pri-ex992

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

Exhibit 99.2

Supplemental Financial Information

Fourth 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

Fourth Quarter 2021

This document is a financial supplement to our fourth 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 investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, loss on the extinguishment of debt, transaction-related expenses associated with the purchase of 80% of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated the Company's insurance operations. We exclude the loss on the extinguishment of debt, e-TeleQuote transaction-related expenses, and non-cash goodwill impairment charges 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			Dec 31, 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		$	3,277,830
	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			1,379,100
			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			4,656,930
	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			4,268,419
	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			2,943,782
	Goodwill				—			—			—			—			—			—			—			224,180			179,154
	Other assets				792,129			799,123			851,660			885,083			899,165			921,236			925,621			1,330,620			1,274,946
	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			2,799,992
			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		$	16,123,222

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		$	7,138,649
	Other policy liabilities				744,087			737,435			855,083			911,454			984,612			1,020,349			977,373			1,054,925			1,103,642
	Income taxes				209,221			208,357			265,369			216,639			223,496			235,233			204,197			260,264			241,311
	Other liabilities				563,931			554,014			574,426			573,254			618,874			633,719			641,025			668,643			669,631
	Debt obligations				374,037			374,131			374,226			374,320			374,415			374,511			499,606			514,702			607,102
	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			1,378,585
	Payable under securities lending				28,723			28,896			29,973			48,883			72,154			87,190			80,613			105,264			94,529
	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			2,799,992
			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			14,033,442

Redeemable noncontrolling interest					—			—			—			—			—			—			—			7,631			7,271

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				412			405			397			394			393			394			394			395			394
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		8,138			12,880			17,454			5,224
	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			2,004,506
	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			63,775
		Cumulative translation adjustment			(5,765	)		(34,776	)		(21,132	)		(14,820	)		1,578			6,570			13,960			8,068			8,611
			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			2,082,510
			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		$	16,123,222

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		$	2,082,510
	Less: Net unrealized gains (losses)				64,564			(1,318	)		93,726			105,758			128,128			77,053			96,990			84,701			63,775
			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		$	2,018,735

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		$	2,014,241
	Net Income attributable to Primerica, Inc.				93,557			72,469			101,510			112,101			100,084			97,872			128,162			112,456			34,868
	Shareholder dividends				(14,162	)		(16,530	)		(16,083	)		(15,882	)		(15,851	)		(18,620	)		(18,660	)		(18,671	)		(18,686	)
	Retirement of shares and warrants				(44,137	)		(95,676	)		(86,513	)		(41,556	)		(13,426	)		(5,966	)		(521	)		(88	)		(18,829	)
	Net foreign currency translation adjustment				6,500			(29,011	)		13,645			6,312			16,398			4,992			7,390			(5,892	)		543
	Other, net				4,734			12,252			4,964			4,759			5,864			14,105			5,264			4,662			6,597
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		$	2,018,735

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		$	2,877,921
	General expenses deferred				8,608			9,726			9,205			9,702			9,510			10,558			10,055			9,248			9,062
	Commission costs deferred				97,538			104,793			120,967			130,719			128,084			134,188			136,085			129,287			124,515
	Amortization of deferred policy acquisition costs				(67,279	)		(70,311	)		(53,177	)		(47,491	)		(53,342	)		(66,105	)		(54,286	)		(62,214	)		(68,575	)
	Foreign currency impact and other, net				5,322			(23,302	)		10,812			5,017			12,984			3,884			4,324			(6,748	)		858
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		$	2,943,782

(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 Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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			39,568,470			147,842			0.4	%		40,064,841			39,529,786			(535,055	)	-1.3%

	Net income attributable to Primerica, Inc.		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	34,868		$	(65,215	)		-65.2	%	$	386,164		$	373,357		$	(12,807	)	-3.3%
	Less income attributable to unvested participating securities			(310	)		(437	)		(493	)		(433	)		(417	)		(525	)		(458	)		(141	)		292			67.5	%		(1,671	)		(1,533	)		138		8.3%
		Net income used in computing basic EPS	$	72,159		$	101,073		$	111,608		$	99,651		$	97,455		$	127,636		$	111,997		$	34,728		$	(64,923	)		-65.2	%	$	384,493		$	371,824		$	(12,668	)	-3.3%
		Basic earnings per share	$	1.75		$	2.52		$	2.82		$	2.53		$	2.47		$	3.23		$	2.83		$	0.88		$	(1.65	)		-65.3	%	$	9.60		$	9.41		$	(0.19	)	-2.0%

	Adjusted net operating income		$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	117,007		$	19,668			20.2	%	$	391,584		$	462,199		$	70,615		18.0%
	Less operating income attributable to unvested participating securities			(364	)		(424	)		(487	)		(421	)		(414	)		(530	)		(484	)		(472	)		(51	)		-12.2	%		(1,695	)		(1,898	)		(203	)	-12.0%
		Adjusted net operating income used in computing basic operating EPS	$	84,682		$	98,056		$	110,231		$	96,918		$	96,715		$	128,825		$	118,224		$	116,535		$	19,616			20.2	%	$	389,889		$	460,301		$	70,412		18.1%
		Basic adjusted operating income per share	$	2.06		$	2.44		$	2.78		$	2.46		$	2.45		$	3.26		$	2.99		$	2.95		$	0.49			19.8	%	$	9.73		$	11.64		$	1.91		19.7%

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			39,568,470			147,842			0.4	%		40,064,841			39,529,786			(535,055	)	-1.3%
	Dilutive impact of contingently issuable shares			107,361			114,090			122,097			133,544			124,505			121,595			117,923			122,929			(10,615	)		-7.9	%		120,087			121,738			1,651		1.4%
		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			39,691,399			137,227			0.3	%		40,184,928			39,651,524			(533,404	)	-1.3%

	Net income attributable to Primerica, Inc.		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	34,868		$	(65,215	)		-65.2	%	$	386,164		$	373,357		$	(12,807	)	-3.3%
	Less income attributable to unvested participating securities			(310	)		(436	)		(492	)		(431	)		(416	)		(524	)		(457	)		(140	)		291			67.4	%		(1,667	)		(1,529	)		138		8.3%
		Net income used in computing diluted EPS	$	72,159		$	101,074		$	111,609		$	99,652		$	97,456		$	127,638		$	111,998		$	34,728		$	(64,924	)		-65.2	%	$	384,497		$	371,828		$	(12,669	)	-3.3%
		Diluted earnings per share	$	1.75		$	2.51		$	2.81		$	2.52		$	2.46		$	3.22		$	2.82		$	0.87		$	(1.64	)		-65.3	%	$	9.57		$	9.38		$	(0.19	)	-2.0%

	Adjusted net operating income		$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	117,007		$	19,668			20.2	%	$	391,584		$	462,199		$	70,615		18.0%
	Less operating income attributable to unvested participating securities			(364	)		(423	)		(486	)		(420	)		(413	)		(529	)		(483	)		(471	)		(51	)		-12.2	%		(1,690	)		(1,893	)		(203	)	-12.0%
		Adjusted net operating income used in computing diluted operating EPS	$	84,683		$	98,057		$	110,232		$	96,919		$	96,717		$	128,827		$	118,225		$	116,536		$	19,616			20.2	%	$	389,894		$	460,306		$	70,413		18.1%
		Diluted adjusted operating income per share	$	2.05		$	2.44		$	2.78		$	2.45		$	2.44		$	3.25		$	2.98		$	2.94		$	0.49			19.8	%	$	9.70		$	11.61		$	1.91		19.6%

																										YOY Q4												YOY YTD
		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	2,090,726		$	312,560			17.6	%	$	1,659,357		$	1,988,524		$	329,167			19.8	%
	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		$	2,016,488		$	355,265			21.4	%	$	1,585,729		$	1,899,850		$	314,121			19.8	%

