accounts				453.7			451.3			319.6			288.1			306.1			317.0			236.0				(83.7	)		-26.2	%		1,224.7			859.1			(365.6	)		-29.8	%
		Canada Retail Mutual Funds - no upfront sales comm				82.2			97.5			157.9			156.6			183.4			193.6			152.4				(5.5	)		-3.5	%		337.7			529.3			191.7			56.8	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9			27.9			17.4				(24.2	)		-58.3	%		160.2			97.2			(63.0	)		-39.3	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0		$	2,381.6		$	2,174.2			$	12.7			0.6	%	$	7,916.4		$	6,855.8		$	(1,060.6	)		-13.4	%

		Total Canada Retail Mutual Funds			$	519.9		$	348.1		$	270.2		$	268.6		$	333.2		$	299.8		$	262.5			$	(7.7	)		-2.8	%	$	1,138.2		$	895.4		$	(242.8	)		-21.3	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9			27.9			17.4				(24.2	)		-58.3	%		160.2			97.2			(63.0	)		-39.3	%
			Total Canada product sales			587.1			399.4			311.8			303.5			385.0			327.7			279.8				(31.9	)		-10.2	%		1,298.3			992.6			(305.7	)		-23.5	%
			Total U.S. product sales			2,478.2			2,290.1			1,849.7			1,789.0			1,914.9			2,053.9			1,894.4				44.7			2.4	%		6,618.1			5,863.2			(754.9	)		-11.4	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0		$	2,381.6		$	2,174.2			$	12.7			0.6	%	$	7,916.4		$	6,855.8		$	(1,060.6	)		-13.4	%

	Client asset values, beginning of period ($mills)				$	97,312		$	93,708		$	82,291		$	78,737		$	83,949		$	87,621		$	91,646			$	9,355			11.4	%	$	97,312		$	83,949		$	(13,363	)		-13.7	%
		Inflows				3,065			2,690			2,161			2,093			2,300			2,382			2,174				13			0.6	%		7,916			6,856			(1,061	)		-13.4	%
		Outflows (1)				(1,900	)		(1,797	)		(1,447	)		(1,444	)		(1,658	)		(1,839	)		(1,982	)			(535	)		-36.9	%		(5,144	)		(5,479	)		(335	)		-6.5	%
				Net flows		1,166			893			714			649			642			542			192				(522	)		-73.1	%		2,773			1,377			(1,396	)		-50.3	%
		Foreign currency impact, net				171			(474	)		(802	)		174			16			315			(303	)			498			62.2	%		(1,105	)		27			1,132			102.5	%
		Change in market value, net and other (2)				(4,941	)		(11,836	)		(3,466	)		4,388			3,014			3,168			(3,094	)			372			10.7	%		(20,243	)		3,088			23,331			115.3	%
	Client asset values, end of period				$	93,708		$	82,291		$	78,737		$	83,949		$	87,621		$	91,646		$	88,441			$	9,703			12.3	%	$	78,737		$	88,441		$	9,703			12.3	%
		Annualized net flows as % of beginning of period asset values				4.8	%		3.8	%		3.5	%		3.3	%		3.1	%		2.5	%		0.8	%			-2.6	%	nm				3.8	%		2.2	%		-1.6	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	46,429		$	42,870		$	40,331		$	40,402		$	42,096		$	43,225		$	44,748			$	4,418			11.0	%	$	43,210		$	43,357		$	147			0.3	%
		Canada Retail Mutual Funds				12,119			11,539			10,840			10,759			11,345			11,567			11,817				977			9.0	%		11,499			11,576			77			0.7	%
		Managed Accounts				7,077			6,960			6,817			6,949			7,338			7,613			7,850				1,033			15.2	%		6,951			7,600			649			9.3	%
		Indexed Annuities				2,650			2,677			2,696			2,710			2,729			2,760			2,793				97			3.6	%		2,675			2,761			86			3.2	%
		Variable Annuities and other				23,218			21,431			20,269			20,137			20,744			21,323			21,999				1,730			8.5	%		21,639			21,355			(284	)		-1.3	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,329			2,324			2,298				(70	)		-3.0	%		2,532			2,317			(215	)		-8.5	%
				Total	$	94,203		$	87,994		$	83,320		$	83,256		$	86,581		$	88,813		$	91,505			$	8,185			9.8	%	$	88,506		$	88,966		$	461			0.5	%

