EX-99.2

Exhibit 99.2

Supplemental Financial Information

Second Quarter 2024

    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, financial analysis, and key statistics	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, 2023.

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    Preface

    PRIMERICA, INC.
Financial Supplement

Second Quarter 2024

This document is a financial supplement to our first quarter 2024 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 and mark-to-market (MTM) investment adjustments. 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 with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy negotiated and purchased in connection with the acquisition of e-TeleQuote. We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude non-cash goodwill and intangible asset impairment charges as non-recurring items that cause incomparability between period-over-period results. Operating adjustments also exclude restructuring and related charges incurred with the exit of our senior health business. We exclude these charges as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments, the deferred tax benefit recognized in association with the impairment of intangible assets and the valuation allowance recognized for state net operating losses (NOLs) in the Company’s Senior Health segment. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

• 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.

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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    Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures

    PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)				Mar 31, 2023			Jun 30, 2023			Sep 30, 2023			Dec 31, 2023			Mar 31, 2024			Jun 30, 2024			Sep 30, 2024	Dec 31, 2024
Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,246,388		$	3,226,056		$	3,174,938		$	3,432,129		$	3,456,543		$	3,502,298
	Securities held to maturity				1,460,000			1,433,520			1,417,460			1,386,980			1,376,400			1,353,370
			Total investments and cash		4,706,388			4,659,576			4,592,398			4,819,109			4,832,943			4,855,668
	Reinsurance recoverables				3,217,354			3,084,520			2,954,245			3,015,777			2,920,417			2,833,055
	Deferred policy acquisition costs				3,250,753			3,319,844			3,374,627			3,447,234			3,503,940			3,566,126
	Goodwill				127,707			127,707			127,707			127,707			127,707			—
	Other assets				1,191,286			1,201,266			1,200,647			1,222,064			1,189,436			1,056,890
	Separate account assets				2,329,968			2,358,823			2,183,435			2,395,842			2,334,911			2,253,966
			Total assets	$	14,823,457		$	14,751,736		$	14,433,059		$	15,027,732		$	14,909,354		$	14,565,704

Liabilities:
	Future policy benefits			$	6,561,624		$	6,491,564		$	6,045,151		$	6,742,025		$	6,548,050		$	6,436,332
	Other policy liabilities				996,747			970,198			938,665			963,773			954,350			908,419
	Income taxes				201,850			169,487			227,866			135,248			197,714			135,050
	Other liabilities				659,734			642,149			636,927			644,792			641,836			672,058
	Debt obligations				593,106			593,307			593,508			593,709			593,909			594,110
	Surplus note				1,459,565			1,433,101			1,417,056			1,386,592			1,376,028			1,353,014
	Payable under securities lending				74,452			77,643			77,956			99,785			76,648			90,995
	Separate account liabilities				2,329,968			2,358,823			2,183,435			2,395,842			2,334,911			2,253,966
			Total liabilities		12,877,046			12,736,272			12,120,564			12,961,765			12,723,446			12,443,945

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				364			358			353			350			346			340
	Paid-in capital				—			—			—			—			—			—
	Retained earnings				2,177,428			2,190,223			2,215,378			2,276,947			2,285,937			2,122,832
	Treasury stock				—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(208,157	)		(226,250	)		(269,604	)		(170,008	)		(181,537	)		(187,346	)
		Effect of change in discount rate assumptions on the liability for future policy benefits			(11,966	)		55,386			377,637			(39,086	)		92,853			201,441
		Cumulative translation adjustment			(11,259	)		(4,253	)		(11,269	)		(2,235	)		(11,691	)		(15,507	)
			Total stockholders’ equity		1,946,411			2,015,464			2,312,495			2,065,967			2,185,908			2,121,759
			Total liabilities and stockholders' equity	$	14,823,457		$	14,751,736		$	14,433,059		$	15,027,732		$	14,909,354		$	14,565,704

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,946,411		$	2,015,464		$	2,312,495		$	2,065,967		$	2,185,908		$	2,121,759
	Less: Net unrealized gains (losses)				(208,157	)		(226,250	)		(269,604	)		(170,008	)		(181,537	)		(187,346	)
	Less: Effect of change in discount rate assumptions on the liability for future policy benefits				(11,966	)		55,386			377,637			(39,086	)		92,853			201,441
			Adjusted stockholders’ equity	$	2,166,533		$	2,186,328		$	2,204,462		$	2,275,062		$	2,274,592		$	2,107,665

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	2,141,707		$	2,166,533		$	2,186,328		$	2,204,462		$	2,275,062		$	2,274,592
	Net Income				128,099			144,504			152,063			151,935			137,904			1,171
	Shareholder dividends				(23,910	)		(23,598	)		(23,336	)		(22,870	)		(26,256	)		(25,835	)
	Retirement of shares and warrants				(96,323	)		(112,606	)		(106,479	)		(72,886	)		(116,570	)		(142,744	)
	Net foreign currency translation adjustment				1,020			7,005			(7,016	)		9,035			(9,456	)		(3,817	)
	Other, net				15,941			4,490			2,902			5,386			13,909			4,297
Balance, end of period				$	2,166,533		$	2,186,328		$	2,204,462		$	2,275,062		$	2,274,592		$	2,107,665

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	3,188,502		$	3,250,753		$	3,319,844		$	3,374,627		$	3,447,234		$	3,503,940
	General expenses deferred				10,777			10,692			10,764			9,910			11,156			11,235
	Commission costs deferred				118,386			119,676			119,976			125,335			125,811			127,800
	Amortization of deferred policy acquisition costs				(67,923	)		(68,110	)		(69,405	)		(70,378	)		(72,049	)		(73,643	)
	Foreign currency impact and other, net				1,011			6,833			(6,551	)		7,739			(8,211	)		(3,207	)
Balance, end of period				$	3,250,753		$	3,319,844		$	3,374,627		$	3,447,234		$	3,503,940		$	3,566,126

(1)

Outstanding common shares exclude restricted stock units.

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    Financial Results and Other Statistical Data

    PRIMERICA, INC.
Financial Supplement


																							YOY Q2												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			36,709,525			36,215,232			35,760,090			35,148,919			34,882,824			34,383,344					(1,831,888	)		-5.1	%		36,461,013			34,633,084			(1,827,929	)		-5.0	%

	Net income		$	128,099		$	144,504		$	152,063		$	151,935		$	137,904		$	1,171				$	(143,334	)		-99.2	%	$	272,603		$	139,074		$	(133,529	)		-49.0	%
	Less income attributable to unvested participating securities			(579	)		(609	)		(643	)		(648	)		(572	)		(96	)				513			84.2	%		(1,190	)		(547	)		643			54.1	%
		Net income used in computing basic EPS	$	127,520		$	143,896		$	151,420		$	151,287		$	137,331		$	1,075				$	(142,821	)		-99.3	%	$	271,413		$	138,528		$	(132,885	)		-49.0	%
		Basic earnings per share	$	3.47		$	3.97		$	4.23		$	4.30		$	3.94		$	0.03				$	(3.94	)		-99.2	%	$	7.44		$	4.00		$	(3.44	)		-46.2	%