	Net income attributable to Primerica, Inc. return on stockholders' equity		18.2	%		25.6	%		26.7	%		22.5	%		21.1	%		26.3	%		21.8	%		6.7	%		-15.8	%	nm				23.3	%		18.8	%		-4.5	%	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	%		6.9	%		-17.2	%	nm				24.4	%		19.7	%		-4.7	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		21.8	%		25.6	%		28.0	%		23.4	%		22.2	%		27.8	%		24.1	%		23.2	%		-0.2	%	nm				24.7	%		24.3	%		-0.4	%	nm

Capital Structure
	Debt-to-capital (2)		19.6	%		18.6	%		17.9	%		16.9	%		16.6	%		19.8	%		19.7	%		22.6	%		5.6	%	nm				16.9	%		22.6	%		5.6	%	nm
	Debt-to-capital, excluding AOCI (2)		19.3	%		19.2	%		18.7	%		18.0	%		17.3	%		20.8	%		20.4	%		23.2	%		5.2	%	nm				18.0	%		23.2	%		5.2	%	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		2.2	x		(0.2	x)	nm				2.4	x		2.2	x		(0.2	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		2.3	x		(0.3	x)	nm				2.6	x		2.3	x		(0.3	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			39,367,754			61,852			0.2	%		39,305,902			39,367,754			61,852			0.2	%
	Adjusted stockholders' equity per share	$	37.85		$	39.05		$	41.01		$	43.45		$	45.67		$	48.72		$	51.03		$	51.28		$	7.83			18.0	%	$	43.45		$	51.28		$	7.83			18.0	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A1			A1			A1			A1			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best	A+			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			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	a-			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 18

Statements of Income

PRIMERICA, INC.

Financial Supplement

																											YOY Q4												YOY YTD
(Dollars in thousands)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	785,277		$	794,344		$	43,527			5.8	%	$	2,907,149		$	3,122,148		$	215,000			7.4	%
	Ceded premiums			(386,825	)		(402,549	)		(393,716	)		(397,676	)		(395,973	)		(413,850	)		(401,295	)		(405,147	)		(7,471	)		-1.9	%		(1,580,766	)		(1,616,264	)		(35,498	)		-2.2	%
		Net premiums		315,813			314,539			342,890			353,142			366,254			366,450			383,983			389,197			36,056			10.2	%		1,326,383			1,505,884			179,502			13.5	%
	Net investment income			15,420			22,710			22,953			22,731			20,052			20,535			20,000			20,001			(2,730	)		-12.0	%		83,814			80,588			(3,225	)		-3.8	%
	Commissions and fees:
		Sales-based (1)		80,891			62,812			65,600			75,347			98,112			104,716			95,229			103,451			28,104			37.3	%		284,651			401,508			116,857			41.1	%
		Asset-based (2)		81,395			78,146			86,695			93,669			101,241			108,490			113,558			118,015			24,346			26.0	%		339,904			441,303			101,399			29.8	%
		Account-based (3)		20,204			20,478			21,008			21,351			21,120			21,848			21,456			22,514			1,163			5.4	%		83,041			86,939			3,898			4.7	%
		Other commissions and fees		7,579			10,352			11,999			13,746			13,571			15,635			39,553			44,304			30,559		nm				43,675			113,063			69,388		nm
	Investment (losses) gains			(10,030	)		1,742			642			2,650			1,766			701			1,410			1,995			(655	)		-24.7	%		(4,996	)		5,872			10,867		nm
	Other, net			13,665			15,036			16,674			15,695			15,595			16,313			18,051			24,616			8,921			56.8	%		61,069			74,575			13,505			22.1	%
	Total revenues			524,936			525,815			568,460			598,330			637,711			654,687			693,240			724,094			125,764			21.0	%		2,217,541			2,709,732			492,191			22.2	%
Benefits and expenses:
	Benefits and claims			134,813			139,646			160,166			180,945			183,789			168,347			183,425			187,192			6,247			3.5	%		615,569			722,753			107,184			17.4	%
	Amortization of DAC			70,311			53,177			47,491			53,342			66,105			54,286			62,214			68,575			15,233			28.6	%		224,321			251,179			26,858			12.0	%
	Insurance commissions			6,844			6,333			9,694			9,263			8,740			8,838			8,412			8,542			(721	)		-7.8	%		32,134			34,532			2,398			7.5	%
	Insurance expenses			48,709			43,753			46,109			49,546			48,766			48,579			51,901			53,359			3,813			7.7	%		188,117			202,604			14,487			7.7	%
	Sales commissions:
		Sales-based (1)		56,561			44,834			46,821			52,931			68,594			73,629			67,745			77,390			24,459			46.2	%		201,148			287,359			86,211			42.9	%
		Asset-based (2)		36,323			35,673			39,349			43,227			46,866			50,488			53,233			55,614			12,387			28.7	%		154,572			206,201			51,630			33.4	%
		Other sales commissions		3,723			4,985			5,779			6,430			6,434			7,185			8,290			6,839			409			6.4	%		20,917			28,748			7,830			37.4	%
	Interest expense			7,192			7,200			7,221			7,225			7,145			7,141			7,529			8,804			1,578			21.8	%		28,839			30,618			1,779			6.2	%
	Contract acquistion costs (4)			—			—			—			—			—			—			23,524			29,264			29,264		nm				—			52,788			52,788		nm
	Other operating expenses			65,914			56,152			59,348			63,781			72,964			66,730			79,866			77,292			13,511			21.2	%		245,195			296,851			51,656			21.1	%
	Goodwill impairment			—			—			—			—			—			—			—			76,000			76,000		nm				—			76,000			76,000		nm
	Loss on extinguishment of debt			—			—			—			—			—			—			—			8,927			8,927		nm				—			8,927			8,927		nm
	Total benefits and expenses			430,391			391,753			421,978			466,690			509,403			485,222			546,138			657,797			191,107			40.9	%		1,710,811			2,198,561			487,749			28.5	%
	Income before income taxes			94,546			134,062			146,482			131,640			128,308			169,465			147,102			66,296			(65,344	)		-49.6	%		506,730			511,171			4,441			0.9	%
		Income taxes		22,077			32,552			34,382			31,556			30,437			41,304			35,663			31,788			232			0.7	%		120,566			139,191			18,625			15.4	%
	Net income		$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	111,439		$	34,508		$	(65,576	)		-65.5	%	$	386,164		$	371,980		$	(14,184	)		-3.7	%
	Net income attributable to noncontrolling interests			—			—			—			—			—			—			(1,017	)		(360	)		(360	)	nm				—			(1,377	)		(1,377	)	nm
		Net Income attributable to Primerica, Inc.	$	72,469		$	101,510		$	112,101		$	100,084		$	97,872		$	128,162		$	112,456		$	34,868		$	(65,215	)		-65.2	%	$	386,164		$	373,357		$	(12,807	)		-3.3	%

Income Before Income Taxes by Segment
Term Life			$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	102,019		$	12,579			14.1	%	$	372,551		$	414,621		$	42,070			11.3	%
Investment & Savings Products				47,700			46,859			51,372			56,713			63,363			71,154			69,369			70,699			13,986			24.7	%		202,645			274,585			71,940			35.5	%
Senior Health				—			—			—			—			—			—			(8,489	)		(76,561	)		(76,561	)	nm				—			(85,050	)		(85,050	)	nm
Corporate & Other Distributed Products				(36,046	)		(7,700	)		(10,206	)		(14,514	)		(23,290	)		(18,467	)		(21,367	)		(29,861	)		(15,347	)		-105.7	%		(68,466	)		(92,985	)		(24,519	)		-35.8	%
	Income before income taxes		$	94,546		$	134,062		$	146,482		$	131,640		$	128,308		$	169,465		$	147,102		$	66,296		$	(65,344	)		-49.6	%	$	506,730		$	511,171		$	4,441			0.9	%

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

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

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

(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 18

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

PRIMERICA, INC.

