Primerica (PRI) 8-K Primerica Reports Third Quarter 2022 Results

Exhibit 99.2

 

Supplemental Financial Information

Third Quarter 2022

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, 2021.

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Preface PRIMERICA, INC. Financial Supplement

Third Quarter 2022

This document is a financial supplement to our third quarter 2022 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/recoveries associated with the purchase 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/recoveries, 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, which were ultimately redeemed at zero value. 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.

•

Adjustedstockholders’ equityrefers 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, 2020			Mar 31, 2021			Jun 30, 2021			Sep 30, 2021			Dec 31, 2021			Mar 31, 2022			Jun 30, 2022			Sep 30, 2022
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,096,703		$	3,133,860		$	3,431,825		$	3,056,395		$	3,277,830		$	3,191,154		$	3,048,974		$	2,981,598
	Securities held to maturity				1,346,350			1,362,210			1,368,740			1,376,090			1,379,100			1,390,310			1,415,940			1,433,760
			Total investments and cash		4,443,053			4,496,070			4,800,565			4,432,485			4,656,930			4,581,464			4,464,914			4,415,358
	Due from reinsurers				4,273,904			4,345,483			4,239,510			4,278,322			4,268,419			4,240,481			4,069,039			4,033,897
	Deferred policy acquisition costs				2,629,644			2,712,169			2,808,347			2,877,921			2,943,782			2,994,367			3,028,511			3,049,102
	Goodwill				—			—			—			224,180			179,154			179,154			187,707			127,707
	Other assets				899,165			921,236			925,621			1,330,620			1,274,946			1,242,457			1,219,847			1,209,471
	Separate account assets				2,659,520			2,638,901			2,745,827			2,672,606			2,799,992			2,696,891			2,358,987			2,206,608
			Total assets	$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135		$	16,123,222		$	15,934,813		$	15,329,005		$	15,042,143
Liabilities:
	Future policy benefits			$	6,790,557		$	6,885,115		$	6,984,272		$	7,057,599		$	7,138,649		$	7,216,597		$	7,276,278		$	7,314,688
	Other policy liabilities				984,612			1,020,349			977,373			1,054,925			1,103,642			1,108,047			999,789			1,005,195
	Income taxes				223,496			235,233			204,197			260,264			241,311			217,326			164,971			129,347
	Other liabilities				618,874			633,719			641,025			668,643			669,631			683,865			646,660			659,582
	Debt obligations				374,415			374,511			499,606			514,702			607,102			598,303			592,504			592,705
	Surplus note				1,345,772			1,361,648			1,368,194			1,375,559			1,378,585			1,389,811			1,415,457			1,433,293
	Payable under securities lending				72,154			87,190			80,613			105,264			94,529			93,171			96,603			80,754
	Separate account liabilities				2,659,520			2,638,901			2,745,827			2,672,606			2,799,992			2,696,891			2,358,987			2,206,608
			Total liabilities		13,069,401			13,236,666			13,501,107			13,709,563			14,033,442			14,004,011			13,551,249			13,422,171
Redeemable noncontrolling interest				$	—		$	—		$	—		$	7,631		$	7,271		$	4,616		$	2,233		$	(0	)
Stockholders’ equity:
	Common stock ($0.01 par value) (1)				393			394			394			395			394			388			378			370
	Paid-in capital				(0	)		8,138			12,880			17,454			5,224			(0	)		(0	)		(0	)
	Retained earnings				1,705,786			1,785,037			1,894,539			1,988,324			2,004,506			1,980,467			1,948,244			1,887,952
	Treasury stock				—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			128,128			77,053			96,990			84,701			63,775			(66,439	)		(175,746	)		(252,913	)
		Cumulative translation adjustment			1,578			6,570			13,960			8,068			8,611			11,769			2,648			(15,437	)
			Total stockholders’ equity (2)		1,835,885			1,877,192			2,018,764			2,098,941			2,082,510			1,926,185			1,775,524			1,619,971
			Total liabilities and stockholders' equity	$	14,905,286		$	15,113,858		$	15,519,871		$	15,816,135		$	16,123,222		$	15,934,813		$	15,329,005		$	15,042,143
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,835,885		$	1,877,192		$	2,018,764		$	2,098,941		$	2,082,510		$	1,926,185		$	1,775,524		$	1,619,971
	Less: Net unrealized gains (losses)				128,128			77,053			96,990			84,701			63,775			(66,439	)		(175,746	)		(252,913	)
			Adjusted stockholders’ equity	$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270		$	1,872,885
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,614,688		$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270
	Net Income attributable to Primerica, Inc.				100,084			97,872			128,162			112,456			34,868			81,418			107,947			51,807
	Shareholder dividends				(15,851	)		(18,620	)		(18,660	)		(18,671	)		(18,686	)		(21,645	)		(21,178	)		(20,571	)
	Retirement of shares and warrants				(13,426	)		(5,966	)		(521	)		(88	)		(18,829	)		(103,862	)		(127,963	)		(97,515	)
	Net foreign currency translation adjustment				16,398			4,992			7,390			(5,892	)		543			3,158			(9,121	)		(18,086	)
	Other, net				5,864			14,105			5,264			4,662			6,597			14,820			8,961			5,979
Balance, end of period				$	1,707,757		$	1,800,139		$	1,921,774		$	2,014,241		$	2,018,735		$	1,992,624		$	1,951,270		$	1,872,885
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,532,409		$	2,629,644		$	2,712,169		$	2,808,347		$	2,877,921		$	2,943,782		$	2,994,367		$	3,028,511
	General expenses deferred				9,510			10,558			10,055			9,248			9,062			9,519			9,321			9,726
	Commission costs deferred				128,084			134,188			136,085			129,287			124,515			123,739			119,794			119,734
	Amortization of deferred policy acquisition costs				(53,342	)		(66,105	)		(54,286	)		(62,214	)		(68,575	)		(86,063	)		(85,379	)		(90,925	)
	Foreign currency impact and other, net				12,984			3,884			4,324			(6,748	)		858			3,390			(9,593	)		(17,943	)
Balance, end of period				$	2,629,644		$	2,712,169		$	2,808,347		$	2,877,921		$	2,943,782		$	2,994,367		$	3,028,511		$	3,049,102

