Primerica (PRI) 8-K Primerica Reports Fourth Quarter 2014 Results

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2014

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	9-11
Investment and Savings Products segment - financial results, key statistics, and financial analysis	12
Investment portfolio	13-15
Five-year historical key statistics	16

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, 2013.

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Preface PRIMERICA, INC. Financial Supplement

FOURTH QUARTER 2014

This document is a financial supplement to our fourth quarter 2014 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 expense associated with equity awards granted in connection with our initial public offering (“IPO”), the impact of realized investment gains and losses, the impact of entering into Co-CEOs transition agreements as described in our Form 8-K dated January 2, 2015, and the impact of certain charges related to claims made by certain Florida Retirement System (FRS) plan participants as described in our Form 8-K dated January 16, 2014 and subsequent filings.

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

●   Citi reinsurance transaction adjustments relate to transactions in the first quarter of 2010, where we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) that were executed concurrent with our IPO.

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.

Discontinued Operations

In January 2014, National Benefit Life Insurance Company, our New York insurance company, sold the assets and liabilities of its short-term statutory disability benefit insurance business ("DBL") to AmTrust North America, Inc., which assumed all liabilities for DBL insurance. The results of operations for DBL were previously reported in our Corporate and Other Distributed Products segment. As a result, beginning in the first quarter of 2014, the historical results of DBL have been eliminated from our Corporate and Other Distributed Products segment and are now reported in discontinued operations in Primerica’s consolidated statements of income for all periods presented.

Historical DBL results now reported in discontinued operations
($ in thousands)
	FY 2011			FY 2012		FY 2013		FY 2014			Q1 2014		Q2 2014		Q3 2014			Q4 2014
Direct premiums	$	40,465		$	36,943	$	36,878	$	—	$	—	$	—	$	—		$	—
Benefits and claims		30,170			24,699		21,543		—		—		—		—			—
Insurance commissions		6,405			5,831		5,941		—		—		—		—			—
Insurance expenses		5,099			5,647		3,202		—		—		—		—			—
Net gain on sale		—			—		—		2,427		2,455		—		(28	)		—
Income before income taxes		(1,209	)		766		6,192		2,427		2,455		—		(28	)		—
Net Income	$	(783	)	$	497	$	4,025	$	1,578	$	1,596	$	—	$	(18	)	$	—

