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.

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    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.

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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		$	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	)		(8,341	)		-0.7	%
		Net premiums		412,525			403,030			420,666			424,093			431,283			417,797			439,807				19,142			4.6	%		1,236,221			1,288,887			52,666			4.3	%
	Net investment income			31,065			32,398			34,730			37,644			37,806			38,452			41,109				6,379			18.4	%		98,192			117,367			19,175			19.5	%
	Commissions and fees:
		Sales-based (1)		72,388			74,958			72,996			76,274			88,746			101,178			96,269				23,272			31.9	%		220,343			286,192			65,850			29.9	%
		Asset-based (2)		111,904			113,335			119,413			118,303			128,532			132,765			142,051				22,638			19.0	%		344,652			403,348			58,696			17.0	%
		Account-based (3)		22,790			23,095			23,344			23,960			23,180			23,740			24,107				764			3.3	%		69,229			71,027			1,797			2.6	%
		Other commissions and fees		8,710			10,371			11,761			9,251			8,487			10,511			9,474				(2,287	)		-19.4	%		30,841			28,472			(2,370	)		-7.7	%
	Investment (losses) gains			(4,608	)		(328	)		(1,795	)		835			1,305			(99	)		2,209				4,004		nm				(6,730	)		3,415			10,145		nm
	Other, net			16,553			16,636			16,380			15,830			16,611			66,612			19,103				2,722			16.6	%		49,569			102,326			52,756			106.4	%
	Total revenues			671,327			673,496			697,495			706,189			735,950			790,955			774,129				76,633			11.0	%		2,042,318			2,301,033			258,715			12.7	%
Benefits and expenses:
	Benefits and claims			163,267			148,911			162,062			168,739			166,321			150,030			164,363				2,302			1.4	%		474,240			480,714			6,474			1.4	%
	Future policy benefits remeasurement (gain)/loss			559			(1,867	)		179			746			55			(4,329	)		(23,019	)			(23,198	)	nm				(1,129	)		(27,294	)		(26,164	)	nm
	Amortization of DAC			67,923			68,110			69,405			70,378			72,049			73,643			75,539				6,133			8.8	%		205,438			221,231			15,793			7.7	%
	Insurance commissions			8,138			9,142			7,911			9,030			9,634			7,399			7,180				(731	)		-9.2	%		25,192			24,213			(978	)		-3.9	%
	Insurance expenses			61,125			59,093			57,821			57,420			63,149			62,685			63,529				5,708			9.9	%		178,039			189,363			11,323			6.4	%
	Sales commissions:
		Sales-based (1)		52,452			53,630			52,343			54,057			62,814			70,509			66,333				13,990			26.7	%		158,425			199,655			41,231			26.0	%
		Asset-based (2)		54,276			55,085			58,793			58,388			64,208			66,525			71,012				12,219			20.8	%		168,154			201,745			33,591			20.0	%
		Other sales commissions		4,147			4,907			5,064			4,303			4,117			5,120			4,909				(155	)		-3.1	%		14,118			14,146			28			0.2	%
	Interest expense			6,690			6,686			6,632			6,586			6,771			6,099			6,093				(539	)		-8.1	%		20,008			18,964			(1,044	)		-5.2	%
	Other operating expenses			82,047			74,868			70,903			76,821			93,443			80,506			83,612				12,709			17.9	%		227,818			257,561			29,743			13.1	%
	Total benefits and expenses			500,623			478,567			491,112			506,468			542,561			518,186			519,551				28,439			5.8	%		1,470,302			1,580,297			109,995			7.5	%
	Income from continuing operations before income taxes			170,704			194,929			206,383			199,722			193,389			272,769			254,578				48,194			23.4	%		572,016			720,735			148,720			26.0	%
		Income taxes		39,883			45,789			48,930			45,953			44,975			63,467			59,841				10,911			22.3	%		134,603			168,284			33,681			25.0	%
	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	%
	Net Income from discontinued operations net of tax			(2,722	)		(4,635	)		(5,391	)		(1,834	)		(10,510	)		(208,131	)		(30,364	)			(24,974	)	nm				(12,748	)		(249,005	)		(236,257	)	nm
		Net Income	$	128,099		$	144,504		$	152,063		$	151,935		$	137,904		$	1,171		$	164,373			$	12,310			8.1	%	$	424,666		$	303,447		$	(121,219	)		-28.5	%

Income from Continuing Operations Before Income Taxes by Segment

Term Life Insurance			$	130,540		$	140,115		$	141,223		$	140,285		$	138,367		$	147,780		$	178,353			$	37,131			26.3	%	$	411,877		$	464,501		$	52,623			12.8	%
Investment & Savings Products				56,107			59,583			64,374			62,763			65,563			74,783			79,912				15,538			24.1	%		180,064			220,257			40,193			22.3	%
Corporate & Other Distributed Products				(15,944	)		(4,769	)		787			(3,327	)		(10,542	)		50,206			(3,687	)			(4,474	)	nm				(19,926	)		35,977			55,903		nm
	Income before income taxes		$	170,704		$	194,929		$	206,383		$	199,722		$	193,389		$	272,769		$	254,578			$	48,195			23.4	%	$	572,016		$	720,735		$	148,720			26.0	%

(1)

Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2)

Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.

(3)

Account-based - revenues relating to the fee generating client accounts we administer.