(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 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			39,455,948			39,530,691			39,560,786			39,568,470			39,221,003			38,385,520			37,438,254			(2,122,532	)		-5.4	%		39,516,193			38,341,729			(1,174,464	)		-3.0	%
	Net income attributable to Primerica, Inc.		$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	(60,649	)		-53.9	%	$	338,489		$	241,172		$	(97,317	)		-28.8	%
	Less income attributable to unvested participating securities			(417	)		(525	)		(458	)		(141	)		(337	)		(477	)		(244	)		214			46.7	%		(1,403	)		(1,067	)		336			23.9	%
		Net income used in computing basic EPS	$	97,455		$	127,636		$	111,997		$	34,728		$	81,081		$	107,470		$	51,563		$	(60,435	)		-54.0	%	$	337,086		$	240,105		$	(96,981	)		-28.8	%
		Basic earnings per share	$	2.47		$	3.23		$	2.83		$	0.88		$	2.07		$	2.80		$	1.38		$	(1.45	)		-51.4	%	$	8.53		$	6.26		$	(2.27	)		-26.6	%
	Adjusted net operating income		$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	(4,780	)		-4.0	%	$	345,193		$	307,962		$	(37,231	)		-10.8	%
	Less operating income attributable to unvested participating securities			(414	)		(530	)		(484	)		(472	)		(345	)		(490	)		(537	)		(53	)		-11.0	%		(1,431	)		(1,362	)		68			4.8	%
		Adjusted net operating income used in computing basic operating EPS	$	96,715		$	128,825		$	118,224		$	116,535		$	82,988		$	110,212		$	113,391		$	(4,833	)		-4.1	%	$	343,762		$	306,599		$	(37,163	)		-10.8	%
		Basic adjusted operating income per share	$	2.45		$	3.26		$	2.99		$	2.95		$	2.12		$	2.87		$	3.03		$	0.04			1.3	%	$	8.70		$	8.00		$	(0.70	)		-8.1	%
Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			39,455,948			39,530,691			39,560,786			39,568,470			39,221,003			38,385,520			37,438,254			(2,122,532	)		-5.4	%		39,516,193			38,341,729			(1,174,464	)		-3.0	%
	Dilutive impact of contingently issuable shares			124,505			121,595			117,923			122,929			110,941			115,058			102,810			(15,113	)		-12.8	%		121,341			109,603			(11,738	)		-9.7	%
		Shares used to calculate diluted EPS		39,580,453			39,652,286			39,678,709			39,691,399			39,331,944			38,500,578			37,541,064			(2,137,645	)		-5.4	%		39,637,534			38,451,332			(1,186,202	)		-3.0	%
	Net income attributable to Primerica, Inc.		$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	(60,649	)		-53.9	%	$	338,489		$	241,172		$	(97,317	)		-28.8	%
	Less income attributable to unvested participating securities			(416	)		(524	)		(457	)		(140	)		(337	)		(476	)		(244	)		213			46.7	%		(1,399	)		(1,065	)		335			23.9	%
		Net income used in computing diluted EPS	$	97,456		$	127,638		$	111,998		$	34,728		$	81,081		$	107,471		$	51,563		$	(60,435	)		-54.0	%	$	337,090		$	240,107		$	(96,982	)		-28.8	%
		Diluted earnings per share	$	2.46		$	3.22		$	2.82		$	0.87		$	2.06		$	2.79		$	1.37		$	(1.45	)		-51.3	%	$	8.50		$	6.24		$	(2.26	)		-26.6	%
	Adjusted net operating income		$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	(4,780	)		-4.0	%	$	345,193		$	307,962		$	(37,231	)		-10.8	%
	Less operating income attributable to unvested participating securities			(413	)		(529	)		(483	)		(471	)		(344	)		(488	)		(536	)		(53	)		-11.0	%		(1,427	)		(1,359	)		68			4.7	%
		Adjusted net operating income used in computing diluted operating EPS	$	96,717		$	128,827		$	118,225		$	116,536		$	82,988		$	110,213		$	113,392		$	(4,833	)		-4.1	%	$	343,766		$	306,602		$	(37,163	)		-10.8	%
		Diluted adjusted operating income per share	$	2.44		$	3.25		$	2.98		$	2.94		$	2.11		$	2.86		$	3.02		$	0.04			1.4	%	$	8.67		$	7.97		$	(0.70	)		-8.1	%
																								YOY Q3												YOY YTD
			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,856,539		$	1,947,978		$	2,058,852		$	2,090,726		$	2,004,348		$	1,850,855		$	1,697,748		$	(361,105	)		-17.5	%	$	1,954,456		$	1,850,983		$	(103,473	)		-5.3	%
	Average adjusted stockholders' equity (1)		$	1,753,948		$	1,860,956		$	1,968,007		$	2,016,488		$	2,005,679		$	1,971,947		$	1,912,077		$	(55,930	)		-2.8	%	$	1,860,971		$	1,963,235		$	102,264			5.5	%
	Net income attributable to Primerica, Inc. return on stockholders' equity			21.1	%		26.3	%		21.8	%		6.7	%		16.2	%		23.3	%		12.2	%		-9.6	%	nm				23.1	%		17.4	%		-5.7	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.3	%		27.5	%		22.9	%		6.9	%		16.2	%		21.9	%		10.8	%		-12.0	%	nm				24.3	%		16.4	%		-7.9	%	nm
	Adjusted net operating income return on adjusted stockholders' equity			22.2	%		27.8	%		24.1	%		23.2	%		16.6	%		22.5	%		23.8	%		-0.3	%	nm				24.7	%		20.9	%		-3.8	%	nm
Capital Structure
	Debt-to-capital (2)			16.6	%		19.8	%		19.7	%		22.6	%		23.7	%		25.0	%		26.8	%		7.1	%	nm				19.7	%		26.8	%		7.1	%	nm
	Debt-to-capital, excluding AOCI (2)			17.3	%		20.8	%		20.4	%		23.2	%		23.2	%		23.3	%		23.9	%		3.5	%	nm				20.4	%		23.9	%		3.5	%	nm
	Cash and invested assets to stockholders' equity			2.4	x		2.4	x		2.1	x		2.2	x		2.4	x		2.5	x		2.7	x		0.6	x	nm				2.1	x		2.7	x		0.6	x	nm
	Cash and invested assets to adjusted stockholders' equity			2.5	x		2.5	x		2.2	x		2.3	x		2.3	x		2.3	x		2.4	x		0.2	x	nm				2.2	x		2.4	x		0.2	x	nm
	Share count, end of period (3)			39,414,085			39,443,561			39,470,748			39,367,754			38,751,885			37,768,052			37,026,600			(2,444,148	)		-6.2	%		39,470,748			37,026,600			(2,444,148	)		-6.2	%
	Adjusted stockholders' equity per share		$	45.67		$	48.72		$	51.03		$	51.28		$	51.42		$	51.66		$	50.58		$	(0.45	)		-0.9	%	$	51.03		$	50.58		$	(0.45	)		-0.9	%
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 18

Statements of Income   PRIMERICA, INC. Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands)			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	762,227		$	780,299		$	785,277		$	794,344		$	798,666		$	808,894		$	810,079		$	24,802			3.2	%	$	2,327,804		$	2,417,639		$	89,835			3.9	%
	Ceded premiums			(395,973	)		(413,850	)		(401,295	)		(405,147	)		(399,885	)		(419,048	)		(404,870	)		(3,576	)		-0.9	%		(1,211,117	)		(1,223,804	)		(12,687	)		-1.0	%
		Net premiums		366,254			366,450			383,983			389,197			398,781			389,846			405,209			21,226			5.5	%		1,116,687			1,193,836			77,149			6.9	%
	Net investment income			20,052			20,535			20,000			20,001			18,905			21,284			24,346			4,346			21.7	%		60,588			64,535			3,947			6.5	%
	Commissions and fees:
		Sales-based (1)		98,112			104,716			95,229			103,451			103,242			88,701			67,962			(27,267	)		-28.6	%		298,057			259,905			(38,153	)		-12.8	%
		Asset-based (2)		101,241			108,490			113,558			118,015			113,112			108,101			107,483			(6,074	)		-5.3	%		323,288			328,696			5,407			1.7	%
		Account-based (3)		21,120			21,848			21,456			22,514			21,541			22,592			22,910			1,454			6.8	%		64,424			67,043			2,619			4.1	%
		Other commissions and fees		13,571			15,635			39,553			44,304			13,905			21,294			27,113			(12,441	)		-31.5	%		68,759			62,312			(6,446	)		-9.4	%
	Investment (losses) gains			1,766			701			1,410			1,995			751			(1,892	)		(2,699	)		(4,109	)	nm				3,876			(3,841	)		(7,717	)	nm
	Other, net			15,595			16,313			18,051			24,616			20,988			18,755			20,964			2,914			16.1	%		49,958			60,708			10,750			21.5	%
	Total revenues			637,711			654,687			693,240			724,094			691,225			668,681			673,288			(19,952	)		-2.9	%		1,985,638			2,033,194			47,556			2.4	%
Benefits and expenses:
	Benefits and claims			183,789			168,347			183,425			187,192			187,069			153,257			171,293			(12,132	)		-6.6	%		535,561			511,619			(23,942	)		-4.5	%
	Amortization of DAC			66,105			54,286			62,214			68,575			86,063			85,379			90,925			28,711			46.1	%		182,604			262,367			79,763			43.7	%
	Insurance commissions			8,740			8,838			8,412			8,542			7,721			7,594			7,666			(746	)		-8.9	%		25,990			22,982			(3,008	)		-11.6	%
	Insurance expenses			48,766			48,579			51,901			53,359			59,509			59,461			57,552			5,651			10.9	%		149,246			176,522			27,276			18.3	%
	Sales commissions:
		Sales-based (1)		68,594			73,629			67,745			77,390			74,606			63,403			48,775			(18,970	)		-28.0	%		209,969			186,784			(23,185	)		-11.0	%
		Asset-based (2)		46,866			50,488			53,233			55,614			53,366			50,876			51,549			(1,684	)		-3.2	%		150,587			155,791			5,204			3.5	%
		Other sales commissions		6,434			7,185			8,290			6,839			5,952			5,484			5,592			(2,698	)		-32.5	%		21,908			17,028			(4,881	)		-22.3	%
	Interest expense			7,145			7,141			7,529			8,804			6,853			6,814			6,802			(727	)		-9.7	%		21,814			20,469			(1,345	)		-6.2	%
	Contract acquistion costs (4)			—			—			23,524			29,264			20,649			19,384			13,446			(10,079	)		-42.8	%		23,524			53,479			29,955			127.3	%
	Other operating expenses			72,964			66,730			79,866			77,292			86,434			79,728			73,790			(6,076	)		-7.6	%		219,559			239,952			20,392			9.3	%
	Goodwill impairment			—			—			—			76,000			—			—			60,000			60,000		#DIV/0!				—			60,000			60,000		#DIV/0!
	Loss on extinguishment of debt			—			—			—			8,927			—			—			—			—		#DIV/0!				—			—			—		#DIV/0!
	Total benefits and expenses			509,403			485,222			546,138			657,797			588,222			531,381			587,389			41,251			7.6	%		1,540,763			1,706,992			166,228			10.8	%
	Income before income taxes			128,308			169,465			147,102			66,296			103,003			137,300			85,899			(61,202	)		-41.6	%		444,875			326,203			(118,672	)		-26.7	%
		Income taxes		30,437			41,304			35,663			31,788			24,239			31,737			34,092			(1,570	)		-4.4	%		107,403			90,069			(17,334	)		-16.1	%
	Net income			97,872			128,162			111,439			34,508			78,764			105,563			51,807			(59,632	)		-53.5	%		337,472			236,134			(101,338	)		-30.0	%
	Net income attributable to noncontrolling interests			—			—			(1,017	)		(360	)		(2,654	)		(2,384	)		—			1,017			100.0	%		(1,017	)		(5,038	)		(4,021	)	nm
		Net Income attributable to Primerica, Inc.	$	97,872		$	128,162		$	112,456		$	34,868		$	81,418		$	107,947		$	51,807		$	(60,649	)		-53.9	%	$	338,489		$	241,172		$	(97,317	)		-28.8	%
Income Before Income Taxes by Segment
Term Life			$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	4,175			3.9	%	$	312,602		$	323,218		$	10,616			3.4	%
Investment & Savings Products				63,363			71,154			69,369			70,699			64,560			58,975			58,377			(10,992	)		-15.8	%		203,886			181,912			(21,974	)		-10.8	%
Senior Health				—			—			(8,489	)		(76,561	)		(23,085	)		(16,150	)		(63,723	)		(55,234	)	nm				(8,489	)		(102,959	)		(94,470	)	nm
Corporate & Other Distributed Products				(23,290	)		(18,467	)		(21,367	)		(29,861	)		(30,048	)		(25,403	)		(20,518	)		849			4.0	%		(63,124	)		(75,969	)		(12,845	)		-20.3	%
	Income before income taxes		$	128,308		$	169,465		$	147,102		$	66,296		$	103,003		$	137,300		$	85,899		$	(61,202	)		-41.6	%	$	444,875		$	326,203		$	(118,672	)		-26.7	%

