10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-34680

Primerica, Inc.

(Exact name of registrant as specified in its charter)

Delaware	27-1204330
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1 Primerica Parkway Duluth, Georgia	30099
(Address of principal executive offices)	(ZIP Code)

(770) 381-1000

(Registrant’s telephone number, including area code)

Not applicable.

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ¨  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    ¨  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ¨  Yes    x  No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	As of October 31, 2014
Common Stock, $0.01 Par Value	53,139,572shares

TABLE OF CONTENTS

	Page
PART I – FINANCIAL INFORMATION	1
Item 1. Financial Statements (unaudited).	1
Condensed Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013	1
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013	2
Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2014 and 2013	3
Condensed Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2014 and 2013	4
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 and 2013	5
Notes to Condensed Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk.	34
Item 4. Controls and Procedures.	34
PART II – OTHER INFORMATION	35
Item 1. Legal Proceedings.	35
Item 1A. Risk Factors.	35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	35
Item 6. Exhibits.	35
Signatures	37

i

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	(Unaudited)
	September 30, 2014			December 31, 2013
	(In thousands)
Assets
Investments:
Fixed-maturity securities available for sale, at fair value (amortized cost: $1,685,305 in 2014    and $1,663,022 in 2013)	$	1,787,926		$	1,755,712
Fixed-maturity securities held to maturity, at amortized cost (fair value: $191,274 in 2014 and    $0 in 2013)		189,830			-
Equity securities available for sale, at fair value (cost: $40,824 in 2014 and $32,592 in 2013)		50,133			39,894
Trading securities, at fair value (cost: $9,126 in 2014 and $13,025 in 2013)		9,135			12,991
Policy loans		27,566			26,806
Total investments		2,064,590			1,835,403
Cash and cash equivalents		164,999			149,189
Accrued investment income		18,930			18,127
Due from reinsurers		4,130,637			4,055,054
Deferred policy acquisition costs, net		1,321,415			1,208,466
Premiums and other receivables		183,179			175,785
Intangible assets, net (accumulated amortization: $68,645 in 2014 and $65,131 in 2013)		65,350			68,863
Income taxes		40,827			32,450
Other assets		283,609			282,784
Separate account assets		2,469,118			2,503,829
Total assets	$	10,742,654		$	10,329,950
Liabilities and Stockholders’ Equity
Liabilities:
Future policy benefits	$	5,214,878		$	5,063,103
Unearned premiums		1,012			1,802
Policy claims and other benefits payable		285,939			253,304
Other policyholders’ funds		343,298			337,977
Notes payable		374,519			374,481
Surplus note		189,830			-
Income taxes		136,064			105,885
Other liabilities		365,900			377,690
Payable under securities lending		67,614			89,852
Separate account liabilities		2,469,118			2,503,829
Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)
Total liabilities		9,448,172			9,107,923
Stockholders’ equity:
Common stock ($0.01 par value; authorized 500,000 in 2014 and 2013; and issued 53,682    shares in 2014 and 54,834 shares in 2013)		537			548
Paid-in capital		429,257			472,633
Retained earnings		756,738			640,840
Accumulated other comprehensive income (loss), net of income tax:
Unrealized foreign currency translation gains (losses)		30,281			41,974
Net unrealized investment gains (losses):
Net unrealized investment gains not other-than-temporarily impaired		78,131			67,379
Net unrealized investment losses other-than-temporarily impaired		(462	)		(1,347	)
Total stockholders’ equity		1,294,482			1,222,027
Total liabilities and stockholders’ equity	$	10,742,654		$	10,329,950

See accompanying notes to condensed consolidated financial statements.

1

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income – Unaudited

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	577,482		$	567,047		$	1,722,427		$	1,696,342
Ceded premiums		(402,198	)		(407,488	)		(1,215,459	)		(1,235,543	)
Net premiums		175,284			159,559			506,968			460,799
Commissions and fees		132,928			118,440			391,898			347,895
Net investment income		20,465			22,103			63,745			66,345
Realized investment gains (losses), including other-than-temporary    impairment losses		(281	)		(407	)		813			5,347
Other, net		10,791			10,714			31,221			31,962
Total revenues		339,187			310,409			994,645			912,348
Benefits and expenses:
Benefits and claims		81,235			76,549			228,839			209,685
Amortization of deferred policy acquisition costs		36,944			32,192			104,834			93,556
Sales commissions		67,500			58,388			199,985			171,074
Insurance expenses		31,495			26,576			88,190			78,602
Insurance commissions		4,045			3,933			12,009			12,286
Interest expense		8,712			8,726			25,870			26,314
Other operating expenses		45,236			41,273			128,325			131,968
Total benefits and expenses		275,167			247,637			788,052			723,485
Income from continuing operations before income taxes		64,020			62,772			206,593			188,863
Income taxes		22,407			22,040			72,224			66,828
Income from continuing operations		41,613			40,732			134,369			122,035
Income (loss) from discontinued operations, net of income taxes		(18	)		2,458			1,578			3,490
Net income	$	41,595		$	43,190		$	135,947		$	125,525
Basic earnings per share:
Continuing operations	$	0.75		$	0.74		$	2.42		$	2.14
Discontinued operations		-			0.04			0.03			0.06
Basic earnings per share	$	0.75		$	0.78		$	2.45		$	2.20
Diluted earnings per share:
Continuing operations	$	0.75		$	0.74		$	2.41		$	2.10
Discontinued operations		-			0.04			0.03			0.06
Diluted earnings per share	$	0.75		$	0.78		$	2.44		$	2.16
Weighted-average shares used in computing earnings per share:
Basic		54,713			54,957			54,953			56,019
Diluted		54,744			54,958			54,978			57,069
Supplemental disclosures:
Total impairment losses	$	(515	)	$	(347	)	$	(885	)	$	(438	)
Impairment losses recognized in other comprehensive income    before income taxes		-			-			-			19
Net impairment losses recognized in earnings		(515	)		(347	)		(885	)		(419	)
Other net realized investment gains (losses)		234			(60	)		1,698			5,766
Realized investment gains (losses), including other-than-   temporary impairment losses	$	(281	)	$	(407	)	$	813		$	5,347
Dividends declared per share	$	0.12		$	0.11		$	0.36		$	0.33

See accompanying notes to condensed consolidated financial statements.

2

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss) – Unaudited

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Net income	$	41,595		$	43,190		$	135,947		$	125,525
Other comprehensive income (loss) before income taxes:
Unrealized investment gains (losses):
Change in unrealized holding gains (losses) on investment securities		(20,132	)		(3,004	)		18,590			(60,502	)
Reclassification adjustment for realized investment (gains) losses    included in net income		80			(184	)		(686	)		(4,416	)
Foreign currency translation adjustments:
Change in unrealized foreign currency translation gains (losses)		(11,600	)		5,586			(11,832	)		(6,907	)
Total other comprehensive income (loss) before income taxes		(31,652	)		2,398			6,072			(71,825	)
Income tax expense (benefit) related to items of other comprehensive    income (loss)		(7,150	)		(1,044	)		6,128			(22,812	)
Other comprehensive income (loss), net of income taxes		(24,502	)		3,442			(56	)		(49,013	)
Total comprehensive income (loss)	$	17,093		$	46,632		$	135,891		$	76,512

See accompanying notes to condensed consolidated financial statements.

3

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity – Unaudited

	Nine months ended September 30,
	2014			2013
	(In thousands)
Common stock:
Balance, beginning of period	$	548		$	564
Repurchases of common stock		(15	)		(29	)
Net issuance of common stock		4			12
Balance, end of period		537			547
Paid-in capital:
Balance, beginning of period		472,633			602,269
Share-based compensation		29,459			31,161
Net issuance of common stock		(4	)		(12	)
Repurchases of common stock		(71,838	)		(101,044	)
Repurchases of warrants		-			(68,399	)
Adjustments to paid-in capital, other		(993	)		808
Balance, end of period		429,257			464,783
Retained earnings:
Balance, beginning of period		640,840			503,173
Net income		135,947			125,525
Dividends		(20,049	)		(18,920	)
Balance, end of period		756,738			609,778
Accumulated other comprehensive income (loss):
Balance, beginning of period		108,006			169,410
Change in foreign currency translation adjustment, net of income tax expense (benefit) of $(139)    in 2014 and $(91) in 2013		(11,693	)		(6,816	)
Change in net unrealized investment gains (losses) during the period, net of income taxes:
Change in net unrealized investment gains (losses) not-other-than temporarily impaired, net of    income tax expense (benefit) of $5,790 in 2014 and $(22,713) in 2013		10,752			(42,185	)
Change in net unrealized investment losses other-than-temporarily impaired, net of income tax    expense (benefit) of $477 in 2014 and $(8) in 2013		885			(12	)
Balance, end of period		107,950			120,397
Total stockholders’ equity	$	1,294,482		$	1,195,505

See accompanying notes to condensed consolidated financial statements.

4

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows – Unaudited

	Nine months ended September 30,
	2014			2013
	(In thousands)
Cash flows from operating activities:
Net income	$	135,947		$	125,525
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Change in future policy benefits and other policy liabilities		217,208			166,936
Deferral of policy acquisition costs		(217,027	)		(200,082	)
Amortization of deferred policy acquisition costs		104,834			93,556
Change in income taxes		17,772			1,351
Realized investment (gains) losses, including other-than-temporary impairments		(813	)		(5,347	)
Gain from sale of business, net		(1,578	)		-
Accretion and amortization of investments		(2,035	)		(2,924	)
Depreciation and amortization		8,611			8,146
Change in due from reinsurers		(93,109	)		(39,379	)
Change in premiums and other receivables		(16,775	)		(18,095	)
Trading securities sold, matured, or called (acquired), net		3,818			(3,448	)
Share-based compensation		14,333			10,689
Change in other operating assets and liabilities, net		(38,390	)		(46,371	)
Net cash provided by (used in) operating activities		132,796			90,557
Cash flows from investing activities:
Available-for sale investments sold, matured or called:
Fixed-maturity securities — sold		63,996			88,332
Fixed-maturity securities — matured or called		237,335			207,445
Equity securities		188			4,694
Available-for-sale investments acquired:
Fixed-maturity securities		(318,987	)		(156,360	)
Equity securities		(6,470	)		(461	)
Purchases of property and equipment and other investing activities, net		(6,029	)		(18,473	)
Proceeds from sale of business		3,000			-
Cash collateral received (returned) on loaned securities, net		(22,238	)		(64,075	)
Sales (purchases) of short-term investments using securities lending collateral, net		22,238			64,075
Net cash provided by (used in) investing activities		(26,967	)		125,177
Cash flows from financing activities:
Dividends paid		(20,049	)		(18,920	)
Common stock repurchased		(71,853	)		(101,073	)
Warrants repurchased		-			(68,399	)
Excess tax benefits on share-based compensation		4,651			8,440
Payments of deferred financing costs		(864	)		-
Net cash provided by (used in) financing activities		(88,115	)		(179,952	)
Effect of foreign exchange rate changes on cash		(1,904	)		(530	)
Change in cash and cash equivalents		15,810			35,252
Cash and cash equivalents, beginning of period		149,189			112,216
Cash and cash equivalents, end of period	$	164,999		$	147,468

See accompanying notes to condensed consolidated financial statements.

5

PRIMERICA, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements — Unaudited

(1) Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies

Description of Business. Primerica, Inc. (the "Parent Company") together with its subsidiaries (collectively, "we", "us" or the "Company") is a leading distributor of financial products to middle income households in the United States and Canada. We assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. Our primary subsidiaries include the following entities: Primerica Financial Services, Inc. ("PFS"), a general agency and marketing company; Primerica Life Insurance Company ("Primerica Life"), our principal life insurance company; Primerica Financial Services (Canada) Ltd., a holding company for our Canadian operations, which includes Primerica Life Insurance Company of Canada ("Primerica Life Canada") and PFSL Investments Canada Ltd. ("PFSL Investments Canada"); and PFS Investments, Inc. ("PFS Investments"), an investment products company and broker-dealer. Primerica Life, domiciled in Massachusetts, owns National Benefit Life Insurance Company ("NBLIC"), a New York insurance company.

We capitalized Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life, and Primerica Life ceded to Peach Re certain level premium term life insurance policies pursuant to a coinsurance agreement (the "Peach Re Coinsurance Agreement") effective March 31, 2012.

In June 2014, we established Vidalia Re, Inc. ("Vidalia Re") as a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life. Vidalia Re and Primerica Life entered into a coinsurance agreement whereby Primerica Life ceded to Vidalia Re certain level premium term life insurance policies (the "Vidalia Re Coinsurance Agreement") effective July 31, 2014.

Basis of Presentation. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements.

The accompanying unaudited condensed consolidated financial statements contain all adjustments, generally consisting of normal recurring accruals, which are necessary to fairly present the balance sheets as of September 30, 2014 and December 31, 2013, the statements of income and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013, and the statements of stockholders' equity and cash flows for the nine months ended September 30, 2014 and 2013. Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report").

Use of Estimates. The most significant items that involve a greater degree of accounting estimates and actuarial determinations subject to change in the future are the valuation of investments, deferred policy acquisition costs ("DAC"), liabilities for future policy benefits and unpaid policy claims, and income taxes. Estimates for these and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates.

Consolidation. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and those entities required to be consolidated under applicable accounting standards. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated.

Reclassifications. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders' equity and were primarily related to discontinued operations. See Note 2 (Discontinued Operations) for more information.

Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the unaudited condensed consolidated financial statements dated as of September 30, 2014.

Significant Accounting Policies. All significant accounting policies remain unchanged from the 2013 Annual Report.

New Accounting Principles. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 clarifies the principles for recognizing revenue by establishing the core principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which

6

the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue that is recognized. Insurance contracts are specifically excluded from the scope of ASU 2014-09 and therefore revenue from our insurance product lines will not be affected by the new standard. The amendments in ASU 2014-09 are effective retrospectively for the Company beginning in fiscal year 2017. Early adoption is not permitted. While we are still in the process of evaluating the guidance in ASU 2014-09, we do not expect it will have a material impact on our consolidated financial statements.

Future Application of Accounting Standards. Recent accounting guidance not discussed is not applicable, is immaterial to our financial statements, or did not or will not have an impact on our business.

(2) Discontinued Operations

In January 2014, NBLIC sold the assets and liabilities of its short-term statutory disability benefit insurance business ("DBL") to AmTrust North America, Inc. and its affiliates (the "buyer"). As part of the sale agreement, the buyer assumed all liabilities for DBL insurance policies. In addition, NBLIC transferred the assets held in support of DBL's insurance liabilities and all other premium-related assets and liabilities to the buyer as of January 1, 2014. The results of DBL's operations from January 1, 2014 forward were also transferred to the buyer. NBLIC received cash proceeds from the sale of $3.0 million and recognized a pre-tax gain on the sale of approximately $2.4 million, which comprised income from discontinued operations before income taxes in our results of operations for the nine months ended September 30, 2014.

We no longer have significant continuing involvement in the operations of DBL, and its direct cash flows have been eliminated from our ongoing operations. As a result, beginning in the first quarter of 2014, the results of operations for DBL have been reported in discontinued operations for all periods presented in our unaudited condensed consolidated statements of income. The results of operations and the carrying values of the assets and liabilities related to DBL were as follows:

	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
	(In thousands)
Total revenues from discontinued operations	$	-		$	9,048	$	-	$	27,860
Income (loss) from discontinued operations before income    taxes		(28	)		3,782		2,427		5,369
Provision for income taxes		(10	)		1,324		849		1,879
Income (loss) from discontinued operations, net of    income taxes	$	(18	)	$	2,458	$	1,578	$	3,490

	September 30, 2014		December 31, 2013
	(In thousands)
Premiums and other receivables	$	-	$	6,439
Future policy benefits		-		5,047
Other liabilities		-		1,197

(3) Segment and Geographical Information

Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. We also have a Corporate and Other Distributed Products segment. The results of operations for DBL were previously reported in our Corporate and Other Distributed Products segment and have been reclassified into discontinued operations as discussed in Note 2 (Discontinued Operations).

7

Results of continuing operations by segment were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Revenues:
Term life insurance segment	$	193,577		$	177,811		$	560,924		$	514,828
Investment and savings products segment		129,273			114,723			380,690			336,805
Corporate and other distributed products segment		16,337			17,875			53,031			60,715
Total revenues	$	339,187		$	310,409		$	994,645		$	912,348
Income (loss) from continuing operations before    income taxes:
Term life insurance segment	$	45,932		$	50,136		$	148,207		$	147,159
Investment and savings products segment		36,904			31,498			106,978			85,339
Corporate and other distributed products segment		(18,816	)		(18,862	)		(48,592	)		(43,635	)
Total income from continuing operations    before income taxes	$	64,020		$	62,772		$	206,593		$	188,863

Total assets by segment were as follows:

	September 30, 2014		December 31, 2013
	(In thousands)
Assets:
Term life insurance segment	$	7,089,373	$	6,783,194
Investment and savings products segment		2,687,974		2,699,000
Corporate and other distributed products segment		965,307		847,756
Total assets	$	10,742,654	$	10,329,950

The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were approximately $219.4 millionand $195.8 million as of September 30, 2014 and December 31, 2013, respectively.

See “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report for more information regarding our operating segments.

Geographical Information. Results of continuing operations by country and long-lived assets — primarily tangible assets reported in Other assets in our unaudited condensed consolidated balance sheets —were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Revenues by country:
United States	$	278,101	$	253,877	$	811,228	$	739,899
Canada		61,086		56,532		183,417		172,449
Total revenues	$	339,187	$	310,409	$	994,645	$	912,348
Income from continuing operations before income    taxes by country:
United States	$	47,296	$	47,169	$	152,828	$	139,774
Canada		16,724		15,603		53,765		49,089
Total income from continuing operations before    income taxes	$	64,020	$	62,772	$	206,593	$	188,863

	September 30, 2014		December 31, 2013
	(In thousands)
Long-lived assets by country:
United States	$	26,896	$	24,413
Canada		582		637
Total long-lived assets	$	27,478	$	25,050

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(4) Investments

Available-for-sale Securities. The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of available-for-sale fixed-maturity and equity securities follow:

	September 30, 2014
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	9,701	$	507	$	(79	)	$	10,129
Foreign government		116,972		6,582		(2,745	)		120,809
States and political subdivisions		35,011		2,496		(229	)		37,278
Corporates		1,240,960		89,253		(6,177	)		1,324,036
Mortgage- and asset-backed securities		282,661		13,462		(449	)		295,674
Total fixed-maturity securities(1)		1,685,305		112,300		(9,679	)		1,787,926
Equity securities		40,824		9,879		(570	)		50,133
Total fixed-maturity and equity securities	$	1,726,129	$	122,179	$	(10,249	)	$	1,838,059

⁽¹⁾ Includes approximately $0.7million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

	As of December 31, 2013
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	8,696	$	485	$	(127	)	$	9,054
Foreign government		111,610		7,512		(2,766	)		116,356
States and political subdivisions		32,308		1,860		(468	)		33,700
Corporates		1,240,100		84,545		(11,931	)		1,312,714
Mortgage- and asset-backed securities		270,308		14,610		(1,030	)		283,888
Total fixed-maturity securities(1)		1,663,022		109,012		(16,322	)		1,755,712
Equity securities		32,592		7,935		(633	)		39,894
Total fixed-maturity and equity securities	$	1,695,614	$	116,947	$	(16,955	)	$	1,795,606

⁽¹⁾ Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

All of our available-for-sale mortgage- and asset-backed securities represent variable interests in variable interest entities ("VIEs"). We are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the entities’ economic performance. The maximum exposure to loss as a result of our involvement in these VIEs equals the carrying value of the securities.

The scheduled contractual maturity distribution of the available-for-sale fixed-maturity portfolio at September 30, 2014 follows:

	Amortized cost		Market value
	(In thousands)
Due in one year or less	$	92,778	$	95,084
Due after one year through five years		568,331		619,711
Due after five years through 10 years		693,097		723,932
Due after 10 years		48,438		53,525
		1,402,644		1,492,252
Mortgage- and asset-backed securities		282,661		295,674
Total fixed-maturity securities	$	1,685,305	$	1,787,926

Expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

9

Unrealized Gains and Losses on Investments. The net effect on stockholders’ equity of unrealized gains and losses on investments was as follows:

	September 30, 2014			December 31, 2013
	(In thousands)
Net unrealized investment gains (losses) including foreign currency    translation adjustment and other-than-temporary impairments:
Fixed-maturity and equity securities	$	111,930		$	99,992
Currency swaps		31			72
Foreign currency translation adjustment		7,530			1,523
Other-than-temporary impairments		710			2,072
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments		120,201			103,659
Deferred income taxes		(42,070	)		(36,280	)
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments, net of tax	$	78,131		$	67,379

Trading Securities. We maintain a portfolio of fixed-maturity securities that are classified as trading securities. The carrying values of the fixed-maturity securities classified as trading securities were approximately $9.1millionand $13.0 million as of September 30, 2014 and December 31, 2013, respectively.

Held-to-maturity Security. Concurrent with the execution of the Vidalia Re Coinsurance Agreement, Vidalia Re entered into a Surplus Note Purchase Agreement (the "Surplus Note Purchase Agreement") with Hannover Life Reassurance Company of America and certain of its affiliates (collectively, “Hannover Re”) and a newly formed limited liability company (the "LLC") owned by a third party service provider. Under the Surplus Note Purchase Agreement, Vidalia Re issued a surplus note (the “Surplus Note”) to the LLC in exchange for a credit enhanced note from the LLC with an equal principal amount (the “LLC Note”). The principal amount of both the LLC Note and the Surplus Note will fluctuate over time to coincide with the amount of reserves being supported under the Vidalia Re Coinsurance Agreement. Both the LLC Note and the Surplus Note mature on December 31, 2029 and bear interest at an annual interest rate of 4.50%. The LLC Note is guaranteed by Hannover Re through a credit enhancement feature in exchange for a fee.

The LLC is a variable interest entity as its owner does not have an equity investment at risk that is sufficient to permit the LLC to finance its activities without Vidalia Re or Hannover Re. The Parent Company, Primerica Life, and Vidalia Re share the power to direct the activities of the LLC with Hannover Re, but do not have the obligation to absorb losses or the right to receive any residual returns related to the LLC’s primary risks or sources of variability. Through the credit enhancement feature, Hannover Re is the ultimate risk taker in this transaction and bears the obligation to absorb the LLC’s losses in the event of a Surplus Note default in exchange for the fee. Accordingly, the Company is not the primary beneficiary of the LLC and does not consolidate the LLC within its consolidated financial statements.

The LLC Note is classified as a held-to-maturity debt security in the Company’s invested asset portfolio as we have the positive intent and ability to hold the security until maturity. The LLC Note, which was rated AA- by Fitch Ratings, had an estimated unrealized holding gain of $1.4 millionbased on its amortized cost and estimated fair value as of September 30, 2014.

See Note 7 (Debt) for more information on the Surplus Note.

Investments on Deposit with Governmental Authorities. As required by law, we have investments on deposit with governmental authorities and banks for the protection of policyholders. The fair values of investments on deposit were approximately $19.5 million and $18.4 million as of September 30, 2014 and December 31, 2013, respectively.

Securities Lending Transactions. We participate in securities lending transactions with broker-dealers and other financial institutions to increase investment income with minimal risk. We require minimum collateral on securities loaned equal to 102% of the fair value of the loaned securities. We accept collateral in the form of securities, which we are not able to sell or encumber, and to the extent the collateral declines in value below 100%, we require additional collateral from the borrower. Any securities collateral received is not reflected on our balance sheet. We also accept collateral in the form of cash, all of which we reinvest. For loans involving unrestricted cash collateral, the collateral is reported as an asset with a corresponding liability representing our obligation to return the collateral. We continue to carry the loaned securities as invested assets on our balance sheet during the terms of the loans, and we do not report them as sales. Cash collateral received and reinvested was approximately $67.6 million and $89.9 million as of September 30, 2014 and December 31, 2013, respectively.

10

Investment Income. The components of net investment income were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Fixed-maturity securities (available-for-sale)	$	20,933		$	21,785		$	62,419		$	67,643
Fixed-maturity security (held-to-maturity)		1,299			-			1,299			-
Equity securities		450			277			1,306			841
Policy loans and other invested assets		1,666			325			2,452			972
Cash and cash equivalents		70			54			191			215
Market return on deposit asset underlying 10% coinsurance agreement		(127	)		829			2,316			331
Gross investment income		24,291			23,270			69,983			70,002
Investment expenses		(2,527	)		(1,167	)		(4,939	)		(3,657	)
Interest expense on Surplus Note		(1,299	)		-			(1,299	)		-
Net investment income	$	20,465		$	22,103		$	63,745		$	66,345

The components of net realized investment gains (losses) as well as details on gross realized investment gains and losses and proceeds from sales or other redemptions were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Net realized investment gains (losses):
Gross gains from sales	$	550		$	1,234		$	1,731		$	5,989
Gross losses from sales		(115	)		(703	)		(160	)		(1,154	)
Other-than-temporary impairment losses		(515	)		(347	)		(885	)		(419	)
Gains (losses) from bifurcated options		(201	)		(591	)		127			931
Net realized investment gains (losses)	$	(281	)	$	(407	)	$	813		$	5,347
Supplemental information:
Gross realized investment gains (losses) reclassified from accumulated    other comprehensive income into earnings	$	(80	)	$	184		$	686		$	4,416
Tax expense (benefit) associated with realized investment gains (losses)    reclassified from accumulated other comprehensive income into    earnings	$	(28	)	$	64		$	240		$	1,546
Proceeds from sales or other redemptions	$	92,130		$	79,864		$	301,519		$	300,471

Other-Than-Temporary Impairment. We conduct a review each quarter to identify and evaluate impaired investments that have indications of possible other-than-temporary impairment ("OTTI"). An investment in a debt or equity security is impaired if its fair value falls below its cost. Factors considered in determining whether an unrealized loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects for the issue, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery, which may be maturity for fixed-maturity securities or within a reasonable period of time for equity securities. For additional information, see Note 3 (Investments) to the consolidated financial statements in our 2013 Annual Report.

Investments in available-for-sale fixed-maturity and equity securities with a cost basis in excess of their fair values were approximately $291.6 millionand $454.2 million as of September 30, 2014 and December 31, 2013, respectively.

The following tables summarize, for all available-for-sale securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position:

	September 30, 2014
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses			Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	2,813	$	(16	)		2	$	888	$	(63	)		2
Foreign government		22,852		(703	)		32		23,402		(2,042	)		39
States and political subdivisions		2,142		(8	)		2		3,687		(221	)		5
Corporates		102,914		(1,701	)		114		50,961		(4,476	)		88
Mortgage-and asset-backed securities		52,063		(131	)		36		15,051		(318	)		15
Total fixed-maturity securities		182,784		(2,559	)				93,989		(7,120	)
Equity securities		1,907		(69	)		12		2,629		(501	)		2
Total fixed-maturity and equity    securities	$	184,691	$	(2,628	)			$	96,618	$	(7,621	)

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	December 31, 2013
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses				Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	3,817	$	(36	)		3	$	859	$	(91	)			2
Foreign government		34,869		(2,190	)		47		5,999		(576	)			13
States and political subdivisions		8,520		(468	)		11		152		-		(1)		1
Corporates		296,192		(9,510	)		295		19,022		(2,421	)			31
Mortgage-and asset-backed securities		54,215		(536	)		46		10,523		(494	)			9
Total fixed-maturity securities		397,613		(12,740	)				36,555		(3,582	)
Equity securities		3,081		(633	)		7		-		-				-
Total fixed-maturity and equity    securities	$	400,694	$	(13,373	)			$	36,555	$	(3,582	)

⁽¹⁾ Less than one thousand.

The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows:

	September 30, 2014				December 31, 2013
	Amortized cost		Fair value		Amortized cost		Fair value
	(In thousands)
Fixed-maturity securities in default	$	31	$	128	$	31	$	267

Impairment charges recognized in earnings on available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairments on fixed-maturity securities not in default	$	515	$	347	$	885		419

The securities noted above were considered to be other-than-temporarily impaired due to our intent to sell them; adverse credit events, such as news of an impending filing for bankruptcy; analyses of the issuer’s most recent financial statements or other information in which liquidity deficiencies, significant losses and large declines in capitalization were evident; or analyses of rating agency information for issuances with severe ratings downgrades that indicated a significant increase in the possibility of default.

As of September 30, 2014, the unrealized losses on our available-for-sale invested asset portfolio were largely caused by interest rate sensitivity and, to a lesser extent, changes in credit spreads. We believe that fluctuations caused by interest rate movement have little bearing on the recoverability of our investments. Because we have the ability to hold these investments until a market price recovery or maturity and we have no present intention to dispose of them, we do not consider these investments to be other-than-temporarily impaired.

