a50153382ex99

FOURTH QUARTER 2011

This document is a financial supplement to our fourth quarter 2011 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 two different purposes, as follows:

●

Operating adjustments exclude the expense associated with equity awards granted in connection with our initial public offering (“IPO”) and the impact of realized investment gains and losses. For periods which include the first quarter of 2011 and the fourth quarter of 2010, operating adjustments exclude the impact of certain reinsurance recoveries which previously had not been recognized due to the uncertain nature of their recovery. For periods which include the first quarter of 2010, operating adjustments reflect the impact of our reinsurance and reorganization activities as if they had been effected on January 1, 2010.

●

Adjusted when used in describing stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets.

Management utilizes certain 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.

The following transactions were executed in conjunction with our IPO in March and April 2010 (the “IPO-related Transactions”) and are included in our actual and/or operating results as appropriate.

IPO-related Transactions executed in first quarter 2010:

●

On March 31, 2010, we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) and declared extraordinary dividends to Citi.

IPO-related Transactions executed in second quarter 2010:

●

On April 1, 2010, Citi contributed the legal entities comprising our business to us. We issued approximately 75.0 million shares of common stock and warrants exercisable for approximately 4.1 million additional shares of our common stock to Citi. Additionally, we issued a $300.0 million note to Citi, due March 31, 2015 and bearing interest at 5.5% annually.

●

On April 1, 2010, our common stock began trading under the ticker symbol “PRI” on the New York Stock Exchange.

●

On April 1, 2010, Citi sold approximately 24.6 million shares of our common stock (after giving effect to the over-allotment option) to the public in the IPO.

●

On April 1, 2010, Citi contributed approximately 5.0 million shares back to us, which we granted in the form of equity awards to certain of our management and sales force leaders. Of these, approximately 200,000 shares were granted to replace unvested Citi awards.

●

On April 15, 2010, Citi sold approximately 16.4 million shares and the warrants to purchase approximately 4.1 million additional shares of our common stock to private equity funds managed by Warburg Pincus LLC (“Warburg Pincus”) for a purchase price of $230.0 million (the “private sale”). Following the IPO and the private sale, certain historical Citi equity awards immediately vested.

●

Effective as of April 1, 2010, we made elections under Section 338(h)(10) of the Internal Revenue Code, which resulted in changes to our deferred tax balances and reduced stockholders’ equity.

●

Prior to April 2010, our federal income tax return was consolidated into Citi’s federal income tax return. In anticipation of our corporate reorganization, we entered into a tax separation agreement with Citi and prepaid our estimated tax liability to Citi. In accordance with the tax separation agreement, Citi will indemnify the Company and its subsidiaries against any federal, state or local income tax liability for any taxable period ending on or before April 7, 2010, the closing date of the IPO. Our advance tax payments paid to Citi exceeded our actual tax liabilities. As a result, we recorded the overpayment as a return of capital resulting in a reduction of tax assets and a reduction of stockholders' equity.

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.


	(2)			(3)
(Dollars in thousands)	Mar 31, 2010			Jun 30, 2010			Sep 30, 2010			Dec 31, 2010			Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011
Condensed Balance Sheets
Assets:
Investments and cash	$	2,983,780		$	2,275,564		$	2,284,127		$	2,279,621		$	2,330,098		$	2,297,013		$	2,319,873		$	2,157,582
Due from reinsurers		3,595,239			3,639,298			3,694,015			3,731,634			3,770,966			3,795,348			3,819,738			3,855,890
Deferred policy acquisition costs		702,429			745,322			798,335			853,211			908,600			966,094			1,004,545			1,050,637
Income taxes		56,114			—			—			—			—			—			—			—
Other assets		523,584			554,950			610,518			573,055			582,080			567,482			586,646			525,837
Separate account assets		2,222,267			2,098,936			2,301,896			2,446,786			2,582,881			2,544,429			2,276,705			2,408,598
Total assets	$	10,083,413		$	9,314,070		$	9,688,891		$	9,884,307		$	10,174,625		$	10,170,366		$	10,007,507		$	9,998,544

