EX-99.2 3 pri-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

 

 

 

 

img165194719_0.jpg

 

Supplemental Financial Information

Second 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

 

 

Second Quarter 2025

 

This document is a financial supplement to our first quarter 2024 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

 

Operating adjustments exclude the impact of investment gains/losses, including credit impairments and mark-to-market (MTM) investment adjustments. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy 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.

 

In the second quarter of 2025, we discovered that a correction was needed to our methodology for presenting outflows and calculating the change in market value for Canadian mutual fund assets included in our consolidated client asset rollforward statistical data. The correction had no impact on our financial statements, ISP product sales, nor the average and ending client asset values during the relevant periods. In addition, we have assessed the qualitative impact of making this correction as immaterial, most notably due to the immaterial impact that higher projections of future client asset outflows would have on future earnings estimates. We have restated outflows, net flows, and change in market value in our rollforward of client asset value statistics back to 2023 as shown below:

 

 

Rollforward of investment and savings products client asset values

 

 

 

($ in millions)

 

 

 

 

 

 

 

 

Q1
2023

 

Q2
2023

 

Q3
2023

 

Q4
2023

 

FY
2023

 

 

Q1
2024

 

Q2
2024

 

Q3
2024

 

Q4
2024

 

FY
2024

 

 

Q1
2025

 

 

 

Revised Calculations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client asset values, beginning of period ($mills)

$

83,949

 

$

87,621

 

$

91,646

 

$

88,441

 

$

83,949

 

 

$

96,735

 

$

103,340

 

$

105,112

 

$

111,247

 

$

96,735

 

 

$

112,081

 

 

 

 

Inflows

 

2,300

 

 

2,382

 

 

2,174

 

 

2,356

 

 

9,212

 

 

 

2,770

 

 

3,083

 

 

2,905

 

 

3,321

 

 

12,079

 

 

 

3,559

 

 

 

 

Outflows (1)

 

(1,841

)

 

(2,033

)

 

(2,134

)

 

(2,345

)

 

(8,354

)

 

 

(2,694

)

 

(2,856

)

 

(2,650

)

 

(2,804

)

 

(11,005

)

 

 

(3,017

)

 

 

 

 

 

Net flows

 

459

 

 

349

 

 

40

 

 

10

 

 

858

 

 

 

76

 

 

227

 

 

255

 

 

517

 

 

1,074

 

 

 

542

 

 

 

 

Foreign currency impact, net

 

16

 

 

315

 

 

(303

)

 

344

 

 

372

 

 

 

(392

)

 

(163

)

 

203

 

 

(1,022

)

 

(1,374

)

 

 

(12

)

 

 

 

Change in market value, net and other (2)

 

3,198

 

 

3,361

 

 

(2,942

)

 

7,939

 

 

11,556

 

 

 

6,921

 

 

1,708

 

 

5,676

 

 

1,340

 

 

15,646

 

 

 

(2,703

)

 

 

Client asset values, end of period

$

87,621

 

$

91,646

 

$

88,441

 

$

96,735

 

$

96,735

 

 

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

112,081

 

 

$

109,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior Calculation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client asset values, beginning of period ($mills)

$

83,949

 

$

87,621

 

$

91,646

 

$

88,441

 

$

83,949

 

 

$

96,735

 

$

103,340

 

$

105,112

 

$

111,247

 

$

96,735

 

 

$

112,081

 

 

 

 

Inflows

 

2,300

 

 

2,382

 

 

2,174

 

 

2,356

 

 

9,212

 

 

 

2,770

 

 

3,083

 

 

2,905

 

 

3,321

 

 

12,079

 

 

 

3,559

 

 

 

 

Outflows (1)

 

(1,658

)

 

(1,839

)

 

(1,982

)

 

(2,184

)

 

(7,663

)

 

 

(2,497

)

 

(2,660

)

 

(2,461

)

 

(2,590

)

 

(10,207

)

 

 

(2,721

)

 

 

 

 

 

Net flows

 

642

 

 

542

 

 

192

 

 

172

 

 

1,549

 

 

 

274

 

 

423

 

 

444

 

 

731

 

 

1,872

 

 

 

839

 

 

 

 

Foreign currency impact, net

 

16

 

 

315

 

 

(303

)

 

344

 

 

372

 

 

 

(392

)

 

(163

)

 

203

 

 

(1,022

)

 

(1,374

)

 

 

(12

)

 

 

 

Change in market value, net and other (2)

 

3,014

 

 

3,168

 

 

(3,094

)

 

7,777

 

 

10,865

 

 

 

6,724

 

 

1,512

 

 

5,487

 

 

1,126

 

 

14,848

 

 

 

(3,000

)

 

 

Client asset values, end of period

$

87,621

 

$

91,646

 

$

88,441

 

$

96,735

 

$

96,735

 

 

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

112,081

 

 

$

109,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

 

 

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

 

 

 

 

Securities held to maturity

 

1,376,400

 

 

1,353,370

 

 

1,330,430

 

 

1,303,880

 

 

1,285,340

 

 

1,258,800

 

 

 

 

 

 

Total investments and cash

 

4,832,943

 

 

4,855,668

 

 

4,960,014

 

 

5,018,863

 

 

5,069,874

 

 

5,057,497

 

 

 

 

Reinsurance recoverables

 

2,920,417

 

 

2,833,055

 

 

2,873,528

 

 

2,744,165

 

 

2,722,544

 

 

2,698,144

 

 

 

 

Deferred policy acquisition costs

 

3,503,940

 

 

3,566,126

 

 

3,636,964

 

 

3,680,430

 

 

3,742,693

 

 

3,817,119

 

 

 

 

Goodwill

 

127,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

1,189,436

 

 

1,056,890

 

 

943,524

 

 

929,277

 

 

935,802

 

 

938,583

 

 

 

 

Separate account assets

 

2,334,911

 

 

2,253,966

 

 

2,401,137

 

 

2,209,287

 

 

2,118,098

 

 

2,318,492

 

 

 

 

 

 

Total assets

$

14,909,354

 

$

14,565,704

 

$

14,815,167

 

$

14,582,022

 

$

14,589,010

 

$

14,829,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future policy benefits

$

6,548,050

 

$

6,436,332

 

$

6,919,418

 

$

6,503,064

 

$

6,637,937

 

$

6,719,044

 

 

 

 

Other policy liabilities

 

954,350

 

 

908,419

 

 

911,485

 

 

906,280

 

 

907,038

 

 

906,558

 

 

 

 

Other liabilities

 

839,550

 

 

807,108

 

 

626,663

 

 

720,248

 

 

692,224

 

 

641,378

 

 

 

 

Debt obligations

 

593,909

 

 

594,110

 

 

594,311

 

 

594,512

 

 

594,713

 

 

594,913

 

 

 

 

Surplus note

 

1,376,028

 

 

1,353,014

 

 

1,330,090

 

 

1,303,556

 

 

1,285,032

 

 

1,258,508

 

 

 

 

Payable under securities lending

 

76,648

 

 

90,995

 

 

85,236

 

 

86,034

 

 

97,560

 

 

83,425

 

 

 

 

Separate account liabilities

 

2,334,911

 

 

2,253,966

 

 

2,401,137

 

 

2,209,287

 

 

2,118,098

 

 

2,318,492

 

 

 

 

 

 

Total liabilities

 

12,723,446

 

 

12,443,945

 

 

12,868,340

 

 

12,322,981

 

 

12,332,601

 

 

12,522,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock ($0.01 par value) (1)

 

346

 

 

340

 

 

335

 

 

334

 

 

330

 

 

325

 

 

 

 

Paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

2,285,944

 

 

2,122,839

 

 

2,132,015

 

 

2,231,483

 

 

2,253,435

 

 

2,270,996

 

 

 

 

Treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses)

 

(181,537

)

 

(187,346

)

 

(103,510

)

 

(162,842

)

 

(133,764

)

 

(124,629

)

 

 

 

 

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

 

 

 

 

 

Cumulative translation adjustment

 

(11,698

)

 

(15,514

)

 

(10,771

)

 

(34,767

)

 

(35,191

)

 

(13,803

)

 

 

 

 

 

Total stockholders’ equity

 

2,185,908

 

 

2,121,759

 

 

1,946,827

 

 

2,259,041

 

 

2,256,409

 

 

2,307,516

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

14,909,354

 

$

14,565,704

 

$

14,815,167

 

$

14,582,022

 

$

14,589,010

 

$

14,829,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Less: Net unrealized gains (losses)

 

(181,537

)

 

(187,346

)

 

(103,510

)

 

(162,842

)

 

(133,764

)

 

(124,629

)

 

 

 

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

 

 

 

 

 

 

Adjusted stockholders’ equity

$

2,274,592

 

$

2,107,665

 

$

2,121,579

 

$

2,197,050

 

$

2,218,574

 

$

2,257,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Net Income

 

137,904

 

 

1,171

 

 

164,373

 

 

167,071

 

 

169,051

 

 

178,344

 

 

 

 

Shareholder dividends

 

(26,256

)

 

(25,835

)

 

(30,515

)

 

(30,207

)

 

(34,736

)

 

(34,209

)

 

 

 

Retirement of shares and warrants

 

(116,563

)

 

(142,744

)

 

(129,672

)

 

(45,703

)

 

(126,637

)

 

(129,124

)

 

 

 

Net foreign currency translation adjustment

 

(9,463

)

 

(3,817

)

 

4,744

 

 

(23,996

)

 

(424

)

 

21,388

 

 

 

 

Other, net

 

13,909

 

 

4,297

 

 

4,986

 

 

8,307

 

 

14,270

 

 

2,546

 

 

 

Balance, end of period

$

2,274,592

 

$

2,107,665

 

$

2,121,579

 

$

2,197,050

 

$

2,218,574

 

$

2,257,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

General expenses deferred

 

11,156

 

 

11,235

 

 

11,424

 

 

10,805

 

 

10,883

 

 

11,605

 

 

 

 

Commission costs deferred

 

125,811

 

 

127,800

 

 

130,964

 

 

128,734

 

 

130,162

 

 

126,272

 

 

 

 

Amortization of deferred policy acquisition costs

 

(72,049

)

 

(73,643

)

 

(75,539

)

 

(76,905

)

 

(78,550

)

 

(80,043

)

 

 

 

Foreign currency impact and other, net

 

(8,211

)

 

(3,207

)

 

3,988

 

 

(19,167

)

 

(232

)

 

16,592

 

 

 

Balance, end of period

$

3,503,940

 

$

3,566,126

 

$

3,636,964

 

$

3,680,430

 

$

3,742,693

 

$

3,817,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Outstanding common shares exclude restricted stock units.