Net impairment losses recognized in earnings for available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairment losses related to securities which the Company    does not intend to sell or more-likely-than-not will not be    required to sell:
Total OTTI losses recognized	$	-	$	345	$	-	$	365
Less portion of OTTI loss recognized in accumulated other    comprehensive income (loss)		-		-		-		(19	)
Net impairment losses recognized in earnings for securities which    the Company does not intend to sell or more-likely-than-not will     not be required to sell before recovery:		-		345		-		346
OTTI losses recognized in earnings for securities which the    Company intends to sell or more-likely-than-not will be    required to sell before recovery		515		2		885		73
Net impairment losses recognized in earnings	$	515	$	347	$	885	$	419

12

The rollforward of the credit-related losses recognized in income for all available-for-sale fixed-maturity securities still held follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Cumulative OTTI credit losses recognized for securities still held,    beginning of period	$	14,348		$	14,243		$	14,516		$	14,171
Additions for OTTI securities where no credit losses were    recognized prior to the beginning of the period		412			345			753			416
Additions for OTTI securities where credit losses have been    recognized prior to the beginning of the period		103			2			132			3
Reductions due to sales, maturities or calls of credit impaired    securities		(1,019	)		(264	)		(1,557	)		(264	)
Cumulative OTTI credit losses recognized for securities still    held, end of period	$	13,844		$	14,326		$	13,844		$	14,326

As of September 30, 2014, no impairment losses have been recognized on the LLC Note held-to-maturity security.

Derivatives. Embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains (losses), including OTTI losses. As of September 30, 2014 and December 31, 2013, the fair value of these bifurcated options was approximately $6.5 million and $4.6 million, respectively.

We have a deferred loss related to closed forward contracts, which were settled several years ago, that were used to mitigate our exposure to foreign currency exchange rates that resulted from the net investment in our Canadian operations. The amount of deferred loss included in accumulated other comprehensive income was approximately $26.4millionas of September 30, 2014 and December 31, 2013. While we have no current intention to do so, these deferred losses will not be recognized until such time as we sell or substantially liquidate our Canadian operations.

(5) Fair Value of Financial Instruments

Fair value is the price that would be received upon the sale of an asset in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We classify and disclose all invested assets carried at fair value in one of the following three categories:

· Level 1. Quoted prices for identical instruments in active markets. Level 1 primarily consists of financial instruments whose value is based on quoted market prices in active markets, such as exchange-traded common stocks and actively traded mutual fund investments;

· Level 2. Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. Various inputs are considered in deriving the fair value of the underlying financial instrument, including interest rate, credit spread, and foreign exchange rates. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate fixed-maturity and equity securities; government or agency securities; certain mortgage- and asset-backed securities and certain non-exchange-traded derivatives, such as currency swaps and forwards; and

· Level 3. Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 consists of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and models using significant inputs not based on, nor corroborated by, readily available market information. Valuations for this category primarily consist of non-binding broker quotes. Financial instruments in this category primarily include less liquid fixed-maturity corporate securities.

As of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety based on the lowest level of input (Level 3 being the lowest) that is significant to the fair value measurement. Significant levels of estimation and judgment are required to determine the fair value of certain of our investments. The factors influencing these estimations and judgments are subject to change in subsequent reporting periods.

13

The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	10,129	$	-	$	10,129
Foreign government		-		120,809		-		120,809
States and political subdivisions		-		37,278		-		37,278
Corporates		1,830		1,321,966		240		1,324,036
Mortgage- and asset-backed securities		-		294,272		1,402		295,674
Total fixed-maturity securities		1,830		1,784,454		1,642		1,787,926
Equity securities		43,264		6,821		48		50,133
Trading securities		-		9,135		-		9,135
Separate accounts		-		2,469,118		-		2,469,118
Total fair value assets	$	45,094	$	4,269,528	$	1,690	$	4,316,312
Fair value liabilities:
Currency swaps	$	-	$	104	$	-	$	104
Separate accounts		-		2,469,118		-		2,469,118
Total fair value liabilities	$	-	$	2,469,222	$	-	$	2,469,222

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	9,054	$	-	$	9,054
Foreign government		-		116,356		-		116,356
States and political subdivisions		-		33,700		-		33,700
Corporates		1,282		1,310,739		693		1,312,714
Mortgage- and asset-backed securities		-		282,341		1,547		283,888
Total fixed-maturity securities		1,282		1,752,190		2,240		1,755,712
Equity securities		34,868		4,978		48		39,894
Trading securities		-		12,991		-		12,991
Separate accounts		-		2,503,829		-		2,503,829
Total fair value assets	$	36,150	$	4,273,988	$	2,288	$	4,312,426
Fair value liabilities:
Currency swaps	$	-	$	88	$	-	$	88
Separate accounts		-		2,503,829		-		2,503,829
Total fair value liabilities	$	-	$	2,503,917	$	-	$	2,503,917

In assessing fair value of our investments, we use a third-party pricing service for approximately 95%of our securities. The remaining securities are primarily thinly traded securities valued using models based on observable inputs on public corporate spreads having similar tenors (e.g., sector, average life and quality rating) and liquidity and yield based on quality rating, average life and treasury yields. All observable data inputs are corroborated by independent third-party data. In the absence of sufficient observable inputs, we utilize non-binding broker quotes, which are reflected in our Level 3 classification as we are unable to evaluate the valuation technique(s) or significant inputs used to develop the quotes. Therefore, we do not internally develop the quantitative unobservable inputs used in measuring the fair value of Level 3 investments. However, we do corroborate pricing information provided by our third-party pricing servicing by performing a review of selected securities. Our review activities include obtaining detailed information about the assumptions, inputs and methodologies used in pricing the security; documenting this information; and corroborating it by comparison to independently obtained prices and or independently developed pricing methodologies.

Furthermore, we perform internal reasonableness assessments on fair value determinations within our portfolio throughout the quarter and at quarter-end, including pricing variance analyses and comparisons to alternative pricing sources and benchmark returns. If a fair value appears unusual relative to these assessments, we will re-examine the inputs and may challenge a fair value assessment made by the pricing service. If there is a known pricing error, we will request a reassessment by the pricing service. If the pricing service is unable to perform the reassessment on a timely basis, we will determine the appropriate price by requesting a reassessment from an alternative pricing service or other qualified source as necessary. We do not adjust quotes or prices except in a rare circumstance to resolve a known error.

Because many fixed-maturity securities do not trade on a daily basis, fair value is determined using industry-standard methodologies by applying available market information through processes such as U.S. Treasury curves, benchmarking of similar securities, sector

14

groupings, quotes from market participants and matrix pricing. Observable information is compiled and integrates relevant credit information, perceived market movements and sector news. Additionally, security prices are periodically back-tested to validate and/or refine models as conditions warrant. Market indicators and industry and economic events are also monitored as triggers to obtain additional data. For certain structured securities with limited trading activity, industry-standard pricing methodologies use adjusted market information, such as index prices or discounting expected future cash flows, to estimate fair value. If these measures are not deemed observable for a particular security, the security will be classified as Level 3 in the fair value hierarchy.

Where specific market information is unavailable for certain securities, pricing models produce estimates of fair value primarily using Level 2 inputs along with certain Level 3 inputs. These models include matrix pricing. The pricing matrix uses current treasury rates and credit spreads received from third-party sources to estimate fair value. The credit spreads incorporate the issuer’s industry- or issuer-specific credit characteristics and the security’s time to maturity, if warranted. Remaining unpriced securities are valued using an estimate of fair value based on indicative market prices that include significant unobservable inputs not based on, nor corroborated by, market information, including the utilization of non-binding broker quotes.

The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Level 3 assets, beginning of period	$	1,752		$	8,433		$	2,288		$	5,221
Net unrealized gains (losses) included in other comprehensive income		(13	)		(122	)		(115	)		(288	)
Realized gains (losses) and accretion (amortization) recognized in    earnings, including OTTI		5			171			416			301
Purchases		-			-			-			4,383
Sales		-			(10	)		-			(25	)
Settlements		(54	)		(1,163	)		(899	)		(1,862	)
Transfers into Level 3		-			371			-			1,357
Transfers out of Level 3		-			(3,499	)		-			(4,906	)
Level 3 assets, end of period	$	1,690		$	4,181		$	1,690		$	4,181

We obtain independent pricing quotes based on observable inputs as of the end of the reporting period for all securities in Level 2. Those inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, quoted prices for similar instruments in markets that are not active, and other relevant data. We monitor these inputs for market indicators, industry and economic events. We recognize transfers into new levels and out of previous levels as of the end of the reporting period, including interim reporting periods, as applicable. There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2014 and 2013. In addition, there were no transfers between Level 1 and Level 3 during the three and nine months ended September 30, 2014 and 2013.

Invested assets included in the transfer from Level 3 to Level 2 during the three and nine months ended September 30, 2013 primarily were fixed-maturity investments for which we were able to obtain independent pricing quotes based on observable inputs. Invested assets included in the transfer from Level 2 to Level 3 during the three the nine months ended September 30, 2013 primarily were fixed-maturity investments for which we were unable to corroborate independent broker quotes with observable market data.

The table below is a summary of the estimated fair value for financial instruments.

	September 30, 2014				December 31, 2013
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
	(In thousands)
Assets:
Fixed-maturity securities (available-for-sale)	$	1,787,926	$	1,787,926	$	1,755,712	$	1,755,712
Fixed-maturity security (held-to-maturity)		189,830		191,274		-		-
Equity securities		50,133		50,133		39,894		39,894
Trading securities		9,135		9,135		12,991		12,991
Policy loans		27,566		27,566		26,806		26,806
Deposit asset underlying 10% coinsurance agreement		149,143		149,143		124,413		124,413
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829
Liabilities:
Notes payable	$	374,519	$	407,269	$	374,481	$	385,161
Surplus note		189,830		189,436		-		-
Currency swaps		104		104		88		88
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829

The fair values of financial instruments presented above are estimates of the fair values at a specific point in time using various sources and methods, including market quotations and a complex matrix system that takes into account issuer sector, quality, and spreads in the current marketplace.

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Recurring fair value measurements. Estimated fair values of investments in available-for-sale fixed-maturity securities are principally a function of current spreads and interest rates that are corroborated by independent third-party data. Therefore, the fair values presented are indicative of amounts we could realize or settle at the respective balance sheet date. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. Trading securities, which primarily consist of fixed-maturity securities, are carried at fair value. Equity securities, including common and nonredeemable preferred stocks, are carried at fair value. Currency swaps are stated at fair value. Segregated funds in separate accounts are carried at the underlying value of the variable insurance contracts, which is fair value.

Nonrecurring fair value measurements. The estimated fair value of the held-to-maturity fixed-maturity security, which is classified as a Level 3 fair value measurement, is derived using the credit spread on similarly rated debt securities and the hypothetical spread of the security’s credit enhancement feature. Policy loans, which are categorized as Level 3 fair value measurements, are carried at the unpaid principal balances. The fair value of policy loans approximate the unpaid principal balances as the timing of repayment is uncertain and the loans are collateralized by the amount of the policy. The deposit asset underlying the 10% coinsurance agreement with Prime Reinsurance Company, Inc. ("Prime Re"), an affiliate of Citigroup Inc. ("Citigroup"), represents the value of the assets necessary to back the economic reserves held in support of the reinsurance agreement. The carrying value of this deposit asset approximates fair value, which is categorized as Level 3 in the fair value hierarchy. Notes payable represent our publicly-traded senior notes and are valued as a Level 2 fair value measurement using the quoted market price for our notes. The estimated fair value of the Surplus Note is derived by using an assumed credit spread we would expect if Vidalia Re was a credit-rated entity and the hypothetical spread of the Surplus Note’s subordinated structure. The Surplus Note is classified as a Level 3 fair value measurement.

The carrying amounts for cash and cash equivalents, receivables, accrued investment income, accounts payable, cash collateral and payables for security transactions approximate their fair values due to the short-term nature of these instruments. Consequently, such financial instruments are not included in the above table.

(6) Reinsurance

We use reinsurance extensively, which has a significant effect on our results of operations. Reinsurance arrangements do not relieve us of our primary obligation to the policyholder. We monitor the concentration of credit risk we have with any reinsurer, as well as the financial condition of the reinsurers.

Details on in-force life insurance follow:

	September 30, 2014			December 31, 2013
	(Dollars in thousands)
Direct life insurance in force	$	685,399,115		$	679,337,825
Amounts ceded to other companies		(606,602,219	)		(601,309,340	)
Net life insurance in force	$	78,796,896		$	78,028,485
Percentage of reinsured life insurance in force		89	%		89	%

Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows:

	September 30, 2014			December 31, 2013
	Reinsurance receivable		A.M. Best rating	Reinsurance receivable		A.M. Best rating
	(In thousands)
Prime Reinsurance Company(1)	$	2,631,802	NR	$	2,572,800	NR
SCOR Global Life Reinsurance Companies		379,377	A		372,479	A
Financial Reassurance Company 2010, Ltd.(1)		330,451	NR		343,144	NR
Swiss Re Life & Health America Inc.(2)		265,697	A+		260,775	A+
American Health and Life Insurance Company(1)		176,670	A-		174,722	A-
Munich American Reassurance Company		103,621	A+		100,856	A+
Korean Reinsurance Company		89,020	A		89,405	A
RGA Reinsurance Company		80,452	A+		75,629	A+
Toa Reinsurance Company		22,124	A+		18,824	A+
Hannover Life Reassurance Company		19,796	A+		16,862	A+
All other reinsurers		31,627	-		29,558	-
Due from reinsurers	$	4,130,637		$	4,055,054

NR – not rated

⁽¹⁾ Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers.

⁽²⁾ Includes amounts ceded to Lincoln National Life Insurance and 100%retroceded to Swiss Re Life & Health America Inc.

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(7) Debt

Notes Payable.At September 30, 2014, the Company had $375.0 millionof publicly-traded, senior unsecured notes with an annual interest rate of 4.75%that are scheduled to mature on July 15, 2022 (the "Senior Notes"). As of September 30, 2014, we were in compliance with the covenants of the Senior Notes. No events of default occurred on the Senior Notes during the nine months ended September 30, 2014.

Further discussion on the Company’s notes payable is included in Note 9 (Notes Payable) to our consolidated financial statements within our 2013 Annual Report.

Surplus Note. At September 30, 2014, the principal amount outstanding on the Surplus Note issued by Vidalia Re was approximately $189.8 million, equal to the principal amount of the LLC Note invested asset. The Surplus Note was issued in exchange for the LLC Note, which supports certain obligations of Vidalia Re for a portion of the statutory accounting-based reserves (commonly referred to as Regulation XXX reserves) related to the Vidalia Re Coinsurance Agreement. The principal amount of the Surplus Note will match the LLC Note and fluctuate over time to coincide with the amount of reserves being supported. Both the LLC Note and the Surplus Note mature on December 31, 2029 and bear interest at an annual interest rate of 4.50%. Based on the estimated reserves for ceded policies issued in 2011, 2012, and 2013, the maximum principal amounts of the Surplus Note and the LLC Note are expected to be approximately $680.0 millioneach. This financing arrangement is non-recourse to the Parent Company and Primerica Life, meaning that neither of these companies has guaranteed the Surplus Note or is otherwise liable for reimbursement for any payments triggered by the credit enhancement feature underlying the LLC Note. The Parent Company has agreed to support Vidalia Re's obligation to pay the credit enhancement fee incurred on the LLC Note. See Note 4 (Investments) for more information on the LLC Note.

(8) Stockholders’ Equity

A reconciliation of the number of shares of our common stock follows.

	Nine months ended September 30,
	2014			2013
	(In thousands)
Common stock, beginning of period		54,834			56,374
Shares of restricted common stock issued		-			289
Shares issued for stock options exercised		4			-
Shares of common stock issued upon lapse of restricted stock units ("RSUs")		381			975
Common stock retired		(1,537	)		(2,951	)
Common stock, end of period		53,682			54,687

The above reconciliation excludes RSUs, which do not have voting rights. As the RSUs lapse, we issue common shares with voting rights. As of September 30, 2014, we had a total of approximately 1.2 millionRSUs outstanding.

Our Board of Directors authorized a share repurchase program for up to $150.0 million of our outstanding common stock (the "share repurchase program"). Under the share repurchase program, we repurchased 1,383,902 shares of our common stock in open market transactions for an aggregate purchase price of approximately $65.5 million during the first nine months of 2014. As of September 30, 2014, there is approximately $84.4 millionremaining for repurchases of our outstanding common stock under the share repurchase program.

(9) Earnings Per Share

The Company has outstanding common stock and equity awards that consist of restricted stock, RSUs and stock options. In addition, warrants to purchase additional shares of our common stock were outstanding until we repurchased and retired these warrants in 2013. The restricted stock and RSUs maintain non-forfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. Unvested restricted stock and unvested RSUs are deemed participating securities for purposes of calculating earnings per share ("EPS") as they maintain dividend rights.

As a result of issuing restricted stock and RSUs that are deemed participating securities, we calculate EPS using the two-class method. Under the two-class method, we allocate earnings to common shares (excluding unvested restricted stock) and vested RSUs outstanding for the period. Earnings attributable to unvested participating securities, along with the corresponding share counts, are excluded from EPS as reflected in our unaudited condensed consolidated statements of income.

In calculating basic EPS, we deduct any dividends and undistributed earnings allocated to unvested restricted stock and unvested RSUs from net income and then divide the result by the weighted-average number of common shares and vested RSUs outstanding for the period.

We determine the potential dilutive effect of warrants and stock options outstanding on EPS using the treasury-stock method. Under this method, we determine the proceeds that would be received from the exercise of the warrants and stock options outstanding, which

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includes cash received for the exercise price, the remaining unrecognized stock option compensation expense and the resulting effect on the income tax deduction from the exercise of stock options. We then use the average market price of our common shares during the period the warrants and stock options were outstanding to determine how many shares we could repurchase with the proceeds raised from the exercise of the warrants and stock options outstanding. The net incremental share count issued represents the potential dilutive securities. We then reallocate earnings to common shares and vested RSUs by incorporating the increased fully diluted share count to determine diluted EPS.

The calculation of basic and diluted EPS follows.

	Three months ended September 30,							Nine months ended September 30,
	2014				2013			2014			2013
	(In thousands, except per-share amounts)
Basic EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,113	)
Income from continuing operations used in calculating basic EPS	$	41,166			$	40,207		$	132,823		$	119,922
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(60	)
Income from discontinued operations used in calculating basic EPS	$	(18	)		$	2,426		$	1,560		$	3,430
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Basic EPS from continuing operations	$	0.75			$	0.74		$	2.42		$	2.14
Basic EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06
Diluted EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,081	)
Income from continuing operations used in calculating diluted     EPS	$	41,166			$	40,207		$	132,823		$	119,954
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(59	)
Income from discontinued operations used in calculating diluted     EPS	$	(18	)		$	2,426		$	1,560		$	3,431
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Dilutive effect of incremental shares if issued for warrants     outstanding		-				-			-			1,050
Dilutive effect of incremental shares to be issued for equity awards		31				1			25			-
Weighted-average shares used in calculating diluted EPS		54,744				54,958			54,978			57,069
Diluted EPS from continuing operations	$	0.75			$	0.74		$	2.41		$	2.10
Diluted EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06

⁽¹⁾ Loss per share from discontinued operations for the three months ended September 30, 2014 is less than $0.01.

⁽²⁾ Loss attributable to unvested participating securities from discontinued operations for the three months ended September 30, 2014 is less than $1.

(10) Share-Based Transactions

The Company has outstanding equity awards under its Omnibus Incentive Plan ("OIP"). The OIP provides for the issuance of equity awards, including stock options, stock appreciation rights, restricted stock, deferred stock, RSUs, unrestricted stock, as well as cash-based awards. In addition to time-based vesting requirements, awards granted under the OIP also may be subject to specified performance criteria. Since 2010, the Company has issued equity awards to our management (officers and other key employees), non-employee directors, and sales force leaders under the OIP. For more information on equity awards granted under the OIP, see Note 13 (Share-Based Compensation) to our consolidated financial statements within our 2013 Annual Report.

In connection with our granting of equity awards to our management and members of the Board of Directors, we recognize expense over the service period of the equity award. Additionally, to the extent that equity awards to members of our sales force are an incremental direct cost of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred, we defer and amortize the fair value of these awards in the same manner as other deferred policy acquisition costs.

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The impacts of equity awards granted are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Total equity awards expense recognized	$	8,497	$	2,737	$	14,333	$	10,689
Quarterly incentive awards expense deferred		3,041		3,893		10,371		12,034

During the third quarter of 2014, the Compensation Committee of the Board of Directors amended the equity awards granted to management in February 2014 (the “modified awards”) to provide for such awards to vest upon the voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date. In order to be retirement eligible, an employee must be at least 55 years old and his or her age plus years of service with the Company must equal at least 75. All unrecognized equity compensation expense for the modified awards granted to retirement eligible employees as of the date of the modification was recognized immediately during the third quarter of 2014 as there is no remaining substantive future requisite service period for these awards. The modification affects the timing of expense recognition for the modified awards and not the total amount of expense to be recognized given that the amount of awards expected to vest under the original service condition is not significantly different from the amount of awards now expected to vest after the modification. As a result of this modification, approximately $5.1 million of equity compensation expense for the modified awards was accelerated into the third quarter of 2014 rather than being recognized over the three-year vesting period of the award. This expense acceleration in the third quarter of 2014 will reduce the originally scheduled equity compensation expense for the modified awards in each subsequent period through the final vesting date in 2017. The retirement eligibility provision is expected to be included in equity awards granted to employees in future periods.

(11) Commitments and Contingent Liabilities

Letter of Credit.Peach Re maintains a credit facility agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the Regulation XXX reserves related to the Peach Re Coinsurance Agreement. Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit for the benefit of Primerica Life. As of September 30, 2014, the Company was in compliance with all financial covenants under the Credit Facility Agreement.

Further discussion on the Company’s letter of credit is included in Note 15 (Commitments and Contingent Liabilities) to our consolidated financial statements within our 2013 Annual Report.

Contingent Liabilities.The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters.

Beginning in late 2011, numerous FINRA ("Financial Industry Regulatory Association") arbitration claims were filed, along with lawsuits in Florida state courts, against our subsidiary, PFS Investments, and certain of its registered representatives seeking damages arising from the allegation that the representatives improperly recommended that the claimants transfer their retirement benefits from the Florida Retirement System's defined benefit plan to its defined contribution plan.

In January 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. As of December 31, 2013, we had established a contingent liability for $9.3 million for the fair value of estimated benefits to be paid to the settling claimants through deferred payments that would begin in 2024 (the "deferred annuity settlement") and approximately $6.4 million for estimated related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. The memorandum of understanding required that a certain percentage of claimants agree to the settlement. By April 2014, a required percentage of claimants had signed settlement agreements and releases. In June 2014, in accordance with the memorandum of understanding and claimant settlement agreements and releases, we reached an agreement with an independent third party to assume the liability for the deferred annuity settlement and paid cash consideration approximately equal to the contingent liability that had been recorded to fund the benefits. With this agreement, the Company is no longer obligated to manage or make payments related to the deferred annuity settlement and has not guaranteed the liability assumed by the third party. As of September 30, 2014, the contingent liability remaining was approximately $0.6 million for deferred benefit payments to be made in subsequent periods and estimated related costs.

The Company is currently undergoing targeted multi-state treasurer audits by 30 jurisdictions with respect to unclaimed property laws, and Primerica Life and NBLIC are engaged in a targeted multi-state market conduct examination by six jurisdictions with respect to their claims-paying practices. The Treasurer of the State of West Virginia brought a suit against Primerica Life and other insurance companies alleging violations of the West Virginia unclaimed property act. The suit was dismissed, and the Treasurer has appealed. Other jurisdictions may pursue similar audits, examinations and litigation. The audits, examinations and litigation are expected to take significant time to complete, and it is unclear whether the Company will be required to compare the Death Master File to its records for periods prior to 2011, including with respect to policies which have lapsed, to determine whether benefits are owed in instances where an insured appears to have died but no claim for death benefits has been made. The potential outcome of such actions is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments,

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additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. At this time, the Company cannot reasonably estimate the likelihood or the impact of additional costs or liabilities that could result from the resolution of these matters. These actions may also result in changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to inform the reader about matters affecting the financial condition and results of operations of Primerica, Inc. (the “Parent Company”) and its subsidiaries (collectively, "we", "us" or the “Company”) for the period from December 31, 2013 to September 30, 2014. As a result, the following discussion should be read in conjunction with MD&A and the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report"). This discussion contains forward-looking statements that constitute our plans, estimates and beliefs. These forward-looking statements involve numerous risks and uncertainties, including, but not limited to, those discussed under the heading “Risk Factors” in the 2013 Annual Report. Actual results may differ materially from those contained in any forward-looking statements.

This MD&A is divided into the following sections:

· Business Overview

· Critical Accounting Estimates

· Factors Affecting Our Results

· Results of Operations

· Financial Condition

· Liquidity and Capital Resources

Business Overview

We are a leading distributor of financial products to middle income households in the United States and Canada. We assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We have two primary operating segments, Term Life Insurance and Investment and Savings Products, and a third segment, Corporate and Other Distributed Products.

Term Life Insurance. We distribute the term life insurance products that we originate through our three issuing life insurance company subsidiaries: Primerica Life Insurance Company (“Primerica Life”); National Benefit Life Insurance Company (“NBLIC”); and Primerica Life Insurance Company of Canada (“Primerica Life Canada”). Our in force term insurance policies have level premiums for the stated term period. As such, the policyholder pays the same amount each year. Initial policy term periods are between 10 and 35 years. While premiums are guaranteed to remain level during the initial term period (up to a maximum of 20 years in the United States), our claim obligations generally increase as our policyholders age. In addition, we incur significant upfront costs in acquiring new insurance business. Our deferral and amortization of policy acquisition costs and reserving methodology are designed to match the recognition of premium revenues with the timing of policy lapses and the payment of expected claims obligations.

Our Term Life Insurance segment results are primarily driven by sales and policies in force, accuracy of our pricing assumptions, terms and use of reinsurance, investment income, and expenses.

Investment and Savings Products. In the United States, we distribute mutual fund and managed accounts products and variable and fixed annuity products of several third-party companies. In Canada, we offer our own Primerica-branded mutual funds, as well as mutual funds of other companies, and segregated funds, which are underwritten by Primerica Life Canada.

Results in our Investment and Savings Products segment are driven by sales of mutual funds and annuities, the value of assets in client accounts for which we earn ongoing service, distribution and advisory fees and the number of fee generating accounts for which we provide administration functions or retirement plan custodial services. While our investment and savings products all have similar long-term earnings characteristics, our results in a given fiscal period are affected by changes in the overall mix of products within these broad categories.

Corporate and Other Distributed Products. Our Corporate and Other Distributed Products segment consists primarily of revenues and expenses related to other distributed products, including various insurance products underwritten by NBLIC, automobile and homeowners' insurance referrals, prepaid legal services, as well as credit information and debt referral services. These products, except for various insurance products underwritten by NBLIC, are distributed pursuant to distribution arrangements with third parties through our independent agent sales force. In addition, our Corporate and Other Distributed Products segment includes corporate

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income (including net investment income) and expenses not allocated to other segments, interest expense on our notes payable and realized gains and losses on our invested asset portfolio.

Critical Accounting Estimates

We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions based on currently available information when recording transactions resulting from business operations. Our significant accounting policies are described in Note 1 (Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies) to our consolidated financial statements included in our 2013 Annual Report. The most significant items on the balance sheet are based on fair value determinations, accounting estimates and actuarial determinations, which are susceptible to changes in future periods and could affect our results of operations and financial position.

The estimates that we deem to be most critical to an understanding of our results of operations and financial position are those related to deferred policy acquisition costs ("DAC"), future policy benefit reserves and corresponding amounts due from reinsurers, income taxes, the valuation of investments, and litigation. The preparation and evaluation of these critical accounting estimates involve the use of various assumptions developed from management’s analyses and judgments. Subsequent experience or use of other assumptions could produce significantly different results.

Accounting Policy Change. During the nine months ended September 30, 2014, there have been no changes in the accounting methodology for items that we have identified as critical accounting estimates. For additional information regarding critical accounting estimates, see the Critical Accounting Estimates section of MD&A included in our 2013 Annual Report.

Factors Affecting Our Results

Economic Environment.The relative strength and stability of financial markets and economies in the United States and Canada affect our growth and profitability. Our business is, and we expect will continue to be, influenced by a number of industry-wide and product-specific trends and conditions.

Economic conditions, including unemployment levels and consumer confidence, influence investment and spending decisions by middle income consumers, who are generally our primary clients. These conditions and factors also impact prospective recruits’ perceptions of the business opportunity that becoming a Primerica sales representative offers, which can drive or dampen recruiting. Consumer spending and borrowing levels affect how consumers evaluate their savings and debt management plans. In addition, interest rates and equity market returns impact consumer demand for the savings and investment products we distribute. The effects of these trends and conditions are discussed in the Results of Operations section below.

Independent Sales Force.Our ability to increase the size of our sales force is largely based on the success of our recruiting efforts and our ability to train and motivate recruits to get licensed to sell life insurance. We believe that recruitment and licensing levels are important to sales force trends and growth in recruiting and licensing is usually indicative of future growth in the overall size of the sales force. Recruiting results do not always result in commensurate changes in the size of our licensed sales force because new recruits may obtain the requisite licenses at rates above or below historical levels.

Regulatory changes can also impact the size of our independent sales force. The insurance regulators in the Canadian provinces and territories entered into a Memorandum of Understanding and related agreements to implement a new life insurance licensing examination program across Canada in early 2016. If this new licensing program is implemented under the terms set forth in the agreements, we believe it would significantly decrease the ability of applicants to obtain their life insurance licenses in Canada. At this time, we cannot quantify the impact of the new licensing program on us. However, we believe the program could result in a significant decline in the number of our new life-licensed representatives in Canada and ultimately the size of our life-licensed sales force. This could lower new life insurance sales and, over time, lower the size of our in-force life insurance premium and materially adversely affect our Canadian Term Life insurance business. See "Part II — Other Information — Item 1. Legal Proceedings." for more information.