(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 Q3												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	25,096			3.2	%	$	2,310,504		$	2,401,293		$	90,789			3.9	%
	Less: Premiums ceded to IPO Coinsurers		249,944			246,874			241,439			239,828			234,614			231,805			226,869			(14,570	)		-6.0	%		738,257			693,288			(44,969	)		-6.1	%
	Term Life adjusted direct premiums	$	506,570		$	527,626		$	538,051		$	549,496		$	558,640		$	571,648		$	577,717		$	39,666			7.4	%	$	1,572,247		$	1,708,005		$	135,758			8.6	%
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(394,550	)	$	(412,028	)	$	(399,835	)	$	(403,184	)	$	(398,446	)	$	(417,406	)	$	(403,416	)	$	(3,581	)		-0.9	%	$	(1,206,413	)	$	(1,219,268	)	$	(12,855	)		-1.1	%
	Less: Premiums ceded to IPO Coinsurers		(249,944	)		(246,874	)		(241,439	)		(239,828	)		(234,614	)		(231,805	)		(226,869	)		14,570			6.0	%		(738,257	)		(693,288	)		44,969			6.1	%
	Term Life other ceded premiums	$	(144,606	)	$	(165,154	)	$	(158,397	)	$	(163,356	)	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(18,151	)		-11.5	%	$	(468,156	)	$	(525,981	)	$	(57,824	)		-12.4	%
Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	20,052		$	20,535		$	20,000		$	20,001		$	18,905		$	21,284		$	24,346		$	4,346			21.7	%	$	60,588		$	64,535		$	3,947			6.5	%
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)	nm			nm				(1,603	)		(3,421	)	nm			nm
	Adjusted net investment income	$	20,845		$	20,705		$	20,640		$	20,900		$	21,004		$	22,538		$	24,414		$	3,774			18.3	%	$	62,191		$	67,956		$	5,765			9.3	%
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	72,964		$	66,730		$	79,866		$	77,292		$	86,434		$	79,728		$	73,790		$	(6,076	)		-7.6	%	$	219,559		$	239,952		$	20,392			9.3	%
	Less: eTeleQuote transaction-related costs		—			2,109			10,027			812			900			(2,892	)		—		nm			nm				12,136			(1,992	)	nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			(1,004	)		(739	)		256			3,328			—		nm			nm				(1,004	)		3,584		nm			nm
	Adjusted other operating expenses	$	72,964		$	64,620		$	70,843		$	77,219		$	85,278		$	79,292		$	73,790		$	2,946			4.2	%	$	208,427		$	238,360		$	29,933			14.4	%
Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	637,711		$	654,687		$	693,240		$	724,094		$	691,225		$	668,681		$	673,288		$	(19,952	)		-2.9	%	$	1,985,638		$	2,033,194		$	47,556			2.4	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)	nm			nm				3,876			(3,841	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)	nm			nm				(1,603	)		(3,421	)	nm			nm
	Adjusted operating revenues	$	636,738		$	654,156		$	692,470		$	722,998		$	692,573		$	671,827		$	676,056		$	(16,415	)		-2.4	%	$	1,983,365		$	2,040,456		$	57,091			2.9	%
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	128,308		$	169,465		$	147,102		$	66,296		$	103,003		$	137,300		$	85,899		$	(61,202	)		-41.6	%	$	444,875		$	326,203		$	(118,672	)		-26.7	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)	nm			nm				3,876			(3,841	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)	nm			nm				(1,603	)		(3,421	)	nm			nm
	Less: eTeleQuote transaction-related costs		—			(2,109	)		(10,027	)		(812	)		(900	)		2,892			—		nm			nm				(12,136	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			1,004			739			(256	)		(3,328	)		—		nm			nm				1,004			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		—			—			(1,465	)		(540	)		(3,668	)		(3,129	)		—		nm			nm				(1,465	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			—			(76,000	)		—			—			(60,000	)	nm			nm				—			(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—		nm			nm				—			—		nm			nm
	Adjusted operating income before income taxes	$	127,335		$	171,044		$	156,819		$	150,740		$	109,175		$	144,011		$	148,667		$	(8,152	)		-5.2	%	$	455,198		$	401,853		$	(53,345	)		-11.7	%
Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	97,872		$	128,162		$	111,439		$	34,508		$	78,764		$	105,563		$	51,807		$	(59,632	)		-53.5	%	$	337,472		$	236,134		$	(101,338	)		-30.0	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)	nm			nm				3,876			(3,841	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)	nm			nm				(1,603	)		(3,421	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			(2,109	)		(10,027	)		(812	)		(900	)		2,892			—		nm			nm				(12,136	)		1,992		nm			nm
	Less: Equity comp for awards exchanged during acquisition		—			—			1,004			739			(256	)		(3,328	)		—		nm			nm				1,004			(3,584	)	nm			nm
	Less: Noncontrolling interest before income taxes		—			—			(1,465	)		(540	)		(3,668	)		(3,129	)		—		nm			nm				(1,465	)		(6,797	)	nm			nm
	Less: Goodwill impairment		—			—			—			(76,000	)		—			—			(60,000	)	nm			nm				—			(60,000	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—		nm			nm				—			—		nm			nm
	Less: Tax impact of reconciling items		(231	)		385			2,449			1,945			1,603			1,573			647		nm			nm				2,602			3,823		nm			nm
	Adjusted net operating income	$	97,129		$	129,355		$	118,708		$	117,007		$	83,333		$	110,701		$	113,928		$	(4,780	)		-4.0	%	$	345,193		$	307,962		$	(37,231	)		-10.8	%