 

 

 

4 of 17

 


 

Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q2

 

 

 

 

 

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

 

 

 

 

(1,513,283

)

 

-4.4

%

 

34,633,084

 

 

33,080,093

 

 

(1,552,991

)

 

-4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

$

148,414

 

$

209,301

 

$

194,737

 

$

167,678

 

$

169,051

 

$

178,344

 

 

 

$

(30,958

)

 

-14.8

%

$

357,715

 

$

347,395

 

$

(10,320

)

 

-2.9

%

 

Less income attributable to unvested participating securities

 

(608

)

 

(96

)

 

(704

)

 

(537

)

 

(585

)

 

(572

)

 

 

 

(476

)

nm

 

 

(1,084

)

 

(1,158

)

 

(74

)

 

-6.8

%

 

 

Net income used in computing basic EPS

$

147,806

 

$

209,205

 

$

194,033

 

$

167,141

 

$

168,466

 

$

177,772

 

 

 

$

(31,434

)

 

-15.0

%

$

356,631

 

$

346,237

 

$

(10,394

)

 

-2.9

%

 

 

Basic earnings per share

$

4.24

 

$

6.08

 

$

5.73

 

$

4.99

 

$

5.06

 

$

5.41

 

 

 

$

(0.67

)

 

-11.0

%

$

10.30

 

$

10.47

 

$

0.17

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income

$

147,515

 

$

170,964

 

$

193,187

 

$

169,231

 

$

168,068

 

$

180,385

 

 

 

$

9,421

 

 

5.5

%

$

318,478

 

$

348,453

 

$

29,974

 

 

9.4

%

 

Less operating income attributable to unvested participating securities

 

(612

)

 

(634

)

 

(719

)

 

(542

)

 

(581

)

 

(579

)

 

 

 

55

 

 

8.7

%

 

(1,252

)

 

(1,161

)

 

91

 

 

7.2

%

 

 

Adjusted net operating income used in computing basic operating EPS

$

146,902

 

$

170,330

 

$

192,467

 

$

168,689

 

$

167,487

 

$

179,806

 

 

 

$

9,477

 

 

5.6

%

$

317,226

 

$

347,291

 

$

30,065

 

 

9.5

%

 

 

Basic adjusted operating income per share

$

4.21

 

$

4.95

 

$

5.69

 

$

5.04

 

$

5.03

 

$

5.47

 

 

 

$

0.52

 

 

10.5

%

$

9.16

 

$

10.50

 

$

1.34

 

 

14.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

(1,513,283

)

 

-4.4

%

 

34,633,084

 

 

33,080,093

 

 

(1,552,991

)

 

-4.5

%

 

Dilutive impact of contingently issuable shares

 

53,938

 

 

56,591

 

 

56,960

 

 

59,672

 

 

49,670

 

 

41,352

 

 

 

 

(15,239

)

 

-26.9

%

 

55,265

 

 

45,511

 

 

(9,754

)

 

-17.6

%

 

 

Shares used to calculate diluted EPS

 

34,936,762

 

 

34,439,935

 

 

33,891,040

 

 

33,541,205

 

 

33,342,129

 

 

32,911,413

 

 

 

 

(1,528,522

)

 

-4.4

%

 

34,688,349

 

 

33,125,604

 

 

(1,562,745

)

 

-4.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

$

148,414

 

$

209,301

 

$

194,737

 

$

167,678

 

$

169,051

 

$

178,344

 

 

 

$

(30,958

)

 

-14.8

%

$

357,715

 

$

347,395

 

$

(10,320

)

 

-2.9

%

 

Less income attributable to unvested participating securities

 

(607

)

 

(96

)

 

(703

)

 

(536

)

 

(584

)

 

(571

)

 

 

 

(475

)

nm

 

 

(1,083

)

 

(1,156

)

 

(74

)

 

-6.8

%

 

 

Net income used in computing diluted EPS

$

147,807

 

$

209,205

 

$

194,034

 

$

167,141

 

$

168,467

 

$

177,772

 

 

 

$

(31,433

)

 

-15.0

%

$

356,632

 

$

346,238

 

$

(10,394

)

 

-2.9

%

 

 

Diluted earnings per share

$

4.23

 

$

6.07

 

$

5.72

 

$

4.98

 

$

5.05

 

$

5.40

 

 

 

$

(0.67

)

 

-11.0

%

$

10.28

 

$

10.45

 

$

0.17

 

 

1.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income

$

147,515

 

$

170,964

 

$

193,187

 

$

169,231

 

$

168,068

 

$

180,385

 

 

 

$

9,421

 

 

5.5

%

$

318,478

 

$

348,453

 

$

29,974

 

 

9.4

%

 

Less operating income attributable to unvested participating securities

 

(612

)

 

(633

)

 

(718

)

 

(542

)

 

(580

)

 

(578

)

 

 

 

55

 

 

8.7

%

 

(1,250

)

 

(1,160

)

 

90

 

 

7.2

%

 

 

Adjusted net operating income used in computing diluted operating EPS

$

146,903

 

$

170,330

 

$

192,468

 

$

168,690

 

$

167,487

 

$

179,807

 

 

 

$

9,476

 

 

5.6

%

$

317,228

 

$

347,293

 

$

30,065

 

 

9.5

%

 

 

Diluted adjusted operating income per share

$

4.20

 

$

4.95

 

$

5.68

 

$

5.03

 

$

5.02

 

$

5.46

 

 

 

$

0.51

 

 

10.3

%

$

9.15

 

$

10.48

 

$

1.33

 

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

128,129

 

 

5.9

%

$

2,139,886

 

$

2,269,844

 

$

129,958

 

 

6.1

%

 

Average adjusted stockholders' equity

$

2,274,827

 

$

2,191,128

 

$

2,114,622

 

$

2,159,315

 

$

2,207,812

 

$

2,238,047

 

 

 

$

46,918

 

 

2.1

%

$

2,232,978

 

$

2,222,929

 

$

(10,048

)

 

-0.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing ops return on stockholders' equity

 

27.9

%

 

38.9

%

 

38.3

%

 

31.9

%

 

30.0

%

 

31.3

%

 

 

 

-7.6

%

nm

 

 

33.4

%

 

30.6

%

 

-2.8

%

nm

 

 

Net income from continuing ops return on adjusted stockholders' equity

 

26.1

%

 

38.2

%

 

36.8

%

 

31.1

%

 

30.6

%

 

31.9

%

 

 

 

-6.3

%

nm

 

 

32.0

%

 

31.3

%

 

-0.8

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income return on adjusted stockholders' equity

 

25.9

%

 

31.2

%

 

36.5

%

 

31.3

%

 

30.4

%

 

32.2

%

 

 

 

1.0

%

nm

 

 

28.5

%

 

31.4

%

 

2.8

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Structure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt-to-capital (1)

 

21.4

%

 

21.9

%

 

23.4

%

 

20.8

%

 

20.9

%

 

20.5

%

 

 

 

-1.4

%

nm

 

 

21.9

%

 

20.5

%

 

-1.4

%

nm

 

 

Debt-to-capital, excluding AOCI (1)

 

20.6

%

 

21.9

%

 

21.8

%

 

21.0

%

 

20.9

%

 

20.8

%

 

 

 

-1.1

%

nm

 

 

21.9

%

 

20.8

%

 

-1.1

%

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

 

 

 

(0.1

x)

nm

 

 

2.3

x

 

2.2

x

 

(0.1

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

 

 

 

(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

 

 

 

 

(1,448,688

)

 

-4.3

%

 

33,993,897

 

 

32,545,209

 

 

(1,448,688

)

 

-4.3

%

 

Adjusted stockholders' equity per share

$

65.72

 

$

62.00

 

$

63.32

 

$

65.84

 

$

67.18

 

$

69.37

 

 

 

$

7.36

 

 

11.9

%

$

62.00

 

$

69.37

 

$

7.36

 

 

11.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Strength Ratings - Primerica Life Insurance Co

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moody's

A1

 

A1

 

A1

 

A1

 

A1

 

A1

 

 

 

na

 

na

 

na

 

na

 

na

 

na

 

 

S&P

AA-

 

AA-

 

AA-

 

AA-

 

AA-

 

AA-

 

 

 

na

 

na

 

na

 

na

 

na

 

na

 

 

A.M. Best

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

 

 

 

na

 

na

 

na

 

na

 

na

 

na

 

 

S&P

A-

 

A-

 

A-

 

A-

 

A-

 

A-

 

 

 

na

 

na

 

na

 

na

 

na

 

na

 

 

A.M. Best

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 Q2

 

 

 

 

 

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

 

 

 

$

20,896

 

 

2.5

%

$

1,686,404

 

$

1,725,099

 

$

38,695

 

 

2.3

%

 

Ceded premiums

 

(409,764

)

 

(427,561

)

 

(412,645

)

 

(414,463

)

 

(410,521

)

 

(433,408

)

 

 

 

(5,847

)

 

-1.4

%

 

(837,325

)

 

(843,930

)

 

(6,605

)

 

-0.8

%

 

 

Net premiums

 

431,283

 

 

417,797

 

 

439,807

 

 

440,285

 

 

448,323

 

 

432,846

 

 

 

 

15,049

 

 

3.6

%

 

849,079

 

 

881,169

 

 

32,090

 

 

3.8

%

 

Net investment income

 

37,806

 

 

38,452

 

 

41,109

 

 

38,134

 

 

41,671

 

 

40,928

 

 

 

 

2,476

 

 

6.4

%

 

76,258

 

 

82,599

 

 

6,341

 

 

8.3

%

 

Commissions and fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based (1)

 

88,746

 

 

101,178

 

 

96,269

 

 

108,240

 

 

111,270

 

 

115,933

 

 

 

 

14,756

 

 

14.6

%

 

189,924

 

 

227,204

 

 

37,280

 

 

19.6

%

 

 

Asset-based (2)

 

128,532

 

 

132,765

 

 

142,051

 

 

150,208

 

 

152,014

 

 

154,735

 

 

 

 

21,970

 

 

16.5

%

 

261,297

 

