EX-99.2

Exhibit 99.2

Supplemental Financial Information

Fourth 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.

2 of 18

    Preface

    PRIMERICA, INC.
Financial Supplement

Fourth Quarter 2023

This document is a financial supplement to our fourth 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.

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			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		$	3,432,129
	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			1,386,980
			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			4,819,109
	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			3,015,777
	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			3,447,234
	Goodwill				179,154			179,154			187,707			127,707			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			1,222,064
	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			2,395,842
			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		$	15,027,732

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		$	6,742,025
	Other policy liabilities				1,103,642			1,108,047			999,789			1,005,195			1,037,440			996,747			970,198			938,665			963,773
	Income taxes				15,311			95,424			168,160			218,441			204,017			201,850			169,487			227,866			135,248
	Other liabilities				669,631			683,865			646,660			659,582			626,773			659,734			642,149			636,927			644,792
	Debt obligations				607,102			598,303			592,504			592,705			592,905			593,106			593,307			593,508			593,709
	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			1,386,592
	Payable under securities lending				94,529			93,171			96,603			80,754			100,938			74,452			77,643			77,956			99,785
	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			2,395,842
			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			12,961,765

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			350
	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			2,276,947
	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	)		(170,008	)
		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			(39,086	)
		Cumulative translation adjustment			8,547			11,847			2,336			(16,614	)		(12,279	)		(11,259	)		(4,253	)		(11,269	)		(2,235	)
			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			2,065,967
			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		$	15,027,732

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		$	2,065,967
	Less: Net unrealized gains (losses)				63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)		(226,250	)		(269,604	)		(170,008	)
	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			(39,086	)
			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		$	2,275,062

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		$	2,204,462
	Net Income attributable to Primerica, Inc.							117,829			127,956			79,561			146,721			128,099			144,504			152,063			151,935
	Shareholder dividends							(21,645	)		(21,178	)		(20,571	)		(20,389	)		(23,910	)		(23,598	)		(23,336	)		(22,870	)
	Retirement of shares and warrants							(103,862	)		(127,963	)		(97,515	)		(32,098	)		(96,323	)		(112,606	)		(106,479	)		(72,886	)
	Net foreign currency translation adjustment							3,300			(9,511	)		(18,949	)		4,335			1,020			7,005			(7,016	)		9,035
	Other, net							14,820			8,961			5,979			6,096			15,941			4,490			2,902			5,386
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		$	2,275,062

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		$	3,374,627
	General expenses deferred							9,519			9,321			9,726			9,283			10,777			10,692			10,764			9,910
	Commission costs deferred							123,739			119,794			119,734			113,479			118,386			119,676			119,976			125,335
	Amortization of deferred policy acquisition costs							(63,854	)		(64,830	)		(66,077	)		(66,867	)		(67,923	)		(68,110	)		(69,405	)		(70,378	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095			1,011			6,833			(6,551	)		7,739
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		$	3,447,234

(1)

Outstanding common shares exclude restricted stock units.

(2)

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

4 of 18

    Financial Results and Other Statistical Data

    PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 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			35,148,919			(1,825,048	)		-4.9	%		37,996,978			35,953,622			(2,043,356	)		-5.4	%

	Net income attributable to Primerica, Inc.		$	117,829		$	127,956		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063		$	151,935		$	5,213			3.6	%	$	472,068		$	576,601		$	104,532			22.1	%
	Less income attributable to unvested participating securities			(488	)		(566	)		(375	)		(703	)		(579	)		(609	)		(643	)		(648	)		55			7.8	%		(2,131	)		(2,483	)		(352	)		-16.5	%
		Net income used in computing basic EPS	$	117,341		$	127,390		$	79,186		$	146,019		$	127,520		$	143,896		$	151,420		$	151,287		$	5,268			3.6	%	$	469,937		$	574,118		$	104,181			22.2	%
		Basic earnings per share	$	2.99		$	3.32		$	2.12		$	3.95		$	3.47		$	3.97		$	4.23		$	4.30		$	0.35			9.0	%	$	12.37		$	15.97		$	3.60			29.1	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	131,883		$	145,407		$	153,804		$	150,354		$	5,549			3.8	%	$	536,941		$	581,448		$	44,507			8.3	%
	Less operating income attributable to unvested participating securities			(496	)		(578	)		(668	)		(694	)		(596	)		(612	)		(650	)		(642	)		52			7.5	%		(2,424	)		(2,504	)		(80	)		-3.3	%
		Adjusted net operating income used in computing basic operating EPS	$	119,248		$	130,132		$	141,014		$	144,111		$	131,288		$	144,794		$	153,154		$	149,713		$	5,602			3.9	%	$	534,518		$	578,945		$	44,427			8.3	%
		Basic adjusted operating income per share	$	3.04		$	3.39		$	3.77		$	3.90		$	3.58		$	4.00		$	4.28		$	4.26		$	0.36			9.3	%	$	14.07		$	16.10		$	2.04			14.5	%