	Adjusted net operating income		$	131,883		$	145,407		$	153,804		$	150,354		$	137,005		$	162,746				$	17,339			11.9	%	$	277,290		$	299,751		$	22,460			8.1	%
	Less operating income attributable to unvested participating securities			(596	)		(612	)		(650	)		(642	)		(569	)		(604	)				9			1.5	%		(1,210	)		(1,178	)		32			2.6	%
		Adjusted net operating income used in computing basic operating EPS	$	131,288		$	144,794		$	153,154		$	149,713		$	136,436		$	162,142				$	17,348			12.0	%	$	276,080		$	298,572		$	22,492			8.1	%
		Basic adjusted operating income per share	$	3.58		$	4.00		$	4.28		$	4.26		$	3.91		$	4.72				$	0.72			18.0	%	$	7.57		$	8.62		$	1.05			13.9	%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			36,709,525			36,215,232			35,760,090			35,148,919			34,882,824			34,383,344					(1,831,888	)		-5.1	%		36,461,013			34,633,084			(1,827,929	)		-5.0	%
	Dilutive impact of contingently issuable shares			94,123			74,712			62,182			59,473			53,938			56,591					(18,121	)		-24.3	%		84,418			55,265			(29,153	)		-34.5	%
		Shares used to calculate diluted EPS		36,803,648			36,289,944			35,822,272			35,208,392			34,936,762			34,439,935					(1,850,009	)		-5.1	%		36,545,431			34,688,349			(1,857,082	)		-5.1	%

	Net income		$	128,099		$	144,504		$	152,063		$	151,935		$	137,904		$	1,171				$	(143,334	)		-99.2	%	$	272,603		$	139,074		$	(133,529	)		-49.0	%
	Less income attributable to unvested participating securities			(577	)		(608	)		(642	)		(647	)		(572	)		(96	)				512			84.2	%		(1,188	)		(546	)		641			54.0	%
		Net income used in computing diluted EPS	$	127,521		$	143,897		$	151,421		$	151,288		$	137,332		$	1,075				$	(142,822	)		-99.3	%	$	271,415		$	138,528		$	(132,887	)		-49.0	%
		Diluted earnings per share	$	3.46		$	3.97		$	4.23		$	4.30		$	3.93		$	0.03				$	(3.94	)		-99.2	%	$	7.43		$	3.99		$	(3.44	)		-46.3	%

	Adjusted net operating income		$	131,883		$	145,407		$	153,804		$	150,354		$	137,005		$	162,746				$	17,339			11.9	%	$	277,290		$	299,751		$	22,460			8.1	%
	Less operating income attributable to unvested participating securities			(595	)		(611	)		(649	)		(641	)		(568	)		(603	)				9			1.4	%		(1,208	)		(1,177	)		31			2.6	%
		Adjusted net operating income used in computing diluted operating EPS	$	131,289		$	144,795		$	153,155		$	149,714		$	136,437		$	162,143				$	17,348			12.0	%	$	276,082		$	298,574		$	22,492			8.1	%
		Diluted adjusted operating income per share	$	3.57		$	3.99		$	4.28		$	4.25		$	3.91		$	4.71				$	0.72			18.0	%	$	7.55		$	8.61		$	1.06			14.0	%

Annualized Return on Equity
	Average stockholders' equity		$	1,988,832		$	1,980,938		$	2,163,980		$	2,189,231		$	2,125,938		$	2,153,834				$	172,896			8.7	%	$	1,984,885		$	2,139,886		$	155,001			7.8	%
	Average adjusted stockholders' equity		$	2,154,120		$	2,176,431		$	2,195,395		$	2,239,762		$	2,274,827		$	2,191,128				$	14,698			0.7	%	$	2,165,275		$	2,232,978		$	67,702			3.1	%

	Net income return on stockholders' equity			25.8	%		29.2	%		28.1	%		27.8	%		25.9	%		0.2	%				-29.0	%	nm				27.5	%		13.0	%		-14.5	%	nm
	Net income return on adjusted stockholders' equity			23.8	%		26.6	%		27.7	%		27.1	%		24.2	%		0.2	%				-26.3	%	nm				25.2	%		12.5	%		-12.7	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			24.5	%		26.7	%		28.0	%		26.9	%		24.1	%		29.7	%				3.0	%	nm				25.6	%		26.8	%		1.2	%	nm

Capital Structure
	Debt-to-capital (1)			23.4	%		22.7	%		20.4	%		22.3	%		21.4	%		21.9	%				-0.9	%	nm				22.7	%		21.9	%		-0.9	%	nm
	Debt-to-capital, excluding AOCI (1)			21.4	%		21.3	%		21.1	%		20.7	%		20.6	%		21.9	%				0.6	%	nm				21.3	%		21.9	%		0.6	%	nm

	Cash and invested assets to stockholders' equity			2.4	x		2.3	x		2.0	x		2.3	x		2.2	x		2.3	x				(0.0	x)	nm				2.3	x		2.3	x		(0.0	x)	nm
	Cash and invested assets to adjusted stockholders' equity			2.2	x		2.1	x		2.1	x		2.1	x		2.1	x		2.3	x				0.2	x	nm				2.1	x		2.3	x		0.2	x	nm

	Share count, end of period (2)			36,407,876			35,845,525			35,342,474			34,995,613			34,609,005			33,993,897					(1,851,628	)		-5.2	%		35,845,525			33,993,897			(1,851,628	)		-5.2	%
	Adjusted stockholders' equity per share		$	59.51		$	60.99		$	62.37		$	65.01		$	65.72		$	62.00				$	1.01			1.7	%	$	60.99		$	62.00		$	1.01			1.7	%

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

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

(1)

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

(2)

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

5 of 18

    Statements of Income

    PRIMERICA, INC.
Financial Supplement


																								YOY Q2												YOY YTD
(Dollars in thousands)				Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Statements of Income
Revenues:
	Direct premiums			$	817,872		$	828,296		$	831,681		$	834,275		$	841,046		$	845,358				$	17,062			2.1	%	$	1,646,169		$	1,686,404		$	40,236			2.4	%
	Ceded premiums				(405,347	)		(425,266	)		(411,015	)		(410,182	)		(409,764	)		(427,561	)				(2,295	)		-0.5	%		(830,613	)		(837,325	)		(6,712	)		-0.8	%
		Net premiums			412,525			403,030			420,666			424,093			431,283			417,797					14,767			3.7	%		815,555			849,079			33,524			4.1	%
	Net investment income				31,065			32,398			34,730			37,644			37,806			38,452					6,054			18.7	%		63,462			76,258			12,796			20.2	%
	Commissions and fees:
		Sales-based (1)			72,388			74,958			72,996			76,274			88,746			101,178					26,220			35.0	%		147,346			189,924			42,577			28.9	%
		Asset-based (2)			111,904			113,335			119,413			118,303			128,532			132,765					19,430			17.1	%		225,239			261,297			36,058			16.0	%
		Account-based (3)			22,790			23,095			23,344			23,960			23,180			23,740					644			2.8	%		45,886			46,919			1,034			2.3	%
		Other commissions and fees			24,464			21,742			23,149			28,300			14,563			22,087					345			1.6	%		46,206			36,650			(9,556	)		-20.7	%
	Investment (losses) gains				(4,608	)		(328	)		(1,795	)		835			1,305			(99	)				228		nm				(4,936	)		1,206			6,142		nm
	Other, net				19,508			20,155			18,429			16,929			17,415			67,457					47,302		nm				39,663			84,871			45,208			114.0	%
	Total revenues				690,036			688,385			710,932			726,338			742,829			803,375					114,990			16.7	%		1,378,422			1,546,205			167,783			12.2	%
Benefits and expenses:
	Benefits and claims				163,267			148,911			162,062			168,739			166,321			150,030					1,118			0.8	%		312,179			316,351			4,172			1.3	%
	Future policy benefits remeasurement (gain)/loss				559			(1,867	)		179			746			55			(4,329	)				(2,463	)		-131.9	%		(1,308	)		(4,274	)		(2,966	)	nm
	Amortization of DAC				67,923			68,110			69,405			70,378			72,049			73,643					5,533			8.1	%		136,033			145,692			9,659			7.1	%
	Insurance commissions				8,138			9,142			7,911			9,030			9,634			7,399					(1,743	)		-19.1	%		17,281			17,033			(248	)		-1.4	%
	Insurance expenses				61,125			59,093			57,821			57,420			63,149			62,685					3,591			6.1	%		120,219			125,834			5,615			4.7	%
	Sales commissions:
		Sales-based (1)			52,452			53,630			52,343			54,057			62,814			70,509					16,878			31.5	%		106,082			133,322			27,240			25.7	%
		Asset-based (2)			54,276			55,085			58,793			58,388			64,208			66,525					11,440			20.8	%		109,361			130,733			21,372			19.5	%
		Other sales commissions			4,147			4,907			5,064			4,303			4,117			5,120					213			4.3	%		9,054			9,237			183			2.0	%
	Interest expense				6,690			6,686			6,632			6,586			6,771			6,099					(587	)		-8.8	%		13,376			12,870			(505	)		-3.8	%
	Contract acquistion costs (4)				14,984			12,602			12,568			15,079			13,533			15,724					3,122			24.8	%		27,586			29,257			1,671			6.1	%
	Other operating expenses				89,534			83,189			79,354			84,572			100,943			88,567					5,378			6.5	%		172,723			189,510			16,787			9.7	%
	Loss on extinguishment of debt				—			—			—			—			—			—					—		#DIV/0!				—			—			—		#DIV/0!
	Total benefits and expenses				523,095			499,489			512,131			529,297			563,594			795,578					296,089			59.3	%		1,022,584			1,359,172			336,588			32.9	%
	Income before income taxes				166,942			188,896			198,801			197,041			179,236			7,797					(181,099	)		-95.9	%		355,838			187,033			(168,805	)		-47.4	%
		Income taxes			38,843			44,392			46,738			45,106			41,332			6,626					(37,765	)		-85.1	%		83,235			47,958			(35,277	)		-42.4	%
			Net Income	$	128,099		$	144,504		$	152,063		$	151,935		$	137,904		$	1,171				$	(143,334	)		-99.2	%	$	272,603		$	139,074		$	(133,529	)		-49.0	%

