pri-ex992

EX-99.2 3 pri-ex992_7.htm EX-99.2 pri-ex992_7.htm

Exhibit 99.2

Supplemental Financial Information

Third Quarter 2021

Table of Contents

PRIMERICA, INC.

Financial Supplement

	Page
Preface, definition of Non-GAAP financial measures	3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures	4
Financial results and other statistical data	5
Statements of income	6
Reconciliation of statement of income GAAP to non-GAAP financial measures	7-8
Segment operating results
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Senior Health segment - financial results, financial analysis, and key statistics	13
Corporate & Other Distributed Products segment - financial results	14
Investment portfolio	15-17
Five-year historical key statistics	18

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2020.

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Preface

PRIMERICA, INC.

Financial Supplement

Third Quarter 2021

This document is a financial supplement to our third quarter 2021 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

•

Operating adjustments exclude the impact of realized investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, transaction-related expenses associated with the purchase of 80% of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), as well as adjustments to share-based compensation expense for shares exchanged in the business combination. We exclude realized investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated the Company's insurance operations. We exclude e-TeleQuote transaction-related expenses in our non-GAAP financial measures as such expenses are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares prior to the dates they can ultimately be redeemed. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company.

•

Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

•

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

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

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.

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

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)				Dec 31, 2019			Mar 31, 2020			Jun 30, 2020			Sep 30, 2020			Dec 31, 2020			Mar 31, 2021			Jun 30, 2021			Sep 30, 2021
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,730,715		$	2,626,043		$	2,805,065		$	2,861,883		$	3,096,703		$	3,133,860		$	3,431,825		$	3,056,395
	Securities held to maturity				1,184,370			1,237,270			1,278,580			1,323,740			1,346,350			1,362,210			1,368,740			1,376,090
			Total investments and cash		3,915,085			3,863,313			4,083,645			4,185,623			4,443,053			4,496,070			4,800,565			4,432,485
	Due from reinsurers				4,169,823			4,132,897			4,217,129			4,229,088			4,273,904			4,345,483			4,239,510			4,278,322
	Deferred policy acquisition costs				2,325,750			2,346,656			2,434,462			2,532,409			2,629,644			2,712,169			2,808,347			2,877,921
	Goodwill				—			—			—			—			—			—			—			224,180
	Other assets				792,129			799,123			851,660			885,083			899,165			921,236			925,621			1,330,620
	Separate account assets				2,485,745			2,128,924			2,377,654			2,468,328			2,659,520			2,638,901			2,745,827			2,672,606
			Total assets	$	13,688,532		$	13,270,912		$	13,964,550		$	14,300,532		$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135

Liabilities:
	Future policy benefits			$	6,446,569		$	6,472,397		$	6,567,169		$	6,664,061		$	6,790,557		$	6,885,115		$	6,984,272		$	7,057,599
	Other policy liabilities				744,087			737,435			855,083			911,454			984,612			1,020,349			977,373			1,054,925
	Income taxes				209,221			208,357			265,369			216,639			223,496			235,233			204,197			260,264
	Other liabilities				563,931			554,014			574,426			573,254			618,874			633,719			641,025			668,643
	Debt obligations				374,037			374,131			374,226			374,320			374,415			374,511			499,606			514,702
	Surplus note				1,183,728			1,236,644			1,277,970			1,323,146			1,345,772			1,361,648			1,368,194			1,375,559
	Payable under securities lending				28,723			28,896			29,973			48,883			72,154			87,190			80,613			105,264
	Separate account liabilities				2,485,745			2,128,924			2,377,654			2,468,328			2,659,520			2,638,901			2,745,827			2,672,606
			Total liabilities		12,036,041			11,740,798			12,321,870			12,580,086			13,069,401			13,236,666			13,501,107			13,709,563

Redeemable noncontrolling interest					—			—			—			—			—			—			—			7,631

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				412			405			397			394			393			394			394			395
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		8,138			12,880			17,454
	Retained earnings				1,593,281			1,565,803			1,569,689			1,629,114			1,705,786			1,785,037			1,894,539			1,988,324
	Treasury stock				—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			64,564			(1,318	)		93,726			105,758			128,128			77,053			96,990			84,701
		Cumulative translation adjustment			(5,765	)		(34,776	)		(21,132	)		(14,820	)		1,578			6,570			13,960			8,068
			Total stockholders’ equity (2)		1,652,492			1,530,114			1,642,680			1,720,446			1,835,885			1,877,192			2,018,764			2,098,941
			Total liabilities and stockholders' equity	$	13,688,532		$	13,270,912		$	13,964,550		$	14,300,532		$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,652,492		$	1,530,114		$	1,642,680		$	1,720,446		$	1,835,885		$	1,877,192		$	2,018,764		$	2,098,941
	Less: Net unrealized gains (losses)				64,564			(1,318	)		93,726			105,758			128,128			77,053			96,990			84,701
			Adjusted stockholders’ equity	$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688		$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688		$	1,707,757		$	1,800,139		$	1,921,774
	Net Income attributable to Primerica, Inc.				93,557			72,469			101,510			112,101			100,084			97,872			128,162			112,456
	Shareholder dividends				(14,162	)		(16,530	)		(16,083	)		(15,882	)		(15,851	)		(18,620	)		(18,660	)		(18,671	)
	Retirement of shares and warrants				(44,137	)		(95,676	)		(86,513	)		(41,556	)		(13,426	)		(5,966	)		(521	)		(88	)
	Net foreign currency translation adjustment				6,500			(29,011	)		13,645			6,312			16,398			4,992			7,390			(5,892	)
	Other, net				4,734			12,252			4,964			4,759			5,864			14,105			5,264			4,662
Balance, end of period				$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688		$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462		$	2,532,409		$	2,629,644		$	2,712,169		$	2,808,347
	General expenses deferred				8,608			9,726			9,205			9,702			9,510			10,558			10,055			9,248
	Commission costs deferred				97,538			104,793			120,967			130,719			128,084			134,188			136,085			129,287
	Amortization of deferred policy acquisition costs				(67,279	)		(70,311	)		(53,177	)		(47,491	)		(53,342	)		(66,105	)		(54,286	)		(62,214	)
	Foreign currency impact and other, net				5,322			(23,302	)		10,812			5,017			12,984			3,884			4,324			(6,748	)
Balance, end of period				$	2,325,750		$	2,346,656		$	2,434,462		$	2,532,409		$	2,629,644		$	2,712,169		$	2,808,347		$	2,877,921

(1)	Outstanding common shares exclude restricted stock units.

(2)	Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity

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Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$/# Change			% Change			YTD 2020			YTD 2021			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			41,131,200			40,131,877			39,587,978			39,420,628			39,455,948			39,530,691			39,560,786			(27,192	)		-0.1	%		40,281,146			39,516,193			(764,953	)	-1.9%

	Net income attributable to Primerica, Inc.		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	355			0.3	%	$	286,080		$	338,489		$	52,409		18.3%
	Less income attributable to unvested participating securities			(310	)		(437	)		(493	)		(433	)		(417	)		(525	)		(458	)		35			7.0	%		(1,239	)		(1,403	)		(164	)	-13.3%
		Net income used in computing basic EPS	$	72,159		$	101,073		$	111,608		$	99,651		$	97,455		$	127,636		$	111,997		$	390			0.3	%	$	284,841		$	337,086		$	52,245		18.3%
		Basic earnings per share	$	1.75		$	2.52		$	2.82		$	2.53		$	2.47		$	3.23		$	2.83		$	0.01			0.4	%	$	7.07		$	8.53		$	1.46		20.6%

