EX-99.2

Exhibit 99.2

Supplemental Financial Information

Third 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
Corporate & Other Distributed Products segment - financial results	13
Investment portfolio	14-16
Five-year historical key statistics	17

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.

2 of 17

    Preface

    PRIMERICA, INC.
Financial Supplement

Third Quarter 2024

This document is a financial supplement to our third 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 for continuing operations 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 Insurance, Inc. (e-TeleQuote). We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude corporate restructuring and related charges associated with the decision to exit the 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 and the valuation allowance recognized for e-TeleQuote's state net operating losses (NOLs). 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, primarily related to the presentation of the senior health business’ results of operations as discontinued operations on the Company’s statements of income. However, balance sheet amounts have not been restated for prior periods to separately present the assets and liabilities related to discontinued operations, which primarily included goodwill, other assets and income taxes. These reclassifications had no impact on net income or total stockholders’ equity.

3 of 17

    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		$	3,629,584
	Securities held to maturity				1,460,000			1,433,520			1,417,460			1,386,980			1,376,400			1,353,370			1,330,430
			Total investments and cash		4,706,388			4,659,576			4,592,398			4,819,109			4,832,943			4,855,668			4,960,014
	Reinsurance recoverables				3,217,354			3,084,520			2,954,245			3,015,777			2,920,417			2,833,055			2,873,528
	Deferred policy acquisition costs				3,250,753			3,319,844			3,374,627			3,447,234			3,503,940			3,566,126			3,636,964
	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			943,524
	Separate account assets				2,329,968			2,358,823			2,183,435			2,395,842			2,334,911			2,253,966			2,401,137
			Total assets	$	14,823,457		$	14,751,736		$	14,433,059		$	15,027,732		$	14,909,354		$	14,565,704		$	14,815,167

Liabilities:
	Future policy benefits			$	6,561,624		$	6,491,564		$	6,045,151		$	6,742,025		$	6,548,050		$	6,436,332		$	6,919,418
	Other policy liabilities				996,747			970,198			938,665			963,773			954,350			908,419			911,485
	Income taxes				201,850			169,487			227,866			135,248			197,714			135,050			20,524
	Other liabilities				659,734			642,149			636,927			644,792			641,836			672,058			606,139
	Debt obligations				593,106			593,307			593,508			593,709			593,909			594,110			594,311
	Surplus note				1,459,565			1,433,101			1,417,056			1,386,592			1,376,028			1,353,014			1,330,090
	Payable under securities lending				74,452			77,643			77,956			99,785			76,648			90,995			85,236
	Separate account liabilities				2,329,968			2,358,823			2,183,435			2,395,842			2,334,911			2,253,966			2,401,137
			Total liabilities		12,877,046			12,736,272			12,120,564			12,961,765			12,723,446			12,443,945			12,868,340

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				364			358			353			350			346			340			335
	Paid-in capital				—			—			—			—			—			—			—
	Retained earnings				2,177,428			2,190,223			2,215,378			2,276,947			2,285,944			2,122,839			2,132,015
	Treasury stock				—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(208,157	)		(226,250	)		(269,604	)		(170,008	)		(181,537	)		(187,346	)		(103,510	)
		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			(71,241	)
		Cumulative translation adjustment			(11,259	)		(4,253	)		(11,269	)		(2,235	)		(11,698	)		(15,514	)		(10,771	)
			Total stockholders’ equity		1,946,411			2,015,464			2,312,495			2,065,967			2,185,908			2,121,759			1,946,827
			Total liabilities and stockholders' equity	$	14,823,457		$	14,751,736		$	14,433,059		$	15,027,732		$	14,909,354		$	14,565,704		$	14,815,167

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		$	1,946,827
	Less: Net unrealized gains (losses)				(208,157	)		(226,250	)		(269,604	)		(170,008	)		(181,537	)		(187,346	)		(103,510	)
	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			(71,241	)
			Adjusted stockholders’ equity	$	2,166,533		$	2,186,328		$	2,204,462		$	2,275,062		$	2,274,592		$	2,107,665		$	2,121,579