		Canada Retail Mutual Funds			$	12,119		$	11,539		$	10,840		$	10,759		$	11,345		$	11,567		$	11,817			$	977			9.0	%	$	11,499		$	11,576		$	77			0.7	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,329			2,324			2,298				(70	)		-3.0	%		2,532			2,317			(215	)		-8.5	%
			Total Canada average client assets			14,829			14,056			13,208			13,058			13,674			13,891			14,115				907			6.9	%		14,031			13,893			(138	)		-1.0	%
			Total U.S. average client assets			79,374			73,938			70,112			70,198			72,907			74,922			77,391				7,278			10.4	%		74,475			75,073			599			0.8	%
				Total average client assets	$	94,203		$	87,994		$	83,320		$	83,256		$	86,581		$	88,813		$	91,505			$	8,185			9.8	%	$	88,506		$	88,966		$	461			0.5	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,243			2,277			2,295			2,309			2,316			2,331			2,342				47			2.0	%		2,272			2,330			58			2.5	%
		Recordkeeping only				797			812			820			825			829			834			839				19			2.3	%		810			834			25			3.0	%
				Total		3,040			3,089			3,115			3,134			3,145			3,165			3,181				66			2.1	%		3,082			3,164			82			2.7	%

(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 Q3												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
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)	$	1,278		$	9,343		$	14,601		$	22,198		$	15,755		$	11,371		$	11,388			$	(3,213	)		-22.0	%	$	25,222		$	38,514		$	13,292			52.7	%
	Other, net (2)		4,553			2,471			2,583			5,655			2,955			3,519			2,048				(534	)		-20.7	%		9,606			8,522			(1,084	)		-11.3	%
	Revenues		5,831			11,814			17,183			27,853			18,710			14,889			13,436				(3,747	)		-21.8	%		34,828			47,036			12,207			35.1	%

	Benefits and expenses:
	Contract acquisition costs (3)		20,649			19,384			13,446			14,952			14,984			12,602			12,568				(878	)		-6.5	%		53,479			40,154			(13,326	)		-24.9	%
	Adjusted other operating expenses		7,868			8,514			7,461			8,617			7,488			8,320			8,451				990			13.3	%		23,842			24,259			417			1.7	%
	Adjusted operating benefits and expenses		28,517			27,898			20,907			23,568			22,471			20,922			21,019				112			0.5	%		77,321			64,413			(12,909	)		-16.7	%

	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(3,762	)	$	(6,033	)	$	(7,583	)		$	(3,859	)		-103.6	%	$	(42,493	)	$	(17,377	)	$	25,116			59.1	%
	Non-controlling interest before income taxes		(3,668	)		(3,129	)		—			—			—			—			—				—		#DIV/0!				(6,797	)		—			6,797			100.0	%
	Adjusted operating income before income taxes attributable to Primerica, Inc.	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(3,762	)	$	(6,033	)	$	(7,583	)		$	(3,859	)		-103.6	%	$	(35,696	)	$	(17,377	)	$	18,319			51.3	%

Senior Health EBITDA
	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(3,762	)	$	(6,033	)	$	(7,583	)		$	(3,859	)		-103.6	%	$	(42,493	)	$	(17,377	)	$	25,116			59.1	%
	Less: Amortization of intangibles		(2,600	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)			—		nm				(8,200	)		(8,400	)		(200	)		-2.4	%
	Less: Depreciation		(245	)		(226	)		(221	)		(211	)		(200	)		(160	)		(166	)			55			24.8	%		(691	)		(526	)		165			23.9	%
	Adjusted EBITDA (Including non-controlling interest) (4)	$	(19,841	)	$	(13,058	)	$	(703	)	$	7,297		$	(762	)	$	(3,073	)	$	(4,617	)		$	(3,914	)	nm			$	(33,602	)	$	(8,451	)	$	25,151			74.9	%