Financial Supplement

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	789,325		$	43,766			5.9	%	$	2,883,583		$	3,099,828		$	216,245			7.5	%
	Less: Premiums ceded to IPO Coinsurers		260,076			257,529			254,938			253,039			249,944			246,874			241,439			239,828			(13,211	)		-5.2	%		1,025,582			978,085			(47,497	)		-4.6	%
	Term Life adjusted direct premiums	$	436,488		$	453,659		$	475,335		$	492,520		$	506,570		$	527,626		$	538,051		$	549,496		$	56,977			11.6	%	$	1,858,001		$	2,121,743		$	263,742			14.2	%


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	)	$	(403,184	)	$	(7,417	)		-1.9	%	$	(1,573,922	)	$	(1,609,598	)	$	(35,676	)		-2.3	%
	Less: Premiums ceded to IPO Coinsurers		(260,076	)		(257,529	)		(254,938	)		(253,039	)		(249,944	)		(246,874	)		(241,439	)		(239,828	)		13,211			5.2	%		(1,025,582	)		(978,085	)		47,497			4.6	%
	Term Life other ceded premiums	$	(125,156	)	$	(143,390	)	$	(137,066	)	$	(142,728	)	$	(144,606	)	$	(165,154	)	$	(158,397	)	$	(163,356	)	$	(20,628	)		-14.5	%	$	(548,340	)	$	(631,513	)	$	(83,173	)		-15.2	%


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		$	20,001		$	(2,730	)		-12.0	%	$	83,814		$	80,588		$	(3,225	)		-3.8	%
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(899	)	nm			nm				(1,995	)		(2,502	)	nm			nm
	Adjusted net investment income	$	21,799		$	20,451		$	21,788		$	21,771		$	20,845		$	20,705		$	20,640		$	20,900		$	(871	)		-4.0	%	$	85,809		$	83,091		$	(2,718	)		-3.2	%


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		$	77,292		$	13,511			21.2	%	$	245,195		$	296,851		$	51,656			21.1	%
	Less: eTeleQuote transaction-related costs		—			—			—			—			—			2,109			10,027			812		nm			nm				—			12,948		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			(1,004	)		(739	)	nm			nm				—			(1,744	)	nm			nm
	Adjusted other operating expenses	$	65,914		$	56,152		$	59,348		$	63,781		$	72,964		$	64,620		$	70,843		$	77,219		$	13,438			21.1	%	$	245,195		$	285,646		$	40,451			16.5	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	524,936		$	525,815		$	568,460		$	598,330		$	637,711		$	654,687		$	693,240		$	724,094		$	125,764			21.0	%	$	2,217,541		$	2,709,732		$	492,191			22.2	%
	Less: Investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410			1,995		nm			nm				(4,996	)		5,872		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(899	)	nm			nm				(1,995	)		(2,502	)	nm			nm
	Adjusted operating revenues	$	541,346		$	521,813		$	566,653		$	594,720		$	636,738		$	654,156		$	692,470		$	722,998		$	128,278			21.6	%	$	2,224,532		$	2,706,363		$	481,830			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		$	66,296		$	(65,344	)		-49.6	%	$	506,730		$	511,171		$	4,441			0.9	%
	Less: Investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410			1,995		nm			nm				(4,996	)		5,872		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(899	)	nm			nm				(1,995	)		(2,502	)	nm			nm
	Less: eTeleQuote transaction-related costs		—			—			—			—			—			(2,109	)		(10,027	)		(812	)	nm			nm				—			(12,948	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			1,004			739		nm			nm				—			1,744		nm			nm
	Less: Noncontrolling interest before income taxes		—			—			—			—			—			—			(1,465	)		(540	)	nm			nm				—			(2,005	)	nm			nm
	Less: Goodwill impairment		—			—			—			—			—			—			—			(76,000	)	nm			nm				—			(76,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			—			—			—			—			(8,927	)	nm			nm				—			(8,927	)	nm			nm
	Adjusted operating income before income taxes	$	110,955		$	130,060		$	144,676		$	128,030		$	127,335		$	171,044		$	156,819		$	150,740		$	22,711			17.7	%	$	513,721		$	605,938		$	92,218			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		$	34,508		$	(65,576	)		-65.5	%	$	386,164		$	371,980		$	(14,184	)		-3.7	%
	Less: Investment gains/(losses)		(10,030	)		1,742			642			2,650			1,766			701			1,410			1,995		nm			nm				(4,996	)		5,872		nm			nm
	Less: MTM investment adjustments		(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(899	)	nm			nm				(1,995	)		(2,502	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			—			—			—			—			(2,109	)		(10,027	)		(812	)	nm			nm				—			(12,948	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			—			—			—			—			1,004			739		nm			nm				—			1,744		nm			nm
	Less: Noncontrolling interest before income taxes		—			—			—			—			—			—			(1,465	)		(540	)	nm			nm				—			(2,005	)	nm			nm
	Less: Goodwill impairment		—			—			—			—			—			—			—			(76,000	)	nm			nm				—			(76,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			—			—			—			—			(8,927	)	nm			nm				—			(8,927	)	nm			nm
	Less: Tax impact of reconciling items		3,832			(972	)		(424	)		(865	)		(231	)		385			2,449			1,945		nm			nm				1,571			4,548		nm			nm
	Adjusted net operating income	$	85,047		$	98,480		$	110,718		$	97,339		$	97,129		$	129,355		$	118,708		$	117,007		$	19,668			20.2	%	$	391,584		$	462,199		$	70,615			18.0	%

7 of 18

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

PRIMERICA, INC.

Financial Supplement

										YOY Q4				YOY YTD
(Dollars in thousands)		Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 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)	$(76,561)	na	na	na	$(85,050)	na	na
	Less: e-TeleQuote transaction-related costs	na	na	na	na	na	na	(417)	(389)	na	na	na	(806)	na	na
	Less: Noncontrolling interest	na	na	na	na	na	na	(1,465)	(540)	na	na	na	(2,005)	na	na
	Less: Goodwill impairment	na	na	na	na	na	na	—	(76,000)	na	na	na	(76,000)	na	na
	Adjusted operating income before income taxes	na	na	na	na	na	na	$(6,608)	$369	na	na	na	$(6,239)	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)	$(29,861)	$(15,347)	-105.7%	$(68,466)	$(92,985)	$(24,519)	-35.8%
	Less: Investment gains/(losses)	(10,030)	1,742	642	2,650	1,766	701	1,410	1,995	nm	nm	(4,996)	5,872	nm	nm
	Less: MTM investment adjustments	(6,379)	2,259	1,165	960	(793)	(170)	(640)	(899)	nm	nm	(1,995)	(2,502)	nm	nm
	Less: e-TeleQuote transaction-related costs	—	—	—	—	—	(2,109)	(9,610)	(423)	nm	nm	—	(12,142)	nm	nm
	Less: Equity comp for awards exchanged during acquistion	—	—	—	—	—	—	1,004	739	nm	nm	—	1,744	nm	nm
	Less: Loss on extinguishment of debt	—	—	—	—	—	—	—	(8,927)	nm	nm	—	(8,927)	nm	nm
	Adjusted operating income before income taxes	$(19,637)	$(11,702)	$(12,013)	$(18,124)	$(24,263)	$(16,888)	$(13,531)	$(22,346)	$(4,222)	-23.3%	$(61,475)	$(77,029)	$(15,554)	-25.3%