	Adjusted net operating income		$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	7,990			7.2	%	$	294,245		$	345,193		$	50,948		17.3%
	Less operating income attributable to unvested participating securities			(364	)		(424	)		(487	)		(421	)		(414	)		(530	)		(484	)		3			0.6	%		(1,274	)		(1,431	)		(157	)	-12.3%
		Adjusted net operating income used in computing basic operating EPS	$	84,682		$	98,056		$	110,231		$	96,918		$	96,715		$	128,825		$	118,224		$	7,993			7.3	%	$	292,971		$	343,762		$	50,791		17.3%
		Basic adjusted operating income per share	$	2.06		$	2.44		$	2.78		$	2.46		$	2.45		$	3.26		$	2.99		$	0.20			7.3	%	$	7.27		$	8.70		$	1.43		19.6%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			41,131,200			40,131,877			39,587,978			39,420,628			39,455,948			39,530,691			39,560,786			(27,192	)		-0.1	%		40,281,146			39,516,193			(764,953	)	-1.9%
	Dilutive impact of contingently issuable shares			107,361			114,090			122,097			133,544			124,505			121,595			117,923			(4,174	)		-3.4	%		114,516			121,341			6,825		6.0%
		Shares used to calculate diluted EPS		41,238,561			40,245,967			39,710,075			39,554,172			39,580,453			39,652,286			39,678,709			(31,366	)		-0.1	%		40,395,662			39,637,534			(758,128	)	-1.9%

	Net income attributable to Primerica, Inc.		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	355			0.3	%	$	286,080		$	338,489		$	52,409		18.3%
	Less income attributable to unvested participating securities			(310	)		(436	)		(492	)		(431	)		(416	)		(524	)		(457	)		35			7.0	%		(1,236	)		(1,399	)		(164	)	-13.2%
		Net income used in computing diluted EPS	$	72,159		$	101,074		$	111,609		$	99,652		$	97,456		$	127,638		$	111,998		$	390			0.3	%	$	284,844		$	337,090		$	52,245		18.3%
		Diluted earnings per share	$	1.75		$	2.51		$	2.81		$	2.52		$	2.46		$	3.22		$	2.82		$	0.01			0.4	%	$	7.05		$	8.50		$	1.45		20.6%

	Adjusted net operating income		$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	7,990			7.2	%	$	294,245		$	345,193		$	50,948		17.3%
	Less operating income attributable to unvested participating securities			(364	)		(423	)		(486	)		(420	)		(413	)		(529	)		(483	)		3			0.6	%		(1,271	)		(1,427	)		(156	)	-12.3%
		Adjusted net operating income used in computing diluted operating EPS	$	84,683		$	98,057		$	110,232		$	96,919		$	96,717		$	128,827		$	118,225		$	7,993			7.3	%	$	292,974		$	343,766		$	50,791		17.3%
		Diluted adjusted operating income per share	$	2.05		$	2.44		$	2.78		$	2.45		$	2.44		$	3.25		$	2.98		$	0.20			7.3	%	$	7.25		$	8.67		$	1.42		19.6%

																							YOY Q3												YOY YTD
		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$/# Change			% Change			YTD 2020			YTD 2021			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)	$	1,591,303		$	1,586,397		$	1,681,563		$	1,778,166		$	1,856,539		$	1,947,978		$	2,058,852		$	377,289			22.4	%	$	1,619,754		$	1,954,456		$	334,702			20.7	%
	Average adjusted stockholders' equity (1)	$	1,559,680		$	1,540,193		$	1,581,821		$	1,661,222		$	1,753,948		$	1,860,956		$	1,968,007		$	386,186			24.4	%	$	1,560,564		$	1,860,971		$	300,406			19.2	%

	Net income attributable to Primerica, Inc. return on stockholders' equity		18.2	%		25.6	%		26.7	%		22.5	%		21.1	%		26.3	%		21.8	%		-4.8	%	nm				23.5	%		23.1	%		-0.5	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity		18.6	%		26.4	%		28.3	%		24.1	%		22.3	%		27.5	%		22.9	%		-5.5	%	nm				24.4	%		24.3	%		-0.2	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		21.8	%		25.6	%		28.0	%		23.4	%		22.2	%		27.8	%		24.1	%		-3.9	%	nm				25.1	%		24.7	%		-0.4	%	nm

Capital Structure
	Debt-to-capital (2)		19.6	%		18.6	%		17.9	%		16.9	%		16.6	%		19.8	%		19.7	%		1.8	%	nm				17.9	%		19.7	%		1.8	%	nm
	Debt-to-capital, excluding AOCI (2)		19.3	%		19.2	%		18.7	%		18.0	%		17.3	%		20.8	%		20.4	%		1.7	%	nm				18.7	%		20.4	%		1.7	%	nm

	Cash and invested assets to stockholders' equity		2.5	x		2.5	x		2.4	x		2.4	x		2.4	x		2.4	x		2.1	x		(0.3	x)	nm				2.4	x		2.1	x		(0.3	x)	nm
	Cash and invested assets to adjusted stockholders' equity		2.5	x		2.6	x		2.6	x		2.6	x		2.5	x		2.5	x		2.2	x		(0.4	x)	nm				2.6	x		2.2	x		(0.4	x)	nm

	Share count, end of period (3)		40,459,767			39,667,002			39,374,259			39,305,902			39,414,085			39,443,561			39,470,748			96,489			0.2	%		39,374,259			39,470,748			96,489			0.2	%
	Adjusted stockholders' equity per share	$	37.85		$	39.05		$	41.01		$	43.45		$	45.67		$	48.72		$	51.03		$	10.02			24.4	%	$	41.01		$	51.03		$	10.02			24.4	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A1			A1			A1			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm

Holding Company Senior Debt Ratings
	Moody's	Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	a-			a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

(1)	Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity

(2)	Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

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

5 of 16

Statements of Income

PRIMERICA, INC.

Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$ Change			% Change			YTD 2020			YTD 2021			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	702,637		$	717,088		$	736,606		$	750,818		$	762,227		$	780,299		$	296,622		$	48,672			6.6	%	$	2,156,331		$	2,327,804		$	171,473			8.0	%
	Ceded premiums			(386,825	)		(402,549	)		(393,716	)		(397,676	)		(395,973	)		(413,850	)		(168,501	)		(7,579	)		-1.9	%		(1,183,090	)		(1,211,117	)		(28,027	)		-2.4	%
		Net premiums		315,813			314,539			342,890			353,142			366,254			366,450			128,121			41,093			12.0	%		973,241			1,116,687			143,446			14.7	%
	Net investment income			15,420			22,710			22,953			22,731			20,052			20,535			834			(2,953	)		-12.9	%		61,083			60,588			(495	)		-0.8	%
	Commissions and fees:
		Sales-based (1)		80,891			62,812			65,600			75,347			98,112			104,716			27,297			29,629			45.2	%		209,304			298,057			88,753			42.4	%
		Asset-based (2)		81,395			78,146			86,695			93,669			101,241			108,490			12,217			26,863			31.0	%		246,235			323,288			77,053			31.3	%
		Account-based (3)		20,204			20,478			21,008			21,351			21,120			21,848			(260	)		448			2.1	%		61,690			64,424			2,734			4.4	%
		Other commissions and fees		7,579			10,352			11,999			13,746			13,571			15,635			3,636			27,555		nm				29,930			68,759			38,829			129.7	%
	Realized investment (losses) gains			(10,030	)		1,742			642			2,650			1,766			701			(205	)		768			119.5	%		(7,645	)		3,876			11,522		nm
	Other, net			13,665			15,036			16,674			15,695			15,595			16,313			10,903			1,377			8.3	%		45,375			49,958			4,584			10.1	%
	Total revenues			524,936			525,815			568,460			598,330			637,711			654,687			182,544			124,780			22.0	%		1,619,211			1,985,638			366,427			22.6	%
Benefits and expenses:
	Benefits and claims			134,813			139,646			160,166			180,945			183,789			168,347			183,425			23,259			14.5	%		434,625			535,561			100,937			23.2	%
	Amortization of DAC			70,311			53,177			47,491			53,342			66,105			54,286			62,214			14,723			31.0	%		170,979			182,604			11,625			6.8	%
	Insurance commissions			6,844			6,333			9,694			9,263			8,740			8,838			8,412			(1,281	)		-13.2	%		22,871			25,990			3,119			13.6	%
	Insurance expenses			48,709			43,753			46,109			49,546			48,766			48,579			51,901			5,792			12.6	%		138,571			149,246			10,674			7.7	%
	Sales commissions:
		Sales-based (1)		56,561			44,834			46,821			52,931			68,594			73,629			67,745			20,924			44.7	%		148,217			209,969			61,752			41.7	%
		Asset-based (2)		36,323			35,673			39,349			43,227			46,866			50,488			53,233			13,884			35.3	%		111,345			150,587			39,243			35.2	%
		Other sales commissions		3,723			4,985			5,779			6,430			6,434			7,185			8,290			2,510			43.4	%		14,487			21,908			7,421			51.2	%
	Interest expense			7,192			7,200			7,221			7,225			7,145			7,141			7,529			307			4.3	%		21,614			21,814			201			0.9	%
	Contract acquistion costs (4)			—			—			—			—			—			—			23,524			23,524			#DIV/0	!		—			23,524			23,524			#DIV/0	!
	Other operating expenses			65,914			56,152			59,348			63,781			72,964			66,730			79,866			20,518			34.6	%		181,414			219,559			38,145			21.0	%
	Total benefits and expenses			430,391			391,753			421,978			466,690			509,403			485,222			546,138			124,160			29.4	%		1,244,122			1,540,763			296,642			23.8	%
	Income before income taxes			94,546			134,062			146,482			131,640			128,308			169,465			147,102			619			0.4	%		375,090			444,875			69,785			18.6	%
		Income taxes		22,077			32,552			34,382			31,556			30,437			41,304			35,663			1,281			3.7	%		89,010			107,403			18,393			20.7	%
	Net income		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	111,439		$	(662	)		-0.6	%	$	286,080		$	337,472		$	51,392			18.0	%
	Net income attributable to noncontrolling interests			—			—			—			—			—			—			(1,017	)		(1,017	)		#DIV/0	!		—			(1,017	)		(1,017	)		#DIV/0	!
		Net Income attributable to Primerica, Inc.	$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	355			0.3	%	$	286,080		$	338,489		$	52,409			18.3	%