Financial Analysis and Key Statistics
	Senior Health submitted policies (5)		26,231			19,652			16,095			23,060			19,826			13,885			10,718				(5,377	)		-33.4	%		61,978			44,429			(17,549	)		-28.3	%
	Senior Health approved policies (6)		23,594			17,925			14,862			20,705			18,413			12,915			9,948				(4,914	)		-33.1	%		56,381			41,276			(15,105	)		-26.8	%

	Primerica representatives Senior Health certified (7)		42,147			60,412			83,280			93,348			94,623			94,335			93,217				9,937			11.9	%		83,280			93,217			9,937			11.9	%
	Senior Health submitted policies sourced by Primerica representatives		988			831			1,016			5,666			2,073			1,707			1,549				533			52.5	%		2,835			5,329			2,494			88.0	%

	LTV per approved policy (8)	$	862		$	820		$	868		$	888		$	856		$	880		$	911			$	43			4.9	%	$	850		$	877		$	26			3.1	%
	CAC per approved policy (8)	$	875		$	1,081		$	905		$	722		$	814		$	976		$	1,263			$	359			39.6	%	$	949		$	973		$	24			2.6	%
	LTV / CAC multiple		1.0	x		0.8	x		1.0	x		1.2	x		1.1	x		0.9	x		0.7	x			-0.2	x	nm				0.9	x		0.9	x		0.0	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, or are expected to be, from the estimated constrained LTV’s which we refer to as tail revenue.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results

PRIMERICA, INC.
Financial Supplement


																								YOY Q3												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
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	5,412		$	5,441		$	5,494		$	4,685		$	4,993		$	4,999		$	5,016			$	(477	)		-8.7	%	$	16,347		$	15,008		$	(1,339	)		-8.2	%
	Ceded premiums		(1,439	)		(1,642	)		(1,454	)		(1,914	)		(1,304	)		(1,562	)		(1,215	)			239			16.4	%		(4,535	)		(4,081	)		455			10.0	%
	Net premiums		3,973			3,799			4,040			2,772			3,689			3,436			3,801				(238	)		-5.9	%		11,811			10,927			(884	)		-7.5	%
	Adjusted net investment income		21,004			22,538			24,414			28,940			31,392			33,250			35,213				10,798			44.2	%		67,956			99,854			31,898			46.9	%
	Commissions and fees:
	Prepaid Legal Services		4,287			4,664			5,672			3,821			3,991			4,421			5,311				(361	)		-6.4	%		14,623			13,723			(900	)		-6.2	%
	Auto and Homeowners Insurance		1,591			2,056			2,647			1,994			1,831			2,349			2,951				304			11.5	%		6,294			7,131			836			13.3	%
	Mortgage loans		4,818			3,128			2,103			1,656			1,211			1,775			1,733				(370	)		-17.6	%		10,049			4,720			(5,329	)		-53.0	%
	Other sales commissions		1,932			2,103			2,090			1,872			1,676			1,826			1,765				(324	)		-15.5	%		6,124			5,268			(857	)		-14.0	%
	Other, net		1,117			889			1,621			1,341			1,200			1,236			1,327				(294	)		-18.1	%		3,626			3,763			136			3.8	%
	Adjusted operating revenues		38,721			39,176			42,587			42,396			44,990			48,293			52,102				9,515			22.3	%		120,484			145,385			24,901			20.7	%

