Primerica (PRI) 8-K Primerica Reports Third Quarter 2012 Results

Exhibit 99.2

Supplemental Financial Information

Third Quarter 2012

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 non-GAAP to GAAP financial measures	7
Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, key statistics, and financial analysis	11
Investment portfolio	12-14
Five-year historical key statistics	15

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, 2011, as modified and updated by the Form 8-K filed on May 8, 2012 as well as the Form 10-Q for the quarter ended June 30, 2012.

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Preface PRIMERICA, INC. Financial Supplement

THIRD QUARTER 2012

This document is a financial supplement to our third quarter 2012 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 two different purposes, as follows:

·   Operating adjustments exclude the expense associated with equity awards granted in connection with our initial public offering (“IPO”) and the impact of realized investment gains and losses.  For periods which include the first quarter of 2011, operating adjustments exclude the impact of certain reinsurance recoveries which previously had not been recognized due to the uncertain nature of their recovery.

·   Adjusted when used in describing stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets.

Management utilizes certain 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.

Effective January 1, 2012, we adopted ASU 2010-26 Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts and no longer defer certain indirect acquisition costs or costs attributable to unsuccessful efforts of acquiring life insurance policies.  We adopted this accounting policy change retrospectively and, accordingly, our historical results have been adjusted to reflect all results on a consistent basis across all periods presented.  See the table below for the impact on key metrics.

During the first quarter 2012, we closed a redundant reserve financing transaction. In connection with this transaction, we formed Peach Re, Inc. (Peach Re), a special purpose financial captive insurance company and indirect wholly owned subsidiary of the company.  In March 2012, Peach Re entered into a letter of credit facility with Deutsche Bank AG New York Branch with a term of approximately 14 years for a maximum amount of $510 million to support certain of its obligations for a portion of the reserves (commonly referred to as Regulation XXX reserves) related to level premium term life insurance policies ceded to Peach Re by Primerica Life under a new coinsurance agreement.  In connection with this transaction, Primerica Life Insurance Company (PLIC) obtained regulatory approval for the March 2012 payment of an extraordinary dividend of $150 million to Primerica, Inc.

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)	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012			Sep 30, 2012
Condensed Balance Sheets
Assets:
Investments and cash	$	2,330,098		$	2,297,013		$	2,319,873		$	2,157,582		$	2,167,231		$	2,016,842		$	2,176,721
Due from reinsurers		3,769,599			3,793,995			3,818,759			3,855,318			3,895,162			3,903,028			3,993,603
Deferred policy acquisition costs		786,055			833,784			864,623			904,485			948,087			990,558			1,036,020
Other assets		582,079			567,482			586,647			525,836			522,123			540,010			597,465
Separate account assets		2,582,881			2,544,429			2,276,705			2,408,598			2,541,313			2,500,640			2,630,630
Total assets	$	10,050,712		$	10,036,703		$	9,866,607		$	9,851,820		$	10,073,917		$	9,951,077		$	10,434,439
Liabilities:
Future policy benefits	$	4,470,185		$	4,532,615		$	4,557,535		$	4,614,860		$	4,676,374		$	4,723,359		$	4,797,815
Other policy liabilities		604,487			588,202			589,826			589,542			606,793			593,956			595,382
Income taxes		100,666			84,859			87,950			81,316			88,503			82,755			96,408
Other liabilities		396,195			363,181			389,319			381,495			331,112			329,539			424,706
Note payable		300,000			300,000			300,000			300,000			300,000			300,000			374,421
Payable under securities lending		186,089			163,342			185,483			149,358			142,507			143,963			177,666
Separate account liabilities		2,582,881			2,544,429			2,276,705			2,408,598			2,541,313			2,500,640			2,630,630
Total liabilities		8,640,502			8,576,628			8,386,817			8,525,169			8,686,602			8,674,211			9,097,028
Stockholders’ equity:
Common stock ($0.01 par value) (1)		732			736			737			649			653			599			597
Paid-in capital		1,016,973			1,021,338			1,026,265			835,232			842,613			693,717			691,885
Retained earnings		240,739			276,089			308,912			344,104			383,847			426,936			468,223
Treasury stock		—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		96,542			105,646			99,257			97,082			107,598			107,187			119,836
Net unrealized investment losses other-than-temporarily impaired		(2,275	)		(2,275	)		(2,363	)		(1,665	)		(1,981	)		(2,031	)		(1,364	)
Cumulative translation adjustment		57,498			58,541			46,982			51,248			54,584			50,457			58,234
Total stockholders’ equity		1,410,210			1,460,076			1,479,790			1,326,650			1,387,314			1,276,866			1,337,411
Total liabilities and stockholders' equity	$	10,050,712		$	10,036,703		$	9,866,607		$	9,851,820		$	10,073,917		$	9,951,077		$	10,434,439
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,315,943		$	1,356,704		$	1,382,895		$	1,231,233		$	1,281,697		$	1,171,709		$	1,218,939
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		96,542			105,646			99,257			97,082			107,598			107,187			119,836
Net unrealized investment losses other-than-temporarily impaired		(2,275	)		(2,275	)		(2,363	)		(1,665	)		(1,981	)		(2,031	)		(1,364	)
Total reconciling items		94,268			103,372			96,894			95,417			105,617			105,156			118,472
Total stockholders’ equity	$	1,410,210		$	1,460,076		$	1,479,790		$	1,326,650		$	1,387,314		$	1,276,866		$	1,337,411
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	738,946		$	786,055		$	833,784		$	864,623		$	904,485		$	948,087		$	990,558
General expenses deferred		7,381			8,410			7,625			7,754			7,003			7,492			7,234
Commission costs deferred		56,822			62,091			61,785			58,793			60,116			66,540			61,238
Amortization of deferred policy acquisition costs		(23,229	)		(23,975	)		(26,645	)		(30,185	)		(26,531	)		(28,205	)		(29,234	)
Foreign currency impact and other, net		6,135			1,203			(11,927	)		3,501			3,015			(3,356	)		6,223
Balance, end of period	$	786,055		$	833,784		$	864,623		$	904,485		$	948,087		$	990,558		$	1,036,020

(1) Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data PRIMERICA, INC. Financial Supplement