Income Before Income Taxes by Segment
Term Life			$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	2,273			2.2	%	$	283,111		$	312,602		$	29,491			10.4	%
Investment & Savings Products				47,700			46,859			51,372			56,713			63,363			71,154			69,369			17,997			35.0	%		145,931			203,886			57,954			39.7	%
Senior Health				—			—			—			—			—			—			(8,489	)		(8,489	)		#DIV/0	!		—			(8,489	)		(8,489	)		#DIV/0	!
Corporate & Other Distributed Products				(36,046	)		(7,700	)		(10,206	)		(14,514	)		(23,290	)		(18,467	)		(21,367	)		(11,161	)		-109.4	%		(53,952	)		(63,124	)		(9,172	)		-17.0	%
	Income before income taxes		$	94,546		$	134,062		$	146,482		$	131,640		$	128,308		$	169,465		$	147,102		$	619			0.4	%	$	375,090		$	444,875		$	69,785			18.6	%

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

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

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

(4)	Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire Senior Health product leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs

6 of 16

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

PRIMERICA, INC.

Financial Supplement

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$ Change			% Change			YTD 2020			YTD 2021			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	696,564		$	711,188		$	730,273		$	745,559		$	756,514		$	774,500		$	779,490		$	49,217			6.7	%	$	2,138,024		$	2,310,504		$	172,479			8.1	%
	Less: Premiums ceded to IPO Coinsurers		260,076			257,529			254,938			253,039			249,944			246,874			241,439			(13,500	)		-5.3	%		772,543			738,257			(34,286	)		-4.4	%
	Term Life adjusted direct premiums	$	436,488		$	453,659		$	475,335		$	492,520		$	506,570		$	527,626		$	538,051		$	62,716			13.2	%	$	1,365,482		$	1,572,247		$	206,765			15.1	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(385,232	)	$	(400,919	)	$	(392,004	)	$	(395,767	)	$	(394,550	)	$	(412,028	)	$	(399,835	)	$	(7,831	)		-2.0	%	$	(1,178,155	)	$	(1,206,413	)	$	(28,259	)		-2.4	%
	Less: Premiums ceded to IPO Coinsurers		(260,076	)		(257,529	)		(254,938	)		(253,039	)		(249,944	)		(246,874	)		(241,439	)		13,500			5.3	%		(772,543	)		(738,257	)		34,286			4.4	%
	Term Life other ceded premiums	$	(125,156	)	$	(143,390	)	$	(137,066	)	$	(142,728	)	$	(144,606	)	$	(165,154	)	$	(158,397	)	$	(21,331	)		-15.6	%	$	(405,612	)	$	(468,156	)	$	(62,545	)		-15.4	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	15,420		$	22,710		$	22,953		$	22,731		$	20,052		$	20,535		$	20,000		$	(2,953	)		-12.9	%	$	61,083		$	60,588		$	(495	)		-0.8	%
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)	nm			nm				(2,956	)		(1,603	)	nm			nm
	Adjusted net investment income	$	21,799		$	20,451		$	21,788		$	21,771		$	20,845		$	20,705		$	20,640		$	(1,148	)		-5.3	%	$	64,038		$	62,191		$	(1,847	)		-2.9	%


Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	65,914		$	56,152		$	59,348		$	63,781		$	72,964		$	66,730		$	79,866		$	20,518			34.6	%	$	181,414		$	219,559		$	38,145			21.0	%
	Less: eTeleQuote transaction-related costs		—			—			—			—			—			2,109			10,027		nm			nm				—			12,136		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			(1,004	)	nm			nm				—			(1,004	)	nm			nm
	Adjusted other operating expenses	$	65,914		$	56,152		$	59,348		$	63,781		$	72,964		$	64,620		$	70,843		$	11,496			19.4	%	$	181,414		$	208,427		$	27,014			14.9	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	524,936		$	525,815		$	568,460		$	598,330		$	637,711		$	654,687		$	693,240		$	124,780			22.0	%	$	1,619,211		$	1,985,638		$	366,427			22.6	%
	Less: Realized investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410		nm			nm				(7,645	)		3,876		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)	nm			nm				(2,956	)		(1,603	)	nm			nm
	Adjusted operating revenues	$	541,346		$	521,813		$	566,653		$	594,720		$	636,738		$	654,156		$	692,470		$	125,817			22.2	%	$	1,629,812		$	1,983,365		$	353,553			21.7	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	94,546		$	134,062		$	146,482		$	131,640		$	128,308		$	169,465		$	147,102		$	619			0.4	%	$	375,090		$	444,875		$	69,785			18.6	%
	Less: Realized investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410		nm			nm				(7,645	)		3,876		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)	nm			nm				(2,956	)		(1,603	)	nm			nm
	Less: eTeleQuote transaction-related costs		—			—			—			—			—			(2,109	)		(10,027	)	nm			nm				—			(12,136	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			1,004		nm			nm				—			1,004		nm			nm
	Less: Noncontrolling interest before income taxes		—			—			—			—			—			—			(1,465	)	nm			nm				—			(1,465	)	nm			nm
	Adjusted operating income before income taxes	$	110,955		$	130,060		$	144,676		$	128,030		$	127,335		$	171,044		$	156,819		$	12,144			8.4	%	$	385,691		$	455,198		$	69,507			18.0	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	111,439		$	(662	)		-0.6	%	$	286,080		$	337,472		$	51,392			18.0	%
	Less: Realized investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410		nm			nm				(7,645	)		3,876		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)	nm			nm				(2,956	)		(1,603	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			—			—			—			—			(2,109	)		(10,027	)	nm			nm				—			(12,136	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			1,004		nm			nm				—			1,004		nm			nm
	Less: Noncontrolling interest before income taxes		—			—			—			—			—			—			(1,465	)	nm			nm				—			(1,465	)	nm			nm
	Less: Tax impact of reconciling items		3,832			(972	)		(424	)		(865	)		(231	)		385			2,449		nm			nm				2,436			2,602		nm			nm
	Adjusted net operating income	$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	7,990			7.2	%	$	294,245		$	345,193		$	50,948			17.3	%

7 of 16

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

PRIMERICA, INC.