Benefits and expenses:
	Benefits and claims		1,881			3,743			2,809			3,972			4,327			5,057			3,554				745			26.5	%		8,433			12,937			4,504			53.4	%
	Future policy benefits remeasurement (gain)/loss		162			36			(84	)		958			(477	)		(554	)		(72	)			12			14.7	%		114			(1,103	)		(1,216	)	nm
	Amortization of DAC		407			240			438			87			362			697			375				(63	)		-14.5	%		1,086			1,434			349			32.1	%
	Insurance commissions		282			290			283			237			241			373			217				(66	)		-23.4	%		855			831			(25	)		-2.9	%
	Insurance expenses		1,237			1,132			1,081			1,160			1,229			1,377			1,123				42			3.9	%		3,449			3,729			280			8.1	%
	Sales commissions		5,952			5,484			5,592			4,187			4,147			4,907			5,064				(528	)		-9.4	%		17,028			14,118			(2,910	)		-17.1	%
	Interest expense		6,853			6,814			6,802			6,768			6,690			6,686			6,632				(169	)		-2.5	%		20,469			20,008			(461	)		-2.3	%
	Adjusted other operating expenses		36,475			30,530			28,974			33,788			39,480			33,340			32,146				3,172			10.9	%		95,978			104,965			8,988			9.4	%
	Adjusted benefits and expenses		53,248			48,270			45,894			51,158			55,999			51,882			49,039				3,145			6.9	%		147,412			156,920			9,508			6.5	%
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(11,008	)	$	(3,589	)	$	3,063			$	6,370		nm			$	(26,928	)	$	(11,535	)	$	15,393			57.2	%

14 of 18

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.
Financial Supplement


				As of or for the period ended September 30, 2023
											% 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				$	488,813	$	488,813	$	-			15.6	%		14.1	%

Fixed Income:
	Treasury				19,558		20,674		(1,116	)		0.6	%		0.6	%		2.71	%	AAA
	Government				222,915		255,604		(32,689	)		7.1	%		7.4	%		3.12	%	AA-
	Tax-Exempt Municipal				30,515		36,149		(5,634	)		1.0	%		1.0	%		2.69	%	AA
	Corporate				1,286,073		1,442,776		(156,703	)		41.2	%		41.6	%		3.80	%	BBB+
	Mortgage Backed				430,308		512,366		(82,059	)		13.8	%		14.8	%		3.25	%	AAA
	Asset Backed				225,152		240,252		(15,100	)		7.2	%		6.9	%		4.61	%	AA-
	Cmbs				113,270		131,732		(18,462	)		3.6	%		3.8	%		3.67	%	AA-
	Private				275,598		306,178		(30,580	)		8.8	%		8.8	%		4.77	%	BBB+
	Redeemable Preferred				3,771		4,248		(477	)		0.1	%		0.1	%		5.37	%	BBB-
			Total Fixed Income		2,607,161		2,949,979		(342,819	)		83.4	%		85.1	%		3.79	%	A

Equities and Other:
	Perpetual Preferred				8,714		8,714		-			0.3	%		0.3	%
	Common Stock				17,269		17,269		(0	)		0.6	%		0.5	%
	Mutual Fund				3,141		3,141		(0	)		0.1	%		0.1	%
			Total Equities		29,123		29,123		(0	)		0.9	%		0.8	%

			Total Invested Assets	$	3,125,097	$	3,467,916	$	(342,819	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	154,862	$	178,632	$	(23,770	)		12.0	%		12.4	%
	Energy				145,333		161,042		(15,709	)		11.3	%		11.2	%
	Consumer Non Cyclical				125,018		143,243		(18,225	)		9.7	%		9.9	%
	Banking				115,413		120,282		(4,869	)		9.0	%		8.3	%
	Reits				112,264		131,659		(19,395	)		8.7	%		9.1	%
	Consumer Cyclical				106,200		119,691		(13,491	)		8.3	%		8.3	%
	Technology				98,867		108,508		(9,641	)		7.7	%		7.5	%
	Capital Goods				74,999		81,816		(6,817	)		5.8	%		5.7	%
	Electric				64,641		71,640		(6,999	)		5.0	%		5.0	%
	Basic Industry				59,151		69,151		(10,000	)		4.6	%		4.8	%
	Finance Companies				54,506		61,199		(6,693	)		4.2	%		4.2	%
	Transportation				53,316		58,845		(5,529	)		4.1	%		4.1	%
	Communications				47,955		53,184		(5,229	)		3.7	%		3.7	%
	Brokerage				42,340		48,288		(5,948	)		3.3	%		3.3	%
	Natural Gas				10,400		11,395		(995	)		0.8	%		0.8	%
	Financial Other				8,717		9,590		(873	)		0.7	%		0.7	%
	Industrial Other				5,793		6,896		(1,103	)		0.5	%		0.5	%
	Utility Other				4,470		5,389		(919	)		0.3	%		0.4	%
	Owned No Guarantee				1,827		2,325		(498	)		0.1	%		0.2	%
			Total Corporate portfolio	$	1,286,073	$	1,442,776	$	(156,703	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
		< 1 Yr.		$	253,656	$	256,566	$	(2,910	)		9.7	%		8.7	%		4.22	%
		1-2 Yrs.			249,996		259,406		(9,410	)		9.6	%		8.8	%		3.85	%
		2-5 Yrs.			755,198		814,621		(59,423	)		29.0	%		27.6	%		3.97	%
		5-10 Yrs.			1,070,377		1,271,948		(201,571	)		41.1	%		43.1	%		3.49	%
		> 10 Yrs.			277,934		347,438		(69,504	)		10.7	%		11.8	%		4.10	%
			Total Fixed Income	$	2,607,161	$	2,949,979	$	(342,819	)		100.0	%		100.0	%		3.79	%