																						YOY Q3												YOY YTD
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			$			%			YTD			YTD			$			%
(Dollars in thousands, except per-share data)	2011			2011			2011			2011			2012			2012			2012			Change			Change			2011			2012			Change			Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		72,671,481			73,457,333			73,658,253			69,366,432			65,133,035			61,530,879			60,059,741			(13,598,512	)		-18.5	%		73,264,528			62,241,218			(11,023,010	)	-15.0	%
Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	10,503			29.9	%	$	119,988		$	133,535		$	13,547		11.3	%
Less income attributable to unvested participating securities		(1,895	)		(1,097	)		(988	)		(1,111	)		(1,357	)		(1,110	)		(1,116	)		(128	)		-12.9	%		(3,798	)		(3,625	)		174		4.6	%
Net income used in computing basic EPS	$	45,377		$	36,523		$	34,108		$	36,094		$	40,400		$	45,069		$	44,483		$	10,375			30.4	%	$	116,190		$	129,911		$	13,721		11.8	%
Basic earnings per share	$	0.62		$	0.50		$	0.46		$	0.52		$	0.62		$	0.73		$	0.74		$	0.28			59.9	%	$	1.59		$	2.09		$	0.50		31.6	%
Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	7,802			20.9	%	$	119,335		$	132,935		$	13,600		11.4	%
Less operating income attributable to unvested participating securities		(1,741	)		(1,126	)		(1,051	)		(1,094	)		(1,377	)		(1,093	)		(1,104	)		(54	)		-5.1	%		(3,783	)		(3,608	)		175		4.6	%
Net operating income used in computing basic operating EPS	$	41,700		$	37,467		$	36,250		$	35,558		$	41,000		$	44,362		$	43,999		$	7,748			21.4	%	$	115,551		$	129,327		$	13,776		11.9	%
Basic operating income per share	$	0.57		$	0.51		$	0.49		$	0.51		$	0.63		$	0.72		$	0.73		$	0.24			48.9	%	$	1.58		$	2.08		$	0.50		31.7	%
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		72,671,481			73,457,333			73,658,253			69,366,432			65,133,035			61,530,879			60,059,741			(13,598,512	)		-18.5	%		73,264,528			62,241,218			(11,023,010	)	-15.0	%
Dilutive impact of warrants		1,154,597			743,814			541,184			802,787			1,141,687			1,155,701			1,502,853			961,669		nm				830,342			1,277,698			447,356		53.9	%
Shares used to calculate diluted EPS		73,826,078			74,201,147			74,199,437			70,169,219			66,274,722			62,686,580			61,562,594			(12,836,843	)		-17.0	%		74,094,870			63,518,916			(10,575,954	)	-14.3	%
Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	10,503			29.9	%	$	119,988		$	133,535		$	13,547		11.3	%
Less income attributable to unvested participating securities		(1,867	)		(1,087	)		(982	)		(1,099	)		(1,335	)		(1,092	)		(1,092	)		(110	)		-11.2	%		(3,759	)		(3,559	)		200		5.3	%
Net income used in computing diluted EPS	$	45,405		$	36,533		$	34,115		$	36,105		$	40,421		$	45,088		$	44,507		$	10,393			30.5	%	$	116,230		$	129,977		$	13,747		11.8	%
Diluted earnings per share	$	0.62		$	0.49		$	0.46		$	0.51		$	0.61		$	0.72		$	0.72		$	0.26			57.2	%	$	1.57		$	2.05		$	0.48		30.4	%
Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	7,802			20.9	%	$	119,335		$	132,935		$	13,600		11.4	%
Less operating income attributable to unvested participating securities		(1,715	)		(1,115	)		(1,044	)		(1,083	)		(1,355	)		(1,074	)		(1,080	)		(37	)		-3.5	%		(3,742	)		(3,542	)		200		5.3	%
Net operating income used in computing diluted operating EPS	$	41,726		$	37,477		$	36,257		$	35,570		$	41,022		$	44,381		$	44,023		$	7,765			21.4	%	$	115,592		$	129,392		$	13,800		11.9	%
Diluted operating income per share	$	0.57		$	0.51		$	0.49		$	0.51		$	0.62		$	0.71		$	0.72		$	0.23			46.3	%	$	1.56		$	2.04		$	0.48		30.6	%

																						YOY Q3												YOY YTD
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			$			%			YTD			YTD			$			%
	2011			2011			2011			2011			2012			2012			2012			Change			Change			2011			2012			Change			Change
Annualized Return on Equity
Average stockholders' equity	$	1,383,369		$	1,435,143		$	1,469,933		$	1,403,220		$	1,356,982		$	1,332,090		$	1,307,138		$	(162,794	)		-11.1	%	$	1,429,482		$	1,332,070		$	(97,411	)		-6.8	%
Average adjusted stockholders' equity	$	1,288,212		$	1,336,324		$	1,369,800		$	1,307,064		$	1,256,465		$	1,226,703		$	1,195,324		$	(174,476	)		-12.7	%	$	1,331,445		$	1,226,164		$	(105,281	)		-7.9	%
Net income return on stockholders' equity		13.7	%		10.5	%		9.6	%		10.6	%		12.3	%		13.9	%		14.0	%		4.4	%	nm				11.2	%		13.4	%		2.2	%	nm
Net income return on adjusted stockholders' equity		14.7	%		11.3	%		10.2	%		11.4	%		13.3	%		15.1	%		15.3	%		5.0	%	nm				12.0	%		14.5	%		2.5	%	nm
Net operating income return on adjusted stockholders' equity		13.5	%		11.6	%		10.9	%		11.2	%		13.5	%		14.8	%		15.1	%		4.2	%	nm				12.0	%		14.5	%		2.5	%	nm
Capital Structure
Debt-to-capital (1)		17.5	%		17.0	%		16.9	%		18.4	%		17.8	%		19.0	%		21.9	%		5.0	%	nm				16.9	%		21.9	%		5.0	%	nm
Cash and invested assets to stockholders' equity		1.7	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		0.1	x	nm				1.6	x		1.6	x		0.1	x	nm
Cash and invested assets to adjusted stockholders' equity		1.8	x		1.7	x		1.7	x		1.8	x		1.7	x		1.7	x		1.8	x		0.1	x	nm				1.7	x		1.8	x		0.1	x	nm
Share count, end of period (2)		73,187,837			73,603,111			73,740,120			64,882,643			65,303,547			59,868,486			59,722,559			(14,017,561	)		-19.0	%		73,740,120			59,722,559			(14,017,561	)		-19.0	%
Adjusted stockholders' equity per share	$	17.98		$	18.43		$	18.75		$	18.98		$	19.63		$	19.57		$	20.41		$	1.66			8.8	%	$	18.75		$	20.41		$	1.66			8.8	%
Financial Strength Ratings - Primerica Life Insurance Co
Moody's	na			A2			A2			A2			A2			A2			A2			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
Fitch	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm
Holding Company Senior Debt Ratings
Moody's	na			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm			nm			nm			nm			nm
S&P	na			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
A.M. Best	na			a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

(1)	Capital in the debt-to-capital ratio includes stockholders' equity and the notes payable.
(2)	Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).

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Statements of Income PRIMERICA, INC. Financial Supplement

																						YOY Q3											YOY YTD
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			$			%		YTD			YTD			$			%
(Dollars in thousands)	2011			2011			2011			2011			2012			2012				2012		Change			Change		2011			2012			Change			Change
Statement of Income
Revenues:
Direct premiums	$	552,069		$	560,881		$	560,739		$	555,778		$	561,037		$	570,073		$	567,273		$	6,534		1.2	%	$	1,673,689		$	1,698,383		$	24,695			1.5	%
Ceded premiums		(422,238	)		(435,564	)		(425,643	)		(419,630	)		(418,163	)		(415,814	)		(414,992	)		10,651		2.5	%		(1,283,444	)		(1,248,969	)		34,475			2.7	%
Net premiums		129,831			125,317			135,096			136,148			142,874			154,259			152,282			17,186		12.7	%		390,244			449,414			59,170			15.2	%
Net investment income		28,626			27,229			27,103			25,644			26,097			23,605			26,882			(222	)	-0.8	%		82,958			76,583			(6,375	)		-7.7	%
Commissions and fees:
Sales-based (1)		43,128			44,904			42,244			40,086			44,467			47,269			43,120			876		2.1	%		130,276			134,856			4,580			3.5	%
Asset-based (2)		44,825			45,348			41,996			40,889			43,722			43,751			45,627			3,631		8.6	%		132,170			133,099			929			0.7	%
Account-based (3)		10,432			11,811			10,140			9,615			9,373			9,494			9,826			(314	)	-3.1	%		32,382			28,693			(3,689	)		-11.4	%
Other commissions and fees		7,731			6,635			6,502			6,693			6,343			6,248			5,764			(739	)	-11.4	%		20,868			18,355			(2,513	)		-12.0	%
Realized investment (losses) gains		327			2,035			(178	)		4,256			2,132			4,320			3,872			4,050		nm			2,184			10,324			8,140		nm
Other, net		11,452			11,816			12,887			12,526			11,594			11,581			11,715			(1,172	)	-9.1	%		36,155			34,889			(1,266	)		-3.5	%
Total revenues		276,352			275,095			275,790			275,855			286,601			300,525			299,087			23,297		8.4	%		827,237			886,214			58,977			7.1	%
Benefits and expenses:
Benefits and claims		57,635			57,272			64,101			63,688			67,933			68,925			70,738			6,636		10.4	%		179,008			207,596			28,587			16.0	%
Amortization of DAC		23,229			23,975			26,645			30,185			26,531			28,205			29,234			2,588		9.7	%		73,849			83,970			10,121			13.7	%
Insurance commissions		8,998			9,532			10,536			9,553			8,496			6,457			6,684			(3,851	)	-36.6	%		29,066			21,638			(7,427	)		-25.6	%
Insurance expenses		15,798			26,988			22,133			24,273			22,444			24,589			23,744			1,611		7.3	%		64,920			70,777			5,858			9.0	%
Sales commissions:
Sales-based (1)		30,553			31,389			29,640			26,805			31,600			33,285			30,521			882		3.0	%		91,582			95,406			3,824			4.2	%
Asset-based (2)		15,451			15,111			13,805			13,534			14,745			15,031			15,557			1,752		12.7	%		44,368			45,334			966			2.2	%
Other sales commissions		4,434			3,774			3,692			3,534			3,371			3,159			3,292			(400	)	-10.8	%		11,900			9,823			(2,078	)		-17.5	%
Interest expense		6,997			6,998			7,000			6,973			6,910			8,505			8,829			1,829		26.1	%		20,994			24,244			3,250			15.5	%
Other operating expenses		40,001			41,590			42,732			40,630			41,104			40,447			39,933			(2,800	)	-6.6	%		124,324			121,484			(2,840	)		-2.3	%
Total benefits and expenses		203,095			216,630			220,285			219,175			223,135			228,605			228,532			8,247		3.7	%		640,010			680,272			40,262			6.3	%
Income before income taxes		73,256			58,465			55,505			56,681			63,466			71,921			70,556			15,050		27.1	%		187,227			205,942			18,715			10.0	%
Income taxes		25,985			20,845			20,409			19,477			21,709			25,741			24,956			4,547		22.3	%		67,239			72,407			5,168			7.7	%
Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	10,503		29.9	%	$	119,988		$	133,535		$	13,547			11.3	%
Income Before Income Taxes by Segment
Term Life	$	49,716		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	8,915		22.5	%	$	125,405		$	144,583		$	19,178			15.3	%
Investment & Savings Products		31,039			30,470			26,746			28,821			28,869			29,444			31,608			4,862		18.2	%		88,255			89,922			1,667			1.9	%
Corporate & Other Distributed Products		(7,498	)		(8,032	)		(10,903	)		(9,185	)		(9,687	)		(9,246	)		(9,629	)		1,274		11.7	%		(26,433	)		(28,563	)		(2,130	)		-8.1	%
Income before income taxes	$	73,256		$	58,465		$	55,505		$	56,681		$	63,466		$	71,921		$	70,556		$	15,050		27.1	%	$	187,227		$	205,942		$	18,715			10.0	%