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, 2012			Mar 31, 2013			Jun 30, 2013			Sep 30, 2013			Dec 31, 2013			Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	2,068,752		$	2,115,144		$	1,876,077		$	1,909,560		$	1,984,592		$	2,014,610		$	2,042,834		$	2,039,759		$	2,040,832
Securities held to maturity		—			—			—			—			—			—			—			189,830			220,000
Total investments and cash		2,068,752			2,115,144			1,876,077			1,909,560			1,984,592			2,014,610			2,042,834			2,229,589			2,260,832
Due from reinsurers		4,005,194			4,005,539			3,993,258			4,033,138			4,055,054			4,074,527			4,077,734			4,130,637			4,115,533
Deferred policy acquisition costs		1,066,422			1,098,124			1,133,542			1,179,143			1,208,466			1,242,983			1,293,974			1,321,415			1,351,180
Other assets		579,393			599,840			566,809			564,953			578,009			597,265			597,348			591,895			570,267
Separate account assets		2,618,115			2,614,669			2,435,740			2,512,886			2,503,829			2,458,739			2,581,659			2,469,118			2,440,303
Total assets	$	10,337,877		$	10,433,316		$	10,005,426		$	10,199,680		$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114
Liabilities:
Future policy benefits	$	4,850,488		$	4,898,538		$	4,943,743		$	5,022,048		$	5,063,103		$	5,103,278		$	5,180,013		$	5,214,878		$	5,264,608
Other policy liabilities		606,310			614,892			584,587			587,646			593,084			585,217			576,737			630,248			610,057
Income taxes		114,611			122,925			89,713			101,708			105,885			127,906			137,797			136,065			140,467
Other liabilities		358,578			366,669			344,649			329,566			377,689			375,864			346,535			365,900			392,810
Notes payable		374,433			374,445			374,457			374,469			374,481			374,494			374,506			374,519			374,532
Surplus note		—			—			—			—			—			—			—			189,830			220,000
Payable under securities lending		139,927			133,325			86,272			75,852			89,852			109,094			93,569			67,614			50,211
Separate account liabilities		2,618,115			2,614,669			2,435,740			2,512,886			2,503,829			2,458,739			2,581,659			2,469,118			2,440,303
Total liabilities		9,062,461			9,125,463			8,859,162			9,004,174			9,107,923			9,134,591			9,290,818			9,448,172			9,492,988
Stockholders’ equity:
Common stock ($0.01 par value) (1)		564			567			545			547			548			546			542			537			522
Paid-in capital		602,269			609,100			456,050			464,784			472,632			462,837			447,949			429,257			353,335
Retained earnings		503,173			535,609			572,714			609,778			640,840			679,183			721,788			756,738			795,741
Treasury stock		—			—			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		114,958			112,263			74,845			72,773			67,378			78,911			92,049			78,130			74,307
Net unrealized investment losses other-than-temporarily impaired		(1,035	)		(1,045	)		(1,047	)		(1,047	)		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)
Cumulative translation adjustment		55,488			51,358			43,158			48,672			41,975			33,404			41,749			30,282			21,682
Total stockholders’ equity		1,275,416			1,307,853			1,146,265			1,195,505			1,222,027			1,253,532			1,302,731			1,294,482			1,245,126
Total liabilities and stockholders' equity	$	10,337,877		$	10,433,316		$	10,005,426		$	10,199,680		$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,161,494		$	1,196,634		$	1,072,467		$	1,123,780		$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		114,958			112,263			74,845			72,773			67,378			78,911			92,049			78,130			74,307
Net unrealized investment losses other-than-temporarily impaired		(1,035	)		(1,045	)		(1,047	)		(1,047	)		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)
Total reconciling items		113,923			111,219			73,797			71,726			66,032			77,564			90,703			77,669			73,846
Total stockholders’ equity	$	1,275,416		$	1,307,853		$	1,146,265		$	1,195,505		$	1,222,027		$	1,253,532		$	1,302,731		$	1,294,482		$	1,245,126
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,218,939		$	1,161,494		$	1,196,634		$	1,072,467		$	1,123,780		$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813
Net Income		40,270			38,845			43,490			43,190			37,201			45,080			49,271			41,595			45,466
Shareholder dividends		(5,321	)		(6,409	)		(6,385	)		(6,126	)		(6,138	)		(6,738	)		(6,666	)		(6,646	)		(6,462	)
Retirement of shares and warrants		(98,208	)		(3,077	)		(166,395	)		—			—			(19,187	)		(21,972	)		(30,694	)		(82,447	)
Net foreign currency translation adjustment		(2,746	)		(4,130	)		(8,200	)		5,514			(6,697	)		(8,571	)		8,346			(11,468	)		(8,600	)
Other, net		8,559			9,911			13,323			8,736			7,850			9,389			7,081			11,997			6,510
Balance, end of period	$	1,161,494		$	1,196,634		$	1,072,467		$	1,123,780		$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,036,020		$	1,066,422		$	1,098,124		$	1,133,542		$	1,179,143		$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415
General expenses deferred		6,869			6,631			8,669			7,399			7,396			7,273			8,136			7,147			8,171
Commission costs deferred		60,349			60,048			63,835			65,535			63,828			69,559			68,674			66,602			67,980
Amortization of deferred policy acquisition costs		(34,628	)		(31,252	)		(30,111	)		(32,192	)		(35,627	)		(35,193	)		(32,696	)		(36,944	)		(39,544	)
Foreign currency impact and other, net		(2,187	)		(3,726	)		(6,974	)		4,860			(6,274	)		(7,122	)		6,877			(9,363	)		(6,842	)
Balance, end of period	$	1,066,422		$	1,098,124		$	1,133,542		$	1,179,143		$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180

(1) Outstanding common shares exclude restricted stock units.