Duration

Fixed Income portfolio duration					4.6	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 September 30, 2023

PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	561,343		19.0	%
	AA			421,545		14.3	%
	A			730,596		24.8	%
	BBB			1,172,065		39.7	%
	Below Investment Grade			57,000		1.9	%
	NA			7,430		0.3	%
		Total Fixed Income	$	2,949,979		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	10,175		0.7	%		AAA		$	-		—
	AA			66,542		4.6	%		AA			9,098		3.0	%
	A			386,614		26.8	%		A			73,317		23.9	%
	BBB			927,712		64.3	%		BBB			221,474		72.3	%
	Below Investment Grade			51,557		3.6	%		Below Investment Grade			2,289		0.7	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,442,776		100.0	%			Total Private	$	306,178		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	59,241		45.0	%		AAA		$	384,353		75.0	%
	AA			10,781		8.2	%		AA			127,814		24.9	%
	A			61,709		46.8	%		A			115		0.0	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			63		0.0	%
	NA			-		—			NA			22		0.0	%
		Total CMBS	$	131,732		100.0	%			Total Mortgage-Backed	$	512,366		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	70,318		29.3	%		AAA		$	36,569		13.2	%
	AA			17,072		7.1	%		AA			162,780		58.9	%
	A			137,168		57.1	%		A			64,712		23.4	%
	BBB			6,509		2.7	%		BBB			11,078		4.0	%
	Below Investment Grade			1,951		0.8	%		Below Investment Grade			1,139		0.4	%
	NA			7,232		3.0	%		NA			0		0.0	%
		Total Asset-Backed	$	240,252		100.0	%			Total Treasury & Government	$	276,278		100.0	%



NAIC Designations

	1		$	1,430,824		56.2	%
	2			1,053,332		41.4	%
	3			52,072		2.0	%
	4			7,732		0.3	%
	5			616		0.0	%
	6			0		0.0	%
		U.S. Insurer Fixed Income (2)		2,544,576		100.0	%
	Other (3)			434,527
	Cash and cash equivalents			488,813
		Total Invested Assets	$	3,467,916