Financial Supplement

									YOY Q3				YOY YTD
(Dollars in thousands)		Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	$ Change	% Change	YTD 2020	YTD 2021	$ Change	% Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
	Income before income taxes	na	na	na	na	na	na	$(8,489)	na	na	na	$(8,489)	na	na
	Less: e-TeleQuote transaction-related costs	na	na	na	na	na	na	(417)	na	na	na	(417)	na	na
	Less: Noncontrolling interest	na	na	na	na	na	na	(1,465)	na	na	na	(1,465)	na	na
	Adjusted operating income before income taxes	na	na	na	na	na	na	$(6,608)	na	na	na	$(6,608)	na	na


Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$(36,046)	$(7,700)	$(10,206)	$(14,514)	$(23,290)	$(18,467)	$(21,367)	$(11,161)	-109.4%	$(53,952)	$(63,124)	$(9,172)	-17.0%
	Less: Realized investment gains/(losses)	(10,030)	1,742	642	2,650	1,766	701	1,410	nm	nm	(7,645)	3,876	nm	nm
	Less: MTM investment adjustments	(6,379)	2,259	1,165	960	(793)	(170)	(640)	nm	nm	(2,956)	(1,603)	nm	nm
	Less: e-TeleQuote transaction-related costs	—	—	—	—	—	(2,109)	(9,610)	nm	nm	—	(11,719)	nm	nm
	Less: Equity comp for awards exchanged during acquistion	—	—	—	—	—	—	1,004	nm	nm	—	1,004	nm	nm
	Adjusted operating income before income taxes	$(19,637)	$(11,702)	$(12,013)	$(18,124)	$(24,263)	$(16,888)	$(13,531)	$(1,518)	-12.6%	$(43,351)	$(54,682)	$(11,331)	-26.1%

8 of 16

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$ Change			% Change			YTD 2020			YTD 2021			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	696,564		$	711,188		$	730,273		$	745,559		$	756,514		$	774,500		$	779,490		$	49,217			6.7	%	$	2,138,024		$	2,310,504		$	172,479			8.1	%
	Premiums ceded to IPO coinsurers (1)		(260,076	)		(257,529	)		(254,938	)		(253,039	)		(249,944	)		(246,874	)		(241,439	)		13,500			5.3	%		(772,543	)		(738,257	)		34,286			4.4	%
	Adjusted direct premiums (2)		436,488			453,659			475,335			492,520			506,570			527,626			538,051			62,716			13.2	%		1,365,482			1,572,247			206,765			15.1	%
	Other ceded premiums (3)		(125,156	)		(143,390	)		(137,066	)		(142,728	)		(144,606	)		(165,154	)		(158,397	)		(21,331	)		-15.6	%		(405,612	)		(468,156	)		(62,545	)		-15.4	%
	Net premiums		311,332			310,269			338,269			349,792			361,964			362,472			379,654			41,386			12.2	%		959,870			1,104,090			144,221			15.0	%
	Allocated net investment income		6,246			6,538			6,813			7,432			8,253			8,751			9,320			2,506			36.8	%		19,598			26,324			6,726			34.3	%
	Other, net		10,168			11,426			12,717			11,768			11,810			12,315			12,476			(241	)		-1.9	%		34,311			36,601			2,290			6.7	%
	Revenues		327,747			328,233			357,799			368,992			382,028			383,537			401,450			43,651			12.2	%		1,013,779			1,167,016			153,237			15.1	%

	Benefits and expenses:
	Benefits and claims		128,563			135,409			156,209			173,767			178,963			162,488			179,696			23,487			15.0	%		420,182			521,148			100,966			24.0	%
	Amortization of DAC		65,840			52,730			45,529			52,109			62,584			52,235			59,287			13,758			30.2	%		164,099			174,106			10,007			6.1	%
	Insurance commissions		3,286			2,884			5,946			5,477			4,869			4,785			4,345			(1,601	)		-26.9	%		12,115			13,999			1,884			15.6	%
	Insurance expenses		47,165			42,306			44,800			48,199			47,375			47,252			50,534			5,734			12.8	%		134,272			145,160			10,888			8.1	%
	Benefits and expenses		244,855			233,330			252,483			279,551			293,792			266,760			293,862			41,379			16.4	%		730,668			854,414			123,746			16.9	%
	Income before income taxes	$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	2,273			2.2	%	$	283,111		$	312,602		$	29,491			10.4	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	336,921		$	352,353		$	372,852		$	388,303		$	401,106		$	420,865		$	431,022		$	58,170			15.6	%	$	1,062,125		$	1,252,993		$	190,868			18.0	%
	Pre-IPO direct premiums (5)		359,643			358,835			357,421			357,256			355,408			353,635			348,468			(8,953	)		-2.5	%		1,075,899			1,057,511			(18,389	)		-1.7	%
	Total direct premiums	$	696,564		$	711,188		$	730,273		$	745,559		$	756,514		$	774,500		$	779,490		$	49,217			6.7	%	$	2,138,024		$	2,310,504		$	172,479			8.1	%

	Premiums ceded to IPO coinsurers	$	260,076		$	257,529		$	254,938		$	253,039		$	249,944		$	246,874		$	241,439		$	(13,500	)		-5.3	%	$	772,543		$	738,257		$	(34,286	)		-4.4	%
	% of Pre-IPO direct premiums		72.3	%		71.8	%		71.3	%		70.8	%		70.3	%		69.8	%		69.3	%	nm			nm				71.8	%		69.8	%	nm			nm

	Benefits and claims, net (6)	$	253,719		$	278,799		$	293,275		$	316,495		$	323,569		$	327,642		$	338,093		$	44,818			15.3	%	$	825,793		$	989,304		$	163,511			19.8	%
	% of adjusted direct premiums		58.1	%		61.5	%		61.7	%		64.3	%		63.9	%		62.1	%		62.8	%	nm			nm				60.5	%		62.9	%	nm			nm

	DAC amortization & insurance commissions	$	69,126		$	55,614		$	51,474		$	57,585		$	67,454		$	57,020		$	63,632		$	12,158			23.6	%	$	176,214		$	188,106		$	11,891			6.7	%
	% of adjusted direct premiums		15.8	%		12.3	%		10.8	%		11.7	%		13.3	%		10.8	%		11.8	%	nm			nm				12.9	%		12.0	%	nm			nm

	Insurance expenses, net (7)	$	36,997		$	30,881		$	32,083		$	36,431		$	35,565		$	34,937		$	38,057		$	5,974			18.6	%	$	99,961		$	108,559		$	8,598			8.6	%
	% of adjusted direct premiums		8.5	%		6.8	%		6.7	%		7.4	%		7.0	%		6.6	%		7.1	%	nm			nm				7.3	%		6.9	%	nm			nm

	Total Term Life income before income taxes	$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	2,273			2.2	%	$	283,111		$	312,602		$	29,491			10.4	%
	Term Life operating margin (8)		19.0	%		20.9	%		22.2	%		18.2	%		17.4	%		22.1	%		20.0	%	nm			nm				20.7	%		19.9	%	nm			nm

(1)	Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2)	Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3)	Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4)	Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5)	Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6)	Benefits and claims, net - benefits & claims net of other ceded premiums which are largely YRT.

(7)	Insurance expenses, net - insurance expenses net of other, net revenues.

(8)	Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 16

Term Life Insurance - Key Statistics

PRIMERICA, INC.

Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands, except as noted)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$/# Change			% Change			YTD 2020			YTD 2021			$/# Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				130,522			130,095			134,157			136,306			134,907			132,030			132,041			(2,116	)		-1.6	%		130,522			134,907			4,385			3.4	%
	New life-licensed representatives			10,599			12,250			13,138			12,119			10,833			10,112			9,381			(3,757	)		-28.6	%		35,987			30,326			(5,661	)		-15.7	%
	Non-renewal and terminated representatives			(11,026	)		(8,188	)		(10,989	)		(13,518	)		(13,710	)		(10,101	)		(11,399	)		(410	)		-3.7	%		(30,203	)		(35,210	)		(5,007	)		-16.6	%
Life-insurance licensed sales force, end of period				130,095			134,157			136,306			134,907			132,030			132,041			130,023			(6,283	)		-4.6	%		136,306			130,023			(6,283	)		-4.6	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	61.5		$	77.7		$	86.0		$	78.4		$	74.5		$	82.6		$	70.7		$	(15.3	)		-17.8	%	$	225.2		$	227.8		$	2.6			1.2	%
	Additions and increases in premium			15.0			17.8			17.9			18.1			18.0			20.3			19.5			1.6			9.1	%		50.7			57.9			7.2			14.1	%
		Total estimated annualized issued term life premium	$	76.5		$	95.5		$	103.9		$	96.5		$	92.5		$	103.0		$	90.2		$	(13.7	)		-13.1	%	$	276.0		$	285.7		$	9.8			3.5	%

