Primerica, Inc. Supplemental Financial Information

Exhibit 99.2

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Supplemental Financial Information

First Quarter 2011


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

This document may contain forward-looking statements and information. Additional information on factors that could cause results to differ materially from any forward-looking statements or information in this document is available in our Prospectus Supplement dated April 12, 2011 filed as an Exhibit to our Current Report on Form 8-k dated April 12, 2011.

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Preface			PRIMERICA, INC. Financial Supplement

FIRST QUARTER 2011

This document is a financial supplement to our first 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 impact of realized investment gains and losses, the expense associated with equity awards granted in connection with our initial public offering (“IPO”), and other items believed by management not to be indicative of ongoing operations, including amounts related to agreements to recover ceded premium payments not previously passed through to our reinsurers. For periods which include the first quarter of 2010, operating adjustments reflect the impact of our reinsurance and reorganization activities as if they had occurred 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. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.

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Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures			PRIMERICA, INC. Financial Supplement


(Dollars in thousands)	(2) Mar 31, 2010		(3) Jun 30, 2010		Sep 30, 2010		Dec 31, 2010		Mar 31, 2011

Condensed Balance Sheets
Assets:
Investments and cash	$	2,983,780	$	2,275,564	$	2,284,127	$	2,279,621	$	2,330,098
Due from reinsurers		3,595,239		3,639,298		3,694,015		3,731,634		3,770,966
Deferred policy acquisition costs		702,429		745,322		798,335		853,211		908,600
Income taxes		56,114		—		—		—		—
Other assets		523,584		554,950		610,518		573,055		582,080
Separate account assets		2,222,267		2,098,936		2,301,896		2,446,786		2,582,881

Total assets	$	10,083,413	$	9,314,070	$	9,688,891	$	9,884,307	$	10,174,625

Liabilities:
Future policy benefits	$	4,248,277	$	4,286,258	$	4,349,375	$	4,409,183	$	4,470,185
Other policy liabilities		630,294		608,307		609,047		592,711		604,487
Income taxes		—		129,776		127,732		136,226		142,780
Other liabilities		1,106,834		412,141		395,762		386,182		397,561
Note payable		—		300,000		300,000		300,000		300,000
Payable under securities lending		129,042		161,056		208,765		181,726		186,089
Separate account liabilities		2,222,267		2,098,936		2,301,896		2,446,786		2,582,881

Total liabilities		8,336,714		7,996,474		8,292,577		8,452,814		8,683,983

Stockholders’ equity:
Common stock ($0.01 par value) (1)		—		727		727		728		732
Paid-in capital		1,312,072		870,706		882,676		883,169		889,654
Retained earnings		300,531		304,0752		342,920		395,057		446,767
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
Net unrealized investment losses other-than-temporarily impaired		(4,245)		(3,703)		(2,883)		(2,275)		(2,275)
Cumulative translation adjustment		53,076		48,286		51,925		56,492		59,221

Total stockholders’ equity		1,746,699		1,317,596		1,396,314		1,431,493		1,490,642

Total liabilities and stockholders’ equity	$	10,083,413	$	9,314,070	$	9,688,891	$	9,884,307	$	10,174,625

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
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		85,265		97,505		120,949		98,322		96,543
Net unrealized investment losses other-than-temporarily impaired		(4,245)		(3,703)		(2,883)		(2,275)		(2,275)

Total reconciling items		81,020		93,802		118,066		96,047		94,268

Total stockholders’ equity	$	1,746,699	$	1,317,596	$	1,396,314	$	1,431,493	$	1,490,642

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	2,789,905	$	702,429	$	745,322	$	798,335	$	853,211
General expenses deferred		16,095		15,061		14,876		14,481		14,123
Commission costs deferred		77,208		56,831		57,232		65,285		60,296
Amortization of deferred policy acquisition costs		(91,756)		(22,899)		(23,844)		(29,536)		(25,556)
Transferred to reinsurers		(2,099,941)		—		—		—		—
Foreign currency impact and other, net		10,918		(6,100)		4,750		4,646		6,527

Balance, end of period	$	702,429	$	745,322	$	798,335	$	853,211	$	908,600

(1)	Outstanding common shares exclude restricted stock units.

(2)

The balance sheet as of March 31, 2010 reflects the impact of the Citi reinsurance transactions executed on March 31, 2010. The Citi reinsurance transactions were given retroactive effect to January 1, 2010. As a result, the first quarter 2010 balance sheet includes a return of capital to Citi equally offsetting the income attributable to the underlying policies earned between January 1, 2010 and March 31, 2010. The first quarter 2010 balance sheet also reflects the extraordinary dividends declared on March 31, 2010.

(3)

The balance sheet as of June 30, 2010 reflects the issuance of the Citi note, reductions to stockholders’ equity and corresponding changes in deferred tax balances as a result of the 338(h)(10) elections, and a reduction in stockholders’ equity as a result of reflecting our overpayment of estimated taxes to Citi as a return of capital.

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Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands, except per-share data)


	Q1 2010		Q2 2010			Q3 2010			Q4 2010			Q1 2011
Earnings per Share	Q1 2010		Q2 2010			Q3 2010			Q4 2010			Q1 2011

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
Net income		na	$	22,008		$	39,595		$	52,889		$	52,467
Less income attributable to unvested participating securities		na		(928	)		(1,540	)		(2,051	)		(2,103)

Net income used in computing basic EPS		na	$	21,080		$	38,055		$	50,838		$	50,364

Basic earnings per share		na	$	0.29		$	0.53		$	0.70		$	0.69

Net operating income		na	$	37,199		$	40,913		$	45,217		$	48,629
Less operating income attributable to unvested participating securities		na		(1,569	)		(1,591	)		(1,753	)		(1,949)

Net operating income used in computing basic operating EPS		na	$	35,631		$	39,322		$	43,464		$	46,680

Basic operating income per share		na	$	0.50		$	0.54		$	0.60		$	0.64

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
Dilutive impact of warrants		na		890,777			660,066			786,628			1,154,597

Shares used to calculate diluted EPS		na		72,734,365			72,919,418			73,239,754			73,826,078
Net income		na	$	22,008		$	39,595		$	52,889		$	52,467
Less income attributable to unvested participating securities		na		(917	)		(1,527	)		(2,030	)		(2,072)

Net income used in computing diluted EPS		na	$	21,091		$	38,068		$	50,859		$	50,395

Diluted earnings per share		na	$	0.29		$	0.52		$	0.69		$	0.68

Net operating income		na	$	37,199		$	40,913		$	45,217		$	48,629
Less operating income attributable to unvested participating securities		na		(1,550	)		(1,578	)		(1,735	)		(1,920)

Net operating income used in computing diluted operating EPS		na	$	35,649		$	39,335		$	43,482		$	46,709

Diluted operating income per share		na	$	0.49		$	0.54		$	0.59		$	0.63

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.