(1)	Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities
(2)	Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees
(3)	Account-based  - revenues relating to the fee generating client accounts we administer

6 of 15

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

																						YOY Q3											YOY YTD
	Q1			Q2			Q3			Q4			Q1			Q2			Q3			$		%			YTD			YTD			$		%
(Dollars in thousands)	2011			2011			2011			2011			2012			2012			2012			Change		Change			2011			2012			Change		Change
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	267,296		$	273,060		$	275,968		$	271,600		$	284,469		$	296,206		$	295,215		$	19,247		7.0	%	$	816,324		$	875,890		$	59,565		7.3	%
Operating revenues reconciling items:
Realized investment gains/losses		327			2,035			(178	)		4,256			2,132			4,320			3,872		nm		nm				2,184			10,324		nm		nm
Ceded premiums - reinsurance recoveries		8,729			—			—			—			—			—			—		nm		nm				8,729			—		nm		nm
Total operating revenues reconciling items		9,056			2,035			(178	)		4,256			2,132			4,320			3,872		nm		nm				10,913			10,324		nm		nm
Total revenues	$	276,352		$	275,095		$	275,790		$	275,855		$	286,601		$	300,525		$	299,087		$	23,297		8.4	%	$	827,237		$	886,214		$	58,977		7.1	%
Reconciliation from Operating Income Before Income Taxes to Income Before Income Taxes
Operating income before income taxes	$	67,321		$	59,976		$	58,992		$	55,840		$	64,409		$	70,793		$	69,787		$	10,795		18.3	%	$	186,288		$	204,989		$	18,700		10.0	%
Operating income before income taxes reconciling items:
Realized investment gains/losses		327			2,035			(178	)		4,256			2,132			4,320			3,872		nm		nm				2,184			10,324		nm		nm
Ceded premiums - reinsurance recoveries		8,729			—			—			—			—			—			—		nm		nm				8,729			—		nm		nm
Initial & accelerated management / field grant expense		(3,120	)		(3,546	)		(3,309	)		(3,415	)		(3,075	)		(3,192	)		(3,104	)	nm		nm				(9,974	)		(9,371	)	nm		nm
Total operating income before income taxes reconciling items		5,936			(1,510	)		(3,487	)		841			(943	)		1,128			768		nm		nm				939			953		nm		nm
Income before income taxes	$	73,256		$	58,465		$	55,505		$	56,681		$	63,466		$	71,921		$	70,556		$	15,050		27.1	%	$	187,227		$	205,942		$	18,715		10.0	%
Reconciliation from Net Operating Income to Net Income
Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	7,802		20.9	%	$	119,335		$	132,935		$	13,600		11.4	%
Net operating income reconciling items:
Operating income before income taxes reconciling items		5,936			(1,510	)		(3,487	)		841			(943	)		1,128			768		nm		nm				939			953		nm		nm
Tax impact of operating income reconciling items at effective tax rate		(2,105	)		539			1,282			(289	)		323			(404	)		(272	)	nm		nm				(285	)		(353	)	nm		nm
Total net operating income reconciling items		3,830			(972	)		(2,205	)		552			(621	)		724			497		nm		nm				654			600		nm		nm
Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	10,503		29.9	%	$	119,988		$	133,535		$	13,547		11.3	%