6 of 17

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

    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
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		$	847,626			$	20,961			2.5	%	$	2,462,842		$	2,524,615		$	61,773			2.5	%
	Less: Premiums ceded to IPO Coinsurers		220,240			216,740			212,951			210,310			206,502			201,566			198,726				(14,225	)		-6.7	%		649,931			606,794			(43,137	)		-6.6	%
	Term Life Insurance adjusted direct premiums	$	592,640		$	606,557		$	613,714		$	619,608		$	629,819		$	639,102		$	648,900			$	35,186			5.7	%	$	1,812,911		$	1,917,820		$	104,910			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	)	$	(411,526	)		$	(1,726	)		-0.4	%	$	(1,237,548	)	$	(1,246,433	)	$	(8,885	)		-0.7	%
	Less: Premiums ceded to IPO Coinsurers		(220,240	)		(216,740	)		(212,951	)		(210,310	)		(206,502	)		(201,566	)		(198,726	)			14,225			6.7	%		(649,931	)		(606,794	)		43,137			6.6	%
	Term Life Insurance other ceded premiums	$	(183,804	)	$	(206,964	)	$	(196,849	)	$	(200,146	)	$	(202,056	)	$	(224,782	)	$	(212,800	)		$	(15,951	)		-8.1	%	$	(587,617	)	$	(639,638	)	$	(52,022	)		-8.9	%

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		$	41,109			$	6,379			18.4	%	$	98,192		$	117,367		$	19,175			19.5	%
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189			1,830			nm			nm				(1,661	)		1,883		nm			nm
	Adjusted net investment income	$	31,392		$	33,250		$	35,212		$	36,429		$	37,943		$	38,263		$	39,279			$	4,067			11.6	%	$	99,853		$	115,485		$	15,631			15.7	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	82,047		$	74,868		$	70,903		$	76,821		$	93,443		$	80,506		$	83,612			$	12,709			17.9	%	$	227,818		$	257,561		$	29,743			13.1	%
	Less: Restructuring costs		—			—			—			—			—			824			2,013			nm			nm				—			2,837		nm			nm
	Adjusted other operating expenses	$	82,047		$	74,868		$	70,903		$	76,821		$	93,443		$	79,682		$	81,599			$	10,696			15.1	%	$	227,818		$	254,724		$	26,906			11.8	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	671,327		$	673,496		$	697,495		$	706,189		$	735,950		$	790,955		$	774,129			$	76,633			11.0	%	$	2,042,318		$	2,301,033		$	258,715			12.7	%
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)		2,209			nm			nm				(6,730	)		3,415		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189			1,830			nm			nm				(1,661	)		1,883		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000			—			nm			nm				—			50,000		nm			nm
	Adjusted operating revenues	$	676,262		$	674,675		$	699,772		$	704,140		$	734,781		$	740,865		$	770,089			$	70,318			10.0	%	$	2,050,709		$	2,245,735		$	195,026			9.5	%

Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income from continuing operations before income taxes	$	170,704		$	194,929		$	206,383		$	199,722		$	193,389		$	272,769		$	254,578			$	48,194			23.4	%	$	572,016		$	720,735		$	148,720			26.0	%
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)		2,209			nm			nm				(6,730	)		3,415		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189			1,830			nm			nm				(1,661	)		1,883		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000			—			nm			nm				—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)		(2,013	)		nm			nm				—			(2,837	)	nm			nm
	Adjusted operating income before income taxes	$	175,639		$	196,108		$	208,660		$	197,672		$	192,220		$	223,503		$	252,552			$	43,892			21.0	%	$	580,407		$	668,275		$	87,868			15.1	%

Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
	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: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)		2,209			nm			nm				(6,730	)		3,415		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189			1,830			nm			nm				(1,661	)		1,883		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000			—			nm			nm				—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)		(2,013	)		nm			nm				—			(2,837	)	nm			nm
	Less: Tax impact of preceding items		1,151			277			535			(469	)		(269	)		152			(476	)		nm			nm				1,963			(594	)	nm			nm
	Less: Valuation allowance on Senior Health NOLs		—			—			—			—			—			(11,080	)		—			nm			nm				—			(11,080	)	nm			nm
	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	%

7 of 17

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

    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
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		$	(3,687	)		$	(4,474	)	nm	$	(19,926	)	$	35,977		$	55,903		nm
	Less: Investment (losses) gains		(4,608	)		(328	)		(1,795	)		835			1,305			(99	)		2,209			nm			nm		(6,730	)		3,415		nm			nm
	Less: MTM investment adjustments		(327	)		(852	)		(481	)		1,215			(137	)		189			1,830			nm			nm		(1,661	)		1,883		nm			nm
	Less: Insurance claim proceeds		—			—			—			—			—			50,000			—			nm			nm		—			50,000		nm			nm
	Less: Restructuring costs		—			—			—			—			—			(824	)		(2,013	)		nm			nm		—			(2,837	)	nm			nm
	Adjusted operating income before income taxes	$	(11,008	)	$	(3,589	)	$	3,063		$	(5,377	)	$	(11,710	)	$	940		$	(5,713	)		$	(8,776	)	nm	$	(11,535	)	$	(16,483	)	$	(4,949	)		-42.9	%

8 of 17

    Term Life Insurance - Financial Results and Analysis

    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
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	812,880		$	823,297		$	826,665		$	829,918		$	836,321		$	840,668		$	847,626			$	20,961			2.5	%	$	2,462,842		$	2,524,615		$	61,773			2.5	%
	Premiums ceded to IPO coinsurers (1)		(220,240	)		(216,740	)		(212,951	)		(210,310	)		(206,502	)		(201,566	)		(198,726	)			14,225			6.7	%		(649,931	)		(606,794	)		43,137			6.6	%
	Adjusted direct premiums (2)		592,640			606,557			613,714			619,608			629,819			639,102			648,900				35,186			5.7	%		1,812,911			1,917,820			104,910			5.8	%
	Other ceded premiums (3)		(183,804	)		(206,964	)		(196,849	)		(200,146	)		(202,056	)		(224,782	)		(212,800	)			(15,951	)		-8.1	%		(587,617	)		(639,638	)		(52,022	)		-8.9	%
	Net premiums		408,836			399,594			416,864			419,462			427,762			414,320			436,099				19,235			4.6	%		1,225,294			1,278,182			52,888			4.3	%
	Other, net		12,233			12,280			11,909			11,865			12,649			12,624			14,206				2,297			19.3	%		36,421			39,479			3,058			8.4	%
	Revenues		421,069			411,873			428,773			431,327			440,412			426,944			450,305				21,532			5.0	%		1,261,715			1,317,661			55,946			4.4	%