Income Before Income Taxes by Segment
Term Life Insurance				$	130,540		$	140,115		$	141,223		$	140,285		$	138,367		$	147,780				$	7,665			5.5	%	$	270,655		$	286,147		$	15,493			5.7	%
Investment & Savings Products					56,107			59,583			64,374			62,763			65,563			74,783					15,200			25.5	%		115,691			140,346			24,655			21.3	%
Senior Health					(3,762	)		(6,033	)		(7,583	)		(2,681	)		(14,153	)		(264,972	)				(258,939	)	nm				(9,795	)		(279,125	)		(269,330	)	nm
Corporate & Other Distributed Products					(15,944	)		(4,769	)		787			(3,327	)		(10,542	)		50,206					54,975		nm				(20,713	)		39,664			60,377		nm
	Income before income taxes			$	166,942		$	188,896		$	198,801		$	197,041		$	179,236		$	7,797				$	(181,099	)		-95.9	%	$	355,838		$	187,033		$	(168,805	)		-47.4	%

(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 Senior Health 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 Q2												YOY YTD
(Dollars in thousands)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
	Term Life Insurance direct premiums	$	812,880		$	823,297		$	826,665		$	829,918		$	836,321		$	840,668				$	17,371			2.1	%	$	1,636,177		$	1,676,989		$	40,812			2.5	%
	Less: Premiums ceded to IPO Coinsurers		220,240			216,740			212,951			210,310			206,502			201,566					(15,174	)		-7.0	%		436,980			408,068			(28,912	)		-6.6	%
	Term Life Insurance adjusted direct premiums	$	592,640		$	606,557		$	613,714		$	619,608		$	629,819		$	639,102				$	32,545			5.4	%	$	1,199,197		$	1,268,921		$	69,724			5.8	%

Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
	Term Life Insurance ceded premiums	$	(404,044	)	$	(423,704	)	$	(409,801	)	$	(410,456	)	$	(408,558	)	$	(426,348	)			$	(2,644	)		-0.6	%	$	(827,747	)	$	(834,906	)	$	(7,159	)		-0.9	%
	Less: Premiums ceded to IPO Coinsurers		(220,240	)		(216,740	)		(212,951	)		(210,310	)		(206,502	)		(201,566	)				15,174			7.0	%		(436,980	)		(408,068	)		28,912			6.6	%
	Term Life Insurance other ceded premiums	$	(183,804	)	$	(206,964	)	$	(196,849	)	$	(200,146	)	$	(202,056	)	$	(224,782	)			$	(17,818	)		-8.6	%	$	(390,767	)	$	(426,838	)	$	(36,071	)		-9.2	%

Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	31,065		$	32,398		$	34,730		$	37,644		$	37,806		$	38,452				$	6,054			18.7	%	$	63,462		$	76,258		$	12,796			20.2	%
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189				nm			nm				(1,179	)		52		nm			nm
	Adjusted net investment income	$	31,392		$	33,250		$	35,212		$	36,429		$	37,943		$	38,263				$	5,013			15.1	%	$	64,642		$	76,206		$	11,564			17.9	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	89,534		$	83,189		$	79,354		$	84,572		$	100,943		$	88,567				$	5,378			6.5	%	$	172,723		$	189,510		$	16,787			9.7	%
	Less: Restructuring costs		—			—			—			—			—			824				nm			nm				—			824		nm			nm
	Adjusted other operating expenses	$	89,534		$	83,189		$	79,354		$	84,572		$	100,943		$	87,743				$	4,554			5.5	%	$	172,723		$	188,686		$	15,963			9.2	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	690,036		$	688,385		$	710,932		$	726,338		$	742,829		$	803,375				$	114,990			16.7	%	$	1,378,422		$	1,546,205		$	167,783			12.2	%
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)			nm			nm				(4,936	)		1,206		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189				nm			nm				(1,179	)		52		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000				nm			nm				—			50,000		nm			nm
	Adjusted operating revenues	$	694,972		$	689,565		$	713,208		$	724,288		$	741,661		$	753,285				$	63,720			9.2	%	$	1,384,537		$	1,494,946		$	110,410			8.0	%

Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	166,942		$	188,896		$	198,801		$	197,041		$	179,236		$	7,797				$	(181,099	)		-95.9	%	$	355,838		$	187,033		$	(168,805	)		-47.4	%
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)			nm			nm				(4,936	)		1,206		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189				nm			nm				(1,179	)		52		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000				nm			nm				—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)			nm			nm				—			(824	)	nm			nm
	Less: Impairment of goodwill		—			—			—			—			—			(127,707	)			nm			nm				—			(127,707	)	nm			nm
	Less: Impairment of other long-lived assets		—			—			—			—			—			(125,900	)			nm			nm				—			(125,900	)	nm			nm
	Adjusted operating income before income taxes	$	171,877		$	190,076		$	201,077		$	194,991		$	178,067		$	212,138				$	22,063			11.6	%	$	361,953		$	390,205		$	28,253			7.8	%

Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	128,099		$	144,504		$	152,063		$	151,935		$	137,904		$	1,171				$	(143,334	)		-99.2	%	$	272,603		$	139,074		$	(133,529	)		-49.0	%
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)			nm			nm				(4,936	)		1,206		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189				nm			nm				(1,179	)		52		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000				nm			nm				—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)			nm			nm				—			(824	)	nm			nm
	Less: Impairment of goodwill		—			—			—			—			—			(127,707	)			nm			nm				—			(127,707	)	nm			nm
	Less: Tax impact of preceding items		1,151			277			535			(469	)		(269	)		18,720				nm			nm				1,428			18,451		nm			nm
	Less: Impairment of other long-lived assets		—			—			—			—			—			(125,900	)			nm			nm				—			(125,900	)	nm			nm
	Less: Deferred tax benefit of preceding item		—			—			—			—			—			35,126				nm			nm				—			35,126		nm			nm
	Less: Valuation allowance on Senior Health NOLs		—			—			—			—			—			(11,080	)			nm			nm				—			(11,080	)	nm			nm
	Adjusted net operating income	$	131,883		$	145,407		$	153,804		$	150,354		$	137,005		$	162,746				$	17,339			11.9	%	$	277,290		$	299,751		$	22,460			8.1	%

7 of 18

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

    PRIMERICA, INC.
Financial Supplement


																						YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(3,762	)	$	(6,033	)	$	(7,583	)	$	(2,681	)	$	(14,153	)	$	(264,972	)			$	(258,939	)	nm			$	(9,795	)	$	(279,125	)	$	(269,330	)	nm
	Less: Impairment of goodwill		—			—			—			—			—			(127,707	)			nm			nm				—			(127,707	)	nm			nm
	Less: Impairment of other long-lived assets		—			—			—			—			—			(125,900	)			nm			nm				—			(125,900	)	nm			nm
	Adjusted operating income before income taxes	$	(3,762	)	$	(6,033	)	$	(7,583	)	$	(2,681	)	$	(14,153	)	$	(11,365	)			$	(5,332	)		-88.4	%	$	(9,795	)	$	(25,518	)	$	(15,723	)	nm

Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(15,944	)	$	(4,769	)	$	787		$	(3,327	)	$	(10,542	)	$	50,206				$	54,975		nm			$	(20,713	)	$	39,664		$	60,377		nm
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)			nm			nm				(4,936	)		1,206		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189				nm			nm				(1,179	)		52		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000				nm			nm				—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)			nm			nm				—			(824	)	nm			nm
	Adjusted operating income before income taxes	$	(11,008	)	$	(3,589	)	$	3,063		$	(5,377	)	$	(11,710	)	$	940				$	4,530			126.2	%	$	(14,598	)	$	(10,770	)	$	3,828			26.2	%

8 of 18

    Term Life Insurance - Financial Results and Analysis

    PRIMERICA, INC.
Financial Supplement


																						YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	812,880		$	823,297		$	826,665		$	829,918		$	836,321		$	840,668				$	17,371			2.1	%	$	1,636,177		$	1,676,989		$	40,812			2.5	%
	Premiums ceded to IPO coinsurers (1)		(220,240	)		(216,740	)		(212,951	)		(210,310	)		(206,502	)		(201,566	)				15,174			7.0	%		(436,980	)		(408,068	)		28,912			6.6	%
	Adjusted direct premiums (2)		592,640			606,557			613,714			619,608			629,819			639,102					32,545			5.4	%		1,199,197			1,268,921			69,724			5.8	%
	Other ceded premiums (3)		(183,804	)		(206,964	)		(196,849	)		(200,146	)		(202,056	)		(224,782	)				(17,818	)		-8.6	%		(390,767	)		(426,838	)		(36,071	)		-9.2	%
	Net premiums		408,836			399,594			416,864			419,462			427,762			414,320					14,727			3.7	%		808,430			842,083			33,653			4.2	%
	Other, net		12,233			12,280			11,909			11,865			12,649			12,624					345			2.8	%		24,513			25,274			761			3.1	%
	Revenues		421,069			411,873			428,773			431,327			440,412			426,944					15,071			3.7	%		832,942			867,356			34,414			4.1	%

	Benefits and expenses:
	Benefits and claims		158,940			143,855			158,508			160,782			163,847			146,268					2,413			1.7	%		302,795			310,115			7,320			2.4	%
	Future policy benefits remeasurement (gain)/loss		1,035			(1,312	)		251			(187	)		(319	)		(4,280	)				(2,968	)	nm				(277	)		(4,599	)		(4,322	)	nm
	Amortization of DAC		66,068			66,004			67,720			69,012			70,491			71,916					5,912			9.0	%		132,072			142,407			10,335			7.8	%
	Insurance commissions		4,590			5,496			4,373			5,356			6,047			3,785					(1,710	)		-31.1	%		10,086			9,833			(253	)		-2.5	%
	Insurance expenses		59,896			57,717			56,698			56,080			61,979			61,476					3,759			6.5	%		117,613			123,454			5,842			5.0	%
	Benefits and expenses		290,529			271,759			287,549			291,042			302,044			279,164					7,406			2.7	%		562,288			581,209			18,921			3.4	%
	Income before income taxes	$	130,540		$	140,115		$	141,224		$	140,285		$	138,367		$	147,780				$	7,665			5.5	%	$	270,655		$	286,147		$	15,493			5.7	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	477,227		$	489,826		$	495,769		$	499,965		$	508,687		$	517,691				$	27,865			5.7	%	$	967,054		$	1,026,378		$	59,324			6.1	%
	Pre-IPO direct premiums (5)		335,652			333,471			330,896			329,953			327,634			322,977					(10,494	)		-3.1	%		669,123			650,611			(18,512	)		-2.8	%
	Total direct premiums	$	812,880		$	823,297		$	826,665		$	829,918		$	836,321		$	840,668				$	17,371			2.1	%	$	1,636,177		$	1,676,989		$	40,812			2.5	%

	Premiums ceded to IPO coinsurers	$	220,240		$	216,740		$	212,951		$	210,310		$	206,502		$	201,566				$	(15,174	)		-7.0	%	$	436,980		$	408,068		$	(28,912	)		-6.6	%
	% of Pre-IPO direct premiums		65.6	%		65.0	%		64.4	%		63.7	%		63.0	%		62.4	%			nm			nm				65.3	%		62.7	%	nm			nm

	Benefits and claims, net (6)	$	343,779		$	349,506		$	355,608		$	360,741		$	365,584		$	366,770				$	17,264			4.9	%	$	693,285		$	732,353		$	39,068			5.6	%
	% of adjusted direct premiums		58.0	%		57.6	%		57.9	%		58.2	%		58.0	%		57.4	%			nm			nm				57.8	%		57.7	%	nm			nm

	DAC amortization & insurance commissions	$	70,657		$	71,500		$	72,093		$	74,367		$	76,538		$	75,701				$	4,201			5.9	%	$	142,157		$	152,239		$	10,082			7.1	%
	% of adjusted direct premiums		11.9	%		11.8	%		11.7	%		12.0	%		12.2	%		11.8	%			nm			nm				11.9	%		12.0	%	nm			nm

	Insurance expenses, net (7)	$	47,663		$	45,437		$	44,789		$	44,215		$	49,329		$	48,851				$	3,414			7.5	%	$	93,100		$	98,181		$	5,081			5.5	%
	% of adjusted direct premiums		8.0	%		7.5	%		7.3	%		7.1	%		7.8	%		7.6	%			nm			nm				7.8	%		7.7	%	nm			nm

	Total Term Life income before income taxes	$	130,540		$	140,115		$	141,224		$	140,285		$	138,367		$	147,780				$	7,665			5.5	%	$	270,655		$	286,147		$	15,493			5.7	%
	Term Life operating margin (8)		22.0	%		23.1	%		23.0	%		22.6	%		22.0	%		23.1	%			nm			nm				22.6	%		22.6	%	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 yearly renewable term.