 

306,749

 

 

45,452

 

 

17.4

%

 

 

Account-based (3)

 

23,180

 

 

23,740

 

 

24,107

 

 

24,245

 

 

24,195

 

 

24,394

 

 

 

 

654

 

 

2.8

%

 

46,919

 

 

48,588

 

 

1,669

 

 

3.6

%

 

 

Other commissions and fees

 

8,487

 

 

10,511

 

 

9,474

 

 

11,158

 

 

9,477

 

 

10,970

 

 

 

 

459

 

 

4.4

%

 

18,998

 

 

20,448

 

 

1,450

 

 

7.6

%

 

Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

 

 

(2,767

)

nm

 

 

1,206

 

 

(2,109

)

 

(3,315

)

nm

 

 

Other, net

 

16,611

 

 

66,612

 

 

19,103

 

 

17,020

 

 

17,135

 

 

16,394

 

 

 

 

(50,218

)

 

-75.4

%

 

83,223

 

 

33,529

 

 

(49,694

)

 

-59.7

%

 

                  Total revenues

 

735,950

 

 

790,955

 

 

774,129

 

 

788,110

 

 

804,843

 

 

793,334

 

 

 

 

2,379

 

 

0.3

%

 

1,526,904

 

 

1,598,177

 

 

71,273

 

 

4.7

%

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

166,321

 

 

150,030

 

 

164,363

 

 

167,449

 

 

174,862

 

 

152,494

 

 

 

 

2,464

 

 

1.6

%

 

316,351

 

 

327,355

 

 

11,005

 

 

3.5

%

 

Future policy benefits remeasurement (gain)/loss

 

55

 

 

(4,329

)

 

(23,019

)

 

1,374

 

 

(3,273

)

 

(5,895

)

 

 

 

(1,566

)

 

-36.2

%

 

(4,274

)

 

(9,168

)

 

(4,894

)

 

-114.5

%

 

Amortization of DAC

 

72,049

 

 

73,643

 

 

75,539

 

 

76,905

 

 

78,550

 

 

80,043

 

 

 

 

6,400

 

 

8.7

%

 

145,692

 

 

158,592

 

 

12,900

 

 

8.9

%

 

Insurance commissions

 

9,634

 

 

7,399

 

 

7,180

 

 

7,795

 

 

6,124

 

 

5,751

 

 

 

 

(1,649

)

 

-22.3

%

 

17,033

 

 

11,875

 

 

(5,158

)

 

-30.3

%

 

Insurance expenses

 

63,149

 

 

62,685

 

 

63,529

 

 

66,256

 

 

64,805

 

 

64,362

 

 

 

 

1,678

 

 

2.7

%

 

125,834

 

 

129,168

 

 

3,334

 

 

2.6

%

 

Sales commissions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based (1)

 

62,814

 

 

70,509

 

 

66,333

 

 

75,926

 

 

77,267

 

 

82,935

 

 

 

 

12,427

 

 

17.6

%

 

133,322

 

 

160,202

 

 

26,880

 

 

20.2

%

 

 

Asset-based (2)

 

64,208

 

 

66,525

 

 

71,012

 

 

76,298

 

 

76,246

 

 

78,010

 

 

 

 

11,485

 

 

17.3

%

 

130,733

 

 

154,256

 

 

23,523

 

 

18.0

%

 

 

Other sales commissions

 

4,117

 

 

5,120

 

 

4,909

 

 

5,479

 

 

4,605

 

 

5,346

 

 

 

 

225

 

 

4.4

%

 

9,237

 

 

9,951

 

 

714

 

 

7.7

%

 

Interest expense

 

6,771

 

 

6,099

 

 

6,093

 

 

6,070

 

 

6,004

 

 

6,000

 

 

 

 

(99

)

 

-1.6

%

 

12,870

 

 

12,005

 

 

(866

)

 

-6.7

%

 

Other operating expenses

 

93,443

 

 

80,506

 

 

83,612

 

 

86,046

 

 

98,338

 

 

89,792

 

 

 

 

9,286

 

 

11.5

%

 

173,949

 

 

188,130

 

 

14,181

 

 

8.2

%

 

                  Total benefits and expenses

 

542,561

 

 

518,186

 

 

519,551

 

 

569,598

 

 

583,528

 

 

558,838

 

 

 

 

40,652

 

 

7.8

%

 

1,060,747

 

 

1,142,366

 

 

81,619

 

 

7.7

%

 

Income from continuing operations before income taxes

 

193,389

 

 

272,769

 

 

254,578

 

 

218,512

 

 

221,315

 

 

234,496

 

 

 

 

(38,272

)

 

-14.0

%

 

466,157

 

 

455,811

 

 

(10,346

)

 

-2.2

%

 

 

Income taxes

 

44,975

 

 

63,467

 

 

59,841

 

 

50,835

 

 

52,264

 

 

56,153

 

 

 

 

(7,315

)

 

-11.5

%

 

108,442

 

 

108,417

 

 

(26

)

nm

 

 

Net Income from continuing operations

 

148,414

 

 

209,301

 

 

194,737

 

 

167,678

 

 

169,051

 

 

178,344

 

 

 

 

(30,958

)

 

-14.8

%

 

357,715

 

 

347,395

 

 

(10,320

)

 

-2.9

%

 

Net Loss from discontinued operations net of tax

 

(10,510

)

 

(208,131

)

 

(30,364

)

 

(606

)

 

 

 

 

 

 

 

208,131

 

 

100.0

%

 

(218,641

)

 

 

 

218,641

 

 

100.0

%

 

 

Net Income

$

137,904

 

$

1,171

 

$

164,373

 

$

167,071

 

$

169,051

 

$

178,344

 

 

 

$

177,173

 

nm

 

$

139,074

 

$

347,395

 

$

208,320

 

 

149.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from Continuing Operations Before Income Taxes by Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Life Insurance

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

 

 

$

7,232

 

 

4.9

%

$

286,147

 

$

301,798

 

$

15,650

 

 

5.5

%

Investment & Savings Products

 

65,563

 

 

74,783

 

 

79,912

 

 

81,988

 

 

81,270

 

 

79,420

 

 

 

 

4,638

 

 

6.2

%

 

140,346

 

 

160,691

 

 

20,345

 

 

14.5

%

Corporate & Other Distributed Products

 

(10,542

)

 

50,206

 

 

(3,687

)

 

(3,017

)

 

(6,741

)

 

64

 

 

 

 

(50,142

)

 

-99.9

%

 

39,664

 

 

(6,677

)

 

(46,342

)

 

-116.8

%

 

Income before income taxes

$

193,389

 

$

272,769

 

$

254,578

 

$

218,512

 

$

221,315

 

$

234,496

 

 

 

$

(38,272

)

 

-14.0

%

$

466,157

 

$

455,811

 

$

(10,346

)

 

-2.2

%

 

(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 Q2

 

 

 

 

 

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

 

 

 

$

21,251

 

 

2.5

%

$

1,676,989

 

$

1,716,350

 

$

39,361

 

 

2.3

%

 

Less: Premiums ceded to IPO Coinsurers

 

206,502

 

 

201,566

 

 

198,726

 

 

195,039

 

 

191,477

 

 

187,988

 

 

 

 

(13,578

)

 

-6.7

%

 

408,068

 

 

379,465

 

 

(28,603

)

 

-7.0

%

 

Term Life Insurance adjusted direct premiums

$

629,819

 

$

639,102

 

$

648,900

 

$

655,628

 

$

662,953

 

$

673,931

 

 

 

$

34,829

 

 

5.4

%

$

1,268,921

 

$

1,336,884

 

$

67,964

 

 

5.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

$

(5,958

)

 

-1.4

%

$

(834,906

)

$

(841,640

)

$

(6,734

)

 

-0.8

%

 

Less: Premiums ceded to IPO Coinsurers

 

(206,502

)

 

(201,566

)

 

(198,726

)

 

(195,039

)

 

(191,477

)

 

(187,988

)

 

 

 

13,578

 

 

6.7

%

 

(408,068

)

 

(379,465

)

 

28,603

 

 

7.0

%

 

Term Life Insurance other ceded premiums

$

(202,056

)

$

(224,782

)

$

(212,800

)

$

(217,876

)

$

(217,857

)

$

(244,318

)

 

 

$

(19,536

)

 

-8.7

%

$

(426,838

)

$

(462,175

)

$

(35,337

)

 

-8.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

2,476

 

 

6.4

%

$

76,258

 

$

82,599

 

$

6,341

 

 

8.3

%

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

nm

 

nm

 

 

52

 

 

712

 

nm

 

nm

 

 

Adjusted net investment income

$

37,943

 

$

38,263

 

$

39,279

 

$

38,980

 

$

41,141

 

$

40,746

 

 

 

$

2,484

 

 

6.5

%

$

76,206

 

$

81,887

 

$

5,681

 

 

7.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

9,286

 

 

11.5

%

$

173,949

 

$

188,130

 

$

14,181

 

 

8.2

%

 

Less: Restructuring costs

 

 

 

824

 

 

2,013

 

 

 

 

 

 

 

 

 

nm

 

nm

 

 

824

 

 

 

nm

 

nm

 

 

Adjusted other operating expenses

$

93,443

 

$

79,682

 

$

81,599

 

$

86,046

 

$

98,338

 

$

89,792

 

 

 

$

10,110

 

 

12.7

%

$

173,125

 

$

188,130

 

$

15,005

 

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation from Total Revenues to Adjusted Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

735,950

 

$

790,955

 

$

774,129

 

$

788,110

 

$

804,843

 

$

793,334

 

 

 

$

2,379

 

 

0.3

%

$

1,526,904

 

$

1,598,177

 

$

71,273

 

 

4.7

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

 

nm

 

nm

 

 

1,206

 

 

(2,109

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

nm

 

nm

 

 

52

 

 

712

 

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

 

 

 

$

55,153

 

 

7.4

%

$

1,475,646

 

$

1,599,574

 

$

123,928

 

 

8.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

(38,272

)

 

-14.0

%

$

466,157

 

$

455,811

 

$

(10,346

)

 

-2.2

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

 

nm

 

nm

 

 

1,206

 

 

(2,109

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

nm

 

nm

 

 

52

 

 

712

 

nm

 

nm

 

 

Less: Insurance claim proceeds

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

nm

 

nm

 

 

50,000

 

 

 

nm

 

nm

 