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

																									YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)		Q1 2013			Q2 2013			Q3  2013			Q4 2013			Q1  2014			Q2 2014			Q3  2014			Q4 2014		Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		56,598,327			56,510,785			54,957,274			55,080,615			55,224,404			54,926,561			54,712,874			53,420,998			(1,659,617	)		-3.0	%		55,834,008			54,567,006			(1,267,002	)		-2.3	%
Net income	$	38,845		$	43,490		$	43,190		$	37,201		$	45,080		$	49,271		$	41,595		$	45,466		$	8,265			22.2	%	$	162,725		$	181,412		$	18,687			11.5	%
Less income attributable to unvested participating securities		(1,017	)		(553	)		(556	)		(482	)		(576	)		(542	)		(447	)		(491	)		(9	)		-1.9	%		(2,674	)		(2,056	)		619			23.1	%
Net income used in computing basic EPS	$	37,828		$	42,938		$	42,633		$	36,718		$	44,504		$	48,729		$	41,147		$	44,975		$	8,256			22.5	%	$	160,051		$	179,357		$	19,306			12.1	%
Basic earnings per share	$	0.67		$	0.76		$	0.78		$	0.67		$	0.81		$	0.89		$	0.75		$	0.84		$	0.18			26.3	%	$	2.87		$	3.29		$	0.42			14.7	%
Net operating income	$	38,602		$	41,165		$	40,996		$	46,234		$	43,314		$	48,731		$	41,796		$	48,953		$	2,718			5.9	%	$	166,997		$	182,793		$	15,795			9.5	%
Less operating income attributable to unvested participating securities		(1,011	)		(523	)		(528	)		(600	)		(554	)		(536	)		(450	)		(529	)		71			11.8	%		(2,742	)		(2,072	)		670			24.4	%
Net operating income used in computing basic operating EPS	$	37,591		$	40,642		$	40,468		$	45,634		$	42,760		$	48,194		$	41,346		$	48,424		$	2,789			6.1	%	$	164,255		$	180,721		$	16,466			10.0	%
Basic operating income per share	$	0.66		$	0.72		$	0.74		$	0.83		$	0.77		$	0.88		$	0.76		$	0.91		$	0.08			9.4	%	$	2.94		$	3.31		$	0.37			12.6	%
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		56,598,327			56,510,785			54,957,274			55,080,615			55,224,404			54,926,561			54,712,874			53,420,998			(1,659,617	)		-3.0	%		55,834,008			54,567,006			(1,267,002	)		-2.3	%
Dilutive impact of warrants and options		1,809,066			1,338,164			1,187			15,012			21,997			23,046			30,983			49,455			34,443		nm				790,857			31,370			(759,487	)		-96.0	%
Shares used to calculate diluted EPS		58,407,393			57,848,949			54,958,461			55,095,627			55,246,401			54,949,607			54,743,857			53,470,453			(1,625,174	)		-2.9	%		56,624,865			54,598,376			(2,026,489	)		-3.6	%
Net income	$	38,845		$	43,490		$	43,190		$	37,201		$	45,080		$	49,271		$	41,595		$	45,466		$	8,265			22.2	%	$	162,725		$	181,412		$	18,687			11.5	%
Less income attributable to unvested participating securities		(991	)		(542	)		(556	)		(482	)		(576	)		(542	)		(447	)		(491	)		(9	)		-1.8	%		(2,640	)		(2,055	)		585			22.2	%
Net income used in computing diluted EPS	$	37,854		$	42,948		$	42,633		$	36,718		$	44,504		$	48,729		$	41,148		$	44,975		$	8,256			22.5	%	$	160,085		$	179,358		$	19,272			12.0	%
Diluted earnings per share	$	0.65		$	0.74		$	0.78		$	0.67		$	0.81		$	0.89		$	0.75		$	0.84		$	0.17			26.2	%	$	2.83		$	3.29		$	0.46			16.2	%
Net operating income	$	38,602		$	41,165		$	40,996		$	46,234		$	43,314		$	48,731		$	41,796		$	48,953		$	2,718			5.9	%	$	166,997		$	182,793		$	15,795			9.5	%
Less operating income attributable to unvested participating securities		(985	)		(513	)		(528	)		(600	)		(554	)		(536	)		(449	)		(529	)		71			11.9	%		(2,710	)		(2,071	)		639			23.6	%
Net operating income used in computing diluted operating EPS	$	37,617		$	40,652		$	40,468		$	45,635		$	42,760		$	48,194		$	41,346		$	48,424		$	2,789			6.1	%	$	164,288		$	180,722		$	16,435			10.0	%
Diluted operating income per share	$	0.64		$	0.70		$	0.74		$	0.83		$	0.77		$	0.88		$	0.76		$	0.91		$	0.08			9.3	%	$	2.90		$	3.31		$	0.41			14.1	%