7 of 15

Segment Operating Results	PRIMERICA, INC.
	Financial Supplement

																						YOY Q3												YOY YTD
(Dollars in thousands)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Term Life Insurance
Revenues:
Direct premiums	$	532,167		$	540,283		$	539,693		$	537,450		$	542,157		$	550,329		$	549,069		$	9,376			1.7	%	$	1,612,144		$	1,641,555		$	29,412			1.8	%
Ceded premiums		(427,382	)		(431,890	)		(421,933	)		(416,477	)		(414,559	)		(412,038	)		(411,240	)		10,693			2.5	%		(1,281,205	)		(1,237,837	)		43,368			3.4	%
Net premiums		104,786			108,393			117,760			120,973			127,598			138,292			137,829			20,069			17.0	%		330,939			403,718			72,780			22.0	%
Allocated net investment income		15,794			15,669			15,664			15,560			16,659			16,685			18,395			2,731			17.4	%		47,127			51,740			4,613			9.8	%
Other, net		7,653			7,580			8,289			8,144			7,547			7,753			7,788			(500	)		-6.0	%		23,522			23,089			(433	)		-1.8	%
Operating revenues		128,233			131,641			141,713			144,678			151,805			162,730			164,012			22,299			15.7	%		401,588			478,547			76,959			19.2	%
Benefits and expenses:
Benefits and claims		47,351			43,921			52,067			53,820			57,509			59,984			60,733			8,666			16.6	%		143,339			178,226			34,888			24.3	%
Amortization of DAC		20,127			19,894			22,289			27,163			23,933			22,547			27,645			5,356			24.0	%		62,311			74,125			11,814			19.0	%
Insurance commissions		4,063			5,320			5,633			4,380			3,577			2,314			2,168			(3,465	)		-61.5	%		15,016			8,060			(6,957	)		-46.3	%
Insurance expenses		12,833			23,607			19,186			19,421			19,717			21,782			20,532			1,345			7.0	%		55,626			62,030			6,404			11.5	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,380			4,357			1,482			51.6	%		8,619			11,523			2,903			33.7	%
Operating benefits and expenses		87,246			95,615			102,050			107,633			107,521			111,008			115,435			13,385			13.1	%		284,912			333,964			49,053			17.2	%
Operating income before income taxes	$	40,987		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	8,915			22.5	%	$	116,676		$	144,583		$	27,907			23.9	%
Investment & Savings Products
Revenues:																																��
Commissions and fees:
Sales-based	$	43,128		$	44,904		$	42,244		$	40,086		$	44,467		$	47,269		$	43,120		$	876			2.1	%	$	130,276		$	134,856		$	4,580			3.5	%
Asset-based		44,825			45,348			41,996			40,889			43,722			43,751			45,627			3,631			8.6	%		132,170			133,099			929			0.7	%
Account-based		10,432			11,811			10,140			9,615			9,373			9,494			9,826			(314	)		-3.1	%		32,382			28,693			(3,689	)		-11.4	%
Other, net		2,461			2,522			3,105			3,196			2,572			2,454			2,590			(515	)		-16.6	%		8,089			7,616			(473	)		-5.8	%
Operating revenues		100,846			104,586			97,486			93,786			100,133			102,967			101,163			3,678			3.8	%		302,917			304,264			1,347			0.4	%
Benefits and expenses:
Amortization of DAC		2,785			3,751			4,034			1,913			3,223			2,881			1,411			(2,623	)		-65.0	%		10,569			7,514			(3,055	)		-28.9	%
Insurance commissions		2,140			2,344			2,277			2,089			2,149			2,252			2,323			45			2.0	%		6,762			6,723			(38	)		-0.6	%
Sales commissions:
Sales-based		30,553			31,389			29,640			26,805			31,600			33,285			30,521			882			3.0	%		91,582			95,406			3,824			4.2	%
Asset-based		15,451			15,111			13,805			13,534			14,745			15,031			15,557			1,752			12.7	%		44,368			45,334			966			2.2	%
Other operating expenses		18,878			21,519			20,984			20,624			19,547			20,074			19,744			(1,240	)		-5.9	%		61,382			59,365			(2,016	)		-3.3	%
Operating benefits and expenses		69,807			74,115			70,740			64,964			71,264			73,523			69,556			(1,184	)		-1.7	%		214,662			214,342			(320	)		-0.1	%
Operating income before income taxes	$	31,039		$	30,470		$	26,746		$	28,821		$	28,869		$	29,444		$	31,608		$	4,862			18.2	%	$	88,255		$	89,922		$	1,667			1.9	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	19,902		$	20,597		$	21,046		$	18,328		$	18,880		$	19,744		$	18,204		$	(2,841	)		-13.5	%	$	61,545		$	56,828		$	(4,717	)		-7.7	%
Ceded premiums		(3,585	)		(3,674	)		(3,710	)		(3,153	)		(3,604	)		(3,777	)		(3,752	)		(42	)		-1.1	%		(10,969	)		(11,133	)		(164	)		-1.5	%
Net premiums		16,317			16,924			17,336			15,174			15,276			15,967			14,453			(2,883	)		-16.6	%		50,576			45,695			(4,881	)		-9.7	%
Allocated net investment income		12,831			11,560			11,439			10,083			9,437			6,919			8,487			(2,952	)		-25.8	%		35,830			24,843			(10,987	)		-30.7	%
Commissions and fees:
Loans		1,528			1,202			1,126			1,134			913			627			438			(688	)		-61.1	%		3,856			1,978			(1,878	)		-48.7	%
DebtWatchers		1,071			805			840			791			717			648			609			(231	)		-27.5	%		2,716			1,974			(742	)	nm
Prepaid Legal Services		2,619			2,345			2,329			2,321			2,289			2,266			2,364			35			1.5	%		7,293			6,918			(374	)		-5.1	%
Auto and Homeowners Insurance		1,687			1,507			1,427			1,606			1,689			1,836			1,271			(156	)		-10.9	%		4,621			4,797			176			3.8	%
Long-Term Care Insurance		825			775			764			835			724			650			746			(17	)		-2.2	%		2,364			2,120			(245	)		-10.3	%
Other sales commissions		1			0			16			5			12			222			334			318		nm				18			568			550		nm
Other, net		1,337			1,715			1,493			1,186			1,475			1,373			1,337			(156	)		-10.5	%		4,545			4,185			(360	)		-7.9	%
Operating revenues		38,216			36,833			36,770			33,136			32,531			30,508			30,039			(6,730	)		-18.3	%		111,819			93,078			(18,741	)		-16.8	%
Benefits and expenses:
Benefits and claims		10,284			13,352			12,034			9,867			10,424			8,941			10,004			(2,030	)		-16.9	%		35,670			29,370			(6,300	)		-17.7	%
Amortization of DAC		317			330			322			1,110			(625	)		2,778			178			(144	)		-44.8	%		969			2,331			1,362			140.6	%
Insurance commissions		2,794			1,867			2,626			3,084			2,770			1,891			2,194			(432	)		-16.5	%		7,287			6,855			(432	)		-5.9	%
Insurance expenses		2,965			3,381			2,947			4,851			2,727			2,807			3,213			265			9.0	%		9,293			8,747			(547	)		-5.9	%
Sales commissions		4,434			3,774			3,692			3,534			3,371			3,159			3,292			(400	)		-10.8	%		11,900			9,823			(2,078	)		-17.5	%
Interest expense		4,125			4,125			4,125			4,125			4,125			4,125			4,472			347			8.4	%		12,375			12,722			347			2.8	%
Other operating expenses		18,003			16,525			18,440			16,591			18,482			17,181			17,085			(1,355	)		-7.3	%		52,968			52,748			(220	)		-0.4	%
Operating benefits and expenses		42,922			43,354			44,186			43,162			41,275			40,882			40,437			(3,749	)		-8.5	%		130,462			122,594			(7,868	)		-6.0	%
Operating income before income taxes	$	(4,705	)	$	(6,521	)	$	(7,416	)	$	(10,026	)	$	(8,744	)	$	(10,374	)	$	(10,398	)	$	(2,981	)		-40.2	%	$	(18,643	)	$	(29,516	)	$	(10,873	)		-58.3	%