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC. Financial Supplement

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ 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			$	(8,489	)	$	(76,561	)	$	(23,085	)	$	(16,150	)	$	(63,723	)	$	(55,234	)	nm			$	(8,489	)	$	(102,959	)	$	(94,470	)	nm
	Less: e-TeleQuote transaction-related costs	na			na				(417	)		(389	)		(399	)		(66	)		—		nm			nm				(417	)		(465	)	nm			nm
	Less: Noncontrolling interest	na			na				(1,465	)		(540	)		(3,668	)		(3,129	)		—		nm			nm				(1,465	)		(6,797	)	nm			nm
	Less: Goodwill impairment	na			na				—			(76,000	)		—			—			(60,000	)	nm			nm				—			(60,000	)	nm			nm
	Adjusted operating income before income taxes	na			na			$	(6,608	)	$	369		$	(19,018	)	$	(12,955	)	$	(3,723	)	$	2,884			43.7	%	$	(6,608	)	$	(35,696	)	$	(29,089	)	nm
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(23,290	)	$	(18,467	)	$	(21,367	)	$	(29,861	)	$	(30,048	)	$	(25,403	)	$	(20,518	)	$	849			4.0	%	$	(63,124	)	$	(75,969	)	$	(12,845	)		-20.3	%
	Less: Investment gains/(losses)		1,766			701			1,410			1,995			751			(1,892	)		(2,699	)	nm			nm				3,876			(3,841	)	nm			nm
	Less: MTM investment adjustments		(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)	nm			nm				(1,603	)		(3,421	)	nm			nm
	Less: e-TeleQuote transaction-related costs		—			(2,109	)		(9,610	)		(423	)		(501	)		2,958			—		nm			nm				(11,719	)		2,458		nm			nm
	Less: Equity comp for awards exchanged during acquistion		—			—			1,004			739			(256	)		(3,328	)		—		nm			nm				1,004			(3,584	)	nm			nm
	Less: Loss on extinguishment of debt		—			—			—			(8,927	)		—			—			—		nm			nm				—			—		nm			nm
	Adjusted operating income before income taxes	$	(24,263	)	$	(16,888	)	$	(13,531	)	$	(22,346	)	$	(27,943	)	$	(21,887	)	$	(17,750	)	$	(4,219	)		-31.2	%	$	(54,682	)	$	(67,581	)	$	(12,898	)		-23.6	%

8 of 18

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC. Financial Supplement

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	25,096			3.2	%	$	2,310,504		$	2,401,293		$	90,789			3.9	%
	Premiums ceded to IPO coinsurers (1)		(249,944	)		(246,874	)		(241,439	)		(239,828	)		(234,614	)		(231,805	)		(226,869	)		14,570			6.0	%		(738,257	)		(693,288	)		44,969			6.1	%
	Adjusted direct premiums (2)		506,570			527,626			538,051			549,496			558,640			571,648			577,717			39,666			7.4	%		1,572,247			1,708,005			135,758			8.6	%
	Other ceded premiums (3)		(144,606	)		(165,154	)		(158,397	)		(163,356	)		(163,832	)		(185,601	)		(176,548	)		(18,151	)		-11.5	%		(468,156	)		(525,981	)		(57,824	)		-12.4	%
	Net premiums		361,964			362,472			379,654			386,140			394,808			386,047			401,169			21,515			5.7	%		1,104,090			1,182,024			77,934			7.1	%
	Allocated net investment income		8,253			8,751			9,320			10,162			11,445			12,286			13,241			3,922			42.1	%		26,324			36,973			10,649			40.5	%
	Other, net		11,810			12,315			12,476			12,369			12,175			12,374			13,419			943			7.6	%		36,601			37,968			1,367			3.7	%
	Revenues		382,028			383,537			401,450			408,672			418,428			410,707			427,830			26,379			6.6	%		1,167,016			1,256,965			89,950			7.7	%
	Benefits and expenses:
	Benefits and claims		178,963			162,488			179,696			182,749			182,903			148,977			167,356			(12,340	)		-6.9	%		521,148			499,237			(21,911	)		-4.2	%
	Amortization of DAC		62,584			52,235			59,287			67,344			81,883			79,668			88,275			28,989			48.9	%		174,106			249,826			75,720			43.5	%
	Insurance commissions		4,869			4,785			4,345			4,458			3,793			3,854			3,964			(381	)		-8.8	%		13,999			11,612			(2,387	)		-17.1	%
	Insurance expenses		47,375			47,252			50,534			52,102			58,272			58,329			56,471			5,937			11.7	%		145,160			173,072			27,912			19.2	%
	Benefits and expenses		293,792			266,760			293,862			306,652			326,851			290,829			316,066			22,205			7.6	%		854,414			933,747			79,334			9.3	%
	Income before income taxes	$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	4,175			3.9	%	$	312,602		$	323,218		$	10,616			3.4	%
Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	401,106		$	420,865		$	431,022		$	440,490		$	448,657		$	460,061		$	465,354		$	34,332			8.0	%	$	1,252,993		$	1,374,072		$	121,079			9.7	%
	Pre-IPO direct premiums (5)		355,408			353,635			348,468			348,834			344,597			343,392			339,232			(9,236	)		-2.7	%		1,057,511			1,027,221			(30,290	)		-2.9	%
	Total direct premiums	$	756,514		$	774,500		$	779,490		$	789,325		$	793,254		$	803,453		$	804,586		$	25,096			3.2	%	$	2,310,504		$	2,401,293		$	90,789			3.9	%
	Premiums ceded to IPO coinsurers	$	249,944		$	246,874		$	241,439		$	239,828		$	234,614		$	231,805		$	226,869		$	(14,570	)		-6.0	%	$	738,257		$	693,288		$	(44,969	)		-6.1	%
	% of Pre-IPO direct premiums		70.3	%		69.8	%		69.3	%		68.8	%		68.1	%		67.5	%		66.9	%	nm			nm				69.8	%		67.5	%	nm			nm
	Benefits and claims, net (6)	$	323,569		$	327,642		$	338,093		$	346,105		$	346,735		$	334,578		$	343,904		$	5,811			1.7	%	$	989,304		$	1,025,217		$	35,913			3.6	%
	% of adjusted direct premiums		63.9	%		62.1	%		62.8	%		63.0	%		62.1	%		58.5	%		59.5	%	nm			nm				62.9	%		60.0	%	nm			nm
	DAC amortization & insurance commissions	$	67,454		$	57,020		$	63,632		$	71,802		$	85,676		$	83,523		$	92,239		$	28,608			45.0	%	$	188,106		$	261,438		$	73,333			39.0	%
	% of adjusted direct premiums		13.3	%		10.8	%		11.8	%		13.1	%		15.3	%		14.6	%		16.0	%	nm			nm				12.0	%		15.3	%	nm			nm
	Insurance expenses, net (7)	$	35,565		$	34,937		$	38,057		$	39,732		$	46,097		$	45,955		$	43,052		$	4,995			13.1	%	$	108,559		$	135,104		$	26,545			24.5	%
	% of adjusted direct premiums		7.0	%		6.6	%		7.1	%		7.2	%		8.3	%		8.0	%		7.5	%	nm			nm				6.9	%		7.9	%	nm			nm
	Total Term Life income before income taxes	$	88,236		$	116,778		$	107,589		$	102,019		$	91,577		$	119,878		$	111,763		$	4,175			3.9	%	$	312,602		$	323,218		$	10,616			3.4	%
	Term Life operating margin (8)		17.4	%		22.1	%		20.0	%		18.6	%		16.4	%		21.0	%		19.3	%	nm			nm				19.9	%		18.9	%	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 18

Term Life Insurance - Key Statistics PRIMERICA, INC. Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands, except as noted)			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period				134,907			132,030			132,041			130,023			129,515			130,206			132,149			108			0.1	%		134,907			129,515			(5,392	)		-4.0	%
	New life-licensed representatives			10,833			10,112			9,381			9,296			9,983			11,529			12,518			3,137			33.4	%		30,326			34,030			3,704			12.2	%
	Non-renewal and terminated representatives			(13,710	)		(10,101	)		(11,399	)		(9,804	)		(9,292	)		(9,586	)		(10,354	)		1,045			9.2	%		(35,210	)		(29,232	)		5,978			17.0	%
Life-insurance licensed sales force, end of period				132,030			132,041			130,023			129,515			130,206			132,149			134,313			4,290			3.3	%		130,023			134,313			4,290			3.3	%
Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	74.5		$	82.6		$	70.7		$	69.4		$	65.5		$	72.3		$	68.0		$	(2.7	)		-3.8	%	$	227.8		$	205.9		$	(22.0	)		-9.6	%
	Additions and increases in premium			18.0			20.3			19.5			19.1			18.4			20.6			19.5			(0.1	)		-0.3	%		57.9			58.5			0.6			1.0	%
		Total estimated annualized issued term life premium	$	92.5		$	103.0		$	90.2		$	88.5		$	83.8		$	92.9		$	87.5		$	(2.7	)		-3.0	%	$	285.7		$	264.3		$	(21.4	)		-7.5	%
Issued term life policies				82,667			90,071			75,914			75,203			71,324			76,946			71,104			(4,810	)		-6.3	%		248,652			219,374			(29,278	)		-11.8	%
Estimated average annualized issued term life premium per policy (1)(2)			$	901		$	917		$	931		$	923		$	918		$	940		$	957		$	26			2.8	%	$	916		$	938		$	22			2.4	%
Term life face amount in-force, beginning of period ($mills)			$	858,818		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	27,918			3.1	%	$	858,818		$	903,404		$	44,586			5.2	%
	Issued term life face amount (3)			26,643			29,981			26,219			25,678			24,773			27,651			26,049			(170	)		-0.6	%		82,843			78,472			(4,371	)		-5.3	%
	Terminated term life face amount			(17,240	)		(14,706	)		(16,241	)		(16,610	)		(19,787	)		(19,298	)		(21,033	)		(4,792	)		-29.5	%		(48,187	)		(60,117	)		(11,930	)		-24.8	%
	Foreign currency impact, net			1,422			1,602			(2,480	)		319			1,242			(3,547	)		(6,669	)		(4,189	)	nm				544			(8,974	)		(9,518	)	nm
Term life face amount in-force, end of period			$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785		$	18,767			2.1	%	$	894,018		$	912,785		$	18,767			2.1	%