																									YOY Q4												YOY YTD
		Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014		Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,291,635		$	1,227,059		$	1,170,885		$	1,208,766		$	1,237,780		$	1,278,132		$	1,298,607		$	1,269,804		$	61,038			5.0	%	$	1,224,586		$	1,271,081		$	46,495			3.8	%
Average adjusted stockholders' equity	$	1,179,064		$	1,134,551		$	1,098,123		$	1,139,888		$	1,165,982		$	1,193,998		$	1,214,421		$	1,194,046		$	54,159			4.8	%	$	1,137,906		$	1,192,112		$	54,205			4.8	%
Net income return on stockholders' equity		12.0	%		14.2	%		14.8	%		12.3	%		14.6	%		15.4	%		12.8	%		14.3	%		2.0	%	nm				13.3	%		14.3	%		1.0	%	nm
Net income return on adjusted stockholders' equity		13.2	%		15.3	%		15.7	%		13.1	%		15.5	%		16.5	%		13.7	%		15.2	%		2.2	%	nm				14.3	%		15.2	%		0.9	%	nm
Net operating income return on adjusted stockholders' equity		13.1	%		14.5	%		14.9	%		16.2	%		14.9	%		16.3	%		13.8	%		16.4	%		0.2	%	nm				14.7	%		15.3	%		0.7	%	nm
Capital Structure
Debt-to-capital (1)		22.3	%		24.6	%		23.9	%		23.5	%		23.0	%		22.3	%		22.4	%		23.1	%		-0.3	%	nm				23.5	%		23.1	%		-0.3	%	nm
Cash and invested assets to stockholders' equity		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		1.7	x		1.8	x		0.2	x	nm				1.6	x		1.8	x		0.2	x	nm
Cash and invested assets to adjusted stockholders' equity		1.8	x		1.7	x		1.7	x		1.7	x		1.7	x		1.7	x		1.8	x		1.9	x		0.2	x	nm				1.7	x		1.9	x		0.2	x	nm
Share count, end of period (2)		56,682,195			54,503,822			54,686,613			54,833,510			54,569,108			54,193,684			53,681,705			52,168,653			(2,664,857	)		-4.9	%		54,833,510			52,168,653			(2,664,857	)		-4.9	%
Adjusted stockholders' equity per share	$	21.11		$	19.68		$	20.55		$	21.08		$	21.55		$	22.36		$	22.67		$	22.45		$	1.37			6.5	%	$	21.08		$	22.45		$	1.37			6.5	%
Financial Strength Ratings - Primerica Life Insurance Co
Moody's		A2			A2			A2			A2			A2			A2			A2			A2		nm			nm			nm			nm			nm			nm
S&P	AA		-	AA		-	AA		-	AA		-	AA		-	AA		-	AA		-	AA		-	nm			nm			nm			nm			nm			nm
A.M. Best		A	+		A	+		A	+		A	+		A	+		A	+		A	+		A	+	nm			nm			nm			nm			nm			nm
Holding Company Senior Debt Ratings
Moody's	Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm			nm			nm			nm			nm
S&P		A	-		A	-		A	-		A	-		A	-		A	-		A	-		A	-	nm			nm			nm			nm			nm			nm
A.M. Best		a	-		a	-		a	-		a	-		a	-		a	-		a	-		a	-	nm			nm			nm			nm			nm			nm

(1)	Debt-to-capital is that of the parent company only.  Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
(2)	Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).