	Q1 2010	Q2 2010		Q3 2010		Q4 2010		Q1 2011
Annualized Return on Equity	Q1 2010	Q2 2010		Q3 2010		Q4 2010		Q1 2011

Average stockholders’ equity	na	$	1,296,220	$	1,356,955	$	1,413,904	$	1,461,068
Average adjusted stockholders’ equity	na	$	1,208,809	$	1,251,021	$	1,306,847	$	1,365,910
Net income return on stockholders’ equity	na		6.8%		11.7%		15.0%		14.4%
Net income return on adjusted stockholders’ equity	na		7.3%		12.7%		16.2%		15.4%
Net operating income return on adjusted stockholders’ equity	na		12.3%		13.1%		13.8%		14.2%
Capital Structure
Debt-to-capital (1)	na		18.5%		17.7%		17.3%		16.8%
Cash and invested assets to stockholders’ equity	na		1.7		1.6		1.6		1.6
Cash and invested assets to adjusted stockholders’ equity	na		1.9		1.8		1.7		1.7
Share count, end of period (2)	na		72,729,617		72,727,173		72,843,213		73,187,837
Adjusted stockholders’ equity per share	na	$	16.83	$	17.58	$	18.33	$	19.08
Financial Strength Ratings
Primerica Life Insurance Company:
S&P	AA		AA-		AA-		AA-		AA-
A.M. Best	A+		A+		A+		A+		A+
Fitch	A+		A+		A+		A+		A+

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

(2)	Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).

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Statements of Income			PRIMERICA, INC. Financial Supplement


(Dollars in thousands)	(4) Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011

Statement of Income
Revenues:
Direct premiums	$	537,845		$	547,455		$	547,444		$	548,330		$	552,069
Ceded premiums		(148,119	)		(447,213	)		(437,054	)		(417,981	)		(422,238)

Net premiums		389,726			100,242			110,390			130,349			129,831
Net investment income		82,576			27,991			27,855			26,688			28,626
Commissions and fees:
Sales-based (1)		36,363			36,301			32,941			37,001			43,128
Asset-based (2)		38,014			39,445			37,602			52,412			44,825
Account-based (3)		10,208			10,317			10,620			10,545			10,432
Other commissions and fees		7,105			7,162			8,574			8,331			7,731
Realized investment (losses) gains		31,057			374			1,015			1,700			327
Other, net		11,893			12,466			12,239			12,362			11,452

Total revenues		606,942			234,299			241,236			279,387			276,352

Benefits and expenses:
Benefits and claims		170,735			45,124			49,811			52,033			57,635
Amortization of DAC		91,756			22,899			23,844			29,536			25,556
Insurance commissions		6,371			4,233			5,100			4,205			5,000
Insurance expenses		37,529			10,083			11,999			15,887			9,552
Sales commissions:
Sales-based (1)		26,203			25,998			23,474			25,319			30,547
Asset-based (2)		12,715			12,911			12,232			20,271			15,451
Other sales commissions		4,963			4,603			6,558			4,676			4,358
Interest expense		—			6,928			6,968			6,976			6,997
Other operating expenses		36,268			65,183			39,371			39,962			40,111

Total benefits and expenses		386,541			197,961			179,357			198,865			195,207

Income before income taxes		220,402			36,338			61,879			80,522			81,145
Income taxes		77,116			14,330			22,284			27,633			28,678

Net income	$	143,286		$	22,008		$	39,595		$	52,889		$	52,467


Income Before Income Taxes by Segment
Term Life	$	160,367		$	44,095		$	42,581		$	52,000		$	57,649
Investment & Savings Products		25,447			26,735			26,578			34,769			31,039
Corporate & Other Distributed Products		34,587			(34,492	)		(7,280	)		(6,247	)		(7,543)

Income before income taxes	$	220,402		$	36,338		$	61,879		$	80,522		$	81,145

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

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

(3)	Account-based - revenues relating to the fee generating client accounts we administer

(4)

Excludes the effect of the reinsurance and reorganization transactions we executed in connection with and subsequent to our IPO. As such, ceded premiums, net investment income, benefits and claims, amortization of DAC, insurance expenses, interest expense, and other operating expenses exclude the impact of the various Citi reinsurance agreements, dividends, the note payable to Citi, and the equity grants made in connection with our IPO.

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

PRIMERICA, INC.