(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 Q3
(Dollars in thousands)				Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023	$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,889		$	22,414		$	23,067		$	24,605		$	25,806		$	26,357		$	27,380			$	4,314		18.7%
	Fixed-maturity securities (held-to-maturity)				15,515			15,815			16,283			16,309			16,435			16,608			16,306				24		0.1%
	Equity Securities				387			371			373			377			380			380			366				(7	)	-1.9%
	Deposit asset underlying 10% reinsurance treaty				589			485			557			2,134			2,377			2,488			2,504				1,947		nm
	Deposit asset - Mark to Market				(2,099	)		(1,254	)		(68	)		(409	)		(327	)		(852	)		(481	)			(413	)	nm
	Policy loans and other invested assets				102			58			436			450			(72	)		352			475				39		8.8%
	Cash & cash equivalents				125			498			1,714			3,605			5,128			5,840			6,609				4,895		nm
			Total investment income		35,508			38,387			42,362			47,072			49,727			51,172			53,159				10,797		25.5%
	Investment expenses				1,088			1,288			1,733			2,233			2,227			2,167			2,122				389		22.4%
	Interest Expense on Surplus Note				15,515			15,815			16,283			16,309			16,435			16,608			16,306				23		0.1%
			Net investment income	$	18,905		$	21,284		$	24,346		$	28,530		$	31,065		$	32,397		$	34,731			$	10,385		42.7%
		Fixed income book yield, end of period			3.18	%		3.25	%		3.34	%		3.44	%		3.57	%		3.63	%		3.79	%
		New money yield			3.37	%		4.21	%		3.93	%		5.41	%		5.57	%		5.46	%		6.04	%

																										YOY Q3
				Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023	% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				21.0	%		22.0	%		21.5	%		21.6	%		20.8	%		20.7	%		19.0	%			-2.5	%
	AA				11.2	%		11.2	%		11.1	%		11.5	%		11.3	%		11.4	%		14.3	%			3.2	%
	A				23.7	%		23.0	%		23.0	%		24.6	%		25.0	%		24.8	%		24.8	%			1.7	%
	BBB				39.8	%		39.6	%		40.1	%		39.9	%		40.5	%		40.9	%		39.7	%			-0.4	%
	Below Investment Grade				3.1	%		2.8	%		2.7	%		2.4	%		2.2	%		2.0	%		1.9	%			-0.8	%
	NA				1.2	%		1.3	%		1.5	%		0.0	%		0.2	%		0.1	%		0.3	%			-1.3	%
					100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%			—

				A			A			A			A			A			A			A


				As of September 30, 2023									As of September 30, 2023						As of September 30, 2023
				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		$	18,301		$	19,935		AAA	Canada		$	81,525	$	93,258	AAA		$	2,034	$	2,111
	2	Wells Fargo & Co			14,641			14,772		BBB+	United Kingdom			23,692		24,804	AA			—		—
	3	Province of Quebec Canada			14,026			15,258		AA-	Australia			17,972		19,479	A			7,455		9,477
	4	Province of Alberta Canada			13,863			15,833		A+	Mexico			6,315		7,688	BBB			9,591		10,628
	5	Province of Ontario Canada			13,299			14,457		A+	France			6,086		6,398	Below Investment Grade			600		1,139
	6	Bank of America Corp			12,783			13,243		A-	Bermuda			5,882		6,238	NA			—		—
	7	Ontario Teachers' Pension Plan			12,177			14,342		AA+	Ireland			5,354		5,183		Total	$	19,680	$	23,355
	8	ONEOK Inc			11,166			12,399		BBB	Japan			5,333		5,450
	9	Manulife Financial Corp			10,426			11,612		A	Netherlands			5,249		5,477
	10	Berkshire Hathaway Inc			10,278			10,690		AA	Luxembourg			4,434		4,700	Non-Government Investments (1)
	11	Morgan Stanley			10,242			10,705		BBB+	Malta			3,532		3,627
	12	TC Energy Corp			9,927			11,618		BBB+	Israel			3,515		3,560	AAA		$	6,460	$	6,463
	13	Boeing Co			9,635			10,049		BBB-	Cayman Islands			3,064		3,073	AA			5,306		5,298
	14	Goldman Sachs Group Inc			9,410			9,782		BBB+	Brazil			2,356		2,550	A			47,416		50,775
	15	Province of Saskatchewan Canada			9,174			10,029		AA	Supranational			2,034		2,111	BBB			134,109		147,499
	16	ConocoPhillips			8,795			10,705		A	Emerging Markets (2)			10,766		12,872	Below Investment Grade			4,026		4,020
	17	Enbridge Inc			8,595			9,508		BBB+	All Other			31,463		32,518	NA			1,574		1,574
	18	Walmart Inc			8,241			8,623		AA		Total	$	218,571	$	238,985		Total	$	198,892	$	215,630
	19	Brookfield Corp			8,059			8,492		A-
	20	Fairfax Financial Holdings Ltd			8,038			9,775		BBB
	21	Kemper Corp			7,901			9,092		BBB
	22	Province of British Columbia Canada			7,705			8,353		AA
	23	Enterprise Products Partners LP			7,695			7,562		A-
	24	Province of Newfoundland and Labrador			7,660			8,924		AA
	25	Intact Financial Corp			7,567			7,881		A-
			Total	$	259,603		$	283,640