Details on new recruits and life-licensed sales representative activity were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
New recruits		49,055		51,523		147,385		148,229
New life-licensed sales representatives		8,793		9,630		25,322		25,670

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New recruits and new life-licensed representatives decreased for the three and nine months ended September 30, 2014 compared to the prior year period primarily due to the positive impact of post-convention initiatives in the third quarter of 2013.

The size of our life-licensed insurance sales force was as follows:

	September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013
Life-licensed insurance sales representatives		97,966		96,596		95,382		95,566

The life-licensed sales force at September 30, 2014 increased compared with the second quarter of 2014 partly due to improved retention of our life-licensed representatives through a lower percentage of non-renewals and terminations in relation to the size of the sales force.

Term Life Insurance Segment.Our Term Life Insurance segment results are primarily driven by sales volumes, the accuracy of our pricing assumptions, terms and use of reinsurance, investment income and expenses.

Sales and policies in force. Sales of term policies and the size and characteristics of our in force book of policies are vital to our results over the long term. Premium revenue is recognized as it is earned over the term of the policy and eligible acquisition expenses are deferred and amortized ratably with the level premiums of the underlying policies. However, because we incur significant cash outflows at or about the time policies are issued, including the payment of sales commissions and underwriting costs, changes in life insurance sales volume will have a more immediate effect on our cash flows.

Historically, we have found that, while sales volume of term life insurance products between fiscal periods may vary based on a variety of factors, the productivity of our sales representatives generally remains within a relatively narrow range (between 0.18x and 0.22x), and, consequently, our sales volume over the longer term generally correlates to the size of our sales force.

The average number of life-licensed sales representatives and the number of term life insurance policies issued, as well as the average monthly rate of new policies issued per life-licensed sales representative, were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
Average number of life-licensed sales representatives		97,302		93,507		96,281		92,339
Number of new policies issued		55,146		53,997		164,035		161,975
Average monthly rate of new policies issued per life-    licensed sales representative	0.19x		0.19x		0.19x		0.19x

The average monthly rate of new policies issued per life-licensed sales representative for the three and nine months ended September 30, 2014 was consistent with the prior year periods and was in line with historical experience.

Pricing assumptions. Our pricing methodology is intended to provide us with appropriate profit margins for the risks we assume. We determine pricing classifications based on the coverage sought, such as the size and term of the policy, and certain policyholder attributes, such as age and health. In addition, we generally utilize unisex rates for our term life insurance policies. The pricing assumptions that underlie our rates are based upon our best estimates of mortality, persistency and investment yields at the time of issuance, sales force commission rates, issue and underwriting expenses, operating expenses and the characteristics of the insureds, including sex, age, underwriting class, product and amount of coverage. Our results will be affected to the extent there is a variance between our pricing assumptions and actual experience.

· Persistency. Persistency is a measure of how long our insurance policies stay in force. As a general matter, persistency that is lower than our pricing assumptions adversely affects our results over the long term because we lose the recurring revenue stream associated with the policies that lapse. Determining the near-term effects of changes in persistency is more complicated. When persistency is lower than our pricing assumptions, we must accelerate the amortization of DAC. The resultant increase in amortization expense is offset by a corresponding release of reserves associated with lapsed policies, which causes a reduction in benefits and claims expense. The future policy benefit reserves associated with any given policy will change over the term of such policy. As a general matter, future policy benefit reserves are lowest at the inception of a policy term and rise steadily to a peak before declining to zero at the expiration of the policy term. Accordingly, depending on when the lapse occurs in relation to the overall policy term, the reduction in benefits and claims expense may be greater or less than the increase in amortization expense, and, consequently, the effects on earnings for a given period could be positive or negative. Persistency levels will impact results to the extent actual experience deviates from the persistency assumptions used to price our products.

· Mortality. Our profitability will fluctuate to the extent actual mortality rates differ from those used in our pricing assumptions. We mitigate a significant portion of our mortality exposure through reinsurance.

· Investment Yields. We use investment yield rates based on yields available at the time a policy is issued. For policies issued in 2010 and after, we have been using an increasing interest rate assumption to reflect the historically low interest rate environment. Both DAC and the future policy benefit reserve liability increase with the assumed investment yield rate. Since DAC is higher than the future policy benefit reserve liability in the early years of a policy, a lower assumed investment yield generally will result in lower profits. In the later years, when the future policy benefit reserve liability is higher than DAC, a lower assumed investment yield generally will result in higher profits. These assumed investment

22

yields, which like other pricing assumptions are locked in at issue, impact the timing but not the aggregate amount of DAC and future policy benefit reserve changes. Actual investment yields will impact net investment income allocated to the Term Life Insurance segment, but will not impact DAC or the reserve liability.

Reinsurance. We use reinsurance extensively, which has a significant effect on our results of operations. Since the mid-1990s, we have reinsured between 60% and 90% of the mortality risk on our U.S. term life insurance policies on a quota share yearly renewable term ("YRT") basis. In Canada, we previously utilized reinsurance arrangements similar to the U.S. in certain years and reinsured only face amounts above $500,000 in other years. However, in the first quarter of 2012, we entered into a YRT reinsurance arrangement in Canada similar to our U.S. program that reinsures 80% of the face amount for every policy sold. YRT reinsurance permits us to set future mortality at contractual rates by policy class. To the extent actual mortality experience is more or less favorable than the contractual rate, the reinsurer will earn incremental profits or bear the incremental cost, as applicable. In contrast to coinsurance, which is intended to eliminate all risks (other than counterparty risk of the reinsurer) and rewards associated with a specified percentage of the block of policies subject to the reinsurance arrangement, the YRT reinsurance arrangements we enter into are intended only to reduce volatility associated with variances between estimated and actual mortality rates.

In 2010, as part of our corporate reorganization, we entered into significant coinsurance transactions (the "coinsurance transactions") with three affiliates (collectively, the "Citigroup reinsurers") of Citigroup Inc. ("Citigroup") and ceded between 80% and 90% of the risks and rewards of our term life insurance policies that were in force at year-end 2009. We continue to administer all policies subject to these coinsurance agreements. With each successive period, we expect revenue and earnings growth to continue to decelerate as the size of our in-force book grows and incremental sales have a reduced marginal effect on the size of the then-existing in force book.

The effect of our reinsurance arrangements on ceded premiums and benefits and expenses on our statement of income follows:

· Ceded premiums. Ceded premiums are the premiums we pay to reinsurers. These amounts are deducted from the direct premiums we earn to calculate our net premium revenues. Similar to direct premium revenues, ceded coinsurance premiums remain level over the initial term of the insurance policy. Ceded YRT premiums increase over the period that the policy has been in force. Accordingly, ceded YRT premiums generally constitute an increasing percentage of direct premiums over the policy term.

· Benefits and claims. Benefits and claims include incurred claim amounts and changes in future policy benefit reserves. Reinsurance reduces incurred claims in direct proportion to the percentage ceded. Coinsurance also reduces the change in future policy benefit reserves in direct proportion to the percentage ceded, while YRT reinsurance does not significantly impact the change in these reserves.

· Amortization of DAC. DAC, and therefore amortization of DAC, is reduced on a pro-rata basis for the coinsured business, including the business reinsured with Citigroup. There is no impact on amortization of DAC associated with our YRT contracts.

· Insurance expenses. Insurance expenses are reduced by the allowances received from coinsurance, including the business reinsured with Citigroup. There is no impact on insurance expenses associated with our YRT contracts.

We may alter our reinsurance practices at any time due to the unavailability of YRT reinsurance at attractive rates or the availability of alternatives to reduce our risk exposure. We presently intend to continue ceding approximately 90% of our U.S. mortality risk on new business and approximately 80% of our Canadian mortality risk on new business.

Net investment income. Net investment income is allocated to the Term Life Insurance segment based on the book value of the invested assets necessary to meet statutory reserve requirements and our targeted capital objectives. Net investment income is impacted by the performance of our invested asset portfolio, which can be affected by interest rates, credit spreads and the mix of invested assets.

Expenses. Results are also affected by variances in client acquisition, maintenance and administration expense levels.

Investment and Savings Products Segment. Our Investment and Savings Products segment results are primarily driven by sales, the value of assets in client accounts for which we earn ongoing management, service and distribution fees and the number of fee generating accounts we administer.

Sales. We earn commissions and fees, such as dealer re-allowances, and marketing and support fees, based on sales of mutual fund products and annuities. Sales of investment and savings products are influenced by the overall demand for investment products in the United States and Canada, as well as by the size and productivity of our sales force. We generally experience seasonality in our Investment and Savings Products segment results due to our high concentration of sales of retirement account products. These accounts are typically funded in February through April, coincident with our clients' tax return preparation season. While we believe the size of our sales force is a factor in driving sales volume in this segment, there are a number of other variables, such as economic and market conditions, which may have a significantly greater effect on sales volume in any given fiscal period.

Asset values in client accounts. We earn marketing and distribution fees (trail commissions or, with respect to U.S. mutual funds, 12b-1 fees) on mutual fund and annuity assets in the United States and Canada. In the United States, we also earn investment advisory fees on assets in the managed accounts program. In Canada, we earn management fees on certain mutual fund assets and on the segregated

23

funds for which we serve as investment manager.  Asset values are influenced by new product sales, ongoing contributions to existing accounts, redemptions and the change in market values in existing accounts. While we offer a wide variety of asset classes and investment styles, our clients' accounts are primarily invested in equity funds.

Accounts. We earn recordkeeping fees for administrative functions we perform on behalf of several of our retail and managed mutual fund providers and custodial fees for services as a non-bank custodian for certain of our clients’ retirement plan accounts.

Sales mix. While our investment and savings products all have similar long-term earnings characteristics, our results in a given fiscal period will be affected by changes in the overall mix of products within these categories. Examples of changes in the sales mix that influence our results include the following:

· sales of annuity products in the United States will generate higher revenues in the period such sales occur than sales of other investment products that either generate lower upfront revenues or, in the case of managed accounts and segregated funds, no upfront revenues;

· sales of a higher proportion of managed accounts and segregated funds products will generally extend the time over which revenues can be earned because we are entitled to higher revenues based on assets under management for these accounts in lieu of upfront revenues; and

· sales of a higher proportion of mutual fund products and the composition of the fund families sold will impact the timing and amount of revenue we earn given the marketing, support, recordkeeping and custodial services we perform for the various mutual fund products we distribute.

Corporate and Other Distributed Products Segment.We earn revenues and pay commissions and referral fees for various other insurance products, prepaid legal services and other financial products, all of which are originated by third parties. NBLIC also has in-force policies from several discontinued lines of insurance. During the first quarter of 2014, NBLIC sold its short-term statutory disability benefit insurance business ("DBL") to AmTrust North America, Inc., and the operating results have been reported as discontinued operations for all periods presented. During the second quarter of 2014, NBLIC ceased the marketing and underwriting of new student life insurance policies but will continue to administer the existing block of student life business. Corporate and Other Distributed Products segment net investment income is composed of two elements:  the remainder of net investment income not allocated to our Term Life Insurance segment and the market return associated with the deposit asset underlying a 10% coinsurance agreement with the Citigroup reinsurers ("10% Coinsurance Agreement").

The Corporate and Other Distributed Products segment is affected by corporate income and expenses not allocated to our other segments, net investment income (other than net investment income allocated to our Term Life Insurance segment), general and administrative expenses (other than expenses that are allocated to our Term Life Insurance or Investment and Savings Products segments), equity awards granted to management and our sales force leaders at the time of our April 2010 initial public offering ("IPO"), interest expense on notes payable and realized gains and losses on our invested asset portfolio.

Capital Structure. Our financial results have also been affected by changes in our capital structure, including the issuance of our senior unsecured notes, as well as repurchases of shares and warrants of our common stock. For additional information regarding factors affecting our results, see Factors Affecting Our Results in our 2013 Annual Report.

24

Results of Operations

Primerica, Inc. and Subsidiaries Results. Our results of operations were as follows:

	Three months ended September 30,						Change						Nine months ended September 30,						Change
	2014			2013			$			%			2014			2013			$			%
	(Dollars in thousands)
Revenues:
Direct premiums	$	577,482		$	567,047		$	10,435			2	%	$	1,722,427		$	1,696,342		$	26,085			2	%
Ceded premiums		(402,198	)		(407,488	)		(5,290	)		(1	)%		(1,215,459	)		(1,235,543	)		(20,084	)		(2	)%
Net premiums		175,284			159,559			15,725			10	%		506,968			460,799			46,169			10	%
Commissions and fees		132,928			118,440			14,488			12	%		391,898			347,895			44,003			13	%
Net investment income		20,465			22,103			(1,638	)		(7	)%		63,745			66,345			(2,600	)		(4	)%
Realized investment gains (losses),     including other-than-temporary     impairment losses		(281	)		(407	)		126			(31	)%		813			5,347			(4,534	)		(85	)%
Other, net		10,791			10,714			77			1	%		31,221			31,962			(741	)		(2	)%
Total revenues		339,187			310,409			28,778			9	%		994,645			912,348			82,297			9	%
Benefits and expenses:
Benefits and claims		81,235			76,549			4,686			6	%		228,839			209,685			19,154			9	%
Amortization of DAC		36,944			32,192			4,752			15	%		104,834			93,556			11,278			12	%
Sales commissions		67,500			58,388			9,112			16	%		199,985			171,074			28,911			17	%
Insurance expenses		31,495			26,576			4,919			19	%		88,190			78,602			9,588			12	%
Insurance commissions		4,045			3,933			112			3	%		12,009			12,286			(277	)		(2	)%
Interest expense		8,712			8,726			(14	)	*				25,870			26,314			(444	)		(2	)%
Other operating expenses		45,236			41,273			3,963			10	%		128,325			131,968			(3,643	)		(3	)%
Total benefits and expenses		275,167			247,637			27,530			11	%		788,052			723,485			64,567			9	%
Income from continuing operations    before income taxes		64,020			62,772			1,248			2	%		206,593			188,863			17,730			9	%
Income taxes		22,407			22,040			367			2	%		72,224			66,828			5,396			8	%
Income from continuing    operations		41,613			40,732			881			2	%		134,369			122,035			12,334			10	%
Income (loss) from discontinued    operations, net of income taxes		(18	)		2,458			(2,476	)	*				1,578			3,490			(1,912	)		(55	)%
Net income	$	41,595		$	43,190		$	(1,595	)		(4	)%	$	135,947		$	125,525		$	10,422			8	%

* Less than 1% or not meaningful.

Results for the Three and Nine Months Ended September 30, 2014 and 2013

Total revenues. Total revenues for the three and nine months ended September 30, 2014 compared to the three and nine months ended September 30, 2013, respectively, increased primarily due to incremental premiums on term life insurance policies not subject to the Citigroup reinsurance transactions, increased sales of investment and savings products, and higher client asset values. Net investment income decreased in both the three- and nine-month periods largely due to lower average yield on our invested assets. Realized investment gains declined during the first nine months of 2014 as compared to the prior year period due to large gains on tendered securities and gains on certain sales of fixed maturity securities in 2013.

Total benefits and expenses. Total benefits and expenses for the three and nine months ended September 30, 2014 increased primarily as a result of the growth in revenue-related costs, which include sales commissions, benefits and claims, amortization of DAC, and certain insurance expenses. For the three and nine months ended September 30, 2014, insurance and other operating expenses were impacted by amendments to our 2014 management equity award agreements, which resulted in the accelerated recognition of expense on certain previously-granted employee equity awards. Lower legal fees largely contributed to the decline in other operating expense for the nine months ended September 30, 2014.

See Note 10 (Share-Based Transactions) to our unaudited condensed consolidated financial statements included elsewhere in this report for more information on the acceleration of stock compensation expense of certain employee equity awards.

Income taxes. Our effective income tax rate of 35.0% during the three and nine months ended September 30, 2014, respectively, were consistent with our effective income tax rates during the three and nine months ended September 30, 2013 of 35.1% and 35.4%, respectively.

For additional information, see the Segment Results discussions below.

25

Segment Results

Term Life Insurance Segment Results. Our results for the Term Life Insurance segment were as follows:

	Three months ended September 30,						Change						Nine months ended September 30,						Change
	2014			2013			$			%			2014			2013			$			%
	(Dollars in thousands)
Revenues:
Direct premiums	$	568,592		$	557,486		$	11,106			2	%	$	1,696,104		$	1,668,555		$	27,549			2	%
Ceded premiums		(399,587	)		(404,459	)		(4,872	)		(1	)%		(1,207,487	)		(1,226,535	)		(19,048	)		(2	)%
Net premiums		169,005			153,027			15,978			10	%		488,617			442,020			46,597			11	%
Allocated net investment income		17,235			17,385			(150	)		(1	)%		50,787			50,989			(202	)	*
Other, net		7,337			7,399			(62	)		(1	)%		21,520			21,819			(299	)		(1	)%
Total revenues		193,577			177,811			15,766			9	%		560,924			514,828			46,096			9	%
Benefits and expenses:
Benefits and claims		77,722			67,788			9,934			15	%		217,272			195,023			22,249			11	%
Amortization of DAC		34,171			29,679			4,492			15	%		96,670			83,320			13,350			16	%
Insurance expenses		30,514			25,125			5,389			21	%		83,221			73,479			9,742			13	%
Insurance commissions		1,070			901			169			19	%		3,314			3,162			152			5	%
Interest expense		4,168			4,182			(14	)	*				12,240			12,685			(445	)		(4	)%
Total benefits and expenses		147,645			127,675			19,970			16	%		412,717			367,669			45,048			12	%
Income from continuing    operations before income taxes	$	45,932		$	50,136		$	(4,204	)		(8	)%	$	148,207		$	147,159		$	1,048			1	%

* Less than 1%.

Results for the Three Months Ended September 30, 2014 and 2013

Net premiums. Direct premiums grew largely due to new term life insurance policies issued, which are not subject to the Citigroup reinsurance transactions. Ceded premiums declined primarily due to the run-off of business subject to the Citigroup reinsurance transactions. Ceded premiums supporting YRT reinsurance programs for new business sales are still a relatively low portion of overall ceded premiums, which causes net premiums to grow faster than direct premiums.

Allocated net investment income. Allocated net investment income remained relatively flat year-over-year, as the higher allocation related to the growth in assets required to support the Term Life segment was entirely offset by lower yield on invested assets.

Benefits and claims. Benefits and claims increased faster than the growth in net premiums due to incurred claims that were above historical trends. The higher than normal claims experience was larger due to the average face amount of reported claims in the third quarter of 2014.

Amortization of DAC. The increase in amortization of DAC was primarily attributable to an increased portion of commissions deferred in recent periods, resulting in a rate of DAC amortization in excess of the growth in net premiums, partially offset by improved year-over-year persistency in the third quarter of 2014.

Insurance expenses. The increase in insurance expenses was mainly due to accelerated expense recognition resulting from changes in retirement provisions on employee equity awards issued in February 2014. Additionally, growth in the business and the run-off of Citigroup expense allowances contributed to the increase in insurance expenses.

Results for the Nine Months Ended September 30, 2014 and 2013

Net premiums. Net premium growth was primarily driven by the factors impacting net premiums as discussed above in the three-month comparison.

Allocated net investment income. Allocated net investment income was consistent year-over-year due to the items discussed in the three-month comparison.

Benefits and claims. Benefits and claims increased primarily due to the growth in net premiums.

Amortization of DAC. The increase in amortization of DAC was primarily attributable to the factors discussed in the three-month comparison.

Insurance expenses. The increase in insurance expenses is mainly due to the factors discussed in the three-month comparison.

Product Sales and Face Amount In Force. We issued 55,146new policies during the three months ended September 30, 2014 compared to 53,997 new policies for the same period in 2013. We issued 164,035and 161,975 new policies during the nine months ended September 30, 2014 and 2013, respectively. Sales of our term life insurance products increased during the nine months ended September 30, 2014 primarily due to the growth of our life-licensed sales force.

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The changes in the face amount of our in force book of term life insurance policies were as follows:

	Three months ended September 30,												Nine months ended September 30,
		2014			% of beginning balance			2013			% of beginning balance			2014		% of beginning balance			2013			% of beginning balance
	(Dollars in millions)
Face amount in force, beginning of    period	$	681,978					$	674,355					$	674,868				$	670,412
Net change in face amount:
Issued face amount		17,337			3	%		17,056			3	%		51,578		8	%		50,563			8	%
Terminations		(13,866	)		(2	)%		(14,346	)		(2	)%		(40,785	)	(6	)%		(42,402	)		(6	)%
Foreign currency		(4,271	)		(1	)%		(705	)	*				(4,483	)	(1	)%		(2,213	)	*
Net change in face amount		(800	)	*				2,005		*				6,310		1	%		5,948			1	%
Face amount in force, end of    period	$	681,178					$	676,360					$	681,178				$	676,360

* Less than 1%.

Issued face amount increased modestly during the three and nine months ended September 30, 2014 primarily due to the higher number of new policies issued. However, foreign currency exchange rates unfavorably impacted the face amount of in-force policies for the three and nine months ended September 30, 2014, which partially offset the increase in issued face amount. As a percentage of beginning face amount in force, issued face amount remained relatively flat during the three and nine months ended September 30, 2014 compared to the prior year period, while terminations improved modestly for the three and nine months ended September 30, 2014 as a result of improved year-over-year persistency.

Investment and Savings Product Segment Results.Investment and Savings Products segment results were as follows:

	Three months ended September 30,				Change						Nine months ended September 30,				Change
	2014		2013		$			%			2014		2013		$			%
	(Dollars in thousands)
Revenues:
Commissions and fees:
Sales-based revenues	$	58,394	$	51,934	$	6,460			12	%	$	176,554	$	153,699	$	22,855			15	%
Asset-based revenues		58,744		51,037		7,707			15	%		168,665		148,018		20,647			14	%
Account-based revenues		10,251		9,810		441			4	%		29,928		28,852		1,076			4	%
Other, net		1,884		1,942		(58	)		(3	)%		5,543		6,236		(693	)		(11	)%
Total revenues		129,273		114,723		14,550			13	%		380,690		336,805		43,885			13	%
Expenses:
Amortization of DAC		2,484		2,542		(58	)		(2	)%		6,991		9,310		(2,319	)		(25	)%
Insurance commissions		2,290		2,249		41			2	%		6,614		6,853		(239	)		(3	)%
Sales commissions:
Sales-based		41,193		36,266		4,927			14	%		125,458		108,341		17,117			16	%
Asset-based		23,378		18,805		4,573			24	%		65,962		53,280		12,682			24	%
Other operating expenses		23,024		23,363		(339	)		(1	)%		68,687		73,682		(4,995	)		(7	)%
Total expenses		92,369		83,225		9,144			11	%		273,712		251,466		22,246			9	%
Income from continuing    operations before income taxes	$	36,904	$	31,498	$	5,406			17	%	$	106,978	$	85,339	$	21,639			25	%

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Supplemental information on the underlying metrics that drove results follows.

	Three months ended September 30,				Change					Nine months ended September 30,				Change
	2014		2013		$		%			2014		2013		$			%
	(Dollars in millions)
Product sales:
Retail mutual funds	$	763	$	648	$	115		18	%	$	2,405	$	2,083	$	322			15	%
Annuities and other		496		493		3		1	%		1,448		1,447		1		*
Total sales-based revenue    generating product sales		1,259		1,141		118		10	%		3,853		3,530		323			9	%
Managed accounts		67		57		10		18	%		195		171		24			14	%
Segregated funds and other		51		51		-		—	%		179		231		(52	)		(23	)%
Total product sales	$	1,377	$	1,249	$	128		10	%	$	4,227	$	3,932	$	295			8	%
Average client asset values:
Retail mutual funds	$	30,457	$	26,478	$	3,979		15	%	$	29,709	$	25,896	$	3,813			15	%
Annuities and other		13,534		11,336		2,198		19	%		13,095		10,847		2,248			21	%
Managed accounts		1,287		882		405		46	%		1,195		774		421			54	%
Segregated funds		2,547		2,529		18		1	%		2,501		2,585		(84	)		(3	)%
Total average client asset    values	$	47,825	$	41,225	$	6,600		16	%	$	46,500	$	40,102	$	6,398			16	%
	(Accounts in thousands)
Average number of fee-generating    accounts:
Recordkeeping accounts		2,636		2,537		99		4	%		2,612		2,532		80			3	%
Custodial accounts		2,026		1,955		71		4	%		2,009		1,947		62			3	%

* Less than 1%.

Results for the Three Months Ended September 30, 2014 and 2013

Total revenues. The increase in commissions and fees was driven by the rise in sales-based revenues from strong sales of mutual funds and variable annuities and higher asset-based revenues attributable to the rise in average client asset values, indicative of favorable market performance. Additionally, the higher number of client managed accounts added during the third quarter of 2014 contributed to the year-over-year growth in account-based revenues.

Sales commissions. Higher sales-based commissions in the three months ended September 30, 2014 were primarily the result of the increase in product sales discussed above. The increase in asset-based commissions during the three months ended September 30, 2014 was mostly consistent with the increase in asset-based revenues when excluding segregated funds. The relevant costs associated with asset-based revenue from segregated funds are recorded within insurance commissions and amortization of DAC. In addition, changes in product mix slightly contributed to the increase in asset-based commissions.

Other operating expenses. Other operating expenses slightly decreased due to lower legal fees and expenses, partially offset by higher employee-related expenses, including accelerated expense recognition due to changes in retirement provisions on employee equity awards issued in February 2014, and growth in the business. Legal fees and expenses attributable to defending claims alleged by certain participants in the Florida Retirement System's benefit plan ("FRS") for the third quarter of 2013 were approximately $2.1 million, while expenses were negligible in the current year period. A settlement was reached in January 2014, which reduced the amount of legal fees and expenses incurred in connection with this matter compared to the prior year period. See Note 11 (Commitments and Contingent Liabilities) to our unaudited condensed consolidated financial statements included elsewhere in this report for more information.

Results for the Nine Months Ended September 30, 2014 and 2013

Total revenues. The increase in commissions and fees during the first nine months of 2014 was driven partly by higher sales of mutual funds and variable annuities. The growth in sales-based revenues exceeded the increase in sales-based revenue generating product sales mainly due to the change in mix of annuity and other products sold from variable annuity internal exchanges and sales of group retirement accounts to product offerings with higher sales commission rates. Also contributing to the increase was the rise in average client asset values and fee-generating accounts as discussed above in the three-month comparison.

Amortization of DAC. During the nine months ended September 30, 2014, our Canadian segregated funds benefited from favorable market performance, which resulted in lower DAC amortization. Whereas, underperformance in Canadian markets in relation to our return expectations on client asset values resulted in higher DAC amortization in the prior year period.

Sales commissions. Higher sales commissions in the nine months ended September 30, 2014 resulted primarily from the items discussed in the three-month comparison.

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Other operating expenses.The decline in other operating expenses was due to lower legal fees and expenses attributable to FRS, which were approximately $1.0 million and $9.1 million for the nine months ended September 30, 2014 and 2013, respectively. Accelerated expense recognition due to changes in retirement provisions on employee equity awards issued in February 2014, as well as growth-related and other miscellaneous costs partially offset the favorable impact of the lower FRS-related costs in the first nine months of 2014.

Asset Values in Client Accounts

Changes in asset values in client accounts were as follows:

	Three months ended September 30,										Nine months ended September 30,
		2014		% of beginning balance			2013		% of beginning balance			2014		% of beginning balance			2013		% of beginning balance
	(Dollars in millions)
Asset values, beginning of period	$	48,008				$	40,166				$	44,990				$	37,386
Net change in asset values:
Inflows		1,377		3	%		1,249		3	%		4,227		9	%		3,932		11	%
Redemptions		(1,206	)	(3	)%		(1,140	)	(3	)%		(3,663	)	(8	)%		(3,587	)	(10	)%
Change in market value, net and    other		(780	)	(2	)%		1,902		5	%		1,845		4	%		4,446		12	%
Net change in asset values		(609	)	(1	)%		2,011		5	%		2,409		5	%		4,791		13	%
Asset values, end of period	$	47,399				$	42,177				$	47,399				$	42,177

The decrease in asset values for three months ended September 30, 2014 was primarily attributable to the impact of foreign currency exchange rates on the market values of client accounts in Canada, which exceeded overall net inflows. As a percentage of beginning asset values, the growth in inflows and the rate of redemptions relative to average client asset values for the three months ended September 30, 2014 remained consistent with the prior year period. The increase in asset values for the nine months ended September 30, 2014 was primarily attributable to market performance combined with continued net inflows.