Issued term life policies				71,318			94,044			100,199			87,307			82,667			90,071			75,914			(24,285	)		-24.2	%		265,561			248,652			(16,909	)		-6.4	%
Estimated average annualized issued term life premium per policy (1)(2)			$	863		$	826		$	858		$	898		$	901		$	917		$	931		$	73			8.5	%	$	848		$	916		$	68			8.0	%

Term life face amount in-force, beginning of period ($mills)			$	808,262		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	64,522			7.8	%	$	808,262		$	858,818		$	50,556			6.3	%
	Issued term life face amount (3)			23,221			27,754			30,104			28,357			26,643			29,981			26,219			(3,885	)		-12.9	%		81,079			82,843			1,764			2.2	%
	Terminated term life face amount			(18,294	)		(14,315	)		(13,733	)		(14,506	)		(17,240	)		(14,706	)		(16,241	)		(2,508	)		-18.3	%		(46,343	)		(48,187	)		(1,845	)		-4.0	%
	Foreign currency impact, net			(8,676	)		4,046			1,859			4,740			1,422			1,602			(2,480	)		(4,339	)	nm				(2,772	)		544			3,315		nm
Term life face amount in-force, end of period			$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018		$	53,791			6.4	%	$	840,227		$	894,018		$	53,791			6.4	%

(1) Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(2) In whole dollars.

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

10 of 16

Investment and Savings Products - Financial Results and Financial Analysis

PRIMERICA, INC.

Financial Supplement

																							YOY Q3											YOY YTD
(Dollars in thousands, except as noted)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$ Change		% Change			YTD 2020			YTD 2021			$ Change		% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	80,891		$	62,812		$	65,600		$	75,347		$	98,112		$	104,716		$	95,229		$	29,629		45.2	%	$	209,304		$	298,057		$	88,753		42.4	%
	Asset-based		81,395			78,146			86,695			93,669			101,241			108,490			113,558			26,863		31.0	%		246,235			323,288			77,053		31.3	%
	Account-based		20,204			20,478			21,008			21,351			21,120			21,848			21,456			448		2.1	%		61,690			64,424			2,734		4.4	%
	Other, net		2,542			2,745			3,034			2,949			2,949			2,958			3,094			60		2.0	%		8,322			9,001			680		8.2	%
	Revenues		185,033			164,180			176,338			193,316			223,422			238,012			233,337			57,000		32.3	%		525,551			694,772			169,221		32.2	%

	Benefits and expenses:
	Amortization of DAC		4,305			100			1,667			982			3,275			1,786			2,580			913		54.7	%		6,072			7,641			1,568		25.8	%
	Insurance commissions		3,201			3,106			3,377			3,500			3,572			3,747			3,747			370		10.9	%		9,684			11,065			1,381		14.3	%
	Sales commissions:
	Sales-based		56,561			44,834			46,821			52,931			68,594			73,629			67,745			20,924		44.7	%		148,217			209,969			61,752		41.7	%
	Asset-based		36,323			35,673			39,349			43,227			46,866			50,488			53,233			13,884		35.3	%		111,345			150,587			39,243		35.2	%
	Other operating expenses		36,942			33,608			33,751			35,963			37,752			37,207			36,664			2,913		8.6	%		104,302			111,623			7,322		7.0	%
	Benefits and expenses		137,332			117,321			124,966			136,603			160,060			166,858			163,968			39,003		31.2	%		379,619			490,886			111,266		29.3	%
	Income before income taxes	$	47,700		$	46,859		$	51,372		$	56,713		$	63,363		$	71,154		$	69,369		$	17,997		35.0	%	$	145,931		$	203,886		$	57,954		39.7	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,990		$	5,712		$	6,284		$	6,772		$	6,964		$	7,535		$	7,891		$	1,607		25.6	%	$	17,986		$	22,390		$	4,404		24.5	%
	Fees paid based on fee-generating positions (2)		10,248			9,094			8,747			9,547			10,451			10,021			9,128			380		4.3	%		28,090			29,600			1,510		5.4	%
	Other operating expenses		20,704			18,803			18,719			19,644			20,337			19,652			19,645			926		4.9	%		58,226			59,634			1,408		2.4	%
	Total other operating expenses	$	36,942		$	33,608		$	33,751		$	35,963		$	37,752		$	37,207		$	36,664		$	2,913		8.6	%	$	104,302		$	111,623		$	7,322		7.0	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.34	%		1.33	%		1.27	%		1.31	%		1.29	%		1.28	%		1.25	%	nm		nm				1.31	%		1.27	%	nm		nm
	Canada		1.06	%		0.87	%		0.93	%		0.95	%		1.05	%		0.96	%		0.92	%	nm		nm				0.97	%		0.98	%	nm		nm
	Total		1.30	%		1.27	%		1.23	%		1.26	%		1.25	%		1.23	%		1.20	%	nm		nm				1.27	%		1.23	%	nm		nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.038	%		0.037	%		0.038	%		0.038	%		0.039	%		0.039	%		0.039	%	nm		nm				0.113	%		0.117	%	nm		nm
	Canada		0.098	%		0.133	%		0.119	%		0.124	%		0.103	%		0.112	%		0.106	%	nm		nm				0.349	%		0.321	%	nm		nm
	Total		0.047	%		0.052	%		0.050	%		0.052	%		0.049	%		0.050	%		0.050	%	nm		nm				0.150	%		0.149	%	nm		nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.70		$	4.19		$	4.45		$	4.23		$	3.77		$	4.08		$	4.17		nm		nm			$	12.35		$	12.03		nm		nm

(1)	Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

(2)	Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

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

(4)	Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.

(5)	Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)	In whole dollars.

11 of 16

Investment and Savings Products - Key Statistics

PRIMERICA, INC.

Financial Supplement

																										YOY Q3												YOY YTD
(Dollars in thousands, except as noted)					Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$/# Change			% Change			YTD 2020			YTD 2021			$/# Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	921.0		$	758.4		$	874.1		$	945.5		$	1,261.9		$	1,336.1		$	1,247.8		$	373.7			42.8	%	$	2,553.5		$	3,845.8		$	1,292.3			50.6	%
		Canada Retail Mutual Funds				280.9			165.2			189.6			256.0			424.0			357.0			314.8			125.1			66.0	%		635.8			1,095.8			460.0			72.4	%
		Indexed Annuities				72.2			48.4			47.2			50.6			55.5			62.8			51.9			4.7			10.0	%		167.8			170.1			2.4			1.4	%
		Variable Annuities and other				600.6			440.5			421.7			529.3			627.1			767.6			668.7			246.9			58.5	%		1,462.8			2,063.3			600.5			41.1	%
				Total sales-based revenue generating product sales		1,874.7			1,412.5			1,532.6			1,781.3			2,368.4			2,523.4			2,283.1			750.5			49.0	%		4,819.8			7,175.0			2,355.2			48.9	%
		Managed Accounts				246.2			200.1			223.0			230.7			330.1			381.8			387.5			164.4			73.7	%		669.3			1,099.3			430.0			64.2	%
		Segregated Funds and other				124.8			73.9			85.3			57.3			154.9			135.0			119.8			34.5			40.4	%		284.0			409.8			125.8			44.3	%
				Total product sales	$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4		$	949.4			51.6	%	$	5,773.1		$	8,684.1		$	2,911.0			50.4	%

		Canada Retail Mutual Funds			$	280.9		$	165.2		$	189.6		$	256.0		$	424.0		$	357.0		$	314.8		$	125.1			66.0	%	$	635.8		$	1,095.8		$	460.0			72.4	%
		Segregated Funds and other				124.8			73.9			85.3			57.3			154.9			135.0			119.8			34.5			40.4	%		284.0			409.8			125.8			44.3	%
			Total Canada product sales			405.7			239.2			274.9			313.3			579.0			492.0			434.6			159.6			58.1	%		919.8			1,505.6			585.8			63.7	%
			Total U.S. product sales			1,840.0			1,447.3			1,566.1			1,756.1			2,274.5			2,548.2			2,355.8			789.8			50.4	%		4,853.4			7,178.5			2,325.2			47.9	%
				Total product sales	$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4		$	949.4			51.6	%	$	5,773.1		$	8,684.1		$	2,911.0			50.4	%