	Benefits and expenses:
	Benefits and claims		158,940			143,855			158,508			160,782			163,847			146,268			160,652				2,144			1.4	%		461,303			470,766			9,464			2.1	%
	Future policy benefits remeasurement (gain)/loss		1,035			(1,312	)		251			(187	)		(319	)		(4,280	)		(28,203	)			(28,453	)	nm				(26	)		(32,802	)		(32,776	)	nm
	Amortization of DAC		66,068			66,004			67,720			69,012			70,491			71,916			73,698				5,978			8.8	%		199,792			216,105			16,313			8.2	%
	Insurance commissions		4,590			5,496			4,373			5,356			6,047			3,785			3,410				(963	)		-22.0	%		14,459			13,242			(1,216	)		-8.4	%
	Insurance expenses		59,896			57,717			56,698			56,080			61,979			61,476			62,395				5,697			10.0	%		174,310			185,849			11,539			6.6	%
	Benefits and expenses		290,529			271,759			287,549			291,042			302,044			279,164			271,952				(15,597	)		-5.4	%		849,837			853,161			3,324			0.4	%
	Income before income taxes	$	130,540		$	140,115		$	141,224		$	140,285		$	138,367		$	147,780		$	178,353			$	37,130			26.3	%	$	411,878		$	464,501		$	52,623			12.8	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	477,227		$	489,826		$	495,769		$	499,965		$	508,687		$	517,691		$	525,697			$	29,928			6.0	%	$	1,462,823		$	1,552,074		$	89,252			6.1	%
	Pre-IPO direct premiums (5)		335,652			333,471			330,896			329,953			327,634			322,977			321,929				(8,967	)		-2.7	%		1,000,019			972,541			(27,479	)		-2.7	%
	Total direct premiums	$	812,880		$	823,297		$	826,665		$	829,918		$	836,321		$	840,668		$	847,626			$	20,961			2.5	%	$	2,462,842		$	2,524,615		$	61,773			2.5	%

	Premiums ceded to IPO coinsurers	$	220,240		$	216,740		$	212,951		$	210,310		$	206,502		$	201,566		$	198,726			$	(14,225	)		-6.7	%	$	649,931		$	606,794		$	(43,137	)		-6.6	%
	% of Pre-IPO direct premiums		65.6	%		65.0	%		64.4	%		63.7	%		63.0	%		62.4	%		61.7	%		nm			nm				65.0	%		62.4	%	nm			nm

	Benefits and claims, net (6)	$	343,779		$	349,506		$	355,608		$	360,741		$	365,584		$	366,770		$	345,249			$	(10,359	)		-2.9	%	$	1,048,893		$	1,077,602		$	28,709			2.7	%
	% of adjusted direct premiums		58.0	%		57.6	%		57.9	%		58.2	%		58.0	%		57.4	%		53.2	%		nm			nm				57.9	%		56.2	%	nm			nm

	DAC amortization & insurance commissions	$	70,657		$	71,500		$	72,093		$	74,367		$	76,538		$	75,701		$	77,108			$	5,015			7.0	%	$	214,250		$	229,347		$	15,097			7.0	%
	% of adjusted direct premiums		11.9	%		11.8	%		11.7	%		12.0	%		12.2	%		11.8	%		11.9	%		nm			nm				11.8	%		12.0	%	nm			nm

	Insurance expenses, net (7)	$	47,663		$	45,437		$	44,789		$	44,215		$	49,329		$	48,851		$	48,189			$	3,400			7.6	%	$	137,889		$	146,370		$	8,481			6.2	%
	% of adjusted direct premiums		8.0	%		7.5	%		7.3	%		7.1	%		7.8	%		7.6	%		7.4	%		nm			nm				7.6	%		7.6	%	nm			nm

	Total Term Life income before income taxes	$	130,540		$	140,115		$	141,224		$	140,285		$	138,367		$	147,780		$	178,353			$	37,130			26.3	%	$	411,878		$	464,501		$	52,623			12.8	%
	Term Life operating margin (8)		22.0	%		23.1	%		23.0	%		22.6	%		22.0	%		23.1	%		27.5	%		nm			nm				22.7	%		24.2	%	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 17

    Term Life Insurance - Key Statistics

    PRIMERICA, INC.
Financial Supplement


																									YOY Q3												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			145,789				7,983			5.8	%		135,208			141,572			6,364			4.7	%
	New life-licensed representatives			11,118			12,638			12,311			13,029			12,949			14,402			14,349				2,038			16.6	%		36,067			41,700			5,633			15.6	%
	Non-renewal and terminated representatives			(9,896	)		(11,262	)		(11,064	)		(10,510	)		(11,666	)		(11,468	)		(11,248	)			(184	)		-1.7	%		(32,222	)		(34,382	)		(2,160	)		-6.7	%
Life-insurance licensed sales force, end of period				136,430			137,806			139,053			141,572			142,855			145,789			148,890				9,837			7.1	%		139,053			148,890			9,837			7.1	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	70.7		$	82.0		$	74.0		$	75.6		$	73.1		$	86.7		$	80.2			$	6.1			8.3	%	$	226.7		$	239.9		$	13.2			5.8	%
	Additions and increases in premium			18.2			19.7			18.7			17.7			18.1			19.9			18.8				0.1			0.7	%		56.6			56.8			0.2			0.4	%
		Total estimated annualized issued term life premium	$	88.9		$	101.7		$	92.7		$	93.3		$	91.2		$	106.5		$	99.0			$	6.3			6.7	%	$	283.3		$	296.7		$	13.4			4.7	%