Financial Supplement


														YOY Q1

	Q1			Q2			Q3			Q4		Q1		$			%
(Dollars in thousands)	2010			2010			2010			2010		2011		Change			Change

Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	224,822		$	233,925		$	240,221		$	264,546	$	267,296	$	42,475			18.9%
Operating revenues reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700		327		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141		8,729		nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—		—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—		—		nm			nm

Total operating revenues reconciling items		382,121			374			1,015			14,841		9,056		nm			nm

Total revenues	$	606,942		$	234,299		$	241,236		$	279,387	$	276,352	$	(330,590	)		-54.5%


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	$	16,520			28.1%
Operating income before income taxes reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700		327		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141		8,729		nm			nm
Initial & accelerated management / field grant expense		—			(25,457	)		(3,076	)		(3,161)		(3,120)		nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—		—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—		—		nm			nm
Benefits and claims - ceded to Citi reinsurers		(128,204	)		—			—			—		—		nm			nm
Amortization of DAC - ceded to Citi reinsurers		(71,389	)		—			—			—		—		nm			nm
Insurance commissions - expense allowance received from Citi reinsurers		(1,669	)		—			—			—		—		nm			nm
Insurance expenses - expense allowance received from Citi reinsurers		(26,083	)		—			—			—		—		nm			nm
Interest expense - finance charge payable to Citi reinsurer		2,812			—			—			—		—		nm			nm
Interest expense - note payable		4,125			—			—			—		—		nm			nm

Total operating income before income taxes reconciling items		161,713			(25,083	)		(2,061	)		11,680		5,936		nm			nm

Income before income taxes	$	220,402		$	36,338		$	61,879		$	80,522	$	81,145	$	(139,257	)		-63.2%


Reconciliation from Net Operating Income to Net Income
Net operating income	$	38,154		$	37,199		$	40,914		$	45,217	$	48,629	$	10,475			27.5%
Net operating income reconciling items:
Operating income before income taxes reconciling items		161,713			(25,083	)		(2,061	)		11,680		5,936		nm			nm
Tax impact of operating income reconciling items at effective tax rate		(56,582	)		9,891			742			(4,008)		(2,098)		nm			nm

Total net operating income reconciling items		105,131			(15,191	)		(1,319	)		7,672		3,838		nm			nm

Net income	$	143,286		$	22,008		$	39,595		$	52,889	$	52,467	$	(90,819	)		-63.4%

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Segment Operating Results

PRIMERICA, INC.

Financial Supplement


														YOY Q1

(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010		Q1 2011		$ Change			% Change

Term Life Insurance
Revenues:
Direct premiums	$	517,932		$	527,792		$	525,644		$	529,341	$	532,167	$	14,236			2.7%
Ceded premiums		(440,699	)		(444,008	)		(433,234	)		(427,571)		(427,382)		13,317			3.0%

Net premiums		77,233			83,784			92,410			101,770		104,786		27,553			35.7%
Allocated net investment income		16,497			15,961			15,595			14,242		15,794		(703	)		-4.3%
Other, net		8,782			8,643			7,929			7,914		7,653		(1,128	)		-12.8%

Operating revenues		102,511			108,388			115,933			123,926		128,233		25,722			25.1%

Benefits and expenses:
Benefits and claims		32,905			35,134			39,084			42,325		47,351		14,446			43.9%
Amortization of DAC		17,418			19,128			21,900			26,477		22,146		4,728			27.1%
Insurance commissions		456			404			330			320		327		(129	)		-28.3%
Insurance expenses		8,687			6,824			9,194			13,095		6,618		(2,068	)		-23.8%
Interest expense		2,812			2,803			2,843			2,851		2,872		60			2.1%

Operating benefits and expenses		62,278			64,294			73,352			85,067		79,313		17,036			27.4%

Operating income before income taxes	$	40,234		$	44,095		$	42,581		$	38,859	$	48,920	$	8,687			21.6%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	36,363		$	36,301		$	32,941		$	37,001	$	43,128	$	6,765			18.6%
Asset-based		38,014			39,445			37,602			52,412		44,825		6,811			17.9%
Account-based		10,208			10,317			10,620			10,545		10,432		223			2.2%
Other, net		2,108			2,155			2,711			3,064		2,461		353			16.8%

Operating revenues		86,693			88,218			83,874			103,021		100,846		14,153			16.3%

Benefits and expenses:
Amortization of DAC		2,549			3,029			1,361			2,392		2,785		236			9.2%
Insurance commissions		1,809			1,989			1,964			2,091		2,140		331			18.3%
Sales commissions:
Sales-based		26,203			25,998			23,474			25,319		30,547		4,344			16.6%
Asset-based		12,715			12,911			12,232			20,271		15,451		2,736			21.5%
Other operating expenses		17,970			17,556			18,266			18,179		18,884		914			5.1%

Operating benefits and expenses		61,246			61,483			57,296			68,253		69,807		8,561			14.0%

Operating income before income taxes	$	25,447		$	26,735		$	26,578		$	34,769	$	31,039	$	5,592			22.0%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	19,913		$	19,663		$	21,800		$	18,989	$	19,902	$	(12	)		nm
Ceded premiums		(3,748	)		(3,206	)		(3,820	)		(3,551)		(3,585)		163			4.4%

Net premiums		16,165			16,458			17,980			15,438		16,317		152			nm
Allocated net investment income		11,344			12,030			12,260			12,446		12,831		1,487			13.1%
Commissions and fees:
Loans		2,455			1,918			3,527			2,427		1,528		(928	)		-37.8%
DebtWatchers		620			779			845			1,035		1,071		450			nm
Prepaid Legal Services		2,340			2,305			2,287			2,689		2,619		280			11.9%
Auto and Homeowners Insurance		1,012			1,372			1,200			1,395		1,687		675			66.8%
Long-Term Care Insurance		679			788			715			784		825		147			21.6%
Other, net		1,004			1,668			1,600			1,383		1,338		334			33.3%

Operating revenues		35,618			37,318			40,414			37,598		38,216		2,598			7.3%

Benefits and expenses:
Benefits and claims		9,626			9,991			10,727			9,708		10,284		658			6.8%
Amortization of DAC		400			742			583			667		625		225			56.3%
Insurance commissions		2,438			1,838			2,804			1,793		2,534		96			3.9%
Insurance expenses		2,759			3,259			2,804			2,792		2,934		174			6.3%
Sales commissions		4,963			4,603			6,560			4,676		4,358		(605	)		-12.2%
Interest expense		4,125			4,125			4,125			4,125		4,125		—			nm
Other operating expenses		18,298			22,170			18,030			18,622		18,107		(191	)		-1.0%

Operating benefits and expenses		42,609			46,727			45,633			42,383		42,967		357			nm