(7)

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

(8)

Term Life Insurance 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 Q2												YOY YTD
			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				135,208			136,430			137,806			139,053			141,572			142,855					6,425			4.7	%		135,208			141,572			6,364			4.7	%
	New life-licensed representatives			11,118			12,638			12,311			13,029			12,949			14,402					1,764			14.0	%		23,756			27,351			3,595			15.1	%
	Non-renewal and terminated representatives			(9,896	)		(11,262	)		(11,064	)		(10,510	)		(11,666	)		(11,468	)				(206	)		-1.8	%		(21,158	)		(23,134	)		(1,976	)		-9.3	%
Life-insurance licensed sales force, end of period				136,430			137,806			139,053			141,572			142,855			145,789					7,983			5.8	%		137,806			145,789			7,983			5.8	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	70.7		$	82.0		$	74.0		$	75.6		$	73.1		$	86.7				$	4.7			5.7	%	$	152.7		$	159.7		$	7.0			4.6	%
	Additions and increases in premium			18.2			19.7			18.7			17.7			18.1			19.9					0.2			0.9	%		37.9			38.0			0.1			0.2	%
		Total estimated annualized issued term life premium	$	88.9		$	101.7		$	92.7		$	93.3		$	91.2		$	106.5				$	4.9			4.8	%	$	190.6		$	197.7		$	7.1			3.7	%

Issued term life policies				84,561			96,953			88,589			88,757			86,587			100,768					3,815			3.9	%		181,514			187,355			5,841			3.2	%
Estimated average annualized issued term life premium per policy (1)(2)			$	836		$	846		$	836		$	852		$	844		$	860				$	15			1.7	%	$	841		$	853		$	11			1.4	%

Term life face amount in-force, beginning of period ($mills)			$	916,808		$	922,845		$	934,867		$	937,856		$	944,609		$	947,101				$	24,256			2.6	%	$	916,808		$	944,609		$	27,802			3.0	%
	Issued term life face amount (3)			28,124			32,203			29,452			29,322			28,725			33,155					952			3.0	%		60,327			61,880			1,553			2.6	%
	Terminated term life face amount			(22,210	)		(22,583	)		(24,143	)		(25,293	)		(23,323	)		(28,241	)				(5,658	)		-25.1	%		(44,793	)		(51,564	)		(6,770	)		-15.1	%
	Foreign currency impact, net			124			2,401			(2,320	)		2,724			(2,911	)		(1,134	)				(3,536	)		-147.2	%		2,525			(4,046	)		(6,571	)	nm
Term life face amount in-force, end of period			$	922,845		$	934,867		$	937,856		$	944,609		$	947,101		$	950,880				$	16,014			1.7	%	$	934,867		$	950,880		$	16,014			1.7	%

(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)

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 Q2											YOY YTD
(Dollars in thousands, except as noted)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change		% Change			YTD 2023			YTD 2024			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	72,388		$	74,958		$	72,996		$	76,274		$	88,746		$	101,178				$	26,220		35.0	%	$	147,346		$	189,924		$	42,577			28.9	%
	Asset-based		111,904			113,335			119,413			118,303			128,532			132,765					19,430		17.1	%		225,239			261,297			36,058			16.0	%
	Account-based		22,790			23,095			23,344			23,960			23,180			23,740					644		2.8	%		45,886			46,919			1,034			2.3	%
	Other, net		3,120			3,121			3,145			3,119			3,258			3,224					103		3.3	%		6,240			6,482			242			3.9	%
	Revenues		210,202			214,509			218,898			221,656			243,716			260,906					46,397		21.6	%		424,712			504,622			79,910			18.8	%

	Benefits and expenses:
	Amortization of DAC		1,493			1,409			1,311			1,267			1,201			1,478					69		4.9	%		2,901			2,679			(223	)		-7.7	%
	Insurance commissions		3,308			3,273			3,321			3,246			3,400			3,343					70		2.1	%		6,581			6,743			161			2.5	%
	Sales commissions:
	Sales-based		52,452			53,630			52,343			54,057			62,814			70,509					16,878		31.5	%		106,082			133,322			27,240			25.7	%
	Asset-based		54,276			55,085			58,793			58,388			64,208			66,525					11,440		20.8	%		109,361			130,733			21,372			19.5	%
	Other operating expenses		42,567			41,529			38,757			41,935			46,531			44,269					2,740		6.6	%		84,095			90,800			6,704			8.0	%
	Benefits and expenses		154,095			154,926			154,524			158,893			178,153			186,123					31,197		20.1	%		309,021			364,276			55,255			17.9	%
	Income before income taxes	$	56,107		$	59,583		$	64,374		$	62,763		$	65,563		$	74,783				$	15,200		25.5	%	$	115,691		$	140,346		$	24,655			21.3	%

Financial Analysis

	Fees paid based on client asset values (1)	$	8,034		$	8,142		$	8,608		$	8,102		$	9,342		$	9,548				$	1,406		17.3	%	$	16,176		$	18,890		$	2,714			16.8	%
	Fees paid based on fee-generating positions (2)		11,528			10,216			9,469			10,270			11,426			10,483					267		2.6	%		21,744			21,909			165			0.8	%
	Other operating expenses		23,005			23,171			20,680			23,563			25,763			24,238					1,067		4.6	%		46,176			50,001			3,825			8.3	%
	Total other operating expenses	$	42,567		$	41,529		$	38,757		$	41,935		$	46,531		$	44,269				$	2,740		6.6	%	$	84,095		$	90,800		$	6,704			8.0	%

	Sales-based variable margin as % of revenue-generating sales (3)
	U.S.		1.21	%		1.21	%		1.22	%		1.27	%		1.25	%		1.33	%			nm		nm				1.21	%		1.29	%	nm			nm
	Canada		0.33	%		0.37	%		0.41	%		0.45	%		0.48	%		0.37	%			nm		nm				0.34	%		0.43	%	nm			nm
	Total		1.13	%		1.16	%		1.17	%		1.22	%		1.19	%		1.27	%			nm		nm				1.15	%		1.23	%	nm			nm

	Asset-based variable margin as % of average asset values (4)
	U.S.		0.042	%		0.041	%		0.042	%		0.042	%		0.041	%		0.041	%			nm		nm				0.084	%		0.082	%	nm			nm
	Canada		0.102	%		0.104	%		0.105	%		0.105	%		0.104	%		0.104	%			nm		nm				0.206	%		0.208	%	nm			nm
	Total		0.052	%		0.051	%		0.052	%		0.052	%		0.051	%		0.050	%			nm		nm				0.103	%		0.101	%	nm			nm

	Account-based variable margin per average fee generating position (5)(6)	$	3.58		$	4.07		$	4.36		$	4.29		$	3.67		$	4.10				nm		nm			$	7.65		$	7.77		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 variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)

Asset-based variable margin - 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 variable margin - 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 Q2												YOY YTD
					Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	971.7		$	998.5		$	956.9		$	970.9		$	1,162.2		$	1,228.6				$	230.1			23.0	%	$	1,970.2		$	2,390.7		$	420.6			21.3	%
		Canada Retail Mutual Funds				149.8			106.2			110.1			112.0			179.6			147.6					41.4			38.9	%		256.0			327.2			71.2			27.8	%
		Indexed Annuities				80.7			89.3			72.7			68.9			81.0			98.0					8.6			9.7	%		170.0			179.0			8.9			5.3	%
		Variable Annuities and other				556.4			649.1			628.8			671.9			756.0			941.4					292.4			45.0	%		1,205.5			1,697.4			491.9			40.8	%
				Total sales-based revenue generating product sales		1,758.6			1,843.1			1,768.5			1,823.7			2,178.8			2,415.6					572.5			31.1	%		3,601.7			4,594.3			992.7			27.6	%
		Managed Accounts				306.1			317.0			236.0			353.2			370.9			456.1					139.1			43.9	%		623.1			827.0			203.8			32.7	%
		Canada Retail Mutual Funds - no upfront sales comm				183.4			193.6			152.4			161.8			197.7			196.5					2.9			1.5	%		377.0			394.2			17.3			4.6	%
		Segregated Funds				51.9			27.9			17.4			17.2			23.0			14.8					(13.2	)		-47.1	%		79.8			37.8			(42.1	)		-52.7	%
				Total product sales	$	2,300.0		$	2,381.6		$	2,174.2		$	2,355.9		$	2,770.4		$	3,082.9				$	701.3			29.4	%	$	4,681.6		$	5,853.3		$	1,171.7			25.0	%