Corporate and Other Distributed Products Segment Results. Corporate and Other Distributed Products segment results were as follows:

	Three months ended September 30,						Change						Nine months ended September 30,						Change
	2014			2013			$			%			2014			2013			$			%
	(Dollars in thousands)
Revenues:
Direct premiums	$	8,890		$	9,561		$	(671	)		(7	)%	$	26,323		$	27,787		$	(1,464	)		(5	)%
Ceded premiums		(2,611	)		(3,029	)		(418	)		(14	)%		(7,972	)		(9,008	)		(1,036	)		(12	)%
Net premiums		6,279			6,532			(253	)		(4	)%		18,351			18,779			(428	)		(2	)%
Commissions and fees		5,539			5,659			(120	)		(2	)%		16,751			17,326			(575	)		(3	)%
Allocated net investment income		3,230			4,718			(1,488	)		(32	)%		12,958			15,356			(2,398	)		(16	)%
Realized investment gains (losses),    including other-than-temporary    impairment losses		(281	)		(407	)		126			(31	)%		813			5,347			(4,534	)		(85	)%
Other, net		1,570			1,373			197			14	%		4,158			3,907			251			6	%
Total revenues		16,337			17,875			(1,538	)		(9	)%		53,031			60,715			(7,684	)		(13	)%
Benefits and expenses:
Benefits and claims		3,513			8,761			(5,248	)		(60	)%		11,567			14,662			(3,095	)		(21	)%
Amortization of DAC		289			(29	)		318		*				1,173			926			247			27	%
Insurance expenses		981			1,451			(470	)		(32	)%		4,969			5,123			(154	)		(3	)%
Insurance commissions		685			783			(98	)		(13	)%		2,081			2,271			(190	)		(8	)%
Sales commissions		2,929			3,317			(388	)		(12	)%		8,565			9,453			(888	)		(9	)%
Interest expense		4,544			4,544			-			—	%		13,630			13,629			1		*
Other operating expenses		22,212			17,910			4,302			24	%		59,638			58,286			1,352			2	%
Total benefits and expenses		35,153			36,737			(1,584	)		(4	)%		101,623			104,350			(2,727	)		(3	)%
Loss from continuing operations    before income taxes	$	(18,816	)	$	(18,862	)	$	(46	)	*			$	(48,592	)	$	(43,635	)	$	4,957			11	%

* Less than 1% or not meaningful.

Results for the Three Months Ended September 30, 2014 and 2013

Total revenues. Total revenues decreased for the three months ended September 30, 2014 mostly due to lower net investment income. The decrease in net investment income was attributable primarily to lower average yield on invested assets and the decrease in market

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value of the deposit asset underlying our 10% Coinsurance Agreement consistent with decreases in fixed income asset prices during the quarter.

Total benefits and expenses. Decreases in benefits and claims were primarily attributable to prior year increases in policy reserves for the non-term life insurance block of business underwritten by our New York subsidiary, which did not reoccur during the three months ended September 30, 2014. An increase in other operating expenses mainly related to accelerated expense recognition on employee equity awards partially offset the decrease in total benefits and expenses for the third quarter of 2014.

Results for the Nine Months Ended September 30, 2014 and 2013

Total revenues. Total revenues decreased for the nine months ended September 30, 2014 primarily due to lower realized investment gains and lower net investment income. Realized investment gains decreased year-over-year mostly due to higher income received from certain fixed income securities that were tendered during the prior year period. In addition, the decline in net investment income for the nine months ended September 30, 2014 was attributable to lower assets allocated to the Corporate and Other Distributed Products segment and lower average yield on invested assets. While down for the third quarter of 2014, the market value of the deposit asset underlying our 10% Coinsurance Agreement increased consistent with increases in fixed income asset prices during the first nine months of 2014, which partially offset the decline in net investment income.

Total benefits and expenses. The decrease in benefits and expenses during the nine months ended September 30, 2014 was primarily due to the factors discussed in the three-month comparison. Additionally, the increase in other operating expenses, which was due mainly to the factors discussed in the three-month comparison, was partially offset by the impact on stock compensation costs related to the full vesting in the prior year period of restricted stock which was granted in connection with our IPO.

Financial Condition

Investments.We have an investment committee composed of members of our senior management team that is responsible for establishing and maintaining our investment guidelines and supervising our investment activity. We follow a conservative investment strategy designed to emphasize the preservation of our invested assets and provide adequate liquidity for the prompt payment of claims. To meet business needs and mitigate risks, our investment guidelines provide restrictions on our portfolio’s composition, including limits on asset type, sector limits, credit quality limits, portfolio duration, limits on the amount of investments in approved countries and permissible security types. Additionally, to ensure adequate liquidity for payment of claims, we take into account the maturity and duration of our invested asset portfolio and our general liability profile.

Our invested asset portfolio is subject to a variety of risks, including risks related to general economic conditions, market volatility, interest rate fluctuations, liquidity risk and credit and default risk. Investment guideline restrictions have been established to minimize the effect of these risks but may not always be effective due to factors beyond our control. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and international economic and political conditions and other factors beyond our control. A significant increase in interest rates could result in significant losses, realized or unrealized, in the value of our invested asset portfolio.

The composition and duration of our portfolio will vary depending on several factors, including the yield curve and our opinion of the relative value among various asset classes. The average rating and average approximate duration of our fixed-maturity portfolio (excluding our held-to-maturity security) were as follows:

	September 30, 2014		December 31, 2013
Average rating of our fixed-maturity portfolio	A		A
Average duration of our fixed-maturity portfolio		4.2 years	4.0 years
Average book yield of our fixed-maturity portfolio		4.62%		4.93%

The distribution of our investments in fixed-maturity securities (excluding our held-to-maturity security) by rating follows:

	September 30, 2014					December 31, 2013
	Amortized cost		%			Amortized cost		%
	(Dollars in thousands)
AAA	$	291,813		17	%	$	296,717		18	%
AA		114,712		7	%		133,406		8	%
A		389,616		23	%		386,460		23	%
BBB		814,245		48	%		777,111		46	%
Below investment grade		83,547		5	%		80,835		5	%
Not rated		507	*				1,484	*
Total	$	1,694,440		100	%	$	1,676,013		100	%

* Less than 1%.

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The ten largest holdings within our invested asset portfolio (excluding our held-to-maturity security) were as follows:

	September 30, 2014
Issuer	Fair value			Cost or amortized cost			Unrealized gain (loss)			Credit rating
	(Dollars in thousands)
Government of Canada	$	27,938		$	28,372		$	(434	)	AAA
General Electric Co		19,639			16,864			2,775		AA-
Province of Ontario Canada		11,086			10,386			700		AA-
Washington Real Estate Investment		10,986			10,521			464		BBB
Wells Fargo & Co		10,592			10,391			201		A
National Rural Utilities Cooperative		9,708			7,472			2,236		A+
Iberdrola SA		9,480			8,471			1,009		BBB+
Enel SpA		7,752			6,983			769		BBB
National Fuel Gas Co		7,669			6,558			1,111		BBB
Vale SA		7,642			7,096			545		A-
Total – ten largest holdings	$	122,490		$	113,113		$	9,377
Total – fixed-maturity and equity securities	$	1,847,194		$	1,735,264
Percent of total fixed-maturity and equity securities		7	%		7	%

For additional information on our invested asset portfolio, see Note 4 (Investments) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Liquidity and Capital Resources

Dividends and other payments to the Parent Company from its subsidiaries are its principal sources of cash. The amount of dividends paid by the subsidiaries is dependent on their capital needs to fund future growth and applicable regulatory restrictions. The primary uses of funds by the Parent Company include the payments of general operating expenses, income taxes, stockholder dividends, and interest on outstanding debt, as well as repurchases of shares outstanding. At September 30, 2014, the Parent Company had cash and invested assets of approximately $93.8 million.

Our subsidiaries generate operating cash flows primarily from term life insurance premiums (net of premiums ceded to reinsurers), income from invested assets, commissions and fees collected from the distribution of investment and savings products as well as other financial products. Our subsidiaries' principal operating cash outflows include the payment of insurance claims and benefits (net of ceded claims recovered from reinsurers), commissions to our sales force, insurance and other operating expenses, interest expense for future policy benefit reserves financing transactions, and income taxes.

The distribution and underwriting of term life insurance requires upfront cash outlays at the time the policy is issued as we pay a substantial majority of the sales commission during the first year following the sale of a policy and incur costs for underwriting activities at the inception of a policy’s term. During the early years of a policy's term, we generally receive level term premiums in excess of claims paid. We invest the excess cash generated during earlier policy years in fixed-maturity and equity securities held in support of future policy benefit reserves. In later policy years, cash received from the maturity or sale of invested assets is used to pay claims in excess of level term premiums received.

Historically, cash flows generated by our businesses, primarily from our existing block of term life policies and our investment and savings products, have provided our consolidated entities with sufficient liquidity to meet their operating requirements. We anticipate that cash flows from our businesses will continue to provide sufficient operating liquidity over the next 12 months.

We may seek to enhance our liquidity position or capital structure through borrowings from third-party sources, sales of debt or equity securities, reserve financings or some combination of these sources. Additionally, we believe that cash flows from our businesses and potential sources of funding, as described above, will sufficiently support the long-term liquidity needs of the Parent Company and our subsidiaries.

Significant Transactions. In the third quarter of 2014, Primerica Life declared and paid an ordinary dividend of $68.0 million to the Parent Company. Following the dividend payment and redundant reserve financing transaction completed during the third quarter, Primerica Life had an estimated ordinary dividend capacity of approximately $165.0 million as of September 30, 2014.

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Cash Flows.The components of the change in cash and cash equivalents were as follows:

	Nine months ended September 30,						Change
	2014			2013			$
	(In thousands)
Net cash provided by (used in) operating activities	$	132,796		$	90,557		$	42,239
Net cash provided by (used in) investing activities		(26,967	)		125,177			(152,144	)
Net cash provided by (used in) financing activities		(88,115	)		(179,952	)		91,837
Effect of foreign exchange rate changes on cash		(1,904	)		(530	)		(1,374	)
Change in cash and cash equivalents	$	15,810		$	35,252		$	(19,442	)

Operating Activities.The increase in operating cash flows for the nine months ended September 30, 2014 was driven by factors including lower cash payments of income taxes, net proceeds from sales and maturities of trading securities, and the timing of payments to a Citigroup reinsurer under the 10% Coinsurance Agreement.

Investing Activities. Cash flows from investing activities changed to a use in cash in 2014 from a source of cash in 2013 primarily due to lower purchases of fixed-maturity securities, as we used the cash provided by maturities, calls, and sales of available-for-sale securities to fund the $154.7 million repurchase of common stock and outstanding warrants in June 2013 from certain private equity funds managed by Warburg Pincus LLC. The decrease was partially offset by lower purchases of property and equipment in the first nine months of 2014 mostly from assets purchased in connection with the move of our corporate headquarters in the prior year period.

Financing Activities. The decrease in net cash used in financing activities during 2014 as compared to the prior year period was primarily due to lower repurchases of our common stock and outstanding warrants. Share repurchases in 2014 under our current share repurchase program were approximately $65.5 million and made in the open market , while the share and warrant repurchases made in 2013 consisted mainly of the $154.7 million repurchase in June 2013.

Risk-Based Capital. The National Association of Insurance Commissioners has established risk-based capital (“RBC”) standards for U.S. life insurers, as well as a risk-based capital model act (the “RBC Model Act”) that has been adopted by the insurance regulatory authorities. The RBC Model Act requires that life insurers annually submit a report to state regulators regarding their RBC based upon four categories of risk: asset risk; insurance risk; interest rate risk; and business risk. The capital requirement for each is determined by applying factors that vary based upon the degree of risk to various asset, premiums and policy benefit reserve items. The formula is an early warning tool to identify possible weakly capitalized companies for purposes of initiating further regulatory action.

As of September 30, 2014, our U.S. life insurance subsidiaries had statutory capital substantially in excess of the applicable statutory requirements to support existing operations and to fund future growth.

In Canada, an insurer’s minimum capital requirement is overseen by the Office of the Superintendent of Financial Institutions Canada (“OSFI”) and determined as the sum of the capital requirements for five categories of risk: asset default risk; mortality/morbidity/lapse risks; changes in interest rate environment risk; segregated funds risk; and foreign exchange risk. Primerica Life Canada is in compliance with Canada’s minimum capital requirements as of September 30, 2014, as determined by OSFI.

Redundant Reserve Financings. The Model Regulation entitled Valuation of Life Insurance Policies, commonly known as Regulation XXX, requires insurers to carry statutory policy benefit reserves for term life insurance policies with long-term premium guarantees which are often significantly in excess of the future policy benefit reserves that insurers deem necessary to satisfy claim obligations ("redundant policy benefit reserves"). Accordingly, many insurance companies have sought ways to reduce their capital needs by financing redundant policy benefit reserves through bank financing, reinsurance arrangements and other financing transactions.

In March 2012, Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life, and Primerica Life entered into a Regulation XXX redundant reserve financing transaction to more efficiently manage and deploy our capital. For information on this transaction, see Note 11 (Commitments and Contingent Liabilities) to our unaudited condensed consolidated financial statements included elsewhere in this report.

In July 2014, Vidalia Re, Inc. ("Vidalia Re"), a newly formed special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life, and Primerica Life entered into a Regulation XXX redundant reserve financing transaction to more efficiently manage and deploy our capital. For more information on this redundant reserve financing transaction, see Note 4 (Investments) and Note 7 (Debt) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Notes Payable. The Company has $375.0 million of publicly-traded, senior unsecured notes outstanding at a price of 99.843% and an annual rate of 4.75%, payable semi-annually in arrears on January 15 and July 15. The Senior Notes mature July 15, 2022.

We were in compliance with the covenants of the Senior Notes at September 30, 2014. No events of default occurred during the nine months ended September 30, 2014.

Rating Agencies.There have been no changes to Primerica, Inc.'s senior debt ratings or Primerica Life's financial strength ratings since December 31, 2013.

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Short-term Borrowings.We had no short-term borrowings as of or during the nine months ended September 30, 2014.

Off-Balance Sheet Arrangements.Our off-balance sheet arrangements as of September 30, 2014 consisted of the letter of credit issued under the credit facility agreement with Deutsche Bank as described in Note 11 (Commitments and Contingent Liabilities) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Contractual Obligations Update. There have been no material changes in contractual obligations from those disclosed in the 2013 Annual Report.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this report as well as some statements in periodic press releases and some oral statements made by our officials during our presentations are “forward-looking” statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements. These forward-looking statements involve external risks and uncertainties, including, but not limited to, those described under the section entitled “Risk Factors” included herein.

Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond the control of our management team. All forward-looking statements in this report and subsequent written and oral forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties include, among others:

· our failure to continue to attract and license new recruits, retain sales representatives, or license or maintain the licensing of our sales representatives;

· changes to the independent contractor status of our sales representatives;

· our or our sales representatives' violation of, or non-compliance with, laws and regulations;

· our or our sales representatives' failure to protect the confidentiality of client information;

· differences between our actual experience and our expectations regarding mortality, persistency, expenses and investment yields as reflected in the pricing for our insurance policies;

· the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds;

· changes in federal and state legislation and regulation, including other legislation or regulation that affects our insurance and investment product businesses;

· our failure to meet risk-based capital standards or other minimum capital or surplus requirements;

· a downgrade or potential downgrade in our insurance subsidiaries' financial strength ratings or in the investment grade credit ratings for our senior unsecured debt;

· the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio;

· incorrectly valuing our investments;

· inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations;

· the failure of, or legal challenges to, the support tools we provide to our sales force;

· heightened standards of conduct or more stringent licensing requirements for our sales representatives;

· inadequate policies and procedures regarding suitability review of client transactions;

· the inability of our subsidiaries to pay dividends or make distributions;

· our ability to generate and maintain a sufficient amount of working capital;

· our non-compliance with the covenants of our senior unsecured debt;

· legal and regulatory investigations and actions concerning us or our sales representatives;

· the loss of key personnel;

· the failure of our information technology systems, breach of our information security or failure of our business continuity plan; and

· fluctuations in Canadian currency exchange rates.

Developments in any of these areas could cause actual results to differ materially from those anticipated or projected or cause a significant reduction in the market price of our common stock and debt securities.

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The foregoing list of risks and uncertainties may not contain all of the risks and uncertainties that could affect us. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. Accordingly, undue reliance should not be placed on these statements. We undertake no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in our exposures to market risk since December 31, 2013. For details on the Company's interest rate, foreign currency exchange, and credit risks, see "Item 7A. Quantitative and Qualitative Information About Market Risks" in our 2013 Annual Report.

ITEM 4.  CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Co-Chief Executive Officers and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this quarterly report (the “Evaluation Date”). Based on such evaluation, the Company’s Co-Chief Executive Officers and Chief Financial Officer have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the third quarter of 2014 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

We are involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. Additional information regarding certain legal proceedings to which we are a party is described in Note 11 (Commitments and Contingent Liabilities) to our unaudited condensed consolidated financial statements and such information is incorporated herein by reference. As of the date of this report, other than as discussed in the paragraph below, we do not believe any pending legal proceeding to which Primerica or any of its subsidiaries is a party is required to be disclosed pursuant to this item.

In the third quarter of 2014, we issued Applications in the Ontario Superior Court of Justice naming as the Respondents the Financial Services Commission of Ontario and the government of Ontario. We also issued an Application in the Court of Queen's Bench for Saskatchewan naming as Respondents the Insurance Councils of Saskatchewan and Life Insurance Council of Saskatchewan. The Applications seek a declaration that a Memorandum of Understanding and related agreements entered into by the insurance regulators of the Canadian provinces and territories to implement a new life insurance licensing examination program across Canada in early 2016 are null and void and of no force and effect. See "Item 1A. Risk Factors." for more information.

ITEM 1A.  RISK FACTORS.

The Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2013, as updated by our quarterly reports on Forms 10-Q, are incorporated herein by reference.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

During the quarter ended September 30, 2014, we repurchased shares of our common stock as follows:

Period	Total number of shares purchased (1)		Average price paid per share (1)		Total number of shares purchased as part of publicly announced plans or programs		Approximate dollar value of shares that may yet be purchased under the plans or programs
July 1-31, 2014		1,948	$	48.52		-	$	114,989,205
August 1-31, 2014		138,313		48.83		137,500		108,276,455
September 1-30, 2014		482,756		49.39		482,500		84,445,780
Total		623,017	$	49.26		620,000	$	84,445,780

⁽¹⁾ Consists of (a) repurchases of 3,017shares at an average price of $49.19arising from share-based compensation tax withholdings and stock option exercises and (b) open market repurchases of shares under the share repurchase program approved by our Board of Directors.

For information regarding year-to-date share repurchases, refer to Note 8 (Stockholders' Equity) to our unaudited condensed consolidated financial statements included elsewhere in this report.

ITEM 6.  EXHIBITS.

The agreements included as exhibits to this report are included to provide you with information regarding the terms of these agreements and are not intended to provide any other factual or disclosure information about the Company or its subsidiaries, our business or the other parties to these agreements. These agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

· should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

· have been qualified by disclosures that were made to the other party in connection with the negotiation of the application agreement, which disclosures are not necessarily reflected in the agreement;

· may apply standards of materiality in a way that is different from what may be viewed as material to our investors; and

· were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time, and should not be relied upon by investors.

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Exhibit Number	Description	Reference
3.1	Amended and Restated Certificate of Incorporation of the Registrant.	Incorporated by reference to Exhibit 3.1 to Primerica's Current Report on Form 8-K dated May 22, 2013 (Commission File No. 001-34680).
3.2	Amended and Restated Bylaws of the Registrant.	Incorporated by reference to Exhibit 3.2 to Primerica's Current Report on Form 8-K dated May 22, 2013 (Commission File No. 001-34680).
4.1	Indenture, dated July 16, 2012, among the Registrant and Wells Fargo Bank, National Association, as trustee.	Incorporated by reference to Exhibit 4.1 to Primerica's Current Report on Form 8-K dated July 11, 2012 (Commission File No. 001-34680).
4.2	First Supplemental Indenture, dated July 16, 2012, among the Registrant and Wells Fargo Bank, National Association, as trustee.	Incorporated by reference to Exhibit 4.2 to Primerica's Current Report on Form 8-K dated July 11, 2012 (Commission File No. 001-34680).
4.3	Form of 4.750% Senior Notes due 2022.	Incorporated by reference to Exhibit 4.3 (included in Exhibit 4.2 filed herewith) to Primerica's Current Report on Form 8-K dated July 11, 2012 (Commission File No. 001-34680).
10.1*	Form of U.S. Employee Restricted Stock Unit Restated Award Agreement under the Primerica, Inc. 2010 Omnibus Incentive Plan.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
10.2*	Form of Restated Nonqualified Stock Option Award Agreement under the Primerica, Inc. 2010 Omnibus Incentive Plan.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
31.1	Rule 13a-14(a)/15d-14(a) Certification, executed by D. Richard Williams, Chairman of the Board and Co-Chief Executive Officer.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
31.2	Rule 13a-14(a)/15d-14(a) Certification, executed by John A. Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
31.3	Rule 13a-14(a)/15d-14(a) Certification, executed by Alison S. Rand, Executive Vice President and Chief Financial Officer.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
32.1	Certifications required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), executed by D. Richard Williams, Chairman of the Board and Co-Chief Executive Officer, John A. Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer, and Alison S. Rand, Executive Vice President and Chief Financial Officer.	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.INS	XBRL Instance Document(1)	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.SCH	XBRL Taxonomy Extension Schema	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.DEF	XBRL Taxonomy Extension Definition Linkbase	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.LAB	XBRL Taxonomy Extension Label Linkbase	Filed with the Securities and Exchange Commission as part of this Quarterly Report.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase	Filed with the Securities and Exchange Commission as part of this Quarterly Report.

* Identifies a management contract or compensatory plan or arrangement.

⁽¹⁾ Includes the following materials contained in this Quarterly Report on Form 10-Q for the period ended September 30, 2014, formatted in XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Primerica, Inc.
November 5, 2014	/s/ Alison S. Rand
	Alison S. Rand
	Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

37

EX-10.1

EXHIBIT 10.1

PRIMERICA, INC.

EMPLOYEE RESTRICTED STOCK UNIT

RESTATED AWARD AGREEMENT

Background.  On February 11, 2014, Primerica, Inc. (“Primerica”) granted to [NAME] (the “Participant”) Stock Units (the “Restricted Stock Units”) pursuant to the Primerica, Inc. Amended and Restated 2010 Omnibus Incentive Plan (the “Plan”), subject to the conditions and restrictions detailed in the Plan and in the original 2014 Restricted Stock Unit Award Agreement (the “Award Agreement”).

Restatement of Award Agreement.  Primerica hereby restates the Award Agreement, effective as of August 31, 2014, to provide for full vesting of any portions of the Restricted Stock Units that otherwise remain unvested upon the Participant’s termination of employment qualifying as a Retirement (as defined below).  On and after August 31, 2014, the terms applicable to the Restricted Stock Units are contained in the Plan and in this Employee Restricted Stock Unit Restated Award Agreement (the “Agreement”), which replaces the Award Agreement in its entirety.  Capitalized terms not defined herein shall have the meaning assigned to such terms in the Plan.

1. Grant of Restricted Stock Units.

Grant Date:	February 11, 2014
Number of Restricted Stock Units:	[# UNITS]
Vesting Dates (one-third of the Restricted Stock Units vest on each Vesting Date):	March 1, 2015 March 1, 2016 March 1, 2017
Payment Dates:	Each Vesting Date.

2. Vesting and Delivery.  Each Restricted Stock Unit represents an unfunded, unsecured promise by Primerica to deliver one share of Primerica’s common stock, par value $.01 per share (“Common Stock”), subject to the terms and conditions contained in this Agreement and the Plan.  The Restricted Stock Units shall, except as provided in Section 3 below, become vested on the Vesting Dates set forth in Section 1, and the Restricted Stock Units so vesting shall be settled by delivery of shares of Common Stock as of the Payment Date with respect to each such Vesting Date.  Such delivery of shares of Common Stock by Primerica shall discharge it of all of its duties and obligations under this Agreement and the Plan with respect to such vested Restricted Stock Units.  

3. Termination of Employment.  Notwithstanding anything to the contrary herein, upon a termination of the Participant’s employment, the Restricted Stock Units shall be treated as follows:

(a) Voluntary Resignation; Termination by Primerica for Cause.  If the Participant voluntarily terminates employment with Primerica (other than upon a Retirement as described in Section 3(c)) or if Primerica terminates the Participant’s employment for Cause, vesting of the Restricted Stock Units will cease on the date the Participant’s employment is so terminated, the unvested portion of the Restricted Stock Units (if any) will be canceled and the Participant shall have no further rights of any kind with respect to any unvested Restricted Stock Units.

(b) Termination by Primerica Other than for Cause.  If the Participant’s employment is terminated by Primerica for any reason other than Cause (including without limitation following completion of the Participant’s approved disability leave pursuant to the Primerica disability policy (the “Disability Policy”), the unvested portion of the Restricted Stock Units (if any) will vest as of the termination date.

(c) Retirement.  If the Participant voluntarily terminates employment with Primerica after having attained at least the age of 55 and with the sum of the Participant’s age (in whole years) plus the Participant’s Years of Service (as defined below) equaling 75 or more on the date of such termination (a “Retirement”), the unvested portion of the Restricted Stock Units (if any) will vest as of the date of the Participant’s Retirement.  For purposes of this Agreement, the term “Years of Service” shall mean the total number of years the Participant’s period of service to Primerica and any Subsidiary as of the date the Participant terminates employment.

(d) Death.  If the Participant’s employment is terminated upon the Participant’s death, the unvested portion of the Restricted Stock Units (if any) will vest as of the termination date.  

(e) Payment Date.  In the event of the Participant’s termination of employment as described in subsection (b), (c) or (d) of this Section 3, any previously unpaid Restricted Stock Units shall be settled by delivery to the Participant of shares of Common Stock on the sixtieth (60^th) day following the Participant’s termination of employment; provided that, to the extent necessary to comply with Code Section 409A (as defined in Section 14 below), in the case of a Participant who is a “specified employee” (as such term is used

Employee Restricted Stock Unit Restated Award Agreement

Approved as of August 31, 2014

in Code Section 409A), such payment shall be made on the date that is six (6) months following the date of the Participant’s employment termination (or, if earlier, the date of the Participant’s death).  Delivery of shares of Common Stock by Primerica shall discharge it of all of its duties and obligations under this Agreement and the Plan with respect to the Participant’s Restricted Stock Units.  

(f) Release Agreement.  Notwithstanding the foregoing, payment of the Participant’s previously unvested Restricted Stock Units upon termination of employment as described in subsection (b) or (c) above shall be subject to and conditioned upon the Participant having executed a waiver of claims and general release of Primerica, in a form reasonably acceptable to Primerica, and for which any revocation rights have expired, before the end of the sixty (60) day period described in subsection (e).  If a Participant fails or refuses to execute such a waiver of claims and general release, or timely revokes a previously executed waiver of claims and general release, before the end of such sixty (60) day period, such amounts will not vest as described in subsection (b) or (c) above, and the unvested portion of the Restricted Stock Units will be cancelled, and the Participant shall have no further rights with respect to any unvested Restricted Stock Units.  

4. Stockholder Rights.  The grant of Restricted Stock Units does not entitle the Participant to any rights of a stockholder of Common Stock, including dividends or voting rights, until such time as the Restricted Stock Units are settled in Common Stock.  However, prior to the delivery of the shares of Common Stock, for so long as the Participant remains actively employed by the Company or a Subsidiary, the Participant shall have the right to receive dividend equivalent payments in an amount equal to all dividends or other distributions payable with respect to the equivalent number of shares of Common Stock, which shall be payable at such time as the dividends and other distributions are payable to Primerica shareholders.

5. Nontransferable.  As provided by the terms of the Plan, no rights granted under this Agreement, nor any shares of Common Stock issuable pursuant to this Agreement, shall be transferable or assignable by the Participant (or by any other person), other than by will or by the laws of descent and distribution, and they may not be pledged or hypothecated in any way, prior to the issuance and delivery of the shares of Common Stock pursuant to this Agreement.  Any attempted transfer, assignment, pledge or other disposition contrary to the provisions of the Plan and this Agreement shall be null and void and without legal effect.

6. Consent to Electronic Delivery.  In lieu of receiving documents in paper format, by receipt of the Restricted Stock Units, the Participant consents, to the fullest extent permitted by law, to electronic delivery of any documents that Primerica may be required to deliver (including, but not limited to, stock certificates, prospectuses, prospectus supplements, grant or award notifications and agreements and all other forms or communications) in connection with the Restricted Stock Units.  Electronic delivery of a document to the Participant may be via a Primerica e-mail system or by reference to a location on an Internet site to which the Participant has access.

7. Tax Withholding.  The Participant shall be responsible for any applicable taxes and penalties, and any interest that accrues thereon, incurred in connection with the Restricted Stock Units, including the payment of any dividends with respect thereto.  Primerica or a Subsidiary employing the Participant has the authority and the right to deduct or withhold, or require the Participant to remit to the employer, an amount sufficient to satisfy withholding requirements with respect to applicable federal, state, local, foreign or other governmental taxes or charges (including, without limitation, income, payroll and excise taxes) and to take such other action as may be necessary to satisfy any such withholding obligations.

8. Compliance with EESA.  To the extent that the Participant and the Restricted Stock Units are subject to Section 111 of the Emergency Economic Stabilization Act of 2008, as amended, and any regulations, guidance or interpretations that may from time to time be promulgated thereunder (“EESA”), then any payment of any kind provided for by, or accrued with respect to, the Restricted Stock Units must comply with EESA, and the Agreement and the Plan will be interpreted or reformed to so comply.  If requested by Primerica, the Participant will grant to the U.S. Treasury Department (or other body of the U.S. government) and to Primerica a waiver in a form acceptable to the U.S. Treasury Department (or other body) and Primerica releasing the U.S. Treasury Department (or other body) and Primerica from any claims that the Participant may otherwise have as a result of the issuance of any regulations, guidance or interpretations that adversely modify the terms of the Restricted Stock Units that would not otherwise comply with the executive compensation and corporate governance requirements of EESA or any securities purchase agreement or other agreement entered into between Primerica or its affiliates and the U.S. Treasury Department (or other body) pursuant to EESA.