Issued term life policies				84,561			96,953			88,589			88,757			86,587			100,768			93,377				4,788			5.4	%		270,103			280,732			10,629			3.9	%
Estimated average annualized issued term life premium per policy (1)(2)			$	836		$	846		$	836		$	852		$	844		$	860		$	859			$	23			2.7	%	$	839		$	855		$	15			1.8	%

Term life face amount in-force, beginning of period ($mills)			$	916,808		$	922,845		$	934,867		$	937,856		$	944,609		$	947,101		$	950,880			$	16,014			1.7	%	$	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			30,793				1,340			4.6	%		89,780			92,673			2,893			3.2	%
	Terminated term life face amount			(22,210	)		(22,583	)		(24,143	)		(25,293	)		(23,323	)		(28,241	)		(25,264	)			(1,121	)		-4.6	%		(68,936	)		(76,827	)		(7,891	)		-11.4	%
	Foreign currency impact, net			124			2,401			(2,320	)		2,724			(2,911	)		(1,134	)		1,402				3,722		nm				205			(2,644	)		(2,849	)	nm
Term life face amount in-force, end of period			$	922,845		$	934,867		$	937,856		$	944,609		$	947,101		$	950,880		$	957,811			$	19,955			2.1	%	$	937,856		$	957,811		$	19,955			2.1	%

(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 17

    Investment and Savings Products - Financial Results and Financial Analysis 

PRIMERICA, INC.
Financial Supplement


																								YOY Q3											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		$	96,269			$	23,272		31.9	%	$	220,343		$	286,192		$	65,850		29.9	%
	Asset-based		111,904			113,335			119,413			118,303			128,532			132,765			142,051				22,638		19.0	%		344,652			403,348			58,696		17.0	%
	Account-based		22,790			23,095			23,344			23,960			23,180			23,740			24,107				764		3.3	%		69,229			71,027			1,797		2.6	%
	Other, net		3,120			3,121			3,145			3,119			3,258			3,224			3,646				501		15.9	%		9,385			10,128			743		7.9	%
	Revenues		210,202			214,509			218,898			221,656			243,716			260,906			266,073				47,175		21.6	%		643,610			770,695			127,086		19.7	%

	Benefits and expenses:
	Amortization of DAC		1,493			1,409			1,311			1,267			1,201			1,478			1,540				230		17.5	%		4,212			4,219			7		0.2	%
	Insurance commissions		3,308			3,273			3,321			3,246			3,400			3,343			3,499				178		5.4	%		9,902			10,242			339		3.4	%
	Sales commissions:
	Sales-based		52,452			53,630			52,343			54,057			62,814			70,509			66,333				13,990		26.7	%		158,425			199,655			41,231		26.0	%
	Asset-based		54,276			55,085			58,793			58,388			64,208			66,525			71,012				12,219		20.8	%		168,154			201,745			33,591		20.0	%
	Other operating expenses		42,567			41,529			38,757			41,935			46,531			44,269			43,778				5,021		13.0	%		122,852			134,577			11,725		9.5	%
	Benefits and expenses		154,095			154,926			154,524			158,893			178,153			186,123			186,161				31,637		20.5	%		463,545			550,438			86,893		18.7	%
	Income before income taxes	$	56,107		$	59,583		$	64,374		$	62,763		$	65,563		$	74,783		$	79,912			$	15,538		24.1	%	$	180,064		$	220,257		$	40,193		22.3	%

Financial Analysis

	Fees paid based on client asset values (1)	$	8,034		$	8,142		$	8,608		$	8,102		$	9,342		$	9,548		$	10,156			$	1,548		18.0	%	$	24,784		$	29,046		$	4,262		17.2	%
	Fees paid based on fee-generating positions (2)		11,528			10,216			9,469			10,270			11,426			10,483			10,392				923		9.7	%		31,213			32,300			1,088		3.5	%
	Other operating expenses		23,005			23,171			20,680			23,563			25,763			24,238			23,230				2,550		12.3	%		66,856			73,231			6,375		9.5	%
	Total other operating expenses	$	42,567		$	41,529		$	38,757		$	41,935		$	46,531		$	44,269		$	43,778			$	5,021		13.0	%	$	122,852		$	134,577		$	11,725		9.5	%

	Sales-based variable margin as % of revenue-generating sales (3)
	U.S.		1.21	%		1.21	%		1.22	%		1.27	%		1.25	%		1.33	%		1.37	%		nm		nm				1.21	%		1.32	%	nm		nm
	Canada		0.33	%		0.37	%		0.41	%		0.45	%		0.48	%		0.37	%		0.34	%		nm		nm				0.36	%		0.40	%	nm		nm
	Total		1.13	%		1.16	%		1.17	%		1.22	%		1.19	%		1.27	%		1.31	%		nm		nm				1.15	%		1.26	%	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	%		0.042	%		nm		nm				0.126	%		0.123	%	nm		nm
	Canada		0.102	%		0.104	%		0.105	%		0.105	%		0.104	%		0.104	%		0.109	%		nm		nm				0.311	%		0.317	%	nm		nm
	Total		0.052	%		0.051	%		0.052	%		0.052	%		0.051	%		0.050	%		0.052	%		nm		nm				0.155	%		0.153	%	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		$	4.21			nm		nm			$	12.02		$	11.98		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 17