(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 Q3												YOY YTD
(Dollars in thousands, except as noted)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	98,112		$	104,716		$	95,229		$	103,451		$	103,242		$	88,701		$	67,962		$	(27,267	)		-28.6	%	$	298,057		$	259,905		$	(38,153	)		-12.8	%
	Asset-based		101,241			108,490			113,558			118,015			113,112			108,101			107,483			(6,074	)		-5.3	%		323,288			328,696			5,407			1.7	%
	Account-based		21,120			21,848			21,456			22,514			21,541			22,592			22,910			1,454			6.8	%		64,424			67,043			2,619			4.1	%
	Other, net		2,949			2,958			3,094			3,096			3,144			3,022			3,342			248			8.0	%		9,001			9,508			506			5.6	%
	Revenues		223,422			238,012			233,337			247,076			241,039			222,416			201,697			(31,640	)		-13.6	%		694,772			665,152			(29,620	)		-4.3	%
	Benefits and expenses:
	Amortization of DAC		3,275			1,786			2,580			1,027			3,925			5,463			2,222			(357	)		-13.8	%		7,641			11,610			3,970			52.0	%
	Insurance commissions		3,572			3,747			3,747			3,839			3,646			3,450			3,419			(328	)		-8.8	%		11,065			10,514			(551	)		-5.0	%
	Sales commissions:
	Sales-based		68,594			73,629			67,745			77,390			74,606			63,403			48,775			(18,970	)		-28.0	%		209,969			186,784			(23,185	)		-11.0	%
	Asset-based		46,866			50,488			53,233			55,614			53,366			50,876			51,549			(1,684	)		-3.2	%		150,587			155,791			5,204			3.5	%
	Other operating expenses		37,752			37,207			36,664			38,507			40,936			40,249			37,355			691			1.9	%		111,623			118,540			6,917			6.2	%
	Benefits and expenses		160,060			166,858			163,968			176,377			176,479			163,440			143,320			(20,648	)		-12.6	%		490,886			483,240			(7,646	)		-1.6	%
	Income before income taxes	$	63,363		$	71,154		$	69,369		$	70,699		$	64,560		$	58,975		$	58,377		$	(10,992	)		-15.8	%	$	203,886		$	181,912		$	(21,974	)		-10.8	%
Financial Analysis
	Fees paid based on client asset values (1)	$	6,964		$	7,535		$	7,891		$	8,482		$	8,037		$	7,917		$	7,980		$	89			1.1	%	$	22,390		$	23,934		$	1,545			6.9	%
	Fees paid based on fee-generating positions (2)		10,451			10,021			9,128			9,852			10,948			9,974			9,486			359			3.9	%		29,600			30,408			808			2.7	%
	Other operating expenses		20,337			19,652			19,645			20,172			21,951			22,358			19,889			244			1.2	%		59,634			64,198			4,564			7.7	%
	Total other operating expenses	$	37,752		$	37,207		$	36,664		$	38,507		$	40,936		$	40,249		$	37,355		$	691			1.9	%	$	111,623		$	118,540		$	6,917			6.2	%
	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.29	%		1.28	%		1.25	%		1.11	%		1.20	%		1.27	%		1.23	%	nm			nm				1.27	%		1.23	%	nm			nm
	Canada		1.05	%		0.96	%		0.92	%		0.65	%		1.00	%		0.78	%		0.32	%	nm			nm				0.98	%		0.83	%	nm			nm
	Total		1.25	%		1.23	%		1.20	%		1.05	%		1.16	%		1.21	%		1.17	%	nm			nm				1.23	%		1.18	%	nm			nm
	Asset-based net revenue as % of average asset values (4)
	U.S.		0.039	%		0.039	%		0.039	%		0.040	%		0.039	%		0.040	%		0.042	%	nm			nm				0.117	%		0.120	%	nm			nm
	Canada		0.103	%		0.112	%		0.106	%		0.115	%		0.091	%		0.078	%		0.099	%	nm			nm				0.321	%		0.267	%	nm			nm
	Total		0.049	%		0.050	%		0.050	%		0.052	%		0.047	%		0.046	%		0.051	%	nm			nm				0.149	%		0.143	%	nm			nm
	Account-based net revenue per average fee generating position (5)(6)	$	3.77		$	4.08		$	4.17		$	4.22		$	3.48		$	4.08		$	4.31		nm			nm		��	$	12.03		$	11.89		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 Q3												YOY YTD
(Dollars in thousands, except as noted)					Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$/# Change			% Change			YTD 2021			YTD 2022			$/# Change			% Change
Key Statistics
	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,261.9		$	1,336.1		$	1,247.8		$	1,300.3		$	1,298.6		$	1,151.4		$	931.8		$	(316.0	)		-25.3	%	$	3,845.8		$	3,381.8		$	(464.0	)		-12.1	%
		Canada Retail Mutual Funds				424.0			357.0			314.8			343.0			437.6			250.6			112.2			(202.5	)		-64.3	%		1,095.8			800.5			(295.3	)		-26.9	%
		Indexed Annuities				55.5			62.8			51.9			60.1			57.5			70.2			55.8			3.9			7.5	%		170.1			183.4			13.3			7.8	%
		Variable Annuities and other				627.1			767.6			668.7			782.2			668.4			617.3			542.5			(126.1	)		-18.9	%		2,063.3			1,828.2			(235.1	)		-11.4	%
				Total sales-based revenue generating product sales		2,368.4			2,523.4			2,283.1			2,485.7			2,462.1			2,089.5			1,642.3			(640.8	)		-28.1	%		7,175.0			6,193.9			(981.1	)		-13.7	%
		Managed Accounts				330.1			381.8			387.5			406.3			453.7			451.3			319.6			(67.8	)		-17.5	%		1,099.3			1,224.7			125.4			11.4	%
		Canada Retail Mutual Funds - no upfront sales comm				79.8			82.9			76.3			78.9			82.2			97.5			157.9			81.6			106.9	%		239.0			337.7			98.6			41.3	%
		Segregated Funds				75.1			52.2			43.5			48.2			67.3			51.3			41.6			(1.9	)		-4.4	%		170.8			160.2			(10.6	)		-6.2	%
				Total product sales	$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	3,065.4		$	2,689.6		$	2,161.5		$	(629.0	)		-22.5	%	$	8,684.1		$	7,916.4		$	(767.7	)		-8.8	%
		Total Canada Retail Mutual Funds			$	503.9		$	439.9		$	391.1		$	421.9		$	519.9		$	348.1		$	270.2		$	(120.9	)		-30.9	%	$	1,334.8		$	1,138.2		$	(196.6	)		-14.7	%
		Segregated Funds				75.1			52.2			43.5			48.2			67.3			51.3			41.6			(1.9	)		-4.4	%		170.8			160.2			(10.6	)		-6.2	%
			Total Canada product sales			579.0			492.0			434.6			470.0			587.1			399.4			311.8			(122.9	)		-28.3	%		1,505.6			1,298.3			(207.3	)		-13.8	%
			Total U.S. product sales			2,274.5			2,548.2			2,355.8			2,549.0			2,478.2			2,290.1			1,849.7			(506.1	)		-21.5	%		7,178.5			6,618.1			(560.4	)		-7.8	%
				Total product sales	$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	3,065.4		$	2,689.6		$	2,161.5		$	(629.0	)		-22.5	%	$	8,684.1		$	7,916.4		$	(767.7	)		-8.8	%
	Client asset values, beginning of period ($mills)				$	81,533		$	85,888		$	91,735		$	91,765		$	97,312		$	93,708		$	82,291		$	(9,444	)		-10.3	%	$	81,533		$	97,312		$	15,779			19.4	%
		Inflows				2,853			3,040			2,790			3,019			3,065			2,690			2,161			(629	)		-22.5	%		8,684			7,916			(768	)		-8.8	%
		Outflows (1)				(1,759	)		(1,826	)		(1,756	)		(1,819	)		(1,900	)		(1,797	)		(1,447	)		309			17.6	%		(5,341	)		(5,144	)		198			3.7	%
				Net flows		1,095			1,214			1,034			1,200			1,166			893			714			(320	)		-30.9	%		3,343			2,773			(570	)	nm
		Foreign currency impact, net				172			200			(323	)		42			171			(474	)		(802	)		(478	)		-148.0	%		49			(1,105	)		(1,154	)	nm
		Change in market value, net and other (2)				3,088			4,433			(681	)		4,306			(4,941	)		(11,836	)		(3,466	)		(2,785	)	nm				6,840			(20,243	)		(27,083	)	nm
	Client asset values, end of period				$	85,888		$	91,735		$	91,765		$	97,312		$	93,708		$	82,291		$	78,737		$	(13,028	)		-14.2	%	$	91,765		$	78,737		$	(13,028	)		-14.2	%
		Annualized net flows as % of beginning of period asset values				5.4	%		5.7	%		4.5	%		5.2	%		4.8	%		3.8	%		3.5	%		-1.0	%	nm				5.5	%		3.8	%		-1.7	%	nm
	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	41,161		$	44,398		$	46,113		$	47,139		$	46,429		$	42,870		$	40,331		$	(5,782	)		-12.5	%	$	43,890		$	43,210		$	(681	)		-1.6	%
		Canada Retail Mutual Funds				10,268			11,256			11,667			11,984			12,119			11,539			10,840			(827	)		-7.1	%		11,064			11,499			435			3.9	%
		Managed Accounts				5,295			5,915			6,362			6,772			7,077			6,960			6,817			455			7.1	%		5,857			6,951			1,094			18.7	%
		Indexed Annuities				2,495			2,541			2,585			2,620			2,650			2,677			2,696			111			4.3	%		2,540			2,675			134			5.3	%
		Variable Annuities and other				21,291			22,554			23,193			23,567			23,218			21,431			20,269			(2,924	)		-12.6	%		22,346			21,639			(707	)		-3.2	%
		Segregated Funds				2,622			2,713			2,732			2,727			2,710			2,517			2,368			(364	)		-13.3	%		2,689			2,532			(157	)		-5.8	%
				Total	$	83,131		$	89,378		$	92,652		$	94,809		$	94,203		$	87,994		$	83,320		$	(9,332	)		-10.1	%	$	88,387		$	88,506		$	119			0.1	%
		Canada Retail Mutual Funds			$	10,268		$	11,256		$	11,667		$	11,984		$	12,119		$	11,539		$	10,840		$	(827	)		-7.1	%	$	11,064		$	11,499		$	435			3.9	%
		Segregated Funds				2,622			2,713			2,732			2,727			2,710			2,517			2,368			(364	)		-13.3	%		2,689			2,532			(157	)		-5.8	%
			Total Canada average client assets			12,890			13,969			14,399			14,711			14,829			14,056			13,208			(1,192	)		-8.3	%		13,753			14,031			278			2.0	%
			Total U.S. average client assets			70,241			75,409			78,252			80,098			79,374			73,938			70,112			(8,140	)		-10.4	%		74,634			74,475			(159	)		-0.2	%
				Total average client assets	$	83,131		$	89,378		$	92,652		$	94,809		$	94,203		$	87,994		$	83,320		$	(9,332	)		-10.1	%	$	88,387		$	88,506		$	119			0.1	%
	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,115			2,159			2,192			2,218			2,243			2,277			2,295			104			4.7	%		2,155			2,272			117			5.4	%
		Recordkeeping only				714			741			762			780			797			812			820			58			7.6	%		739			810			71			9.6	%
				Total		2,830			2,899			2,954			2,998			3,040			3,089			3,115			162			5.5	%		2,894			3,082			188			6.5	%

