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Supplemental Financial Information

Third Quarter 2025

 

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, 2024.

 

2 of 17

 

 

 

Preface

PRIMERICA, INC.

Financial Supplement

 

 

Third Quarter 2025

 

This document is a financial supplement to our third quarter 2025 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 purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these charges as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized for e-TeleQuote's state net operating losses (NOLs). We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

 

•Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

•IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO). We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

 

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

 

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications, primarily related to the presentation of the senior health business’ results of operations as discontinued operations on the Company’s statements of income. However, balance sheet amounts have not been restated for prior periods to separately present the assets and liabilities related to discontinued operations, which primarily included goodwill, other assets and income taxes. These reclassifications had no impact on net income or total stockholders’ equity.

3 of 17

 

 

 

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

PRIMERICA, INC.

Financial Supplement

 

(Dollars in thousands)

Mar 31,
2024

 

Jun 30,
2024

 

Sep 30,
2024

 

Dec 31,
2024

 

Mar 31,
2025

 

Jun 30,
2025

 

Sep 30,
2025

 

Dec 31,
2025

Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and cash excluding securities held to maturity

$

3,456,543

 

$

3,502,298

 

$

3,629,584

 

$

3,714,983

 

$

3,784,534

 

$

3,798,697

 

$

3,885,589

 

 

 

Securities held to maturity

 

1,376,400

 

 

1,353,370

 

 

1,330,430

 

 

1,303,880

 

 

1,285,340

 

 

1,258,800

 

 

1,241,540

 

 

 

 

 

Total investments and cash

 

4,832,943

 

 

4,855,668

 

 

4,960,014

 

 

5,018,863

 

 

5,069,874

 

 

5,057,497

 

 

5,127,129

 

 

 

Reinsurance recoverables

 

2,920,417

 

 

2,833,055

 

 

2,873,528

 

 

2,744,165

 

 

2,722,544

 

 

2,698,144

 

 

2,596,597

 

 

 

Deferred policy acquisition costs

 

3,503,940

 

 

3,566,126

 

 

3,636,964

 

 

3,680,430

 

 

3,742,693

 

 

3,817,119

 

 

3,863,442

 

 

 

Goodwill

 

127,707

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

Other assets

 

1,189,436

 

 

1,056,890

 

 

943,524

 

 

929,277

 

 

935,802

 

 

938,583

 

 

946,717

 

 

 

Separate account assets

 

2,334,911

 

 

2,253,966

 

 

2,401,137

 

 

2,209,287

 

 

2,118,098

 

 

2,318,492

 

 

2,313,874

 

 

 

 

 

Total assets

$

14,909,354

 

$

14,565,704

 

$

14,815,167

 

$

14,582,022

 

$

14,589,010

 

$

14,829,834

 

$

14,847,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future policy benefits

$

6,548,050

 

$

6,436,332

 

$

6,919,418

 

$

6,503,064

 

$

6,637,937

 

$

6,719,044

 

$

6,816,778

 

 

 

Other policy liabilities

 

954,350

 

 

908,419

 

 

911,485

 

 

906,280

 

 

907,038

 

 

906,558

 

 

862,242

 

 

 

Other liabilities

 

839,550

 

 

807,108

 

 

626,663

 

 

720,248

 

 

692,224

 

 

641,378

 

 

618,061

 

 

 

Debt obligations

 

593,909

 

 

594,110

 

 

594,311

 

 

594,512

 

 

594,713

 

 

594,913

 

 

595,114

 

 

 

Surplus note

 

1,376,028

 

 

1,353,014

 

 

1,330,090

 

 

1,303,556

 

 

1,285,032

 

 

1,258,508

 

 

1,241,263

 

 

 

Payable under securities lending

 

76,648

 

 

90,995

 

 

85,236

 

 

86,034

 

 

97,560

 

 

83,425

 

 

104,535

 

 

 

Separate account liabilities

 

2,334,911

 

 

2,253,966

 

 

2,401,137

 

 

2,209,287

 

 

2,118,098

 

 

2,318,492

 

 

2,313,874

 

 

 

 

 

Total liabilities

 

12,723,446

 

 

12,443,945

 

 

12,868,340

 

 

12,322,981

 

 

12,332,601

 

 

12,522,318

 

 

12,551,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock ($0.01 par value) (1)

 

346

 

 

340

 

 

335

 

 

334

 

 

330

 

 

325

 

 

321

 

 

 

Paid-in capital

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

Retained earnings

 

2,285,944

 

 

2,122,839

 

 

2,132,015

 

 

2,231,483

 

 

2,253,435

 

 

2,270,996

 

 

2,319,750

 

 

 

Treasury stock

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

Accumulated other comprehensive income (loss), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses)

 

(181,537

)

 

(187,346

)

 

(103,510

)

 

(162,842

)

 

(133,764

)

 

(124,629

)

 

(91,680

)

 

 

 

Effect of change in discount rate assumptions on the liability for future policy benefits

 

92,853

 

 

201,441

 

 

(71,241

)

 

224,833

 

 

171,599

 

 

174,626

 

 

89,692

 

 

 

 

Cumulative translation adjustment

 

(11,698

)

 

(15,514

)

 

(10,771

)

 

(34,767

)

 

(35,191

)

 

(13,803

)

 

(22,191

)

 

 

 

 

Total stockholders’ equity

 

2,185,908

 

 

2,121,759

 

 

1,946,827

 

 

2,259,041

 

 

2,256,409

 

 

2,307,516

 

 

2,295,892

 

 

 

 

 

Total liabilities and stockholders' equity

$

14,909,354

 

$

14,565,704

 

$

14,815,167

 

$

14,582,022

 

$

14,589,010

 

$

14,829,834

 

$

14,847,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders' equity

$

2,185,908

 

$

2,121,759

 

$

1,946,827

 

$

2,259,041

 

$

2,256,409

 

$

2,307,516

 

$

2,295,892

 

 

 

Less: Net unrealized gains (losses)

 

(181,537

)

 

(187,346

)

 

(103,510

)

 

(162,842

)

 

(133,764

)

 

(124,629

)

 

(91,680

)

 

 

Less: Effect of change in discount rate assumptions on the liability for future policy benefits

 

92,853

 

 

201,441

 

 

(71,241

)

 

224,833

 

 

171,599

 

 

174,626

 

 

89,692

 

 

 

 

 

Adjusted stockholders’ equity

$

2,274,592

 

$

2,107,665

 

$

2,121,579

 

$

2,197,050

 

$

2,218,574

 

$

2,257,519

 

$

2,297,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Stockholders' Equity Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

2,275,062

 

$

2,274,592

 

$

2,107,665

 

$

2,121,579

 

$

2,197,050

 

$

2,218,574

 

$

2,257,519

 

 

 

Net Income

 

137,904

 

 

1,171

 

 

164,373

 

 

167,071

 

 

169,051

 

 

178,344

 

 

206,793

 

 

 

Shareholder dividends

 

(26,256

)

 

(25,835

)

 

(30,515

)

 

(30,207

)

 

(34,736

)

 

(34,209

)

 

(33,819

)

 

 

Retirement of shares and warrants

 

(116,563

)

 

(142,744

)

 

(129,672

)

 

(45,703

)

 

(126,637

)

 

(129,124

)

 

(129,000

)

 

 

Net foreign currency translation adjustment

 

(9,463

)

 

(3,817

)

 

4,744

 

 

(23,996

)

 

(424

)

 

21,388

 

 

(8,388

)

 

 

Other, net

 

13,909

 

 

4,297

 

 

4,986

 

 

8,307

 

 

14,270

 

 

2,546

 

 

4,775

 

 

Balance, end of period

$

2,274,592

 

$

2,107,665

 

$

2,121,579

 

$

2,197,050

 

$

2,218,574

 

$

2,257,519

 

$

2,297,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred Policy Acquisition Costs Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, beginning of period

$

3,447,234

 

$

3,503,940

 

$

3,566,126

 

$

3,636,964

 

$

3,680,430

 

$

3,742,693

 

$

3,817,119

 

 

 

General expenses deferred

 

11,156

 

 

11,235

 

 

11,424

 

 

10,805

 

 

10,883

 

 

11,605

 

 

11,235

 

 

 

Commission costs deferred

 

125,811

 

 

127,800

 

 

130,964

 

 

128,734

 

 

130,162

 

 

126,272

 

 

122,850

 

 

 

Amortization of deferred policy acquisition costs

 

(72,049

)

 

(73,643

)

 

(75,539

)

 

(76,905

)

 

(78,550

)

 

(80,043

)

 

(81,498

)

 

 

Foreign currency impact and other, net

 

(8,211

)

 

(3,207

)

 

3,988

 

 

(19,167

)

 

(232

)

 

16,592

 

 

(6,263

)

 

Balance, end of period

$

3,503,940

 

$

3,566,126

 

$

3,636,964

 

$

3,680,430

 

$

3,742,693

 

$

3,817,119

 

$

3,863,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Earnings per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares and fully vested equity awards

 

34,882,824

 

 

34,383,344

 

 

33,834,080

 

 

33,481,533

 

 

33,292,459

 

 

32,870,061

 

 

32,404,112

 

 

 

(1,429,968

)

 

-4.2

%

 

34,364,805

 

 

32,852,290

 

 

(1,512,515

)

 

-4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

$

148,414

 

$

209,301

 

$

194,737

 

$

167,678

 

$

169,051

 

$

178,344

 

$

206,793

 

 

$

12,056

 

 

6.2

%

$

552,452

 

$

554,187

 

$

1,736

 

 

0.3

%

 

Less income attributable to unvested participating securities

 

(608

)

 

(96

)

 

(704

)

 

(537

)

 

(585

)

 

(572

)

 

(678

)

 

 

26

 

 

3.6

%

 

(1,871

)

 

(1,837

)

 

34

 

 

1.8

%

 

 

Net income used in computing basic EPS

$

147,806

 

$

209,205

 

$

194,033

 

$

167,141

 

$

168,466

 

$

177,772

 

$

206,114

 

 

$

12,082

 

 

6.2

%

$

550,580

 

$

552,350

 

$

1,770

 

 

0.3

%

 

 

Basic earnings per share

$

4.24

 

$

6.08

 

$

5.73

 

$

4.99

 

$

5.06

 

$

5.41

 

$

6.36

 

 

$

0.63

 

 

11.0

%

$

16.02

 

$

16.81

 

$

0.79

 

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income

$

147,515

 

$

170,964

 

$

193,187

 

$

169,231

 

$

168,068

 

$

180,385

 

$

206,052

 

 

$

12,865

 

 

6.7

%

$

511,665

 

$

554,505

 

$

42,840

 

 

8.4

%

 

Less operating income attributable to unvested participating securities

 

(612

)

 

(634

)

 

(719

)

 

(542

)

 

(581

)

 

(579

)

 

(676

)

 

 

43

 

 

6.0

%

 

(1,976

)

 

(1,838

)

 

138

 

 

7.0

%

 

 

Adjusted net operating income used in computing basic operating EPS

$

146,902

 

$

170,330

 

$

192,467

 

$

168,689

 

$

167,487

 

$

179,806

 

$

205,376

 

 

$

12,909

 

 

6.7

%

$

509,689

 

$

552,666

 

$

42,978

 

 

8.4

%

 

 

Basic adjusted operating income per share

$

4.21

 

$

4.95

 

$

5.69

 

$

5.04

 

$

5.03

 

$

5.47

 

$

6.34

 

 

$

0.65

 

 

11.4

%

$

14.83

 