8 of 18

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	789,325		$	43,766			5.9	%	$	2,883,583		$	3,099,828		$	216,245			7.5	%
	Premiums ceded to IPO coinsurers (1)		(260,076	)		(257,529	)		(254,938	)		(253,039	)		(249,944	)		(246,874	)		(241,439	)		(239,828	)		13,211			5.2	%		(1,025,582	)		(978,085	)		47,497			4.6	%
	Adjusted direct premiums (2)		436,488			453,659			475,335			492,520			506,570			527,626			538,051			549,496			56,977			11.6	%		1,858,001			2,121,743			263,742			14.2	%
	Other ceded premiums (3)		(125,156	)		(143,390	)		(137,066	)		(142,728	)		(144,606	)		(165,154	)		(158,397	)		(163,356	)		(20,628	)		-14.5	%		(548,340	)		(631,513	)		(83,173	)		-15.2	%
	Net premiums		311,332			310,269			338,269			349,792			361,964			362,472			379,654			386,140			36,349			10.4	%		1,309,661			1,490,231			180,569			13.8	%
	Allocated net investment income		6,246			6,538			6,813			7,432			8,253			8,751			9,320			10,162			2,730			36.7	%		27,030			36,486			9,457			35.0	%
	Other, net		10,168			11,426			12,717			11,768			11,810			12,315			12,476			12,369			601			5.1	%		46,079			48,970			2,891			6.3	%
	Revenues		327,747			328,233			357,799			368,992			382,028			383,537			401,450			408,672			39,680			10.8	%		1,382,770			1,575,687			192,917			14.0	%

	Benefits and expenses:
	Benefits and claims		128,563			135,409			156,209			173,767			178,963			162,488			179,696			182,749			8,982			5.2	%		593,948			703,897			109,948			18.5	%
	Amortization of DAC		65,840			52,730			45,529			52,109			62,584			52,235			59,287			67,344			15,235			29.2	%		216,208			241,451			25,243			11.7	%
	Insurance commissions		3,286			2,884			5,946			5,477			4,869			4,785			4,345			4,458			(1,019	)		-18.6	%		17,592			18,457			865			4.9	%
	Insurance expenses		47,165			42,306			44,800			48,199			47,375			47,252			50,534			52,102			3,902			8.1	%		182,471			197,262			14,791			8.1	%
	Benefits and expenses		244,855			233,330			252,483			279,551			293,792			266,760			293,862			306,652			27,101			9.7	%		1,010,219			1,161,066			150,847			14.9	%
	Income before income taxes	$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	102,019		$	12,579			14.1	%	$	372,551		$	414,621		$	42,070			11.3	%

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		$	440,490		$	52,187			13.4	%	$	1,450,428		$	1,693,483		$	243,055			16.8	%
	Pre-IPO direct premiums (5)		359,643			358,835			357,421			357,256			355,408			353,635			348,468			348,834			(8,421	)		-2.4	%		1,433,155			1,406,345			(26,810	)		-1.9	%
	Total direct premiums	$	696,564		$	711,188		$	730,273		$	745,559		$	756,514		$	774,500		$	779,490		$	789,325		$	43,766			5.9	%	$	2,883,583		$	3,099,828		$	216,245			7.5	%

	Premiums ceded to IPO coinsurers	$	260,076		$	257,529		$	254,938		$	253,039		$	249,944		$	246,874		$	241,439		$	239,828		$	(13,211	)		-5.2	%	$	1,025,582		$	978,085		$	(47,497	)		-4.6	%
	% of Pre-IPO direct premiums		72.3	%		71.8	%		71.3	%		70.8	%		70.3	%		69.8	%		69.3	%		68.8	%	nm			nm				71.6	%		69.5	%	nm			nm

	Benefits and claims, net (6)	$	253,719		$	278,799		$	293,275		$	316,495		$	323,569		$	327,642		$	338,093		$	346,105		$	29,610			9.4	%	$	1,142,288		$	1,335,409		$	193,121			16.9	%
	% of adjusted direct premiums		58.1	%		61.5	%		61.7	%		64.3	%		63.9	%		62.1	%		62.8	%		63.0	%	nm			nm				61.5	%		62.9	%	nm			nm

	DAC amortization & insurance commissions	$	69,126		$	55,614		$	51,474		$	57,585		$	67,454		$	57,020		$	63,632		$	71,802		$	14,217			24.7	%	$	233,800		$	259,908		$	26,108			11.2	%
	% of adjusted direct premiums		15.8	%		12.3	%		10.8	%		11.7	%		13.3	%		10.8	%		11.8	%		13.1	%	nm			nm				12.6	%		12.2	%	nm			nm

	Insurance expenses, net (7)	$	36,997		$	30,881		$	32,083		$	36,431		$	35,565		$	34,937		$	38,057		$	39,732		$	3,301			9.1	%	$	136,392		$	148,291		$	11,899			8.7	%
	% of adjusted direct premiums		8.5	%		6.8	%		6.7	%		7.4	%		7.0	%		6.6	%		7.1	%		7.2	%	nm			nm				7.3	%		7.0	%	nm			nm

	Total Term Life income before income taxes	$	82,892		$	94,903		$	105,316		$	89,440		$	88,236		$	116,778		$	107,589		$	102,019		$	12,579			14.1	%	$	372,551		$	414,621		$	42,070			11.3	%
	Term Life operating margin (8)		19.0	%		20.9	%		22.2	%		18.2	%		17.4	%		22.1	%		20.0	%		18.6	%	nm			nm				20.1	%		19.5	%	nm			nm

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

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

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

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

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

(6)	Benefits and claims, net - benefits & claims 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 18

Term Life Insurance - Key Statistics

PRIMERICA, INC.

Financial Supplement

																											YOY Q4												YOY YTD
(Dollars in thousands, except as noted)			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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			130,023			(6,283	)		-4.6	%		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			9,296			(2,823	)		-23.3	%		48,106			39,622			(8,484	)		-17.6	%
	Non-renewal and terminated representatives			(11,026	)		(8,188	)		(10,989	)		(13,518	)		(13,710	)		(10,101	)		(11,399	)		(9,804	)		3,714			27.5	%		(43,721	)		(45,014	)		(1,293	)		-3.0	%
Life-insurance licensed sales force, end of period				130,095			134,157			136,306			134,907			132,030			132,041			130,023			129,515			(5,392	)		-4.0	%		134,907			129,515			(5,392	)		-4.0	%

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		$	69.4		$	(9.0	)		-11.4	%	$	303.6		$	297.2		$	(6.4	)		-2.1	%
	Additions and increases in premium			15.0			17.8			17.9			18.1			18.0			20.3			19.5			19.1			1.0			5.3	%		68.9			77.0			8.1			11.8	%
		Total estimated annualized issued term life premium	$	76.5		$	95.5		$	103.9		$	96.5		$	92.5		$	103.0		$	90.2		$	88.5		$	(8.0	)		-8.3	%	$	372.5		$	374.2		$	1.8			0.5	%

Issued term life policies				71,318			94,044			100,199			87,307			82,667			90,071			75,914			75,203			(12,104	)		-13.9	%		352,868			323,855			(29,013	)		-8.2	%
Estimated average annualized issued term life premium per policy (1)(2)			$	863		$	826		$	858		$	898		$	901		$	917		$	931		$	923		$	25			2.8	%	$	860		$	918		$	57			6.7	%

Term life face amount in-force, beginning of period ($mills)			$	808,262		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018		$	53,791			6.4	%	$	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			25,678			(2,679	)		-9.4	%		109,436			108,521			(915	)		-0.8	%
	Terminated term life face amount			(18,294	)		(14,315	)		(13,733	)		(14,506	)		(17,240	)		(14,706	)		(16,241	)		(16,610	)		(2,105	)		-14.5	%		(60,848	)		(64,798	)		(3,949	)		-6.5	%
	Foreign currency impact, net			(8,676	)		4,046			1,859			4,740			1,422			1,602			(2,480	)		319			(4,421	)		-93.3	%		1,968			862			(1,106	)	nm
Term life face amount in-force, end of period			$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018		$	903,404		$	44,586			5.2	%	$	858,818		$	903,404		$	44,586			5.2	%

(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 18

Investment and Savings Products - Financial Results and Financial Analysis

PRIMERICA, INC.