8 of 15

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

(Dollars in thousands)																						YOY Q3												YOY YTD
Term Life Insurance Operating Income Before Income Taxes	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Revenues:
Direct premiums	$	532,167		$	540,283		$	539,693		$	537,450		$	542,157		$	550,329		$	549,069		$	9,376			1.7	%	$	1,612,144		$	1,641,555		$	29,412			1.8	%
Ceded premiums		(427,382	)		(431,890	)		(421,933	)		(416,477	)		(414,559	)		(412,038	)		(411,240	)		10,693			2.5	%		(1,281,205	)		(1,237,837	)		43,368			3.4	%
Net premiums		104,786			108,393			117,760			120,973			127,598			138,292			137,829			20,069			17.0	%		330,939			403,718			72,780			22.0	%
Allocated net investment income		15,794			15,669			15,664			15,560			16,659			16,685			18,395			2,731			17.4	%		47,127			51,740			4,613			9.8	%
Other, net		7,653			7,580			8,289			8,144			7,547			7,753			7,788			(500	)		-6.0	%		23,522			23,089			(433	)		-1.8	%
Operating revenues		128,233			131,641			141,713			144,678			151,805			162,730			164,012			22,299			15.7	%		401,588			478,547			76,959			19.2	%
Benefits and expenses:
Benefits and claims		47,351			43,921			52,067			53,820			57,509			59,984			60,733			8,666			16.6	%		143,339			178,226			34,888			24.3	%
Amortization of DAC		20,127			19,894			22,289			27,163			23,933			22,547			27,645			5,356			24.0	%		62,311			74,125			11,814			19.0	%
Insurance commissions		4,063			5,320			5,633			4,380			3,577			2,314			2,168			(3,465	)		-61.5	%		15,016			8,060			(6,957	)		-46.3	%
Insurance expenses		12,833			23,607			19,186			19,421			19,717			21,782			20,532			1,345			7.0	%		55,626			62,030			6,404			11.5	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,380			4,357			1,482			51.6	%		8,619			11,523			2,903			33.7	%
Operating benefits and expenses		87,246			95,615			102,050			107,633			107,521			111,008			115,435			13,385			13.1	%		284,912			333,964			49,053			17.2	%
Operating income before income taxes	$	40,987		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	8,915			22.5	%	$	116,676		$	144,583		$	27,907			23.9	%
New Term Life Insurance Operating Income Before Income Taxes (1)
Revenues:
Direct premiums	$	46,771		$	56,581		$	64,655		$	71,240		$	79,146		$	88,860		$	94,133		$	29,478			45.6	%	$	168,007		$	262,138		$	94,131			56.0	%
Ceded premiums		(8,075	)		(9,320	)		(8,513	)		(8,753	)		(13,012	)		(14,450	)		(13,333	)		(4,820	)		-56.6	%		(25,907	)		(40,794	)		(14,887	)		-57.5	%
Net premiums		38,697			47,261			56,142			62,487			66,134			74,410			80,800			24,657			43.9	%		142,100			221,344			79,244			55.8	%
Allocated net investment income		630			722			986			1,195			1,302			2,431			2,996			2,009		nm				2,339			6,729			4,390		nm
Other, net		7,614			7,605			8,287			8,151			7,501			7,671			7,778			(508	)		-6.1	%		23,506			22,950			(556	)		-2.4	%
Operating revenues		46,941			55,588			65,415			71,833			74,938			84,512			91,573			26,158			40.0	%		167,944			251,023			83,079			49.5	%
Benefits and expenses:
Benefits and claims		14,002			17,380			21,086			23,261			25,056			26,667			31,057			9,971			47.3	%		52,468			82,780			30,312			57.8	%
Amortization of DAC		9,249			8,324			11,193			14,893			14,674			12,117			17,199			6,006			53.7	%		28,766			43,989			15,223			52.9	%
Insurance commissions		3,737			5,052			5,366			4,123			3,364			1,965			1,806			(3,560	)		-66.3	%		14,155			7,136			(7,019	)		-49.6	%
Insurance expenses		21,976			32,353			28,054			28,915			28,133			29,911			29,043			988			3.5	%		82,383			87,087			4,704			5.7	%
Interest expense		—			—			—			—			—			266			303			303		nm				—			569			569		nm
Operating benefits and expenses		48,963			63,109			65,700			71,193			71,227			70,927			79,407			13,708			20.9	%		177,772			221,561			43,789			24.6	%
Operating income before income taxes	$	(2,023	)	$	(7,520	)	$	(284	)	$	640		$	3,711		$	13,585		$	12,166		$	12,451		nm			$	(9,827	)	$	29,463		$	39,290		nm
Legacy Term Life Insurance Operating Income Before Income Taxes (2)
Revenues:
Direct premiums	$	485,396		$	483,702		$	475,038		$	466,211		$	463,011		$	461,470		$	454,936		$	(20,102	)		-4.2	%	$	1,444,136		$	1,379,417		$	(64,719	)		-4.5	%
Ceded premiums		(419,307	)		(422,570	)		(413,421	)		(407,724	)		(401,548	)		(397,588	)		(397,907	)		15,514			3.8	%		(1,255,297	)		(1,197,043	)		58,255			4.6	%
Net premiums		66,089			61,132			61,618			58,487			61,464			63,882			57,029			(4,588	)		-7.4	%		188,839			182,374			(6,465	)		-3.4	%
Allocated net investment income		15,164			14,947			14,678			14,365			15,357			14,255			15,400			722			4.9	%		44,789			45,011			223			0.5	%
Other, net		39			(26	)		2			(7	)		46			82			10			8		nm				16			139			123		nm
Operating revenues		81,293			76,053			76,298			72,845			76,867			78,218			72,439			(3,859	)		-5.1	%		233,643			227,524			(6,119	)		-2.6	%
Benefits and expenses:
Benefits and claims		33,349			26,541			30,981			30,560			32,453			33,317			29,676			(1,305	)		-4.2	%		90,871			95,446			4,576			5.0	%
Amortization of DAC		10,878			11,571			11,096			12,270			9,259			10,430			10,446			(650	)		-5.9	%		33,545			30,136			(3,409	)		-10.2	%
Insurance commissions		327			268			267			257			213			349			362			95			35.7	%		861			924			62			7.3	%
Insurance expenses		9,366			9,466			9,014			7,989			9,162			9,164			8,557			(457	)		-5.1	%		27,846			26,884			(962	)		-3.5	%
Insurance expense allowance		(18,508	)		(18,212	)		(17,883	)		(17,483	)		(17,579	)		(17,293	)		(17,068	)		814			4.6	%		(54,602	)		(51,940	)		2,662			4.9	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,114			4,054			1,179			41.0	%		8,619			10,954			2,334			27.1	%
Operating benefits and expenses		38,283			32,506			36,351			36,441			36,294			40,082			36,028			(323	)		-0.9	%		107,140			112,404			5,264			4.9	%
Operating income before income taxes	$	43,010		$	43,547		$	39,947		$	36,405		$	40,573		$	38,137		$	36,411		$	(3,536	)		-8.9	%	$	126,503		$	115,120		$	(11,383	)		-9.0	%

(1)	Represents results associated with business written subsequent to the 2010 Citi reinsurance transactions.
(2)	Represents results associated with business subject to the 2010 Citi reinsurance transactions.

9 of 15

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

																						YOY Q3												YOY YTD
(Dollars in thousands, except as noted)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period		94,850			92,212			90,519			91,970			91,176			89,651			90,868			349			0.4	%		94,850			91,176			(3,674	)		-3.9	%
New life-licensed representatives		7,145			8,061			10,334			8,171			7,650			9,786			8,613			(1,721	)		-16.7	%		25,540			26,049			509			2.0	%
Non-renewal and terminated representatives		(9,783	)		(9,754	)		(8,883	)		(8,965	)		(9,175	)		(8,569	)		(7,975	)		908			10.2	%		(28,420	)		(25,719	)		2,701			9.5	%
Life-insurance licensed sales force, end of period		92,212			90,519			91,970		(6)	91,176			89,651			90,868			91,506			(464	)		-0.5	%		91,970			91,506			(464	)		-0.5	%
Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	41.1		$	47.5		$	50.1		$	48.9		$	44.7		$	47.8		$	41.8		$	(8.3	)		-16.6	%	$	138.7		$	134.4		$	(4.3	)		-3.1	%
Additions and increases in premium		10.4			11.4			11.5			11.6			10.7			11.4			11.6			0.1			0.7	%		33.4			33.7			0.3			0.9	%
Total estimated annualized issued term life premium	$	51.5		$	58.9		$	61.7		$	60.4		$	55.4		$	59.2		$	53.4		$	(8.2	)		-13.4	%	$	172.1		$	168.1		$	(4.0	)		-2.3	%
Issued term life policies		51,281			59,826			65,067			61,361			56,145			60,583			53,506			(11,561	)		-17.8	%		176,174			170,234			(5,940	)		-3.4	%
Estimated average annualized issued term life premium per policy (1)(2)	$	802		$	794		$	771		$	796		$	797		$	790		$	782		$	11			1.4	%	$	788		$	790		$	2			0.2	%
Term life face amount in-force, beginning of period ($mills)	$	656,791		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	4,408			0.7	%	$	656,791		$	664,955		$	8,164			1.2	%
Issued term life face amount (3)		16,735			18,974			18,885			18,552			16,983			18,307			16,345			(2,540	)		-13.5	%		54,594			51,635			(2,959	)		-5.4	%
Terminated term life face amount		(17,247	)		(14,724	)		(16,221	)		(18,760	)		(16,307	)		(14,322	)		(15,566	)		655			4.0	%		(48,192	)		(46,196	)		1,996			4.1	%
Foreign currency impact, net		2,244			843			(98	)		(1,019	)		(1,208	)		(384	)		329			427		nm				2,989			(1,263	)		(4,252	)	nm
Term life face amount in-force, end of period	$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132		$	2,949			0.4	%	$	666,182		$	669,132		$	2,949			0.4	%
New Term Life Insurance - Financial Analysis
Direct premium	$	46,771		$	56,581		$	64,655		$	71,240		$	79,146		$	88,860		$	94,133			29,478			45.6	%	$	168,007		$	262,138		$	94,131			56.0	%
New term life operating income before income taxes	$	(2,023	)	$	(7,520	)	$	(284	)	$	640		$	3,711		$	13,585		$	12,166			12,451		nm			$	(9,827	)	$	29,463		$	39,290		nm
% of direct premium		-4.3	%		-13.3	%		-0.4	%		0.9	%		4.7	%		15.3	%		12.9	%	nm			nm				-5.8	%		11.2	%	nm			nm
Benefits & expenses, net (4)	$	35,063		$	40,076		$	46,158		$	51,030		$	56,105		$	55,199		$	63,395			17,237			37.3	%	$	121,296		$	174,699		$	53,403			44.0	%
% of direct premium		75.0	%		70.8	%		71.4	%		71.6	%		70.9	%		62.1	%		67.3	%	nm			nm				72.2	%		66.6	%	nm			nm
Insurance expenses, net (5)	$	14,362		$	24,747		$	19,768		$	20,764		$	20,632		$	22,240		$	21,265			1,497			7.6	%	$	58,877		$	64,136		$	5,259			8.9	%
% of direct premium		30.7	%		43.7	%		30.6	%		29.1	%		26.1	%		25.0	%		22.6	%	nm			nm				35.0	%		24.5	%	nm			nm
													��
Legacy Term Life Insurance - Financial Analysis
Direct premium	$	485,396		$	483,702		$	475,038		$	466,211		$	463,011		$	461,470		$	454,936			(20,102	)		-4.2	%	$	1,444,136		$	1,379,417		$	(64,719	)		-4.5	%
Legacy term life operating income before income taxes	$	43,010		$	43,547		$	39,947		$	36,405		$	40,573		$	38,137		$	36,411			(3,536	)		-8.9	%	$	126,503		$	115,120		$	(11,383	)		-9.0	%
% of direct premium		8.9	%		9.0	%		8.4	%		7.8	%		8.8	%		8.3	%		8.0	%	nm			nm				8.8	%		8.3	%	nm			nm