Operating income before income taxes	$	(6,992	)	$	(9,410	)	$	(5,219	)	$	(4,786)	$	(4,751)	$	2,241			32.1%

8 of 16


Term Life Insurance - Financial Results			PRIMERICA, INC. Financial Supplement


(Dollars in thousands)												YOY Q1

Term Life Insurance Operating Income Before Income Taxes		Q1 2010		Q2 2010		Q3 2010		Q4 2010		Q1 2011		$ Change		% Change

	Revenues:
	Direct premiums	$	517,932	$	527,792	$	525,644	$	529,341	$	532,167	$	14,236		2.7%
	Ceded premiums		(440,699)		(444,008)		(433,234)		(427,571)		(427,382)		13,317		3.0%

	Net premiums		77,233		83,784		92,410		101,770		104,786		27,553		35.7%
	Allocated net investment income		16,497		15,961		15,595		14,242		15,794		(703)		-4.3%
	Other, net		8,782		8,643		7,929		7,914		7,653		(1,128)		-12.8%

	Operating revenues		102,511		108,388		115,933		123,926		128,233		25,722		25.1%

	Benefits and expenses:
	Benefits and claims		32,905		35,134		39,084		42,325		47,351		14,446		43.9%
	Amortization of DAC		17,418		19,128		21,900		26,477		22,146		4,728		27.1%
	Insurance commissions		456		404		330		320		327		(129)		-28.3%
	Insurance expenses		8,687		6,824		9,194		13,095		6,618		(2,068)		-23.8%
	Interest expense		2,812		2,803		2,843		2,851		2,872		60		2.1%

	Operating benefits and expenses		62,278		64,294		73,352		85,067		79,313		17,036		27.4%

	Operating income before income taxes	$	40,234	$	44,095	$	42,581	$	38,859	$	48,920	$	8,687		21.6%

	New Term Life Insurance Operating Income Before Income Taxes (1)
	Revenues:
	Direct premiums	$	10,138	$	21,256	$	30,149	$	38,197	$	46,771		36,633		nm
	Ceded premiums		(3,737)		(3,869)		(3,351)		(4,029)		(8,075)		(4,338)		-116.1%

	Net premiums		6,401		17,388		26,799		34,168		38,697		32,295		nm
	Allocated net investment income		109		175		318		478		630		521		nm
	Other, net		8,802		8,675		8,100		7,890		7,614		(1,188)		-13.5%

	Operating revenues		15,312		26,238		35,216		42,537		46,941		31,629		nm

	Benefits and expenses:
	Benefits and claims		1,517		5,413		10,343		13,550		14,002		12,485		nm
	Amortization of DAC		968		6,405		7,725		11,667		10,163		9,195		nm
	Insurance commissions		—		0		(1)		(0)		(0)		(0)		nm
	Insurance expenses		18,180		16,050		18,224		19,128		15,761		(2,419)		-13.3%
	Interest expense		—		(0)		—		—		—		—		nm

	Operating benefits and expenses		20,665		27,869		36,291		44,344		39,926		19,261		93.2%

	Operating income before income taxes	$	(5,354)	$	(1,631)	$	(1,075)	$	(1,807)	$	7,015		12,368		nm

	Legacy Term Life Insurance Operating Income Before Income Taxes (2)
	Revenues:
	Direct premiums	$	507,794	$	506,536	$	495,494	$	491,144	$	485,396		(22,398)		-4.4%
	Ceded premiums		(436,962)		(440,140)		(429,883)		(423,542)		(419,307)		17,655		4.0%

	Net premiums		70,832		66,396		65,611		67,602		66,089		(4,742)		-6.7%
	Allocated net investment income		16,388		15,786		15,277		13,763		15,164		(1,224)		-7.5%
	Other, net		(20)		(32)		(170)		24		39		60		nm

	Operating revenues		87,199		82,150		80,718		81,389		81,293		(5,907)		-6.8%

	Benefits and expenses:
	Benefits and claims		31,388		29,721		28,741		28,775		33,349		1,961		6.2%
	Amortization of DAC		16,450		12,723		14,175		14,810		11,983		(4,468)		-27.2%
	Insurance commissions		456		404		331		320		327		(129)		-28.3%
	Insurance expenses		10,047		9,888		9,648		12,270		9,366		(682)		-6.8%
	Insurance expense allowance		(19,541)		(19,114)		(18,678)		(18,303)		(18,508)		1,033		5.3%
	Interest expense		2,812		2,803		2,843		2,851		2,872		60		2.1%

	Operating benefits and expenses		41,612		36,425		37,061		40,723		39,387		(2,225)		-5.3%

	Operating income before income taxes	$	45,587	$	45,726	$	43,657	$	40,666	$	41,905		(3,682)		-8.1%

⁽¹⁾ Represents results associated with business written subsequent to the Citi reinsurance transactions executed on March 31, 2010.

⁽²⁾ Represents results associated with business subject to the Citi reinsurance transactions.

9 of 16


Term Life Insurance - Key Statistics and Financial Analysis			PRIMERICA, INC. Financial Supplement


											YOY Q1

(Dollars in thousands, except as noted)	Q1 2010		Q2 2010		Q3 2010		Q4 2010		Q1 2011		$ Change		% Change

Key Statistics
Life-insurance licensed sales force, beginning of period		99,785		97,354		96,066		96,872		94,850		(4,935)		-4.9%
New life-licensed representatives		7,366		9,887		9,430		7,805		7,145		(221)		-3.0%
Non-renewal and terminated representatives		(9,797)		(11,175)		(8,624)		(9,827)		(9,783)		14		nm

Life-insurance licensed sales force, end of period		97,354		96,066		96,872		94,850		92,212		(5,142)		-5.3%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	43.4	$	48.9	$	44.1	$	44.5	$	41.1	$	(2.3)		-5.2%
Additions and increases in premium		10.8		11.7		10.9		11.2		10.4		(0.4)		-3.5%

Total estimated annualized issued term life premium	$	54.2	$	60.6	$	55.0	$	55.6	$	51.5	$	(2.7)		-4.9%