Financial Supplement

																										YOY Q4											YOY YTD
(Dollars in thousands, except as noted)		Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	103,451		$	28,104		37.3	%	$	284,651		$	401,508		$	116,857		41.1	%
	Asset-based		81,395			78,146			86,695			93,669			101,241			108,490			113,558			118,015			24,346		26.0	%		339,904			441,303			101,399		29.8	%
	Account-based		20,204			20,478			21,008			21,351			21,120			21,848			21,456			22,514			1,163		5.4	%		83,041			86,939			3,898		4.7	%
	Other, net		2,542			2,745			3,034			2,949			2,949			2,958			3,094			3,096			147		5.0	%		11,271			12,097			826		7.3	%
	Revenues		185,033			164,180			176,338			193,316			223,422			238,012			233,337			247,076			53,760		27.8	%		718,867			941,848			222,980		31.0	%

	Benefits and expenses:
	Amortization of DAC		4,305			100			1,667			982			3,275			1,786			2,580			1,027			45		4.6	%		7,055			8,668			1,613		22.9	%
	Insurance commissions		3,201			3,106			3,377			3,500			3,572			3,747			3,747			3,839			339		9.7	%		13,184			14,904			1,720		13.0	%
	Sales commissions:
	Sales-based		56,561			44,834			46,821			52,931			68,594			73,629			67,745			77,390			24,459		46.2	%		201,148			287,359			86,211		42.9	%
	Asset-based		36,323			35,673			39,349			43,227			46,866			50,488			53,233			55,614			12,387		28.7	%		154,572			206,201			51,630		33.4	%
	Other operating expenses		36,942			33,608			33,751			35,963			37,752			37,207			36,664			38,507			2,544		7.1	%		140,264			150,130			9,866		7.0	%
	Benefits and expenses		137,332			117,321			124,966			136,603			160,060			166,858			163,968			176,377			39,774		29.1	%		516,222			667,263			151,041		29.3	%
	Income before income taxes	$	47,700		$	46,859		$	51,372		$	56,713		$	63,363		$	71,154		$	69,369		$	70,699		$	13,986		24.7	%	$	202,645		$	274,585		$	71,940		35.5	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,990		$	5,712		$	6,284		$	6,772		$	6,964		$	7,535		$	7,891		$	8,482		$	1,711		25.3	%	$	24,758		$	30,872		$	6,114		24.7	%
	Fees paid based on fee-generating positions (2)		10,248			9,094			8,747			9,547			10,451			10,021			9,128			9,852			305		3.2	%		37,637			39,452			1,815		4.8	%
	Other operating expenses		20,704			18,803			18,719			19,644			20,337			19,652			19,645			20,172			528		2.7	%		77,870			79,806			1,936		2.5	%
	Total other operating expenses	$	36,942		$	33,608		$	33,751		$	35,963		$	37,752		$	37,207		$	36,664		$	38,507		$	2,544		7.1	%	$	140,264		$	150,130		$	9,866		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	%		1.11	%	nm		nm				1.31	%		1.23	%	nm		nm
	Canada		1.06	%		0.87	%		0.93	%		0.95	%		1.05	%		0.96	%		0.92	%		0.65	%	nm		nm				0.97	%		0.91	%	nm		nm
	Total		1.30	%		1.27	%		1.23	%		1.26	%		1.25	%		1.23	%		1.20	%		1.05	%	nm		nm				1.26	%		1.18	%	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	%		0.040	%	nm		nm				0.152	%		0.157	%	nm		nm
	Canada		0.098	%		0.133	%		0.119	%		0.124	%		0.103	%		0.112	%		0.106	%		0.115	%	nm		nm				0.474	%		0.436	%	nm		nm
	Total		0.047	%		0.052	%		0.050	%		0.052	%		0.049	%		0.050	%		0.050	%		0.052	%	nm		nm				0.201	%		0.201	%	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		$	4.22		nm		nm			$	16.58		$	16.26		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 18

Investment and Savings Products - Key Statistics

PRIMERICA, INC.

Financial Supplement

																													YOY Q4												YOY YTD
(Dollars in thousands, except as noted)					Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	1,300.3		$	354.8			37.5	%	$	3,499.0		$	5,146.1		$	1,647.1			47.1	%
		Canada Retail Mutual Funds				280.9			165.2			189.6			256.0			424.0			357.0			314.8			343.0			87.0			34.0	%		891.8			1,438.8			547.0			61.3	%
		Indexed Annuities				72.2			48.4			47.2			50.6			55.5			62.8			51.9			60.1			9.5			18.8	%		218.3			230.2			11.9			5.4	%
		Variable Annuities and other				600.6			440.5			421.7			529.3			627.1			767.6			668.7			782.2			253.0			47.8	%		1,992.0			2,845.6			853.5			42.8	%
				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			2,485.7			704.4			39.5	%		6,601.1			9,660.7			3,059.6			46.3	%
		Managed Accounts				246.2			200.1			223.0			230.7			330.1			381.8			387.5			406.3			175.6			76.1	%		900.1			1,505.6			605.6			67.3	%
		Segregated Funds and other				124.8			73.9			85.3			57.3			154.9			135.0			119.8			127.0			69.7			121.6	%		341.3			536.8			195.5			57.3	%
				Total product sales	$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	949.7			45.9	%	$	7,842.5		$	11,703.1		$	3,860.6			49.2	%

		Canada Retail Mutual Funds			$	280.9		$	165.2		$	189.6		$	256.0		$	424.0		$	357.0		$	314.8		$	343.0		$	87.0			34.0	%	$	891.8		$	1,438.8		$	547.0			61.3	%
		Segregated Funds and other				124.8			73.9			85.3			57.3			154.9			135.0			119.8			127.0			69.7			121.6	%		341.3			536.8			195.5			57.3	%
			Total Canada product sales			405.7			239.2			274.9			313.3			579.0			492.0			434.6			470.0			156.7			50.0	%		1,233.1			1,975.6			742.5			60.2	%
			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			2,549.0			792.9			45.2	%		6,609.4			9,727.5			3,118.1			47.2	%
				Total product sales	$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	949.7			45.9	%	$	7,842.5		$	11,703.1		$	3,860.6			49.2	%