9. Entire Agreement.  The Agreement and the Plan constitute the entire understanding between Primerica and the Participant regarding the Restricted Stock Units and supersede all previous written, oral, or implied understandings between the parties hereto about the subject matter hereof.

10. No Right to Employment.  Nothing contained herein, in the Plan, or in any prospectus shall confer upon the Participant any rights to continued employment or employment in any particular position, at any specific rate of compensation, or for any particular period of time.

2

Employee Restricted Stock Unit Restated Award Agreement

Approved as of August 31, 2014

11. Arbitration.  Any disputes related to the Restricted Stock Units shall be resolved by arbitration in accordance with Primerica’s arbitration policies. In the absence of an effective arbitration policy, the Participant acknowledges and agrees that any dispute related to the Restricted Stock Units shall be submitted to arbitration in accordance with the Commercial Rules of the American Arbitration Association, if so elected by Primerica in its sole discretion.

12. Conflict. In the event of a conflict between the Agreement and the Plan, the Plan shall control.

13. Governing Law.  The Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.

14. Internal Revenue Code Section 409A.  The intent of the parties is that the payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and regulations and other official guidance issued thereunder (“Code Section 409A”), to the extent subject thereto and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and be administered to be in compliance with Code Section 409A.  References to the Participant’s termination of employment or words of similar import as used in this Agreement shall mean the Participant’s “separation from service” as such term is used in Code Section 409A.  Each installment or other payment under this Agreement shall be treated as a separate payment for purposes of Code Section 409A.  To the extent that payments and benefits under this Agreement are nonqualified deferred compensation subject to Code Section 409A and are contingent upon the Participant’s taking any employment-related action, including without limitation execution (and nonrevocation) of another agreement, such as a release agreement, and the period within which such action(s) may be taken by the Participant would begin in one calendar year and expire in the following calendar year, then such amounts or benefits shall be paid in such following calendar year.

15. Successors and Assigns.  This Agreement shall be binding on all successors and assigns of the Participant, including, without limitation, the estate of the Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.  This Agreement shall be binding on Primerica and its successors and assigns.

16. Reimbursement or Cancellation of Certain Awards.  In the event that the Committee determines that the Restricted Stock Units would not have been granted, vested or paid absent fraud or misconduct of the Participant, the Committee, in its discretion, shall take such action as it deems necessary or appropriate to address the fraud or misconduct.  Such actions may include, without limitation and to the extent permitted by applicable law, in appropriate cases, causing the partial or full cancellation of any Restricted Stock Units granted to the Participant or requiring partial or full repayment of the value of the Common Stock acquired on settlement of the Restricted Stock Units, in each case as the Committee determines to be in the best interests of Primerica.

3

Employee Restricted Stock Unit Restated Award Agreement

Approved as of August 31, 2014

EX-10.2

EXHIBIT 10.2

PRIMERICA, INC.

Restated Nonqualified Stock Option Award Agreement

Background.  On February 11, 2014, Primerica, Inc. (“Primerica”) granted to [NAME] (the “Participant”) a Nonqualified Stock Option to purchase shares (the “Options”) of Primerica’s common stock, par value $.01 per share (“Common Stock”) pursuant to the Primerica, Inc. Amended and Restated 2010 Omnibus Incentive Plan (the “Plan”), subject to the terms, conditions and restrictions detailed in the Plan and in the original 2014 Nonqualified Stock Option Award Agreement (the “Award Agreement”).  

Restatement of Award Agreement.  Primerica hereby restates the Award Agreement, effective as of August 31, 2014, to provide for full vesting of any of the Options that otherwise remain unvested upon the Participant’s termination of employment qualifying as a Retirement (as defined below).  On and after August 31, 2014, the terms applicable to the Options are contained in the Plan and in this Restated Nonqualified Stock Option Award Agreement (the “Agreement”), which replaces the Award Agreement in its entirety.  Capitalized terms not defined herein shall have the meaning assigned to such terms in the Plan.

1. Grant of Options.

Grant Date:	February 11, 2014
Number of Options:	[# SHARES]
Exercise Price:	$41.20
Vesting Dates (one-third of the Options vesting on each vesting date):	March 1, 2015
	March 1, 2016 March 1, 2017
Expiration Date	February 11, 2024

2. Termination of Employment.  Notwithstanding anything to the contrary herein, upon a termination of the Participant’s employment, the Options shall be treated as follows:

(a) Voluntary Resignation; Termination for Cause.  If the Participant voluntarily terminates employment with Primerica for any reason (other than upon a Retirement as described in Section 3(d)), or if Primerica terminates the Participant’s employment for Cause, vesting of the Options will cease on the date the Participant’s employment is so terminated, the unvested portion of the Options (if any) will be immediately cancelled and the Participant shall have no further rights of any kind with respect to any unvested Options. Any portion of the Options that have previously vested (and remain unexercised) on the date such Participant’s employment terminates may be exercised by the Participant until the earlier of (i) 30 days after the date of the Participant’s employment termination and (ii) the Expiration Date specified in Section 1.  Any vested Options not exercised by such date will be cancelled and the Participant shall have no further rights of any kind with respect to any of the Options.  

(b) Death or Involuntary Termination Other than for Cause.  If the Participant’s employment is terminated by Primerica for any reason other than Cause (other than following the Participant’s disability, as described below), or upon the Participant’s death, the unvested portion of the Options (if any) will vest as of the termination date.  In such event, the Participant’s unexercised Options may be exercised until the earlier of (i) three years after the date of the Participant’s employment termination and (ii) the Expiration Date specified in Section 1.  Any Options not exercised by such date will be cancelled and the Participant shall have no further rights of any kind with respect to any of the Options.  

(c) Disability.  The Options will continue to vest during the first 12 months of the Participant’s approved disability leave pursuant to the Primerica disability policy applicable to the Participant (the “Disability Policy”). If the Participant remains on an approved disability leave for more than one year pursuant to the Disability Policy, the unvested portion of the Options (if any) will vest as of the first anniversary of the commencement of such approved disability leave.  In such event, the Participant’s unexercised Options may be exercised until the earlier of (i) the third anniversary of the commencement of such approved disability leave and (ii) the Expiration Date specified in Section 1.  Any Options not exercised by such date will be cancelled and the Participant shall have no further rights of any kind with respect to any of the Options.  

Restated Employee Nonqualified Stock Option Award Agreement

Approved as of August 31, 2014

(d) Retirement.  If the Participant voluntarily terminates employment with Primerica after having attained at least the age of 55 and with the sum of the Participant’s age (in whole years) plus the Participant’s Years of Service (as defined below) equaling 75 or more on the date of such termination (a “Retirement”), the unvested Options (if any) will vest as of the date of such Retirement.  For purposes of this Agreement, the term “Years of Service” shall mean the total number of years the Participant’s period of service to Primerica and any Subsidiary as of the date the Participant terminates employment.  In such event, the Participant’s unexercised Options may be exercised until the earlier of (i) three years after the date of the Participant’s employment termination and (ii) the Expiration Date specified in Section 1.  Any Options not exercised by such date will be cancelled and the Participant shall have no further rights of any kind with respect to any of the Options.  

3. Stockholder Rights.  The Participant shall not have any of the rights of a holder of shares of Common Stock with respect to the Options until the Options are vested and exercised including, without limitation, the right to vote such shares and the right to receive dividends or other distributions with respect to such shares.  

4. Exercise of Options.  The vested portion of the Options may be exercised in whole or in part (but in no event with respect to a fractional share) in any of the methods of exercise and forms of payment permitted by the Committee pursuant to the terms of the Plan.  A completed exercise form, electronic or otherwise, in such form as specified by the Committee, shall be accompanied by payment in full for the Options that the Participant desires to purchase through such exercise and provision for all applicable withholding taxes.  Such exercise shall be effective on the date the properly completed exercise form and payment in full are actually received by Primerica.  

5. Delivery of Shares.  As promptly as practicable after receipt by Primerica of such exercise form and the full purchase price for the Options and provision for applicable withholding taxes, Primerica shall cause to be issued to the Participant stock certificate(s) for the number of shares of Common Stock being purchased, which shall evidence fully paid and nonassessable shares.  Primerica’s delivery of Common Stock following exercise of all of the Options shall discharge all of its duties and responsibilities under this Agreement.

6. Nontransferable.  As provided by the terms of the Plan, no rights granted under this Agreement, nor any shares of Common Stock issued in connection with exercise of the Options during a period of restriction or transferability, if any, shall be transferable or assignable by the Participant (or by any other person), and they may not be pledged or hypotheticated in any way, except as described herein.  All rights granted under this Agreement shall be exercisable during the Participant’s lifetime only by the Participant; provided that, the Participant may during his lifetime transfer rights granted hereunder, or shares of Common Stock issued hereunder during a period of restriction or transferability, if any, to a “family member” (as defined by the general instructions to Form S-8 under the Securities Act of 1933), in which event such rights shall be exercised by such transferee(s), subject to such conditions and limitations as the Committee may prescribe.  If any portion of the Options remains exercisable after the death of the Participant, the personal representative of the Participant’s estate, or recipient thereunder pursuant to the terms of the Participant’s will or the applicable laws of descent and distribution, thereafter shall be treated as the Participant under this Agreement.  Any attempted transfer, assignment, pledge or other disposition, or exercise contrary to the provisions of this Agreement, shall be null and void and without legal effect.

7. Consent to Electronic Delivery.  In lieu of receiving documents in paper format, by receipt of the Options, the Participant consents, to the fullest extent permitted by law, to electronic delivery of any documents that Primerica may be required to deliver (including, but not limited to, stock certificates, prospectuses, prospectus supplements, grant or award notifications and agreements and all other forms or communications) in connection with the Options. Electronic delivery of a document to the Participant may be via a Primerica e-mail system or by reference to a location on an Internet site to which the Participant has access.

8. Tax Withholding.  The Participant shall be solely responsible for any applicable taxes (including, without limitation, income, payroll and excise taxes) and penalties, and any interest that accrues thereon, incurred in connection with the Options.  Upon exercise of the Options, Primerica shall have the right to require payment of, or may deduct or sell a number of shares sufficient to cover, withholding of any applicable federal, state, local, foreign or other governmental taxes or charges required by law and to take such other action as may be necessary to satisfy any such withholding obligations.

9. Compliance with EESA.  To the extent that the Participant and the Options are subject to Section 111 of the Emergency Economic Stabilization Act of 2008, as amended, and any regulations, guidance or interpretations that may from time to time be promulgated thereunder (“EESA”), then any payment of any kind provided for by, or accrued with respect to, the Options must comply with EESA, and the Agreement and the Plan will be interpreted or reformed to so comply.  If requested by Primerica, the Participant will grant to the U.S. Treasury Department (or other body of the U.S. government) and to Primerica a waiver in a form acceptable to the U.S. Treasury Department (or other body) and Primerica releasing the U.S. Treasury Department (or other body) and Primerica from any claims that the Participant may otherwise have as a result of the issuance of any regulations, guidance or interpretations that adversely modify the terms of the Options that would not otherwise comply with the executive compensation and corporate governance requirements of EESA or any securities purchase agreement or other agreement entered into between Primerica or its affiliates and the U.S. Treasury Department (or other body) pursuant to EESA.

2

Restated Employee Nonqualified Stock Option Award Agreement

Approved as of August 31, 2014

10. Entire Agreement.  The Agreement and the Plan constitute the entire understanding between Primerica and the Participant regarding the Options and supersede all previous written, oral, or implied understandings between the parties hereto about the subject matter hereof.

11. No Right to Employment.  Nothing contained herein, in the Plan, or in any prospectus shall confer upon the Participant any rights to continued employment or employment in any particular position, at any specific rate of compensation, or for any particular period of time.

12. Arbitration.  Any disputes related to the Options shall be resolved by arbitration in accordance with Primerica’s arbitration policies. In the absence of an effective arbitration policy, the Participant acknowledges and agrees that any dispute related to the Options shall be submitted to arbitration in accordance with the Commercial Rules of the American Arbitration Association, if so elected by Primerica in its sole discretion.

13. Conflict. In the event of a conflict between the Agreement and the Plan, the Plan shall control.

14. Governing Law.  The Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.

15. Internal Revenue Code Section 409A.  The intent of the parties is that the Options granted hereunder be exempt from Section 409A of the Code, and, to the maximum extent permitted, the Agreement and the Plan shall be interpreted and be administered accordingly.

16. Successors and Assigns.  The Agreement shall be binding on all successors and assigns of the Participant, including, without limitation, the estate of the Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

17. Reimbursement or Cancellation of Certain Awards.  In the event that the Committee determines that the Options (to the extent granted based on the achievement of performance metrics) would not have been granted, vested or paid absent fraud or misconduct of the Participant, the Committee, in its discretion, shall take such action as it deems necessary or appropriate to address the fraud or misconduct.  Such actions may include, without limitation and to the extent permitted by applicable law, in appropriate cases, causing the partial or full cancellation of any Options granted to the Participant or requiring partial or full repayment of the value of the Common Stock acquired on settlement of the Options, in each case as the Committee determines to be in the best interests of Primerica.

18. Binding Effect.  This Option shall be binding upon Primerica and the Participant and their respective heirs, executors, administrators and successors.

3

Restated Employee Nonqualified Stock Option Award Agreement

Approved as of August 31, 2014

EX-31.1

EXHIBIT 31.1

Certification of Co-Chief Executive Officer

I, D. Richard Williams, Chairman of the Board of Directors and Co-Chief Executive Officer of Primerica, Inc., certify that:

1.I have reviewed this quarterly report on Form 10-Q of Primerica, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 5, 2014	/s/ D. Richard Williams
		D. Richard Williams
		Chairman of the Board of Directors and Co-Chief Executive Officer

EXH 31.1-1

EX-31.2

EXHIBIT 31.2

Certification of Co-Chief Executive Officer

I, John A. Addison, Jr., Chairman of Primerica Distribution and Co-Chief Executive Officer of Primerica, Inc., certify that:

1.I have reviewed this quarterly report on Form 10-Q of Primerica, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 5, 2014	/s/ John A. Addison, Jr.
		John A. Addison, Jr.
		Chairman of Primerica Distribution and Co-Chief Executive Officer

EXH 31.2-1

EX-31.3

EXHIBIT 31.3

Certification of Chief Financial Officer

I, Alison S. Rand, Executive Vice President and Chief Financial Officer of Primerica, Inc., certify that:

1.I have reviewed this quarterly report on Form 10-Q of Primerica, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 5, 2014	/s/ Alison S. Rand
		Alison S. Rand
		Executive Vice President and Chief Financial Officer

EXH 31.3-1

EX-32.1

EXHIBIT 32.1

Certification of Co-CEOs and CFO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report on Form 10-Q of Primerica, Inc. (the “Company”) for the period ended September 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, D. Richard Williams, as Chairman of the Board of Directors and Co-Chief Executive Officer of the Company, I, John A. Addison, Jr., as Chairman of Primerica Distribution and Co-Chief Executive Officer of the Company, and I, Alison S. Rand, as Executive Vice President and Chief Financial Officer of the Company, each hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ D. Richard Williams
Name:	D. Richard Williams
Title:	Chairman of the Board of Directors and Co-Chief Executive Officer
Date:	November 5, 2014
/s/ John A. Addison, Jr.
Name:	John A. Addison, Jr.
Title:	Chairman of Primerica Distribution and Co-Chief Executive Officer
Date:	November 5, 2014
/s/ Alison S. Rand
Name:	Alison S. Rand
Title:	Executive Vice President and Chief Financial Officer
Date:	November 5, 2014

EXH 32.1-1

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Investments - Fair Value of Investments on Deposit with Governmental Authorities - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investments [Abstract]
Assets held by insurance regulators	$ 19.5	$ 18.4

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Fair Value of Financial Instruments - Estimated Fair Value for Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	$ 1,838,059	$ 1,795,606
Fixed-maturity securities held to maturity, fair value	191,274	0
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Surplus note	189,830	0
Fixed-maturity securities held to maturity	189,830	0
Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Currency swaps	104	88
Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Currency swaps	104	88
Separate Accounts Assets, Fair Value Disclosure [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate accounts assets	2,469,118	2,503,829
Separate Accounts Assets, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate accounts assets	2,469,118	2,503,829
Reported Value Measurement [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	1,787,926	1,755,712
Reported Value Measurement [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	50,133	39,894
Reported Value Measurement [Member] | Level 3 [Member] | Fair value, Nonrecurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Policy loans	27,566	26,806
Surplus note	189,830	0
Fixed-maturity securities held to maturity	189,830	0
Reported Value Measurement [Member] | Level 3 [Member] | Fair value, Nonrecurring Measurements [Member] | Deposits [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deposit asset underlying 10% coinsurance agreement	149,143	124,413
Reported Value Measurement [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Reported Value Measurement [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate accounts assets	2,469,118	2,503,829
Reported Value Measurement [Member] | Senior Notes [Member] | Level 2 [Member] | Fair value, Nonrecurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes payable	374,519	374,481
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	1,787,926	1,755,712
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring Measurements [Member] | Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, fair value	50,133	39,894
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Fair value, Nonrecurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed-maturity securities held to maturity, fair value	191,274	0
Policy loans	27,566	26,806
Surplus note	189,436	0
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Fair value, Nonrecurring Measurements [Member] | Deposits [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deposit asset underlying 10% coinsurance agreement	149,143	124,413
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Estimate of Fair Value Measurement [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate accounts assets	2,469,118	2,503,829
Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | Level 2 [Member] | Fair value, Nonrecurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notes payable	407,269	385,161
Currency Swap [Member] | Reported Value Measurement [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Currency swaps	104	88
Currency Swap [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Currency swaps	104	88
Separate Accounts Liabilities [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate account liabilities	2,469,118	2,503,829
Separate Accounts Liabilities [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate account liabilities	2,469,118	2,503,829
Separate Accounts Liabilities [Member] | Reported Value Measurement [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate account liabilities	2,469,118	2,503,829
Separate Accounts Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Level 2 [Member] | Fair Value, Recurring Measurements [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Separate account liabilities	$ 2,469,118	$ 2,503,829

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Investments - Rollforward of Other-than-temporary Impairment Credit-related Losses Recognized in Income, Fixed-maturity Securities Still Held (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Cumulative other-than-temporary impairment, credit losses for securities still held, beginning balance	$ 14,348	$ 14,243	$ 14,516	$ 14,171
Additions for other-than-temporary impaired securities where no credit losses were recognized prior to the beginning of the period	412	345	753	416
Additions for other-than-temporary impaired securities where credit losses have been recognized prior to the beginning of the period	103	2	132	3
Reductions due to sales, maturities or calls of credit impaired securities	(1,019)	(264)	(1,557)	(264)
Cumulative other-than-temporary impairment, credit losses for securities still held, ending balance	$ 13,844	$ 14,326	$ 13,844	$ 14,326

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Reinsurance - In-force Life Insurance (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Reinsurance Disclosures [Abstract]
Direct life insurance in force	$ 685,399,115	$ 679,337,825
Amounts ceded to other companies	(606,602,219)	(601,309,340)
Net life insurance in force	$ 78,796,896	$ 78,028,485
Percentage of reinsured life insurance in force	89.00%	89.00%

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Investments - Impairment Charges in Earnings on Available-for-sale Securities (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment charges recognized in earnings	$ 515	$ 347	$ 885	$ 419
Investments in fixed-maturity securities not in default [Member] | Fixed-maturity Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment charges recognized in earnings	$ 515	$ 347	$ 885	$ 419

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Segment and Geographical Information - Long Lived Assets and Continuing Operations by Country (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segments Geographic Information [Line Items]
Revenues	$ 339,187	$ 310,409	$ 994,645	$ 912,348
Income (loss) from continuing operations before income taxes	64,020	62,772	206,593	188,863
Long-lived assets	27,478		27,478		25,050
UNITED STATES
Segments Geographic Information [Line Items]
Revenues	278,101	253,877	811,228	739,899
Income (loss) from continuing operations before income taxes	47,296	47,169	152,828	139,774
Long-lived assets	26,896		26,896		24,413
CANADA
Segments Geographic Information [Line Items]
Revenues	61,086	56,532	183,417	172,449
Income (loss) from continuing operations before income taxes	16,724	15,603	53,765	49,089
Long-lived assets	$ 582		$ 582		$ 637

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Reinsurance - Reinsurance Receivable and Financial Strength Ratings by Reinsurer (Parenthetical) (Details) (Swiss Re Life & Health America Inc. [Member])	Sep. 30, 2014	Dec. 31, 2013
Swiss Re Life & Health America Inc. [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable, retroceded percentage	100.00%	100.00%

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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2014

Reinsurance Disclosures [Abstract]

In-force Life Insurance

	September 30, 2014			December 31, 2013
	(Dollars in thousands)
Direct life insurance in force	$	685,399,115		$	679,337,825
Amounts ceded to other companies		(606,602,219	)		(601,309,340	)
Net life insurance in force	$	78,796,896		$	78,028,485
Percentage of reinsured life insurance in force		89	%		89	%

Reinsurance Receivable and Financial Strength Ratings by Reinsurer

Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows:

	September 30, 2014			December 31, 2013
	Reinsurance receivable		A.M. Best rating	Reinsurance receivable		A.M. Best rating
	(In thousands)
Prime Reinsurance Company(1)	$	2,631,802	NR	$	2,572,800	NR
SCOR Global Life Reinsurance Companies		379,377	A		372,479	A
Financial Reassurance Company 2010, Ltd.(1)		330,451	NR		343,144	NR
Swiss Re Life & Health America Inc.(2)		265,697	A+		260,775	A+
American Health and Life Insurance Company(1)		176,670	A-		174,722	A-
Munich American Reassurance Company		103,621	A+		100,856	A+
Korean Reinsurance Company		89,020	A		89,405	A
RGA Reinsurance Company		80,452	A+		75,629	A+
Toa Reinsurance Company		22,124	A+		18,824	A+
Hannover Life Reassurance Company		19,796	A+		16,862	A+
All other reinsurers		31,627	-		29,558	-
Due from reinsurers	$	4,130,637		$	4,055,054

NR – not rated

(1) Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers.

(2) Includes amounts ceded to Lincoln National Life Insurance and 100%retroceded to Swiss Re Life & Health America Inc.

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Investments - Derivative - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Aggregate fair value of embedded conversion options	$ 6.5	$ 4.6

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Investments - Schedule of Net Realized Investment Gains and Losses (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Investments [Abstract]
Gross gains from sales	$ 550	$ 1,234	$ 1,731	$ 5,989
Gross losses from sales	(115)	(703)	(160)	(1,154)
Other-than-temporary impairment losses	(515)	(347)	(885)	(419)
Gains (losses) from bifurcated options	(201)	(591)	127	931
Realized investment gains (losses), including other-than-temporary impairment losses	(281)	(407)	813	5,347
Gross realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings	(80)	184	686	4,416
Tax expense (benefit) associated with realized investment gains (losses) reclassified from accumulated other comprehensive income into earnings	(28)	64	240	1,546
Proceeds from sales or other redemptions	$ 92,130	$ 79,864	$ 301,519	$ 300,471

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Investments - Fixed-maturity Securities Classified as Trading - Narrative (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	$ 9,135	$ 12,991
Fixed-maturity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	$ 9,100	$ 13,000

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Fair Value of Financial Instruments - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	$ 1,838,059	$ 1,795,606
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Fair value assumptions, percentage of securities assessed by third-party pricing service	95.00%
Fair Value, Recurring Measurements [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Assets, fair value disclosure, recurring	4,316,312	4,312,426
Currency swaps	104	88
Liabilities, fair value disclosure, recurring	2,469,222	2,503,917
Fair Value, Recurring Measurements [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure, recurring	45,094	36,150
Fair Value, Recurring Measurements [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fixed-maturity securities classified as trading, carried at fair value	9,135	12,991
Assets, fair value disclosure, recurring	4,269,528	4,273,988
Currency swaps	104	88
Liabilities, fair value disclosure, recurring	2,469,222	2,503,917
Fair Value, Recurring Measurements [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets, fair value disclosure, recurring	1,690	2,288
Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	10,129	9,054
Fair Value, Recurring Measurements [Member] | U.S. Government and Agencies [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	10,129	9,054
Fair Value, Recurring Measurements [Member] | Foreign Government [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	120,809	116,356
Fair Value, Recurring Measurements [Member] | Foreign Government [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	120,809	116,356
Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	37,278	33,700
Fair Value, Recurring Measurements [Member] | States and Political Subdivisions [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	37,278	33,700
Fair Value, Recurring Measurements [Member] | Corporates [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,324,036	1,312,714
Fair Value, Recurring Measurements [Member] | Corporates [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,830	1,282
Fair Value, Recurring Measurements [Member] | Corporates [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,321,966	1,310,739
Fair Value, Recurring Measurements [Member] | Corporates [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	240	693
Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	295,674	283,888
Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	294,272	282,341
Fair Value, Recurring Measurements [Member] | Asset-backed Securities [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,402	1,547
Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,787,926	1,755,712
Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,830	1,282
Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,784,454	1,752,190
Fair Value, Recurring Measurements [Member] | Fixed-maturity Securities [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	1,642	2,240
Fair Value, Recurring Measurements [Member] | Equity Securities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	50,133	39,894
Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	43,264	34,868
Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	6,821	4,978
Fair Value, Recurring Measurements [Member] | Equity Securities [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities, fair value	48	48
Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Separate accounts assets	2,469,118	2,503,829
Fair Value, Recurring Measurements [Member] | Separate Accounts Assets, Fair Value Disclosure [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Separate accounts assets	2,469,118	2,503,829
Fair Value, Recurring Measurements [Member] | Separate Accounts Liabilities [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Separate account liabilities	2,469,118	2,503,829
Fair Value, Recurring Measurements [Member] | Separate Accounts Liabilities [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Separate account liabilities	$ 2,469,118	$ 2,503,829

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Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income from continuing operations	$ 41,613		$ 40,732	$ 134,369	$ 122,035
Income (loss) from discontinued operations	(18)		2,458	1,578	3,490
Weighted-average vested shares	54,713		54,957	54,953	56,019
Basic EPS from continuing operations	$ 0.75		$ 0.74	$ 2.42	$ 2.14
Basic EPS from discontinued operations	$ 0.00	[1]	$ 0.04	$ 0.03	$ 0.06
Dilutive effect of incremental shares if issued for warrants outstanding	0		0	0	1,050
Dilutive effect of incremental shares to be issued for equity awards	31		1	25	0
Weighted-average shares used in calculating diluted EPS	54,744		54,958	54,978	57,069
Diluted EPS from continuing operations	$ 0.75		$ 0.74	$ 2.41	$ 2.10
Diluted EPS from discontinued operations	$ 0.00	[1]	$ 0.04	$ 0.03	$ 0.06
Continuing Operations [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income used in calculating basic EPS	41,166		40,207	132,823	119,922
Income used in calculating diluted EPS	41,166		40,207	132,823	119,954
Continuing Operations [Member] | Stock Compensation Plan [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income attributable to unvested participating securities, basic EPS	(447)		(525)	(1,546)	(2,113)
Income attributable to unvested participating securities, diluted EPS	(447)		(525)	(1,546)	(2,081)
Discontinued Operations [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income used in calculating basic EPS	(18)		2,426	1,560	3,430
Income used in calculating diluted EPS	(18)		2,426	1,560	3,431
Discontinued Operations [Member] | Stock Compensation Plan [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Income attributable to unvested participating securities, basic EPS	0	[2]	(32)	(18)	(60)
Income attributable to unvested participating securities, diluted EPS	$ 0	[2]	$ (32)	$ (18)	$ (59)

[1] Loss per share from discontinued operations for the three months ended September 30, 2014 is less than $0.01.

[2] Loss attributable to unvested participating securities from discontinued operations for the three months ended September 30, 2014 is less than $1.

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Investments - Schedule of Net Impairment Losses Recognized in Earnings for Available-for-sale Securities(Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total other-than-temporary impairment losses	$ 515	$ 347	$ 885	$ 438
Other-than-temporary impairment losses, investments, portion recognized in earnings, net	515	347	885	419
Does not intend to sell or more-likely-than-not will not be required to sell before recovery [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Total other-than-temporary impairment losses	0	345	0	365
Other-than-temporary impairment losses, portion in accumulated other comprehensive income (loss)	0	0	0	(19)
Other-than-temporary impairment losses, investments, portion recognized in earnings, net	0	345	0	346
Intends to sell or more-likely-than-not will be required to sell before recovery [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other-than-temporary impairment losses, investments, portion recognized in earnings, net	$ 515	$ 2	$ 885	$ 73

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Organization, Consolidation and Presentation of Financial Statements (Notes)

9 Months Ended

Sep. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies

(1) Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies

Description of Business. Primerica, Inc. (the "Parent Company") together with its subsidiaries (collectively, "we", "us" or the "Company") is a leading distributor of financial products to middle income households in the United States and Canada. We assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. Our primary subsidiaries include the following entities: Primerica Financial Services, Inc. ("PFS"), a general agency and marketing company; Primerica Life Insurance Company ("Primerica Life"), our principal life insurance company; Primerica Financial Services (Canada) Ltd., a holding company for our Canadian operations, which includes Primerica Life Insurance Company of Canada ("Primerica Life Canada") and PFSL Investments Canada Ltd. ("PFSL Investments Canada"); and PFS Investments, Inc. ("PFS Investments"), an investment products company and broker-dealer. Primerica Life, domiciled in Massachusetts, owns National Benefit Life Insurance Company ("NBLIC"), a New York insurance company.