	Client asset values, beginning of period ($mills)				$	70,537		$	59,036		$	68,224		$	72,606		$	81,533		$	85,888		$	91,735		$	23,511			34.5	%	$	70,537		$	81,533		$	10,996			15.6	%
		Inflows				2,246			1,686			1,841			2,069			2,853			3,040			2,790			949			51.6	%		5,773			8,684			2,911			50.4	%
		Outflows (1)				(1,703	)		(1,074	)		(1,333	)		(1,427	)		(1,759	)		(1,826	)		(1,756	)		(422	)		-31.7	%		(4,110	)		(5,341	)		(1,231	)		-29.9	%
				Net flows		543			613			508			642			1,095			1,214			1,034			527			103.8	%		1,663			3,343			1,680		nm
		Foreign currency impact, net				(978	)		404			205			539			172			200			(323	)		(528	)	nm				(369	)		49			419		nm
		Change in market value, net and other (2)				(11,065	)		8,171			3,669			7,745			3,088			4,433			(681	)		(4,350	)		-118.6	%		776			6,840			6,065		nm
	Client asset values, end of period				$	59,036		$	68,224		$	72,606		$	81,533		$	85,888		$	91,735		$	91,765		$	19,159			26.4	%	$	72,606		$	91,765		$	19,159			26.4	%
		Annualized net flows as % of beginning of period asset values				3.1	%		4.2	%		3.0	%		3.5	%		5.4	%		5.7	%		4.5	%		1.5	%	nm				3.1	%		5.5	%		2.3	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	32,693		$	31,586		$	35,204		$	37,562		$	41,161		$	44,398		$	46,113		$	10,908			31.0	%	$	33,161		$	43,890		$	10,729			32.4	%
		Canada Retail Mutual Funds				7,950			7,573			8,525			9,186			10,268			11,256			11,667			3,142			36.9	%		8,016			11,064			3,048			38.0	%
		Managed Accounts				3,905			3,871			4,325			4,703			5,295			5,915			6,362			2,037			47.1	%		4,034			5,857			1,824			45.2	%
		Indexed Annuities				2,389			2,427			2,446			2,469			2,495			2,541			2,585			139			5.7	%		2,421			2,540			119			4.9	%
		Variable Annuities and other				17,292			16,890			18,551			19,634			21,291			22,554			23,193			4,642			25.0	%		17,577			22,346			4,768			27.1	%
		Segregated Funds				2,366			2,291			2,461			2,536			2,622			2,713			2,732			271			11.0	%		2,373			2,689			316			13.3	%
				Total	$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652		$	21,140			29.6	%	$	67,582		$	88,387		$	20,805			30.8	%

		Canada Retail Mutual Funds			$	7,950		$	7,573		$	8,525		$	9,186		$	10,268		$	11,256		$	11,667		$	3,142			36.9	%	$	8,016		$	11,064		$	3,048			38.0	%
		Segregated Funds				2,366			2,291			2,461			2,536			2,622			2,713			2,732			271			11.0	%		2,373			2,689			316			13.3	%
			Total Canada average client assets			10,316			9,864			10,986			11,722			12,890			13,969			14,399			3,413			31.1	%		10,389			13,753			3,364			32.4	%
			Total U.S. average client assets			56,279			54,775			60,526			64,368			70,241			75,409			78,252			17,727			29.3	%		57,193			74,634			17,441			30.5	%
				Total average client assets	$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652		$	21,140			29.6	%	$	67,582		$	88,387		$	20,805			30.8	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,031			2,048			2,072			2,091			2,115			2,159			2,192			120			5.8	%		2,050			2,155			105			5.1	%
		Recordkeeping only				658			671			685			697			714			741			762			77			11.2	%		672			739			67			10.0	%
				Total		2,689			2,718			2,757			2,788			2,830			2,899			2,954			197			7.1	%		2,721			2,894			173			6.3	%

(1)

Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

(2)	Change in market value, net - market value fluctuations net of fees and expenses.

(3)

Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 16

Senior Health - Financial Results, Financial Analysis Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)

2020

2021

Senior Health Income Before Income Taxes

Revenues:

Commissions and fees (1)

$21,558

Other, net (2)

1,378

Revenues

22,937

Benefits and expenses:

Contract acquisition costs (3)

23,524

Adjusted other operating expenses

7,485

Adjusted operating benefits and expenses

31,009

Adjusted operating income before income taxes

$(8,072)

Non-controlling interest before income taxes

(1,465)

Adjusted operating income before income taxes attributable to Primerica, Inc.

$(6,608)

Senior Health EBITDA

Adjusted operating income before income taxes including NCI

$(8,072)

Less: Amortization of intangibles

(2,900)

Less: Depreciation

(244)

Adjusted EBITDA (Including non-controlling interest) (4)

$(4,928)

Financial Analysis and Key Statistics

Senior Health submitted policies (5)

20,867

Senior Health approved policies (6)

18,276

Primerica representatives Senior Health certified

17,588

Senior Health submitted policies sourced by Primerica representatives

319

LTV per approved policy (7)

$1,180

CAC per approved policy (7)

$1,287

LTV / CAC multiple

0.9 x

(1)

Commission revenue recognized based on the estimated Lifetime value (LTV) to be collected over the estimated life of an approved policy for the relevant period based on multiple factors, including but not limited to contracted commission rates, carrier mix, expected policy turnover, historical chargeback activity and applied constraints. Adjustments to revenue outside of LTV for approved policies from prior periods are recognized when our cash collections are different from the estimated constrained LTV’s which we refer to as tail revenue.

(2)	Primarily reflects marketing development revenues, which are non-commission revenues received from carriers to support marketing efforts and lead acquisition

(3)	Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

(4)	Adjusted EBITDA - Earnings before interest, taxes, depreciation, amortization and certain adjustments for non-cash or non-recurring expenses including purchase accounting adjustments

(5)

Senior Health submitted policies - represents the number of completed applications that, with respect to each such application, the applicant has authorized us to submit to the health insurance carrier. The applicant may need to take additional actions, including providing subsequent information before the application is reviewed by the health insurance carrier.

(6)	Senior Health approved policies - represent an estimate of submitted policies approved by health insurance carriers during the indicated period. Not all approved policies will go in force

(7)	In whole dollars.

13 of 16

Corporate Other Distributed Products - Financial Results

PRIMERICA, INC.

Financial Supplement

									YOY Q3				YOY YTD
(Dollars in thousands)		Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	$ Change	% Change	YTD 2020	YTD 2021	$ Change	% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$6,074	$5,900	$6,333	$5,259	$5,713	$5,800	$5,788	$(545)	-8.6%	$18,307	$17,300	$(1,006)	-5.5%
	Ceded premiums	(1,593)	(1,631)	(1,712)	(1,909)	(1,423)	(1,822)	(1,459)	253	14.8%	(4,935)	(4,704)	232	4.7%
	Net premiums	4,480	4,270	4,621	3,350	4,290	3,978	4,328	(292)	-6.3%	13,371	12,596	(775)	-5.8%
	Allocated net investment income	15,553	13,913	14,975	14,339	12,592	11,954	11,321	(3,654)	-24.4%	44,440	35,867	(8,574)	-19.3%
	Commissions and fees:
	Prepaid Legal Services	3,829	4,557	4,942	5,104	4,783	5,182	6,712	1,769	35.8%	13,328	16,676	3,348	25.1%
	Auto and Homeowners Insurance	1,672	2,263	1,985	2,194	1,787	2,101	2,436	452	22.8%	5,920	6,324	405	6.8%
	Mortgage loans	264	1,301	3,011	4,146	4,960	6,061	6,719	3,708	123.2%	4,576	17,740	13,164	nm
	Other sales commissions	1,813	2,231	2,061	2,301	2,041	2,291	2,129	67	3.3%	6,106	6,461	355	5.8%
	Other, net	954	865	922	977	836	1,040	1,101	179	19.4%	2,742	2,977	235	8.6%
	Adjusted operating revenues	28,566	29,400	32,516	32,412	31,288	32,607	34,746	2,229	6.9%	90,483	98,641	8,158	9.0%