		Total Canada Retail Mutual Funds			$	333.2		$	299.8		$	262.5		$	273.8		$	377.4		$	344.1				$	44.3			14.8	%	$	633.0		$	721.4		$	88.5			14.0	%
		Segregated Funds				51.9			27.9			17.4			17.2			23.0			14.8					(13.2	)		-47.1	%		79.8			37.8			(42.1	)		-52.7	%
			Total Canada product sales			385.0			327.7			279.8			291.0			400.4			358.8					31.1			9.5	%		712.8			759.2			46.4			6.5	%
			Total U.S. product sales			1,914.9			2,053.9			1,894.4			2,065.0			2,370.0			2,724.1					670.2			32.6	%		3,968.8			5,094.1			1,125.3			28.4	%
				Total product sales	$	2,300.0		$	2,381.6		$	2,174.2		$	2,355.9		$	2,770.4		$	3,082.9				$	701.3			29.4	%	$	4,681.6		$	5,853.3		$	1,171.7			25.0	%

	Client asset values, beginning of period ($mills)				$	83,949		$	87,621		$	91,646		$	88,441		$	96,735		$	103,340				$	15,719			17.9	%	$	83,949		$	96,735		$	12,786			15.2	%
		Inflows				2,300			2,382			2,174			2,356			2,770			3,083					701			29.4	%		4,682			5,853			1,172			25.0	%
		Outflows (1)				(1,658	)		(1,839	)		(1,982	)		(2,184	)		(2,497	)		(2,660	)				(821	)		-44.6	%		(3,497	)		(5,157	)		(1,659	)		-47.4	%
				Net flows		642			542			192			172			274			423					(119	)		-22.0	%		1,184			697			(488	)		-41.2	%
		Foreign currency impact, net				16			315			(303	)		344			(392	)		(163	)				(478	)	nm				330			(555	)		(885	)	nm
		Change in market value, net and other (2)				3,014			3,168			(3,094	)		7,777			6,724			1,512					(1,656	)		-52.3	%		6,182			8,236			2,054			33.2	%
	Client asset values, end of period				$	87,621		$	91,646		$	88,441		$	96,735		$	103,340		$	105,112				$	13,467			14.7	%	$	91,646		$	105,112		$	13,467			14.7	%
		Annualized net flows as % of beginning of period asset values				3.1	%		2.5	%		0.8	%		0.8	%		1.1	%		1.6	%				-0.8	%	nm				2.8	%		1.4	%		-1.4	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	42,096		$	43,225		$	44,748		$	44,622		$	49,013		$	50,560				$	7,335			17.0	%	$	42,661		$	49,787		$	7,126			16.7	%
		Canada Retail Mutual Funds				11,345			11,567			11,817			11,722			12,850			13,259					1,692			14.6	%		11,456			13,055			1,598			14.0	%
		Managed Accounts				7,338			7,613			7,850			7,851			8,806			9,376					1,763			23.2	%		7,475			9,091			1,616			21.6	%
		Indexed Annuities				2,729			2,760			2,793			2,807			2,824			2,868					108			3.9	%		2,745			2,846			101			3.7	%
		Variable Annuities and other				20,744			21,323			21,999			21,762			23,665			24,663					3,340			15.7	%		21,034			24,164			3,131			14.9	%
		Segregated Funds				2,329			2,324			2,298			2,232			2,344			2,266					(57	)		-2.5	%		2,326			2,305			(21	)		-0.9	%
				Total	$	86,581		$	88,813		$	91,505		$	90,995		$	99,502		$	102,993				$	14,181			16.0	%	$	87,697		$	101,247		$	13,551			15.5	%

		Canada Retail Mutual Funds			$	11,345		$	11,567		$	11,817		$	11,722		$	12,850		$	13,259				$	1,692			14.6	%	$	11,456		$	13,055		$	1,598			14.0	%
		Segregated Funds				2,329			2,324			2,298			2,232			2,344			2,266					(57	)		-2.5	%		2,326			2,305			(21	)		-0.9	%
			Total Canada average client assets			13,674			13,891			14,115			13,954			15,194			15,526					1,635			11.8	%		13,782			15,360			1,577			11.4	%
			Total U.S. average client assets			72,907			74,922			77,391			77,042			84,308			87,468					12,546			16.7	%		73,915			85,888			11,973			16.2	%
				Total average client assets	$	86,581		$	88,813		$	91,505		$	90,995		$	99,502		$	102,993				$	14,181			16.0	%	$	87,697		$	101,247		$	13,551			15.5	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,316			2,331			2,342			2,351			2,359			2,378					47			2.0	%		2,324			2,369			45			1.9	%
		Recordkeeping only				829			834			839			842			847			857					23			2.7	%		832			852			20			2.4	%
				Total		3,145			3,165			3,181			3,193			3,206			3,235					70			2.2	%		3,155			3,221			65			2.1	%

(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 Q2												YOY YTD
(Dollars in thousands, except as noted)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)	$	15,755		$	11,371		$	11,388		$	19,049		$	6,077		$	11,576				$	205			1.8	%	$	27,125		$	17,652		$	(9,473	)		-34.9	%
	Other, net (2)		2,955			3,519			2,048			1,099			803			845					(2,674	)		-76.0	%		6,474			1,648			(4,826	)		-74.5	%
	Revenues		18,710			14,889			13,436			20,148			6,880			12,420					(2,469	)		-16.6	%		33,599			19,300			(14,299	)		-42.6	%

	Benefits and expenses:
	Contract acquisition costs (3)		14,984			12,602			12,568			15,079			13,533			15,724					3,122			24.8	%		27,586			29,257			1,671			6.1	%
	Other operating expenses		7,488			8,320			8,451			7,750			7,500			8,061					(259	)		-3.1	%		15,808			15,561			(247	)		-1.6	%
	Adjusted operating benefits and expenses		22,471			20,922			21,019			22,829			21,033			23,785					2,863			13.7	%		43,394			44,818			1,424			3.3	%

	Adjusted operating income before income taxes	$	(3,762	)	$	(6,033	)	$	(7,583	)	$	(2,681	)	$	(14,153	)	$	(11,365	)			$	(5,332	)		-88.4	%	$	(9,795	)	$	(25,518	)	$	(15,723	)	nm

Senior Health EBITDA
	Adjusted operating income before income taxes	$	(3,762	)	$	(6,033	)	$	(7,583	)	$	(2,681	)	$	(14,153	)	$	(11,365	)			$	(5,332	)		-88.4	%	$	(9,795	)	$	(25,518	)	$	(15,723	)	nm
	Less: Amortization of intangibles		(2,800	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)				—		nm				(5,600	)		(5,600	)		—		nm
	Less: Depreciation		(200	)		(160	)		(166	)		(173	)		(144	)		(119	)				41			25.7	%		(360	)		(263	)		97			27.0	%
	Adjusted EBITDA (4)	$	(762	)	$	(3,073	)	$	(4,617	)	$	292		$	(11,209	)	$	(8,446	)			$	(5,373	)	nm			$	(3,834	)	$	(19,655	)	$	(15,821	)	nm