5 of 16

Statements of Income PRIMERICA, INC. Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	560,904		$	568,391		$	567,047		$	568,848		$	568,205		$	576,740		$	577,482		$	578,905		$	10,056			1.8	%	$	2,265,190		$	2,301,332		$	36,142			1.6	%
Ceded premiums		(410,604	)		(417,450	)		(407,489	)		(408,615	)		(402,715	)		(410,546	)		(402,198	)		(401,358	)		7,257			1.8	%		(1,644,158	)		(1,616,817	)		27,341			1.7	%
Net premiums		150,300			150,941			159,558			160,233			165,490			166,194			175,284			177,546			17,313			10.8	%		621,032			684,515			63,482			10.2	%
Net investment income		23,216			21,027			22,103			22,407			21,599			21,681			20,465			22,728			322			1.4	%		88,752			86,473			(2,279	)		-2.6	%
Commissions and fees:
Sales-based (1)		49,656			52,108			51,934			54,386			57,904			60,255			58,394			61,204			6,818			12.5	%		208,085			237,758			29,673			14.3	%
Asset-based (2)		47,490			49,492			51,037			53,493			53,807			56,114			58,744			57,134			3,641			6.8	%		201,511			225,799			24,288			12.1	%
Account-based (3)		9,453			9,588			9,811			10,010			9,720			9,957			10,251			10,548			539			5.4	%		38,862			40,477			1,614			4.2	%
Other commissions and fees		5,674			5,994			5,658			6,019			5,499			5,713			5,539			6,381			362			6.0	%		23,345			23,133			(212	)		-0.9	%
Realized investment (losses) gains		2,286			3,468			(407	)		899			263			831			(281	)		(1,074	)		(1,973	)	nm				6,246			(261	)		(6,506	)		-104.2	%
Other, net		10,376			10,872			10,714			10,776			10,045			10,384			10,791			10,917			141			1.3	%		42,737			42,137			(601	)		-1.4	%
Total revenues		298,450			303,490			310,408			318,222			324,328			331,130			339,187			345,385			27,163			8.5	%		1,230,570			1,340,030			109,460			8.9	%
Benefits and expenses:
Benefits and claims		68,816			64,322			76,548			70,246			75,191			72,412			81,235			82,578			12,332			17.6	%		279,931			311,417			31,486			11.2	%
Amortization of DAC		31,252			30,111			32,192			35,627			35,193			32,696			36,944			39,544			3,918			11.0	%		129,183			144,378			15,195			11.8	%
Insurance commissions		4,223			4,131			3,933			4,242			4,083			3,881			4,046			3,343			(900	)		-21.2	%		16,529			15,353			(1,177	)		-7.1	%
Insurance expenses		25,512			26,513			26,576			26,854			28,502			28,192			31,495			27,263			408			1.5	%		105,456			115,452			9,996			9.5	%
Sales commissions:
Sales-based (1)		35,373			36,702			36,266			38,190			41,563			42,702			41,193			42,749			4,559			11.9	%		146,531			168,207			21,676			14.8	%
Asset-based (2)		16,668			17,807			18,805			19,988			20,725			21,859			23,378			23,011			3,024			15.1	%		73,267			88,974			15,707			21.4	%
Other sales commissions		3,007			3,129			3,316			2,986			2,833			2,803			2,929			3,029			43			1.5	%		12,439			11,593			(846	)		-6.8	%
Interest expense		8,795			8,792			8,726			8,704			8,606			8,552			8,712			8,700			(4	)	nm				35,018			34,570			(448	)		-1.3	%
Other operating expenses		45,664			45,031			41,273			55,241			40,798			42,292			45,235			46,037			(9,204	)		-16.7	%		187,209			174,363			(12,846	)		-6.9	%
Total benefits and expenses		239,310			236,539			247,636			262,078			257,495			255,390			275,167			276,255			14,177			5.4	%		985,564			1,064,307			78,743			8.0	%
Income from continued operations before income taxes		59,140			66,950			62,772			56,143			66,832			75,740			64,020			69,130			12,987			23.1	%		245,006			275,723			30,716			12.5	%
Income taxes		21,005			23,783			22,041			19,477			23,347			26,469			22,407			23,664			4,187			21.5	%		86,305			95,888			9,582			11.1	%
Net income from continued operations		38,135			43,168			40,732			36,666			43,485			49,271			41,613			45,466			8,800			24.0	%		158,701			179,835			21,134			13.3	%
Net income from discontinued operations net tax		710			322			2,458			534			1,596			—			(18	)		—			(534	)		-100.0	%		4,025			1,578			(2,447	)		-60.8	%
Net income	$	38,845		$	43,490		$	43,190		$	37,201		$	45,080		$	49,271		$	41,595		$	45,466		$	8,265			22.2	%	$	162,725		$	181,412		$	18,687			11.5	%
Income from Continued Operations Before Income Taxes by Segment										��
Term Life	$	45,125		$	51,899		$	50,136		$	50,042		$	47,205		$	55,070		$	45,932		$	52,826		$	2,784			5.6	%	$	197,201		$	201,033		$	3,832			1.9	%
Investment & Savings Products		26,353			27,488			31,498			19,810			34,028			36,047			36,904			39,039			19,229			97.1	%		105,149			146,017			40,868			38.9	%
Corporate & Other Distributed Products		(12,338	)		(12,436	)		(18,862	)		(13,708	)		(14,400	)		(15,377	)		(18,816	)		(22,735	)		(9,026	)		-65.8	%		(57,344	)		(71,328	)		(13,984	)		-24.4	%
Income from continued operations before income taxes	$	59,140		$	66,950		$	62,772		$	56,143		$	66,832		$	75,740		$	64,020		$	69,130		$	12,987			23.1	%	$	245,006		$	275,723		$	30,716			12.5	%