Issued term life policies		52,445		60,406		54,373		56,290		51,281		(1,164)		-2.2%
Term life face amount in-force, beginning of period ($mills)	$	650,195	$	651,790	$	653,530	$	654,633	$	656,791	$	6,596		1.0%
Issued term life face amount (2)		17,997		20,042		18,113		18,250		16,735		(1,262)		-7.0%
Terminated term life face amount		(18,867)		(16,156)		(17,836)		(18,105)		(17,247)		1,620		8.6%
Foreign currency impact, net		2,464		(2,146)		826		2,013		2,244		(220)		nm

Term life face amount in-force, end of period	$	651,790	$	653,530	$	654,633	$	656,791	$	658,523	$	6,734		1.0%


New Term Life Insurance - Financial Analysis
Direct premium	$	10,138	$	21,256	$	30,149	$	38,197	$	46,771		36,633		nm
New term life operating income before income taxes	$	(5,354)	$	(1,631)	$	(1,075)	$	(1,807)	$	7,015		12,368		nm
% of direct premium		-52.8%		-7.7%		-3.6%		-4.7%		15.0%		nm		nm
Benefits & expenses, net (3)	$	6,222	$	15,687	$	21,418	$	29,245	$	32,240		26,018		nm
% of direct premium		61.4%		73.8%		71.0%		76.6%		68.9%		nm		nm
Insurance expenses, net (4)	$	9,378	$	7,375	$	10,124	$	11,237	$	8,147		(1,231)		-13.1%
% of direct premium		92.5%		34.7%		33.6%		29.4%		17.4%		nm		nm

Legacy Term Life Insurance - Financial Analysis
Direct premium	$	507,794	$	506,536	$	495,494	$	491,144	$	485,396		(22,398)		-4.4%
Legacy term life operating income before income taxes	$	45,587	$	45,726	$	43,657	$	40,666	$	41,905		(3,682)		-8.1%
% of direct premium		9.0%		9.0%		8.8%		8.3%		8.6%		nm		nm

(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) Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing

(3) Benefits & expenses, net - includes total benefits & claims, ceded premiums, insurance commissions, and amortization of deferred policy acquisition costs

(4) Insurance expenses, net - insurance expenses, net of other net revenues

10 of 16

Investment and Savings Products - Financial Results, Key Statistics, and Financial Analysis

PRIMERICA, INC.

Financial Supplement


(Dollars in thousands, except as noted)											YOY Q1
Investment & Savings Products Operating Income Before Income Taxes	Q1 2010		Q2 2010		Q3 2010		Q4 2010		Q1 2011		$ Change		% Change

Revenues:
Commissions and fees:
Sales-based	$	36,363	$	36,301	$	32,941	$	37,001	$	43,128	$	6,765		18.6%
Asset-based		38,014		39,445		37,602		52,412		44,825		6,811		17.9%
Account-based		10,208		10,317		10,620		10,545		10,432		223		2.2%
Other, net		2,108		2,155		2,711		3,064		2,461		353		16.8%

Operating revenues		86,693		88,218		83,874		103,021		100,846		14,153		16.3%

Benefits and expenses:
Amortization of DAC		2,549		3,029		1,361		2,392		2,785		236		9.2%
Insurance commissions		1,809		1,989		1,964		2,091		2,140		331		18.3%
Sales commissions:
Sales-based		26,203		25,998		23,474		25,319		30,547		4,344		16.6%
Asset-based		12,715		12,911		12,232		20,271		15,451		2,736		21.5%
Other operating expenses		17,970		17,556		18,266		18,179		18,884		914		5.1%

Operating benefits and expenses		61,246		61,483		57,296		68,253		69,807		8,561		14.0%

Operating income before income taxes	$	25,447	$	26,735	$	26,578	$	34,769	$	31,039	$	5,592		22.0%


Key Statistics
Product sales ($mills)
Mutual Funds	$	594.7	$	551.0	$	474.8	$	520.3	$	646.0	$	51.3		8.6%
Variable Annuities and other		267.3		308.3		287.5		306.1		344.6		77.3		28.9%

Total sales-based revenue generating product sales		862.1		859.3		762.3		826.4		990.6		128.5		14.9%
Segregated Funds		111.4		64.0		61.6		76.6		123.1		11.6		10.4%

Total product sales	$	973.5	$	923.3	$	823.9	$	903.0	$	1,113.7	$	140.2		14.4%

Client asset values, beginning of period ($mills)	$	31,303	$	32,670	$	29,723	$	32,600	$	34,869	$	3,566		11.4%
Inflows		974		923		824		903		1,114		140		14.4%
Outflows (1)		(956)		(903)		(887)		(945)		(1,083)		(127)		-13.3%

Net flows		17		20		(63)		(42)		31		13		nm
Change in market value, net and other (2)		1,350		(2,967)		2,940		2,311		1,288		(62)		nm

Client asset values, end of period	$	32,670	$	229,723	$	32,600	$	34,869	$	36,187	$	3,517		10.8%

Average client asset values ($mills)
Mutual Funds	$	22,453	$	22,424	$	21,919	$	23,661	$	24,882	$	2,430		10.8%
Variable Annuities and other		6,847		6,955		6,954		7,623		8,242		1,396		20.4%
Segregated Funds		2,105		2,182		2,184		2,327		2,477		372		17.7%

Total	$	31,404	$	31,561	$	31,056	$	33,611	$	35,602	$	4,198		13.4%

Average number of fee-generating accounts (thous) (3)		2,762		2,741		2,715		2,694		2,662		(99)		-3.6%
Financial Analysis
Sales-based net revenue as % of sales (4)		1.18%		1.20%		1.24%		1.41%		1.27%		nm		nm
Asset-based net revenue as % of average asset values (5)		0.07%		0.07%		0.07%		0.08%		0.07%		nm		nm
Account-based revenue per average fee generating account (6)	$	3.70	$	3.76	$	3.91	$	3.91	$	3.92		nm		nm