    Investment and Savings Products - Key Statistics

    PRIMERICA, INC.
Financial Supplement


																											YOY Q3												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		$	1,162.7			$	205.9			21.5	%	$	2,927.0		$	3,553.5		$	626.4			21.4	%
		Canada Retail Mutual Funds				149.8			106.2			110.1			112.0			179.6			147.6			146.2				36.1			32.8	%		366.1			473.4			107.3			29.3	%
		Indexed Annuities				80.7			89.3			72.7			68.9			81.0			98.0			89.5				16.8			23.0	%		242.8			268.5			25.7			10.6	%
		Variable Annuities and other				556.4			649.1			628.8			671.9			756.0			941.4			891.5				262.7			41.8	%		1,834.3			2,588.9			754.7			41.1	%
				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			2,289.9				521.4			29.5	%		5,370.2			6,884.3			1,514.1			28.2	%
		Managed Accounts				306.1			317.0			236.0			353.2			370.9			456.1			411.9				175.9			74.5	%		859.1			1,238.8			379.7			44.2	%
		Canada Retail Mutual Funds - no upfront sales comm				183.4			193.6			152.4			161.8			197.7			196.5			189.4				37.1			24.3	%		529.3			583.6			54.3			10.3	%
		Segregated Funds				51.9			27.9			17.4			17.2			23.0			14.8			13.9				(3.4	)		-19.8	%		97.2			51.7			(45.5	)		-46.8	%
				Total product sales	$	2,300.0		$	2,381.6		$	2,174.2		$	2,355.9		$	2,770.4		$	3,082.9		$	2,905.1			$	730.9			33.6	%	$	6,855.8		$	8,758.4		$	1,902.6			27.8	%

		Total Canada Retail Mutual Funds			$	333.2		$	299.8		$	262.5		$	273.8		$	377.4		$	344.1		$	335.6			$	73.1			27.9	%	$	895.4		$	1,057.0		$	161.6			18.0	%
		Segregated Funds				51.9			27.9			17.4			17.2			23.0			14.8			13.9				(3.4	)		-19.8	%		97.2			51.7			(45.5	)		-46.8	%
			Total Canada product sales			385.0			327.7			279.8			291.0			400.4			358.8			349.5				69.7			24.9	%		992.6			1,108.7			116.1			11.7	%
			Total U.S. product sales			1,914.9			2,053.9			1,894.4			2,065.0			2,370.0			2,724.1			2,555.6				661.3			34.9	%		5,863.2			7,649.7			1,786.5			30.5	%
				Total product sales	$	2,300.0		$	2,381.6		$	2,174.2		$	2,355.9		$	2,770.4		$	3,082.9		$	2,905.1			$	730.9			33.6	%	$	6,855.8		$	8,758.4		$	1,902.6			27.8	%

	Client asset values, beginning of period ($mills)				$	83,949		$	87,621		$	91,646		$	88,441		$	96,735		$	103,340		$	105,112			$	13,467			14.7	%	$	83,949		$	96,735		$	12,786			15.2	%
		Inflows				2,300			2,382			2,174			2,356			2,770			3,083			2,905				731			33.6	%		6,856			8,758			1,903			27.8	%
		Outflows (1)				(1,658	)		(1,839	)		(1,982	)		(2,184	)		(2,497	)		(2,660	)		(2,461	)			(479	)		-24.2	%		(5,479	)		(7,617	)		(2,138	)		-39.0	%
				Net flows		642			542			192			172			274			423			444				252			131.0	%		1,377			1,141			(236	)		-17.1	%
		Foreign currency impact, net				16			315			(303	)		344			(392	)		(163	)		203				506		nm				27			(352	)		(379	)	nm
		Change in market value, net and other (2)				3,014			3,168			(3,094	)		7,777			6,724			1,512			5,487				8,581		nm				3,088			13,723			10,635		nm
	Client asset values, end of period				$	87,621		$	91,646		$	88,441		$	96,735		$	103,340		$	105,112		$	111,247			$	22,806			25.8	%	$	88,441		$	111,247		$	22,806			25.8	%
		Annualized net flows as % of beginning of period asset values				3.1	%		2.5	%		0.8	%		0.8	%		1.1	%		1.6	%		1.7	%			0.9	%	nm				2.2	%		1.6	%		-0.6	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	42,096		$	43,225		$	44,748		$	44,622		$	49,013		$	50,560		$	52,721			$	7,972			17.8	%	$	43,357		$	50,765		$	7,408			17.1	%
		Canada Retail Mutual Funds				11,345			11,567			11,817			11,722			12,850			13,259			13,959				2,142			18.1	%		11,576			13,356			1,780			15.4	%
		Managed Accounts				7,338			7,613			7,850			7,851			8,806			9,376			10,216				2,366			30.1	%		7,600			9,466			1,866			24.5	%
		Indexed Annuities				2,729			2,760			2,793			2,807			2,824			2,868			2,908				115			4.1	%		2,761			2,867			106			3.8	%
		Variable Annuities and other				20,744			21,323			21,999			21,762			23,665			24,663			26,014				4,015			18.2	%		21,355			24,781			3,425			16.0	%
		Segregated Funds				2,329			2,324			2,298			2,232			2,344			2,266			2,334				37			1.6	%		2,317			2,315			(2	)		-0.1	%
				Total	$	86,581		$	88,813		$	91,505		$	90,995		$	99,502		$	102,993		$	108,152			$	16,646			18.2	%	$	88,966		$	103,549		$	14,582			16.4	%