 

Less: Restructuring costs

 

 

 

(824

)

 

(2,013

)

 

 

 

 

 

 

 

 

nm

 

nm

 

 

(824

)

 

 

nm

 

nm

 

 

Adjusted operating income before income taxes

$

192,220

 

$

223,503

 

$

252,552

 

$

220,537

 

$

220,028

 

$

237,181

 

 

 

$

13,678

 

 

6.1

%

$

415,723

 

$

457,208

 

$

41,485

 

 

10.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

(30,958

)

 

-14.8

%

$

357,715

 

$

347,395

 

$

(10,320

)

 

-2.9

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

 

nm

 

nm

 

 

1,206

 

 

(2,109

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

nm

 

nm

 

 

52

 

 

712

 

nm

 

nm

 

 

Less: Insurance claim proceeds

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

nm

 

nm

 

 

50,000

 

 

 

nm

 

nm

 

 

Less: Restructuring costs

 

 

 

(824

)

 

(2,013

)

 

 

 

 

 

 

 

 

nm

 

nm

 

 

(824

)

 

 

nm

 

nm

 

 

Less: Tax impact of preceding items

 

(269

)

 

152

 

 

(476

)

 

471

 

 

(304

)

 

643

 

 

 

nm

 

nm

 

 

(117

)

 

339

 

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

 

 

 

$

9,421

 

 

5.5

%

$

318,478

 

$

348,453

 

$

29,974

 

 

9.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

7 of 17

 


 

 

 

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

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q2

 

 

 

 

 

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

 

 

 

$

(50,142

)

 

-99.9

%

$

39,664

 

$

(6,677

)

$

(46,342

)

 

-116.8

%

 

Less: Investment (losses) gains

 

1,305

 

 

(99

)

 

2,209

 

 

(1,179

)

 

757

 

 

(2,866

)

 

 

nm

 

nm

 

 

1,206

 

 

(2,109

)

nm

 

nm

 

 

Less: MTM investment adjustments

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

nm

 

nm

 

 

52

 

 

712

 

nm

 

nm

 

 

Less: Insurance claim proceeds

 

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

nm

 

nm

 

 

50,000

 

 

 

nm

 

nm

 

 

Less: Restructuring costs

 

 

 

(824

)

 

(2,013

)

 

 

 

 

 

 

 

 

nm

 

nm

 

 

(824

)

 

 

nm

 

nm

 

 

Adjusted operating income before income taxes

$

(11,710

)

$

940

 

$

(5,713

)

$

(992

)

$

(8,028

)

$

2,748

 

 

 

$

1,808

 

nm

 

$

(10,770

)

$

(5,280

)

$

5,490

 

 

51.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8 of 17

 


 

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q2

 

 

 

 

 

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

 

 

 

$

21,251

 

 

2.5

%

$

1,676,989

 

$

1,716,350

 

$

39,361

 

 

2.3

%

 

Premiums ceded to IPO coinsurers (1)

 

(206,502

)

 

(201,566

)

 

(198,726

)

 

(195,039

)

 

(191,477

)

 

(187,988

)

 

 

 

13,578

 

 

6.7

%

 

(408,068

)

 

(379,465

)

 

28,603

 

 

7.0

%

 

Adjusted direct premiums (2)

 

629,819

 

 

639,102

 

 

648,900

 

 

655,628

 

 

662,953

 

 

673,931

 

 

 

 

34,829

 

 

5.4

%

 

1,268,921

 

 

1,336,884

 

 

67,964

 

 

5.4

%

 

Other ceded premiums (3)

 

(202,056

)

 

(224,782

)

 

(212,800

)

 

(217,876

)

 

(217,857

)

 

(244,318

)

 

 

 

(19,536

)

 

-8.7

%

 

(426,838

)

 

(462,175

)

 

(35,337

)

 

-8.3

%

 

Net premiums

 

427,762

 

 

414,320

 

 

436,099

 

 

437,752

 

 

445,096

 

 

429,613

 

 

 

 

15,293

 

 

3.7

%

 

842,083

 

 

874,709

 

 

32,626

 

 

3.9

%

 

Other, net

 

12,649

 

 

12,624

 

 

14,206

 

 

12,826

 

 

12,745

 

 

12,221

 

 

 

 

(403

)

 

-3.2

%

 

25,274

 

 

24,966

 

 

(307

)

 

-1.2

%

 

Revenues

 

440,412

 

 

426,944

 

 

450,305

 

 

450,578

 

 

457,842

 

 

441,834

 

 

 

 

14,890

 

 

3.5

%

 

867,356

 

 

899,676

 

 

32,319

 

 

3.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

163,847

 

 

146,268

 

 

160,652

 

 

164,588

 

 

171,243

 

 

148,725

 

 

 

 

2,457

 

 

1.7

%

 

310,115

 

 

319,968

 

 

9,853

 

 

3.2

%

 

Future policy benefits remeasurement (gain)/loss

 

(319

)

 

(4,280

)

 

(28,203

)

 

1,537

 

 

(3,402

)

 

(5,743

)

 

 

 

(1,463

)

 

-34.2

%

 

(4,599

)

 

(9,145

)

 

(4,546

)

 

-98.8

%

 

Amortization of DAC

 

70,491

 

 

71,916

 

 

73,698

 

 

75,383

 

 

76,921

 

 

78,386

 

 

 

 

6,471

 

 

9.0

%

 

142,407

 

 

155,308

 

 

12,901

 

 

9.1

%

 

Insurance commissions

 

6,047

 

 

3,785

 

 

3,410

 

 

4,422

 

 

2,649

 

 

2,238

 

 

 

 

(1,548

)

 

-40.9

%

 

9,833

 

 

4,887

 

 

(4,946

)

 

-50.3

%

 

Insurance expenses

 

61,979

 

 

61,476

 

 

62,395

 

 

65,107

 

 

63,645

 

 

63,216

 

 

 

 

1,740

 

 

2.8

%

 

123,454

 

 

126,861

 

 

3,407

 

 

2.8

%

 

Benefits and expenses

 

302,044

 

 

279,164

 

 

271,952

 

 

311,037

 

 

311,056

 

 

286,821

 

 

 

 

7,657

 

 

2.7

%

 

581,209

 

 

597,878

 

 

16,669

 

 

2.9

%

 

Income before income taxes

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

 

 

$

7,232

 

 

4.9

%

$

286,147

 

$

301,798

 

$

15,650

 

 

5.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Term Life Insurance - Financial Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-IPO direct premiums (4)

$

508,687

 

$

517,691

 

$

525,697

 

$

530,867

 

$

538,072

 

$

547,938

 

 

 

$

30,247

 

 

5.8

%

$

1,026,378

 

$

1,086,010

 

$

59,632

 

 

5.8

%

 

Pre-IPO direct premiums (5)

 

327,634

 

 

322,977

 

 

321,929

 

 

319,800

 

 

316,359

 

 

313,981

 

 

 

 

(8,996

)

 

-2.8

%

 

650,611

 

 

630,340

 

 

(20,272

)

 

-3.1

%

 

Total direct premiums

$

836,321

 

$

840,668

 

$

847,626

 

$

850,667

 

$

854,430

 

$

861,919

 

 

 

$

21,251

 

 

2.5

%

$

1,676,989

 

$

1,716,350

 

$

39,361

 

 

2.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premiums ceded to IPO coinsurers

$

206,502

 

$

201,566

 

$

198,726

 

$

195,039

 

$

191,477

 

$

187,988

 

 

 

$

(13,578

)

 

-6.7

%

$

408,068

 

$

379,465

 

$

(28,603

)

 

-7.0

%

 

% of Pre-IPO direct premiums

 

63.0

%

 

62.4

%

 

61.7

%

 

61.0

%

 

60.5

%

 

59.9

%

 

 

nm

 

nm

 

 

62.7

%

 

60.2

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims, net (6)

$

365,584

 

$

366,770

 

$

345,249

 

$

384,002

 

$

385,698

 

$

387,300

 

 

 

$

20,530

 

 

5.6

%

$

732,353

 

$

772,998

 

$

40,645

 

 

5.5

%

 

% of adjusted direct premiums

 

58.0

%

 

57.4

%

 

53.2

%

 

58.6

%

 

58.2

%

 

57.5

%

 

 

nm

 

nm

 

 

57.7

%

 

57.8

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAC amortization & insurance commissions

$

76,538

 

$

75,701

 

$

77,108

 

$

79,805

 

$

79,570

 

$

80,624

 

 

 

$

4,923

 

 

6.5

%

$

152,239

 

$

160,194

 

$

7,955

 

 

5.2

%

 

% of adjusted direct premiums

 

12.2

%

 

11.8

%

 

11.9

%

 

12.2

%

 

12.0

%

 

12.0

%

 

 

nm

 

nm

 

 

12.0

%

 

12.0

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance expenses, net (7)

$

49,329

 

$

48,851

 

$

48,189

 

$

52,281

 

$

50,900

 

$

50,995

 

 

 

$

2,143

 

 

4.4

%

$

98,181

 

$

101,894

 

$

3,714

 

 

3.8

%

 

% of adjusted direct premiums

 

7.8

%

 

7.6

%

 

7.4

%

 

8.0

%

 

7.7

%

 

7.6

%

 

 

nm

 

nm

 

 

7.7

%

 

7.6

%

nm

 

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Term Life income before income taxes

$

138,367

 

$

147,780

 

$

178,353

 

$

139,541

 

$

146,785

 

$

155,012

 

 

 

$

7,232

 

 

4.9

%

$

286,147

 

$

301,798

 

$

15,650

 

 

5.5

%

 

Term Life operating margin (8)

 

22.0

%

 

23.1

%

 

27.5

%

 

21.3

%

 

22.1

%

 

23.0

%

 

 

nm

 

nm

 

 

22.6

%

 

22.6

%

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 Q2

 

 

 

 

 

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

 

 

 

 

9,312

 

 

6.5

%

 

141,572

 

 

151,611

 

 

10,039

 

 

7.1

%

 

 

New life-licensed representatives

 

12,949

 

 

14,402

 

 

14,349

 

 

14,620

 

 

12,339

 

 

12,903

 

 

 

 

(1,499

)

 

-10.4

%

 

27,351

 

 

25,242

 

 

(2,109

)

 

-7.7

%

 

 

Non-renewal and terminated representatives

 

(11,666

)

 