(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 Q3												YOY YTD
(Dollars in thousands, except as noted)		Q1 2021	Q2 2021	Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)			$	21,558		$	29,345		$	1,278		$	9,343		$	14,601		$	(6,958	)		-32.3	%	$	21,558		$	25,222		$	3,664			17.0	%
	Other, net (2)				1,378			8,159			4,553			2,471			2,583			1,204			87.4	%		1,378			9,606			8,228		nm
	Revenues				22,937			37,504			5,831			11,814			17,183			(5,753	)		-25.1	%		22,937			34,828			11,891			51.8	%
	Benefits and expenses:
	Contract acquisition costs (3)				23,524			29,264			20,649			19,384			13,446			(10,079	)		-42.8	%		23,524			53,479			29,955			127.3	%
	Adjusted other operating expenses				7,485			8,411			7,868			8,514			7,461			(24	)		-0.3	%		7,485			23,842			16,358		nm
	Adjusted operating benefits and expenses				31,009			37,675			28,517			27,898			20,907			(10,102	)		-32.6	%		31,009			77,321			46,312			149.4	%
	Adjusted operating income before income taxes including NCI			$	(8,072	)	$	(171	)	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,349			53.9	%	$	(8,072	)	$	(42,493	)	$	(34,421	)	nm
	Non-controlling interest before income taxes				(1,465	)		(540	)		(3,668	)		(3,129	)		—			1,465			100.0	%		(1,465	)		(6,797	)		(5,332	)	nm
	Adjusted operating income before income taxes attributable to Primerica, Inc.			$	(6,608	)	$	369		$	(19,018	)	$	(12,955	)	$	(3,723	)	$	2,884			43.7	%	$	(6,608	)	$	(35,696	)	$	(29,089	)	nm
Senior Health EBITDA
	Adjusted operating income before income taxes including NCI			$	(8,072	)	$	(171	)	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,349			53.9	%	$	(8,072	)	$	(42,493	)	$	(34,421	)	nm
	Less: Amortization of intangibles				(2,900	)		(2,900	)		(2,600	)		(2,800	)		(2,800	)		100			3.4	%		(2,900	)		(8,200	)		(5,300	)	nm
	Less: Depreciation				(244	)		(249	)		(245	)		(226	)		(221	)		24			9.7	%		(244	)		(691	)		(447	)	nm
	Adjusted EBITDA (Including non-controlling interest) (4)			$	(4,928	)	$	2,978		$	(19,841	)	$	(13,058	)	$	(703	)	$	4,225			85.7	%	$	(4,928	)	$	(33,602	)	$	(28,674	)	nm
Financial Analysis and Key Statistics
	Senior Health submitted policies (5)				20,867			39,142			26,231			19,652			16,095			(4,772	)		-22.9	%		20,867			61,978			41,111		nm
	Senior Health approved policies (6)				18,276			32,047			23,594			17,925			14,862			(3,414	)		-18.7	%		18,276			56,381			38,105		nm
	Primerica representatives Senior Health certified				17,588			26,441			42,147			60,412			83,280			65,692		nm				17,588			83,280			65,692		nm
	Senior Health submitted policies sourced by Primerica representatives				319			4,175			988			831			1,016			697		nm				319			2,835			2,516		nm
	LTV per approved policy (7)			$	1,180		$	1,069		$	862		$	820		$	868		$	(312	)		-26.4	%	$	1,180		$	850		$	(329	)		-27.9	%
	CAC per approved policy (7)			$	1,287		$	913		$	875		$	1,081		$	905		$	(382	)		-29.7	%	$	1,287		$	949		$	(339	)		-26.3	%
	LTV / CAC multiple				0.9	x		1.2	x		1.0	x		0.8	x		1.0	x		0.0	x	nm				0.9	x		0.9	x		0.0	x	nm