(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 9% 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, expenses, and foreign currency impact

(3)	Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees

(4)	Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity

(5)	Asset-based net revenue - commission and fee revenue less commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds

(6)	In whole dollars

11 of 16

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement


	As of or for the period ended March 31, 2011

(Dollars in thousands)								% of Total				Avg
(Dollars in thousands)	Market Value		Amortized Cost		Unrealized G/(L)			Market Value		Amortized Cost		Book Yield		Avg Rating

Investment Portfolio by Asset Class
Cash and cash equivalents	$	115,277	$	115,277	$	—			5.0%		5.4%
Fixed Income:
Treasury		32,776		29,411		3,365			1.4%		1.4%		3.35%		AAA
Government		103,847		92,661		11,186			4.5%		4.3%		4.79%		AA-
Tax-Exempt Municipal		7,036		6,692		344			0.3%		0.3%		3.79%		AA
Corporate		1,331,911		1,230,561		101,350			57.8%		57.3%		5.56%		BBB+
Mortgage-Backed		327,927		306,113		21,813			14.2%		14.2%		5.47%		AA+
Asset-Backed		76,047		77,113		(1,066	)		3.3%		3.6%		1.59%		AA
CMBS		154,125		147,189		6,936			6.7%		6.9%		5.06%		AAA
Private		111,118		105,526		5,591			4.8%		4.9%		6.05%		BBB
Redeemable Preferred		479		652		(173	)		0.0%		0.0%		36.77%		A-
Convertible		20,569		19,797		772			0.9%		0.9%		3.83%		A-

Total Fixed Income		2,165,834		2,015,715		150,119			94.0%		93.8%		5.30%		A

Equities:
Perpetual Preferred		2,228		2,085		142			0.1%		0.1%
Common Stock		10,285		7,856		2,429			0.4%		0.4%
Mutual Fund		7,374		4,005		3,369			0.3%		0.2%
Other		3,365		3,365		0			0.1%		0.2%

Total Equities		23,252		17,312		5,940			1.0%		0.8%



Total Invested Assets	$	2,304,363	$	2,148,305	$	156,058			100.0%		100.0%

Corporate Portfolio by Sector
Banking	$	134,464	$	127,280	$	7,185			10.1%		10.3%
Basic Industry		107,250		98,745		8,505			8.1%		8.0%
Brokerage		17,825		16,231		1,594			1.3%		1.3%
Capital Goods		84,273		77,949		6,324			6.3%		6.3%
Communications		101,288		92,648		8,640			7.6%		7.5%
Consumer Cyclical		63,318		58,354		4,964			4.8%		4.7%
Consumer Non-Cyclical		154,303		141,017		13,286			11.6%		11.5%
Electric		130,332		119,169		11,163			9.8%		9.7%
Energy		76,989		69,947		7,042			5.8%		5.7%
Finance Companies		35,496		31,037		4,459			2.7%		2.5%
Financial Other		11,978		11,441		537			0.9%		0.9%
Industrial Other		21,552		20,247		1,305			1.6%		1.6%
Insurance		124,364		116,715		7,650			9.3%		9.5%
Natural Gas		79,532		72,895		6,637			6.0%		5.9%
REITs		103,388		97,628		5,760			7.8%		7.9%
Technology		55,080		51,172		3,908			4.1%		4.2%
Transportation		25,119		23,091		2,027			1.9%		1.9%
Utility Other		5,358		4,993		365			0.4%		0.4%

Total Corporate portfolio	$	1,331,911	$	1,230,561	$	100,530			100.0%		100.0%

Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	279,521	$	274,285	$	5,237			12.9%		13.6%
1-2 Yrs.		194,080		184,610		9,470			9.0%		9.2%
2-5 Yrs.		961,413		893,434		67,979			44.4%		44.3%
5-10 Yrs.		683,344		622,179		61,165			31.6%		30.9%
> 10 Yrs.		47,476		41,208		6,268			2.2%		2.0%

Total Fixed Income	$	2,165,834	$	2,015,715	$	150,119			100.0%		100.0%


Duration
Fixed Income portfolio duration		3.6 years

12 of 16

Investment Portfolio - Quality Ratings As of March 31, 2011

PRIMERICA, INC.

Financial Supplement


(Dollars in thousands)
Investment Portfolio - Quality Ratings (1)
	Amortized Cost		% of Total

Total Fixed Income portfolio:
Rating
AAA	$	526,013		26.1%
AA		190,769		9.5%
A		451,255		22.4%
BBB		722,218		35.9%
Below Investment Grade		124,754		6.2%
NA		708		0.0%

Total Fixed Income	$	2,015,715		100.0%


	Amortized Cost		% of Total

Corporate asset class:
Rating
AAA	$	350		0.0%
AA		125,910		10.2%
A		395,751		32.2%
BBB		631,944		51.4%
Below Investment Grade		76,008		6.2%
NA		598		0.0%

Total Corporate	$	1,230,561		100.0%


CMBS asset class:
Rating
AAA	$	125,105		85.0%
AA		18,511		12.6%
A		1,202		0.8%
BBB		1,284		0.9%
Below Investment Grade		979		0.7%
NA		108		0.1%

Total CMBS	$	147,189		100.0%


Asset-Backed asset class:
Rating
AAA	$	64,157		83.2%
AA		—		—
A		574		0.7%
BBB		2,978		3.9%
Below Investment Grade		9,404		12.2%
NA		—		—

Total Asset-Backed	$	77,113		100.0%


	Amortized Cost		% of Total

Private asset class:
Rating
AAA	$	268		0.3%
AA		6,560		6.2%
A		14,835		14.1%
BBB		63,009		59.7%
Below Investment Grade		20,855		19.8%
NA		—		—

Total Private	$	105,526		100.0%


Mortgage-Backed asset class:
Rating
AAA	$	279,751		91.4%
AA		—		—
A		2,601		0.8%
BBB		7,738		2.5%
Below Investment Grade		16,023		5.2%
NA		—		—

Total Mortgage-Backed	$	306,113		100.0%


Treasury & Government asset classes:
Rating
AAA	$	56,072		45.9%
AA		33,962		27.8%
A		22,788		18.7%
BBB		9,250		7.6%
Below Investment Grade		—		—
NA		—		—

Total Treasury & Government	$	122,072		100.0%


NAIC Designations
1	$	1,054,599	57.8%
2		670,528	36.7%
3		70,320	3.9%
4		21,364	1.2%
5		6,793	0.4%
6		2,300	0.1%

U.S. Insurer Fixed Income (2)		1,825,904	100.0%
Other (3)		207,124
Cash and cash equivalents		115,277

Total Invested Assets	$	2,148,305

(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

13 of 16

Investment Portfolio - Mortgage Backed Vintage Analysis As of March 31, 2011

PRIMERICA, INC.