(11,468

)

 

(11,248

)

 

(11,899

)

 

(11,783

)

 

(12,478

)

 

 

 

(1,010

)

 

-8.8

%

 

(23,134

)

 

(24,261

)

 

(1,127

)

 

-4.9

%

 

Life-insurance licensed sales force, end of period

 

142,855

 

 

145,789

 

 

148,890

 

 

151,611

 

 

152,167

 

 

152,592

 

 

 

 

6,803

 

 

4.7

%

 

145,789

 

 

152,592

 

 

6,803

 

 

4.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premium from new policies

$

73.1

 

$

86.7

 

$

80.2

 

$

78.1

 

$

74.4

 

$

78.5

 

 

 

$

(8.2

)

 

-9.4

%

$

159.7

 

$

152.9

 

$

(6.8

)

 

-4.3

%

 

 

Additions and increases in premium

 

18.1

 

 

19.9

 

 

18.8

 

 

17.9

 

 

18.5

 

 

20.2

 

 

 

 

0.3

 

 

1.6

%

 

38.0

 

 

38.7

 

 

0.7

 

 

1.9

%

 

 

 

 

Total estimated annualized issued term life premium

$

91.2

 

$

106.5

 

$

99.0

 

$

96.0

 

$

93.0

 

$

98.7

 

 

 

$

(7.8

)

 

-7.4

%

$

197.7

 

$

191.6

 

$

(6.1

)

 

-3.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued term life policies

 

86,587

 

 

100,768

 

 

93,377

 

 

89,664

 

 

86,415

 

 

89,850

 

 

 

 

(10,918

)

 

-10.8

%

 

187,355

 

 

176,265

 

 

(11,090

)

 

-5.9

%

 

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

$

844

 

$

860

 

$

859

 

$

871

 

$

861

 

$

874

 

 

 

$

14

 

 

1.6

%

$

853

 

$

868

 

$

15

 

 

1.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

944,609

 

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

 

 

$

9,881

 

 

1.0

%

$

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

 

 

 

 

(2,863

)

 

-8.6

%

 

61,880

 

 

58,747

 

 

(3,133

)

 

-5.1

%

 

 

Terminated term life face amount

 

(23,323

)

 

(28,241

)

 

(25,264

)

 

(27,045

)

 

(24,979

)

 

(24,795

)

 

 

 

3,446

 

 

12.2

%

 

(51,564

)

 

(49,775

)

 

1,789

 

 

3.5

%

 

 

Foreign currency impact, net

 

(2,911

)

 

(1,134

)

 

1,402

 

 

(6,744

)

 

(77

)

 

5,834

 

 

 

 

6,968

 

nm

 

 

(4,046

)

 

5,757

 

 

9,802

 

nm

 

 

Term life face amount in-force, end of period

$

947,101

 

$

950,880

 

$

957,811

 

$

953,583

 

$

956,981

 

$

968,312

 

 

 

$

17,432

 

 

1.8

%

$

950,880

 

$

968,312

 

$

17,432

 

 

1.8

%

 

(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 Q2

 

 

 

 

 

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

 

 

 

$

14,756

 

 

14.6

%

$

189,924

 

$

227,204

 

$

37,280

 

 

19.6

%

 

Asset-based

 

128,532

 

 

132,765

 

 

142,051

 

 

150,208

 

 

152,014

 

 

154,735

 

 

 

 

21,970

 

 

16.5

%

 

261,297

 

 

306,749

 

 

45,452

 

 

17.4

%

 

Account-based

 

23,180

 

 

23,740

 

 

24,107

 

 

24,245

 

 

24,195

 

 

24,394

 

 

 

 

654

 

 

2.8

%

 

46,919

 

 

48,588

 

 

1,669

 

 

3.6

%

 

Other, net

 

3,258

 

 

3,224

 

 

3,646

 

 

3,355

 

 

3,333

 

 

3,236

 

 

 

 

12

 

 

0.4

%

 

6,482

 

 

6,568

 

 

86

 

 

1.3

%

 

Revenues

 

243,716

 

 

260,906

 

 

266,073

 

 

286,048

 

 

290,812

 

 

298,297

 

 

 

 

37,391

 

 

14.3

%

 

504,622

 

 

589,109

 

 

84,487

 

 

16.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of DAC

 

1,201

 

 

1,478

 

 

1,540

 

 

1,225

 

 

1,337

 

 

1,368

 

 

 

 

(110

)

 

-7.4

%

 

2,679

 

 

2,705

 

 

26

 

 

1.0

%

 

Insurance commissions

 

3,400

 

 

3,343

 

 

3,499

 

 

3,397

 

 

3,277

 

 

3,468

 

 

 

 

125

 

 

3.7

%

 

6,743

 

 

6,745

 

 

2

 

nm

 

 

Sales commissions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales-based

 

62,814

 

 

70,509

 

 

66,333

 

 

75,926

 

 

77,267

 

 

82,935

 

 

 

 

12,427

 

 

17.6

%

 

133,322

 

 

160,202

 

 

26,880

 

 

20.2

%

 

Asset-based

 

64,208

 

 

66,525

 

 

71,012

 

 

76,298

 

 

76,246

 

 

78,010

 

 

 

 

11,485

 

 

17.3

%

 

130,733

 

 

154,256

 

 

23,523

 

 

18.0

%

 

Other operating expenses

 

46,531

 

 

44,269

 

 

43,778

 

 

47,214

 

 

51,414

 

 

53,096

 

 

 

 

8,827

 

 

19.9

%

 

90,800

 

 

104,510

 

 

13,710

 

 

15.1

%

 

Benefits and expenses

 

178,153

 

 

186,123

 

 

186,161

 

 

204,060

 

 

209,541

 

 

218,877

 

 

 

 

32,753

 

 

17.6

%

 

364,276

 

 

428,418

 

 

64,142

 

 

17.6

%

 

Income before income taxes

$

65,563

 

$

74,783

 

$

79,912

 

$

81,988

 

$

81,270

 

$

79,420

 

 

 

$

4,638

 

 

6.2

%

$

140,346

 

$

160,691

 

$

20,345

 

 

14.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees paid based on client asset values (1)

$

9,342

 

$

9,548

 

$

10,156

 

$

11,213

 

$

10,915

 

$

11,404

 

 

 

$

1,857

 

 

19.4

%

$

18,890

 

$

22,319

 

$

3,429

 

 

18.2

%

 

Fees paid based on fee-generating positions (2)

 

11,426

 

 

10,483

 

 

10,392

 

 

10,538

 

 

12,410

 

 

11,015

 

 

 

 

532

 

 

5.1

%

 

21,909

 

 

23,425

 

 

1,517

 

 

6.9

%

 

Other operating expenses

 

25,763

 

 

24,238

 

 

23,230

 

 

25,463

 

 

28,089

 

 

30,676

 

 

 

 

6,438

 

 

26.6

%

 

50,001

 

 

58,765

 

 

8,764

 

 

17.5

%

 

Total other operating expenses

$

46,531

 

$

44,269

 

$

43,778

 

$

47,214

 

$

51,414

 

$

53,096

 

 

 

$

8,827

 

 

19.9

%

$

90,800

 

$

104,510

 

$

13,710

 

 

15.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

1.25

%

 

1.33

%

 

1.37

%

 

1.35

%

 

1.37

%

 

1.29

%

 

 

nm

 

nm

 

 

1.29

%

 

1.33

%

nm

 

nm

 

 

Canada

 

0.48

%

 

0.37

%

 

0.34

%

 

0.31

%

 

0.35

%

 

0.35

%

 

 

nm

 

nm

 

 

0.43

%

 

0.35

%

nm

 

nm

 

 

Total

 

1.19

%

 

1.27

%

 

1.31

%

 

1.27

%

 

1.28

%

 

1.23

%

 

 

nm

 

nm

 

 

1.23

%

 

1.26

%

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

%

 

 

nm

 

nm

 

 

0.082

%

 

0.086

%

nm

 

nm

 

 

Canada

 

0.104

%

 

0.104

%

 

0.109

%

 

0.109

%

 

0.113

%

 

0.109

%

 

 

nm

 

nm

 

 

0.208

%

 

0.221

%

nm

 

nm

 

 

Total

 

0.051

%

 

0.050

%

 

0.052

%

 

0.052

%

 

0.053

%

 

0.053

%

 

 

nm

 

nm

 

 

0.101

%

 

0.106

%

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

 

 

 

nm

 

nm

 

$

7.77

 

$

7.59

 

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 Q2

 

 

 

 

 

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

 

 

 

$

15.4

 

 

1.3

%

$

2,390.7

 

$

2,561.9

 

$

171.2

 

 

7.2

%

 

 

Canada Retail Mutual Funds

 

179.6

 

 

147.6

 

 

146.2

 

 

192.1

 

 

220.7

 

 

168.5

 

 

 

 

20.9

 

 

14.1

%

 

327.2

 

 

389.2

 

 

61.9

 

 

18.9

%

 

 

Indexed Annuities

 

81.0

 

 

98.0

 

 

89.5

 

 

86.7

 

 

71.1

 

 

93.0

 

 

 

 

(5.0

)

 

-5.1

%

 

179.0

 

 

164.1

 

 

(14.8

)

 

-8.3

%

 

 

Variable Annuities and other

 

756.0

 

 

941.4

 

 

891.5

 

 

1,023.8

 

 

1,038.9

 

 

1,178.7

 

 

 

 

237.2

 

 

25.2

%

 

1,697.4

 

 

2,217.5

 

 

520.1

 

 

30.6

%

 

 

 

 

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

 

 

 

 

268.6

 

 

11.1

%

 

4,594.3

 

 

5,332.8

 

 

738.4

 

 

16.1

%

 

 

Managed Accounts

 

370.9

 

 

456.1

 

 

411.9

 

 

548.7

 

 

596.7

 

 

634.1

 

 

 

 

178.0

 

 

39.0

%

 

827.0

 

 

1,230.8

 

 

403.8

 

 

48.8

%

 

 

Canada Retail Mutual Funds - no upfront sales comm

 

197.7

 

 

196.5

 

 

189.4

 

 

213.9

 

 

296.4

 

 

218.6

 

 

 

 

22.2

 

 

11.3

%

 

394.2

 

 

515.0

 

 

120.8

 

 

30.6

%

 

 

Segregated Funds

 

23.0

 

 

14.8

 