	Client asset values, beginning of period ($mills)				$	70,537		$	59,036		$	68,224		$	72,606		$	81,533		$	85,888		$	91,735		$	91,765		$	19,159			26.4	%	$	70,537		$	81,533		$	10,996			15.6	%
		Inflows				2,246			1,686			1,841			2,069			2,853			3,040			2,790			3,019			950			45.9	%		7,843			11,703			3,861			49.2	%
		Outflows (1)				(1,703	)		(1,074	)		(1,333	)		(1,427	)		(1,759	)		(1,826	)		(1,756	)		(1,819	)		(392	)		-27.5	%		(5,538	)		(7,161	)		(1,623	)		-29.3	%
				Net flows		543			613			508			642			1,095			1,214			1,034			1,200			557			86.8	%		2,305			4,543			2,238		nm
		Foreign currency impact, net				(978	)		404			205			539			172			200			(323	)		42			(498	)		-92.3	%		170			91			(79	)	nm
		Change in market value, net and other (2)				(11,065	)		8,171			3,669			7,745			3,088			4,433			(681	)		4,306			(3,439	)		-44.4	%		8,521			11,146			2,625		nm
	Client asset values, end of period				$	59,036		$	68,224		$	72,606		$	81,533		$	85,888		$	91,735		$	91,765		$	97,312		$	15,779			19.4	%	$	81,533		$	97,312		$	15,779			19.4	%
		Annualized net flows as % of beginning of period asset values				3.1	%		4.2	%		3.0	%		3.5	%		5.4	%		5.7	%		4.5	%		5.2	%		1.7	%	nm				3.3	%		5.6	%		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		$	47,139		$	9,577			25.5	%	$	34,261		$	44,703		$	10,441			30.5	%
		Canada Retail Mutual Funds				7,950			7,573			8,525			9,186			10,268			11,256			11,667			11,984			2,798			30.5	%		8,309			11,294			2,985			35.9	%
		Managed Accounts				3,905			3,871			4,325			4,703			5,295			5,915			6,362			6,772			2,070			44.0	%		4,201			6,086			1,885			44.9	%
		Indexed Annuities				2,389			2,427			2,446			2,469			2,495			2,541			2,585			2,620			151			6.1	%		2,433			2,560			127			5.2	%
		Variable Annuities and other				17,292			16,890			18,551			19,634			21,291			22,554			23,193			23,567			3,933			20.0	%		18,092			22,651			4,560			25.2	%
		Segregated Funds				2,366			2,291			2,461			2,536			2,622			2,713			2,732			2,727			191			7.5	%		2,413			2,698			285			11.8	%
				Total	$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652		$	94,809		$	18,720			24.6	%	$	69,709		$	89,993		$	20,284			29.1	%

		Canada Retail Mutual Funds			$	7,950		$	7,573		$	8,525		$	9,186		$	10,268		$	11,256		$	11,667		$	11,984		$	2,798			30.5	%	$	8,309		$	11,294		$	2,985			35.9	%
		Segregated Funds				2,366			2,291			2,461			2,536			2,622			2,713			2,732			2,727			191			7.5	%		2,413			2,698			285			11.8	%
			Total Canada average client assets			10,316			9,864			10,986			11,722			12,890			13,969			14,399			14,711			2,989			25.5	%		10,722			13,992			3,271			30.5	%
			Total U.S. average client assets			56,279			54,775			60,526			64,368			70,241			75,409			78,252			80,098			15,730			24.4	%		58,987			76,000			17,013			28.8	%
				Total average client assets	$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652		$	94,809		$	18,720			24.6	%	$	69,709		$	89,993		$	20,284			29.1	%

	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			2,218			127			6.1	%		2,060			2,171			111			5.4	%
		Recordkeeping only				658			671			685			697			714			741			762			780			83			11.8	%		678			749			71			10.5	%
				Total		2,689			2,718			2,757			2,788			2,830			2,899			2,954			2,998			209			7.5	%		2,738			2,920			182			6.6	%

(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 18

Senior Health - Financial Results, Financial Analysis Key Statistics

PRIMERICA, INC.

Financial Supplement

										YOY Q4				YOY YTD
(Dollars in thousands)		Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 2021	$ Change	% Change	YTD 2020	YTD 2021	$ Change	% Change
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)							$21,558	$29,345				$50,903
	Other, net (2)							1,378	8,159				9,537
	Revenues							22,937	37,504				60,440

	Benefits and expenses:
	Contract acquisition costs (3)							23,524	29,264				52,788
	Adjusted other operating expenses							7,485	8,411				15,895
	Adjusted operating benefits and expenses							31,009	37,675				68,684

	Adjusted operating income before income taxes							$(8,072)	$(171)				$(8,243)
	Non-controlling interest before income taxes							(1,465)	(540)				(2,005)
	Adjusted operating income before income taxes attributable to Primerica, Inc.							$(6,608)	$369				$(6,239)

Senior Health EBITDA
	Adjusted operating income before income taxes including NCI							$(8,072)	$(171)				$(8,243)
	Less: Amortization of intangibles							(2,900)	(2,900)				(5,800)
	Less: Depreciation							(244)	(249)				(493)
	Adjusted EBITDA (Including non-controlling interest) (4)							$(4,928)	$2,978				$(1,950)

Financial Analysis and Key Statistics
	Senior Health submitted policies (5)							20,867	39,142				60,009
	Senior Health approved policies (6)							18,276	32,047				50,323

	Primerica representatives Senior Health certified							17,588	26,441				26,441
	Senior Health submitted policies sourced by Primerica representatives							319	4,175				4,494

	LTV per approved policy (7)							$1,180	$1,069				$1,109
	CAC per approved policy (7)							$1,287	$913				$1,049
	LTV / CAC multiple							0.9 x	1.2 x				1.1 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 18

Corporate Other Distributed Products - Financial Results

PRIMERICA, INC.

Financial Supplement

										YOY Q4				YOY YTD
(Dollars in thousands)		Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021	Q4 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	$5,020	$(239)	-4.6%	$23,566	$22,320	$(1,246)	-5.3%
	Ceded premiums	(1,593)	(1,631)	(1,712)	(1,909)	(1,423)	(1,822)	(1,459)	(1,963)	(54)	-2.8%	(6,845)	(6,666)	178	2.6%
	Net premiums	4,480	4,270	4,621	3,350	4,290	3,978	4,328	3,057	(293)	-8.7%	16,721	15,654	(1,067)	-6.4%
	Allocated net investment income	15,553	13,913	14,975	14,339	12,592	11,954	11,321	10,738	(3,601)	-25.1%	58,779	46,604	(12,175)	-20.7%
	Commissions and fees:
	Prepaid Legal Services	3,829	4,557	4,942	5,104	4,783	5,182	6,712	4,085	(1,019)	-20.0%	18,432	20,761	2,328	12.6%
	Auto and Homeowners Insurance	1,672	2,263	1,985	2,194	1,787	2,101	2,436	1,971	(223)	-10.2%	8,113	8,295	182	2.2%
	Mortgage loans	264	1,301	3,011	4,146	4,960	6,061	6,719	6,598	2,451	59.1%	8,722	24,337	15,615	nm
	Other sales commissions	1,813	2,231	2,061	2,301	2,041	2,291	2,129	2,307	5	0.2%	8,407	8,767	360	4.3%
	Other, net	954	865	922	977	836	1,040	1,101	992	15	1.5%	3,719	3,969	250	6.7%
	Adjusted operating revenues	28,566	29,400	32,516	32,412	31,288	32,607	34,746	29,746	(2,665)	-8.2%	122,895	128,387	5,493	4.5%

Benefits and expenses:
	Benefits and claims	6,249	4,236	3,957	7,178	4,826	5,859	3,728	4,443	(2,735)	-38.1%	21,621	18,856	(2,765)	-12.8%
	Amortization of DAC	166	346	295	251	246	264	347	203	(48)	-19.0%	1,058	1,060	2	0.2%
	Insurance commissions	357	343	371	286	299	306	320	246	(41)	-14.2%	1,358	1,171	(187)	-13.8%
	Insurance expenses	1,544	1,447	1,309	1,347	1,391	1,327	1,367	1,257	(90)	-6.6%	5,646	5,343	(304)	-5.4%
	Sales commissions	3,723	4,985	5,779	6,430	6,434	7,185	8,290	6,839	409	6.4%	20,917	28,748	7,830	37.4%
	Interest expense	7,192	7,200	7,221	7,225	7,145	7,141	7,529	8,804	1,578	21.8%	28,839	30,618	1,779	6.2%
	Adjusted other operating expenses	28,972	22,544	25,597	27,818	35,211	27,413	26,695	30,301	2,483	8.9%	104,930	119,621	14,690	14.0%
	Adjusted benefits and expenses	48,203	41,102	44,529	50,535	55,551	49,495	48,277	52,093	1,557	3.1%	184,370	205,416	21,046	11.4%
	Adjusted operating income before income taxes	$(19,637)	$(11,702)	$(12,013)	$(18,124)	$(24,263)	$(16,888)	$(13,531)	$(22,346)	$(4,222)	-23.3%	$(61,475)	$(77,029)	$(15,554)	-25.3%