$

16.82

 

$

1.99

 

 

13.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares and fully vested equity awards

 

34,882,824

 

 

34,383,344

 

 

33,834,080

 

 

33,481,533

 

 

33,292,459

 

 

32,870,061

 

 

32,404,112

 

 

 

(1,429,968

)

 

-4.2

%

 

34,364,805

 

 

32,852,290

 

 

(1,512,515

)

 

-4.4

%

 

Dilutive impact of contingently issuable shares

 

53,938

 

 

56,591

 

 

56,960

 

 

59,672

 

 

49,670

 

 

41,352

 

 

47,284

 

 

 

(9,676

)

 

-17.0

%

 

55,830

 

 

46,102

 

 

(9,728

)

 

-17.4

%

 

 

Shares used to calculate diluted EPS

 

34,936,762

 

 

34,439,935

 

 

33,891,040

 

 

33,541,205

 

 

33,342,129

 

 

32,911,413

 

 

32,451,396

 

 

 

(1,439,644

)

 

-4.2

%

 

34,420,635

 

 

32,898,392

 

 

(1,522,243

)

 

-4.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

$

148,414

 

$

209,301

 

$

194,737

 

$

167,678

 

$

169,051

 

$

178,344

 

$

206,793

 

 

$

12,056

 

 

6.2

%

$

552,452

 

$

554,187

 

$

1,736

 

 

0.3

%

 

Less income attributable to unvested participating securities

 

(607

)

 

(96

)

 

(703

)

 

(536

)

 

(584

)

 

(571

)

 

(678

)

 

 

25

 

 

3.6

%

 

(1,869

)

 

(1,835

)

 

34

 

 

1.8

%

 

 

Net income used in computing diluted EPS

$

147,807

 

$

209,205

 

$

194,034

 

$

167,141

 

$

168,467

 

$

177,772

 

$

206,115

 

 

$

12,081

 

 

6.2

%

$

550,583

 

$

552,352

 

$

1,769

 

 

0.3

%

 

 

Diluted earnings per share

$

4.23

 

$

6.07

 

$

5.72

 

$

4.98

 

$

5.05

 

$

5.40

 

$

6.35

 

 

$

0.63

 

 

11.0

%

$

16.00

 

$

16.79

 

$

0.79

 

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income

$

147,515

 

$

170,964

 

$

193,187

 

$

169,231

 

$

168,068

 

$

180,385

 

$

206,052

 

 

$

12,865

 

 

6.7

%

$

511,665

 

$

554,505

 

$

42,840

 

 

8.4

%

 

Less operating income attributable to unvested participating securities

 

(612

)

 

(633

)

 

(718

)

 

(542

)

 

(580

)

 

(578

)

 

(675

)

 

 

43

 

 

6.0

%

 

(1,974

)

 

(1,836

)

 

137

 

 

7.0

%

 

 

Adjusted net operating income used in computing diluted operating EPS

$

146,903

 

$

170,330

 

$

192,468

 

$

168,690

 

$

167,487

 

$

179,807

 

$

205,377

 

 

$

12,908

 

 

6.7

%

$

509,691

 

$

552,668

 

$

42,977

 

 

8.4

%

 

 

Diluted adjusted operating income per share

$

4.20

 

$

4.95

 

$

5.68

 

$

5.03

 

$

5.02

 

$

5.46

 

$

6.33

 

 

$

0.65

 

 

11.4

%

$

14.81

 

$

16.80

 

$

1.99

 

 

13.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized Return on Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average stockholders' equity

$

2,125,938

 

$

2,153,834

 

$

2,034,293

 

$

2,102,934

 

$

2,257,725

 

$

2,281,963

 

$

2,301,704

 

 

$

267,411

 

 

13.1

%

$

2,104,688

 

$

2,280,464

 

$

175,776

 

 

8.4

%

 

Average adjusted stockholders' equity

$

2,274,827

 

$

2,191,128

 

$

2,114,622

 

$

2,159,315

 

$

2,207,812

 

$

2,238,047

 

$

2,277,699

 

 

$

163,078

 

 

7.7

%

$

2,193,526

 

$

2,241,186

 

$

47,660

 

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing ops return on stockholders' equity

 

27.9

%

 

38.9

%

 

38.3

%

 

31.9

%

 

30.0

%

 

31.3

%

 

35.9

%

 

 

-2.4

%

nm

 

 

35.0

%

 

32.4

%

 

-2.6

%

nm

 

 

Net income from continuing ops return on adjusted stockholders' equity

 

26.1

%

 

38.2

%

 

36.8

%

 

31.1

%

 

30.6

%

 

31.9

%

 

36.3

%

 

 

-0.5

%

nm

 

 

33.6

%

 

33.0

%

 

-0.6

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income return on adjusted stockholders' equity

 

25.9

%

 

31.2

%

 

36.5

%

 

31.3

%

 

30.4

%

 

32.2

%

 

36.2

%

 

 

-0.4

%

nm

 

 

31.1

%

 

33.0

%

 

1.9

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Structure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt-to-capital (1)

 

21.4

%

 

21.9

%

 

23.4

%

 

20.8

%

 

20.9

%

 

20.5

%

 

20.6

%

 

 

-2.8

%

nm

 

 

23.4

%

 

20.6

%

 

-2.8

%

nm

 

 

Debt-to-capital, excluding AOCI (1)

 

20.6

%

 

21.9

%

 

21.8

%

 

21.0

%

 

20.9

%

 

20.8

%

 

20.4

%

 

 

-1.4

%

nm

 

 

21.8

%

 

20.4

%

 

-1.4

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and invested assets to stockholders' equity

 

2.2

x

 

2.3

x

 

2.5

x

 

2.2

x

 

2.2

x

 

2.2

x

 

2.2

x

 

 

(0.3

x)

nm

 

 

2.5

x

 

2.2

x

 

(0.3

x)

nm

 

 

Cash and invested assets to adjusted stockholders' equity

 

2.1

x

 

2.3

x

 

2.3

x

 

2.3

x

 

2.3

x

 

2.2

x

 

2.2

x

 

 

(0.1

x)

nm

 

 

2.3

x

 

2.2

x

 

(0.1

x)

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share count, end of period (2)

 

34,609,005

 

 

33,993,897

 

 

33,508,129

 

 

33,367,737

 

 

33,022,554

 

 

32,545,209

 

 

32,075,564

 

 

 

(1,432,565

)

 

-4.3

%

 

33,508,129

 

 

32,075,564

 

 

(1,432,565

)

 

-4.3

%

 

Adjusted stockholders' equity per share

$

65.72

 

$

62.00

 

$

63.32

 

$

65.84

 

$

67.18

 

$

69.37

 

$

71.64

 

 

$

8.32

 

 

13.1

%

$

63.32

 

$

71.64

 

$

8.32

 

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums

$

841,046

 

$

845,358

 

$

852,452

 

$

854,748

 

$

858,845

 

$

866,254

 

$

868,651

 

 

$

16,199

 

 

1.9

%

$

2,538,856

 

$

2,593,750

 

$

54,894

 

 

2.2

%

 

Ceded premiums

 

(409,764

)

 

(427,561

)

 

(412,645

)

 

(414,463

)

 

(410,521

)

 

(433,408

)

 

(414,104

)

 

 

(1,459

)

 

-0.4

%

 

(1,249,970

)

 

(1,258,034

)

 

(8,064

)

 

-0.6

%

 

 

Net premiums

 

431,283

 

 

417,797

 

 

439,807

 

 

440,285

 

 

448,323

 

 

432,846

 

 

454,547

 

 

 

14,740

 

 

3.4

%

 

1,288,887

 

 

1,335,716

 

 

46,830

 

 

3.6

%

 

Net investment income

 

37,806

 

 

38,452

 

 

41,109

 

 

38,134

 

 

41,671

 

 

40,928

 

 

42,431

 

 

 

1,322

 

 

3.2

%

 

117,367

 

 

125,030

 

 

7,663

 

 

6.5

%

 

Commissions and fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based (1)

 

88,746

 

 

101,178

 

 

96,269

 

 

108,240

 

 

111,270

 

 

115,933

 

 

118,637

 

 

 

22,368

 

 

23.2

%

 

286,192

 

 

345,841

 

 

59,648

 

 

20.8

%

 

 

Asset-based (2)

 

128,532

 

 

132,765

 

 

142,051

 

 

150,208

 

 

152,014

 

 

154,735

 

 

172,286

 

 

 

30,236

 

 

21.3

%

 

403,348

 

 

479,036

 

 

75,688

 

 

18.8

%

 

 

Account-based (3)

 

23,180

 

 

23,740

 

 

24,107

 

 

24,245

 

 

24,195

 

 

24,394

 

 

24,420

 

 

 

313

 

 

1.3

%

 

71,027

 

 

73,008

 

 

1,982

 

 

2.8

%

 

 

Other commissions and fees

 

8,487

 

 

10,511

 

 

9,474

 

 

11,158

 

 

9,477

 

 

10,970

 

 

10,146

 

 

 

672

 

 

7.1

%

 

28,472

 

 

30,594

 

 

2,122

 

 

7.5

%

 

Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

652

 

 

 

(1,557

)

nm

 

 

3,415

 

 

(1,457

)

 

(4,872

)

nm

 

 

Other, net

 

16,611

 

 

66,612

 

 

19,103

 

 

17,020

 

 

17,135

 

 

16,394

 

 

16,732

 

 

 

(2,371

)

 

-12.4

%

 

102,326

 

 

50,261

 

 

(52,064

)

 

-50.9

%

 

                  Total revenues

 

735,950

 

 

790,955

 

 

774,129

 

 

788,110

 

 

804,843

 

 

793,334

 

 

839,852

 

 

 

65,723

 

 

8.5

%

 

2,301,033

 

 

2,438,029

 

 

136,996

 

 

6.0

%

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

166,321

 

 

150,030

 

 

164,363

 

 

167,449

 

 

174,862

 

 

152,494

 

 

172,152

 

 

 

7,789

 

 

4.7

%

 

480,714

 

 

499,507

 

 

18,793

 

 

3.9

%

 

Future policy benefits remeasurement (gain)/loss

 

55

 

 

(4,329

)

 

(23,019

)

 

1,374

 

 

(3,273

)

 

(5,895

)

 

(23,114

)

 

 

(94

)

 

-0.4

%

 

(27,294

)

 

(32,282

)

 

(4,988

)

 

-18.3

%

 

Amortization of DAC

 

72,049

 

 

73,643

 

 

75,539

 

 

76,905

 

 

78,550

 

 

80,043

 

 

81,498

 

 

 

5,960

 

 

7.9

%

 

221,231

 

 

240,091

 

 

18,860

 

 

8.5

%

 

Insurance commissions

 

9,634

 

 

7,399

 

 

7,180

 

 

7,795

 

 

6,124

 

 

5,751

 

 

5,499

 

 

 

(1,681

)

 

-23.4

%

 

24,213

 

 

17,374

 

 

(6,839

)

 

-28.2

%

 

Insurance expenses

 

63,149

 

 

62,685

 

 

63,529

 

 

66,256

 

 

64,805

 

 

64,362

 

 

64,131

 

 

 

602

 

 

0.9

%

 

189,363

 

 

193,299

 

 

3,936

 

 

2.1

%

 

Sales commissions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based (1)

 

62,814

 

 

70,509

 

 

66,333

 

 

75,926

 

 

77,267

 

 

82,935

 

 

82,867

 

 

 

16,534

 

 

24.9

%

 

199,655

 

 