Liabilities:
Future policy benefits	$	4,248,277		$	4,286,258		$	4,349,375		$	4,409,183		$	4,470,185		$	4,532,615		$	4,557,535		$	4,614,860
Other policy liabilities		630,294			608,307			609,047			592,711			604,487			588,202			589,826			589,542
Income taxes		—			129,776			127,732			136,226			142,780			130,283			136,028			131,477
Other liabilities		1,106,834			412,141			395,762			386,182			397,561			364,533			390,297			382,068
Note payable		—			300,000			300,000			300,000			300,000			300,000			300,000			300,000
Payable under securities lending		129,042			161,056			208,765			181,726			186,089			163,342			185,483			149,358
Separate account liabilities		2,222,267			2,098,936			2,301,896			2,446,786			2,582,881			2,544,429			2,276,705			2,408,598
Total liabilities		8,336,714			7,996,474			8,292,577			8,452,814			8,683,983			8,623,404			8,435,874			8,575,903
Stockholders’ equity:
Common stock ($0.01 par value) (1)		—			727			727			728			732			736			737			649
Paid-in capital		1,312,072			870,706			882,676			883,169			889,654			894,018			898,945			707,912
Retained earnings		300,531			304,075			342,920			395,057			446,767			488,521			526,847			566,021
Treasury stock		—			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		85,265			97,505			120,949			98,322			96,543			105,647			99,257			97,082
Net unrealized investment losses other-than-temporarily impaired		(4,245	)		(3,703	)		(2,883	)		(2,275	)		(2,275	)		(2,275	)		(2,363	)		(1,665	)
Cumulative translation adjustment		53,076			48,286			51,925			56,492			59,221			60,315			48,210			52,642
Total stockholders’ equity		1,746,699			1,317,596			1,396,314			1,431,493			1,490,642			1,546,962			1,571,633			1,422,641
Total liabilities and stockholders' equity	$	10,083,413		$	9,314,070		$	9,688,891		$	9,884,307		$	10,174,625		$	10,170,366		$	10,007,507		$	9,998,544

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,665,679		$	1,223,794		$	1,278,248		$	1,335,446		$	1,396,374		$	1,443,590		$	1,474,739		$	1,327,224
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		85,265			97,505			120,949			98,322			96,543			105,647			99,257			97,082
Net unrealized investment losses other-than-temporarily impaired		(4,245	)		(3,703	)		(2,883	)		(2,275	)		(2,275	)		(2,275	)		(2,363	)		(1,665	)
Total reconciling items		81,020			93,802			118,066			96,047			94,268			103,372			96,894			95,417
Total stockholders’ equity	$	1,746,699		$	1,317,596		$	1,396,314		$	1,431,493		$	1,490,642		$	1,546,962		$	1,571,633		$	1,422,641

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	2,789,905		$	702,429		$	745,322		$	798,335		$	853,211		$	908,600		$	966,094		$	1,004,545
General expenses deferred		16,095			15,061			14,876			14,481			14,123			16,946			15,340			15,449
Commission costs deferred		77,208			56,831			57,232			65,285			60,296			66,661			66,302			62,795
Amortization of deferred policy acquisition costs		(91,756	)		(22,899	)		(23,844	)		(29,536	)		(25,556	)		(27,385	)		(30,532	)		(35,875	)
Transferred to reinsurers		(2,099,941	)		—			—			—			—			—			—			—
Foreign currency impact and other, net		10,918			(6,100	)		4,750			4,646			6,527			1,272			(12,659	)		3,724
Balance, end of period	$	702,429		$	745,322		$	798,335		$	853,211		$	908,600		$	966,094		$	1,004,545		$	1,050,637

																							YOY Q4
(Dollars in thousands, except per-share data)	Q1 2010		Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011		$ Change			% Change			YTD 2011
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards	na		71,843,588			72,259,352			72,453,126			72,671,481			73,457,333			73,658,253			69,366,432			(3,086,694	)		-4.3	%		72,283,068

Net income	na	$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,276
Less income attributable to unvested participating securities	na		(928	)		(1,540	)		(2,051	)		(2,103	)		(1,284	)		(1,144	)		(1,230	)		821			40.0	%		(5,565	)
Net income used in computing basic EPS	na	$	21,080		$	38,055		$	50,838		$	50,364		$	42,739		$	39,457		$	39,955		$	(10,883	)		-21.4	%	$	172,711
Basic earnings per share	na	$	0.29		$	0.53		$	0.70		$	0.69		$	0.58		$	0.54		$	0.58		$	(0.13	)		-17.9	%	$	2.39