14 of 18

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

				As of or for the period ended December 31, 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				$	477,744	$	477,744	$	-			14.7	%		15.1	%

Fixed Income:
	Treasury				41,907		41,602		305			1.3	%		1.3	%		1.09	%	AAA
	Government				254,411		245,286		9,125			7.8	%		7.8	%		2.87	%	AA-
	Tax-Exempt Municipal				42,585		40,146		2,439			1.3	%		1.3	%		2.72	%	AA
	Corporate				1,512,819		1,453,291		59,528			46.6	%		46.0	%		3.32	%	BBB+
	Mortgage Backed				390,828		388,691		2,137			12.0	%		12.3	%		2.49	%	AAA
	Asset Backed				114,411		114,609		(198	)		3.5	%		3.6	%		2.71	%	AA-
	Cmbs				145,525		142,632		2,893			4.5	%		4.5	%		2.99	%	AA-
	Private				218,537		214,038		4,499			6.7	%		6.8	%		3.88	%	BBB
	Redeemable Preferred				5,898		5,447		450			0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,726,922		2,645,743		81,179			84.1	%		83.7	%		3.12	%	A

Equities and Other:
	Perpetual Preferred				13,186		13,186		-			0.4	%		0.4	%
	Common Stock				19,084		19,084		0			0.6	%		0.6	%
	Mutual Fund				6,757		6,757		-			0.2	%		0.2	%
	Derivatives				-		-		-			0.0	%		0.0	%
			Total Equities		39,027		39,027		0			1.2	%		1.2	%

			Total Invested Assets	$	3,243,694	$	3,162,515	$	81,179			100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Consumer Non Cyclical			$	179,285	$	172,430	$	6,855			11.9	%		11.9	%
	Insurance				166,214		159,914		6,300			11.0	%		11.0	%
	Energy				164,387		156,195		8,193			10.9	%		10.7	%
	Reits				142,667		136,748		5,919			9.4	%		9.4	%
	Banking				139,865		135,970		3,895			9.2	%		9.4	%
	Technology				115,450		110,600		4,850			7.6	%		7.6	%
	Consumer Cyclical				107,936		103,903		4,033			7.1	%		7.1	%
	Electric				82,094		78,288		3,806			5.4	%		5.4	%
	Capital Goods				79,394		77,312		2,083			5.2	%		5.3	%
	Basic Industry				73,180		69,758		3,422			4.8	%		4.8	%
	Transportation				65,902		63,627		2,275			4.4	%		4.4	%
	Brokerage				60,665		57,895		2,770			4.0	%		4.0	%
	Communications				56,346		52,745		3,601			3.7	%		3.6	%
	Finance Companies				48,755		47,904		851			3.2	%		3.3	%
	Financial Other				10,551		10,352		199			0.7	%		0.7	%
	Industrial Other				6,974		6,748		226			0.5	%		0.5	%
	Utility Other				5,455		5,386		69			0.4	%		0.4	%
	Natural Gas				5,425		5,192		233			0.4	%		0.4	%
	Owned No Guarantee				2,274		2,325		(51	)		0.2	%		0.2	%
			Total Corporate portfolio	$	1,512,819	$	1,453,291	$	59,528			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	295,119	$	290,843	$	4,276			10.8	%		11.0	%		2.85	%
		1-2 Yrs.			239,893		233,427		6,466			8.8	%		8.8	%		3.22	%
		2-5 Yrs.			904,146		870,804		33,341			33.2	%		32.9	%		3.30	%
		5-10 Yrs.			1,013,634		991,086		22,548			37.2	%		37.5	%		2.94	%
		> 10 Yrs.			274,130		259,582		14,548			10.1	%		9.8	%		3.37	%
			Total Fixed Income	$	2,726,922	$	2,645,743	$	81,179			100.0	%		100.0	%		3.12	%

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 18

Investment Portfolio - Quality Ratings As of December 31, 2021

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	495,055		18.7	%
	AA			312,418		11.8	%
	A			644,775		24.4	%
	BBB			1,079,123		40.8	%
	Below Investment Grade			93,294		3.5	%
	NA			21,078		0.8	%
		Total Fixed Income	$	2,645,743		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	10,987		0.8	%		AAA		$	-		—
	AA			76,642		5.3	%		AA			5,439		2.5	%
	A			394,669		27.2	%		A			34,862		16.3	%
	BBB			894,449		61.5	%		BBB			161,231		75.3	%
	Below Investment Grade			75,595		5.2	%		Below Investment Grade			12,506		5.8	%
	NA			950		0.1	%		NA			-		—
		Total Corporate	$	1,453,291		100.0	%			Total Private	$	214,038		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	70,439		49.4	%		AAA		$	334,680		86.1	%
	AA			3,171		2.2	%		AA			53,703		13.8	%
	A			68,957		48.3	%		A			195		0.1	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			65		0.0	%		Below Investment Grade			82		0.0	%
	NA			-		—			NA			31		0.0	%
		Total CMBS	$	142,632		100.0	%			Total Mortgage-Backed	$	388,691		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	14,674		12.8	%		AAA		$	62,572		21.8	%
	AA			5,759		5.0	%		AA			137,767		48.0	%
	A			70,103		61.2	%		A			70,896		24.7	%
	BBB			1,828		1.6	%		BBB			12,753		4.4	%
	Below Investment Grade			2,147		1.9	%		Below Investment Grade			2,899		1.0	%
	NA			20,097		17.5	%		NA			0		0.0	%
		Total Asset-Backed	$	114,609		100.0	%			Total Treasury & Government	$	286,888		100.0	%



NAIC Designations

	1		$	1,226,848		52.4	%
	2			1,013,847		43.3	%
	3			90,447		3.9	%
	4			5,590		0.2	%
	5			691		0.0	%
	6			4,161		0.2	%
		U.S. Insurer Fixed Income (2)		2,341,584		100.0	%
	Other (3)			343,186
	Cash and cash equivalents			477,744
		Total Invested Assets	$	3,162,515

(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 18

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

																												YOY Q4
(Dollars in thousands)				Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 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		$	20,328		$	(598	)	-2.9%
	Fixed-maturity securities (held-to-maturity)				13,472			14,074			14,704			15,223			15,146			15,495			15,741			15,825			602		4.0%
	Equity Securities				451			461			433			406			391			411			413			416			10		2.5%
	Deposit asset underlying 10% reinsurance treaty				1,830			1,394			1,694			1,330			1,368			1,238			987			785			(545	)	-41.0%
	Deposit asset - Mark to Market				(6,379	)		2,259			1,165			960			(793	)		(170	)		(640	)		(899	)		(1,859	)	-193.6%
	Policy loans and other invested assets				189			541			242			272			231			98			289			401			129		47.4%
	Cash & cash equivalents				843			143			114			103			119			156			96			85			(18	)	-17.5%
			Total investment income		31,190			39,085			39,234			39,219			36,483			37,383			36,746			36,940			(2,279	)	-5.8%
	Investment expenses				2,298			2,300			1,577			1,265			1,284			1,353			1,004			1,114			(151	)	-11.9%
	Interest Expense on Surplus Note				13,472			14,074			14,704			15,223			15,146			15,495			15,741			15,825			602		4.0%
			Net investment income	$	15,420		$	22,710		$	22,953		$	22,731		$	20,052		$	20,535		$	20,001		$	20,001		$	(2,730	)	-12.0%
		Fixed income book yield, end of period			3.55	%		3.54	%		3.45	%		3.44	%		3.30	%		3.31	%		3.23	%		3.12	%
		New money yield			3.25	%		3.14	%		2.44	%		2.67	%		1.72	%		2.68	%		2.21	%		1.60	%