 

13.9

 

 

14.0

 

 

17.7

 

 

11.5

 

 

 

 

(3.3

)

 

-22.2

%

 

37.8

 

 

29.2

 

 

(8.6

)

 

-22.7

%

 

 

 

 

Total product sales

$

2,770.4

 

$

3,082.9

 

$

2,905.1

 

$

3,320.5

 

$

3,559.3

 

$

3,548.4

 

 

 

$

465.4

 

 

15.1

%

$

5,853.3

 

$

7,107.7

 

$

1,254.4

 

 

21.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Canada Retail Mutual Funds

$

377.4

 

$

344.1

 

$

335.6

 

$

406.0

 

$

517.1

 

$

387.1

 

 

 

$

43.0

 

 

12.5

%

$

721.4

 

$

904.2

 

$

182.7

 

 

25.3

%

 

 

Segregated Funds

 

23.0

 

 

14.8

 

 

13.9

 

 

14.0

 

 

17.7

 

 

11.5

 

 

 

 

(3.3

)

 

-22.2

%

 

37.8

 

 

29.2

 

 

(8.6

)

 

-22.7

%

 

 

 

Total Canada product sales

 

400.4

 

 

358.8

 

 

349.5

 

 

420.1

 

 

534.8

 

 

398.6

 

 

 

 

39.8

 

 

11.1

%

 

759.2

 

 

933.4

 

 

174.2

 

 

22.9

%

 

 

 

Total U.S. product sales

 

2,370.0

 

 

2,724.1

 

 

2,555.6

 

 

2,900.5

 

 

3,024.6

 

 

3,149.8

 

 

 

 

425.7

 

 

15.6

%

 

5,094.1

 

 

6,174.3

 

 

1,080.2

 

 

21.2

%

 

 

 

 

Total product sales

$

2,770.4

 

$

3,082.9

 

$

2,905.1

 

$

3,320.5

 

$

3,559.3

 

$

3,548.4

 

 

 

$

465.4

 

 

15.1

%

$

5,853.3

 

$

7,107.7

 

$

1,254.4

 

 

21.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client asset values, beginning of period ($mills)

$

96,735

 

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

109,908

 

 

 

$

6,567

 

 

6.4

%

$

96,735

 

$

112,081

 

$

15,346

 

 

15.9

%

 

 

Inflows

 

2,770

 

 

3,083

 

 

2,905

 

 

3,321

 

 

3,559

 

 

3,548

 

 

 

 

465

 

 

15.1

%

 

5,853

 

 

7,108

 

 

1,254

 

 

21.4

%

 

 

Outflows (1)

 

(2,694

)

 

(2,856

)

 

(2,650

)

 

(2,804

)

 

(3,017

)

 

(3,062

)

 

 

 

(205

)

 

-7.2

%

 

(5,551

)

 

(6,079

)

 

(528

)

 

-9.5

%

 

 

 

 

Net flows

 

76

 

 

227

 

 

255

 

 

517

 

 

542

 

 

487

 

 

 

 

260

 

 

114.8

%

 

302

 

 

1,029

 

 

726

 

nm

 

 

 

Foreign currency impact, net

 

(392

)

 

(163

)

 

203

 

 

(1,022

)

 

(12

)

 

900

 

 

 

 

1,063

 

nm

 

 

(555

)

 

888

 

 

1,442

 

nm

 

 

 

Change in market value, net and other (2)

 

6,921

 

 

1,708

 

 

5,676

 

 

1,340

 

 

(2,703

)

 

8,931

 

 

 

 

7,222

 

nm

 

 

8,630

 

 

6,227

 

 

(2,402

)

 

-27.8

%

 

Client asset values, end of period

$

103,340

 

$

105,112

 

$

111,247

 

$

112,081

 

$

109,908

 

$

120,224

 

 

 

$

15,112

 

 

14.4

%

$

105,112

 

$

120,224

 

$

15,112

 

 

14.4

%

 

 

Annualized net flows as % of beginning of period asset values

 

0.3

%

 

0.9

%

 

1.0

%

 

1.9

%

 

1.9

%

 

1.8

%

 

 

 

0.9

%

nm

 

 

0.6

%

 

1.8

%

 

1.2

%

nm

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average client asset values ($mills)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Retail Mutual Funds

$

49,013

 

$

50,560

 

$

52,721

 

$

54,630

 

$

54,649

 

$

54,324

 

 

 

$

3,764

 

 

7.4

%

$

49,787

 

$

54,486

 

$

4,700

 

 

9.4

%

 

 

Canada Retail Mutual Funds

 

12,850

 

 

13,259

 

 

13,959

 

 

14,442

 

 

14,555

 

 

15,153

 

 

 

 

1,894

 

 

14.3

%

 

13,055

 

 

14,854

 

 

1,799

 

 

13.8

%

 

 

Managed Accounts

 

8,806

 

 

9,376

 

 

10,216

 

 

11,010

 

 

11,537

 

 

12,167

 

 

 

 

2,791

 

 

29.8

%

 

9,091

 

 

11,852

 

 

2,761

 

 

30.4

%

 

 

Indexed Annuities

 

2,824

 

 

2,868

 

 

2,908

 

 

2,959

 

 

3,003

 

 

3,033

 

 

 

 

165

 

 

5.8

%

 

2,846

 

 

3,018

 

 

172

 

 

6.0

%

 

 

Variable Annuities and other

 

23,665

 

 

24,663

 

 

26,014

 

 

26,970

 

 

27,086

 

 

27,075

 

 

 

 

2,411

 

 

9.8

%

 

24,164

 

 

27,080

 

 

2,916

 

 

12.1

%

 

 

Segregated Funds

 

2,344

 

 

2,266

 

 

2,334

 

 

2,312

 

 

2,189

 

 

2,223

 

 

 

 

(44

)

 

-1.9

%

 

2,305

 

 

2,206

 

 

(99

)

 

-4.3

%

 

 

 

 

Total

$

99,502

 

$

102,993

 

$

108,152

 

$

112,323

 

$

113,018

 

$

113,975

 

 

 

$

10,982

 

 

10.7

%

$

101,247

 

$

113,496

 

$

12,249

 

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada Retail Mutual Funds

$

12,850

 

$

13,259

 

$

13,959

 

$

14,442

 

$

14,555

 

$

15,153

 

 

 

$

1,894

 

 

14.3

%

$

13,055

 

$

14,854

 

$

1,799

 

 

13.8

%

 

 

Segregated Funds

 

2,344

 

 

2,266

 

 

2,334

 

 

2,312

 

 

2,189

 

 

2,223

 

 

 

 

(44

)

 

-1.9

%

 

2,305

 

 

2,206

 

 

(99

)

 

-4.3

%

 

 

 

Total Canada average client assets

 

15,194

 

 

15,526

 

 

16,293

 

 

16,754

 

 

16,743

 

 

17,376

 

 

 

 

1,851

 

 

11.9

%

 

15,360

 

 

17,060

 

 

1,700

 

 

11.1

%

 

 

 

Total U.S. average client assets

 

84,308

 

 

87,468

 

 

91,858

 

 

95,570

 

 

96,274

 

 

96,599

 

 

 

 

9,131

 

 

10.4

%

 

85,888

 

 

96,437

 

 

10,549

 

 

12.3

%

 

 

 

 

Total average client assets

$

99,502

 

$

102,993

 

$

108,152

 

$

112,323

 

$

113,018

 

$

113,975

 

 

 

$

10,982

 

 

10.7

%

$

101,247

 

$

113,496

 

$

12,249

 

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recordkeeping and custodial

 

2,359

 

 

2,378

 

 

2,393

 

 

2,407

 

 

2,419

 

 

2,437

 

 

 

 

58

 

 

2.4

%

 

2,369

 

 

2,428

 

 

59

 

 

2.5

%

 

 

Recordkeeping only

 

847

 

 

857

 

 

865

 

 

874

 

 

885

 

 

893

 

 

 

 

36

 

 

4.2

%

 

852

 

 

889

 

 

37

 

 

4.3

%

 

 

 

 

Total

 

3,206

 

 

3,235

 

 

3,258

 

 

3,281

 

 

3,304

 

 

3,330

 

 

 

 

94

 

 

2.9

%

 

3,221

 

 

3,317

 

 

96

 

 

3.0

%

 

(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 Q2

 

 

 

 

 

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

 

 

 

$

(355

)

 

-7.6

%

$

9,415

 

$

8,750

 

$

(666

)

 

-7.1

%

 

Ceded premiums

 

(1,205

)

 

(1,213

)

 

(1,118

)

 

(1,548

)

 

(1,187

)

 

(1,102

)

 

 

 

111

 

 

9.2

%

 

(2,419

)

 

(2,290

)

 

129

 

 

5.3

%

 

Net premiums

 

3,520

 

 

3,477

 

 

3,708

 

 

2,533

 

 

3,227

 

 

3,233

 

 

 

 

(243

)

 

-7.0

%

 

6,997

 

 

6,460

 

 

(537

)

 

-7.7

%

 

Adjusted net investment income

 

37,943

 

 

38,263

 

 

39,279

 

 

38,980

 

 

41,141

 

 

40,746

 

 

 

 

2,484

 

 

6.5

%

 

76,206

 

 

81,887

 

 

5,681

 

 

7.5

%

 

Commissions and fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepaid legal services

 

3,591

 

 

3,924

 

 

4,070

 

 

4,373

 

 

3,682

 

 

4,009

 

 

 

 

84

 

 

2.1

%

 

7,516

 

 

7,691

 

 

175

 

 

2.3

%

 

Auto and homeowners insurance

 

1,777

 

 

2,413

 

 

1,375

 

 

2,280

 

 

1,966

 

 

2,440

 

 

 

 

27

 

 

1.1

%

 

4,190

 

 

4,406

 

 

215

 

 

5.1

%

 

Mortgage loans

 

1,499

 

 

2,211

 

 

2,384

 

 

2,750

 

 

2,129

 

 

3,020

 

 

 

 

808

 

 

36.5

%

 

3,711

 

 

5,148

 

 

1,438

 

 

38.7

%

 

Other sales commissions

 

1,618

 

 

1,963

 

 

1,645

 

 

1,755

 

 

1,701

 

 

1,502

 

 

 

 

(461

)

 

-23.5

%

 

3,581

 

 

3,203

 

 

(378

)

 

-10.6

%

 