243,069

 

 

43,414

 

 

21.7

%

 

 

Asset-based (2)

 

64,208

 

 

66,525

 

 

71,012

 

 

76,298

 

 

76,246

 

 

78,010

 

 

87,337

 

 

 

16,325

 

 

23.0

%

 

201,745

 

 

241,593

 

 

39,848

 

 

19.8

%

 

 

Other sales commissions

 

4,117

 

 

5,120

 

 

4,909

 

 

5,479

 

 

4,605

 

 

5,346

 

 

4,484

 

 

 

(425

)

 

-8.7

%

 

14,146

 

 

14,435

 

 

289

 

 

2.0

%

 

Interest expense

 

6,771

 

 

6,099

 

 

6,093

 

 

6,070

 

 

6,004

 

 

6,000

 

 

5,985

 

 

 

(108

)

 

-1.8

%

 

18,964

 

 

17,990

 

 

(974

)

 

-5.1

%

 

Other operating expenses

 

93,443

 

 

80,506

 

 

83,612

 

 

86,046

 

 

98,338

 

 

89,792

 

 

87,333

 

 

 

3,721

 

 

4.5

%

 

257,561

 

 

275,463

 

 

17,902

 

 

7.0

%

 

                  Total benefits and expenses

 

542,561

 

 

518,186

 

 

519,551

 

 

569,598

 

 

583,528

 

 

558,838

 

 

568,173

 

 

 

48,623

 

 

9.4

%

 

1,580,297

 

 

1,710,539

 

 

130,241

 

 

8.2

%

 

Income from continuing operations before income taxes

 

193,389

 

 

272,769

 

 

254,578

 

 

218,512

 

 

221,315

 

 

234,496

 

 

271,679

 

 

 

17,101

 

 

6.7

%

 

720,735

 

 

727,490

 

 

6,755

 

 

0.9

%

 

 

Income taxes

 

44,975

 

 

63,467

 

 

59,841

 

 

50,835

 

 

52,264

 

 

56,153

 

 

64,886

 

 

 

5,045

 

 

8.4

%

 

168,284

 

 

173,303

 

 

5,019

 

 

3.0

%

 

Net Income from continuing operations

 

148,414

 

 

209,301

 

 

194,737

 

 

167,678

 

 

169,051

 

 

178,344

 

 

206,793

 

 

 

12,056

 

 

6.2

%

 

552,452

 

 

554,187

 

 

1,736

 

 

0.3

%

 

Net Loss from discontinued operations net of tax

 

(10,510

)

 

(208,131

)

 

(30,364

)

 

(606

)

 

—

 

 

—

 

 

—

 

 

 

30,364

 

 

100.0

%

 

(249,005

)

 

—

 

 

249,005

 

 

100.0

%

 

 

Net Income

$

137,904

 

$

1,171

 

$

164,373

 

$

167,071

 

$

169,051

 

$

178,344

 

$

206,793

 

 

$

42,420

 

 

25.8

%

$

303,447

 

$

554,187

 

$

250,740

 

 

82.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations Before Income Taxes by Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Life Insurance

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

$

172,684

 

 

$

(5,669

)

 

-3.2

%

$

464,501

 

$

474,482

 

$

9,981

 

 

2.1

%

Investment & Savings Products

 

65,563

 

 

74,783

 

 

79,912

 

 

81,988

 

 

81,270

 

 

79,420

 

 

94,223

 

 

 

14,312

 

 

17.9

%

 

220,257

 

 

254,914

 

 

34,657

 

 

15.7

%

Corporate & Other Distributed Products

 

(10,542

)

 

50,206

 

 

(3,687

)

 

(3,017

)

 

(6,741

)

 

64

 

 

4,771

 

 

 

8,458

 

nm

 

 

35,977

 

 

(1,906

)

 

(37,884

)

 

-105.3

%

 

Income before income taxes

$

193,389

 

$

272,769

 

$

254,578

 

$

218,512

 

$

221,315

 

$

234,496

 

$

271,679

 

 

$

17,101

 

 

6.7

%

$

720,735

 

$

727,490

 

$

6,755

 

 

0.9

%

 

(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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Life Insurance direct premiums

$

836,321

 

$

840,668

 

$

847,626

 

$

850,667

 

$

854,430

 

$

861,919

 

$

864,047

 

 

$

16,421

 

 

1.9

%

$

2,524,615

 

$

2,580,396

 

$

55,782

 

 

2.2

%

 

Less: Premiums ceded to IPO Coinsurers

 

206,502

 

 

201,566

 

 

198,726

 

 

195,039

 

 

191,477

 

 

187,988

 

 

185,392

 

 

 

(13,334

)

 

-6.7

%

 

606,794

 

 

564,857

 

 

(41,937

)

 

-6.9

%

 

Term Life Insurance adjusted direct premiums

$

629,819

 

$

639,102

 

$

648,900

 

$

655,628

 

$

662,953

 

$

673,931

 

$

678,655

 

 

$

29,755

 

 

4.6

%

$

1,917,820

 

$

2,015,539

 

$

97,719

 

 

5.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Life Insurance ceded premiums

$

(408,558

)

$

(426,348

)

$

(411,526

)

$

(412,916

)

$

(409,334

)

$

(432,306

)

$

(412,935

)

 

$

(1,409

)

 

-0.3

%

$

(1,246,433

)

$

(1,254,576

)

$

(8,143

)

 

-0.7

%

 

Less: Premiums ceded to IPO Coinsurers

 

(206,502

)

 

(201,566

)

 

(198,726

)

 

(195,039

)

 

(191,477

)

 

(187,988

)

 

(185,392

)

 

 

13,334

 

 

6.7

%

 

(606,794

)

 

(564,857

)

 

41,937

 

 

6.9

%

 

Term Life Insurance other ceded premiums

$

(202,056

)

$

(224,782

)

$

(212,800

)

$

(217,876

)

$

(217,857

)

$

(244,318

)

$

(227,543

)

 

$

(14,743

)

 

-6.9

%

$

(639,638

)

$

(689,719

)

$

(50,080

)

 

-7.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Net Investment Income to Adjusted Net Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

$

37,806

 

$

38,452

 

$

41,109

 

$

38,134

 

$

41,671

 

$

40,928

 

$

42,431

 

 

$

1,322

 

 

3.2

%

$

117,367

 

$

125,030

 

$

7,663

 

 

6.5

%

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

nm

 

nm

 

 

1,883

 

 

1,033

 

nm

 

nm

 

 

Adjusted net investment income

$

37,943

 

$

38,263

 

$

39,279

 

$

38,980

 

$

41,141

 

$

40,746

 

$

42,110

 

 

$

2,831

 

 

7.2

%

$

115,485

 

$

123,997

 

$

8,512

 

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Other Operating Expenses to Adjusted other operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expenses

$

93,443

 

$

80,506

 

$

83,612

 

$

86,046

 

$

98,338

 

$

89,792

 

$

87,333

 

 

$

3,721

 

 

4.5

%

$

257,561

 

$

275,463

 

$

17,902

 

 

7.0

%

 

Less: Restructuring costs

 

—

 

 

824

 

 

2,013

 

 

—

 

 

—

 

 

—

 

 

—

 

 

nm

 

nm

 

 

2,837

 

 

—

 

nm

 

nm

 

 

Adjusted other operating expenses

$

93,443

 

$

79,682

 

$

81,599

 

$

86,046

 

$

98,338

 

$

89,792

 

$

87,333

 

 

$

5,734

 

 

7.0

%

$

254,724

 

$

275,463

 

$

20,739

 

 

8.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Total Revenues to Adjusted Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

735,950

 

$

790,955

 

$

774,129

 

$

788,110

 

$

804,843

 

$

793,334

 

$

839,852

 

 

$

65,723

 

 

8.5

%

$

2,301,033

 

$

2,438,029

 

$

136,996

 

 

6.0

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

652

 

 

nm

 

nm

 

 

3,415

 

 

(1,457

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

nm

 

nm

 

 

1,883

 

 

1,033

 

nm

 

nm

 

 

Less: Insurance claim proceeds

 

—

 

 

50,000

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

nm

 

nm

 

 

50,000

 

 

—

 

nm

 

nm

 

 

Adjusted operating revenues

$

734,781

 

$

740,865

 

$

770,089

 

$

790,135

 

$

803,556

 

$

796,018

 

$

838,879

 

 

$

68,789

 

 

8.9

%

$

2,245,735

 

$

2,438,453

 

$

192,717

 

 

8.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

$

193,389

 

$

272,769

 

$

254,578

 

$

218,512

 

$

221,315

 

$

234,496

 

$

271,679

 

 

$

17,101

 

 

6.7

%

$

720,735

 

$

727,490

 

$

6,755

 

 

0.9

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

652

 

 

nm

 

nm

 

 

3,415

 

 

(1,457

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

nm

 

nm

 

 

1,883

 

 

1,033

 

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

$

192,220

 

$

223,503

 

$

252,552

 

$

220,537

 

$

220,028

 

$

237,181

 

$

270,706

 

 

$

18,154

 

 

7.2

%

$

668,275

 

$

727,914

 

$

59,639

 

 

8.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

$

148,414

 

$

209,301

 

$

194,737

 

$

167,678

 

$

169,051

 

$

178,344

 

$

206,793

 

 

$

12,056

 

 

6.2

%

$

552,452

 

$

554,187

 

$

1,736

 

 

0.3

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

652

 

 

nm

 

nm

 

 

3,415

 

 

(1,457

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

nm

 

nm

 

 

1,883

 

 

1,033

 

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

 

(269

)

 

152

 

 

(476

)

 

471

 

 

(304

)

 

643

 

 

(232

)

 

nm

 

nm

 

 

(594

)

 

106

 

nm

 

nm

 

 

Less: Valuation allowance on Senior Health NOLs

 

—

 

 

(11,080

)

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

nm

 

nm

 

 

(11,080

)

 

—

 

nm

 

nm

 

 

Adjusted net operating income

$

147,515

 

$

170,964

 

$

193,187

 

$

169,231

 

$

168,068

 

$

180,385

 

$

206,052

 

 

$

12,865

 

 

6.7

%

$

511,665

 

$

554,505

 

$

42,840

 

 

8.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

$

(10,542

)

$

50,206

 

$

(3,687

)

$

(3,017

)

$

(6,741

)

$

64

 

$

4,771

 

 

$

8,458

 

nm

$

35,977

 

$

(1,906

)

$

(37,884

)

 

-105.3

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

652

 

 

nm

 

nm

 

3,415

 

 

(1,457

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

nm

 

nm

 

1,883

 

 

1,033

 

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

$

(11,710

)

$

940

 

$

(5,713

)

$

(992

)

$

(8,028

)

$

2,748

 

$

3,798

 

 

$

9,511

 

nm

$

(16,483

)

$

(1,482

)

$

15,001

 

 

91.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8 of 17

 

 

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q3

 

 

 

 

 

YOY YTD

 

(Dollars in thousands)

Q1
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Term Life Insurance Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct Premiums

$

836,321

 

$

840,668

 

$

847,626

 

$

850,667

 

$

854,430

 

$

861,919

 

$

864,047

 

 

$

16,421

 

 

1.9

%

$

2,524,615

 

$

2,580,396

 

$

55,782

 

 

2.2

%

 

Premiums ceded to IPO coinsurers (1)

 

(206,502

)

 

(201,566

)

 

(198,726

)

 

(195,039

)

 

(191,477

)

 

(187,988

)

 

(185,392

)

 

 

13,334

 

 

6.7

%

 