Financial Analysis and Key Statistics
	Senior Health submitted policies (5)		19,826			13,885			10,718			18,663			16,068			15,767					1,882			13.6	%		33,711			31,835			(1,876	)		-5.6	%
	Senior Health approved policies (6)		18,413			12,915			9,948			17,181			15,023			14,646					1,731			13.4	%		31,328			29,669			(1,659	)		-5.3	%

	Primerica representatives Senior Health certified (7)		94,623			94,335			93,217			89,082			81,348			66,371					(27,964	)		-29.6	%		94,335			66,371			(27,964	)		-29.6	%
	Senior Health submitted policies sourced by Primerica representatives		2,073			1,707			1,549			5,111			2,051			1,425					(282	)		-16.5	%		3,780			3,476			(304	)		-8.0	%

	LTV per approved policy (8)	$	856		$	880		$	911		$	1,109		$	926		$	914				$	34			3.8	%	$	866		$	920		$	54			6.3	%
	CAC per approved policy (8)	$	814		$	976		$	1,263		$	878		$	901		$	1,074				$	98			10.0	%	$	881		$	986		$	106			12.0	%
	LTV / CAC multiple		1.1	x		0.9	x		0.7	x		1.3	x		1.0	x		0.9	x				-0.1	x	nm				1.0	x		0.9	x		-0.1	x	nm

(1)

Commission revenue recognized based on the estimated Lifetime value (LTV) to be collected over the estimated life of an approved policy for the relevant period based on multiple factors, including but not limited to contracted commission rates, carrier mix, expected policy turnover, historical chargeback activity and applied constraints. Adjustments to revenue outside of LTV for approved policies from prior periods are recognized when our cash collections are different, 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 Q2												YOY YTD
(Dollars in thousands)		Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change			YTD 2023			YTD 2024			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	4,993		$	4,999		$	5,016		$	4,358		$	4,725		$	4,690				$	(309	)		-6.2	%	$	9,991		$	9,415		$	(576	)		-5.8	%
	Ceded premiums		(1,304	)		(1,562	)		(1,215	)		273			(1,205	)		(1,213	)				349			22.3	%		(2,866	)		(2,419	)		447			15.6	%
	Net premiums		3,689			3,436			3,801			4,631			3,520			3,477					40			1.2	%		7,125			6,997			(129	)		-1.8	%
	Adjusted net investment income		31,392			33,250			35,213			36,429			37,943			38,263					5,013			15.1	%		64,641			76,206			11,564			17.9	%
	Commissions and fees:
	Prepaid legal services		3,991			4,421			5,311			3,806			3,591			3,924					(497	)		-11.2	%		8,412			7,516			(896	)		-10.7	%
	Auto and homeowners insurance		1,831			2,349			2,951			2,133			1,777			2,413					64			2.7	%		4,180			4,190			10			0.3	%
	Mortgage loans		1,211			1,775			1,733			1,530			1,499			2,211					436			24.6	%		2,987			3,711			724			24.2	%
	Other sales commissions		1,676			1,826			1,765			1,781			1,618			1,963					137			7.5	%		3,502			3,581			79			2.3	%
	Adjusted other, net		1,200			1,236			1,327			846			704			764					(472	)		-38.2	%		2,436			1,467			(969	)		-39.8	%
	Adjusted operating revenues		44,990			48,293			52,102			51,157			50,653			53,014					4,721			9.8	%		93,283			103,668			10,384			11.1	%

Benefits and expenses:
	Benefits and claims		4,327			5,057			3,554			7,957			2,475			3,762					(1,295	)		-25.6	%		9,384			6,236			(3,148	)		-33.5	%
	Future policy benefits remeasurement (gain)/loss		(477	)		(554	)		(72	)		933			374			(49	)				505			91.1	%		(1,031	)		325			1,356			131.5	%
	Amortization of DAC		362			697			375			99			357			250					(448	)		-64.2	%		1,060			606			(453	)		-42.8	%
	Insurance commissions		241			373			217			429			187			271					(102	)		-27.4	%		614			458			(156	)		-25.4	%
	Insurance expenses		1,229			1,377			1,123			1,341			1,171			1,209					(168	)		-12.2	%		2,606			2,380			(226	)		-8.7	%
	Sales commissions		4,147			4,907			5,064			4,303			4,117			5,120					213			4.3	%		9,054			9,237			183			2.0	%
	Interest expense		6,690			6,686			6,632			6,586			6,771			6,099					(587	)		-8.8	%		13,376			12,870			(505	)		-3.8	%
	Adjusted other operating expenses		39,480			33,340			32,146			34,886			46,913			35,413					2,073			6.2	%		72,820			82,325			9,506			13.1	%
	Adjusted benefits and expenses		55,999			51,882			49,039			56,533			62,363			52,074					192			0.4	%		107,881			114,437			6,556			6.1	%
	Adjusted operating income before income taxes	$	(11,008	)	$	(3,589	)	$	3,063		$	(5,377	)	$	(11,710	)	$	940				$	4,530			126.2	%	$	(14,598	)	$	(10,770	)	$	3,828			26.2	%

14 of 18

    Investment Portfolio - Summary of Holdings

    PRIMERICA, INC.
Financial Supplement


				As of or for the period ended June 30, 2024
											% 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				$	627,261	$	627,292	$	(31	)		18.2	%		17.0	%

Fixed Income:
	Treasury				16,689		17,280		(591	)		0.5	%		0.5	%		2.90	%	AAA
	Government				241,161		262,376		(21,215	)		7.0	%		7.1	%		3.23	%	AA-
	Tax-Exempt Municipal				32,846		35,805		(2,958	)		1.0	%		1.0	%		2.70	%	AA
	Corporate				1,428,428		1,531,049		(102,621	)		41.4	%		41.5	%		4.10	%	BBB+
	Mortgage Backed				447,159		516,426		(69,267	)		13.0	%		14.0	%		3.40	%	AAA
	Asset Backed				232,211		240,767		(8,556	)		6.7	%		6.5	%		4.81	%	AA-
	Cmbs				105,698		118,240		(12,542	)		3.1	%		3.2	%		3.67	%	AA-
	Private				291,157		310,881		(19,723	)		8.4	%		8.4	%		4.92	%	BBB+
	Redeemable Preferred				3,870		4,248		(378	)		0.1	%		0.1	%		5.37	%	BBB-
			Total Fixed Income		2,799,219		3,037,072		(237,853	)		81.1	%		82.3	%		4.01	%	A

Equities and Other:
	Perpetual Preferred				4,427		4,427		-			0.1	%		0.1	%
	Common Stock				18,220		18,220		(0	)		0.5	%		0.5	%
	Mutual Fund				3,379		3,379		(0	)		0.1	%		0.1	%
			Total Equities		26,026		26,026		(0	)		0.8	%		0.7	%