Benefits and expenses:
	Benefits and claims	6,249	4,236	3,957	7,178	4,826	5,859	3,728	(229)	-5.8%	14,443	14,413	(30)	-0.2%
	Amortization of DAC	166	346	295	251	246	264	347	53	17.8%	807	857	50	6.2%
	Insurance commissions	357	343	371	286	299	306	320	(51)	-13.6%	1,072	925	(146)	-13.6%
	Insurance expenses	1,544	1,447	1,309	1,347	1,391	1,327	1,367	58	4.5%	4,300	4,086	(214)	-5.0%
	Sales commissions	3,723	4,985	5,779	6,430	6,434	7,185	8,290	2,510	43.4%	14,487	21,908	7,421	51.2%
	Interest expense	7,192	7,200	7,221	7,225	7,145	7,141	7,529	307	4.3%	21,614	21,814	201	0.9%
	Adjusted other operating expenses	28,972	22,544	25,597	27,818	35,211	27,413	26,695	1,098	4.3%	77,112	89,319	12,207	15.8%
	Adjusted benefits and expenses	48,203	41,102	44,529	50,535	55,551	49,495	48,277	3,748	8.4%	133,834	153,323	19,489	14.6%
	Adjusted operating income before income taxes	$(19,637)	$(11,702)	$(12,013)	$(18,124)	$(24,263)	$(16,888)	$(13,531)	$(1,518)	-12.6%	$(43,351)	$(54,682)	$(11,331)	-26.1%

14 of 16

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

				As of or for the period ended September 30, 2021
											% of Total						Avg
				Market		Amortized		Unrealized			Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)			Value			Cost			Yield			Rating
Investment Portfolio by Asset Class

Cash, Cash Equivalents, and Short Term				$	365,615	$	365,615	$	-			12.1	%		12.5	%

Fixed Income:
	Treasury				21,848		21,344		504			0.7	%		0.7	%		1.78	%	AAA
	Government				245,569		235,679		9,891			8.1	%		8.1	%		2.94	%	AA-
	Tax-Exempt Municipal				44,544		42,267		2,277			1.5	%		1.4	%		2.74	%	AA
	Public Corporate				1,514,525		1,438,766		75,758			50.1	%		49.3	%		3.42	%	BBB+
	Mortgage Backed				333,703		327,487		6,215			11.0	%		11.2	%		2.50	%	AAA
	Asset Backed				107,390		106,258		1,133			3.6	%		3.6	%		2.63	%	A+
	CMBS				151,047		146,278		4,769			5.0	%		5.0	%		2.99	%	AA-
	Private Placements				197,283		190,573		6,710			6.5	%		6.5	%		4.17	%	BBB
	Redeemable Preferred				5,848		5,447		400			0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,621,755		2,514,098		107,657			86.7	%		86.2	%		3.23	%	A

Equities and Other:
	Perpetual Preferred				13,411		13,411		-			0.4	%		0.5	%
	Common Stock				17,860		17,860		0			0.6	%		0.6	%
	Mutual Fund				5,960		5,960		-			0.2	%		0.2	%
	Derivatives				9		9		-			0.0	%		0.0	%
	Other				-		-		-			0.0	%		0.0	%
			Total Equities		37,240		37,240		0			1.2	%		1.3	%

			Total Invested Assets	$	3,024,610	$	2,916,953	$	107,657			100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Consumer Non Cyclical			$	182,750	$	174,408	$	8,342			12.1	%		12.1	%
	Insurance				176,358		168,072		8,286			11.6	%		11.7	%
	Energy				161,004		150,923		10,081			10.6	%		10.5	%
	Reits				141,964		134,305		7,659			9.4	%		9.3	%
	Consumer Cyclical				119,463		114,141		5,322			7.9	%		7.9	%
	Technology				117,890		111,430		6,460			7.8	%		7.7	%
	Banking				114,950		109,592		5,358			7.6	%		7.6	%
	Capital Goods				87,873		84,915		2,958			5.8	%		5.9	%
	Electric				85,042		80,900		4,142			5.6	%		5.6	%
	Basic Industry				77,498		73,429		4,068			5.1	%		5.1	%
	Transportation				64,473		61,746		2,727			4.3	%		4.3	%
	Communications				57,291		53,135		4,156			3.8	%		3.7	%
	Brokerage				55,449		51,800		3,649			3.7	%		3.6	%
	Finance Companies				42,229		40,666		1,563			2.8	%		2.8	%
	Financial Other				10,732		10,350		382			0.7	%		0.7	%
	Industrial Other				7,962		7,634		328			0.5	%		0.5	%
	Utility Other				5,538		5,386		152			0.4	%		0.4	%
	Natural Gas				3,804		3,609		195			0.3	%		0.3	%
	Owned No Guarantee				2,256		2,325		(69	)		0.1	%		0.2	%
			Total Corporate portfolio	$	1,514,525	$	1,438,766	$	75,758			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	256,754	$	252,062	$	4,692			9.8	%		10.0	%		3.18	%
		1-2 Yrs.			257,291		248,255		9,036			9.8	%		9.9	%		3.55	%
		2-5 Yrs.			914,879		867,471		47,408			34.9	%		34.5	%		3.36	%
		5-10 Yrs.			907,086		873,601		33,485			34.6	%		34.7	%		3.01	%
		> 10 Yrs.			285,745		272,708		13,037			10.9	%		10.8	%		3.34	%
			Total Fixed Income	$	2,621,755	$	2,514,098	$	107,657			100.0	%		100.0	%		3.23	%

Duration

Fixed Income portfolio duration					4.8	years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

15 of 16

Investment Portfolio - Quality Ratings As of September 30, 2021

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	453,451		18.0	%
	AA			277,258		11.0	%
	A			593,750		23.6	%
	BBB			1,078,570		42.9	%
	Below Investment Grade			102,746		4.1	%
	NA			8,322		0.3	%
		Total Fixed Income	$	2,514,098		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,852		0.8	%		AAA		$	-		—
	AA			71,037		4.9	%		AA			5,479		2.9	%
	A			362,515		25.2	%		A			24,906		13.1	%
	BBB			907,734		63.1	%		BBB			147,312		77.3	%
	Below Investment Grade			84,678		5.9	%		Below Investment Grade			12,876		6.8	%
	NA			950		0.1	%		NA			-		—
		Total Corporate	$	1,438,766		100.0	%			Total Private	$	190,573		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	76,330		52.2	%		AAA		$	301,290		92.0	%
	AA			2,933		2.0	%		AA			25,843		7.9	%
	A			66,947		45.8	%		A			234		0.1	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			68		0.0	%		Below Investment Grade			87		0.0	%
	NA			-		—			NA			33		0.0	%
		Total CMBS	$	146,278		100.0	%			Total Mortgage-Backed	$	327,487		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	16,753		15.8	%		AAA		$	45,520		17.7	%
	AA			6,280		5.9	%		AA			133,657		52.0	%
	A			71,850		67.6	%		A			62,189		24.2	%
	BBB			1,895		1.8	%		BBB			12,758		5.0	%
	Below Investment Grade			2,139		2.0	%		Below Investment Grade			2,898		1.1	%
	NA			7,340		6.9	%		NA			0		0.0	%
		Total Asset-Backed	$	106,258		100.0	%			Total Treasury & Government	$	257,022		100.0	%



NAIC Designations

	1		$	1,149,949		48.2	%
	2			1,009,401		46.8	%
	3			98,718		4.2	%
	4			7,591		0.8	%
	5			685		—
	6			4,244		0.0	%
		U.S. Insurer Fixed Income (2)		2,270,589		100.0	%
	Other (3)			280,749
	Cash and cash equivalents			365,615
		Total Invested Assets	$	2,916,953

(1)	Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2)	NAIC ratings for our U.S. insurance companies' fixed income portfolios.