(606,794

)

 

(564,857

)

 

41,937

 

 

6.9

%

 

Adjusted direct premiums (2)

 

629,819

 

 

639,102

 

 

648,900

 

 

655,628

 

 

662,953

 

 

673,931

 

 

678,655

 

 

 

29,755

 

 

4.6

%

 

1,917,820

 

 

2,015,539

 

 

97,719

 

 

5.1

%

 

Other ceded premiums (3)

 

(202,056

)

 

(224,782

)

 

(212,800

)

 

(217,876

)

 

(217,857

)

 

(244,318

)

 

(227,543

)

 

 

(14,743

)

 

-6.9

%

 

(639,638

)

 

(689,719

)

 

(50,080

)

 

-7.8

%

 

Net premiums

 

427,762

 

 

414,320

 

 

436,099

 

 

437,752

 

 

445,096

 

 

429,613

 

 

451,112

 

 

 

15,012

 

 

3.4

%

 

1,278,182

 

 

1,325,821

 

 

47,639

 

 

3.7

%

 

Other, net

 

12,649

 

 

12,624

 

 

14,206

 

 

12,826

 

 

12,745

 

 

12,221

 

 

12,189

 

 

 

(2,017

)

 

-14.2

%

 

39,479

 

 

37,155

 

 

(2,324

)

 

-5.9

%

 

Revenues

 

440,412

 

 

426,944

 

 

450,305

 

 

450,578

 

 

457,842

 

 

441,834

 

 

463,301

 

 

 

12,996

 

 

2.9

%

 

1,317,661

 

 

1,362,976

 

 

45,315

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

163,847

 

 

146,268

 

 

160,652

 

 

164,588

 

 

171,243

 

 

148,725

 

 

168,319

 

 

 

7,667

 

 

4.8

%

 

470,766

 

 

488,287

 

 

17,521

 

 

3.7

%

 

Future policy benefits remeasurement (gain)/loss

 

(319

)

 

(4,280

)

 

(28,203

)

 

1,537

 

 

(3,402

)

 

(5,743

)

 

(23,392

)

 

 

4,811

 

 

17.1

%

 

(32,802

)

 

(32,537

)

 

266

 

 

0.8

%

 

Amortization of DAC

 

70,491

 

 

71,916

 

 

73,698

 

 

75,383

 

 

76,921

 

 

78,386

 

 

79,876

 

 

 

6,178

 

 

8.4

%

 

216,105

 

 

235,184

 

 

19,079

 

 

8.8

%

 

Insurance commissions

 

6,047

 

 

3,785

 

 

3,410

 

 

4,422

 

 

2,649

 

 

2,238

 

 

2,755

 

 

 

(655

)

 

-19.2

%

 

13,242

 

 

7,641

 

 

(5,601

)

 

-42.3

%

 

Insurance expenses

 

61,979

 

 

61,476

 

 

62,395

 

 

65,107

 

 

63,645

 

 

63,216

 

 

63,058

 

 

 

663

 

 

1.1

%

 

185,849

 

 

189,919

 

 

4,069

 

 

2.2

%

 

Benefits and expenses

 

302,044

 

 

279,164

 

 

271,952

 

 

311,037

 

 

311,056

 

 

286,821

 

 

290,616

 

 

 

18,665

 

 

6.9

%

 

853,161

 

 

888,494

 

 

35,334

 

 

4.1

%

 

Income before income taxes

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

$

172,684

 

 

$

(5,669

)

 

-3.2

%

$

464,501

 

$

474,482

 

$

9,981

 

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Term Life Insurance - Financial Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-IPO direct premiums (4)

$

508,687

 

$

517,691

 

$

525,697

 

$

530,867

 

$

538,072

 

$

547,938

 

$

551,915

 

 

$

26,218

 

 

5.0

%

$

1,552,074

 

$

1,637,925

 

$

85,851

 

 

5.5

%

 

Pre-IPO direct premiums (5)

 

327,634

 

 

322,977

 

 

321,929

 

 

319,800

 

 

316,359

 

 

313,981

 

 

312,132

 

 

 

(9,797

)

 

-3.0

%

 

972,541

 

 

942,471

 

 

(30,069

)

 

-3.1

%

 

Total direct premiums

$

836,321

 

$

840,668

 

$

847,626

 

$

850,667

 

$

854,430

 

$

861,919

 

$

864,047

 

 

$

16,421

 

 

1.9

%

$

2,524,615

 

$

2,580,396

 

$

55,782

 

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums ceded to IPO coinsurers

$

206,502

 

$

201,566

 

$

198,726

 

$

195,039

 

$

191,477

 

$

187,988

 

$

185,392

 

 

$

(13,334

)

 

-6.7

%

$

606,794

 

$

564,857

 

$

(41,937

)

 

-6.9

%

 

% of Pre-IPO direct premiums

 

63.0

%

 

62.4

%

 

61.7

%

 

61.0

%

 

60.5

%

 

59.9

%

 

59.4

%

 

nm

 

nm

 

 

62.4

%

 

59.9

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims, net (6)

$

365,584

 

$

366,770

 

$

345,249

 

$

384,002

 

$

385,698

 

$

387,300

 

$

372,471

 

 

$

27,222

 

 

7.9

%

$

1,077,602

 

$

1,145,469

 

$

67,866

 

 

6.3

%

 

% of adjusted direct premiums

 

58.0

%

 

57.4

%

 

53.2

%

 

58.6

%

 

58.2

%

 

57.5

%

 

54.9

%

 

nm

 

nm

 

 

56.2

%

 

56.8

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAC amortization & insurance commissions

$

76,538

 

$

75,701

 

$

77,108

 

$

79,805

 

$

79,570

 

$

80,624

 

$

82,631

 

 

$

5,523

 

 

7.2

%

$

229,347

 

$

242,825

 

$

13,478

 

 

5.9

%

 

% of adjusted direct premiums

 

12.2

%

 

11.8

%

 

11.9

%

 

12.2

%

 

12.0

%

 

12.0

%

 

12.2

%

 

nm

 

nm

 

 

12.0

%

 

12.0

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance expenses, net (7)

$

49,329

 

$

48,851

 

$

48,189

 

$

52,281

 

$

50,900

 

$

50,995

 

$

50,869

 

 

$

2,680

 

 

5.6

%

$

146,370

 

$

152,763

 

$

6,393

 

 

4.4

%

 

% of adjusted direct premiums

 

7.8

%

 

7.6

%

 

7.4

%

 

8.0

%

 

7.7

%

 

7.6

%

 

7.5

%

 

nm

 

nm

 

 

7.6

%

 

7.6

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Term Life income before income taxes

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

$

172,684

 

 

$

(5,669

)

 

-3.2

%

$

464,501

 

$

474,482

 

$

9,981

 

 

2.1

%

 

Term Life operating margin (8)

 

22.0

%

 

23.1

%

 

27.5

%

 

21.3

%

 

22.1

%

 

23.0

%

 

25.4

%

 

nm

 

nm

 

 

24.2

%

 

23.5

%

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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

 

Key Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life-insurance licensed sales force, beginning of period

 

141,572

 

 

142,855

 

 

145,789

 

 

148,890

 

 

151,611

 

 

152,167

 

 

152,592

 

 

 

6,803

 

 

4.7

%

 

141,572

 

 

151,611

 

 

10,039

 

 

7.1

%

 

 

New life-licensed representatives

 

12,949

 

 

14,402

 

 

14,349

 

 

14,620

 

 

12,339

 

 

12,903

 

 

12,482

 

 

 

(1,867

)

 

-13.0

%

 

41,700

 

 

37,724

 

 

(3,976

)

 

-9.5

%

 

 

Non-renewal and terminated representatives

 

(11,666

)

 

(11,468

)

 

(11,248

)

 

(11,899

)

 

(11,783

)

 

(12,478

)

 

(12,874

)

 

 

(1,626

)

 

-14.5

%

 

(34,382

)

 

(37,135

)

 

(2,753

)

 

-8.0

%

 

Life-insurance licensed sales force, end of period

 

142,855

 

 

145,789

 

 

148,890

 

 

151,611

 

 

152,167

 

 

152,592

 

 

152,200

 

 

 

3,310

 

 

2.2

%

 

148,890

 

 

152,200

 

 

3,310

 

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated annualized issued term life premium ($mills) (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premium from new policies

$

73.1

 

$

86.7

 

$

80.2

 

$

78.1

 

$

74.4

 

$

78.5

 

$

69.8

 

 

$

(10.4

)

 

-12.9

%

$

239.9

 

$

222.7

 

$

(17.2

)

 

-7.2

%

 

 

Additions and increases in premium

 

18.1

 

 

19.9

 

 

18.8

 

 

17.9

 

 

18.5

 

 

20.2

 

 

19.0

 

 

 

0.2

 

 

0.8

%

 

56.8

 

 

57.7

 

 

0.9

 

 

1.6

%

 

 

 

 

Total estimated annualized issued term life premium

$

91.2

 

$

106.5

 

$

99.0

 

$

96.0

 

$

93.0

 

$

98.7

 

$

88.8

 

 

$

(10.2

)

 

-10.3

%

$

296.7

 

$

280.4

 

$

(16.3

)

 

-5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued term life policies

 

86,587

 

 

100,768

 

 

93,377

 

 

89,664

 

 

86,415

 

 

89,850

 

 

79,379

 

 

 

(13,998

)

 

-15.0

%

 

280,732

 

 

255,644

 

 

(25,088

)

 

-8.9

%

 

Estimated average annualized issued term life premium per policy (1)(2)

$

844

 

$

860

 

$

859

 

$

871

 

$

861

 

$

874

 

$

879

 

 

$

21

 

 

2.4

%

$

855

 

$

871

 

$

17

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term life face amount in-force, beginning of period ($mills)

$

944,609

 

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

$

968,312

 

 

$

17,432

 

 

1.8

%

$

944,609

 

$

953,583

 

$

8,974

 

 

0.9

%

 

 

Issued term life face amount (3)

 

28,725

 

 

33,155

 

 

30,793

 

 

29,560

 

 

28,455

 

 

30,292

 

 

27,067

 

 

 

(3,726

)

 

-12.1

%

 

92,673

 

 

85,814

 

 

(6,859

)

 

-7.4

%

 

 

Terminated term life face amount

 

(23,323

)

 

(28,241

)

 

(25,264

)

 

(27,045

)

 

(24,979

)

 

(24,795

)

 

(26,159

)

 

 

(895

)

 

-3.5

%

 

(76,827

)

 

(75,934

)

 

894

 

 

1.2

%

 

 

Foreign currency impact, net

 

(2,911

)

 

(1,134

)

 

1,402

 

 

(6,744

)

 

(77

)

 

5,834

 

 

(2,196

)

 

 

(3,598

)

nm

 

 

(2,644

)

 

3,561

 

 

6,204

 

nm

 

 

Term life face amount in-force, end of period

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

$

968,312

 

$

967,024

 

 

$

9,213

 

 

1.0

%

$

957,811

 

$

967,024

 

$

9,213

 

 

1.0

%

 

(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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Investment & Savings Products Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions and fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based

$

88,746

 

$

101,178

 

$

96,269

 

$

108,240

 

$

111,270

 

$

115,933

 

$

118,637

 

 

$

22,368

 

 

23.2

%

$

286,192

 

$

345,841

 

$

59,648

 

 

20.8

%

 

Asset-based

 

128,532

 

 

132,765

 

 

142,051

 

 

150,208

 

 

152,014

 

 

154,735

 