			Total Invested Assets	$	3,452,506	$	3,690,391	$	(237,884	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	197,299	$	212,848	$	(15,548	)		13.8	%		13.9	%
	Energy				175,605		185,947		(10,342	)		12.3	%		12.1	%
	Consumer Non Cyclical				136,174		149,699		(13,525	)		9.5	%		9.8	%
	Reits				124,908		137,847		(12,939	)		8.7	%		9.0	%
	Consumer Cyclical				117,384		125,919		(8,534	)		8.2	%		8.2	%
	Technology				100,563		106,335		(5,772	)		7.0	%		6.9	%
	Capital Goods				89,208		94,325		(5,117	)		6.2	%		6.2	%
	Electric				85,910		90,867		(4,958	)		6.0	%		5.9	%
	Banking				85,154		86,838		(1,684	)		6.0	%		5.7	%
	Basic Industry				66,036		72,685		(6,649	)		4.6	%		4.7	%
	Finance Companies				61,824		65,640		(3,816	)		4.3	%		4.3	%
	Communications				56,489		59,846		(3,357	)		4.0	%		3.9	%
	Transportation				51,600		55,054		(3,453	)		3.6	%		3.6	%
	Brokerage				48,389		52,645		(4,256	)		3.4	%		3.4	%
	Natural Gas				13,940		14,218		(278	)		1.0	%		0.9	%
	Industrial Other				5,890		6,765		(875	)		0.4	%		0.4	%
	Financial Other				5,485		5,856		(371	)		0.4	%		0.4	%
	Utility Other				4,625		5,390		(765	)		0.3	%		0.4	%
	Owned No Guarantee				1,943		2,325		(382	)		0.1	%		0.2	%
			Total Corporate portfolio	$	1,428,428	$	1,531,049	$	(102,621	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
		< 1 Yr.		$	236,561	$	239,028	$	(2,467	)		8.5	%		7.9	%		3.88	%
		1-2 Yrs.			279,794		287,007		(7,213	)		10.0	%		9.5	%		4.21	%
		2-5 Yrs.			777,142		815,549		(38,407	)		27.8	%		26.9	%		4.15	%
		5-10 Yrs.			1,110,095		1,254,878		(144,784	)		39.7	%		41.3	%		3.60	%
		> 10 Yrs.			395,627		440,609		(44,982	)		14.1	%		14.5	%		4.84	%
			Total Fixed Income	$	2,799,219	$	3,037,072	$	(237,853	)		100.0	%		100.0	%		4.01	%

Duration

Fixed Income portfolio duration					4.9	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 June 30, 2024

    PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	556,083		18.3	%
	AA			427,055		14.1	%
	A			736,558		24.3	%
	BBB			1,272,114		41.9	%
	Below Investment Grade			45,065		1.5	%
	NA			197		0.0	%
		Total Fixed Income	$	3,037,072		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	6,854		0.4	%		AAA		$	-		—
	AA			63,318		4.1	%		AA			8,987		2.9	%
	A			386,355		25.2	%		A			82,516		26.5	%
	BBB			1,033,488		67.5	%		BBB			218,083		70.2	%
	Below Investment Grade			40,859		2.7	%		Below Investment Grade			1,294		0.4	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,531,049		100.0	%			Total Private	$	310,881		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	52,552		44.4	%		AAA		$	397,383		76.9	%
	AA			10,390		8.8	%		AA			118,856		23.0	%
	A			55,298		46.8	%		A			105		0.0	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			61		0.0	%
	NA			-		—			NA			21		0.0	%
		Total CMBS	$	118,240		100.0	%			Total Mortgage-Backed	$	516,426		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	67,508		28.0	%		AAA		$	31,106		11.1	%
	AA			32,962		13.7	%		AA			165,263		59.1	%
	A			138,581		57.6	%		A			66,885		23.9	%
	BBB			-		—			BBB			15,266		5.5	%
	Below Investment Grade			1,715		0.7	%		Below Investment Grade			1,137		0.4	%
	NA			-		—			NA			-		—
		Total Asset-Backed	$	240,767		100.0	%			Total Treasury & Government	$	279,656		100.0	%



NAIC Designations

	1		$	1,439,375		55.4	%
	2			1,145,640		42.6	%
	3			45,080		1.6	%
	4			6,161		0.3	%
	5			1,137		0.0	%
	6			0		0.0	%
		U.S. Insurer Fixed Income (2)		2,637,393		100.0	%
	Other (3)			425,705
	Cash and cash equivalents			627,292
		Total Invested Assets	$	3,690,391

(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 Q2
(Dollars in thousands)				Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	25,806		$	26,357		$	27,380		$	29,218		$	29,936		$	30,618				$	4,261		16.2%
	Fixed-maturity securities (held-to-maturity)				16,435			16,608			16,306			16,126			15,785			15,659					(950	)	-5.7%
	Equity Securities				380			380			366			397			390			323					(57	)	-15.0%
	Deposit asset underlying 10% reinsurance treaty				2,377			2,488			2,504			2,415			2,311			2,211					(277	)	-11.1%
	Deposit asset - Mark to Market				(327	)		(852	)		(481	)		1,215			(137	)		189					1,041		122.2%
	Policy loans and other invested assets				(72	)		352			475			542			461			544					192		54.5%
	Cash & cash equivalents				5,128			5,840			6,609			6,024			6,981			6,640					800		13.7%
			Total investment income		49,727			51,172			53,159			55,937			55,727			56,183					5,011		9.8%
	Investment expenses				2,227			2,167			2,122			2,167			2,136			2,072					(95	)	-4.4%
	Interest Expense on Surplus Note				16,435			16,608			16,306			16,126			15,785			15,659					(949	)	-5.7%
			Net investment income	$	31,065		$	32,397		$	34,731		$	37,644		$	37,806		$	38,452				$	6,055		18.7%
		Fixed income book yield, end of period			3.57	%		3.63	%		3.79	%		3.83	%		3.93	%		4.01	%
		New money yield			5.57	%		5.46	%		6.04	%		6.67	%		5.70	%		5.78	%

																								YOY Q2
				Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024	Q4 2024	% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				20.8	%		20.7	%		19.0	%		18.9	%		18.9	%		18.3	%				-2.4	%
	AA				11.3	%		11.4	%		14.3	%		14.9	%		14.8	%		14.1	%				2.6	%
	A				25.0	%		24.8	%		24.8	%		24.9	%		24.1	%		24.3	%				-0.5	%
	BBB				40.5	%		40.9	%		39.7	%		39.4	%		40.5	%		41.9	%				1.0	%
	Below Investment Grade				2.2	%		2.0	%		1.9	%		2.0	%		1.6	%		1.5	%				-0.5	%
	NA				0.2	%		0.1	%		0.3	%		0.0	%		0.0	%		0.0	%				-0.1	%
					100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%				—

				A			A			A			A			A			A


			As of June 30, 2024						As of June 30, 2024						As of June 30, 2024
			Market Value		Amortized Cost		Credit Rating		Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures								Foreign Exposure (1)					Government Investments (1)

	1	Province of Ontario Canada	$	15,425	$	15,928	A+	Canada	$	91,063	$	99,091	AAA		$	695	$	701
	2	Canada		15,001		15,872	AAA	United Kingdom		26,614		26,775	AA			—		—
	3	Province of Alberta Canada		14,572		15,636	AA-	Australia		15,891		16,960	A			10,776		12,438
	4	Province of Quebec Canada		14,524		15,092	AA-	Ireland		11,578		11,100	BBB			14,010		14,816
	5	Realty Income Corp		14,016		15,037	A-	Cayman Islands		11,093		11,043	Below Investment Grade			638		1,137
	6	ONEOK Inc		13,881		14,385	BBB	Japan		6,667		6,700	NA			—		—
	7	Ontario Teachers' Pension Plan		12,957		14,299	AA+	Mexico		6,611		7,682		Total	$	26,119	$	29,091
	8	Boeing Co		11,569		11,838	BBB-	France		5,527		5,740
	9	Intact Financial Corp		11,454		11,415	A+	Netherlands		5,419		5,490
	10	Manulife Financial Corp		10,818		11,581	A	Bermuda		5,037		5,241	Non-Government Investments (1)
	11	Berkshire Hathaway Inc		10,618		10,644	AA	Luxembourg		4,960		4,700
	12	TC Energy Corp		10,038		11,168	BBB+	Israel		3,540		3,563	AAA		$	11,225	$	11,147
	13	Province of Nova Scotia Canada		9,690		10,249	AA-	Malta		3,130		3,130	AA