We capitalized Peach Re, Inc. ("Peach Re"), a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life, and Primerica Life ceded to Peach Re certain level premium term life insurance policies pursuant to a coinsurance agreement (the "Peach Re Coinsurance Agreement") effective March 31, 2012.

In June 2014, we established Vidalia Re, Inc. ("Vidalia Re") as a special purpose financial captive insurance company and wholly owned subsidiary of Primerica Life. Vidalia Re and Primerica Life entered into a coinsurance agreement whereby Primerica Life ceded to Vidalia Re certain level premium term life insurance policies (the "Vidalia Re Coinsurance Agreement") effective July 31, 2014.

Basis of Presentation. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements.

The accompanying unaudited condensed consolidated financial statements contain all adjustments, generally consisting of normal recurring accruals, which are necessary to fairly present the balance sheets as of September 30, 2014 and December 31, 2013, the statements of income and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013, and the statements of stockholders' equity and cash flows for the nine months ended September 30, 2014 and 2013. Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report").

Use of Estimates. The most significant items that involve a greater degree of accounting estimates and actuarial determinations subject to change in the future are the valuation of investments, deferred policy acquisition costs ("DAC"), liabilities for future policy benefits and unpaid policy claims, and income taxes. Estimates for these and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates.

Consolidation. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and those entities required to be consolidated under applicable accounting standards. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated.

Reclassifications. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders' equity and were primarily related to discontinued operations. See Note 2 (Discontinued Operations) for more information.

Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the unaudited condensed consolidated financial statements dated as of September 30, 2014.

Significant Accounting Policies. All significant accounting policies remain unchanged from the 2013 Annual Report.

New Accounting Principles. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 clarifies the principles for recognizing revenue by establishing the core principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue that is recognized. Insurance contracts are specifically excluded from the scope of ASU 2014-09 and therefore revenue from our insurance product lines will not be affected by the new standard. The amendments in ASU 2014-09 are effective retrospectively for the Company beginning in fiscal year 2017. Early adoption is not permitted. While we are still in the process of evaluating the guidance in ASU 2014-09, we do not expect it will have a material impact on our consolidated financial statements.

Future Application of Accounting Standards. Recent accounting guidance not discussed is not applicable, is immaterial to our financial statements, or did not or will not have an impact on our business.

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Share-Based Transactions - Impact of Equity Awards Granted (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total equity awards expense recognized	$ 8,497	$ 2,737	$ 14,333	$ 10,689
Expense Deferred [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Quarterly incentive awards expense deferred	$ 3,041	$ 3,893	$ 10,371	$ 12,034

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Investments - Securities with Cost Basis in Excess of Fair Value - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investments [Abstract]
Fixed-maturity and equity securities with cost basis in excess of fair value, cost basis	$ 291.6	$ 454.2

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Discontinued Operations - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]
Proceeds from divestiture of businesses	$ 3,000,000	$ 0
Discontinued operation, gain (loss) from disposal of discontinued operation, before income tax	$ 2,400,000

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Share-Based Transactions (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Impact of Equity Awards Granted

The impacts of equity awards granted are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Total equity awards expense recognized	$	8,497	$	2,737	$	14,333	$	10,689
Quarterly incentive awards expense deferred		3,041		3,893		10,371		12,034

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Reinsurance - Reinsurance Receivable and Financial Strength Ratings by Reinsurer (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended		12 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
Ceded Credit Risk [Line Items]
Reinsurance receivable	$ 4,130,637		$ 4,055,054
Prime Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	2,631,802	[1]	2,572,800	[1]
SCOR Global Life Reinsurance Companies [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	379,377		372,479
Financial Reassurance Company 2010, Ltd. [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	330,451	[1]	343,144	[1]
Swiss Re Life & Health America Inc. [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	265,697	[2]	260,775	[2]
American Health and Life Insurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	176,670	[1]	174,722	[1]
Munich American Reassurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	103,621		100,856
Korean Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	89,020		89,405
RGA Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	80,452		75,629
Toa Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	22,124		18,824
Hannover Life Reassurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	19,796		16,862
All Other Reinsurers [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable	$ 31,627		$ 29,558
Reinsurance receivable credit rating from agencies	-		-
External credit rating, not rated [Member] | Prime Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	NR	[1]	NR	[1]
External credit rating, not rated [Member] | Financial Reassurance Company 2010, Ltd. [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	NR	[1]	NR	[1]
AM Best, A Rating [Member] | SCOR Global Life Reinsurance Companies [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A		A
AM Best, A Rating [Member] | Korean Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A		A
AM Best, A+ Rating [Member] | Swiss Re Life & Health America Inc. [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A+	[2]	A+	[2]
AM Best, A+ Rating [Member] | Munich American Reassurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A+		A+
AM Best, A+ Rating [Member] | RGA Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A+		A+
AM Best, A+ Rating [Member] | Toa Reinsurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A+		A+
AM Best, A+ Rating [Member] | Hannover Life Reassurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A+		A+
AM Best, A- Rating [Member] | American Health and Life Insurance Company [Member]
Ceded Credit Risk [Line Items]
Reinsurance receivable credit rating from agencies	A-	[1]	A-	[1]

[1] (1) Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers.

[2] (1) Includes amounts ceded to Lincoln National Life Insurance and 100% retroceded to Swiss Re Life & Health America Inc.

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Investments - Schedule of Securities in Unrealized Loss Position (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	$ 184,691	$ 400,694
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(2,628)	(13,373)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	96,618	36,555
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(7,621)	(3,582)
U.S. Government and Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	2,813	3,817
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(16)	(36)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	2	3
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	888	859
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(63)	(91)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	2	2
Foreign Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	22,852	34,869
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(703)	(2,190)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	32	47
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	23,402	5,999
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(2,042)	(576)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	39	13
States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	2,142	8,520
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(8)	(468)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	2	11
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	3,687	152
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(221)	0
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	5	1
Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	102,914	296,192
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(1,701)	(9,510)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	114	295
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	50,961	19,022
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(4,476)	(2,421)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	88	31
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	52,063	54,215
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(131)	(536)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	36	46
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	15,051	10,523
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(318)	(494)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	15	9
Fixed-maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	182,784	397,613
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(2,559)	(12,740)
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	93,989	36,555
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	(7,120)	(3,582)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, continuous unrealized loss position, less than 12 months, fair value	1,907	3,081
Available-for-sale securities, continuous unrealized loss position, less than 12 months, aggregate losses	(69)	(633)
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, less than one year	12	7
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, fair value	2,629	0
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, aggregate losses	$ (501)	$ 0
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions, greater than or equal to one year	2	0

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Discontinued Operations - Results of Operations and Carrying Values Of Assets And Liabilities Related To DBL (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 Premiums receivable [Member]	Dec. 31, 2013 Premiums receivable [Member]	Sep. 30, 2014 Future policy benefits [Member]	Dec. 31, 2013 Future policy benefits [Member]	Sep. 30, 2014 Other liabilities [Member]	Dec. 31, 2013 Other liabilities [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total revenues from discontinued operations	$ 0	$ 9,048	$ 0	$ 27,860
Income (loss) from discontinued operations before income taxes	(28)	3,782	2,427	5,369
Provision for income taxes	(10)	1,324	849	1,879
Income (loss) from discontinued operations, net of income taxes	(18)	2,458	1,578	3,490
Disposal group, including discontinued operation, other assets					0	6,439
Disposal group, including discontinued operation, other liabilities							$ 0	$ 5,047	$ 0	$ 1,197

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Segment and Geographical Information - Assets and Continuing Operations by Segment (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 339,187	$ 310,409	$ 994,645	$ 912,348
Income (loss) from continuing operations before income taxes	64,020	62,772	206,593	188,863
Assets	10,742,654		10,742,654		10,329,950
Term Life Insurance Segment [Member]
Segment Reporting Information [Line Items]
Revenues	193,577	177,811	560,924	514,828
Income (loss) from continuing operations before income taxes	45,932	50,136	148,207	147,159
Assets	7,089,373		7,089,373		6,783,194
Investment and Savings Products Segment [Member]
Segment Reporting Information [Line Items]
Revenues	129,273	114,723	380,690	336,805
Income (loss) from continuing operations before income taxes	36,904	31,498	106,978	85,339
Assets	2,687,974		2,687,974		2,699,000
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Revenues	16,337	17,875	53,031	60,715
Income (loss) from continuing operations before income taxes	(18,816)	(18,862)	(48,592)	(43,635)
Assets	$ 965,307		$ 965,307		$ 847,756

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 135,947	$ 125,525
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Change in future policy benefits and other policy liabilities	217,208	166,936
Deferral of policy acquisition costs	(217,027)	(200,082)
Amortization of deferred policy acquisition costs	104,834	93,556
Change in income taxes	17,772	1,351
Realized investment (gains) losses, including other-than-temporary impairments	(813)	(5,347)
Gain from sale of business, net	(1,578)	0
Accretion and amortization of investments	(2,035)	(2,924)
Depreciation and amortization	8,611	8,146
Change in due from reinsurers	(93,109)	(39,379)
Change in premiums and other receivables	(16,775)	(18,095)
Trading securities sold, matured, or called (acquired), net	3,818	(3,448)
Share-based compensation	14,333	10,689
Change in other operating assets and liabilities, net	(38,390)	(46,371)
Net cash provided by (used in) operating activities	132,796	90,557
Available-for sale investments sold, matured or called:
Fixed-maturity securities — sold	63,996	88,332
Fixed-maturity securities — matured or called	237,335	207,445
Equity securities	188	4,694
Available-for-sale investments acquired:
Fixed-maturity securities	(318,987)	(156,360)
Equity securities	(6,470)	(461)
Purchases of property and equipment and other investing activities, net	(6,029)	(18,473)
Proceeds from sale of business	3,000	0
Cash collateral received (returned) on loaned securities, net	(22,238)	(64,075)
Sales (purchases) of short-term investments using securities lending collateral, net	22,238	64,075
Net cash provided by (used in) investing activities	(26,967)	125,177
Cash flows from financing activities:
Dividends paid	(20,049)	(18,920)
Common stock repurchased	(71,853)	(101,073)
Warrants repurchased	0	(68,399)
Excess tax benefits on share-based compensation	4,651	8,440
Payments of deferred financing costs	(864)	0
Net cash provided by (used in) financing activities	(88,115)	(179,952)
Effect of foreign exchange rate changes on cash	(1,904)	(530)
Change in cash and cash equivalents	15,810	35,252
Cash and cash equivalents, beginning of period	149,189	112,216
Cash and cash equivalents, end of period	$ 164,999	$ 147,468

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Segment and Geographical Information - Narrative (Details) (Investment and Savings Products Segment [Member], USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investment and Savings Products Segment [Member]
Segment Reporting Information [Line Items]
Assets, excluding separate account assets	$ 219.4	$ 195.8

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Investments - Securities Lending Collateral - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Securities Received as Collateral [Abstract]
Securities loaned, minimum collateral to loan ratio	102.00%
Securities loaned, additional collateral requirement, decline in collateral value threshold percentage	100.00%
Collateral securities repledged, delivered, or used	$ 67.6	$ 89.9

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Fair Value of Financial Instruments - Rollforward of Level 3 Assets Measured on Recurring Basis (Details) (Fair Value, Recurring Measurements [Member], Level 3 [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Recurring Measurements [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets, beginning of period	$ 1,752	$ 8,433	$ 2,288	$ 5,221
Net unrealized gains (losses) included in other comprehensive income	(13)	(122)	(115)	(288)
Realized gains (losses) and accretion (amortization) recognized in earnings, including OTTI	5	171	416	301
Purchases	0	0	0	4,383
Sales	0	(10)	0	(25)
Settlements	(54)	(1,163)	(899)	(1,862)
Transfers into Level 3	0	371	0	1,357
Transfers out of Level 3	0	(3,499)	0	(4,906)
Level 3 assets, end of period	$ 1,690	$ 4,181	$ 1,690	$ 4,181

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Investments:
Fixed-maturity securities available for sale, at fair value (amortized cost: $1,685,305 in 2014 and $1,663,022 in 2013)	$ 1,787,926	[1]	$ 1,755,712	[2]
Fixed-maturity securities held to maturity, at amortized cost (fair value: $191,274 in 2014 and $0 in 2013)	189,830		0
Equity securities available for sale, at fair value (cost: $40,824 in 2014 and $32,592 in 2013)	50,133		39,894
Trading securities, at fair value (cost: $9,126 in 2014 and $13,025 in 2013)	9,135		12,991
Policy loans	27,566		26,806
Total investments	2,064,590		1,835,403
Cash and cash equivalents	164,999		149,189
Accrued investment income	18,930		18,127
Due from reinsurers	4,130,637		4,055,054
Deferred policy acquisition costs, net	1,321,415		1,208,466
Premiums and other receivables	183,179		175,785
Intangible assets, net (accumulated amortization: $68,645 in 2014 and $65,131 in 2013)	65,350		68,863
Income taxes	40,827		32,450
Other assets	283,609		282,784
Separate account assets	2,469,118		2,503,829
Total assets	10,742,654		10,329,950
Liabilities:
Future policy benefits	5,214,878		5,063,103
Unearned premiums	1,012		1,802
Policy claims and other benefits payable	285,939		253,304
Other policyholders’ funds	343,298		337,977
Notes payable	374,519		374,481
Surplus note	189,830		0
Income taxes	136,064		105,885
Other liabilities	365,900		377,690
Payable under securities lending	67,614		89,852
Separate account liabilities	2,469,118		2,503,829
Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)
Total liabilities	9,448,172		9,107,923
Stockholders’ equity:
Common stock ($0.01 par value; authorized 500,000 in 2014 and 2013; and issued 53,682 shares in 2014 and 54,834 shares in 2013)	537		548
Paid-in capital	429,257		472,633
Retained earnings	756,738		640,840
Accumulated other comprehensive income (loss), net of income tax:
Unrealized foreign currency translation gains (losses)	30,281		41,974
Net unrealized investment gains (losses):
Net unrealized investment gains not other-than-temporarily impaired	78,131		67,379
Net unrealized investment losses other-than-temporarily impaired	(462)		(1,347)
Total stockholders’ equity	1,294,482		1,222,027
Total liabilities and stockholders’ equity	$ 10,742,654		$ 10,329,950

[1] (1) Includes approximately $0.7 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

[2] (1) Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

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Investments - Amortized Cost and Fair Value of Available-for-sale Fixed-maturity Securities in Default (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investments [Abstract]
Available-for-sale fixed-maturity securities in default, amortized cost	$ 31	$ 31
Available-for-sale fixed-maturity securities in default, fair value	$ 128	$ 267

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Condensed Consolidated Statements of Stockholders' Equity (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Translation Adjustment [Member]	Accumulated Net Unrealized Investment Gain (Loss) [Member]	Accumulated Other-than-Temporary Impairment [Member]
Balance, beginning of period at Dec. 31, 2012		$ 564	$ 602,269	$ 503,173	$ 169,410
Repurchases of common stock		(29)	(101,044)
Net issuance of common stock		12	(12)
Share-based compensation			31,161
Repurchases of warrants			(68,399)
Adjustments to paid-in capital, other			808
Net income	125,525			125,525
Dividends				(18,920)
Change in accumulated other comprehensive income (loss), net of income taxes	(49,013)					(6,816)	(42,185)	(12)
Balance, end of period at Sep. 30, 2013	1,195,505	547	464,783	609,778	120,397
Balance, beginning of period at Dec. 31, 2013	1,222,027	548	472,633	640,840	108,006
Repurchases of common stock		(15)	(71,838)
Net issuance of common stock		4	(4)
Share-based compensation			29,459
Adjustments to paid-in capital, other			(993)
Net income	135,947			135,947
Dividends				(20,049)
Change in accumulated other comprehensive income (loss), net of income taxes	(56)					(11,693)	10,752	885
Balance, end of period at Sep. 30, 2014	$ 1,294,482	$ 537	$ 429,257	$ 756,738	$ 107,950

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Stockholders' Equity - Reconciliation of Number of Shares of Common Stock (Details) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Stockholders Equity Note [Abstract]
Common stock, beginning of period	54,834	56,374
Shares of restricted common stock issued	0	289
Shares issued for stock options exercised	4	0
Shares of common stock issued upon lapse of restricted stock units ("RSUs")	381	975
Common stock retired	(1,537)	(2,951)
Common stock, end of period	53,682	54,687

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Investments - Fixed-maturity Securities Classified by Contractual Maturity Date (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Available-for-sale Securities, Debt Maturities [Abstract]
Due in one year or less, amortized cost	$ 92,778
Due after one year through five years, amortized cost	568,331
Due after five years through 10 years, amortized cost	693,097
Due after 10 years, amortized cost	48,438
Total fixed-maturity securities with single maturity dates, amortized cost	1,402,644
Mortgage and asset-backed securities, amortized cost	282,661
Available-for-sale debt securities, amortized cost basis	1,685,305	[1]	1,663,022	[2]
Due in one year or less, fair value	95,084
Due after one year through five years, fair value	619,711
Due after five years through 10 years, fair value	723,932
Due after 10 years, fair value	53,525
Total fixed-maturity securities with single maturity dates, fair value	1,492,252
Mortgage and asset-backed securities, fair value	295,674
Available-for-sale debt securities, at fair value	$ 1,787,926	[1]	$ 1,755,712	[2]

[1] (1) Includes approximately $0.7 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

[2] (1) Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

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Segment and Geographical Information (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Continuing Operations by Segment

Results of continuing operations by segment were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Revenues:
Term life insurance segment	$	193,577		$	177,811		$	560,924		$	514,828
Investment and savings products segment		129,273			114,723			380,690			336,805
Corporate and other distributed products segment		16,337			17,875			53,031			60,715
Total revenues	$	339,187		$	310,409		$	994,645		$	912,348
Income (loss) from continuing operations before    income taxes:
Term life insurance segment	$	45,932		$	50,136		$	148,207		$	147,159
Investment and savings products segment		36,904			31,498			106,978			85,339
Corporate and other distributed products segment		(18,816	)		(18,862	)		(48,592	)		(43,635	)
Total income from continuing operations    before income taxes	$	64,020		$	62,772		$	206,593		$	188,863

Assets by Segment

Total assets by segment were as follows:

	September 30, 2014		December 31, 2013
	(In thousands)
Assets:
Term life insurance segment	$	7,089,373	$	6,783,194
Investment and savings products segment		2,687,974		2,699,000
Corporate and other distributed products segment		965,307		847,756
Total assets	$	10,742,654	$	10,329,950

Long Lived Assets and Continuing Operations by Country

Geographical Information. Results of continuing operations by country and long-lived assets — primarily tangible assets reported in Other assets in our unaudited condensed consolidated balance sheets —were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Revenues by country:
United States	$	278,101	$	253,877	$	811,228	$	739,899
Canada		61,086		56,532		183,417		172,449
Total revenues	$	339,187	$	310,409	$	994,645	$	912,348
Income from continuing operations before income    taxes by country:
United States	$	47,296	$	47,169	$	152,828	$	139,774
Canada		16,724		15,603		53,765		49,089
Total income from continuing operations before    income taxes	$	64,020	$	62,772	$	206,593	$	188,863

	September 30, 2014		December 31, 2013
	(In thousands)
Long-lived assets by country:
United States	$	26,896	$	24,413
Canada		582		637
Total long-lived assets	$	27,478	$	25,050

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Investments - Net Effect on Stockholders' Equity of Unrealized Gains and Losses on Available-for-sale Securities (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
Net unrealized investment gains (losses) including FCTA and OTTI, Fixed-maturity and Equity securities	$ 111,930	$ 99,992
Net unrealized investment gains (losses) including FCTA and OTTI, currency swaps	31	72
Foreign currency translation adjustment	7,530	1,523
Other-than-temporary impairments	710	2,072
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments	120,201	103,659
Less deferred income taxes	(42,070)	(36,280)
Net unrealized investment gains excluding foreign currency translation adjustment and other-than-temporary impairments, net of tax	$ 78,131	$ 67,379

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	10,129	$	-	$	10,129
Foreign government		-		120,809		-		120,809
States and political subdivisions		-		37,278		-		37,278
Corporates		1,830		1,321,966		240		1,324,036
Mortgage- and asset-backed securities		-		294,272		1,402		295,674
Total fixed-maturity securities		1,830		1,784,454		1,642		1,787,926
Equity securities		43,264		6,821		48		50,133
Trading securities		-		9,135		-		9,135
Separate accounts		-		2,469,118		-		2,469,118
Total fair value assets	$	45,094	$	4,269,528	$	1,690	$	4,316,312
Fair value liabilities:
Currency swaps	$	-	$	104	$	-	$	104
Separate accounts		-		2,469,118		-		2,469,118
Total fair value liabilities	$	-	$	2,469,222	$	-	$	2,469,222

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	9,054	$	-	$	9,054
Foreign government		-		116,356		-		116,356
States and political subdivisions		-		33,700		-		33,700
Corporates		1,282		1,310,739		693		1,312,714
Mortgage- and asset-backed securities		-		282,341		1,547		283,888
Total fixed-maturity securities		1,282		1,752,190		2,240		1,755,712
Equity securities		34,868		4,978		48		39,894
Trading securities		-		12,991		-		12,991
Separate accounts		-		2,503,829		-		2,503,829
Total fair value assets	$	36,150	$	4,273,988	$	2,288	$	4,312,426
Fair value liabilities:
Currency swaps	$	-	$	88	$	-	$	88
Separate accounts		-		2,503,829		-		2,503,829
Total fair value liabilities	$	-	$	2,503,917	$	-	$	2,503,917

Rollforward of Level 3 Assets Measured on Recurring Basis

The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Level 3 assets, beginning of period	$	1,752		$	8,433		$	2,288		$	5,221
Net unrealized gains (losses) included in other comprehensive income		(13	)		(122	)		(115	)		(288	)
Realized gains (losses) and accretion (amortization) recognized in    earnings, including OTTI		5			171			416			301
Purchases		-			-			-			4,383
Sales		-			(10	)		-			(25	)
Settlements		(54	)		(1,163	)		(899	)		(1,862	)
Transfers into Level 3		-			371			-			1,357
Transfers out of Level 3		-			(3,499	)		-			(4,906	)
Level 3 assets, end of period	$	1,690		$	4,181		$	1,690		$	4,181

Estimated Fair Value for Financial Instruments

The table below is a summary of the estimated fair value for financial instruments.

	September 30, 2014				December 31, 2013
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
	(In thousands)
Assets:
Fixed-maturity securities (available-for-sale)	$	1,787,926	$	1,787,926	$	1,755,712	$	1,755,712
Fixed-maturity security (held-to-maturity)		189,830		191,274		-		-
Equity securities		50,133		50,133		39,894		39,894
Trading securities		9,135		9,135		12,991		12,991
Policy loans		27,566		27,566		26,806		26,806
Deposit asset underlying 10% coinsurance agreement		149,143		149,143		124,413		124,413
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829
Liabilities:
Notes payable	$	374,519	$	407,269	$	374,481	$	385,161
Surplus note		189,830		189,436		-		-
Currency swaps		104		104		88		88
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829

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Condensed Consolidated Statements of Stockholders' Equity Parenthetical (Accumulated Other Comprehensive Income (Loss) [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive income (loss):
Change in foreign currency translation adjustment, income tax expense (benefit)	$ (139)	$ (91)
Change in net unrealized investment gains (losses) not-other-than-temporarily impaired, income tax expense (benefit)	5,790	(22,713)
Change in net unrealized investment (losses) gains other-than-temporarily impaired, income tax expense (benefit)	$ 477	$ (8)

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Condensed Consolidated Balance Sheets Parenthetical (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Investments:
Fixed-maturity securities available for sale, amortized cost	$ 1,685,305	[1]	$ 1,663,022	[2]
Fixed-maturity securities held to maturity, fair value	191,274		0
Equity securities available for sale, cost	40,824		32,592
Trading securities, cost	9,126		13,025
Intangible assets, net
Accumulated amortization on definite-lived intangible assets	$ 68,645		$ 65,131
Stockholders’ equity:
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	53,682,000		54,834,000

[1] (1) Includes approximately $0.7 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

[2] (1) Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

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Earnings Per Share (Notes)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

(9) Earnings Per Share

The Company has outstanding common stock and equity awards that consist of restricted stock, RSUs and stock options. In addition, warrants to purchase additional shares of our common stock were outstanding until we repurchased and retired these warrants in 2013. The restricted stock and RSUs maintain non-forfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. Unvested restricted stock and unvested RSUs are deemed participating securities for purposes of calculating earnings per share ("EPS") as they maintain dividend rights.

As a result of issuing restricted stock and RSUs that are deemed participating securities, we calculate EPS using the two-class method. Under the two-class method, we allocate earnings to common shares (excluding unvested restricted stock) and vested RSUs outstanding for the period. Earnings attributable to unvested participating securities, along with the corresponding share counts, are excluded from EPS as reflected in our unaudited condensed consolidated statements of income.

In calculating basic EPS, we deduct any dividends and undistributed earnings allocated to unvested restricted stock and unvested RSUs from net income and then divide the result by the weighted-average number of common shares and vested RSUs outstanding for the period.

We determine the potential dilutive effect of warrants and stock options outstanding on EPS using the treasury-stock method. Under this method, we determine the proceeds that would be received from the exercise of the warrants and stock options outstanding, which includes cash received for the exercise price, the remaining unrecognized stock option compensation expense and the resulting effect on the income tax deduction from the exercise of stock options. We then use the average market price of our common shares during the period the warrants and stock options were outstanding to determine how many shares we could repurchase with the proceeds raised from the exercise of the warrants and stock options outstanding. The net incremental share count issued represents the potential dilutive securities. We then reallocate earnings to common shares and vested RSUs by incorporating the increased fully diluted share count to determine diluted EPS.

The calculation of basic and diluted EPS follows.

	Three months ended September 30,							Nine months ended September 30,
	2014				2013			2014			2013
	(In thousands, except per-share amounts)
Basic EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,113	)
Income from continuing operations used in calculating basic EPS	$	41,166			$	40,207		$	132,823		$	119,922
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(60	)
Income from discontinued operations used in calculating basic EPS	$	(18	)		$	2,426		$	1,560		$	3,430
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Basic EPS from continuing operations	$	0.75			$	0.74		$	2.42		$	2.14
Basic EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06
Diluted EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,081	)
Income from continuing operations used in calculating diluted     EPS	$	41,166			$	40,207		$	132,823		$	119,954
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(59	)
Income from discontinued operations used in calculating diluted     EPS	$	(18	)		$	2,426		$	1,560		$	3,431
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Dilutive effect of incremental shares if issued for warrants     outstanding		-				-			-			1,050
Dilutive effect of incremental shares to be issued for equity awards		31				1			25			-
Weighted-average shares used in calculating diluted EPS		54,744				54,958			54,978			57,069
Diluted EPS from continuing operations	$	0.75			$	0.74		$	2.41		$	2.10
Diluted EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06

⁽¹⁾ Loss per share from discontinued operations for the three months ended September 30, 2014 is less than $0.01.

⁽²⁾ Loss attributable to unvested participating securities from discontinued operations for the three months ended September 30, 2014 is less than $1.

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Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 31, 2014
Document And Entity Information [Abstract]
Entity Registrant Name	Primerica, Inc.
Entity Central Index Key	0001475922
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,139,572

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Share-Based Transactions (Notes)

9 Months Ended

Sep. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Transactions

(10) Share-Based Transactions

The Company has outstanding equity awards under its Omnibus Incentive Plan ("OIP"). The OIP provides for the issuance of equity awards, including stock options, stock appreciation rights, restricted stock, deferred stock, RSUs, unrestricted stock, as well as cash-based awards. In addition to time-based vesting requirements, awards granted under the OIP also may be subject to specified performance criteria. Since 2010, the Company has issued equity awards to our management (officers and other key employees), non-employee directors, and sales force leaders under the OIP. For more information on equity awards granted under the OIP, see Note 13 (Share-Based Compensation) to our consolidated financial statements within our 2013 Annual Report.

In connection with our granting of equity awards to our management and members of the Board of Directors, we recognize expense over the service period of the equity award. Additionally, to the extent that equity awards to members of our sales force are an incremental direct cost of successful acquisitions or renewals of life insurance policies that result directly from and are essential to the policy acquisition(s) and would not have been incurred had the policy acquisition(s) not occurred, we defer and amortize the fair value of these awards in the same manner as other deferred policy acquisition costs.

The impacts of equity awards granted are as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Total equity awards expense recognized	$	8,497	$	2,737	$	14,333	$	10,689
Quarterly incentive awards expense deferred		3,041		3,893		10,371		12,034

During the third quarter of 2014, the Compensation Committee of the Board of Directors amended the equity awards granted to management in February 2014 (the “modified awards”) to provide for such awards to vest upon the voluntary termination of employment by any employee who is “retirement eligible” as of his or her termination date. In order to be retirement eligible, an employee must be at least 55 years old and his or her age plus years of service with the Company must equal at least 75. All unrecognized equity compensation expense for the modified awards granted to retirement eligible employees as of the date of the modification was recognized immediately during the third quarter of 2014 as there is no remaining substantive future requisite service period for these awards. The modification affects the timing of expense recognition for the modified awards and not the total amount of expense to be recognized given that the amount of awards expected to vest under the original service condition is not significantly different from the amount of awards now expected to vest after the modification. As a result of this modification, approximately $5.1 million of equity compensation expense for the modified awards was accelerated into the third quarter of 2014 rather than being recognized over the three-year vesting period of the award. This expense acceleration in the third quarter of 2014 will reduce the originally scheduled equity compensation expense for the modified awards in each subsequent period through the final vesting date in 2017. The retirement eligibility provision is expected to be included in equity awards granted to employees in future periods.