Financial Supplement


(Dollars in thousands)		2004 and Prior			2005			2006		2007		2008		2009		2010			2011			Total
Commercial Mortgage-Backed	Amortized Cost by Vintage
Current Rating:
AAA	$	66,350		$	23,173		$	7,485	$	7,802	$	1,463	$	5,924	$	4,667		$	8,240		$	125,105
AA		8,250			10,261			—		—		—		—		—			—			18,511
A		1,002			—			200		—		—		—		—			—			1,202
BBB		1,284			—			—		—		—		—		—			—			1,284
BB		255			—			—		—		—		—		—			—			255
B		288			—			—		—		—		—		—			—			288
CCC and lower		319			224			—		—		—		—		—			—			543

Total	$	77,750		$	33,658		$	7,685	$	7,802	$	1,463	$	5,924	$	4,667		$	8,240		$	147,189

	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	2,601		$	897		$	670	$	555	$	58	$	87	$	(74	)	$	(7	)	$	4,786
AA		428			153			—		—		—		—		—			—			581
A		3			—			8		—		—		—		—			—			11
BBB		(88	)		—			—		—		—		—		—			—			(88	)
BB		889			—			—		—		—		—		—			—			889
B		513			—			—		—		—		—		—			—			513
CCC and lower		244			—			—		—		—		—		—			—			244

Total	$	4,590		$	1,050		$	677	$	555	$	58	$	87	$	(74	)	$	(7	)	$	6,936



Prime Residential Mortgage-Backed	Amortized Cost by Vintage
Current Rating:
AAA	$	137,933		$	26,163		$	26,779	$	43,786	$	28,947	$	—	$	6,115		$	8,540		$	278,263
AA		—			—			—		—		—		—		—			—			—
A		725			1,875			—		—		—		—		—			—			2,601
BBB		—			7,738			—		—		—		—		—			—			7,738
BB		—			4,088			—		—		—		—		—			—			4,088
B		—			1,965			—		—		—		—		—			—			1,965
CCC and lower		—			1,342			—		1,655		—		—		—			—			2,997

Total	$	138,659		$	43,173		$	26,779	$	45,441	$	28,947	$	—	$	6,115		$	8,540		$	297,653

	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	11,907		$	1,034		$	2,336	$	3,739	$	2,729	$	—	$	22		$	84		$	21,851
AA		—			—			—		—		—		—		—			—			—
A		22			48			—		—		—		—		—			—			70
BBB		—			(197	)		—		—		—		—		—			—			(197	)
BB		—			(51	)		—		—		—		—		—			—			(51	)
B		—			(3	)		—		—		—		—		—			—			(3	)
CCC and lower		—			(10	)		—		69		—		—		—			—			59

Total	$	11,929		$	822		$	2,336	$	3,808	$	2,729	$	—	$	22		$	84		$	21,730



Alt-A Residential Mortgage-Backed	Amortized Cost by Vintage
Current Rating:
AAA	$	—		$	1,488		$	—	$	—	$	—	$	—	$	—		$	—		$	1,488
AA		—			—			—		—		—		—		—			—			—
A		—			—			—		—		—		—		—			—			—
BBB		—			—			—		—		—		—		—			—			—
BB		705			—			—		—		—		—		—			—			705
B		—			3,328			—		—		—		—		—			—			3,328
CCC and lower		2,662			277			—		—		—		—		—			—			2,939

Total	$	3,367		$	5,093		$	—	$	—	$	—	$	—	$	—		$	—		$	8,460

	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	—		$	21		$	—	$	—	$	—	$	—	$	—		$	—		$	21
AA		—			—			—		—		—		—		—			—			—
A		—			—			—		—		—		—		—			—			—
BBB		—			—			—		—		—		—		—			—			—
BB		30			—			—		—		—		—		—			—			30
B		—			46			—		—		—		—		—			—			46
CCC and lower		(6	)		(7	)		—		—		—		—		—			—			(14	)

Total	$	24		$	59		$	—	$	—	$	—	$	—	$	—		$	—		$	83

14 of 16

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement



(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011

Net Investment Income by Source
Bonds & notes	$	83,814		$	27,796		$	28,350		$	28,091		$	29,014
Preferred and common stocks		1,239			164			189			231			188
Deposit asset underlying 10% reinsurance treaty		—			1,551			624			(704)			508
Policy loans		336			341			326			362			347
Cash & cash equivalents		283			85			103			73			70
Other		—			55			—			—			(19)

Total investment income		85,671			29,992			29,591			28,053			30,108
Investment expenses		3,095			2,001			1,737			1,365			1,482

Net investment income	$	82,576		$	27,991		$	27,855		$	26,688		$	28,626

Fixed income book yield, end of period		5.79	%		5.72	%		5.47	%		5.48	%		5.30	%
New money yield		3.48	%		2.43	%		2.50	%		3.58	%		2.72	%