Adjusted other, net

 

704

 

 

764

 

 

1,251

 

 

838

 

 

1,057

 

 

938

 

 

 

 

174

 

 

22.7

%

 

1,467

 

 

1,995

 

 

527

 

 

35.9

%

 

Adjusted operating revenues

 

50,653

 

 

53,014

 

 

53,711

 

 

53,509

 

 

54,902

 

 

55,887

 

 

 

 

2,873

 

 

5.4

%

 

103,668

 

 

110,790

 

 

7,122

 

 

6.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefits and claims

 

2,475

 

 

3,762

 

 

3,712

 

 

2,861

 

 

3,619

 

 

3,769

 

 

 

 

7

 

 

0.2

%

 

6,236

 

 

7,388

 

 

1,152

 

 

18.5

%

 

Future policy benefits remeasurement (gain)/loss

 

374

 

 

(49

)

 

5,184

 

 

(163

)

 

128

 

 

(152

)

 

 

 

(103

)

nm

 

 

325

 

 

(23

)

 

(348

)

 

-107.2

%

 

Amortization of DAC

 

357

 

 

250

 

 

300

 

 

298

 

 

291

 

 

288

 

 

 

 

39

 

 

15.5

%

 

606

 

 

580

 

 

(27

)

 

-4.4

%

 

Insurance commissions

 

187

 

 

271

 

 

272

 

 

(24

)

 

199

 

 

45

 

 

 

 

(226

)

 

-83.3

%

 

458

 

 

244

 

 

(214

)

 

-46.7

%

 

Insurance expenses

 

1,171

 

 

1,209

 

 

1,134

 

 

1,149

 

 

1,160

 

 

1,147

 

 

 

 

(62

)

 

-5.2

%

 

2,380

 

 

2,307

 

 

(73

)

 

-3.1

%

 

Sales commissions

 

4,117

 

 

5,120

 

 

4,909

 

 

5,479

 

 

4,605

 

 

5,346

 

 

 

 

225

 

 

4.4

%

 

9,237

 

 

9,951

 

 

714

 

 

7.7

%

 

Interest expense

 

6,771

 

 

6,099

 

 

6,093

 

 

6,070

 

 

6,004

 

 

6,000

 

 

 

 

(99

)

 

-1.6

%

 

12,870

 

 

12,005

 

 

(866

)

 

-6.7

%

 

Adjusted other operating expenses

 

46,913

 

 

35,413

 

 

37,821

 

 

38,831

 

 

46,924

 

 

36,696

 

 

 

 

1,283

 

 

3.6

%

 

82,325

 

 

83,620

 

 

1,295

 

 

1.6

%

 

Adjusted benefits and expenses

 

62,363

 

 

52,074

 

 

59,425

 

 

54,501

 

 

62,930

 

 

53,139

 

 

 

 

1,065

 

 

2.0

%

 

114,437

 

 

116,070

 

 

1,632

 

 

1.4

%

 

Adjusted operating income before income taxes

$

(11,710

)

$

940

 

$

(5,713

)

$

(992

)

$

(8,028

)

$

2,748

 

 

 

$

1,808

 

nm

 

$

(10,770

)

$

(5,280

)

$

5,490

 

 

51.0

%

 

13 of 17

 


 

 

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

 

 

 

 

 

 

 

 

 

As of or for the period ended June 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

 

$

621,198

 

$

621,198

 

$

-

 

 

16.6

%

 

15.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

16,225

 

 

16,488

 

 

(263

)

 

0.4

%

 

0.4

%

 

3.2

%

AAA

 

Government

 

 

257,385

 

 

271,565

 

 

(14,180

)

 

6.9

%

 

7.0

%

 

3.3

%

AA-

 

Tax-Exempt Municipal

 

 

31,296

 

 

35,257

 

 

(3,961

)

 

0.8

%

 

0.9

%

 

2.7

%

AA

 

Corporate

 

 

1,563,886

 

 

1,623,559

 

 

(59,674

)

 

41.8

%

 

41.6

%

 

4.3

%

BBB+

 

Mortgage Backed

 

 

583,634

 

 

639,853

 

 

(56,219

)

 

15.6

%

 

16.4

%

 

4.0

%

AAA

 

Asset Backed

 

 

194,634

 

 

198,082

 

 

(3,447

)

 

5.2

%

 

5.1

%

 

4.5

%

A+

 

Cmbs

 

 

97,549

 

 

106,388

 

 

(8,839

)

 

2.6

%

 

2.7

%

 

3.7

%

AA-

 

Private

 

 

351,349

 

 

362,231

 

 

(10,882

)

 

9.4

%

 

9.3

%

 

5.2

%

BBB+

 

Redeemable Preferred

 

 

3,720

 

 

4,248

 

 

(528

)

 

0.1

%

 

0.1

%

 

5.2

%

BBB-

 

 

 

 

 

 

Total Fixed Income

 

 

3,099,677

 

 

3,257,670

 

 

(157,993

)

 

82.8

%

 

83.5

%

 

4.3

%

A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities and Other:

 

 

 

 

 

 

 

 

 

 

 

 

Perpetual Preferred

 

 

3,426

 

 

3,426

 

 

-

 

 

0.1

%

 

0.1

%

 

 

 

 

Common Stock

 

 

17,245

 

 

17,245

 

 

-

 

 

0.5

%

 

0.4

%

 

 

 

 

Mutual Fund

 

 

4,168

 

 

4,168

 

 

0

 

 

0.1

%

 

0.1

%

 

 

 

 

 

 

 

 

 

Total Equities

 

 

24,838

 

 

24,838

 

 

0

 

 

0.7

%

 

0.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Invested Assets

 

$

3,745,713

 

$

3,903,707

 

$

(157,993

)

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Corporate Portfolio by Sector

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

$

214,380

 

$

222,239

 

$

(7,859

)

 

13.7

%

 

13.7

%

 

 

 

 

Energy

 

 

204,168

 

 

211,178

 

 

(7,010

)

 

13.1

%

 

13.0

%

 

 

 

 

Consumer Non Cyclical **

 

 

152,691

 

 

162,762

 

 

(10,071

)

 

9.8

%

 

10.0

%

 

 

 

 

Reits

 

 

123,875

 

 

131,588

 

 

(7,713

)

 

7.9

%

 

8.1

%

 

 

 

 

Consumer Cyclical

 

 

123,317

 

 

128,147

 

 

(4,830

)

 

7.9

%

 

7.9

%

 

 

 

 

Electric

 

 

106,017

 

 

109,708

 

 

(3,691

)

 

6.8

%

 

6.8

%

 

 

 

 

Technology

 

 

105,058

 

 

108,561

 

 

(3,502

)

 

6.7

%

 

6.7

%

 

 

 

 

Capital Goods

 

 

91,388

 

 

93,427

 

 

(2,039

)

 

5.8

%

 

5.8

%

 

 

 

 

Banking

 

 

89,737

 

 

89,027

 

 

709

 

 

5.7

%

 

5.5

%

 

 

 

 

Basic Industry

 

 

67,752

 

 

72,834

 

 

(5,081

)

 

4.3

%

 

4.5

%

 

 

 

 

Transportation

 

 

64,660

 

 

66,380

 

 

(1,720

)

 

4.1

%

 

4.1

%

 

 

 

 

Communications

 

 

63,591

 

 

64,624

 

 

(1,033

)

 

4.1

%

 

4.0

%

 

 

 

 

Brokerage

 

 

61,128

 

 

63,343

 

 

(2,215

)

 

3.9

%

 

3.9

%

 

 

 

 

Finance Companies

 

 

59,472

 

 

61,043

 

 

(1,571

)

 

3.8

%

 

3.8

%

 

 

 

 

Natural Gas

 

 

19,906

 

 

20,315

 

 

(409

)

 

1.3

%

 

1.3

%

 

 

 

 

Industrial Other

 

 

6,019

 

 

6,732

 

 

(713

)

 

0.4

%

 

0.4

%

 

 

 

 

Financial Other

 

 

4,802

 

 

4,935

 

 

(133

)

 

0.3

%

 

0.3

%

 

 

 

 

Utility Other

 

 

3,857

 

 

4,392

 

 

(534

)

 

0.2

%

 

0.3

%

 

 

 

 

Owned No Guarantee

 

 

2,067

 

 

2,325

 

 

(258

)

 

0.1

%

 

0.1

%

 

 

 

 

 

 

 

 

 

Total Corporate portfolio

 

$

1,563,886

 

$

1,623,559

 

$

(59,674

)

 

100.0

%

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-Maturity Securities - Effective Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

< 1 Yr.

 

$

206,663

 

$

207,537

 

$

(874

)

 

6.7

%

 

6.4

%

 

4.1

%

 

 

 

1-2 Yrs.

 

 

298,242

 

 

303,044

 

 

(4,802

)

 

9.6

%

 

9.3

%

 

3.7

%

 

 

 

2-5 Yrs.

 

 

743,218

 

 

755,866

 

 

(12,648

)

 

24.0

%

 

23.2

%

 

4.3

%

 

 

 

5-10 Yrs.

 

 

1,214,094

 

 

1,306,889

 

 

(92,795

)

 

39.2

%

 

40.1

%

 

3.9

%

 

 

 

> 10 Yrs.