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Condensed Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Direct premiums	$ 577,482		$ 567,047	$ 1,722,427	$ 1,696,342
Ceded premiums	(402,198)		(407,488)	(1,215,459)	(1,235,543)
Net premiums	175,284		159,559	506,968	460,799
Commissions and fees	132,928		118,440	391,898	347,895
Net investment income	20,465		22,103	63,745	66,345
Realized investment gains (losses), including other-than-temporary impairment losses	(281)		(407)	813	5,347
Other, net	10,791		10,714	31,221	31,962
Total revenues	339,187		310,409	994,645	912,348
Benefits and expenses:
Benefits and claims	81,235		76,549	228,839	209,685
Amortization of deferred policy acquisition costs	36,944		32,192	104,834	93,556
Sales commissions	67,500		58,388	199,985	171,074
Insurance expenses	31,495		26,576	88,190	78,602
Insurance commissions	4,045		3,933	12,009	12,286
Interest expense	8,712		8,726	25,870	26,314
Other operating expenses	45,236		41,273	128,325	131,968
Total benefits and expenses	275,167		247,637	788,052	723,485
Income from continuing operations before income taxes	64,020		62,772	206,593	188,863
Income taxes	22,407		22,040	72,224	66,828
Income from continuing operations	41,613		40,732	134,369	122,035
Income (loss) from discontinued operations, net of income taxes	(18)		2,458	1,578	3,490
Net income	41,595		43,190	135,947	125,525
Basic earnings per share:
Continuing operations	$ 0.75		$ 0.74	$ 2.42	$ 2.14
Discontinued operations	$ 0.00	[1]	$ 0.04	$ 0.03	$ 0.06
Basic earnings per share	$ 0.75		$ 0.78	$ 2.45	$ 2.20
Diluted earnings per share:
Continuing operations	$ 0.75		$ 0.74	$ 2.41	$ 2.10
Discontinued operations	$ 0.00	[1]	$ 0.04	$ 0.03	$ 0.06
Diluted earnings per share	$ 0.75		$ 0.78	$ 2.44	$ 2.16
Weighted-average shares used in computing earnings per share:
Basic	54,713		54,957	54,953	56,019
Diluted	54,744		54,958	54,978	57,069
Supplemental disclosures:
Total impairment losses	(515)		(347)	(885)	(438)
Impairment losses recognized in other comprehensive income before income taxes	0		0	0	19
Net impairment losses recognized in earnings	(515)		(347)	(885)	(419)
Other net realized investment gains (losses)	234		(60)	1,698	5,766
Realized investment gains (losses), including other-than-temporary impairment losses	$ (281)		$ (407)	$ 813	$ 5,347
Dividends declared per share	$ 0.12		$ 0.11	$ 0.36	$ 0.33

[1] Loss per share from discontinued operations for the three months ended September 30, 2014 is less than $0.01.

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Investments (Notes)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Investments

(4) Investments

Available-for-sale Securities. The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of available-for-sale fixed-maturity and equity securities follow:

	September 30, 2014
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	9,701	$	507	$	(79	)	$	10,129
Foreign government		116,972		6,582		(2,745	)		120,809
States and political subdivisions		35,011		2,496		(229	)		37,278
Corporates		1,240,960		89,253		(6,177	)		1,324,036
Mortgage- and asset-backed securities		282,661		13,462		(449	)		295,674
Total fixed-maturity securities(1)		1,685,305		112,300		(9,679	)		1,787,926
Equity securities		40,824		9,879		(570	)		50,133
Total fixed-maturity and equity securities	$	1,726,129	$	122,179	$	(10,249	)	$	1,838,059

(1) Includes approximately $0.7million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

	As of December 31, 2013
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	8,696	$	485	$	(127	)	$	9,054
Foreign government		111,610		7,512		(2,766	)		116,356
States and political subdivisions		32,308		1,860		(468	)		33,700
Corporates		1,240,100		84,545		(11,931	)		1,312,714
Mortgage- and asset-backed securities		270,308		14,610		(1,030	)		283,888
Total fixed-maturity securities(1)		1,663,022		109,012		(16,322	)		1,755,712
Equity securities		32,592		7,935		(633	)		39,894
Total fixed-maturity and equity securities	$	1,695,614	$	116,947	$	(16,955	)	$	1,795,606

⁽¹⁾ Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

All of our available-for-sale mortgage- and asset-backed securities represent variable interests in variable interest entities ("VIEs"). We are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the entities’ economic performance. The maximum exposure to loss as a result of our involvement in these VIEs equals the carrying value of the securities.

The scheduled contractual maturity distribution of the available-for-sale fixed-maturity portfolio at September 30, 2014 follows:

	Amortized cost		Market value
	(In thousands)
Due in one year or less	$	92,778	$	95,084
Due after one year through five years		568,331		619,711
Due after five years through 10 years		693,097		723,932
Due after 10 years		48,438		53,525
		1,402,644		1,492,252
Mortgage- and asset-backed securities		282,661		295,674
Total fixed-maturity securities	$	1,685,305	$	1,787,926

Expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

Unrealized Gains and Losses on Investments. The net effect on stockholders’ equity of unrealized gains and losses on investments was as follows:

	September 30, 2014			December 31, 2013
	(In thousands)
Net unrealized investment gains (losses) including foreign currency    translation adjustment and other-than-temporary impairments:
Fixed-maturity and equity securities	$	111,930		$	99,992
Currency swaps		31			72
Foreign currency translation adjustment		7,530			1,523
Other-than-temporary impairments		710			2,072
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments		120,201			103,659
Deferred income taxes		(42,070	)		(36,280	)
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments, net of tax	$	78,131		$	67,379

Trading Securities. We maintain a portfolio of fixed-maturity securities that are classified as trading securities. The carrying values of the fixed-maturity securities classified as trading securities were approximately $9.1millionand $13.0 million as of September 30, 2014 and December 31, 2013, respectively.

Held-to-maturity Security. Concurrent with the execution of the Vidalia Re Coinsurance Agreement, Vidalia Re entered into a Surplus Note Purchase Agreement (the "Surplus Note Purchase Agreement") with Hannover Life Reassurance Company of America and certain of its affiliates (collectively, “Hannover Re”) and a newly formed limited liability company (the "LLC") owned by a third party service provider. Under the Surplus Note Purchase Agreement, Vidalia Re issued a surplus note (the “Surplus Note”) to the LLC in exchange for a credit enhanced note from the LLC with an equal principal amount (the “LLC Note”). The principal amount of both the LLC Note and the Surplus Note will fluctuate over time to coincide with the amount of reserves being supported under the Vidalia Re Coinsurance Agreement. Both the LLC Note and the Surplus Note mature on December 31, 2029 and bear interest at an annual interest rate of 4.50%. The LLC Note is guaranteed by Hannover Re through a credit enhancement feature in exchange for a fee.

The LLC is a variable interest entity as its owner does not have an equity investment at risk that is sufficient to permit the LLC to finance its activities without Vidalia Re or Hannover Re. The Parent Company, Primerica Life, and Vidalia Re share the power to direct the activities of the LLC with Hannover Re, but do not have the obligation to absorb losses or the right to receive any residual returns related to the LLC’s primary risks or sources of variability. Through the credit enhancement feature, Hannover Re is the ultimate risk taker in this transaction and bears the obligation to absorb the LLC’s losses in the event of a Surplus Note default in exchange for the fee. Accordingly, the Company is not the primary beneficiary of the LLC and does not consolidate the LLC within its consolidated financial statements.

The LLC Note is classified as a held-to-maturity debt security in the Company’s invested asset portfolio as we have the positive intent and ability to hold the security until maturity. The LLC Note, which was rated AA- by Fitch Ratings, had an estimated unrealized holding gain of $1.4 millionbased on its amortized cost and estimated fair value as of September 30, 2014.

See Note 7 (Debt) for more information on the Surplus Note.

Investments on Deposit with Governmental Authorities. As required by law, we have investments on deposit with governmental authorities and banks for the protection of policyholders. The fair values of investments on deposit were approximately $19.5 million and $18.4 million as of September 30, 2014 and December 31, 2013, respectively.

Securities Lending Transactions. We participate in securities lending transactions with broker-dealers and other financial institutions to increase investment income with minimal risk. We require minimum collateral on securities loaned equal to 102% of the fair value of the loaned securities. We accept collateral in the form of securities, which we are not able to sell or encumber, and to the extent the collateral declines in value below 100%, we require additional collateral from the borrower. Any securities collateral received is not reflected on our balance sheet. We also accept collateral in the form of cash, all of which we reinvest. For loans involving unrestricted cash collateral, the collateral is reported as an asset with a corresponding liability representing our obligation to return the collateral. We continue to carry the loaned securities as invested assets on our balance sheet during the terms of the loans, and we do not report them as sales. Cash collateral received and reinvested was approximately $67.6 million and $89.9 million as of September 30, 2014 and December 31, 2013, respectively.

Investment Income. The components of net investment income were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Fixed-maturity securities (available-for-sale)	$	20,933		$	21,785		$	62,419		$	67,643
Fixed-maturity security (held-to-maturity)		1,299			-			1,299			-
Equity securities		450			277			1,306			841
Policy loans and other invested assets		1,666			325			2,452			972
Cash and cash equivalents		70			54			191			215
Market return on deposit asset underlying 10% coinsurance agreement		(127	)		829			2,316			331
Gross investment income		24,291			23,270			69,983			70,002
Investment expenses		(2,527	)		(1,167	)		(4,939	)		(3,657	)
Interest expense on Surplus Note		(1,299	)		-			(1,299	)		-
Net investment income	$	20,465		$	22,103		$	63,745		$	66,345

The components of net realized investment gains (losses) as well as details on gross realized investment gains and losses and proceeds from sales or other redemptions were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Net realized investment gains (losses):
Gross gains from sales	$	550		$	1,234		$	1,731		$	5,989
Gross losses from sales		(115	)		(703	)		(160	)		(1,154	)
Other-than-temporary impairment losses		(515	)		(347	)		(885	)		(419	)
Gains (losses) from bifurcated options		(201	)		(591	)		127			931
Net realized investment gains (losses)	$	(281	)	$	(407	)	$	813		$	5,347
Supplemental information:
Gross realized investment gains (losses) reclassified from accumulated    other comprehensive income into earnings	$	(80	)	$	184		$	686		$	4,416
Tax expense (benefit) associated with realized investment gains (losses)    reclassified from accumulated other comprehensive income into    earnings	$	(28	)	$	64		$	240		$	1,546
Proceeds from sales or other redemptions	$	92,130		$	79,864		$	301,519		$	300,471

Other-Than-Temporary Impairment. We conduct a review each quarter to identify and evaluate impaired investments that have indications of possible other-than-temporary impairment ("OTTI"). An investment in a debt or equity security is impaired if its fair value falls below its cost. Factors considered in determining whether an unrealized loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects for the issue, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery, which may be maturity for fixed-maturity securities or within a reasonable period of time for equity securities. For additional information, see Note 3 (Investments) to the consolidated financial statements in our 2013 Annual Report.

Investments in available-for-sale fixed-maturity and equity securities with a cost basis in excess of their fair values were approximately $291.6 millionand $454.2 million as of September 30, 2014 and December 31, 2013, respectively.

The following tables summarize, for all available-for-sale securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position:

	September 30, 2014
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses			Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	2,813	$	(16	)		2	$	888	$	(63	)		2
Foreign government		22,852		(703	)		32		23,402		(2,042	)		39
States and political subdivisions		2,142		(8	)		2		3,687		(221	)		5
Corporates		102,914		(1,701	)		114		50,961		(4,476	)		88
Mortgage-and asset-backed securities		52,063		(131	)		36		15,051		(318	)		15
Total fixed-maturity securities		182,784		(2,559	)				93,989		(7,120	)
Equity securities		1,907		(69	)		12		2,629		(501	)		2
Total fixed-maturity and equity    securities	$	184,691	$	(2,628	)			$	96,618	$	(7,621	)

	December 31, 2013
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses				Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	3,817	$	(36	)		3	$	859	$	(91	)			2
Foreign government		34,869		(2,190	)		47		5,999		(576	)			13
States and political subdivisions		8,520		(468	)		11		152		-		(1)		1
Corporates		296,192		(9,510	)		295		19,022		(2,421	)			31
Mortgage-and asset-backed securities		54,215		(536	)		46		10,523		(494	)			9
Total fixed-maturity securities		397,613		(12,740	)				36,555		(3,582	)
Equity securities		3,081		(633	)		7		-		-				-
Total fixed-maturity and equity    securities	$	400,694	$	(13,373	)			$	36,555	$	(3,582	)

⁽¹⁾ Less than one thousand.

The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows:

	September 30, 2014				December 31, 2013
	Amortized cost		Fair value		Amortized cost		Fair value
	(In thousands)
Fixed-maturity securities in default	$	31	$	128	$	31	$	267

Impairment charges recognized in earnings on available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairments on fixed-maturity securities not in default	$	515	$	347	$	885		419

The securities noted above were considered to be other-than-temporarily impaired due to our intent to sell them; adverse credit events, such as news of an impending filing for bankruptcy; analyses of the issuer’s most recent financial statements or other information in which liquidity deficiencies, significant losses and large declines in capitalization were evident; or analyses of rating agency information for issuances with severe ratings downgrades that indicated a significant increase in the possibility of default.

As of September 30, 2014, the unrealized losses on our available-for-sale invested asset portfolio were largely caused by interest rate sensitivity and, to a lesser extent, changes in credit spreads. We believe that fluctuations caused by interest rate movement have little bearing on the recoverability of our investments. Because we have the ability to hold these investments until a market price recovery or maturity and we have no present intention to dispose of them, we do not consider these investments to be other-than-temporarily impaired.

Net impairment losses recognized in earnings for available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairment losses related to securities which the Company    does not intend to sell or more-likely-than-not will not be    required to sell:
Total OTTI losses recognized	$	-	$	345	$	-	$	365
Less portion of OTTI loss recognized in accumulated other    comprehensive income (loss)		-		-		-		(19	)
Net impairment losses recognized in earnings for securities which    the Company does not intend to sell or more-likely-than-not will     not be required to sell before recovery:		-		345		-		346
OTTI losses recognized in earnings for securities which the    Company intends to sell or more-likely-than-not will be    required to sell before recovery		515		2		885		73
Net impairment losses recognized in earnings	$	515	$	347	$	885	$	419

The rollforward of the credit-related losses recognized in income for all available-for-sale fixed-maturity securities still held follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Cumulative OTTI credit losses recognized for securities still held,    beginning of period	$	14,348		$	14,243		$	14,516		$	14,171
Additions for OTTI securities where no credit losses were    recognized prior to the beginning of the period		412			345			753			416
Additions for OTTI securities where credit losses have been    recognized prior to the beginning of the period		103			2			132			3
Reductions due to sales, maturities or calls of credit impaired    securities		(1,019	)		(264	)		(1,557	)		(264	)
Cumulative OTTI credit losses recognized for securities still    held, end of period	$	13,844		$	14,326		$	13,844		$	14,326

As of September 30, 2014, no impairment losses have been recognized on the LLC Note held-to-maturity security.

Derivatives. Embedded conversion options associated with fixed-maturity securities are bifurcated from the fixed-maturity security host contracts and separately recognized as equity securities. The change in fair value of these bifurcated conversion options is reflected in realized investment gains (losses), including OTTI losses. As of September 30, 2014 and December 31, 2013, the fair value of these bifurcated options was approximately $6.5 million and $4.6 million, respectively.

We have a deferred loss related to closed forward contracts, which were settled several years ago, that were used to mitigate our exposure to foreign currency exchange rates that resulted from the net investment in our Canadian operations. The amount of deferred loss included in accumulated other comprehensive income was approximately $26.4millionas of September 30, 2014 and December 31, 2013. While we have no current intention to do so, these deferred losses will not be recognized until such time as we sell or substantially liquidate our Canadian operations.

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Segment and Geographical Information (Notes)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment and Geographical Information

(3) Segment and Geographical Information

Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. We also have a Corporate and Other Distributed Products segment. The results of operations for DBL were previously reported in our Corporate and Other Distributed Products segment and have been reclassified into discontinued operations as discussed in Note 2 (Discontinued Operations).

Results of continuing operations by segment were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Revenues:
Term life insurance segment	$	193,577		$	177,811		$	560,924		$	514,828
Investment and savings products segment		129,273			114,723			380,690			336,805
Corporate and other distributed products segment		16,337			17,875			53,031			60,715
Total revenues	$	339,187		$	310,409		$	994,645		$	912,348
Income (loss) from continuing operations before    income taxes:
Term life insurance segment	$	45,932		$	50,136		$	148,207		$	147,159
Investment and savings products segment		36,904			31,498			106,978			85,339
Corporate and other distributed products segment		(18,816	)		(18,862	)		(48,592	)		(43,635	)
Total income from continuing operations    before income taxes	$	64,020		$	62,772		$	206,593		$	188,863

Total assets by segment were as follows:

	September 30, 2014		December 31, 2013
	(In thousands)
Assets:
Term life insurance segment	$	7,089,373	$	6,783,194
Investment and savings products segment		2,687,974		2,699,000
Corporate and other distributed products segment		965,307		847,756
Total assets	$	10,742,654	$	10,329,950

The Investment and Savings Products segment includes assets held in separate accounts. Excluding separate accounts, the Investment and Savings Products segment assets were approximately $219.4 millionand $195.8 million as of September 30, 2014 and December 31, 2013, respectively.

See “Management's Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report for more information regarding our operating segments.

Geographical Information. Results of continuing operations by country and long-lived assets — primarily tangible assets reported in Other assets in our unaudited condensed consolidated balance sheets —were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Revenues by country:
United States	$	278,101	$	253,877	$	811,228	$	739,899
Canada		61,086		56,532		183,417		172,449
Total revenues	$	339,187	$	310,409	$	994,645	$	912,348
Income from continuing operations before income    taxes by country:
United States	$	47,296	$	47,169	$	152,828	$	139,774
Canada		16,724		15,603		53,765		49,089
Total income from continuing operations before    income taxes	$	64,020	$	62,772	$	206,593	$	188,863

	September 30, 2014		December 31, 2013
	(In thousands)
Long-lived assets by country:
United States	$	26,896	$	24,413
Canada		582		637
Total long-lived assets	$	27,478	$	25,050

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Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The period-end cost or amortized cost, gross unrealized gains and losses, and fair value of available-for-sale fixed-maturity and equity securities follow:

	September 30, 2014
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	9,701	$	507	$	(79	)	$	10,129
Foreign government		116,972		6,582		(2,745	)		120,809
States and political subdivisions		35,011		2,496		(229	)		37,278
Corporates		1,240,960		89,253		(6,177	)		1,324,036
Mortgage- and asset-backed securities		282,661		13,462		(449	)		295,674
Total fixed-maturity securities(1)		1,685,305		112,300		(9,679	)		1,787,926
Equity securities		40,824		9,879		(570	)		50,133
Total fixed-maturity and equity securities	$	1,726,129	$	122,179	$	(10,249	)	$	1,838,059

(1) Includes approximately $0.7million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

	As of December 31, 2013
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	(In thousands)
Securities available for sale, carried at fair value:
Fixed-maturity securities:
U.S. government and agencies	$	8,696	$	485	$	(127	)	$	9,054
Foreign government		111,610		7,512		(2,766	)		116,356
States and political subdivisions		32,308		1,860		(468	)		33,700
Corporates		1,240,100		84,545		(11,931	)		1,312,714
Mortgage- and asset-backed securities		270,308		14,610		(1,030	)		283,888
Total fixed-maturity securities(1)		1,663,022		109,012		(16,322	)		1,755,712
Equity securities		32,592		7,935		(633	)		39,894
Total fixed-maturity and equity securities	$	1,695,614	$	116,947	$	(16,955	)	$	1,795,606

⁽¹⁾ Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

Fixed-maturity Securities Classified by Contractual Maturity Date

The scheduled contractual maturity distribution of the available-for-sale fixed-maturity portfolio at September 30, 2014 follows:

	Amortized cost		Market value
	(In thousands)
Due in one year or less	$	92,778	$	95,084
Due after one year through five years		568,331		619,711
Due after five years through 10 years		693,097		723,932
Due after 10 years		48,438		53,525
		1,402,644		1,492,252
Mortgage- and asset-backed securities		282,661		295,674
Total fixed-maturity securities	$	1,685,305	$	1,787,926

Net Effect on Stockholders' Equity of Unrealized Gains and Losses on Available-for-sale Securities

The net effect on stockholders’ equity of unrealized gains and losses on investments was as follows:

	September 30, 2014			December 31, 2013
	(In thousands)
Net unrealized investment gains (losses) including foreign currency    translation adjustment and other-than-temporary impairments:
Fixed-maturity and equity securities	$	111,930		$	99,992
Currency swaps		31			72
Foreign currency translation adjustment		7,530			1,523
Other-than-temporary impairments		710			2,072
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments		120,201			103,659
Deferred income taxes		(42,070	)		(36,280	)
Net unrealized investment gains excluding foreign currency translation    adjustment and other-than-temporary impairments, net of tax	$	78,131		$	67,379

Net Investment Income

Investment Income. The components of net investment income were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Fixed-maturity securities (available-for-sale)	$	20,933		$	21,785		$	62,419		$	67,643
Fixed-maturity security (held-to-maturity)		1,299			-			1,299			-
Equity securities		450			277			1,306			841
Policy loans and other invested assets		1,666			325			2,452			972
Cash and cash equivalents		70			54			191			215
Market return on deposit asset underlying 10% coinsurance agreement		(127	)		829			2,316			331
Gross investment income		24,291			23,270			69,983			70,002
Investment expenses		(2,527	)		(1,167	)		(4,939	)		(3,657	)
Interest expense on Surplus Note		(1,299	)		-			(1,299	)		-
Net investment income	$	20,465		$	22,103		$	63,745		$	66,345

Schedule of Net Realized Investment Gains and Losses

The components of net realized investment gains (losses) as well as details on gross realized investment gains and losses and proceeds from sales or other redemptions were as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Net realized investment gains (losses):
Gross gains from sales	$	550		$	1,234		$	1,731		$	5,989
Gross losses from sales		(115	)		(703	)		(160	)		(1,154	)
Other-than-temporary impairment losses		(515	)		(347	)		(885	)		(419	)
Gains (losses) from bifurcated options		(201	)		(591	)		127			931
Net realized investment gains (losses)	$	(281	)	$	(407	)	$	813		$	5,347
Supplemental information:
Gross realized investment gains (losses) reclassified from accumulated    other comprehensive income into earnings	$	(80	)	$	184		$	686		$	4,416
Tax expense (benefit) associated with realized investment gains (losses)    reclassified from accumulated other comprehensive income into    earnings	$	(28	)	$	64		$	240		$	1,546
Proceeds from sales or other redemptions	$	92,130		$	79,864		$	301,519		$	300,471

Schedule of Securities in Unrealized Loss Position

The following tables summarize, for all available-for-sale securities in an unrealized loss position, the aggregate fair value and the gross unrealized loss by length of time such securities have continuously been in an unrealized loss position:

	September 30, 2014
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses			Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	2,813	$	(16	)		2	$	888	$	(63	)		2
Foreign government		22,852		(703	)		32		23,402		(2,042	)		39
States and political subdivisions		2,142		(8	)		2		3,687		(221	)		5
Corporates		102,914		(1,701	)		114		50,961		(4,476	)		88
Mortgage-and asset-backed securities		52,063		(131	)		36		15,051		(318	)		15
Total fixed-maturity securities		182,784		(2,559	)				93,989		(7,120	)
Equity securities		1,907		(69	)		12		2,629		(501	)		2
Total fixed-maturity and equity    securities	$	184,691	$	(2,628	)			$	96,618	$	(7,621	)

	December 31, 2013
	Less than 12 months							12 months or longer
	Fair value		Unrealized losses			Number of securities		Fair value		Unrealized losses				Number of securities
	(Dollars in thousands)
Fixed-maturity securities:
U.S. government and agencies	$	3,817	$	(36	)		3	$	859	$	(91	)			2
Foreign government		34,869		(2,190	)		47		5,999		(576	)			13
States and political subdivisions		8,520		(468	)		11		152		-		(1)		1
Corporates		296,192		(9,510	)		295		19,022		(2,421	)			31
Mortgage-and asset-backed securities		54,215		(536	)		46		10,523		(494	)			9
Total fixed-maturity securities		397,613		(12,740	)				36,555		(3,582	)
Equity securities		3,081		(633	)		7		-		-				-
Total fixed-maturity and equity    securities	$	400,694	$	(13,373	)			$	36,555	$	(3,582	)

⁽¹⁾ Less than one thousand.

Amortized Cost and Fair Value of Available-for-sale Fixed-maturity Securities in Default

The amortized cost and fair value of available-for-sale fixed-maturity securities in default were as follows:

	September 30, 2014				December 31, 2013
	Amortized cost		Fair value		Amortized cost		Fair value
	(In thousands)
Fixed-maturity securities in default	$	31	$	128	$	31	$	267

Impairment Charges in Earnings on Available-for-sale Securities

Impairment charges recognized in earnings on available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairments on fixed-maturity securities not in default	$	515	$	347	$	885		419

Schedule of Net Impairment Losses Recognized in Earnings for Available-for-sale Securities

Net impairment losses recognized in earnings for available-for-sale securities were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
	(In thousands)
Impairment losses related to securities which the Company    does not intend to sell or more-likely-than-not will not be    required to sell:
Total OTTI losses recognized	$	-	$	345	$	-	$	365
Less portion of OTTI loss recognized in accumulated other    comprehensive income (loss)		-		-		-		(19	)
Net impairment losses recognized in earnings for securities which    the Company does not intend to sell or more-likely-than-not will     not be required to sell before recovery:		-		345		-		346
OTTI losses recognized in earnings for securities which the    Company intends to sell or more-likely-than-not will be    required to sell before recovery		515		2		885		73
Net impairment losses recognized in earnings	$	515	$	347	$	885	$	419

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The rollforward of the credit-related losses recognized in income for all available-for-sale fixed-maturity securities still held follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Cumulative OTTI credit losses recognized for securities still held,    beginning of period	$	14,348		$	14,243		$	14,516		$	14,171
Additions for OTTI securities where no credit losses were    recognized prior to the beginning of the period		412			345			753			416
Additions for OTTI securities where credit losses have been    recognized prior to the beginning of the period		103			2			132			3
Reductions due to sales, maturities or calls of credit impaired    securities		(1,019	)		(264	)		(1,557	)		(264	)
Cumulative OTTI credit losses recognized for securities still    held, end of period	$	13,844		$	14,326		$	13,844		$	14,326

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Commitments and Contingent Liabilities (Notes)

9 Months Ended

Sep. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

(11) Commitments and Contingent Liabilities

Letter of Credit.Peach Re maintains a credit facility agreement with Deutsche Bank (the "Credit Facility Agreement") to support certain obligations for a portion of the Regulation XXX reserves related to the Peach Re Coinsurance Agreement. Under the Credit Facility Agreement, Deutsche Bank issued a letter of credit for the benefit of Primerica Life. As of September 30, 2014, the Company was in compliance with all financial covenants under the Credit Facility Agreement.

Further discussion on the Company’s letter of credit is included in Note 15 (Commitments and Contingent Liabilities) to our consolidated financial statements within our 2013 Annual Report.

Contingent Liabilities.The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters.

Beginning in late 2011, numerous FINRA ("Financial Industry Regulatory Association") arbitration claims were filed, along with lawsuits in Florida state courts, against our subsidiary, PFS Investments, and certain of its registered representatives seeking damages arising from the allegation that the representatives improperly recommended that the claimants transfer their retirement benefits from the Florida Retirement System's defined benefit plan to its defined contribution plan.

In January 2014, PFS Investments entered into a memorandum of understanding to resolve this pending litigation. As of December 31, 2013, we had established a contingent liability for $9.3 million for the fair value of estimated benefits to be paid to the settling claimants through deferred payments that would begin in 2024 (the "deferred annuity settlement") and approximately $6.4 million for estimated related costs, including awards relating to prior arbitrations, other potential settlements, and the payment of claimants’ attorneys' fees and expenses. The memorandum of understanding required that a certain percentage of claimants agree to the settlement. By April 2014, a required percentage of claimants had signed settlement agreements and releases. In June 2014, in accordance with the memorandum of understanding and claimant settlement agreements and releases, we reached an agreement with an independent third party to assume the liability for the deferred annuity settlement and paid cash consideration approximately equal to the contingent liability that had been recorded to fund the benefits. With this agreement, the Company is no longer obligated to manage or make payments related to the deferred annuity settlement and has not guaranteed the liability assumed by the third party. As of September 30, 2014, the contingent liability remaining was approximately $0.6 million for deferred benefit payments to be made in subsequent periods and estimated related costs.

The Company is currently undergoing targeted multi-state treasurer audits by 30 jurisdictions with respect to unclaimed property laws, and Primerica Life and NBLIC are engaged in a targeted multi-state market conduct examination by six jurisdictions with respect to their claims-paying practices. The Treasurer of the State of West Virginia brought a suit against Primerica Life and other insurance companies alleging violations of the West Virginia unclaimed property act. The suit was dismissed, and the Treasurer has appealed. Other jurisdictions may pursue similar audits, examinations and litigation. The audits, examinations and litigation are expected to take significant time to complete, and it is unclear whether the Company will be required to compare the Death Master File to its records for periods prior to 2011, including with respect to policies which have lapsed, to determine whether benefits are owed in instances where an insured appears to have died but no claim for death benefits has been made. The potential outcome of such actions is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. At this time, the Company cannot reasonably estimate the likelihood or the impact of additional costs or liabilities that could result from the resolution of these matters. These actions may also result in changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability.