																YOY Q1
	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			% Pt Change

Fixed Income Portfolio Quality Ratings
Rating
AAA		32.5	%		31.4	%		28.0	%		26.7	%		26.1	%		-6.4%
AA		7.9	%		6.9	%		8.0	%		9.1	%		9.5	%		1.5%
A		21.2	%		21.4	%		22.2	%		21.9	%		22.4	%		1.2%
BBB		30.8	%		32.4	%		34.8	%		35.6	%		35.8	%		5.0%
Below Investment Grade		7.1	%		7.8	%		6.9	%		6.7	%		6.2	%		-0.9%
NA		0.4	%		0.1	%		0.1	%		0.1	%		0.0	%		-0.3%

Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		nm

Average rating by amortized cost		A			A			A			A			A			na


		As of March 31, 2011

		Market Value			Amortized Cost			Credit Rating

Top 25 Exposures

1	Government of Canada	$	35,887		$	31,587			AAA
2	National Rural Utilities Cooperative		17,810			14,898			A+
3	General Electric Co		15,399			13,434			AA+
4	Verizon Communications Inc		15,227			13,492			A-
5	Bank of America Corp		13,887			12,709			A
6	Medtronic Inc		12,739			12,543			AA-
7	ConocoPhillips		10,813			9,283			A
8	Enel SpA		10,753			10,541			A-
9	Edison International		10,748			10,809			B+
10	Banco Santander SA		9,927			9,893			AA
11	MetLife Inc		9,925			9,476			A+
12	AT&T Inc		9,923			8,782			A-
13	Diageo PLC		9,735			9,199			A-
14	Xstrata PLC		9,649			9,350			BBB
15	Reynolds American Inc		9,616			7,901			BBB
16	Iberdrola SA		9,104			8,468			BBB+
17	Health Care REIT Inc		8,989			9,130			BBB-
18	Altria Group Inc		8,443			6,892			BBB
19	Province of Ontario Canada		8,360			6,754			AA-
20	Prudential Financial Inc		7,974			7,431			A+
21	Province of Quebec Canada		7,850			6,360			A+
22	ArcelorMittal		7,767			6,579			BBB-
23	Vale SA		7,765			7,100			BBB+
24	Freeport-McMoRan Copper & Gold		7,695			7,698			BBB-
25	Montpelier Re Holdings Ltd		7,569			7,207			BBB

Total		$	283,553		$	257,518


% of total fixed income portfolio			13.1	%		12.8	%


	As of March 31, 2011
	Market Value		Amortized Cost
Foreign Exposure (1)

Canada	$	68,873	$	65,008
United Kingdom		77,645		74,079
Australia		43,104		39,590
France		28,932		27,849
Spain		20,566		20,492
Japan		9,516		9,393
Italy		13,822		13,539
Emerging Markets (2)		41,718		38,471
All Other		95,234		87,551

Total	$	399,409	$	375,971


Government Investments

AAA	$	255	$	255
AA		2,816		2,572
A		12,916		12,307
BBB		10,142		9,250
Below Investment Grade		—		—
NA		—		—

Total	$	26,129	$	24,384


Non-Government Investments

AAA	$	—	$	—
AA		59,691		57,541
A		127,785		121,245
BBB		159,531		148,631
Below Investment Grade		23,641		23,171
NA		2,633		1,000

Total	$	373,281	$	351,587

(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 Brazil, Chile, Colombia, India, Korea, Mexico, Peru, Poland and South Africa

15 of 16

Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement


(Dollars in millions)	2006			2007			2008			2009			2010			Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011


Recruits		204,316			220,950			235,125			221,920			231,390			58,085			65,245			58,178			49,882			52,813

Life-insurance licensed sales force, beginning of period		97,105			96,532			97,125			100,651			99,785			99,785			97,354			96,066			96,872			94,850
New life-licensed representatives		35,233			36,308			39,383			37,629			34,488			7,366			9,887			9,430			7,805			7,145
Non-renewal and terminated representatives		(35,806	)		(35,715	)		(35,857	)		(38,495	)		(39,423	)		(9,797	)		(11,175	)		(8,624	)		(9,827	)		(9,783	)

Life-insurance licensed sales force, end of period		96,532			97,125			100,651			99,785			94,850			97,354			96,066			96,872			94,850			92,212


Issued term life policies		245,520			244,733			241,173			233,837			223,514			52,445			60,406			54,373			56,290			51,281

Issued term life face amount	$	84,503		$	87,619		$	87,279		$	80,497		$	74,401		$	17,997		$	20,042		$	18,113		$	18,250		$	16,735

Term life face amount in force, beginning of period	$	572,155		$	599,470		$	632,086		$	633,467		$	650,195		$	650,195		$	651,790		$	653,530		$	654,633		$	656,791
Issued term life face amount		84,503			87,619			87,279			80,497			74,401			17,997			20,042			18,113			18,250			16,735
Terminated term life face amount		(57,277	)		(64,966	)		(72,008	)		(74,642	)		(70,964	)		(18,867	)		(16,156	)		(17,836	)		(18,105	)		(17,247	)
Foreign currency impact, net		90			9,963			(13,891	)		10,873			3,158			2,464			(2,146	)		826			2,013			2,244

Term life face amount in force, end of period	$	599,470		$	632,086		$	633,467		$	650,195		$	656,791		$	651,790		$	653,530		$	654,633		$	656,791		$	658,523


Estimated annualized issued term life premium
Premium from new policies	$	204.7		$	208.9		$	205.0		$	193.7		$	180.8		$	43.4		$	48.9		$	44.1		$	44.5		$	41.1
Additions and increases in premium		41.1			43.4			43.0			42.6			44.6			10.8			11.7			10.9			11.2			10.4

Total estimated annualized issued term life premium	$	245.8		$	252.4		$	248.0		$	236.3		$	225.4		$	54.2		$	60.6		$	55.0		$	55.6		$	51.5


Investment & Savings product sales	$	4,664.7		$	5,189.5		$	4,458.4		$	3,006.6		$	3,623.6		$	973.5		$	923.3		$	823.9		$	903.0		$	1,113.7

Investment & Savings average client asset values	$	32,082		$	36,735		$	32,763		$	26,845		$	31,908		$	31,404		$	31,561		$	31,056		$	33,611		$	35,602

16 of 16