(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
(4)	Benefits & expenses, net - includes total benefits & claims, ceded premiums, insurance commissions, and amortization of deferred policy acquisition costs
(5)	Insurance expenses, net - insurance expenses, net of other net revenues
(6)	Reflects a change in methodology for terminating representatives that was implemented in the fourth quarter of 2011.

10 of 15

Investment and Savings Products - Financial Results, Key Statistics, and Financial Analysis	PRIMERICA, INC.
	Financial Supplement

(Dollars in thousands, except as noted)																						YOY Q3												YOY YTD
Investment & Savings Products Operating Income Before Income Taxes	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	43,128		$	44,904		$	42,244		$	40,086		$	44,467		$	47,269		$	43,120		$	876			2.1	%	$	130,276		$	134,856		$	4,580			3.5	%
Asset-based		44,825			45,348			41,996			40,889			43,722			43,751			45,627			3,631			8.6	%		132,170			133,099			929			0.7	%
Account-based		10,432			11,811			10,140			9,615			9,373			9,494			9,826			(314	)		-3.1	%		32,382			28,693			(3,689	)		-11.4	%
Other, net		2,461			2,522			3,105			3,196			2,572			2,454			2,590			(515	)		-16.6	%		8,089			7,616			(473	)		-5.8	%
Operating revenues		100,846			104,586			97,486			93,786			100,133			102,967			101,163			3,678			3.8	%		302,917			304,264			1,347			0.4	%
Benefits and expenses:
Amortization of DAC		2,785			3,751			4,034			1,913			3,223			2,881			1,411			(2,623	)		-65.0	%		10,569			7,514			(3,055	)		-28.9	%
Insurance commissions		2,140			2,344			2,277			2,089			2,149			2,252			2,323			45			2.0	%		6,762			6,723			(38	)		-0.6	%
Sales commissions:
Sales-based		30,553			31,389			29,640			26,805			31,600			33,285			30,521			882			3.0	%		91,582			95,406			3,824			4.2	%
Asset-based		15,451			15,111			13,805			13,534			14,745			15,031			15,557			1,752			12.7	%		44,368			45,334			966			2.2	%
Other operating expenses		18,878			21,519			20,984			20,624			19,547			20,074			19,744			(1,240	)		-5.9	%		61,382			59,365			(2,016	)		-3.3	%
Operating benefits and expenses		69,807			74,115			70,740			64,964			71,264			73,523			69,556			(1,184	)		-1.7	%		214,662			214,342			(320	)		-0.1	%
Operating income before income taxes	$	31,039		$	30,470		$	26,746		$	28,821		$	28,869		$	29,444		$	31,608		$	4,862			18.2	%	$	88,255		$	89,922		$	1,667			1.9	%
Key Statistics
Product sales ($mills)
Retail Mutual Funds	$	646.0		$	603.1		$	498.3		$	482.5		$	611.9		$	589.6		$	545.7		$	47.5			9.5	%	$	1,747.4		$	1,747.2		$	(0.1	)	nm
Variable Annuities and other		344.6			458.0			483.4			388.4			428.9			500.3			445.2			(38.3	)		-7.9	%		1,286.1			1,374.4			88.4			6.9	%
Total sales-based revenue generating product sales		990.6			1,061.1			981.7			870.9			1,040.8			1,090.0			990.9			9.2			0.9	%		3,033.4			3,121.7			88.2			2.9	%
Managed Mutual Funds		—			0.2			11.8			16.6			23.1			39.6			37.3			25.5		nm				12.0			100.0			88.0		nm
Segregated Funds		123.1			74.2			66.6			68.4			123.7			64.3			63.5			(3.0	)		-4.6	%		263.8			251.6			(12.2	)		-4.6	%
Total product sales	$	1,113.7		$	1,135.5		$	1,060.0		$	955.8		$	1,187.7		$	1,193.9		$	1,091.7		$	31.6			3.0	%	$	3,309.2		$	3,473.2		$	164.0			5.0	%
Client asset values, beginning of period ($mills)	$	34,869		$	36,187		$	36,020		$	31,623		$	33,664		$	36,279		$	35,286		$	(734	)		-2.0	%	$	34,869		$	33,664		$	(1,205	)		-3.5	%
Inflows		1,114			1,136			1,060			956			1,188			1,194			1,092			32			3.0	%		3,309			3,473			164			5.0	%
Outflows (1)		(1,083	)		(1,118	)		(1,091	)		(983	)		(1,233	)		(1,144	)		(1,014	)		78			7.1	%		(3,292	)		(3,391	)		(98	)		-3.0	%
Net flows		31			18			(31	)		(27	)		(45	)		50			78			109		nm				17			83			66		nm
Change in market value, net and other (2)		1,288			(185	)		(4,365	)		2,068			2,660			(1,043	)		1,540			5,905		nm				(3,263	)		3,157			6,420		nm
Client asset values, end of period	$	36,187		$	36,020		$	31,623		$	33,664		$	36,279		$	35,286		$	36,903		$	5,280			16.7	%	$	31,623		$	36,903		$	5,280			16.7	%
Average client asset values ($mills)
Retail Mutual Funds	$	24,882		$	25,330		$	23,500		$	22,583		$	23,694		$	23,724		$	23,750		$	251			1.1	%	$	24,571		$	23,723		$	(848	)		-3.5	%
Managed Mutual Funds		—			0			21			104			212			326			425			403		nm				7			321			314		nm
Variable Annuities and other		8,242			8,588			8,192			8,083			8,717			8,972			9,245			1,053			12.9	%		8,341			8,978			638			7.6	%
Segregated Funds		2,477			2,545			2,479			2,454			2,499			2,527			2,542			63			2.5	%		2,501			2,523			22			0.9	%
Total	$	35,602		$	36,463		$	34,192		$	33,224		$	35,122		$	35,550		$	35,962		$	1,770			5.2	%	$	35,419		$	35,545		$	126			0.4	%
Average number of fee-generating accounts (thous) (3)		2,662			2,611			2,626			2,611			2,584			2,583			2,552			(74	)		-2.8	%		2,633			2,573			(60	)		-2.3	%
Financial Analysis
Sales-based net revenue as % of sales (4)		1.27	%		1.27	%		1.28	%		1.53	%		1.24	%		1.28	%		1.27	%	nm			nm				1.28	%		1.26	%	nm			nm
Asset-based net revenue as % of average asset values (5)		0.07	%		0.07	%		0.06	%		0.07	%		0.07	%		0.07	%		0.07	%	nm			nm				0.20	%		0.21	%	nm			nm
Account-based revenue per average fee generating account (6)	$	3.92		$	4.52		$	3.86		$	3.68		$	3.63		$	3.67		$	3.85		nm			nm			$	12.30		$	11.15		nm			nm