																												YOY Q4
				Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021			Q3 2021			Q4 2021			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				22.9	%		21.5	%		19.6	%		18.7	%		16.6	%		16.5	%		18.0	%		18.7	%		-0.0	%
	AA				12.1	%		11.6	%		12.8	%		12.7	%		12.2	%		11.6	%		11.0	%		11.8	%		-0.9	%
	A				22.9	%		22.3	%		21.8	%		22.3	%		23.0	%		22.1	%		23.6	%		24.4	%		2.1	%
	BBB				38.9	%		40.4	%		42.0	%		42.3	%		44.0	%		45.5	%		42.9	%		40.8	%		-1.5	%
	Below Investment Grade				3.1	%		4.0	%		3.8	%		3.9	%		4.1	%		4.2	%		4.1	%		3.5	%		-0.4	%
	NA				0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.3	%		0.8	%		0.7	%
			Total Fixed Income		100.0	%		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			A

				As of December 31, 2021										As of December 31, 2021						As of December 31, 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		$	16,289		$	15,978		AAA		Canada		$	88,126	$	83,044	AAA		$	2,126	$	2,134
	2	Province of Ontario Canada			15,506			15,194		A+		Australia			26,950		25,784	AA			8,811		8,649
	3	Province of Quebec Canada			14,496			13,595		AA-		United Kingdom			23,291		22,424	A			15,547		15,245
	4	Morgan Stanley			13,502			13,144		BBB+		Cayman Islands			16,054		15,886	BBB			11,588		11,312
	5	TC Energy Corp			12,874			12,585		BBB+		Japan			10,624		10,240	Below Investment Grade			2,916		2,899
	6	Province of Alberta Canada			12,664			12,196		A		Mexico			10,088		9,876	NA			—		—
	7	ConocoPhillips			12,414			11,058		A-		Ireland			9,698		9,372		Total	$	40,989	$	40,240
	8	Enbridge Inc			11,923			11,662		BBB+		Bermuda			9,587		9,311
	9	Ontario Teachers' Pension Plan			10,679			10,199		AA+		France			7,566		7,289
	10	Western & Southern Mutual Holding Co			10,548			9,611		AA-		Netherlands			7,055		5,953	Non-Government Investments (1)
	11	Oracle Corp			10,512			10,288		BBB+		Supra-National			4,658		4,619
	12	Capital One Financial Corp			10,158			9,843		BBB		Brazil			4,452		4,428	AAA		$	2,999	$	2,999
	13	Fairfax Financial Holdings Ltd			9,981			9,867		BBB-		Israel			3,868		3,553	AA			5,729		5,701
	14	Wells Fargo & Co			9,978			9,778		A-		Germany			3,668		3,594	A			50,805		48,730
	15	Province of Newfoundland and Labrador			9,432			8,815		A		Luxembourg			3,601		3,500	BBB			148,358		140,757
	16	Entergy Corp			9,242			9,037		BBB+		Emerging Markets (2)			14,545		14,392	Below Investment Grade			12,765		12,038
	17	Enterprise Products Partners LP			9,074			8,477		BBB+		All Other			17,812		17,201	NA			—		—
	18	AbbVie Inc			8,758			8,664		BBB+			Total	$	261,644	$	250,466		Total	$	220,655	$	210,226
	19	Bristol-Myers Squibb Co			8,672			8,638		A+
	20	JPMorgan Chase & Co			8,658			8,391		A-
	21	The Williams Cos Inc			8,319			8,091		BBB
	22	KeyCorp			8,134			8,027		BBB+
	23	Discovery Inc			8,115			6,973		BBB-
	24	UDR Inc			8,098			8,046		BBB+
	25	WP Carey Inc			8,045			7,920			—
			Total	$	266,070		$	256,077

			% of total fixed income portfolio		8.2	%		8.1	%

(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.

17 of 18

Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement

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


Recruits				303,867			290,886			282,207			400,345			349,374			84,762			133,123			101,861			80,599			94,633			89,285			91,884			73,572


Life-insurance licensed sales force, beginning of period				116,827			126,121			130,736			130,522			134,907			130,522			130,095			134,157			136,306			134,907			132,030			132,041			130,023
	New life-licensed representatives			48,535			48,041			44,739			48,106			39,622			10,599			12,250			13,138			12,119			10,833			10,112			9,381			9,296
	Non-renewal and terminated representatives			(39,241	)		(43,426	)		(44,953	)		(43,721	)		(45,014	)		(11,026	)		(8,188	)		(10,989	)		(13,518	)		(13,710	)		(10,101	)		(11,399	)		(9,804	)
Life-insurance licensed sales force, end of period				126,121			130,736			130,522			134,907			129,515			130,095			134,157			136,306			134,907			132,030			132,041			130,023			129,515


Issued term life policies				312,799			301,589			287,809			352,868			323,855			71,318			94,044			100,199			87,307			82,667			90,071			75,914			75,203


Issued term life face amount			$	95,635		$	95,209		$	93,994		$	109,436		$	108,521		$	23,221		$	27,754		$	30,104		$	28,357		$	26,643		$	29,981		$	26,219		$	25,678


Term life face amount in force, beginning of period			$	728,385		$	763,831		$	781,041		$	808,262		$	858,818		$	808,262		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018
	Issued term life face amount			95,635			95,209			93,994			109,436			108,521			23,221			27,754			30,104			28,357			26,643			29,981			26,219			25,678
	Terminated term life face amount			(65,958	)		(70,291	)		(71,519	)		(60,848	)		(64,798	)		(18,294	)		(14,315	)		(13,733	)		(14,506	)		(17,240	)		(14,706	)		(16,241	)		(16,610	)
	Foreign currency impact, net			5,769			(7,708	)		4,746			1,968			862			(8,676	)		4,046			1,859			4,740			1,422			1,602			(2,480	)		319
Term life face amount in force, end of period			$	763,831		$	781,041		$	808,262		$	858,818		$	903,404		$	804,512		$	821,998		$	840,227		$	858,818		$	869,643		$	886,519		$	894,018		$	903,404


Estimated annualized issued term life premium
	Premium from new policies		$	255.4		$	250.8		$	244.8		$	303.6		$	297.2		$	61.5		$	77.7		$	86.0		$	78.4		$	74.5		$	82.6		$	70.7		$	69.4
	Additions and increases in premium			49.5			55.2			60.2			68.9			77.0			15.0			17.8			17.9			18.1			18.0			20.3			19.5			19.1
		Total estimated annualized issued term life premium	$	304.9		$	306.0		$	305.0		$	372.5		$	374.2		$	76.5		$	95.5		$	103.9		$	96.5		$	92.5		$	103.0		$	90.2		$	88.5


Investment & Savings product sales			$	6,192.2		$	7,040.1		$	7,533.2		$	7,842.5		$	11,703.1		$	2,245.7		$	1,686.5		$	1,841.0		$	2,069.4		$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0

Investment & Savings average client asset values			$	56,791		$	61,842		$	65,029		$	69,709		$	89,993		$	66,595		$	64,638		$	71,512		$	76,090		$	83,131		$	89,378		$	92,652		$	94,809

Closed U.S. Mortgage Volume (brokered)			$	—		$	—		$	31.1		$	442.5		$	1,229.2		$	12.9		$	65.8		$	160.0		$	203.8		$	262.3		$	298.6		$	337.6		$	330.8

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