		Canada Retail Mutual Funds			$	11,345		$	11,567		$	11,817		$	11,722		$	12,850		$	13,259		$	13,959			$	2,142			18.1	%	$	11,576		$	13,356		$	1,780			15.4	%
		Segregated Funds				2,329			2,324			2,298			2,232			2,344			2,266			2,334				37			1.6	%		2,317			2,315			(2	)		-0.1	%
			Total Canada average client assets			13,674			13,891			14,115			13,954			15,194			15,526			16,293				2,178			15.4	%		13,893			15,671			1,778			12.8	%
			Total U.S. average client assets			72,907			74,922			77,391			77,042			84,308			87,468			91,858				14,468			18.7	%		75,073			87,878			12,805			17.1	%
				Total average client assets	$	86,581		$	88,813		$	91,505		$	90,995		$	99,502		$	102,993		$	108,152			$	16,646			18.2	%	$	88,966		$	103,549		$	14,582			16.4	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,316			2,331			2,342			2,351			2,359			2,378			2,393				51			2.2	%		2,330			2,377			47			2.0	%
		Recordkeeping only				829			834			839			842			847			857			865				26			3.1	%		834			857			22			2.7	%
				Total		3,145			3,165			3,181			3,193			3,206			3,235			3,258				77			2.4	%		3,164			3,233			69			2.2	%

(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 17

    Corporate Other Distributed Products - Financial Results

    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
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	4,993		$	4,999		$	5,016		$	4,358		$	4,725		$	4,690		$	4,826			$	(190	)		-3.8	%	$	15,008		$	14,241		$	(766	)		-5.1	%
	Ceded premiums		(1,304	)		(1,562	)		(1,215	)		273			(1,205	)		(1,213	)		(1,118	)			97			8.0	%		(4,081	)		(3,537	)		544			13.3	%
	Net premiums		3,689			3,436			3,801			4,631			3,520			3,477			3,708				(93	)		-2.5	%		10,927			10,705			(222	)		-2.0	%
	Adjusted net investment income		31,392			33,250			35,213			36,429			37,943			38,263			39,279				4,066			11.5	%		99,854			115,485			15,630			15.7	%
	Commissions and fees:
	Prepaid legal services		3,991			4,421			5,311			3,806			3,591			3,924			4,070				(1,242	)		-23.4	%		13,723			11,586			(2,138	)		-15.6	%
	Auto and homeowners insurance		1,831			2,349			2,951			2,133			1,777			2,413			1,375				(1,575	)		-53.4	%		7,131			5,566			(1,565	)		-21.9	%
	Mortgage loans		1,211			1,775			1,733			1,530			1,499			2,211			2,384				651			37.5	%		4,720			6,095			1,375			29.1	%
	Other sales commissions		1,676			1,826			1,765			1,781			1,618			1,963			1,645				(121	)		-6.8	%		5,268			5,226			(42	)		-0.8	%
	Adjusted other, net		1,200			1,236			1,327			846			704			764			1,251				(76	)		-5.7	%		3,763			2,718			(1,045	)		-27.8	%
	Adjusted operating revenues		44,990			48,293			52,102			51,157			50,653			53,014			53,711				1,610			3.1	%		145,385			157,379			11,994			8.2	%

Benefits and expenses:
	Benefits and claims		4,327			5,057			3,554			7,957			2,475			3,762			3,712				158			4.4	%		12,937			9,948			(2,990	)		-23.1	%
	Future policy benefits remeasurement (gain)/loss		(477	)		(554	)		(72	)		933			374			(49	)		5,184				5,255		nm				(1,103	)		5,509			6,611		nm
	Amortization of DAC		362			697			375			99			357			250			300				(74	)		-19.8	%		1,434			907			(527	)		-36.8	%
	Insurance commissions		241			373			217			429			187			271			272				54			25.1	%		831			729			(101	)		-12.2	%
	Insurance expenses		1,229			1,377			1,123			1,341			1,171			1,209			1,134				11			1.0	%		3,729			3,513			(216	)		-5.8	%
	Sales commissions		4,147			4,907			5,064			4,303			4,117			5,120			4,909				(155	)		-3.1	%		14,118			14,146			28			0.2	%
	Interest expense		6,690			6,686			6,632			6,586			6,771			6,099			6,093				(539	)		-8.1	%		20,008			18,964			(1,044	)		-5.2	%
	Adjusted other operating expenses		39,480			33,340			32,146			34,886			46,913			35,413			37,821				5,675			17.7	%		104,965			120,147			15,181			14.5	%
	Adjusted benefits and expenses		55,999			51,882			49,039			56,533			62,363			52,074			59,425				10,386			21.2	%		156,920			173,862			16,942			10.8	%
	Adjusted operating income before income taxes	$	(11,008	)	$	(3,589	)	$	3,063		$	(5,377	)	$	(11,710	)	$	940		$	(5,713	)		$	(8,776	)	nm			$	(11,535	)	$	(16,483	)	$	(4,949	)		-42.9	%

13 of 17

    Investment Portfolio - Summary of Holdings

    PRIMERICA, INC.
Financial Supplement


				As of or for the period ended September 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				$	550,142	$	550,142	$	-			15.4	%		14.8	%

Fixed Income:
	Treasury				17,249		17,398		(150	)		0.5	%		0.5	%		2.90	%	AAA
	Government				257,497		268,994		(11,497	)		7.2	%		7.3	%		3.26	%	AA-
	Tax-Exempt Municipal				33,483		35,715		(2,231	)		0.9	%		1.0	%		2.70	%	AA
	Corporate				1,516,772		1,562,848		(46,076	)		42.4	%		42.1	%		4.17	%	BBB+
	Mortgage Backed				514,496		563,036		(48,540	)		14.4	%		15.2	%		3.63	%	AAA
	Asset Backed				229,887		234,202		(4,315	)		6.4	%		6.3	%		4.78	%	AA-
	Cmbs				106,142		116,062		(9,920	)		3.0	%		3.1	%		3.66	%	AA-
	Private				318,639		326,970		(8,330	)		8.9	%		8.8	%		5.01	%	BBB+
	Redeemable Preferred				4,024		4,248		(224	)		0.1	%		0.1	%		5.37	%	BBB-
			Total Fixed Income		2,998,190		3,129,474		(131,284	)		83.8	%		84.4	%		4.09	%	A