			% of total fixed income portfolio		8.3	%		8.2	%

(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 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023			Q3 2023			Q4 2023


Recruits				290,886			282,207			400,345			349,374			359,735			84,707			70,215			127,788			77,025			93,540			86,124			92,269


Life-insurance licensed sales force, beginning of period				126,121			130,736			130,522			134,907			129,515			129,515			130,206			132,149			134,313			135,208			136,430			137,806
	New life-licensed representatives			48,041			44,739			48,106			39,622			45,147			9,983			11,529			12,518			11,117			11,118			12,638			12,311
	Non-renewal and terminated representatives			(43,426	)		(44,953	)		(43,721	)		(45,014	)		(39,454	)		(9,292	)		(9,586	)		(10,354	)		(10,222	)		(9,896	)		(11,262	)		(11,064	)
Life-insurance licensed sales force, end of period				130,736			130,522			134,907			129,515			135,208			130,206			132,149			134,313			135,208			136,430			137,806			139,053


Issued term life policies				301,589			287,809			352,868			323,855			291,918			71,324			76,946			71,104			72,544			84,561			96,953			88,589


Issued term life face amount			$	95,209		$	93,994		$	109,436		$	108,521		$	103,822		$	24,773		$	27,651		$	26,049		$	25,349		$	28,124		$	32,203		$	29,452


Term life face amount in force, beginning of period			$	763,831		$	781,041		$	808,262		$	858,818		$	903,404		$	903,404		$	909,632		$	914,438		$	912,785		$	916,808		$	922,845		$	934,867
	Issued term life face amount			95,209			93,994			109,436			108,521			103,822			24,773			27,651			26,049			25,349			28,124			32,203			29,452
	Terminated term life face amount			(70,291	)		(71,519	)		(60,848	)		(64,798	)		(82,894	)		(19,787	)		(19,298	)		(21,033	)		(22,776	)		(22,210	)		(22,583	)		(24,143	)
	Foreign currency impact, net			(7,708	)		4,746			1,968			862			(7,524	)		1,242			(3,547	)		(6,669	)		1,450			124			2,401			(2,320	)
Term life face amount in force, end of period			$	781,041		$	808,262		$	858,818		$	903,404		$	916,808		$	909,632		$	914,438		$	912,785		$	916,808		$	922,845		$	934,867		$	937,856


Estimated annualized issued term life premium
	Premium from new policies		$	250.8		$	244.8		$	303.6		$	297.2		$	271.9		$	65.5		$	72.3		$	68.0		$	66.0		$	70.7		$	82.0		$	74.0
	Additions and increases in premium			55.2			60.2			68.9			77.0			76.7			18.4			20.6			19.5			18.2			18.2			19.7			18.7
		Total estimated annualized issued term life premium	$	306.0		$	305.0		$	372.5		$	374.2		$	348.5		$	83.8		$	92.9		$	87.5		$	84.2		$	88.9		$	101.7		$	92.7


Investment & Savings product sales			$	7,040.1		$	7,533.2		$	7,842.5		$	11,703.2		$	10,009.0		$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0		$	2,381.6		$	2,174.2

Investment & Savings average client asset values			$	61,842		$	65,029		$	69,709		$	89,993		$	87,193		$	94,203		$	87,994		$	83,320		$	83,256		$	86,581		$	88,813		$	91,505

Closed U.S. Mortgage Volume (brokered)			$	—		$	31.1		$	442.5		$	1,229.2		$	567.2		$	235.9		$	152.7		$	99.8		$	78.9		$	55.6		$	82.2		$	82.7

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