 

172,286

 

 

 

30,236

 

 

21.3

%

 

403,348

 

 

479,036

 

 

75,688

 

 

18.8

%

 

Account-based

 

23,180

 

 

23,740

 

 

24,107

 

 

24,245

 

 

24,195

 

 

24,394

 

 

24,420

 

 

 

313

 

 

1.3

%

 

71,027

 

 

73,008

 

 

1,982

 

 

2.8

%

 

Other, net

 

3,258

 

 

3,224

 

 

3,646

 

 

3,355

 

 

3,333

 

 

3,236

 

 

3,445

 

 

 

(201

)

 

-5.5

%

 

10,128

 

 

10,013

 

 

(115

)

 

-1.1

%

 

Revenues

 

243,716

 

 

260,906

 

 

266,073

 

 

286,048

 

 

290,812

 

 

298,297

 

 

318,789

 

 

 

52,716

 

 

19.8

%

 

770,695

 

 

907,898

 

 

137,203

 

 

17.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of DAC

 

1,201

 

 

1,478

 

 

1,540

 

 

1,225

 

 

1,337

 

 

1,368

 

 

1,355

 

 

 

(185

)

 

-12.0

%

 

4,219

 

 

4,060

 

 

(159

)

 

-3.8

%

 

Insurance commissions

 

3,400

 

 

3,343

 

 

3,499

 

 

3,397

 

 

3,277

 

 

3,468

 

 

3,485

 

 

 

(14

)

 

-0.4

%

 

10,242

 

 

10,229

 

 

(12

)

 

-0.1

%

 

Sales commissions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based

 

62,814

 

 

70,509

 

 

66,333

 

 

75,926

 

 

77,267

 

 

82,935

 

 

82,867

 

 

 

16,534

 

 

24.9

%

 

199,655

 

 

243,069

 

 

43,414

 

 

21.7

%

 

Asset-based

 

64,208

 

 

66,525

 

 

71,012

 

 

76,298

 

 

76,246

 

 

78,010

 

 

87,337

 

 

 

16,325

 

 

23.0

%

 

201,745

 

 

241,593

 

 

39,848

 

 

19.8

%

 

Other operating expenses

 

46,531

 

 

44,269

 

 

43,778

 

 

47,214

 

 

51,414

 

 

53,096

 

 

49,522

 

 

 

5,744

 

 

13.1

%

 

134,577

 

 

154,032

 

 

19,455

 

 

14.5

%

 

Benefits and expenses

 

178,153

 

 

186,123

 

 

186,161

 

 

204,060

 

 

209,541

 

 

218,877

 

 

224,565

 

 

 

38,404

 

 

20.6

%

 

550,438

 

 

652,983

 

 

102,545

 

 

18.6

%

 

Income before income taxes

$

65,563

 

$

74,783

 

$

79,912

 

$

81,988

 

$

81,270

 

$

79,420

 

$

94,223

 

 

$

14,312

 

 

17.9

%

$

220,257

 

$

254,914

 

$

34,657

 

 

15.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees paid based on client asset values (1)

$

9,342

 

$

9,548

 

$

10,156

 

$

11,213

 

$

10,915

 

$

11,404

 

$

12,285

 

 

$

2,129

 

 

21.0

%

$

29,046

 

$

34,604

 

$

5,558

 

 

19.1

%

 

Fees paid based on fee-generating positions (2)

 

11,426

 

 

10,483

 

 

10,392

 

 

10,538

 

 

12,410

 

 

11,015

 

 

10,341

 

 

 

(51

)

 

-0.5

%

 

32,300

 

 

33,766

 

 

1,466

 

 

4.5

%

 

Other operating expenses

 

25,763

 

 

24,238

 

 

23,230

 

 

25,463

 

 

28,089

 

 

30,676

 

 

26,896

 

 

 

3,667

 

 

15.8

%

 

73,231

 

 

85,661

 

 

12,431

 

 

17.0

%

 

Total other operating expenses

$

46,531

 

$

44,269

 

$

43,778

 

$

47,214

 

$

51,414

 

$

53,096

 

$

49,522

 

 

$

5,744

 

 

13.1

%

$

134,577

 

$

154,032

 

$

19,455

 

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based variable margin as % of revenue-generating sales (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

1.25

%

 

1.33

%

 

1.37

%

 

1.35

%

 

1.37

%

 

1.29

%

 

1.38

%

 

nm

 

nm

 

 

1.32

%

 

1.34

%

nm

 

nm

 

 

Canada

 

0.48

%

 

0.37

%

 

0.34

%

 

0.31

%

 

0.35

%

 

0.35

%

 

0.35

%

 

nm

 

nm

 

 

0.40

%

 

0.35

%

nm

 

nm

 

 

Total

 

1.19

%

 

1.27

%

 

1.31

%

 

1.27

%

 

1.28

%

 

1.23

%

 

1.31

%

 

nm

 

nm

 

 

1.26

%

 

1.27

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-based variable margin as % of average asset values (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

0.041

%

 

0.041

%

 

0.042

%

 

0.042

%

 

0.043

%

 

0.043

%

 

0.044

%

 

nm

 

nm

 

 

0.123

%

 

0.130

%

nm

 

nm

 

 

Canada

 

0.104

%

 

0.104

%

 

0.109

%

 

0.109

%

 

0.113

%

 

0.109

%

 

0.115

%

 

nm

 

nm

 

 

0.317

%

 

0.336

%

nm

 

nm

 

 

Total

 

0.051

%

 

0.050

%

 

0.052

%

 

0.052

%

 

0.053

%

 

0.053

%

 

0.055

%

 

nm

 

nm

 

 

0.153

%

 

0.162

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account-based variable margin per average fee generating position (5)(6)

$

3.67

 

$

4.10

 

$

4.21

 

$

4.18

 

$

3.57

 

$

4.02

 

$

4.20

 

 

nm

 

nm

 

$

11.98

 

$

11.79

 

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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Key Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales ($mills)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Retail Mutual Funds

$

1,162.2

 

$

1,228.6

 

$

1,162.7

 

$

1,241.3

 

$

1,317.9

 

$

1,244.0

 

$

1,298.4

 

 

$

135.7

 

 

11.7

%

$

3,553.5

 

$

3,860.3

 

$

306.9

 

 

8.6

%

 

 

Canada Retail Mutual Funds

 

179.6

 

 

147.6

 

 

146.2

 

 

192.1

 

 

220.7

 

 

168.5

 

 

185.7

 

 

 

39.6

 

 

27.1

%

 

473.4

 

 

574.9

 

 

101.5

 

 

21.4

%

 

 

Indexed Annuities

 

81.0

 

 

98.0

 

 

89.5

 

 

86.7

 

 

71.1

 

 

93.0

 

 

72.7

 

 

 

(16.8

)

 

-18.8

%

 

268.5

 

 

236.8

 

 

(31.7

)

 

-11.8

%

 

 

Variable Annuities and other

 

756.0

 

 

941.4

 

 

891.5

 

 

1,023.8

 

 

1,038.9

 

 

1,178.7

 

 

1,180.6

 

 

 

289.1

 

 

32.4

%

 

2,588.9

 

 

3,398.1

 

 

809.2

 

 

31.3

%

 

 

 

 

Total sales-based revenue generating product sales

 

2,178.8

 

 

2,415.6

 

 

2,289.9

 

 

2,543.9

 

 

2,648.6

 

 

2,684.2

 

 

2,737.4

 

 

 

447.5

 

 

19.5

%

 

6,884.3

 

 

8,070.2

 

 

1,185.9

 

 

17.2

%

 

 

Managed Accounts

 

370.9

 

 

456.1

 

 

411.9

 

 

548.7

 

 

596.7

 

 

634.1

 

 

717.2

 

 

 

305.4

 

 

74.1

%

 

1,238.8

 

 

1,948.0

 

 

709.1

 

 

57.2

%

 

 

Canada Retail Mutual Funds - no upfront sales comm

 

197.7

 

 

196.5

 

 

189.4

 

 

213.9

 

 

296.4

 

 

218.6

 

 

244.7

 

 

 

55.3

 

 

29.2

%

 

583.6

 

 

759.7

 

 

176.1

 

 

30.2

%

 

 

Segregated Funds

 

23.0

 

 

14.8

 

 

13.9

 

 

14.0

 

 

17.7

 

 

11.5

 

 

12.6

 

 

 

(1.4

)

 

-9.7

%

 

51.7

 

 

41.8

 

 

(9.9

)

 

-19.2

%

 

 

 

 

Total product sales

$

2,770.4

 

$

3,082.9

 

$

2,905.1

 

$

3,320.5

 

$

3,559.3

 

$

3,548.4

 

$

3,711.9

 

 

$

806.8

 

 

27.8

%

$

8,758.4

 

$

10,819.6

 

$

2,061.2

 

 

23.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Canada Retail Mutual Funds

$

377.4

 

$

344.1

 

$

335.6

 

$

406.0

 

$

517.1

 

$

387.1

 

$

430.4

 

 

$

94.8

 

 

28.3

%

$

1,057.0

 

$

1,334.6

 

$

277.6

 

 

26.3

%

 

 

Segregated Funds

 

23.0

 

 

14.8

 

 

13.9

 

 

14.0

 

 

17.7

 

 

11.5

 

 

12.6

 

 

 

(1.4

)

 

-9.7

%

 

51.7

 

 

41.8

 

 

(9.9

)

 

-19.2

%

 

 

 

Total Canada product sales

 

400.4

 

 

358.8

 

 

349.5

 

 

420.1

 

 

534.8

 

 

398.6

 

 

443.0

 

 

 

93.5

 

 

26.7

%

 

1,108.7

 

 

1,376.4

 

 

267.7

 

 

24.1

%

 

 

 

Total U.S. product sales

 

2,370.0

 

 

2,724.1

 

 

2,555.6

 

 

2,900.5

 

 

3,024.6

 

 

3,149.8

 

 

3,268.9

 

 

 

713.3

 

 

27.9

%

 

7,649.7

 

 

9,443.2

 

 

1,793.5

 

 

23.4

%

 

 

 

 

Total product sales

$

2,770.4

 

$

3,082.9

 

$

2,905.1

 

$

3,320.5

 

$

3,559.3

 

$

3,548.4

 

$

3,711.9

 

 

$

806.8

 

 

27.8

%

$

8,758.4

 

$

10,819.6

 

$

2,061.2

 

 

23.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client asset values, beginning of period ($mills)

$

96,735

 

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

109,908

 

$

120,224

 

 

$

15,112

 

 

14.4

%

$

96,735

 

$

112,081

 

$

15,346

 

 

15.9

%

 

 

Inflows

 

2,770

 

 

3,083

 

 

2,905

 

 

3,321

 

 

3,559

 

 

3,548

 

 

3,712

 

 

 

807

 

 

27.8

%

 

8,758

 

 

10,820

 

 

2,061

 

 

23.5

%

 

 

Outflows (1)

 

(2,694

)

 

(2,856

)

 

(2,650

)

 

(2,804

)

 

(3,017

)

 

(3,062

)

 

(3,349

)

 

 

(699

)

 

-26.4

%

 

(8,201

)

 

(9,428

)

 

(1,227

)

 

-15.0

%

 

 

 

 

Net flows

 

76

 

 

227

 

 

255

 

 

517

 

 

542

 

 

487

 

 

363

 

 

 

108

 

 

42.4

%

 

557

 

 

1,392

 

 

835

 

 

149.7

%

 

 

Foreign currency impact, net

 

(392

)

 