(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 Q3												YOY YTD
(Dollars in thousands)		Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change			YTD 2021			YTD 2022			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	5,713		$	5,800		$	5,788		$	5,020		$	5,412		$	5,441		$	5,494		$	(294	)		-5.1	%	$	17,300		$	16,347		$	(954	)		-5.5	%
	Ceded premiums		(1,423	)		(1,822	)		(1,459	)		(1,963	)		(1,439	)		(1,642	)		(1,454	)		5			0.4	%		(4,704	)		(4,535	)		168			3.6	%
	Net premiums		4,290			3,978			4,328			3,057			3,973			3,799			4,040			(289	)		-6.7	%		12,596			11,811			(785	)		-6.2	%
	Allocated net investment income		12,592			11,954			11,321			10,738			9,559			10,252			11,173			(148	)		-1.3	%		35,867			30,983			(4,884	)		-13.6	%
	Commissions and fees:
	Prepaid Legal Services		4,783			5,182			6,712			4,085			4,287			4,664			5,672			(1,040	)		-15.5	%		16,676			14,623			(2,053	)		-12.3	%
	Auto and Homeowners Insurance		1,787			2,101			2,436			1,971			1,591			2,056			2,647			211			8.7	%		6,324			6,294			(30	)		-0.5	%
	Mortgage loans		4,960			6,061			6,719			6,598			4,818			3,128			2,103			(4,616	)		-68.7	%		17,740			10,049			(7,691	)		-43.4	%
	Other sales commissions		2,041			2,291			2,129			2,307			1,932			2,103			2,090			(39	)		-1.8	%		6,461			6,124			(336	)		-5.2	%
	Other, net		836			1,040			1,101			992			1,117			889			1,621			519			47.1	%		2,977			3,626			649			21.8	%
	Adjusted operating revenues		31,288			32,607			34,746			29,746			27,276			26,890			29,345			(5,400	)		-15.5	%		98,641			83,511			(15,130	)		-15.3	%
Benefits and expenses:
	Benefits and claims		4,826			5,859			3,728			4,443			4,166			4,280			3,937			209			5.6	%		14,413			12,382			(2,031	)		-14.1	%
	Amortization of DAC		246			264			347			203			255			247			427			80			23.0	%		857			930			73			8.5	%
	Insurance commissions		299			306			320			246			282			290			283			(37	)		-11.5	%		925			855			(70	)		-7.6	%
	Insurance expenses		1,391			1,327			1,367			1,257			1,237			1,132			1,081			(286	)		-20.9	%		4,086			3,449			(636	)		-15.6	%
	Sales commissions		6,434			7,185			8,290			6,839			5,952			5,484			5,592			(2,698	)		-32.5	%		21,908			17,028			(4,881	)		-22.3	%
	Interest expense		7,145			7,141			7,529			8,804			6,853			6,814			6,802			(727	)		-9.7	%		21,814			20,469			(1,345	)		-6.2	%
	Adjusted other operating expenses		35,211			27,413			26,695			30,301			36,475			30,530			28,974			2,279			8.5	%		89,319			95,978			6,658			7.5	%
	Adjusted benefits and expenses		55,551			49,495			48,277			52,093			55,219			48,777			47,096			(1,181	)		-2.4	%		153,323			151,092			(2,232	)		-1.5	%
	Adjusted operating income before income taxes	$	(24,263	)	$	(16,888	)	$	(13,531	)	$	(22,346	)	$	(27,943	)	$	(21,887	)	$	(17,750	)	$	(4,219	)		-31.2	%	$	(54,682	)	$	(67,581	)	$	(12,898	)		-23.6	%

14 of 18

Investment Portfolio - Summary of Holdings PRIMERICA, INC. Financial Supplement

				As of or for the period ended September 30, 2022
											% 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				$	438,025	$	438,025	$	-			14.9	%		13.5	%
Fixed Income:
	Treasury				37,367		38,241		(874	)		1.3	%		1.2	%		1.13	%	AAA
	Government				224,086		250,211		(26,124	)		7.6	%		7.7	%		2.90	%	AA-
	Tax-Exempt Municipal				31,351		37,606		(6,255	)		1.1	%		1.2	%		2.70	%	AA
	Corporate				1,223,441		1,382,788		(159,348	)		41.7	%		42.5	%		3.50	%	BBB+
	Mortgage Backed				424,518		490,003		(65,485	)		14.5	%		15.1	%		2.89	%	AAA
	Asset Backed				139,013		154,274		(15,262	)		4.7	%		4.7	%		3.22	%	AA-
	Cmbs				125,739		139,940		(14,201	)		4.3	%		4.3	%		3.24	%	AA-
	Private				252,381		285,421		(33,040	)		8.6	%		8.8	%		4.21	%	BBB
	Redeemable Preferred				3,811		4,248		(438	)		0.1	%		0.1	%		5.27	%	BBB
			Total Fixed Income		2,461,707		2,782,733		(321,026	)		83.9	%		85.5	%		3.34	%	A
Equities and Other:
	Perpetual Preferred				9,027		9,027		-			0.3	%		0.3	%
	Common Stock				18,540		18,540		-			0.6	%		0.6	%
	Mutual Fund				5,512		5,512		-			0.2	%		0.2	%
			Total Equities		33,079		33,079		-			1.1	%		1.0	%
			Total Invested Assets	$	2,932,811	$	3,253,837	$	(321,026	)		100.0	%		100.0	%
Public Corporate Portfolio by Sector
	Insurance			$	153,134	$	175,580	$	(22,445	)		12.5	%		12.7	%
	Consumer Non Cyclical				132,635		150,780		(18,146	)		10.8	%		10.9	%
	Energy				125,082		141,091		(16,009	)		10.2	%		10.2	%
	Reits				116,103		135,552		(19,449	)		9.5	%		9.8	%
	Consumer Cyclical				103,890		117,668		(13,777	)		8.5	%		8.5	%
	Banking				93,436		99,909		(6,473	)		7.6	%		7.2	%
	Technology				93,221		103,042		(9,821	)		7.6	%		7.5	%
	Capital Goods				63,968		70,831		(6,863	)		5.2	%		5.1	%
	Basic Industry				60,211		69,669		(9,458	)		4.9	%		5.0	%
	Electric				56,327		62,660		(6,333	)		4.6	%		4.5	%
	Finance Companies				53,924		62,763		(8,839	)		4.4	%		4.5	%
	Transportation				53,620		59,705		(6,085	)		4.4	%		4.3	%
	Brokerage Assetmanagers Exchanges				45,149		51,689		(6,540	)		3.7	%		3.7	%
	Communications				44,789		49,663		(4,874	)		3.7	%		3.6	%
	Financial Other				8,532		9,582		(1,050	)		0.7	%		0.7	%
	Natural Gas				7,349		7,968		(619	)		0.6	%		0.6	%
	Industrial Other				5,914		6,925		(1,011	)		0.5	%		0.5	%
	Utility Other				4,465		5,387		(922	)		0.4	%		0.4	%
	Owned No Guarantee				1,693		2,325		(632	)		0.1	%		0.2	%
			Total Corporate portfolio	$	1,223,441	$	1,382,788	$	(159,348	)		100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
		< 1 Yr.		$	211,440	$	213,180	$	(1,740	)		8.6	%		7.7	%		3.11	%
		1-2 Yrs.			230,905		237,861		(6,956	)		9.4	%		8.5	%		3.70	%
		2-5 Yrs.			767,210		831,323		(64,113	)		31.2	%		29.9	%		3.49	%
		5-10 Yrs.			783,875		924,914		(141,038	)		31.8	%		33.2	%		3.30	%
		> 10 Yrs.			468,277		575,455		(107,178	)		19.0	%		20.7	%		3.15	%
			Total Fixed Income	$	2,461,707	$	2,782,733	$	(321,026	)		100.0	%		100.0	%		3.34	%
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 September 30, 2022 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	597,966		21.5	%
	AA			308,333		11.1	%
	A			640,533		23.0	%
	BBB			1,116,851		40.1	%
	Below Investment Grade			76,395		2.7	%
	NA			42,654		1.5	%
		Total Fixed Income	$	2,782,733		100.0	%
			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,442		0.8	%		AAA		$	-		—
	AA			68,570		5.0	%		AA			5,316		1.9	%
	A			355,120		25.7	%		A			64,780		22.7	%
	BBB			879,827		63.6	%		BBB			212,211		74.4	%
	Below Investment Grade			67,653		4.9	%		Below Investment Grade			3,115		1.1	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,382,788		100.0	%			Total Private	$	285,421		100.0	%
CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	60,838		43.5	%		AAA		$	442,178		90.2	%
	AA			8,947		6.4	%		AA			47,589		9.7	%
	A			70,155		50.1	%		A			138		0.0	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			75		0.0	%
	NA			-		—			NA			23		0.0	%
		Total CMBS	$	139,940		100.0	%			Total Mortgage-Backed	$	490,003		100.0	%
Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	23,793		15.4	%		AAA		$	58,808		20.4	%
	AA			7,626		4.9	%		AA			142,010		49.2	%
	A			69,865		45.3	%		A			73,112		25.4	%
	BBB			8,412		5.5	%		BBB			11,091		3.8	%
	Below Investment Grade			2,123		1.4	%		Below Investment Grade			3,429		1.2	%
	NA			42,455		27.5	%		NA			-		—
		Total Asset-Backed	$	154,274		100.0	%			Total Treasury & Government	$	288,451		100.0	%
NAIC Designations
	1		$	1,322,263		53.6	%
	2			1,042,003		42.7	%
	3			82,659		3.3	%
	4			7,813		0.3	%
	5			691		0.0	%
	6			-		—
		U.S. Insurer Fixed Income (2)		2,455,429		100.0	%
	Other (3)			360,382
	Cash and cash equivalents			438,025
		Total Invested Assets	$	3,253,837

(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.