(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 16

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

																									YOY Q4												YOY YTD
		Q1 2013			Q2 2013			Q3  2013			Q4  2013			Q1  2014			Q2 2014			Q3  2014			Q4 2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Reconciliation from Term Life Adjusted Direct Premiums to Term Life Direct Premiums
Term Life adjusted direct premiums	$	193,409		$	201,422		$	205,503		$	210,572		$	214,780		$	223,706		$	228,422		$	233,044		$	22,473			10.7	%	$	810,905		$	899,952		$	89,047			11.0	%
Premiums ceded to Citi		358,625			357,613			351,983			350,077			344,883			344,143			340,170			337,501			(12,576	)		-3.6	%		1,418,299			1,366,697			(51,602	)		-3.6	%
Term Life direct premiums	$	552,034		$	559,035		$	557,486		$	560,649		$	559,663		$	567,849		$	568,592		$	570,545		$	9,896			1.8	%	$	2,229,204		$	2,266,649		$	37,445			1.7	%
Reconciliation from Term Life Other Ceded Premiums to Term Life Ceded Premiums
Term Life other ceded premiums	$	(49,229	)	$	(56,608	)	$	(52,476	)	$	(55,430	)	$	(55,450	)	$	(63,424	)	$	(59,417	)	$	(60,978	)	$	(5,548	)		-10.0	%	$	(213,743	)	$	(239,268	)	$	(25,525	)		-11.9	%
Premiums ceded to Citi		(358,625	)		(357,613	)		(351,983	)		(350,077	)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		12,576			3.6	%		(1,418,299	)		(1,366,697	)		51,602			3.6	%
Term Life ceded premiums	$	(407,854	)	$	(414,222	)	$	(404,459	)	$	(405,506	)	$	(400,334	)	$	(407,566	)	$	(399,587	)	$	(398,478	)	$	7,028			1.7	%	$	(1,632,041	)	$	(1,605,965	)	$	26,076			1.6	%
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	296,164		$	300,022		$	310,815		$	317,323		$	324,065		$	330,299		$	339,468		$	346,459		$	29,136			9.2	%	$	1,224,324		$	1,340,290		$	115,966			9.5	%
Realized investment gains/(losses)		2,286			3,468			(407	)		899			263			831			(281	)		(1,074	)	nm			nm				6,246			(261	)	nm			nm
Total revenues	$	298,450		$	303,490		$	310,408		$	318,222		$	324,328		$	331,130		$	339,187		$	345,385		$	27,163			8.5	%	$	1,230,570		$	1,340,030		$	109,460			8.9	%
Reconciliation from Operating Income Before Income Taxes to Income from Continued Operations Before Income Taxes
Operating income before income taxes	$	59,864		$	63,844		$	63,179		$	70,795		$	66,569		$	74,909		$	64,301		$	74,432		$	3,636			5.1	%	$	257,683		$	280,211		$	22,528			8.7	%
Operating income before income taxes reconciling items:
Realized investment gains/(losses)		2,286			3,468			(407	)		899			263			831			(281	)		(1,074	)	nm			nm				6,246			(261	)	nm			nm
Co-CEOs transition expenses		—			—			—			—			—			—			—			(4,228	)	nm			nm				—			(4,228	)	nm			nm
FRS legal settlements		—			(188	)		—			(15,551	)		—			—			—			—		nm			nm				(15,738	)		—		nm			nm
IPO equity award grants		(3,010	)		(174	)		—			—			—			—			—			—		nm			nm				(3,184	)		—		nm			nm
Total operating income before income taxes reconciling items		(724	)		3,106			(407	)		(14,652	)		263			831			(281	)		(5,302	)	nm			nm				(12,677	)		(4,489	)	nm			nm
Income from continued operations before income taxes	$	59,140		$	66,950		$	62,772		$	56,143		$	66,832		$	75,740		$	64,020		$	69,130		$	12,987			23.1	%	$	245,006		$	275,723		$	30,716			12.5	%
Reconciliation from Net Operating Income to Net Income
Net operating income	$	38,602		$	41,165		$	40,996		$	46,234		$	43,314		$	48,731		$	41,796		$	48,953		$	2,718			5.9	%	$	166,997		$	182,793		$	15,795			9.5	%
Net operating income reconciling items:
Operating income before income taxes reconciling items		(724	)		3,106			(407	)		(14,652	)		263			831			(281	)		(5,302	)	nm			nm				(12,677	)		(4,489	)	nm			nm
Tax impact of operating income reconciling items at effective tax rate		257			(1,103	)		143			5,084			(92	)		(291	)		98			1,815		nm			nm				4,380			1,531		nm			nm
Total net operating income reconciling items		(467	)		2,003			(264	)		(9,568	)		171			541			(183	)		(3,487	)	nm			nm				(8,296	)		(2,958	)	nm			nm
Net income from continued operations	$	38,135		$	43,168		$	40,732		$	36,666		$	43,485		$	49,271		$	41,613		$	45,466		$	8,800			24.0	%	$	158,701		$	179,835		$	21,134			13.3	%
Net income from discontinued operations net tax		710			322			2,458			534			1,596			—			(18	)		—		nm			nm				4,025			1,578		nm			nm
Net income	$	38,845		$	43,490		$	43,190		$	37,201		$	45,080		$	49,271		$	41,595		$	45,466		$	8,265			22.2	%	$	162,725		$	181,412		$	18,687			11.5	%