(163

)

 

203

 

 

(1,022

)

 

(12

)

 

900

 

 

(357

)

 

 

(560

)

nm

 

 

(352

)

 

531

 

 

883

 

nm

 

 

 

Change in market value, net and other (2)

 

6,921

 

 

1,708

 

 

5,676

 

 

1,340

 

 

(2,703

)

 

8,931

 

 

6,562

 

 

 

886

 

 

15.6

%

 

14,306

 

 

12,790

 

 

(1,516

)

 

-10.6

%

 

Client asset values, end of period

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

109,908

 

$

120,224

 

$

126,793

 

 

$

15,547

 

 

14.0

%

$

111,247

 

$

126,793

 

$

15,547

 

 

14.0

%

 

 

Annualized net flows as % of beginning of period asset values

 

0.3

%

 

0.9

%

 

1.0

%

 

1.9

%

 

1.9

%

 

1.8

%

 

1.2

%

 

 

0.2

%

nm

 

 

0.8

%

 

1.7

%

 

0.9

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average client asset values ($mills)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Retail Mutual Funds

$

49,013

 

$

50,560

 

$

52,721

 

$

54,630

 

$

54,649

 

$

54,324

 

$

58,410

 

 

$

5,689

 

 

10.8

%

$

50,765

 

$

55,794

 

$

5,030

 

 

9.9

%

 

 

Canada Retail Mutual Funds

 

12,850

 

 

13,259

 

 

13,959

 

 

14,442

 

 

14,555

 

 

15,153

 

 

16,452

 

 

 

2,493

 

 

17.9

%

 

13,356

 

 

15,387

 

 

2,031

 

 

15.2

%

 

 

Managed Accounts

 

8,806

 

 

9,376

 

 

10,216

 

 

11,010

 

 

11,537

 

 

12,167

 

 

13,759

 

 

 

3,543

 

 

34.7

%

 

9,466

 

 

12,488

 

 

3,022

 

 

31.9

%

 

 

Indexed Annuities

 

2,824

 

 

2,868

 

 

2,908

 

 

2,959

 

 

3,003

 

 

3,033

 

 

3,061

 

 

 

154

 

 

5.3

%

 

2,867

 

 

3,033

 

 

166

 

 

5.8

%

 

 

Variable Annuities and other

 

23,665

 

 

24,663

 

 

26,014

 

 

26,970

 

 

27,086

 

 

27,075

 

 

29,127

 

 

 

3,114

 

 

12.0

%

 

24,781

 

 

27,763

 

 

2,982

 

 

12.0

%

 

 

Segregated Funds

 

2,344

 

 

2,266

 

 

2,334

 

 

2,312

 

 

2,189

 

 

2,223

 

 

2,307

 

 

 

(28

)

 

-1.2

%

 

2,315

 

 

2,239

 

 

(75

)

 

-3.3

%

 

 

 

 

Total

$

99,502

 

$

102,993

 

$

108,152

 

$

112,323

 

$

113,018

 

$

113,975

 

$

123,117

 

 

$

14,965

 

 

13.8

%

$

103,549

 

$

116,703

 

$

13,154

 

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada Retail Mutual Funds

$

12,850

 

$

13,259

 

$

13,959

 

$

14,442

 

$

14,555

 

$

15,153

 

$

16,452

 

 

$

2,493

 

 

17.9

%

$

13,356

 

$

15,387

 

$

2,031

 

 

15.2

%

 

 

Segregated Funds

 

2,344

 

 

2,266

 

 

2,334

 

 

2,312

 

 

2,189

 

 

2,223

 

 

2,307

 

 

 

(28

)

 

-1.2

%

 

2,315

 

 

2,239

 

 

(75

)

 

-3.3

%

 

 

 

Total Canada average client assets

 

15,194

 

 

15,526

 

 

16,293

 

 

16,754

 

 

16,743

 

 

17,376

 

 

18,759

 

 

 

2,466

 

 

15.1

%

 

15,671

 

 

17,626

 

 

1,955

 

 

12.5

%

 

 

 

Total U.S. average client assets

 

84,308

 

 

87,468

 

 

91,858

 

 

95,570

 

 

96,274

 

 

96,599

 

 

104,358

 

 

 

12,499

 

 

13.6

%

 

87,878

 

 

99,077

 

 

11,199

 

 

12.7

%

 

 

 

 

Total average client assets

$

99,502

 

$

102,993

 

$

108,152

 

$

112,323

 

$

113,018

 

$

113,975

 

$

123,117

 

 

$

14,965

 

 

13.8

%

$

103,549

 

$

116,703

 

$

13,154

 

 

12.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of fee-generating positions (thous) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recordkeeping and custodial

 

2,359

 

 

2,378

 

 

2,393

 

 

2,407

 

 

2,419

 

 

2,437

 

 

2,448

 

 

 

55

 

 

2.3

%

 

2,377

 

 

2,435

 

 

58

 

 

2.4

%

 

 

Recordkeeping only

 

847

 

 

857

 

 

865

 

 

874

 

 

885

 

 

893

 

 

902

 

 

 

37

 

 

4.2

%

 

857

 

 

893

 

 

37

 

 

4.3

%

 

 

 

 

Total

 

3,206

 

 

3,235

 

 

3,258

 

 

3,281

 

 

3,304

 

 

3,330

 

 

3,350

 

 

 

92

 

 

2.8

%

 

3,233

 

 

3,328

 

 

95

 

 

2.9

%

 

(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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

 

YTD 2024

 

YTD 2025

 

$
Change

 

%
Change

 

Corporate & Other Distributed Products Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums

$

4,725

 

$

4,690

 

$

4,826

 

$

4,081

 

$

4,414

 

$

4,335

 

$

4,604

 

 

$

(222

)

 

-4.6

%

$

14,241

 

$

13,354

 

$

(888

)

 

-6.2

%

 

Ceded premiums

 

(1,205

)

 

(1,213

)

 

(1,118

)

 

(1,548

)

 

(1,187

)

 

(1,102

)

 

(1,169

)

 

 

(51

)

 

-4.5

%

 

(3,537

)

 

(3,458

)

 

79

 

 

2.2

%

 

Net premiums

 

3,520

 

 

3,477

 

 

3,708

 

 

2,533

 

 

3,227

 

 

3,233

 

 

3,435

 

 

 

(273

)

 

-7.4

%

 

10,705

 

 

9,895

 

 

(809

)

 

-7.6

%

 

Adjusted net investment income

 

37,943

 

 

38,263

 

 

39,279

 

 

38,980

 

 

41,141

 

 

40,746

 

 

42,110

 

 

 

2,831

 

 

7.2

%

 

115,485

 

 

123,997

 

 

8,512

 

 

7.4

%

 

Commissions and fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid legal services

 

3,591

 

 

3,924

 

 

4,070

 

 

4,373

 

 

3,682

 

 

4,009

 

 

2,304

 

 

 

(1,766

)

 

-43.4

%

 

11,586

 

 

9,994

 

 

(1,591

)

 

-13.7

%

 

Auto and homeowners insurance

 

1,777

 

 

2,413

 

 

1,375

 

 

2,280

 

 

1,966

 

 

2,440

 

 

2,941

 

 

 

1,566

 

 

113.9

%

 

5,566

 

 

7,347

 

 

1,781

 

 

32.0

%

 

Mortgage loans

 

1,499

 

 

2,211

 

 

2,384

 

 

2,750

 

 

2,129

 

 

3,020

 

 

3,281

 

 

 

897

 

 

37.6

%

 

6,095

 

 

8,430

 

 

2,335

 

 

38.3

%

 

Other sales commissions

 

1,618

 

 

1,963

 

 

1,645

 

 

1,755

 

 

1,701

 

 

1,502

 

 

1,620

 

 

 

(25

)

 

-1.5

%

 

5,226

 

 

4,823

 

 

(403

)

 

-7.7

%

 

Adjusted other, net

 

704

 

 

764

 

 

1,251

 

 

838

 

 

1,057

 

 

938

 

 

1,098

 

 

 

(152

)

 

-12.2

%

 

2,718

 

 

3,093

 

 

375

 

 

13.8

%

 

Adjusted operating revenues

 

50,653

 

 

53,014

 

 

53,711

 

 

53,509

 

 

54,902

 

 

55,887

 

 

56,789

 

 

 

3,078

 

 

5.7

%

 

157,379

 

 

167,579

 

 

10,200

 

 

6.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

2,475

 

 

3,762

 

 

3,712

 

 

2,861

 

 

3,619

 

 

3,769

 

 

3,833

 

 

 

121

 

 

3.3

%

 

9,948

 

 

11,220

 

 

1,273

 

 

12.8

%

 

Future policy benefits remeasurement (gain)/loss

 

374

 

 

(49

)

 

5,184

 

 

(163

)

 

128

 

 

(152

)

 

278

 

 

 

(4,905

)

 

-94.6

%

 

5,509

 

 

255

 

 

(5,254

)

 

-95.4

%

 

Amortization of DAC

 

357

 

 

250

 

 

300

 

 

298

 

 

291

 

 

288

 

 

267

 

 

 

(33

)

 

-11.0

%

 

907

 

 

847

 

 

(60

)

 

-6.6

%

 

Insurance commissions

 

187

 

 

271

 

 

272

 

 

(24

)

 

199

 

 

45

 

 

(741

)

 

 

(1,012

)

nm

 

 

729

 

 

(497

)

 

(1,226

)

nm

 

 

Insurance expenses

 

1,171

 

 

1,209

 

 

1,134

 

 

1,149

 

 

1,160

 

 

1,147

 

 

1,074

 

 

 

(60

)

 

-5.3

%

 

3,513

 

 

3,380

 

 

(133

)

 

-3.8

%

 

Sales commissions

 

4,117

 

 

5,120

 

 

4,909

 

 

5,479

 

 

4,605

 

 

5,346

 

 

4,484

 

 

 

(425

)

 

-8.7

%

 

14,146

 

 

14,435

 

 

289

 

 

2.0

%

 

Interest expense

 

6,771

 

 

6,099

 

 

6,093

 

 

6,070

 

 

6,004

 

 

6,000

 

 

5,985

 

 

 

(108

)

 

-1.8

%

 

18,964

 

 

17,990

 

 

(974

)

 

-5.1

%

 

Adjusted other operating expenses

 

46,913

 

 

35,413

 

 

37,821

 

 

38,831

 

 

46,924

 

 

36,696

 

 

37,811

 

 

 

(10

)

nm

 

 

120,147

 

 

121,431

 

 

1,285

 

 

1.1

%

 

Adjusted benefits and expenses

 

62,363

 

 

52,074

 

 

59,425

 

 

54,501

 

 

62,930

 

 

53,139

 

 

52,992

 

 

 

(6,433

)

 

-10.8

%

 

173,862

 

 

169,061

 

 

(4,801

)

 

-2.8

%

 

Adjusted operating income before income taxes

$

(11,710

)

$

940

 

$

(5,713

)

$

(992

)

$

(8,028

)

$

2,748

 

$

3,798

 

 

$

9,511

 

nm

 

$

(16,483

)

$

(1,482

)

$

15,001

 

 

91.0

%

 

13 of 17

 

 

 

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

As of or for the period ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% 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

 

$

644,855

 

$

644,855

 

$

-

 

 

16.8

%

 

16.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

16,091

 

 

16,327

 

 

(236

)

 

0.4

%

 

0.4

%

 

3.2

%

AAA

 

Government

 

 

246,988

 

 

258,763

 

 

(11,775

)

 