(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 8% 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, expenses, and foreign currency impact
(3)	Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees
(4)	Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity
(5)	Asset-based net revenue - commission and fee revenue less commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds
(6)	In whole dollars

11 of 15

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

	As of or for the period ended September 30, 2012
									% 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 and cash equivalents	$	185,823		$	185,823	$	—			8.63	%		9.48	%
Fixed Income:
Treasury		30,884			27,200		3,684			1.44	%		1.39	%		3.17	%	AAA
Government		123,564			104,739		18,825			5.74	%		5.34	%		4.61	%	AA
Tax-Exempt Municipal		8,684			8,274		411			0.40	%		0.42	%		3.31	%	AA
Corporate		1,263,888			1,136,226		127,661			58.73	%		57.96	%		5.53	%	BBB+
Mortgage-Backed		211,047			192,126		18,922			9.81	%		9.80	%		5.48	%	AAA
Asset-Backed		48,740			49,748		(1,008	)		2.26	%		2.54	%		1.40	%	AA+
CMBS		106,096			98,411		7,685			4.93	%		5.02	%		4.84	%	AAA
Private		125,275			117,509		7,765			5.82	%		5.99	%		5.84	%	BBB+
Redeemable Preferred		1,973			2,506		(534	)		0.09	%		0.13	%		27.04	%	BBB+
Convertible		9,387			8,978		409			0.44	%		0.46	%		3.29	%	A
Total Fixed Income		1,929,537			1,745,717		183,820			89.7	%		89.0	%		5.30	%	A
	Error			Error
Equities:
Perpetual Preferred		6,241			5,585		656			0.29	%		0.28	%
Common Stock		13,137			9,932		3,206			0.61	%		0.51	%
Mutual Fund		8,167			4,244		3,923			0.38	%		0.22	%
Other		9,147			9,147		0			0.43	%		0.47	%
Total Equities		36,693			28,908		7,785			1.7	%		1.5	%
	Error			Error
Total Invested Assets	$	2,152,052		$	1,960,448	$	191,605			100	%		100	%
				Error
Corporate Portfolio by Sector
Consumer Non Cyclical	$	143,501		$	124,640	$	18,861			11.35	%		10.97	%
Reits		121,649			111,077		10,572			9.62	%		9.78	%
Electric		117,821			100,556		17,266			9.32	%		8.85	%
Banking		111,120			103,816		7,305			8.79	%		9.14	%
Basic Industry		108,347			99,121		9,226			8.57	%		8.72	%
Insurance		102,083			92,524		9,559			8.08	%		8.14	%
Energy		92,267			81,702		10,565			7.30	%		7.19	%
Technology		77,754			72,828		4,925			6.15	%		6.41	%
Capital Goods		76,485			68,070		8,415			6.05	%		5.99	%
Communications		69,884			61,542		8,342			5.53	%		5.42	%
Consumer Cyclical		66,683			61,900		4,783			5.28	%		5.45	%
Natural Gas		62,485			55,114		7,371			4.94	%		4.85	%
Finance Companies		30,878			27,036		3,843			2.44	%		2.38	%
Industrial Other		30,478			28,311		2,167			2.41	%		2.49	%
Transportation		22,968			20,690		2,278			1.82	%		1.82	%
Brokerage		16,309			14,891		1,418			1.29	%		1.31	%
Financial Other		8,052			7,412		639			0.64	%		0.65	%
Utility Other		5,124			4,998		126			0.41	%		0.44	%
Total Corporate portfolio	$	1,263,888		$	1,136,226	$	127,661			100.0	%		100.0	%
	Error			Error
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	205,682		$	201,371	$	4,311			10.7	%		11.5	%		4.79	%
1-2 Yrs.		284,759			266,305		18,453			14.8	%		15.3	%		5.53	%
2-5 Yrs.		614,611			562,149		52,463			31.9	%		32.2	%		5.00	%
5-10 Yrs.		756,863			658,204		98,659			39.2	%		37.7	%		5.61	%
> 10 Yrs.		67,622			57,689		9,933			3.5	%		3.3	%		5.48	%
Total Fixed Income	$	1,929,537		$	1,745,717	$	183,820			100.0	%		100.0	%		5.30	%	Error
	Error			Error
Duration
Fixed Income portfolio duration		3.8	years

12 of 15

Investment Portfolio - Quality Ratings As of September 30, 2012	PRIMERICA, INC.
	Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized  Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	345,163		19.77	%
	AA			144,648		8.29	%
	A			413,323		23.68	%
	BBB			747,369		42.81	%
	Below Investment Grade			91,160		5.22	%
	NA			4,054		0.23	%	OK
		Total Fixed Income	$	1,745,717		100.0	%
			Amortized  Cost		% of Total							Amortized  Cost		% of Total
Corporate asset class:									Private asset class:
	Rating									Rating
	AAA		$	350		0.0	%			AAA		$	222		0.19	%
	AA			71,691		6.3	%			AA			6,405		5.45	%
	A			354,313		31.2	%			A			14,378		12.24	%
	BBB			640,019		56.3	%			BBB			82,397		70.12	%
	Below Investment Grade			69,405		6.1	%			Below Investment Grade			10,569		8.99	%
	NA			449		0.0	%	Error		NA			3,539		3.01	%
		Total Corporate	$	1,136,226		100.0	%				Total Private	$	117,509		100.0	%
CMBS asset class:									Mortgage-Backed asset class:
	Rating									Rating
	AAA		$	82,997		84.3	%			AAA		$	173,973		90.6	%
	AA			11,247		11.4	%			AA			4,806		2.5	%
	A			1,574		1.6	%			A			629		0.3	%
	BBB			2,001		2.0	%			BBB			3,572		1.9	%
	Below Investment Grade			589		0.6	%			Below Investment Grade			9,145		4.8	%
	NA			2		0.0	%	OK		NA			—		—
		Total CMBS	$	98,411		100.0	%				Total Mortgage-Backed	$	192,126		100.0	%
Asset-Backed asset class:									Treasury & Government asset classes:
	Rating									Rating
	AAA		$	38,784		78.0	%			AAA		$	48,211		36.5	%
	AA			690		1.4	%			AA			43,259		32.8	%
	A			3,853		7.7	%			A			30,640		23.2	%
	BBB			5,000		10.1	%			BBB			9,829		7.4	%
	Below Investment Grade			1,422		2.9	%			Below Investment Grade			—		—
	NA			—		—		OK		NA			—		—
		Total Asset-Backed	$	49,748		100.0	%				Total Treasury & Government	$	131,939		100.0	%
NAIC Designations
	1		$	726,956		48.0	%
	2			711,189		47.0	%
	3			52,009		3.4	%
	4			14,542		1.0	%
	5			1,263		0.1	%
	6			7,253		0.5	%
		U.S. Insurer Fixed Income (2)		1,513,212		100.0	%
	Other (3)			261,413
	Cash and cash equivalents			185,823
		Total Invested Assets	$	1,960,448	OK