Net operating income	na	$	37,199		$	40,913		$	45,217		$	48,629		$	44,999		$	42,817		$	40,632		$	(4,585	)		-10.1	%	$	177,077
Less operating income attributable to unvested participating securities	na		(1,569	)		(1,591	)		(1,753	)		(1,949	)		(1,313	)		(1,206	)		(1,213	)		540			30.8	%		(5,526	)
Net operating income used in computing basic operating EPS	na	$	35,631		$	39,322		$	43,464		$	46,680		$	43,686		$	41,611		$	39,419		$	(4,045	)		-9.3	%	$	171,551
Basic operating income per share	na	$	0.50		$	0.54		$	0.60		$	0.64		$	0.59		$	0.56		$	0.57		$	(0.03	)		-5.3	%	$	2.37

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards	na		71,843,588			72,259,352			72,453,126			72,671,481			73,457,333			73,658,253			69,366,432			(3,086,694	)		-4.3	%		72,083,068
Dilutive impact of warrants	na		890,777			660,066			786,628			1,154,597			743,814			541,184			802,787			16,159			2.1	%		823,497
Shares used to calculate diluted EPS	na		72,734,365			72,919,418			73,239,754			73,826,078			74,201,147			74,199,437			70,169,219			(3,070,535	)		-4.2	%		73,106,565

Net income	na	$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,276
Less income attributable to unvested participating securities	na		(917	)		(1,527	)		(2,030	)		(2,072	)		(1,272	)		(1,136	)		(1,217	)		813			40.1	%		(5,507	)
Net income used in computing diluted EPS	na	$	21,091		$	38,068		$	50,859		$	50,395		$	42,751		$	39,464		$	39,968		$	(10,891	)		-21.4	%	$	172,769
Diluted earnings per share	na	$	0.29		$	0.52		$	0.69		$	0.68		$	0.58		$	0.53		$	0.57		$	(0.12	)		-18.0	%	$	2.36

Net operating income	na	$	37,199		$	40,913		$	45,217		$	48,629		$	44,999		$	42,817		$	40,632		$	(4,585	)		-10.1	%	$	177,077
Less operating income attributable to unvested participating securities	na		(1,550	)		(1,578	)		(1,735	)		(1,920	)		(1,301	)		(1,198	)		(1,200	)		535			30.8	%		(5,469	)
Net operating income used in computing diluted operating EPS	na	$	35,649		$	39,335		$	43,482		$	46,709		$	43,698		$	41,619		$	39,432		$	(4,050	)		-9.3	%	$	171,608
Diluted operating income per share	na	$	0.49		$	0.54		$	0.59		$	0.63		$	0.59		$	0.56		$	0.56		$	(0.03	)		-5.3	%	$	2.35

In April 2010, Primerica issued shares, warrants, and equity awards to complete the transactions related to our corporate reorganization. Both the vested and unvested equity awards maintain nonforfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. These awards are deemed participating securities for calculating EPS.

As a result of issuing equity awards that are deemed participating securities, we calculate EPS using the two-class method. Under the two-class method, we allocate earnings to common shares and to fully vested equity awards. Earnings attributable to unvested equity awards, along with the corresponding share counts, are excluded from EPS reflected on our consolidated statements of income. In calculating basic EPS, we deduct any dividends on and undistributed earnings allocated to unvested equity awards from net income and then divide the result by the weighted average number of common shares and fully vested equity awards outstanding for the period.

We determine the potential dilutive effect of warrants on EPS using the treasury-stock method. Under this method, we utilize the exercise price to determine the amount of cash that would be available to repurchase shares if the warrants were exercised. We then use the average market price of our common shares during the reporting period to determine how many shares we could repurchase with the cash raised from the exercise. The net incremental share count issued represents the potential dilutive securities. We then reallocate earnings to common shares and fully vested equity awards incorporating the increased, fully diluted share count to determine diluted EPS.

																							YOY Q4
	Q1 2010	Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			Change			% Change			YTD 2011
Annualized Return on Equity
Average stockholders' equity	na	$	1,296,220		$	1,356,955		$	1,413,904		$	1,461,068		$	1,518,802		$	1,559,298		$	1,497,137		$	83,234			5.9	%	$	1,509,076
Average adjusted stockholders' equity	na	$	1,208,809		$	1,251,021		$	1,306,847		$	1,365,910		$	1,419,982		$	1,459,165		$	1,400,982		$	94,135			7.2	%	$	1,411,510

Net income return on stockholders' equity	na		6.8	%		11.7	%		15.0	%		14.4	%		11.6	%		10.4	%		11.0	%		-4.0	%	nm				11.8	%
Net income return on adjusted stockholders' equity	na		7.3	%		12.7	%		16.2	%		15.4	%		12.4	%		11.1	%		11.8	%		-4.4	%	nm				12.6	%