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		$	2,107,665
	Net Income				128,099			144,504			152,063			151,935			137,904			1,171			164,373
	Shareholder dividends				(23,910	)		(23,598	)		(23,336	)		(22,870	)		(26,256	)		(25,835	)		(30,515	)
	Retirement of shares and warrants				(96,323	)		(112,606	)		(106,479	)		(72,886	)		(116,563	)		(142,744	)		(129,672	)
	Net foreign currency translation adjustment				1,020			7,005			(7,016	)		9,035			(9,463	)		(3,817	)		4,744
	Other, net				15,941			4,490			2,902			5,386			13,909			4,297			4,986
Balance, end of period				$	2,166,533		$	2,186,328		$	2,204,462		$	2,275,062		$	2,274,592		$	2,107,665		$	2,121,579

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		$	3,566,126
	General expenses deferred				10,777			10,692			10,764			9,910			11,156			11,235			11,424
	Commission costs deferred				118,386			119,676			119,976			125,335			125,811			127,800			130,964
	Amortization of deferred policy acquisition costs				(67,923	)		(68,110	)		(69,405	)		(70,378	)		(72,049	)		(73,643	)		(75,539	)
	Foreign currency impact and other, net				1,011			6,833			(6,551	)		7,739			(8,211	)		(3,207	)		3,988
Balance, end of period				$	3,250,753		$	3,319,844		$	3,374,627		$	3,447,234		$	3,503,940		$	3,566,126		$	3,636,964

(1)

Outstanding common shares exclude restricted stock units.

4 of 17

    Financial Results and Other Statistical Data

    PRIMERICA, INC.
Financial Supplement


																									YOY Q3												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			33,834,080				(1,926,010	)		-5.4	%		36,224,804			34,364,805			(1,859,999	)		-5.1	%

	Net income from continuing operations		$	130,820		$	149,140		$	157,453		$	153,769		$	148,414		$	209,301		$	194,737			$	37,283			23.7	%	$	437,413		$	552,452		$	115,039			26.3	%
	Less income attributable to unvested participating securities			(589	)		(625	)		(662	)		(655	)		(608	)		(96	)		(704	)			(42	)		-6.4	%		(1,880	)		(1,871	)		8			0.4	%
		Net income used in computing basic EPS	$	130,232		$	148,515		$	156,791		$	153,114		$	147,806		$	209,205		$	194,033			$	37,241			23.8	%	$	435,533		$	550,580		$	115,047			26.4	%
		Basic earnings per share	$	3.55		$	4.10		$	4.38		$	4.36		$	4.24		$	6.08		$	5.73			$	1.35			30.8	%	$	12.02		$	16.02		$	4.00			33.3	%

	Adjusted net operating income		$	134,605		$	150,042		$	159,194		$	152,188		$	147,515		$	170,964		$	193,187			$	33,992			21.4	%	$	443,841		$	511,665		$	67,824			15.3	%
	Less operating income attributable to unvested participating securities			(608	)		(632	)		(673	)		(649	)		(612	)		(634	)		(719	)			(47	)		-6.9	%		(1,917	)		(1,976	)		(60	)		-3.1	%
		Adjusted net operating income used in computing basic operating EPS	$	133,997		$	149,410		$	158,522		$	151,539		$	146,902		$	170,330		$	192,467			$	33,946			21.4	%	$	441,925		$	509,689		$	67,764			15.3	%
		Basic adjusted operating income per share	$	3.65		$	4.13		$	4.43		$	4.31		$	4.21		$	4.95		$	5.69			$	1.26			28.4	%	$	12.20		$	14.83		$	2.63			21.6	%

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			33,834,080				(1,926,010	)		-5.4	%		36,224,804			34,364,805			(1,859,999	)		-5.1	%
	Dilutive impact of contingently issuable shares			94,123			74,712			62,182			59,473			53,938			56,591			56,960				(5,222	)		-8.4	%		77,006			55,830			(21,176	)		-27.5	%
		Shares used to calculate diluted EPS		36,803,648			36,289,944			35,822,272			35,208,392			34,936,762			34,439,935			33,891,040				(1,931,232	)		-5.4	%		36,301,810			34,420,635			(1,881,175	)		-5.2	%