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Debt (Notes)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt

(7) Debt

Notes Payable.At September 30, 2014, the Company had $375.0 millionof publicly-traded, senior unsecured notes with an annual interest rate of 4.75%that are scheduled to mature on July 15, 2022 (the "Senior Notes"). As of September 30, 2014, we were in compliance with the covenants of the Senior Notes. No events of default occurred on the Senior Notes during the nine months ended September 30, 2014.

Further discussion on the Company’s notes payable is included in Note 9 (Notes Payable) to our consolidated financial statements within our 2013 Annual Report.

Surplus Note. At September 30, 2014, the principal amount outstanding on the Surplus Note issued by Vidalia Re was approximately $189.8 million, equal to the principal amount of the LLC Note invested asset. The Surplus Note was issued in exchange for the LLC Note, which supports certain obligations of Vidalia Re for a portion of the statutory accounting-based reserves (commonly referred to as Regulation XXX reserves) related to the Vidalia Re Coinsurance Agreement. The principal amount of the Surplus Note will match the LLC Note and fluctuate over time to coincide with the amount of reserves being supported. Both the LLC Note and the Surplus Note mature on December 31, 2029 and bear interest at an annual interest rate of 4.50%. Based on the estimated reserves for ceded policies issued in 2011, 2012, and 2013, the maximum principal amounts of the Surplus Note and the LLC Note are expected to be approximately $680.0 millioneach. This financing arrangement is non-recourse to the Parent Company and Primerica Life, meaning that neither of these companies has guaranteed the Surplus Note or is otherwise liable for reimbursement for any payments triggered by the credit enhancement feature underlying the LLC Note. The Parent Company has agreed to support Vidalia Re's obligation to pay the credit enhancement fee incurred on the LLC Note. See Note 4 (Investments) for more information on the LLC Note.

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Stockholders' Equity - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Class Of Stock [Line Items]
Stock repurchased program, authorized amount	$ 150,000,000
Stock repurchased and retired during period, shares	1,537,000	2,951,000
Stock repurchase program, remaining authorized repurchase amount	84,400,000
November 2013 Share Repurchase Program [Member]
Class Of Stock [Line Items]
Stock repurchased and retired during period, shares	1,383,902
Stock repurchased and retired during period, value	$ 65,500,000
Restricted stock units (RSUs) [Member]
Class Of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number	1,200,000

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Fair Value of Financial Instruments (Notes)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Financial Instruments

(5) Fair Value of Financial Instruments

Fair value is the price that would be received upon the sale of an asset in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We classify and disclose all invested assets carried at fair value in one of the following three categories:

· Level 1. Quoted prices for identical instruments in active markets. Level 1 primarily consists of financial instruments whose value is based on quoted market prices in active markets, such as exchange-traded common stocks and actively traded mutual fund investments;

· Level 2. Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. Various inputs are considered in deriving the fair value of the underlying financial instrument, including interest rate, credit spread, and foreign exchange rates. All significant inputs are observable, or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate fixed-maturity and equity securities; government or agency securities; certain mortgage- and asset-backed securities and certain non-exchange-traded derivatives, such as currency swaps and forwards; and

· Level 3. Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Level 3 consists of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and models using significant inputs not based on, nor corroborated by, readily available market information. Valuations for this category primarily consist of non-binding broker quotes. Financial instruments in this category primarily include less liquid fixed-maturity corporate securities.

As of each reporting period, all assets and liabilities recorded at fair value are classified in their entirety based on the lowest level of input (Level 3 being the lowest) that is significant to the fair value measurement. Significant levels of estimation and judgment are required to determine the fair value of certain of our investments. The factors influencing these estimations and judgments are subject to change in subsequent reporting periods.

The estimated fair value and hierarchy classifications for assets and liabilities that are measured at fair value on a recurring basis were as follows:

	September 30, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	10,129	$	-	$	10,129
Foreign government		-		120,809		-		120,809
States and political subdivisions		-		37,278		-		37,278
Corporates		1,830		1,321,966		240		1,324,036
Mortgage- and asset-backed securities		-		294,272		1,402		295,674
Total fixed-maturity securities		1,830		1,784,454		1,642		1,787,926
Equity securities		43,264		6,821		48		50,133
Trading securities		-		9,135		-		9,135
Separate accounts		-		2,469,118		-		2,469,118
Total fair value assets	$	45,094	$	4,269,528	$	1,690	$	4,316,312
Fair value liabilities:
Currency swaps	$	-	$	104	$	-	$	104
Separate accounts		-		2,469,118		-		2,469,118
Total fair value liabilities	$	-	$	2,469,222	$	-	$	2,469,222

	December 31, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Fair value assets:
Fixed-maturity securities:
U.S. government and agencies	$	-	$	9,054	$	-	$	9,054
Foreign government		-		116,356		-		116,356
States and political subdivisions		-		33,700		-		33,700
Corporates		1,282		1,310,739		693		1,312,714
Mortgage- and asset-backed securities		-		282,341		1,547		283,888
Total fixed-maturity securities		1,282		1,752,190		2,240		1,755,712
Equity securities		34,868		4,978		48		39,894
Trading securities		-		12,991		-		12,991
Separate accounts		-		2,503,829		-		2,503,829
Total fair value assets	$	36,150	$	4,273,988	$	2,288	$	4,312,426
Fair value liabilities:
Currency swaps	$	-	$	88	$	-	$	88
Separate accounts		-		2,503,829		-		2,503,829
Total fair value liabilities	$	-	$	2,503,917	$	-	$	2,503,917

In assessing fair value of our investments, we use a third-party pricing service for approximately 95%of our securities. The remaining securities are primarily thinly traded securities valued using models based on observable inputs on public corporate spreads having similar tenors (e.g., sector, average life and quality rating) and liquidity and yield based on quality rating, average life and treasury yields. All observable data inputs are corroborated by independent third-party data. In the absence of sufficient observable inputs, we utilize non-binding broker quotes, which are reflected in our Level 3 classification as we are unable to evaluate the valuation technique(s) or significant inputs used to develop the quotes. Therefore, we do not internally develop the quantitative unobservable inputs used in measuring the fair value of Level 3 investments. However, we do corroborate pricing information provided by our third-party pricing servicing by performing a review of selected securities. Our review activities include obtaining detailed information about the assumptions, inputs and methodologies used in pricing the security; documenting this information; and corroborating it by comparison to independently obtained prices and or independently developed pricing methodologies.

Furthermore, we perform internal reasonableness assessments on fair value determinations within our portfolio throughout the quarter and at quarter-end, including pricing variance analyses and comparisons to alternative pricing sources and benchmark returns. If a fair value appears unusual relative to these assessments, we will re-examine the inputs and may challenge a fair value assessment made by the pricing service. If there is a known pricing error, we will request a reassessment by the pricing service. If the pricing service is unable to perform the reassessment on a timely basis, we will determine the appropriate price by requesting a reassessment from an alternative pricing service or other qualified source as necessary. We do not adjust quotes or prices except in a rare circumstance to resolve a known error.

Because many fixed-maturity securities do not trade on a daily basis, fair value is determined using industry-standard methodologies by applying available market information through processes such as U.S. Treasury curves, benchmarking of similar securities, sector groupings, quotes from market participants and matrix pricing. Observable information is compiled and integrates relevant credit information, perceived market movements and sector news. Additionally, security prices are periodically back-tested to validate and/or refine models as conditions warrant. Market indicators and industry and economic events are also monitored as triggers to obtain additional data. For certain structured securities with limited trading activity, industry-standard pricing methodologies use adjusted market information, such as index prices or discounting expected future cash flows, to estimate fair value. If these measures are not deemed observable for a particular security, the security will be classified as Level 3 in the fair value hierarchy.

Where specific market information is unavailable for certain securities, pricing models produce estimates of fair value primarily using Level 2 inputs along with certain Level 3 inputs. These models include matrix pricing. The pricing matrix uses current treasury rates and credit spreads received from third-party sources to estimate fair value. The credit spreads incorporate the issuer’s industry- or issuer-specific credit characteristics and the security’s time to maturity, if warranted. Remaining unpriced securities are valued using an estimate of fair value based on indicative market prices that include significant unobservable inputs not based on, nor corroborated by, market information, including the utilization of non-binding broker quotes.

The roll-forward of the Level 3 assets measured at fair value on a recurring basis was as follows:

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
	(In thousands)
Level 3 assets, beginning of period	$	1,752		$	8,433		$	2,288		$	5,221
Net unrealized gains (losses) included in other comprehensive income		(13	)		(122	)		(115	)		(288	)
Realized gains (losses) and accretion (amortization) recognized in    earnings, including OTTI		5			171			416			301
Purchases		-			-			-			4,383
Sales		-			(10	)		-			(25	)
Settlements		(54	)		(1,163	)		(899	)		(1,862	)
Transfers into Level 3		-			371			-			1,357
Transfers out of Level 3		-			(3,499	)		-			(4,906	)
Level 3 assets, end of period	$	1,690		$	4,181		$	1,690		$	4,181

We obtain independent pricing quotes based on observable inputs as of the end of the reporting period for all securities in Level 2. Those inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers, quoted prices for similar instruments in markets that are not active, and other relevant data. We monitor these inputs for market indicators, industry and economic events. We recognize transfers into new levels and out of previous levels as of the end of the reporting period, including interim reporting periods, as applicable. There were no transfers between Level 1 and Level 2 during the three and nine months ended September 30, 2014 and 2013. In addition, there were no transfers between Level 1 and Level 3 during the three and nine months ended September 30, 2014 and 2013.

Invested assets included in the transfer from Level 3 to Level 2 during the three and nine months ended September 30, 2013 primarily were fixed-maturity investments for which we were able to obtain independent pricing quotes based on observable inputs. Invested assets included in the transfer from Level 2 to Level 3 during the three the nine months ended September 30, 2013 primarily were fixed-maturity investments for which we were unable to corroborate independent broker quotes with observable market data.

The table below is a summary of the estimated fair value for financial instruments.

	September 30, 2014				December 31, 2013
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
	(In thousands)
Assets:
Fixed-maturity securities (available-for-sale)	$	1,787,926	$	1,787,926	$	1,755,712	$	1,755,712
Fixed-maturity security (held-to-maturity)		189,830		191,274		-		-
Equity securities		50,133		50,133		39,894		39,894
Trading securities		9,135		9,135		12,991		12,991
Policy loans		27,566		27,566		26,806		26,806
Deposit asset underlying 10% coinsurance agreement		149,143		149,143		124,413		124,413
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829
Liabilities:
Notes payable	$	374,519	$	407,269	$	374,481	$	385,161
Surplus note		189,830		189,436		-		-
Currency swaps		104		104		88		88
Separate accounts		2,469,118		2,469,118		2,503,829		2,503,829

The fair values of financial instruments presented above are estimates of the fair values at a specific point in time using various sources and methods, including market quotations and a complex matrix system that takes into account issuer sector, quality, and spreads in the current marketplace.

Recurring fair value measurements. Estimated fair values of investments in available-for-sale fixed-maturity securities are principally a function of current spreads and interest rates that are corroborated by independent third-party data. Therefore, the fair values presented are indicative of amounts we could realize or settle at the respective balance sheet date. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. Trading securities, which primarily consist of fixed-maturity securities, are carried at fair value. Equity securities, including common and nonredeemable preferred stocks, are carried at fair value. Currency swaps are stated at fair value. Segregated funds in separate accounts are carried at the underlying value of the variable insurance contracts, which is fair value.

Nonrecurring fair value measurements. The estimated fair value of the held-to-maturity fixed-maturity security, which is classified as a Level 3 fair value measurement, is derived using the credit spread on similarly rated debt securities and the hypothetical spread of the security’s credit enhancement feature. Policy loans, which are categorized as Level 3 fair value measurements, are carried at the unpaid principal balances. The fair value of policy loans approximate the unpaid principal balances as the timing of repayment is uncertain and the loans are collateralized by the amount of the policy. The deposit asset underlying the 10% coinsurance agreement with Prime Reinsurance Company, Inc. ("Prime Re"), an affiliate of Citigroup Inc. ("Citigroup"), represents the value of the assets necessary to back the economic reserves held in support of the reinsurance agreement. The carrying value of this deposit asset approximates fair value, which is categorized as Level 3 in the fair value hierarchy. Notes payable represent our publicly-traded senior notes and are valued as a Level 2 fair value measurement using the quoted market price for our notes. The estimated fair value of the Surplus Note is derived by using an assumed credit spread we would expect if Vidalia Re was a credit-rated entity and the hypothetical spread of the Surplus Note’s subordinated structure. The Surplus Note is classified as a Level 3 fair value measurement.

The carrying amounts for cash and cash equivalents, receivables, accrued investment income, accounts payable, cash collateral and payables for security transactions approximate their fair values due to the short-term nature of these instruments. Consequently, such financial instruments are not included in the above table.

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Reinsurance (Notes)

9 Months Ended

Sep. 30, 2014

Reinsurance Disclosures [Abstract]

Reinsurance

(6) Reinsurance

We use reinsurance extensively, which has a significant effect on our results of operations. Reinsurance arrangements do not relieve us of our primary obligation to the policyholder. We monitor the concentration of credit risk we have with any reinsurer, as well as the financial condition of the reinsurers.

Details on in-force life insurance follow:

	September 30, 2014			December 31, 2013
	(Dollars in thousands)
Direct life insurance in force	$	685,399,115		$	679,337,825
Amounts ceded to other companies		(606,602,219	)		(601,309,340	)
Net life insurance in force	$	78,796,896		$	78,028,485
Percentage of reinsured life insurance in force		89	%		89	%

Due from reinsurers includes ceded reserve balances and ceded claim liabilities. Reinsurance receivable and financial strength ratings by reinsurer were as follows:

	September 30, 2014			December 31, 2013
	Reinsurance receivable		A.M. Best rating	Reinsurance receivable		A.M. Best rating
	(In thousands)
Prime Reinsurance Company(1)	$	2,631,802	NR	$	2,572,800	NR
SCOR Global Life Reinsurance Companies		379,377	A		372,479	A
Financial Reassurance Company 2010, Ltd.(1)		330,451	NR		343,144	NR
Swiss Re Life & Health America Inc.(2)		265,697	A+		260,775	A+
American Health and Life Insurance Company(1)		176,670	A-		174,722	A-
Munich American Reassurance Company		103,621	A+		100,856	A+
Korean Reinsurance Company		89,020	A		89,405	A
RGA Reinsurance Company		80,452	A+		75,629	A+
Toa Reinsurance Company		22,124	A+		18,824	A+
Hannover Life Reassurance Company		19,796	A+		16,862	A+
All other reinsurers		31,627	-		29,558	-
Due from reinsurers	$	4,130,637		$	4,055,054

NR – not rated

⁽¹⁾ Reinsurers are affiliates of Citigroup. Amounts shown are net of their share of the reinsurance receivable from other reinsurers.

⁽²⁾ Includes amounts ceded to Lincoln National Life Insurance and 100%retroceded to Swiss Re Life & Health America Inc.

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Stockholders' Equity (Notes)

9 Months Ended

Sep. 30, 2014

Stockholders Equity Note [Abstract]

Stockholders' Equity

(8) Stockholders’ Equity

A reconciliation of the number of shares of our common stock follows.

	Nine months ended September 30,
	2014			2013
	(In thousands)
Common stock, beginning of period		54,834			56,374
Shares of restricted common stock issued		-			289
Shares issued for stock options exercised		4			-
Shares of common stock issued upon lapse of restricted stock units ("RSUs")		381			975
Common stock retired		(1,537	)		(2,951	)
Common stock, end of period		53,682			54,687

The above reconciliation excludes RSUs, which do not have voting rights. As the RSUs lapse, we issue common shares with voting rights. As of September 30, 2014, we had a total of approximately 1.2 millionRSUs outstanding.

Our Board of Directors authorized a share repurchase program for up to $150.0 million of our outstanding common stock (the "share repurchase program"). Under the share repurchase program, we repurchased 1,383,902 shares of our common stock in open market transactions for an aggregate purchase price of approximately $65.5 million during the first nine months of 2014. As of September 30, 2014, there is approximately $84.4 millionremaining for repurchases of our outstanding common stock under the share repurchase program.

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Commitments and Contingent Liabilities - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013 Litigation settlement costs [Member]	Dec. 31, 2013 Related litigation costs [Member]
Loss Contingencies [Line Items]
Loss contingency accrual	$ 0.6	$ 9.3	$ 6.4

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Share-Based Transactions - Narrative (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity compensation expense for the modified awards	$ 5.1

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Investments - Schedule of Available-for-sale Securities (Details) (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	$ 1,685,305,000	[1]	$ 1,663,022,000	[2]
Available-for-sale debt securities gross unrealized gain	112,300,000	[1]	109,012,000	[2]
Available-for-sale debt securities, gross unrealized loss	(9,679,000)	[1]	(16,322,000)	[2]
Available-for-sale debt securities, at fair value	1,787,926,000	[1]	1,755,712,000	[2]
Available-for-sale equity securities, cost	40,824,000		32,592,000
Available-for-sale equity securities, gross unrealized gain	9,879,000		7,935,000
Available-for-sale equity securities, gross unrealized loss	(570,000)		(633,000)
Available-for-sale equity securities, at fair value	50,133,000		39,894,000
Available-for-sale securities, amortized cost basis	1,726,129,000		1,695,614,000
Available-for-sale securities, gross unrealized gain	122,179,000		116,947,000
Available-for-sale securities, gross unrealized loss	(10,249,000)		(16,955,000)
Available-for-sale securities, fair value	1,838,059,000		1,795,606,000
Other-than-temporary impairment losses, investments, portion in other comprehensive income (loss)	700,000		2,100,000
U.S. Government and Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	9,701,000		8,696,000
Available-for-sale debt securities gross unrealized gain	507,000		485,000
Available-for-sale debt securities, gross unrealized loss	(79,000)		(127,000)
Available-for-sale debt securities, at fair value	10,129,000		9,054,000
Foreign Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	116,972,000		111,610,000
Available-for-sale debt securities gross unrealized gain	6,582,000		7,512,000
Available-for-sale debt securities, gross unrealized loss	(2,745,000)		(2,766,000)
Available-for-sale debt securities, at fair value	120,809,000		116,356,000
States and Political Subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	35,011,000		32,308,000
Available-for-sale debt securities gross unrealized gain	2,496,000		1,860,000
Available-for-sale debt securities, gross unrealized loss	(229,000)		(468,000)
Available-for-sale debt securities, at fair value	37,278,000		33,700,000
Corporates [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	1,240,960,000		1,240,100,000
Available-for-sale debt securities gross unrealized gain	89,253,000		84,545,000
Available-for-sale debt securities, gross unrealized loss	(6,177,000)		(11,931,000)
Available-for-sale debt securities, at fair value	1,324,036,000		1,312,714,000
Asset-backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, amortized cost basis	282,661,000		270,308,000
Available-for-sale debt securities gross unrealized gain	13,462,000		14,610,000
Available-for-sale debt securities, gross unrealized loss	(449,000)		(1,030,000)
Available-for-sale debt securities, at fair value	$ 295,674,000		$ 283,888,000

[1] (1) Includes approximately $0.7 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

[2] (1) Includes approximately $2.1 million of other-than-temporary impairment losses related to corporates and mortgage- and asset-backed securities recognized in accumulated other comprehensive income.

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Investments - Loss from Closed Currency Forward Contracts Recorded in Accumulated Other Comprehensive Income (Loss) - Narrative (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net [Abstract]
Deferred loss related to closed forward contracts	$ 26.4	$ 26.4

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Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Results of Operations and Carrying Values Of Assets And Liabilities Related To DBL

The results of operations and the carrying values of the assets and liabilities related to DBL were as follows:

	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
	(In thousands)
Total revenues from discontinued operations	$	-		$	9,048	$	-	$	27,860
Income (loss) from discontinued operations before income    taxes		(28	)		3,782		2,427		5,369
Provision for income taxes		(10	)		1,324		849		1,879
Income (loss) from discontinued operations, net of    income taxes	$	(18	)	$	2,458	$	1,578	$	3,490

	September 30, 2014		December 31, 2013
	(In thousands)
Premiums and other receivables	$	-	$	6,439
Future policy benefits		-		5,047
Other liabilities		-		1,197

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Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders Equity Note [Abstract]

Reconciliation of Number of Shares of Common Stock

A reconciliation of the number of shares of our common stock follows.

	Nine months ended September 30,
	2014			2013
	(In thousands)
Common stock, beginning of period		54,834			56,374
Shares of restricted common stock issued		-			289
Shares issued for stock options exercised		4			-
Shares of common stock issued upon lapse of restricted stock units ("RSUs")		381			975
Common stock retired		(1,537	)		(2,951	)
Common stock, end of period		53,682			54,687

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Investments - Impairment Losses on Held-to-maturity Security - Narrative (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Investments [Abstract]
Impairment losses held-to-maturity security	$ 0

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Investments - Net Investment Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	$ 24,291	$ 23,270	$ 69,983	$ 70,002
Investment expenses	(2,527)	(1,167)	(4,939)	(3,657)
Net investment income	20,465	22,103	63,745	66,345
Equity Securities [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	450	277	1,306	841
Policy Loans and Other Invested Assets [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	1,666	325	2,452	972
Cash and Cash Equivalents [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	70	54	191	215
Market return on deposit asset underlying 10% insurance agreement [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	(127)	829	2,316	331
Surplus Note [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Investment expenses	(1,299)	0	(1,299)	0
Available-for-Sale [Member] | Fixed-maturity Securities [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	20,933	21,785	62,419	67,643
Held-to-Maturity [Member] | Fixed-maturity Securities [Member]
Schedule of Net Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income, operating	$ 1,299	$ 0	$ 1,299	$ 0

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Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 41,595	$ 43,190	$ 135,947	$ 125,525
Unrealized investment gains (losses):
Change in unrealized holding gains (losses) on investment securities	(20,132)	(3,004)	18,590	(60,502)
Reclassification adjustment for realized investment (gains) losses included in net income	80	(184)	(686)	(4,416)
Foreign currency translation adjustments:
Change in unrealized foreign currency translation gains (losses)	(11,600)	5,586	(11,832)	(6,907)
Total other comprehensive income (loss) before income taxes	(31,652)	2,398	6,072	(71,825)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(7,150)	(1,044)	6,128	(22,812)
Other comprehensive income (loss), net of income taxes	(24,502)	3,442	(56)	(49,013)
Total comprehensive income (loss)	$ 17,093	$ 46,632	$ 135,891	$ 76,512

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Discontinued Operations (Notes)

9 Months Ended

Sep. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

(2) Discontinued Operations

In January 2014, NBLIC sold the assets and liabilities of its short-term statutory disability benefit insurance business ("DBL") to AmTrust North America, Inc. and its affiliates (the "buyer"). As part of the sale agreement, the buyer assumed all liabilities for DBL insurance policies. In addition, NBLIC transferred the assets held in support of DBL's insurance liabilities and all other premium-related assets and liabilities to the buyer as of January 1, 2014. The results of DBL's operations from January 1, 2014 forward were also transferred to the buyer. NBLIC received cash proceeds from the sale of $3.0 million and recognized a pre-tax gain on the sale of approximately $2.4 million, which comprised income from discontinued operations before income taxes in our results of operations for the nine months ended September 30, 2014.

We no longer have significant continuing involvement in the operations of DBL, and its direct cash flows have been eliminated from our ongoing operations. As a result, beginning in the first quarter of 2014, the results of operations for DBL have been reported in discontinued operations for all periods presented in our unaudited condensed consolidated statements of income. The results of operations and the carrying values of the assets and liabilities related to DBL were as follows:

	Three months ended September 30,					Nine months ended September 30,
	2014			2013		2014		2013
	(In thousands)
Total revenues from discontinued operations	$	-		$	9,048	$	-	$	27,860
Income (loss) from discontinued operations before income    taxes		(28	)		3,782		2,427		5,369
Provision for income taxes		(10	)		1,324		849		1,879
Income (loss) from discontinued operations, net of    income taxes	$	(18	)	$	2,458	$	1,578	$	3,490

	September 30, 2014		December 31, 2013
	(In thousands)
Premiums and other receivables	$	-	$	6,439
Future policy benefits		-		5,047
Other liabilities		-		1,197

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Debt - Narrative (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Surplus note	$ 189,830,000	$ 0
Maximum [Member]
Debt Instrument [Line Items]
Surplus note	680,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 375,000,000
Debt instrument, interest rate, stated percentage	4.75%
Surplus Note [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted EPS follows.

	Three months ended September 30,							Nine months ended September 30,
	2014				2013			2014			2013
	(In thousands, except per-share amounts)
Basic EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,113	)
Income from continuing operations used in calculating basic EPS	$	41,166			$	40,207		$	132,823		$	119,922
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(60	)
Income from discontinued operations used in calculating basic EPS	$	(18	)		$	2,426		$	1,560		$	3,430
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Basic EPS from continuing operations	$	0.75			$	0.74		$	2.42		$	2.14
Basic EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06
Diluted EPS
Numerator (continuing operations):
Income from continuing operations	$	41,613			$	40,732		$	134,369		$	122,035
Income attributable to unvested participating securities		(447	)			(525	)		(1,546	)		(2,081	)
Income from continuing operations used in calculating diluted     EPS	$	41,166			$	40,207		$	132,823		$	119,954
Numerator (discontinued operations):
Income (loss) from discontinued operations	$	(18	)		$	2,458		$	1,578		$	3,490
Income attributable to unvested participating securities		-		(2)		(32	)		(18	)		(59	)
Income from discontinued operations used in calculating diluted     EPS	$	(18	)		$	2,426		$	1,560		$	3,431
Denominator:
Weighted-average vested shares		54,713				54,957			54,953			56,019
Dilutive effect of incremental shares if issued for warrants     outstanding		-				-			-			1,050
Dilutive effect of incremental shares to be issued for equity awards		31				1			25			-
Weighted-average shares used in calculating diluted EPS		54,744				54,958			54,978			57,069
Diluted EPS from continuing operations	$	0.75			$	0.74		$	2.41		$	2.10
Diluted EPS from discontinued operations	$	-		(1)	$	0.04		$	0.03		$	0.06

⁽¹⁾ Loss per share from discontinued operations for the three months ended September 30, 2014 is less than $0.01.

⁽²⁾ Loss attributable to unvested participating securities from discontinued operations for the three months ended September 30, 2014 is less than $1.

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Investments - Held-to-maturity Security - Narrative (Details) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity debt security estimated unrealized holding gain (or loss)	$ 1.4
LLC Note [Member]
Schedule Of Held To Maturity Securities [Line Items]
Debt instrument, interest rate, stated percentage	4.50%

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Organization, Consolidation and Presentation of Financial Statements (Policies)

9 Months Ended

Sep. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation. We prepare our financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These principles are established primarily by the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect financial statement balances, revenues and expenses and cash flows, as well as the disclosure of contingent assets and liabilities. Management considers available facts and knowledge of existing circumstances when establishing the estimates included in our financial statements.

The accompanying unaudited condensed consolidated financial statements contain all adjustments, generally consisting of normal recurring accruals, which are necessary to fairly present the balance sheets as of September 30, 2014 and December 31, 2013, the statements of income and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013, and the statements of stockholders' equity and cash flows for the nine months ended September 30, 2014 and 2013. Results of operations for interim periods are not necessarily indicative of results for the entire year or of the results to be expected in future periods.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto that are included in our Annual Report on Form 10-K for the year ended December 31, 2013 ("2013 Annual Report").

Use of Estimates

Use of Estimates. The most significant items that involve a greater degree of accounting estimates and actuarial determinations subject to change in the future are the valuation of investments, deferred policy acquisition costs ("DAC"), liabilities for future policy benefits and unpaid policy claims, and income taxes. Estimates for these and other items are subject to change and are reassessed by management in accordance with U.S. GAAP. Actual results could differ from those estimates.

Consolidation

Consolidation. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and those entities required to be consolidated under applicable accounting standards. All material intercompany profits, transactions, and balances among the consolidated entities have been eliminated.

Reclassifications

Reclassifications. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders' equity and were primarily related to discontinued operations. See Note 2 (Discontinued Operations) for more information.

Subsequent Events

Subsequent Events. The Company has evaluated subsequent events for recognition and disclosure for occurrences and transactions after the date of the unaudited condensed consolidated financial statements dated as of September 30, 2014.

Significant Accounting Policies

Significant Accounting Policies. All significant accounting policies remain unchanged from the 2013 Annual Report.

New Accounting Principles

New Accounting Principles. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 clarifies the principles for recognizing revenue by establishing the core principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue that is recognized. Insurance contracts are specifically excluded from the scope of ASU 2014-09 and therefore revenue from our insurance product lines will not be affected by the new standard. The amendments in ASU 2014-09 are effective retrospectively for the Company beginning in fiscal year 2017. Early adoption is not permitted. While we are still in the process of evaluating the guidance in ASU 2014-09, we do not expect it will have a material impact on our consolidated financial statements.

Future Application of Accounting Standards. Recent accounting guidance not discussed is not applicable, is immaterial to our financial statements, or did not or will not have an impact on our business.