6.4

%

 

6.6

%

 

3.4

%

AA-

 

Tax-Exempt Municipal

 

 

46,305

 

 

48,545

 

 

(2,241

)

 

1.2

%

 

1.2

%

 

3.4

%

AA

 

Corporate

 

 

1,605,946

 

 

1,642,799

 

 

(36,853

)

 

41.9

%

 

41.6

%

 

4.4

%

BBB+

 

Mortgage Backed

 

 

618,975

 

 

666,644

 

 

(47,669

)

 

16.2

%

 

16.9

%

 

4.1

%

AAA

 

Asset Backed

 

 

186,304

 

 

189,800

 

 

(3,495

)

 

4.9

%

 

4.8

%

 

4.4

%

A+

 

Cmbs

 

 

86,938

 

 

94,236

 

 

(7,298

)

 

2.3

%

 

2.4

%

 

3.7

%

AA-

 

Private

 

 

349,058

 

 

355,252

 

 

(6,194

)

 

9.1

%

 

9.0

%

 

5.2

%

BBB+

 

Redeemable Preferred

 

 

3,845

 

 

4,248

 

 

(403

)

 

0.1

%

 

0.1

%

 

5.2

%

BBB-

 

 

 

 

 

 

Total Fixed Income

 

 

3,160,449

 

 

3,276,614

 

 

(116,165

)

 

82.5

%

 

83.0

%

 

4.3

%

A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities and Other:

 

 

 

 

 

 

 

 

 

 

 

 

Perpetual Preferred

 

 

3,530

 

 

3,530

 

 

-

 

 

0.1

%

 

0.1

%

 

 

 

 

Common Stock

 

 

18,651

 

 

18,651

 

 

-

 

 

0.5

%

 

0.5

%

 

 

 

 

Mutual Fund

 

 

3,960

 

 

3,960

 

 

0

 

 

0.1

%

 

0.1

%

 

 

 

 

 

 

 

 

 

Total Equities

 

 

26,140

 

 

26,140

 

 

0

 

 

0.7

%

 

0.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Invested Assets

 

$

3,831,444

 

$

3,947,609

 

$

(116,165

)

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Corporate Portfolio by Sector

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

$

214,275

 

$

218,608

 

$

(4,333

)

 

13.3

%

 

13.3

%

 

 

 

 

Energy

 

 

205,049

 

 

208,421

 

 

(3,372

)

 

12.8

%

 

12.7

%

 

 

 

 

Consumer Non Cyclical **

 

 

165,294

 

 

173,114

 

 

(7,820

)

 

10.3

%

 

10.5

%

 

 

 

 

Reits

 

 

123,881

 

 

129,820

 

 

(5,939

)

 

7.7

%

 

7.9

%

 

 

 

 

Consumer Cyclical

 

 

123,359

 

 

126,359

 

 

(3,000

)

 

7.7

%

 

7.7

%

 

 

 

 

Electric

 

 

113,553

 

 

115,199

 

 

(1,647

)

 

7.1

%

 

7.0

%

 

 

 

 

Technology

 

 

104,336

 

 

106,544

 

 

(2,208

)

 

6.5

%

 

6.5

%

 

 

 

 

Capital Goods

 

 

100,220

 

 

99,023

 

 

1,197

 

 

6.2

%

 

6.0

%

 

 

 

 

Banking

 

 

92,556

 

 

93,465

 

 

(909

)

 

5.8

%

 

5.7

%

 

 

 

 

Basic Industry

 

 

69,237

 

 

69,337

 

 

(100

)

 

4.3

%

 

4.2

%

 

 

 

 

Transportation

 

 

68,768

 

 

72,865

 

 

(4,097

)

 

4.3

%

 

4.4

%

 

 

 

 

Communications

 

 

64,545

 

 

65,632

 

 

(1,087

)

 

4.0

%

 

4.0

%

 

 

 

 

Brokerage

 

 

63,432

 

 

64,731

 

 

(1,299

)

 

3.9

%

 

3.9

%

 

 

 

 

Finance Companies

 

 

60,051

 

 

61,077

 

 

(1,026

)

 

3.7

%

 

3.7

%

 

 

 

 

Natural Gas

 

 

20,297

 

 

20,244

 

 

53

 

 

1.3

%

 

1.2

%

 

 

 

 

Industrial Other

 

 

6,181

 

 

6,705

 

 

(524

)

 

0.4

%

 

0.4

%

 

 

 

 

Financial Other

 

 

4,862

 

 

4,936

 

 

(74

)

 

0.3

%

 

0.3

%

 

 

 

 

Utility Other

 

 

3,943

 

 

4,392

 

 

(449

)

 

0.2

%

 

0.3

%

 

 

 

 

Owned No Guarantee

 

 

2,106

 

 

2,325

 

 

(219

)

 

0.1

%

 

0.1

%

 

 

 

 

 

 

 

 

 

Total Corporate portfolio

 

$

1,605,946

 

$

1,642,799

 

$

(36,853

)

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Maturity Securities - Effective Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

< 1 Yr.

 

$

278,973

 

$

280,092

 

$

(1,120

)

 

8.8

%

 

8.5

%

 

3.7

%

 

 

 

1-2 Yrs.

 

 

262,587

 

 

264,685

 

 

(2,098

)

 

8.3

%

 

8.1

%

 

3.8

%

 

 

 

2-5 Yrs.

 

 

798,931

 

 

808,628

 

 

(9,697

)

 

25.3

%

 

24.7

%

 

4.3

%

 

 

 

5-10 Yrs.

 

 

1,161,099

 

 

1,234,984

 

 

(73,885

)

 

36.7

%

 

37.7

%

 

4.0

%

 

 

 

> 10 Yrs.

 

 

658,860

 

 

688,225

 

 

(29,365

)

 

20.8

%

 

21.0

%

 

5.2

%

 

 

 

 

 

 

 

Total Fixed Income

 

$

3,160,449

 

$

3,276,614

 

$

(116,165

)

 

100.0

%

 

100.0

%

 

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Duration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income portfolio duration

 

 

5.4

 

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 June 30, 2025

PRIMERICA, INC.

Financial Supplement

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Portfolio Quality Ratings (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

% of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Income portfolio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

$

633,206

 

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA

 

 

478,586

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

 

 

787,464

 

 

24.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBB

 

 

1,343,722

 

 

41.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Below Investment Grade

 

 

30,845

 

 

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NA

 

 

2,790

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Income

 

$

3,276,614

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

% of Total

 

 

 

 

 

 

 

 

 

 

 

Amortized Cost

 

% of Total

 

Public Corporate asset class:

 

 

 

 

 

 

 

Private Placement asset class:

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

AAA

 

$

2,213

 

 

0.1

%

 

 

 

AAA

 

$

-

 

 

—

 

 

AA

 

 

86,874

 

 

5.3

%

 

 

 

AA

 

 

8,860

 

 

2.5

%

 

A

 

 

465,872

 

 

28.4

%

 

 

 

A

 

 

90,611

 

 

25.5

%

 

BBB

 

 

1,058,310

 

 

64.4

%

 

 

 

BBB

 

 

255,781

 

 

72.0

%

 

Below Investment Grade

 

 

29,329

 

 

1.8

%

 

 

 

Below Investment Grade

 

 

-

 

 

—

 

 

NA

 

 

201

 

 

0.0

%

 

 

 

NA

 

 

-

 

 

—

 

 

 

 

 

 

 

Total Corporate

 

$

1,642,799

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Private

 

$

355,252

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMBS asset class:

 

 

 

 

 

 

 

Mortgage-Backed asset class:

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

AAA

 

$

25,796

 

 

27.4

%

 

 

 

AAA

 

$

523,900

 

 

78.6

%

 

AA

 

 

24,766

 

 

26.3

%

 

 

 

AA

 

 

142,598

 

 

21.4

%

 

A

 

 

32,788

 

 

34.8

%

 

 

 

A

 

 

-

 

 

—

 

 

BBB

 

 

9,426

 

 

10.0

%

 

 

 

BBB

 

 

-

 

 

—

 

 

Below Investment Grade

 

 

1,460

 

 

1.5

%

 

 

 

Below Investment Grade

 

 

55

 

 

0.0

%

 

NA

 

 

-

 

 

—

 

 

 

 

NA

 

 

90

 

 

0.0

%

 

 

 

 

 

 

Total CMBS

 

$

94,236

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Mortgage-Backed

 

$

666,644

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Backed asset class:

 

 

 

 

 

 

 

Treasury & Government asset classes:

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

AAA

 

$

49,035

 

 

25.8

%

 

 

 

AAA

 

$

31,594

 

 

11.5

%

 

AA

 

 

30,824

 

 

16.2

%

 

 

 

AA

 

 

152,663

 

 

55.5

%

 

A

 

 

107,441

 

 

56.6

%

 

 

 

A

 

 

75,880

 

 

27.6

%

 

BBB

 

 

-

 

 

—

 

 

 

 

BBB

 

 

14,952

 

 

5.4

%

 

Below Investment Grade

 

 

-

 

 

—

 

 

 

 

Below Investment Grade

 

 

-

 

 

—

 

 

NA

 

 

2,500

 

 

1.3

%

 

 

 

NA

 

 

-

 

 

—

 

 

 

 

 

 

 

Total Asset-Backed

 

$

189,800

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Treasury & Government

 

$

275,090

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAIC Designations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

$

1,591,184

 

 

55.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

1,212,670

 

 

43.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

19,600

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

3,213

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

-

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

-

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Insurer Fixed Income (2)

 

 

2,826,668

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (3)

 

 

476,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

644,855

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Invested Assets

 

$

3,947,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

$
Change

 

%
Change

Net Investment Income by Source

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-maturity securities (available-for-sale)

$

29,936

 

$

30,618

 

$

31,990

 

$

32,867

 

$

33,513

 

$

34,346

 

$

35,218

 

 

$

3,228

 

10.1%

 

Fixed-maturity securities (held-to-maturity)

 

15,785

 

 

15,659

 

 

15,908

 

 

15,300

 

 

14,669

 

 

14,621

 

 

14,476

 

 

 

(1,432

)

-9.0%

 

Equity Securities

 

390

 

 

323

 

 

324

 

 

327

 

 

314

 

 

315

 

 

318

 

 

 

(6

)

-1.9%

 

Deposit asset underlying 10% reinsurance treaty

 

2,311

 

 

2,211

 

 

2,129

 

 

2,007

 

 

1,857

 

 

1,736

 

 

1,659

 

 

 

(470

)

-22.1%

 

Deposit asset - Mark to Market

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

321

 

 

 

(1,509

)

-82.5%

 

Policy loans and other invested assets

 

461

 

 

544

 

 

402

 

 

139

 

 

1,032

 

 

482

 

 

611

 

 

 

209

 

52.0%

 

Cash & cash equivalents

 

6,981

 

 

6,640

 

 

6,540

 

 

5,739

 

 

6,519

 

 

5,959

 

 

6,340

 

 

 

(200

)

-3.1%

 

 

 

 

 

Total investment income

 

55,727

 

 

56,183

 

 

59,123

 

 

55,533

 

 

58,435

 

 

57,641

 

 

58,943

 

 

 

(180

)

-0.3%

 

Investment expenses

 

2,136

 

 

2,072

 

 

2,106

 

 

2,099

 

 

2,095

 

 

2,092

 

 

2,036

 

 

 

(70

)

-3.3%

 

Interest Expense on Surplus Note

 

15,785

 

 

15,659

 

 

15,908

 

 

15,300

 

 