	Net income from continuing operations		$	130,820		$	149,140		$	157,453		$	153,769		$	148,414		$	209,301		$	194,737			$	37,283			23.7	%	$	437,413		$	552,452		$	115,039			26.3	%
	Less income attributable to unvested participating securities			(587	)		(624	)		(661	)		(654	)		(607	)		(96	)		(703	)			(42	)		-6.4	%		(1,877	)		(1,869	)		8			0.4	%
		Net income used in computing diluted EPS	$	130,233		$	148,516		$	156,792		$	153,115		$	147,807		$	209,205		$	194,034			$	37,241			23.8	%	$	435,537		$	550,583		$	115,046			26.4	%
		Diluted earnings per share	$	3.54		$	4.09		$	4.38		$	4.35		$	4.23		$	6.07		$	5.72			$	1.34			30.6	%	$	12.00		$	16.00		$	4.00			33.3	%

	Adjusted net operating income		$	134,605		$	150,042		$	159,194		$	152,188		$	147,515		$	170,964		$	193,187			$	33,992			21.4	%	$	443,841		$	511,665		$	67,824			15.3	%
	Less operating income attributable to unvested participating securities			(607	)		(631	)		(672	)		(648	)		(612	)		(633	)		(718	)			(47	)		-6.9	%		(1,913	)		(1,974	)		(60	)		-3.2	%
		Adjusted net operating income used in computing diluted operating EPS	$	133,998		$	149,411		$	158,523		$	151,540		$	146,903		$	170,330		$	192,468			$	33,946			21.4	%	$	441,928		$	509,691		$	67,763			15.3	%
		Diluted adjusted operating income per share	$	3.64		$	4.12		$	4.43		$	4.30		$	4.20		$	4.95		$	5.68			$	1.25			28.2	%	$	12.17		$	14.81		$	2.64			21.7	%

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		$	2,034,293			$	(129,687	)		-6.0	%	$	2,044,583		$	2,104,688		$	60,105			2.9	%
	Average adjusted stockholders' equity		$	2,154,120		$	2,176,431		$	2,195,395		$	2,239,762		$	2,274,827		$	2,191,128		$	2,114,622			$	(80,773	)		-3.7	%	$	2,175,315		$	2,193,526		$	18,210			0.8	%

	Net income from continuing ops return on stockholders' equity			26.3	%		30.1	%		29.1	%		28.1	%		27.9	%		38.9	%		38.3	%			9.2	%	nm				28.5	%		35.0	%		6.5	%	nm
	Net income from continuing ops return on adjusted stockholders' equity			24.3	%		27.4	%		28.7	%		27.5	%		26.1	%		38.2	%		36.8	%			8.1	%	nm				26.8	%		33.6	%		6.8	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			25.0	%		27.6	%		29.0	%		27.2	%		25.9	%		31.2	%		36.5	%			7.5	%	nm				27.2	%		31.1	%		3.9	%	nm

Capital Structure
	Debt-to-capital (1)			23.4	%		22.7	%		20.4	%		22.3	%		21.4	%		21.9	%		23.4	%			3.0	%	nm				20.4	%		23.4	%		3.0	%	nm
	Debt-to-capital, excluding AOCI (1)			21.4	%		21.3	%		21.1	%		20.7	%		20.6	%		21.9	%		21.8	%			0.7	%	nm				21.1	%		21.8	%		0.7	%	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		2.5	x			0.6	x	nm				2.0	x		2.5	x		0.6	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		2.3	x			0.3	x	nm				2.1	x		2.3	x		0.3	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			33,508,129				(1,834,345	)		-5.2	%		35,342,474			33,508,129			(1,834,345	)		-5.2	%
	Adjusted stockholders' equity per share		$	59.51		$	60.99		$	62.37		$	65.01		$	65.72		$	62.00		$	63.32			$	0.94			1.5	%	$	62.37		$	63.32		$	0.94			1.5	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A1			A1			A1			A1			A1			A1			A1				na			na			na			na			na			na
	S&P		AA-			AA-			AA-			AA-			AA-			AA-			AA-				na			na			na			na			na			na
	A.M. Best		A+			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			Baa1				na			na			na			na			na			na
	S&P		A-			A-			A-			A-			A-			A-			A-				na			na			na			na			na			na
	A.M. Best		a-			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 17

    Statements of Income

    PRIMERICA, INC.
Financial Supplement


																								YOY Q3												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		$	852,452			$	20,771			2.5	%	$	2,477,850		$	2,538,856		$	61,007		2.5	%
	Ceded premiums		(405,347	)		(425,266	)		(411,015	)		(410,182	)		(409,764	)		(427,561	)		(412,645	)			(1,629	)		-0.4	%		(1,241,629	)		(1,249,970	)