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Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC. Financial Supplement

																									YOY Q3
(Dollars in thousands)				Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,020		$	20,155		$	19,860		$	20,328		$	20,889		$	22,414		$	23,067		$	3,207		16.1%
	Fixed-maturity securities (held-to-maturity)				15,146			15,495			15,741			15,825			15,515			15,815			16,283			542		3.4%
	Equity Securities				391			411			413			416			387			371			373			(40	)	-9.7%
	Deposit asset underlying 10% reinsurance treaty				1,368			1,238			987			785			589			485			557			(430	)	-43.6%
	Deposit asset - Mark to Market				(793	)		(170	)		(640	)		(899	)		(2,099	)		(1,254	)		(68	)		572		-89.4%
	Policy loans and other invested assets				231			98			289			401			102			58			436			147		51.0%
	Cash & cash equivalents				119			156			96			85			125			498			1,714			1,618		n/m
			Total investment income		36,483			37,383			36,746			36,940			35,508			38,387			42,362			5,616		15.3%
	Investment expenses				1,284			1,353			1,004			1,114			1,088			1,288			1,733			729		72.6%
	Interest Expense on Surplus Note				15,146			15,495			15,741			15,825			15,515			15,815			16,283			542		3.4%
			Net investment income	$	20,052		$	20,535		$	20,001		$	20,001		$	18,905		$	21,284		$	24,346		$	4,345		21.7%
		Fixed income book yield, end of period			3.30	%		3.31	%		3.23	%		3.12	%		3.18	%		3.25	%		3.34	%
		New money yield			1.72	%		2.68	%		2.21	%		1.60	%		3.37	%		4.21	%		3.93	%
																									YOY Q3
				Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				16.6	%		16.5	%		18.0	%		18.7	%		21.0	%		22.0	%		21.5	%		3.5	%
	AA				12.2	%		11.6	%		11.0	%		11.8	%		11.2	%		11.2	%		11.1	%		0.1	%
	A				23.0	%		22.1	%		23.6	%		24.4	%		23.7	%		23.0	%		23.0	%		-0.6	%
	BBB				44.0	%		45.5	%		42.9	%		40.8	%		39.8	%		39.6	%		40.1	%		-2.8	%
	Below Investment Grade				4.1	%		4.2	%		4.1	%		3.5	%		3.1	%		2.8	%		2.7	%		-1.3	%
	NA				0.1	%		0.1	%		0.3	%		0.8	%		1.2	%		1.3	%		1.5	%		1.2	%
			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, 2022									As of September 30, 2022						As of September 30, 2022
				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		$	14,733		$	15,991		AAA	Canada		$	92,375	$	103,645	AAA		$	1,996	$	2,124
	2	Province of Quebec Canada			14,271			14,935		A+	Australia			21,567		23,246	AA			7,650		7,671
	3	Province of Ontario Canada			13,629			14,274		AA	Cayman Islands			17,828		18,971	A			10,618		12,409
	4	Province of Alberta Canada			10,684			11,729		BBB+	United Kingdom			16,234		17,005	BBB			9,337		10,641
	5	TC Energy Corp			10,356			11,320		BBB+	Japan			7,751		9,359	Below Investment Grade			2,792		3,429
	6	Enbridge Inc			10,274			11,538		A	Bermuda			7,191		8,198	NA			—		—
	7	Manulife Financial Corp			9,067			9,513		AA+	France			6,853		7,084		Total	$	32,393	$	36,275
	8	Capital One Financial Corp			8,932			10,695		A	Ireland			6,042		7,571
	9	Province of British Columbia Canada			8,869			10,579		BBB+	Mexico			5,437		5,463
	10	Ontario Teachers' Pension Plan			8,507			10,205		AA+	Netherlands			5,289		5,450	Non-Government Investments (1)
	11	ConocoPhillips			8,183			9,095		BBB	Brazil			4,696		4,825
	12	Fairfax Financial Holdings Ltd			8,042			8,456		A	Israel			3,706		4,006	AAA		$	2,882	$	2,999
	13	Kemper Corp			8,034			9,828		BBB-	Supranational			3,496		3,623	AA			2,396		2,537
	14	Brookfield Asset Management Inc			7,832			9,519		AA	Switzerland			3,495		3,556	A			44,977		49,137
	15	Western & Southern Mutual Holdings Co			7,767			7,871		A+	Luxembourg			3,410		3,500	BBB			139,962		153,597
	16	City of Toronto Canada			7,736			8,008		AA	Emerging Markets (2)			12,028		14,385	Below Investment Grade			8,145		7,961
	17	Province of Newfoundland and Labrador			7,703			8,032		A+	All Other			18,447		18,077	NA			5,091		5,458
	18	Morgan Stanley			7,468			7,766		BBB+		Total	$	235,846	$	257,964		Total	$	203,453	$	221,689
	19	Bunge Ltd			7,318			8,101		A
	20	Province of New Brunswick Canada			7,208			7,370		BBB
	21	General Mills Inc			7,102			7,716		AA+
	22	Sammons Enterprises Inc			6,911			7,077		A-
	23	Apple Inc			6,896			8,090		BBB
	24	Realty Income Corp			6,823			7,890		BBB
	25	Williams Cos Inc			6,753			7,443		A+
			Total	$	221,100		$	243,041
			% of total fixed income portfolio		7.5	%		7.5	%

(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)			2017			2018			2019			2020			2021			Q1 2021			Q2 2021			Q3 2021			Q4 2021			Q1 2022			Q2 2022			Q3 2022
Recruits				303,867			290,886			282,207			400,345			349,374			94,633			89,285			91,884			73,572			84,707			70,215			127,788
Life-insurance licensed sales force, beginning of period				116,827			126,121			130,736			130,522			134,907			134,907			132,030			132,041			130,023			129,515			130,206			132,149
	New life-licensed representatives			48,535			48,041			44,739			48,106			39,622			10,833			10,112			9,381			9,296			9,983			11,529			12,518
	Non-renewal and terminated representatives			(39,241	)		(43,426	)		(44,953	)		(43,721	)		(45,014	)		(13,710	)		(10,101	)		(11,399	)		(9,804	)		(9,292	)		(9,586	)		(10,354	)
Life-insurance licensed sales force, end of period				126,121			130,736			130,522			134,907			129,515			132,030			132,041			130,023			129,515			130,206			132,149			134,313
Issued term life policies				312,799			301,589			287,809			352,868			323,855			82,667			90,071			75,914			75,203			71,324			76,946			71,104
Issued term life face amount			$	95,635		$	95,209		$	93,994		$	109,436		$	108,521		$	26,643		$	29,981		$	26,219		$	25,678		$	24,773		$	27,651		$	26,049
Term life face amount in force, beginning of period			$	728,385		$	763,831		$	781,041		$	808,262		$	858,818		$	858,818		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438
	Issued term life face amount			95,635			95,209			93,994			109,436			108,521			26,643			29,981			26,219			25,678			24,773			27,651			26,049
	Terminated term life face amount			(65,958	)		(70,291	)		(71,519	)		(60,848	)		(64,798	)		(17,240	)		(14,706	)		(16,241	)		(16,610	)		(19,787	)		(19,298	)		(21,033	)
	Foreign currency impact, net			5,769			(7,708	)		4,746			1,968			862			1,422			1,602			(2,480	)		319			1,242			(3,547	)		(6,669	)
Term life face amount in force, end of period			$	763,831		$	781,041		$	808,262		$	858,818		$	903,404		$	869,643		$	886,519		$	894,018		$	903,404		$	909,632		$	914,438		$	912,785
Estimated annualized issued term life premium
	Premium from new policies		$	255.4		$	250.8		$	244.8		$	303.6		$	297.2		$	74.5		$	82.6		$	70.7		$	69.4		$	65.5		$	72.3		$	68.0
	Additions and increases in premium			49.5			55.2			60.2			68.9			77.0			18.0			20.3			19.5			19.1			18.4			20.6			19.5
		Total estimated annualized issued term life premium	$	304.9		$	306.0		$	305.0		$	372.5		$	374.2		$	92.5		$	103.0		$	90.2		$	88.5		$	83.8		$	92.9		$	87.5
Investment & Savings product sales			$	6,192.2		$	7,040.1		$	7,533.2		$	7,842.5		$	11,703.2		$	2,853.5		$	3,040.2		$	2,790.4		$	3,019.0		$	3,065.4		$	2,689.6		$	2,161.5
Investment & Savings average client asset values			$	56,791		$	61,842		$	65,029		$	69,709		$	89,993		$	83,131		$	89,378		$	92,652		$	94,809		$	94,203		$	87,994		$	83,320
Closed U.S. Mortgage Volume (brokered)			$	—		$	—		$	31.1		$	442.5		$	1,229.2		$	262.3		$	298.6		$	337.6		$	330.8		$	235.9		$	152.7		$	99.8

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