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			35,148,919			(1,825,048	)		-4.9	%		37,996,978			35,953,622			(2,043,356	)		-5.4	%
	Dilutive impact of contingently issuable shares			110,941			115,058			102,810			107,245			94,123			74,712			62,182			59,473			(47,772	)		-44.5	%		109,014			72,623			(36,391	)		-33.4	%
		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			35,208,392			(1,872,820	)		-5.1	%		38,105,992			36,026,245			(2,079,747	)		-5.5	%

	Net income attributable to Primerica, Inc.		$	117,829		$	127,956		$	79,561		$	146,721		$	128,099		$	144,504		$	152,063		$	151,935		$	5,213			3.6	%	$	472,068		$	576,601		$	104,532			22.1	%
	Less income attributable to unvested participating securities			(487	)		(564	)		(374	)		(701	)		(577	)		(608	)		(642	)		(647	)		54			7.7	%		(2,126	)		(2,479	)		(353	)		-16.6	%
		Net income used in computing diluted EPS	$	117,342		$	127,392		$	79,187		$	146,020		$	127,521		$	143,897		$	151,421		$	151,288		$	5,267			3.6	%	$	469,942		$	574,122		$	104,180			22.2	%
		Diluted earnings per share	$	2.98		$	3.31		$	2.11		$	3.94		$	3.46		$	3.97		$	4.23		$	4.30		$	0.36			9.1	%	$	12.33		$	15.94		$	3.60			29.2	%

	Adjusted net operating income		$	119,744		$	130,710		$	141,682		$	144,805		$	131,883		$	145,407		$	153,804		$	150,354		$	5,549			3.8	%	$	536,941		$	581,448		$	44,507			8.3	%
	Less operating income attributable to unvested participating securities			(495	)		(577	)		(666	)		(692	)		(595	)		(611	)		(649	)		(641	)		51			7.4	%		(2,418	)		(2,499	)		(82	)		-3.4	%
		Adjusted net operating income used in computing diluted operating EPS	$	119,249		$	130,134		$	141,016		$	144,113		$	131,289		$	144,795		$	153,155		$	149,714		$	5,601			3.9	%	$	534,523		$	578,949		$	44,425			8.3	%
		Diluted adjusted operating income per share	$	3.03		$	3.38		$	3.76		$	3.89		$	3.57		$	3.99		$	4.28		$	4.25		$	0.37			9.4	%	$	14.03		$	16.07		$	2.04			14.6	%

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		$	2,189,231		$	183,781			9.2	%	$	1,679,406		$	2,080,745		$	401,340			23.9	%
	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		$	2,239,762		$	150,388			7.2	%	$	2,089,154		$	2,191,427		$	102,273			4.9	%

	Net income attributable to Primerica, Inc. return on stockholders' equity			39.7	%		31.4	%		16.8	%		29.3	%		25.8	%		29.2	%		28.1	%		27.8	%		-1.5	%	nm				28.1	%		27.7	%		-0.4	%	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	%		27.1	%		-1.0	%	nm				22.6	%		26.3	%		3.7	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			22.8	%		24.9	%		27.5	%		27.7	%		24.5	%		26.7	%		28.0	%		26.9	%		-0.9	%	nm				25.7	%		26.5	%		0.8	%	nm

Capital Structure
	Debt-to-capital (2)			29.2	%		24.7	%		23.0	%		22.6	%		23.4	%		22.7	%		20.4	%		22.3	%		-0.3	%	nm				22.6	%		22.3	%		-0.3	%	nm
	Debt-to-capital, excluding AOCI (2)			22.2	%		22.1	%		22.4	%		21.6	%		21.4	%		21.3	%		21.1	%		20.7	%		-0.9	%	nm				21.6	%		20.7	%		-0.9	%	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		2.3	x		0.1	x	nm				2.3	x		2.3	x		0.1	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		2.1	x		(0.0	x)	nm				2.1	x		2.1	x		(0.0	x)	nm

	Share count, end of period (3)			38,751,885			37,768,052			37,026,600			36,824,428			36,407,876			35,845,525			35,342,474			34,995,613			(1,828,815	)		-5.0	%		36,824,428			34,995,613			(1,828,815	)		-5.0	%
	Adjusted stockholders' equity per share		$	54.46		$	55.30		$	55.02		$	58.16		$	59.51		$	60.99		$	62.37		$	65.01		$	6.85			11.8	%	$	58.16		$	65.01		$	6.85			11.8	%

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