 

 

637,459

 

 

684,334

 

 

(46,875

)

 

20.6

%

 

21.0

%

 

5.1

%

 

 

 

 

 

 

 

Total Fixed Income

 

$

3,099,677

 

$

3,257,670

 

$

(157,993

)

 

100.0

%

 

100.0

%

 

4.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Duration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income portfolio duration

 

 

5.3

 

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

 

$

629,645

 

 

19.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA

 

 

455,415

 

 

14.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

 

 

775,657

 

 

23.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBB

 

 

1,364,534

 

 

41.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Below Investment Grade

 

 

29,192

 

 

0.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NA

 

 

3,227

 

 

0.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Income

 

$

3,257,670

 

 

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

 

 

87,366

 

 

5.4

%

 

 

 

AA

 

 

8,860

 

 

2.4

%

 

A

 

 

436,263

 

 

26.9

%

 

 

 

A

 

 

89,959

 

 

24.8

%

 

BBB

 

 

1,069,638

 

 

65.9

%

 

 

 

BBB

 

 

262,912

 

 

72.6

%

 

Below Investment Grade

 

 

27,879

 

 

1.7

%

 

 

 

Below Investment Grade

 

 

500

 

 

0.1

%

 

NA

 

 

201

 

 

0.0

%

 

 

 

NA

 

 

-

 

 

 

 

 

 

 

 

 

Total Corporate

 

$

1,623,559

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Private

 

$

362,231

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CMBS asset class:

 

 

 

 

 

 

 

Mortgage-Backed asset class:

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

AAA

 

$

38,729

 

 

36.4

%

 

 

 

AAA

 

$

510,850

 

 

79.8

%

 

AA

 

 

12,617

 

 

11.9

%

 

 

 

AA

 

 

128,846

 

 

20.1

%

 

A

 

 

43,271

 

 

40.7

%

 

 

 

A

 

 

-

 

 

 

 

BBB

 

 

11,771

 

 

11.1

%

 

 

 

BBB

 

 

-

 

 

 

 

Below Investment Grade

 

 

-

 

 

 

 

 

 

Below Investment Grade

 

 

57

 

 

0.0

%

 

NA

 

 

-

 

 

 

 

 

 

NA

 

 

100

 

 

0.0

%

 

 

 

 

 

 

Total CMBS

 

$

106,388

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Mortgage-Backed

 

$

639,853

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-Backed asset class:

 

 

 

 

 

 

 

Treasury & Government asset classes:

 

 

 

 

 

 

Rating

 

 

 

 

 

 

 

 

Rating

 

 

 

 

 

 

AAA

 

$

45,447

 

 

22.9

%

 

 

 

AAA

 

$

31,736

 

 

11.0

%

 

AA

 

 

30,890

 

 

15.6

%

 

 

 

AA

 

 

159,986

 

 

55.5

%

 

A

 

 

120,988

 

 

61.1

%

 

 

 

A

 

 

78,449

 

 

27.2

%

 

BBB

 

 

-

 

 

 

 

 

 

BBB

 

 

14,955

 

 

5.2

%

 

Below Investment Grade

 

 

756

 

 

0.4

%

 

 

 

Below Investment Grade

 

 

-

 

 

 

 

NA

 

 

-

 

 

 

 

 

 

NA

 

 

2,926

 

 

1.0

%

 

 

 

 

 

 

Total Asset-Backed

 

$

198,082

 

 

100.0

%

 

 

 

 

 

 

 

 

Total Treasury & Government

 

$

288,053

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAIC Designations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

$

1,550,452

 

 

55.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

1,219,019

 

 

43.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

21,810

 

 

0.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

4,586

 

 

0.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Insurer Fixed Income (2)

 

 

2,795,867

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (3)

 

 

486,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

621,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Invested Assets

 

$

3,903,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 Q2

(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

 

 

 

$

3,729

 

12.2%

 

Fixed-maturity securities (held-to-maturity)

 

15,785

 

 

15,659

 

 

15,908

 

 

15,300

 

 

14,669

 

 

14,621

 

 

 

 

(1,038

)

-6.6%

 

Equity Securities

 

390

 

 

323

 

 

324

 

 

327

 

 

314

 

 

315

 

 

 

 

(8

)

-2.5%

 

Deposit asset underlying 10% reinsurance treaty

 

2,311

 

 

2,211

 

 

2,129

 

 

2,007

 

 

1,857

 

 

1,736

 

 

 

 

(475

)

-21.5%

 

Deposit asset - Mark to Market

 

(137

)

 

189

 

 

1,830

 

 

(846

)

 

530

 

 

182

 

 

 

 

(7

)

-3.7%

 

Policy loans and other invested assets

 

461

 

 

544

 

 

402

 

 

139

 

 

1,032

 

 

482

 

 

 

 

(62

)

-11.4%

 

Cash & cash equivalents

 

6,981

 

 

6,640

 

 

6,540

 

 

5,739

 

 

6,519

 

 

5,959

 

 

 

 

(681

)

-10.3%

 

 

 

 

 

Total investment income

 

55,727

 

 

56,183

 

 

59,123

 

 

55,533

 

 

58,435

 

 

57,641

 

 

 

 

1,458

 

2.6%

 

Investment expenses

 

2,136

 

 

2,072

 

 

2,106

 

 

2,099

 

 

2,095

 

 

2,092

 

 

 

 

20

 

1.0%

 

Interest Expense on Surplus Note

 

15,785

 

 

15,659

 

 

15,908

 

 

15,300

 

 

14,669

 

 

14,621

 

 

 

 

(1,038

)

-6.6%

 

 

 

 

 

Net investment income

$

37,806

 

$

38,452

 

$

41,109

 

$

38,134

 

$

41,671

 

$

40,928

 

 

 

$

2,476

 

6.4%

 

 

Fixed income book yield, end of period

 

3.93

%

 

4.01

%

 

4.09

%

 

4.14

%

 

4.21

%

 

4.26

%

 

 

 

 

 

 

 

New money yield

 

5.70

%

 

5.78

%

 

5.42

%

 

5.32

%

 

5.47

%

 

5.64

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YOY Q2

 

 

 

 

 

 

 

 

 

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

%

 

 

 

1.0

%

 

 

AA

 

14.8

%

 

14.1

%

 

13.2

%

 

13.1

%

 

13.6

%

 

14.0

%

 

 

 

-0.1

%

 

 

A

 

24.1

%

 

24.3

%

 

24.2

%

 

24.4

%

 

24.5

%

 

23.8

%

 

 

 

-0.4

%

 

 

BBB

 

40.5

%

 

41.9

%

 

41.8

%

 

41.7

%

 

41.7

%

 

41.9

%

 

 

 

0.0

%

 

 

Below Investment Grade

 

1.6

%

 

1.5

%

 

1.2

%

 

1.2

%

 

1.1

%

 

0.9

%

 

 

 

-0.6

%

 

 

NA

 

0.0

%

 

0.0

%

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rating by amortized cost

A

 

A

 

A

 

A

 

A

 

A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2025

 

 

 

As of June 30, 2025

 

 

 

 

 

 

As of June 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

$

16,645

 

$

17,080

 

AAA

 

Canada

$

89,205

 

$

94,261

 

 

 

AAA

$

 

$

 

 

2

Province of Ontario Canada

 

15,835

 

 

15,972

 

A+

 

United Kingdom

 

32,742

 

 

32,238

 

 

 

AA

 

 

 

 

 

3

Province of Alberta Canada

 

15,106

 

 

15,668

 

AA-

 

Australia

 

28,675

 

 

29,366

 

 

 

A

 

11,419

 

 

12,446

 

 

4

ONEOK Inc

 

15,019

 

 

15,439

 

BBB

 

Cayman Islands (The)

 

15,939

 

 

15,416

 

 

 

BBB

 

14,257

 

 

14,505

 

 

5

Province of Quebec Canada

 

14,308

 

 

14,482

 

AA-

 

Mexico

 

10,382

 

 

11,125

 

 

 

Below Investment Grade

 

 

 

 

 

6

Ontario Teachers' Pension Plan

 

13,708

 

 

14,319

 

AA+

 

Bermuda

 

9,486

 

 

9,374

 

 

 

NA

 

 

 

 

 

7

Realty Income Corp

 

13,555

 

 

13,991

 

A-

 

Ireland

 

9,442

 

 

9,095

 

 

 

 

Total

$

25,676

 

$

26,951

 

 

8

Manulife Financial Corp

 

13,095

 

 

13,476

 

A

 

Luxembourg

 

7,668

 

 

7,361

 

 

 

 

 

 

 

 

 

 

 

9

Province of New Brunswick Canada

 

13,051

 

 

13,463

 

A+

 

France

 

7,586

 

 

7,737

 

 

 

 

 

 

 

 

 

 

 

10

Berkshire Hathaway Inc

 

12,710

 

 

12,527

 

AA

 

Italy

 

6,232

 

 

5,884

 

 

 

Non-Government Investments (1)

 

 

 

 

 

11

Intact Financial Corp

 

11,776

 

 

11,432

 

A+

 

Germany

 

5,122

 

 

5,032

 

 

 

 

 

 

 

 

 

 

 

12

Province of Manitoba Canada

 

11,399

 

 

11,910

 

A+

 

Spain

 

4,900

 

 

4,895

 

 

 

AAA

$

 

$

 

 

13

TC Energy Corp

 

10,527

 

 

11,387

 

BBB+

 

Netherlands (The)

 

4,423

 

 

4,583

 

 

 

AA

 

4,878

 

 

4,944

 

 

14

Government of Newfoundland and Labrador

 

10,454

 

 

10,955

 

A

 

Japan

 

3,746

 

 

3,700

 

 

 

A

 

62,618

 

 

62,973

 

 

15

Alimentation Couche-Tard Inc

 

10,417

 

 

10,756

 

BBB+

 

Switzerland

 

3,384

 

 

3,704

 

 

 

BBB

 

169,325

 

 

173,139

 

 

16

Province of Nova Scotia Canada

 

10,247

 

 

10,710

 

AA-

 

Emerging Markets (2)

 

14,001

 

 

14,512

 

 

 

Below Investment Grade

 

929

 

 

1,004

 

 

17

Province of Saskatchewan Canada

 

9,997

 

 

10,049

 

AA

 

All Other

 

 

10,493

 

 

10,730

 

 

 

NA

 

 

 

 

 

18

Morgan Stanley

 

9,961

 

 

9,899

 

BBB+

 

 

Total

$

263,426

 

$

269,010

 

 

 

 

Total

$

237,749

 

$

242,059

 

 

19

ConocoPhillips

 

9,356

 

 

10,723

 

A-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

Oglethorpe Power Corp

 

9,330

 

 

10,386

 

BBB+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

Sempra

 

9,255

 

 

10,321

 

BBB+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

Tokyo Century Corp

 

8,830

 

 

8,980

 

BBB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

Broadcom Inc

 

8,583

 

 

8,672

 

BBB+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

NextEra Energy Inc

 

8,565

 

 

8,563

 

A-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

Province of British Columbia Canada

 

8,545

 

 

8,653

 

A+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

290,274

 

$

299,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of total fixed income portfolio

 

7.7

%

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

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

)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

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

)

 

 

 

Foreign currency impact, net

 

1,968

 

 

862

 

 

(7,524

)

 

2,929

 

 

(9,387

)

 

(2,911

)

 

(1,134

)

 

1,402

 

 

(6,744

)

 

(77

)

 

5,834

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

17 of 17