Net operating income return on adjusted stockholders' equity	na		12.3	%		13.1	%		13.8	%		14.2	%		12.7	%		11.7	%		11.6	%		-2.2	%	nm				12.5	%

Capital Structure
Debt-to-capital (1)	na		18.5	%		17.7	%		17.3	%		16.8	%		16.2	%		16.0	%		17.4	%		0.1	%	nm				17.4	%

Cash and invested assets to stockholders' equity	na		1.7	x		1.6	x		1.6	x		1.6	x		1.5	x		1.5	x		1.5	x		(0.1x	)	nm				1.5	x
Cash and invested assets to adjusted stockholders' equity	na		1.9	x		1.8	x		1.7	x		1.7	x		1.6	x		1.6	x		1.6	x		(0.1x	)	nm				1.6	x

Share count, end of period (2)	na		72,729,617			72,727,173			72,843,213			73,187,837			73,603,111			73,740,120			64,882,643			(7,960,570	)		-10.9	%		64,882,643
Adjusted stockholders' equity per share	na	$	16.83		$	17.58		$	18.33		$	19.08		$	19.61		$	20.00		$	20.46		$	2.12			11.6	%	$	20.46

Financial Strength Ratings - Primerica Life Insurance Company
Moody's	na	na			na			na			na			A2			A2			A2			nm			nm			nm
S&P	AA	AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm
A.M. Best	A+	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm
Fitch	A+	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm

Holding Company Senior Debt Ratings
Moody's	na	na			na			na			na			Baa2			Baa2			Baa2			nm			nm			nm
S&P	na	na			na			na			na			A-			A-			A-			nm			nm			nm
A.M. Best	na	na			na			na			na			a-			a-			a-			nm			nm			nm

(1)	Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

	(4)																								YOY Q4
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change			YTD 2011
Statement of Income
Revenues:
Direct premiums	$	537,845		$	547,455		$	547,444		$	548,330		$	552,069		$	560,881		$	560,739		$	555,778		$	7,448			1.4	%	$	2,229,467
Ceded premiums		(148,119	)		(447,213	)		(437,054	)		(417,981	)		(422,238	)		(435,564	)		(425,643	)		(419,630	)		(1,649	)	nm				(1,703,075	)
Net premiums		389,726			100,242			110,390			130,349			129,831			125,317			135,096			136,148			5,799			4.4	%		526,392
Net investment income		82,576			27,991			27,855			26,688			28,626			27,229			27,103			25,644			(1,044	)		-3.9	%		108,602
Commissions and fees:
Sales-based (1)		36,363			36,301			32,941			37,001			43,128			44,904			42,244			40,086			3,085			8.3	%		170,362
Asset-based (2)		38,014			39,445			37,602			52,412			44,825			45,348			41,996			40,889			(11,523	)		-22.0	%		173,059
Account-based (3)		10,208			10,317			10,620			10,545			10,432			11,811			10,140			9,615			(930	)		-8.8	%		41,997
Other commissions and fees		7,105			7,162			8,574			8,331			7,731			6,635			6,502			6,693			(1,638	)		-19.7	%		27,560
Realized investment (losses) gains		31,057			374			1,015			1,700			327			2,035			(178	)		4,256			2,556		nm				6,440
Other, net		11,893			12,466			12,239			12,362			11,452			11,816			12,886			12,525			163			1.3	%		48,679
Total revenues		606,942			234,299			241,236			279,387			276,352			275,095			275,790			275,855			(3,532	)		-1.3	%		1,103,092
Benefits and expenses:
Benefits and claims		170,735			45,124			49,811			52,033			57,635			57,272			64,101			63,688			11,655			22.4	%		242,696
Amortization of DAC		91,756			22,899			23,844			29,536			25,556			27,385			30,532			35,875			6,339			21.5	%		119,348
Insurance commissions		6,371			4,233			5,100			4,205			5,000			4,219			4,909			5,168			963			22.9	%		19,296
Insurance expenses		37,529			10,083			11,999			15,887			9,552			19,154			15,465			16,938			1,051			6.6	%		61,109
Sales commissions:
Sales-based (1)		26,203			25,998			23,474			25,319			30,547			31,378			29,627			26,792			1,473			5.8	%		118,344
Asset-based (2)		12,715			12,911			12,232			20,271			15,451			15,111			13,805			13,534			(6,737	)		-33.2	%		57,901
Other sales commissions		4,963			4,603			6,558			4,676			4,358			3,674			3,538			3,490			(1,185	)		-25.3	%		15,061
Interest expense		—			6,928			6,968			6,976			6,997			6,998			7,000			6,973			(3	)	nm				27,968
Other operating expenses		36,268			65,183			39,371			39,962			40,111			41,743			42,962			40,709			747			1.9	%		165,525
Total benefits and expenses		386,541			197,961			179,357			198,865			195,207			206,934			211,940			213,167			14,302			7.2	%		827,248
Income before income taxes		220,402			36,338			61,879			80,522			81,145			68,161			63,850			62,688			(17,834	)		-22.1	%		275,844
Income taxes		77,116			14,330			22,284			27,633			28,678			24,138			23,250			21,503			(6,130	)		-22.2	%		97,569
Net income	$	143,286		$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,275