Equities and Other:
	Perpetual Preferred				4,594		4,594		-			0.1	%		0.1	%
	Common Stock				19,917		19,917		(0	)		0.6	%		0.5	%
	Mutual Fund				3,899		3,899		(0	)		0.1	%		0.1	%
			Total Equities		28,411		28,411		(0	)		0.8	%		0.8	%

			Total Invested Assets	$	3,576,743	$	3,708,026	$	(131,284	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	205,627	$	212,283	$	(6,656	)		13.6	%		13.6	%
	Energy				188,010		191,401		(3,391	)		12.4	%		12.2	%
	Consumer Non Cyclical				142,556		150,940		(8,383	)		9.4	%		9.7	%
	Reits				130,366		137,877		(7,511	)		8.6	%		8.8	%
	Consumer Cyclical				125,618		129,741		(4,123	)		8.3	%		8.3	%
	Technology				105,526		107,764		(2,238	)		7.0	%		6.9	%
	Capital Goods				99,474		100,862		(1,388	)		6.6	%		6.5	%
	Electric				97,619		98,171		(552	)		6.4	%		6.3	%
	Banking				86,527		86,155		372			5.7	%		5.5	%
	Basic Industry				66,044		69,093		(3,049	)		4.4	%		4.4	%
	Communications				63,644		65,299		(1,655	)		4.2	%		4.2	%
	Finance Companies				63,475		65,494		(2,019	)		4.2	%		4.2	%
	Transportation				56,513		58,186		(1,673	)		3.7	%		3.7	%
	Brokerage				49,253		51,636		(2,383	)		3.2	%		3.3	%
	Natural Gas				17,957		17,635		322			1.2	%		1.1	%
	Industrial Other				6,051		6,739		(688	)		0.4	%		0.4	%
	Financial Other				5,638		5,857		(220	)		0.4	%		0.4	%
	Utility Other				4,847		5,391		(544	)		0.3	%		0.3	%
	Owned No Guarantee				2,029		2,325		(296	)		0.1	%		0.1	%
			Total Corporate portfolio	$	1,516,772	$	1,562,848	$	(46,076	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
		< 1 Yr.		$	254,572	$	256,039	$	(1,467	)		8.5	%		8.2	%		3.95	%
		1-2 Yrs.			292,466		297,010		(4,544	)		9.8	%		9.5	%		3.92	%
		2-5 Yrs.			770,080		783,397		(13,317	)		25.7	%		25.0	%		4.30	%
		5-10 Yrs.			1,179,081		1,270,736		(91,655	)		39.3	%		40.6	%		3.65	%
		> 10 Yrs.			501,991		522,292		(20,300	)		16.7	%		16.7	%		4.98	%
			Total Fixed Income	$	2,998,190	$	3,129,474	$	(131,284	)		100.0	%		100.0	%		4.09	%

Duration

Fixed Income portfolio duration					5.2	years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

14 of 17

    Investment Portfolio - Quality Ratings As of September 30, 2024

    PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	606,188		19.4	%
	AA			413,685		13.2	%
	A			761,891		24.3	%
	BBB			1,308,306		41.8	%
	Below Investment Grade			38,707		1.2	%
	NA			697		0.0	%
		Total Fixed Income	$	3,129,474		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	10,560		0.7	%		AAA		$	-		—
	AA			60,882		3.9	%		AA			8,950		2.7	%
	A			406,306		26.0	%		A			81,537		24.9	%
	BBB			1,049,226		67.1	%		BBB			235,278		72.0	%
	Below Investment Grade			35,698		2.3	%		Below Investment Grade			1,205		0.4	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,562,848		100.0	%			Total Private	$	326,970		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	50,881		43.8	%		AAA		$	452,287		80.3	%
	AA			9,940		8.6	%		AA			110,567		19.6	%
	A			51,976		44.8	%		A			102		0.0	%
	BBB			3,265		2.8	%		BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			60		0.0	%
	NA			-		—			NA			21		0.0	%
		Total CMBS	$	116,062		100.0	%			Total Mortgage-Backed	$	563,036		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	61,020		26.1	%		AAA		$	30,762		10.7	%
	AA			33,725		14.4	%		AA			162,403		56.7	%
	A			137,894		58.9	%		A			77,281		27.0	%
	BBB			-		—			BBB			15,264		5.3	%
	Below Investment Grade			1,062		0.5	%		Below Investment Grade			683		0.2	%
	NA			500		0.2	%		NA			-		—
		Total Asset-Backed	$	234,202		100.0	%			Total Treasury & Government	$	286,393		100.0	%



NAIC Designations

	1		$	1,499,035		55.1	%
	2			1,178,768		43.4	%
	3			35,455		1.3	%
	4			5,194		0.2	%
	5			683		0.0	%
	6			0		0.0	%
		U.S. Insurer Fixed Income (2)		2,719,135		100.0	%
	Other (3)			438,750
	Cash and cash equivalents			550,142
		Total Invested Assets	$	3,708,026

(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.