(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

13 of 15

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

																								YOY Q3
(Dollars in thousands)				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012		$ Change			% Change
Net Investment Income by Source
	Bonds & notes		$	29,014		$	27,462		$	27,413		$	26,019		$	25,762		$	23,797		$	26,601		$	(812	)		-3.0	%
	Preferred and common stocks			188			165			170			194			223			244			245			75			44.1	%
	Deposit asset underlying 10% reinsurance treaty			508			650			449			412			1,030			574			986			537			119.6	%
	Policy loans			347			306			441			326			314			223			275			(166	)		-37.6	%
	Cash & cash equivalents			70			65			63			109			135			111			101			38			60.3	%
	Other			(19	)		13			—			—			37			38			40			40		nm
		Total investment income		30,108			28,662			28,536			27,060			27,500			24,987			28,248			(288	)		-1.0	%
	Investment expenses			1,482			1,433			1,433			1,417			1,403			1,382			1,367			(66	)		-4.6	%
		Net investment income	$	28,626		$	27,229		$	27,103		$	25,643		$	26,097		$	23,605		$	26,881		$	(222	)	nm
		Fixed income book yield, end of period		5.30	%		5.38	%		5.33	%		5.52	%		5.46	%		5.48	%		5.30	%
		New money yield		2.72	%		4.45	%		2.42	%		3.69	%		2.69	%		3.46	%		2.64	%
																								YOY Q3
				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012		% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA			26.1	%		25.3	%		24.9	%		23.5	%		23.1	%		21.2	%		19.8	%		-5.1	%
	AA			9.5	%		9.8	%		9.9	%		8.3	%		8.5	%		7.6	%		8.3	%		-1.6	%
	A			22.4	%		22.6	%		22.6	%		23.7	%		23.3	%		23.4	%		23.7	%		1.1	%
	BBB			35.8	%		35.9	%		35.9	%		37.6	%		38.8	%		41.3	%		42.8	%		6.9	%
	Below Investment Grade			6.2	%		6.3	%		6.6	%		6.9	%		6.3	%		6.4	%		5.2	%		-1.4	%
	NA			0.0	%		0.1	%		0.0	%		0.0	%		0.1	%		0.1	%		0.2	%		0.2	%
		Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%	nm
		Average rating by amortized cost		A			A			A			A			A			A			A		na

				As of September 30, 2012									As of September 30, 2012						As of September 30, 2012
				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		$	33,157		$	29,584		AAA	United Kingdom		$	67,384	$	61,887	AAA		$	—	$	—
	2	General Electric Co			17,265			15,373		AA	Australia			55,812		50,867	AA			7,527		6,707
	3	International Business Machines			13,640			12,316		AA-	Canada			47,598		43,266	A			15,240		13,621
	4	Bank of America Corp			12,252			11,122		A-	France			25,906		24,495	BBB			11,522		9,829
	5	Province of Ontario Canada			11,725			9,168		AA-	Germany			20,167		18,744	Below Investment Grade			-		-
	6	Verizon Communications Inc			10,991			9,501		A-	Brazil			18,609		16,274	NA			-		-
	7	Iberdrola SA			10,655			9,444		BBB+	Bermuda			14,661		13,530		Total	$	34,289	$	30,157
	8	National Rural Utilities Cooperative			10,585			7,186		A+	Ireland			14,115		12,742
	9	Prologis Inc			10,425			9,414		BBB-	Korea Republic Of			13,877		12,706
	10	Province of Quebec Canada			8,967			7,060		A+	Netherlands			13,678		11,190	Non-Government Investments (1)
	11	Phillips 66			8,532			7,224		BBB	Italy			12,108		11,705
	12	Ventas Inc			8,485			8,102		BBB	Spain			11,549		11,731	AAA		$	—	$	—
	13	Roche Holding AG			8,206			6,567		AA	Switzerland			9,247		7,566	AA			27,598		24,891
	14	Valspar SA			8,003			7,099		A-	Mexico			9,104		8,207	A			118,899		108,231
	15	Altria Group Inc			7,997			5,918		BBB	Luxembourg			7,836		7,184	BBB			193,414		178,184
	16	Washington Real Estate Investments			7,920			7,313		BBB	Emerging Markets (2)			12,632		11,503	Below Investment Grade			15,265		15,294
	17	Homer City Funding LLC			7,697			6,259		CC	All Other			41,961		38,391	NA			6,784		5,231
	18	Prudential Financial Inc			7,647			6,807		A		Total	$	396,248	$	361,989		Total	$	361,959	$	331,832
	19	ArcelorMittal			7,644			7,019		BB+
	20	Montpelier Re Holdings Ltd			7,637			7,207		BBB
	21	TESCO PLC			7,487			6,317		A-
	22	Enel SpA			7,268			6,977		BBB+
	23	Republic of Korea			7,117			6,370		A+
	24	BHP Billiton Ltd			7,082			6,541		A+
	25	TransCanada Corp			7,072			6,343		A-
			Total	$	255,454		$	222,230
			% of total fixed income portfolio		11.9	%		11.3	%

(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

14 of 15

Five-Year Historical Key Statistics	PRIMERICA, INC.
	Financial Supplement

(Dollars in millions)	2007			2008			2009			2010			2011				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012
Recruits		220,950			235,125			221,920			231,390			244,756			52,813			65,138			83,074			43,731			58,551			48,976			47,639
Life-insurance licensed sales force, beginning of period		96,532			97,125			100,651			99,785			94,850			94,850			92,212			90,519			91,970			91,176			89,651			90,868
New life-licensed representatives		36,308			39,383			37,629			34,488			33,711			7,145			8,061			10,334			8,171			7,650			9,786			8,613
Non-renewal and terminated representatives		(35,715	)		(35,857	)		(38,495	)		(39,423	)		(37,385	)		(9,783	)		(9,754	)		(8,883	)		(8,965	)		(9,175	)		(8,569	)		(7,975	)
Life-insurance licensed sales force, end of period		97,125			100,651			99,785			94,850			91,176			92,212			90,519			91,970			91,176			89,651			90,868			91,506
Issued term life policies		244,733			241,173			233,837			223,514			237,535			51,281			59,826			65,067			61,361			56,145			60,583			53,506
Issued term life face amount	$	87,619		$	87,279		$	80,497		$	74,401		$	73,146		$	16,735		$	18,974		$	18,885		$	18,552		$	16,983		$	18,307		$	16,345
Term life face amount in force, beginning of period	$	599,470		$	632,086		$	633,467		$	650,195		$	656,791			656,791		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024
Issued term life face amount		87,619			87,279			80,497			74,401			73,146			16,735			18,974			18,885			18,552			16,983			18,307			16,345
Terminated term life face amount		(64,966	)		(72,008	)		(74,642	)		(70,964	)		(66,951	)		(17,247	)		(14,724	)		(16,221	)		(18,760	)		(16,307	)		(14,322	)		(15,566	)
Foreign currency impact, net		9,963			(13,891	)		10,873			3,158			1,970			2,244			843			(98	)		(1,019	)		(1,208	)		(384	)		329
Term life face amount in force, end of period	$	632,086		$	633,467		$	650,195		$	656,791		$	664,955		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132
Estimated annualized issued term life premium
Premium from new policies	$	208.9		$	205.0		$	193.7		$	180.8		$	187.6		$	41.1		$	47.5		$	50.1		$	48.9		$	44.7		$	47.8		$	41.8
Additions and increases in premium		43.4			43.0			42.6			44.6			44.9			10.4			11.4			11.5			11.6			10.7			11.4			11.6
Total estimated annualized issued term life premium	$	252.4		$	248.0		$	236.3		$	225.4		$	232.5		$	51.5		$	58.9		$	61.7		$	60.4		$	55.4		$	59.2		$	53.4
Investment & Savings product sales	$	5,189.5		$	4,458.4		$	3,006.6		$	3,623.6		$	4,265.1		$	1,113.7		$	1,135.5		$	1,060.0		$	955.8		$	1,187.7		$	1,193.9		$	1,091.7
Investment & Savings average client asset values	$	36,735		$	32,763		$	26,845		$	31,908		$	34,870		$	35,602		$	36,463		$	34,192		$	33,224		$	35,122		$	35,550		$	35,962

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