Income Before Income Taxes by Segment
Term Life	$	160,367		$	44,095		$	42,581		$	52,000		$	57,649		$	45,781		$	48,088		$	43,091		$	(8,909	)		-17.1	%	$	194,609
Investment & Savings Products		25,447			26,735			26,578			34,769			31,039			30,470			26,746			28,821			(5,948	)		-17.1	%		117,076
Corporate & Other Distributed Products		34,587			(34,492	)		(7,280	)		(6,247	)		(7,543	)		(8,090	)		(10,984	)		(9,224	)		(2,977	)		-47.7	%		(35,841	)
Income before income taxes	$	220,402		$	36,338		$	61,879		$	80,522		$	81,145		$	68,161		$	63,850		$	62,688		$	(17,834	)		-22.1	%	$	275,844

																									YOY Q4											YOY YTD
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change		YTD 2010			YTD 2011			$ Change			% Change
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	224,822		$	233,925		$	240,221		$	264,546		$	267,296		$	273,060		$	275,968		$	271,599		$	7,053		2.7	%	$	963,513		$	1,087,923		$	124,410		12.9	%

Operating revenues reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700			327			2,035			(178	)		4,256		nm			nm			34,146			6,440		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141			8,729			—			—			—		nm			nm			13,141			8,729		nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—			—			—			—			—		nm			nm			296,328			—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—			—			—			—			—		nm			nm			54,735			—		nm			nm
Total operating revenues reconciling items		382,121			374			1,015			14,841			9,056			2,035			(178	)		4,256		nm			nm			398,351			15,169		nm			nm

Total revenues	$	606,942		$	234,299		$	241,236		$	279,387		$	276,352		$	275,095		$	275,790		$	275,855		$	(3,532	)	-1.3	%	$	1,361,864		$	1,103,092		$	(258,772	)	-19.0	%

Reconciliation from Operating Income Before Income Taxes to Income Before Income Taxes
Operating income before income taxes	$	58,689		$	61,421		$	63,940		$	68,842		$	75,209		$	69,672		$	67,337		$	61,847		$	(6,995	)	-10.2	%	$	252,891		$	274,064		$	21,173		8.4	%

Operating income before income taxes reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700			327			2,035			(178	)		4,256		nm			nm			34,146			6,440		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141			8,729			—			—			—		nm			nm			13,141			8,729		nm			nm
Initial & accelerated management / field grant expense		—			(25,457	)		(3,076	)		(3,161	)		(3,120	)		(3,546	)		(3,309	)		(3,415	)	nm			nm			(31,694	)		(13,389	)	nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—			—			—			—			—		nm			nm			296,328			—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—			—			—			—			—		nm			nm			54,735			—		nm			nm
Benefits and claims - ceded to Citi reinsurers		(128,204	)		—			—			—			—			—			—			—		nm			nm			(128,204	)		—		nm			nm
Amortization of DAC - ceded to Citi reinsurers		(71,389	)		—			—			—			—			—			—			—		nm			nm			(71,389	)		—		nm			nm
Insurance commissions - expense allowance received from Citi reinsurers		(1,669	)		—			—			—			—			—			—			—		nm			nm			(1,669	)		—		nm			nm
Insurance expenses - expense allowance received from Citi reinsurers		(26,083	)		—			—			—			—			—			—			—		nm			nm			(26,083	)		—		nm			nm
Interest expense - finance charge payable to Citi reinsurer		2,812			—			—			—			—			—			—			—		nm			nm			2,812			—		nm			nm
Interest expense - note payable		4,125			—			—			—			—			—			—			—		nm			nm			4,125			—		nm			nm
Total operating income before income taxes reconciling items		161,713

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 non-GAAP to GAAP financial measures	7

Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, key statistics, and financial analysis	11

Investment portfolio	12-15

Five-year historical key statistics	16