14,669

 

 

14,621

 

 

14,476

 

 

 

(1,432

)

-9.0%

 

 

 

 

 

Net investment income

$

37,806

 

$

38,452

 

$

41,109

 

$

38,134

 

$

41,671

 

$

40,928

 

$

42,431

 

 

$

1,322

 

3.2%

 

 

Fixed income book yield, end of period

 

3.93

%

 

4.01

%

 

4.09

%

 

4.14

%

 

4.21

%

 

4.26

%

 

4.27

%

 

 

 

 

 

 

New money yield

 

5.70

%

 

5.78

%

 

5.42

%

 

5.32

%

 

5.47

%

 

5.64

%

 

5.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q3

 

 

 

 

 

 

 

 

 

Q1
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

% Pt
Change

 

 

Fixed Income Portfolio Quality Ratings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

18.9

%

 

18.3

%

 

19.4

%

 

19.5

%

 

19.0

%

 

19.3

%

 

19.3

%

 

 

-0.0

%

 

 

AA

 

14.8

%

 

14.1

%

 

13.2

%

 

13.1

%

 

13.6

%

 

14.0

%

 

14.6

%

 

 

1.4

%

 

 

A

 

24.1

%

 

24.3

%

 

24.2

%

 

24.4

%

 

24.5

%

 

23.8

%

 

24.0

%

 

 

-0.2

%

 

 

BBB

 

40.5

%

 

41.9

%

 

41.8

%

 

41.7

%

 

41.7

%

 

41.9

%

 

41.0

%

 

 

-0.8

%

 

 

Below Investment Grade

 

1.6

%

 

1.5

%

 

1.2

%

 

1.2

%

 

1.1

%

 

0.9

%

 

0.9

%

 

 

-0.3

%

 

 

NA

 

0.0

%

 

0.0

%

 

0.1

%

 

0.1

%

 

0.1

%

 

0.1

%

 

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, 2025

 

 

 

As of September 30, 2025

 

 

 

 

 

 

As of September 30, 2025

 

 

 

 

 

 

 

 

Market
Value

 

Amortized
Cost

 

Credit
Rating

 

 

 

Market
Value

 

Amortized
Cost

 

 

 

 

 

 

Market
Value

 

Amortized
Cost

 

Top 25 Exposures

 

 

 

 

 

 

Foreign Exposure (1)

 

 

 

 

 

 

Government Investments (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Canada

$

16,537

 

$

16,905

 

AAA

 

Canada

$

90,909

 

$

94,537

 

 

 

AAA

$

—

 

$

—

 

 

2

ONEOK Inc

 

15,259

 

 

15,443

 

BBB

 

United Kingdom

 

33,397

 

 

32,216

 

 

 

AA

 

—

 

 

—

 

 

3

Province of Alberta Canada

 

14,954

 

 

15,363

 

AA-

 

Australia

 

29,236

 

 

29,384

 

 

 

A

 

11,593

 

 

12,448

 

 

4

Morgan Stanley

 

14,925

 

 

14,844

 

BBB+

 

Germany

 

13,004

 

 

12,923

 

 

 

BBB

 

14,488

 

 

14,502

 

 

5

Province of Ontario Canada

 

14,527

 

 

14,601

 

A+

 

Mexico

 

10,537

 

 

11,123

 

 

 

Below Investment Grade

 

—

 

 

—

 

 

6

Ontario Teachers' Pension Plan

 

13,790

 

 

14,242

 

AA+

 

Cayman Islands (The)

 

10,302

 

 

10,057

 

 

 

NA

 

—

 

 

—

 

 

7

Realty Income Corp

 

13,685

 

 

13,982

 

A-

 

Bermuda

 

9,631

 

 

9,374

 

 

 

 

Total

$

26,081

 

$

26,950

 

 

8

Manulife Financial Corp

 

13,087

 

 

13,373

 

A

 

Ireland

 

9,557

 

 

9,114

 

 

 

 

 

 

 

 

 

 

 

9

Berkshire Hathaway Inc

 

12,683

 

 

12,500

 

AA

 

France

 

8,523

 

 

8,487

 

 

 

 

 

 

 

 

 

 

 

10

Province of Quebec Canada

 

12,385

 

 

12,487

 

AA-

 

Luxembourg

 

7,768

 

 

7,361

 

 

 

Non-Government Investments (1)

 

 

 

 

 

11

Intact Financial Corp

 

11,759

 

 

11,366

 

A+

 

Italy

 

6,353

 

 

5,889

 

 

 

 

 

 

 

 

 

 

 

12

Province of New Brunswick Canada

 

11,418

 

 

11,766

 

A+

 

Spain

 

4,983

 

 

4,898

 

 

 

AAA

$

—

 

$

—

 

 

13

Province of Manitoba Canada

 

11,237

 

 

11,690

 

A+

 

Japan

 

3,748

 

 

3,700

 

 

 

AA

 

3,424

 

 

3,422

 

 

14

Government of Newfoundland and Labrador

 

11,187

 

 

11,577

 

A

 

Netherlands (The)

 

3,517

 

 

3,587

 

 

 

A

 

67,761

 

 

67,520

 

 

15

Alimentation Couche-Tard Inc

 

10,775

 

 

10,655

 

BBB+

 

Switzerland

 

3,429

 

 

3,706

 

 

 

BBB

 

170,646

 

 

171,818

 

 

16

Goldman Sachs Group Inc/The

 

10,774

 

 

10,754

 

A+

 

Emerging Markets (2)

 

14,261

 

 

14,506

 

 

 

Below Investment Grade

 

943

 

 

1,004

 

 

17

TC Energy Corp

 

10,568

 

 

11,283

 

BBB+

 

All Other

 

 

10,450

 

 

10,601

 

 

 

NA

 

750

 

 

750

 

 

18

Province of Nova Scotia Canada

 

10,085

 

 

10,511

 

AA-

 

 

Total

$

269,605

 

$

271,463

 

 

 

 

Total

$

243,524

 

$

244,513

 

 

19

Province of Saskatchewan Canad

 

9,868

 

 

9,867

 

AA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

Brookfield Corp

 

9,684

 

 

9,607

 

A-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

Oglethorpe Power Corp

 

9,671

 

 

10,390

 

BBB+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

ConocoPhillips

 

9,572

 

 

10,725

 

A-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

Sempra

 

9,530

 

 

10,334

 

BBB+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

Tokyo Century Corp

 

8,914

 

 

8,982

 

BBB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

NextEra Energy Inc

 

8,708

 

 

8,581

 

A-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

295,580

 

$

301,826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of total fixed income portfolio

 

7.7

%

 

7.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(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)

2020

 

2021

 

2022

 

2023

 

2024

 

Q1
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

Q1
2025

 

Q2
2025

 

Q3
2025

 

Q4
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recruits

 

400,345

 

 

349,374

 

 

359,735

 

 

361,925

 

 

445,425

 

 

110,710

 

 

96,563

 

 

142,655

 

 

95,497

 

 

100,867

 

 

80,924

 

 

101,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life-insurance licensed sales force, beginning of period

 

130,522

 

 

134,907

 

 

129,515

 

 

135,208

 

 

141,572

 

 

141,572

 

 

142,855

 

 

145,789

 

 

148,890

 

 

151,611

 

 

152,167

 

 

152,592

 

 

 

New life-licensed representatives

 

48,106

 

 

39,622

 

 

45,147

 

 

49,096

 

 

56,320

 

 

12,949

 

 

14,402

 

 

14,349

 

 

14,620

 

 

12,339

 

 

12,903

 

 

12,482

 

 

 

Non-renewal and terminated representatives

 

(43,721

)

 

(45,014

)

 

(39,454

)

 

(42,732

)

 

(46,281

)

 

(11,666

)

 

(11,468

)

 

(11,248

)

 

(11,899

)

 

(11,783

)

 

(12,478

)

 

(12,874

)

 

Life-insurance licensed sales force, end of period

 

134,907

 

 

129,515

 

 

135,208

 

 

141,572

 

 

151,611

 

 

142,855

 

 

145,789

 

 

148,890

 

 

151,611

 

 

152,167

 

 

152,592

 

 

152,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued term life policies

 

352,868

 

 

323,855

 

 

291,918

 

 

358,860

 

 

370,396

 

 

86,587

 

 

100,768

 

 

93,377

 

 

89,664

 

 

86,415

 

 

89,850

 

 

79,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued term life face amount

$

109,436

 

$

108,521

 

$

103,822

 

$

119,102

 

$

122,233

 

$

28,725

 

$

33,155

 

$

30,793

 

$

29,560

 

$

28,455

 

$

30,292

 

$

27,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term life face amount in-force, beginning of period

$

808,262

 

$

858,818

 

$

903,404

 

$

916,808

 

$

944,609

 

$

944,609

 

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

$

968,312

 

 

 

Issued term life face amount

 

109,436

 

 

108,521

 

 

103,822

 

 

119,102

 

 

122,233

 

 

28,725

 

 

33,155

 

 

30,793

 

 

29,560

 

 

28,455

 

 

30,292

 

 

27,067

 

 

 

Terminated term life face amount

 

(60,848

)

 

(64,798

)

 

(82,894

)

 

(94,230

)

 

(103,872

)

 

(23,323

)

 

(28,241

)

 

(25,264

)

 

(27,045

)

 

(24,979

)

 

(24,795

)

 

(26,159

)

 

 

Foreign currency impact, net

 

1,968

 

 

862

 

 

(7,524

)

 

2,929

 

 

(9,387

)

 

(2,911

)

 

(1,134

)

 

1,402

 

 

(6,744

)

 

(77

)

 

5,834

 

 

(2,196

)

 

Term life face amount in force, end of period

$

858,818

 

$

903,404

 

$

916,808

 

$

944,609

 

$

953,583

 

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

$

968,312

 

$

967,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated annualized issued term life premium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premium from new policies

$

303.6

 

$

297.2

 

$

271.9

 

$

302.4

 

$

318.0

 

$

73.1

 

$

86.7

 

$

80.2

 

$

78.1

 

$

74.4

 

$

78.5

 

$

69.8

 

 

 

Additions and increases in premium

 

68.9

 

 

77.0

 

 

76.7

 

 

74.3

 

 

74.7

 

 

18.1

 

 

19.9

 

 

18.8

 

 

17.9

 

 

18.5

 

 

20.2

 

 

19.0

 

 

 

 

Total estimated annualized issued term life premium

$

372.5

 

$

374.2

 

$

348.5

 

$

376.6

 

$

392.7

 

$

91.2

 

$

106.5

 

$

99.0

 

$

96.0

 

$

93.0

 

$

98.7

 

$

88.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment & Savings product sales

$

7,842.5

 

$

11,703.2

 

$

10,009.0

 

$

9,211.7

 

$

12,078.9

 

$

2,770.4

 

$

3,082.9

 

$

2,905.1

 

$

3,320.5

 

$

3,559.3

 

$

3,548.4

 

$

3,711.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment & Savings average client asset values

$

69,709

 

$

89,993

 

$

87,193

 

$

89,474

 

$

105,742

 

$

99,502

 

$

102,993

 

$

108,152

 

$

112,323

 

$

113,018

 

$

113,975

 

$

123,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closed U.S. Mortgage Volume (brokered)

$

442.5

 

$

1,229.2

 

$

567.2

 

$

293.4

 

$

397.4

 

$

71.4

 

$

99.6

 

$

105.4

 

$

121.0

 

$

93.5

 

$

132.8

 

$

143.4

 

 

 

17 of 17