(3)	Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

16 of 16

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

																									YOY Q3
(Dollars in thousands)				Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,784		$	20,213		$	20,882		$	20,925		$	20,020		$	20,155		$	19,860		$	(1,022	)	-4.9%
	Fixed-maturity securities (held-to-maturity)				13,472			14,074			14,704			15,223			15,146			15,495			15,741			1,037		7.1%
	Equity Securities				451			461			433			406			391			411			413			(20	)	-4.6%
	Deposit asset underlying 10% reinsurance treaty				1,830			1,394			1,694			1,330			1,368			1,238			987			(707	)	-41.7%
	Deposit asset - Mark to Market				(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(1,805	)	-154.9%
	Policy loans and other invested assets				189			541			242			272			231			98			289			47		19.4%
	Cash & cash equivalents				843			143			114			103			119			156			96			(18	)	-15.8%
			Total investment income		31,190			39,085			39,234			39,219			36,483			37,383			36,746			(2,488	)	-6.3%
	Investment expenses				2,298			2,300			1,577			1,265			1,284			1,353			1,004			(573	)	-36.3%
	Interest Expense on Surplus Note				13,472			14,074			14,704			15,223			15,146			15,495			15,741			1,037		7.1%
			Net investment income	$	15,420		$	22,710		$	22,953		$	22,731		$	20,052		$	20,535		$	20,001		$	(2,952	)	-12.9%
		Fixed income book yield, end of period			3.55	%		3.54	%		3.45	%		3.44	%		3.30	%		3.31	%
		New money yield			3.25	%		3.14	%		2.44	%		2.67	%		1.72	%		2.68	%

																									YOY Q3
				Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				22.9	%		21.5	%		19.6	%		18.7	%		16.6	%		16.5	%		18.0	%		-1.6	%
	AA				12.1	%		11.6	%		12.8	%		12.7	%		12.2	%		11.6	%		11.0	%		-1.7	%
	A				22.9	%		22.3	%		21.8	%		22.3	%		23.0	%		22.1	%		23.6	%		1.8	%
	BBB				38.9	%		40.4	%		42.0	%		42.3	%		44.0	%		45.5	%		42.9	%		0.9	%
	Below Investment Grade				3.1	%		4.0	%		3.8	%		3.9	%		4.1	%		4.2	%		4.1	%		0.3	%
	NA				0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.3	%		0.2	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—

			Average rating by amortized cost	A			A			A			A			A-			A-			A

				As of September 30, 2021									As of September 30, 2021						As of September 30, 2021
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)

	1	Canada		$	15,769		$	15,306		AAA	Canada		$	84,505	$	78,714	AAA		$	733	$	733
	2	TC Energy Corp			12,925			12,597		BBB+	Australia			32,044		30,483	AA			8,881		8,642
	3	ConocoPhillips			12,449			11,057		A-	United Kingdom			27,120		25,942	A			8,641		8,374
	4	Enbridge Inc			12,009			11,650		BBB+	Cayman Islands			13,340		13,219	BBB			11,749		11,317
	5	Province of Alberta Canada			11,766			11,377		A	France			12,518		12,136	Below Investment Grade			2,941		2,898
	6	Province of Quebec Canada			11,251			10,330		AA-	Japan			10,770		10,281	NA			—		—
	7	Western & Southern Mutual Holdings			10,417			9,641		AA-	Mexico			10,453		10,152		Total	$	32,944	$	31,964
	8	Province of Ontario Canada			10,389			10,024		A+	Ireland			10,165		10,497
	9	Capital One Financial Corp			10,280			9,874		BBB	Bermuda			9,387		8,900
	10	Fairfax Financial Holdings Ltd			10,122			9,880		BBB-	Germany			8,926		8,796	Non-Government Investments (1)
	11	Wells Fargo & Co			9,459			9,143		A-	Netherlands			7,086		5,949
	12	Entergy Corp			9,285			9,069		BBB+	Brazil			4,551		4,488	AAA		$	2,999	$	2,999
	13	AbbVie Inc			8,825			8,683		BBB+	Israel			3,960		3,552	AA			6,270		6,223
	14	Blackstone Inc			8,420			8,274		A+	Luxembourg			3,655		3,500	A			58,106		55,484
	15	Province of British Columbia Canada			8,223			7,987		AAA	Supra-National			3,286		3,213	BBB			160,715		151,510
	16	UDR Inc			8,178			8,049		BBB+	Emerging Markets (2)			14,713		14,394	Below Investment Grade			14,562		14,406
	17	Discovery Inc			8,086			6,973		BBB-	All Other			19,118		18,370	NA			—		—
	18	CI Financial Corp			8,038			7,804		BBB		Total	$	275,598	$	262,586		Total	$	242,653	$	230,621
	19	Tokyo Century Corp			8,027			7,975		BBB
	20	CVS Health Corp			7,994			7,930		BBB
	21	Simon Property Group Inc			7,942			7,362		A
	22	Truist Financial Corp			7,933			7,498		A-
	23	Brookfield Asset Management Inc			7,891			7,238		A-
	24	Apple Inc			7,871			7,748		AA+
	25	City of Toronto Canada			7,785			7,423		AA
			Total	$	241,335		$	230,894

			% of total fixed income portfolio		8.0	%		7.9	%

(1)	US$ denominated investments in issuers outside of the United States based on country of risk.

(2)	Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in millions)			2016			2017			2018			2019			2020			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021


Recruits				262,732			303,867			290,886			282,207			400,345			84,762			133,123			101,861			80,599			94,633			89,285			91,884


Life-insurance licensed sales force, beginning of period				106,710			116,827			126,121			130,736			130,522			130,522			130,095			134,157			136,306			134,907			132,030			132,041
	New life-licensed representatives			44,724			48,535			48,041			44,739			48,106			10,599			12,250			13,138			12,119			10,833			10,112			9,381
	Non-renewal and terminated representatives			(34,607	)		(39,241	)		(43,426	)		(44,953	)		(43,721	)		(11,026	)		(8,188	)		(10,989	)		(13,518	)		(13,710	)		(10,101	)		(11,399	)
Life-insurance licensed sales force, end of period				116,827			126,121			130,736			130,522			134,907			130,095			134,157			136,306			134,907			132,030			132,041			130,023


Issued term life policies				298,244			312,799			301,589			287,809			352,868			71,318			94,044			100,199			87,307			82,667			90,071			75,914


Issued term life face amount			$	89,869		$	95,635		$	95,209		$	93,994		$	109,436		$	23,221		$	27,754		$	30,104		$	28,357		$	26,643		$	29,981		$	26,219


Term life face amount in force, beginning of period			$	693,194		$	728,385		$	763,831		$	781,041		$	808,262		$	808,262		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519
	Issued term life face amount			89,869			95,635			95,209			93,994			109,436			23,221			27,754			30,104			28,357			26,643			29,981			26,219
	Terminated term life face amount			(57,238	)		(65,958	)		(70,291	)		(71,519	)		(60,848	)		(18,294	)		(14,315	)		(13,733	)		(14,506	)		(17,240	)		(14,706	)		(16,241	)
	Foreign currency impact, net			2,560			5,769			(7,708	)		4,746			1,968			(8,676	)		4,046			1,859			4,740			1,422			1,602			(2,480	)
Term life face amount in force, end of period			$	728,385		$	763,831		$	781,041		$	808,262		$	858,818		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018


Estimated annualized issued term life premium
	Premium from new policies		$	237.9		$	255.4		$	250.8		$	244.8		$	303.6		$	61.5		$	77.7		$	86.0		$	78.4		$	74.5		$	82.6		$	70.7
	Additions and increases in premium			46.4			49.5			55.2			60.2			68.9			15.0			17.8			17.9			18.1			18.0			20.3			19.5
		Total estimated annualized issued term life premium	$	284.3		$	304.9		$	306.0		$	305.0		$	372.5		$	76.5		$	95.5		$	103.9		$	96.5		$	92.5		$	103.0		$	90.2


Investment & Savings product sales			$	5,594.3		$	6,192.2		$	7,040.1		$	7,533.2		$	7,842.5		$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4

Investment & Savings average client asset values			$	49,427		$	56,791		$	61,842		$	65,029		$	69,709		$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652

Closed U.S. Mortgage Volume (brokered)			$	—		$	—		$	—		$	31.1		$	442.5		$	12.9		$	65.8		$	160.0		$	203.8		$	262.3		$	298.6		$	337.6

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