15 of 17

    Investment Portfolio - Supplemental Data and Trends

    PRIMERICA, INC.
Financial Supplement


																											YOY Q3
(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		$	31,990			$	4,610		16.8%
	Fixed-maturity securities (held-to-maturity)					16,435			16,608			16,306			16,126			15,785			15,659			15,908				(398	)	-2.4%
	Equity Securities					380			380			366			397			390			323			324				(42	)	-11.5%
	Deposit asset underlying 10% reinsurance treaty					2,377			2,488			2,504			2,415			2,311			2,211			2,129				(375	)	-15.0%
	Deposit asset - Mark to Market					(327	)		(852	)		(481	)		1,215			(137	)		189			1,830				2,311		nm
	Policy loans and other invested assets					(72	)		352			475			542			461			544			402				(73	)	-15.4%
	Cash & cash equivalents					5,128			5,840			6,609			6,024			6,981			6,640			6,540				(69	)	-1.0%
			Total investment income			49,727			51,172			53,159			55,937			55,727			56,183			59,123				5,964		11.2%
	Investment expenses					2,227			2,167			2,122			2,167			2,136			2,072			2,106				(16	)	-0.8%
	Interest Expense on Surplus Note					16,435			16,608			16,306			16,126			15,785			15,659			15,908				(398	)	-2.4%
			Net investment income		$	31,065		$	32,397		$	34,731		$	37,644		$	37,806		$	38,452		$	41,109			$	6,378		18.4%
		Fixed income book yield, end of period				3.57	%		3.63	%		3.79	%		3.83	%		3.93	%		4.01	%		4.09	%
		New money yield				5.57	%		5.46	%		6.04	%		6.67	%		5.70	%		5.78	%		5.42	%

																											YOY Q3
					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	%		19.4	%			0.3	%
	AA					11.3	%		11.4	%		14.3	%		14.9	%		14.8	%		14.1	%		13.2	%			-1.1	%
	A					25.0	%		24.8	%		24.8	%		24.9	%		24.1	%		24.3	%		24.2	%			-0.5	%
	BBB					40.5	%		40.9	%		39.7	%		39.4	%		40.5	%		41.9	%		41.8	%			2.1	%
	Below Investment Grade					2.2	%		2.0	%		1.9	%		2.0	%		1.6	%		1.5	%		1.2	%			-0.7	%
	NA					0.2	%		0.1	%		0.3	%		0.0	%		0.0	%		0.0	%		0.1	%			-0.1	%
				Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%			—

				Average rating by amortized cost	A			A			A			A			A			A			A


				As of September 30, 2024									As of September 30, 2024						As of September 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		$	15,837		$	15,790		A+	Canada		$	94,836	$	99,087	AAA		$	—	$	—
	2	Canada			15,615			16,013		AAA	United Kingdom			24,478		23,750	AA			—		—
	3	Province of Alberta Canada			15,443			15,835		AA-	Australia			21,815		22,175	A			11,291		12,440
	4	Province of Quebec Canada			14,547			14,610		AA-	Cayman Islands (The)			16,346		15,731	BBB			14,529		14,814
	5	ONEOK Inc			14,410			14,392		BBB	Ireland			13,260		12,467	Below Investment Grade			683		683
	6	Ontario Teachers' Pension Plan			13,623			14,354		AA+	Mexico			6,868		7,680	NA			—		—
	7	Realty Income Corp			13,546			14,017		A-	France			5,886		5,740		Total	$	26,502	$	27,936
	8	Berkshire Hathaway Inc			12,971			12,608		AA	Netherlands (The)			5,629		5,494
	9	Gov't of Newfoundland and Labrador			12,194			12,670		A	Japan			5,255		5,200
	10	Boeing Co			12,034			11,849		BBB-	Luxembourg			5,147		4,700	Non-Government Investments (1)
	11	Province of New Brunswick Canada			11,941			12,057		A+	Bermuda			5,138		5,242
	12	Intact Financial Corp			11,899			11,462		A+	Germany			5,109		4,989	AAA		$	—	$	—
	13	Manulife Financial Corp			11,272			11,636		A	Malta			3,897		3,876	AA			3,466		3,478
	14	TC Energy Corp			10,363			11,180		BBB+	Israel			3,562		3,565	A			46,727		47,098
	15	Province of Nova Scotia Canada			10,249			10,387		AA-	Italy			2,059		1,880	BBB			157,605		159,243
	16	Morgan Stanley			9,922			9,901		BBB+	Emerging Markets (2)			11,774		12,395	Below Investment Grade			3,752		3,570
	17	Alimentation Couche-Tard Inc			9,908			9,708		BBB+	All Other			8,522		8,882	NA			1,527		1,527
	18	Province of Saskatchewan Canada			9,803			9,731		AA		Total	$	239,580	$	242,852		Total	$	213,078	$	214,916
	19	ConocoPhillips			9,722			10,715		A-
	20	Equitable Holdings Inc			9,423			9,391		A-
	21	Oglethorpe Power Corp			9,025			9,381		BBB+
	22	Old Republic International Corp			9,014			8,721		BBB+
	23	Walmart Inc			8,734			8,674		AA
	24	Tokyo Century Corp			8,698			8,975		BBB
	25	Broadcom Inc			8,621			8,672		BBB
			Total	$	288,815		$	292,729

			% of total fixed income portfolio		8.1	%		7.9	%

(1)

US$ denominated investments in issuers outside of the United States based on country of risk.

(2)

Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

16 of 17

    Five-Year Historical Key Statistics

    PRIMERICA, INC.
Financial Supplement


(Dollars in millions)		2019			2020			2021			2022			2023			Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024


Recruits			282,207			400,345			349,374			359,735			361,925			93,540			86,124			92,269			89,992			110,710			96,563			142,655


Life-insurance licensed sales force, beginning of period			130,736			130,522			134,907			129,515			135,208			135,208			136,430			137,806			139,053			141,572			142,855			145,789
	New life-licensed representatives		44,739			48,106			39,622			45,147			49,096			11,118			12,638			12,311			13,029			12,949			14,402			14,349
	Non-renewal and terminated representatives		(44,953	)		(43,721	)		(45,014	)		(39,454	)		(42,732	)		(9,896	)		(11,262	)		(11,064	)		(10,510	)		(11,666	)		(11,468	)		(11,248	)
Life-insurance licensed sales force, end of period			130,522			134,907			129,515