7 of 16 

Segment Operating Results PRIMERICA, INC. Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Term Life Insurance
Revenues:
Direct Premiums	$	552,034		$	559,035		$	557,486		$	560,649		$	559,663		$	567,849		$	568,592		$	570,545		$	9,896			1.8	%	$	2,229,204		$	2,266,649		$	37,445			1.7	%
Premiums ceded to Citi (1)		(358,625	)		(357,613	)		(351,983	)		(350,077	)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		12,576			3.6	%		(1,418,299	)		(1,366,697	)		51,602			3.6	%
Adjusted direct premiums (2)		193,409			201,422			205,503			210,572			214,780			223,706			228,422			233,044			22,473			10.7	%		810,905			899,952			89,047			11.0	%
Other ceded premiums  (3)		(49,229	)		(56,608	)		(52,476	)		(55,430	)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(5,548	)		-10.0	%		(213,743	)		(239,268	)		(25,525	)		-11.9	%
Net premiums		144,180			144,813			153,027			155,142			159,330			160,282			169,005			172,067			16,925			10.9	%		597,162			660,684			63,521			10.6	%
Allocated net investment income		16,670			16,935			17,385			17,807			16,713			16,839			17,235			18,986			1,179			6.6	%		68,796			69,773			977			1.4	%
Other, net		6,984			7,436			7,399			7,199			6,937			7,245			7,337			7,318			119			1.7	%		29,017			28,838			(180	)		-0.6	%
Operating revenues		167,833			169,184			177,811			180,147			182,980			184,366			193,577			198,370			18,223			10.1	%		694,975			759,294			64,319			9.3	%
Benefits and expenses:
Benefits and claims		65,547			61,689			67,788			67,334			71,263			68,287			77,722			78,059			10,725			15.9	%		262,357			295,332			32,975			12.6	%
Amortization of DAC		27,865			25,777			29,679			32,570			32,721			29,778			34,171			36,661			4,091			12.6	%		115,891			133,331			17,441			15.0	%
Insurance commissions		1,199			1,062			901			1,437			1,315			929			1,070			690			(748	)		-52.0	%		4,600			4,003			(597	)		-13.0	%
Insurance expenses		23,846			24,508			25,125			24,603			26,413			26,293			30,514			25,978			1,375			5.6	%		98,081			109,198			11,118			11.3	%
Interest expense		4,252			4,250			4,183			4,161			4,063			4,009			4,168			4,156			(5	)		-0.1	%		16,846			16,396			(450	)		-2.7	%
Operating benefits and expenses		122,708			117,285			127,676			130,105			135,776			129,296			147,645			145,544			15,439			11.9	%		497,774			558,261			60,486			12.2	%
Operating income before income taxes	$	45,125		$	51,899		$	50,136		$	50,042		$	47,205		$	55,070		$	45,932		$	52,826		$	2,784			5.6	%	$	197,201		$	201,033		$	3,832			1.9	%
Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	49,656		$	52,108		$	51,934		$	54,386		$	57,904		$	60,255		$	58,394		$	61,204		$	6,818			12.5	%	$	208,085		$	237,758		$	29,673			14.3	%
Asset-based		47,490			49,492			51,037			53,493			53,807			56,114			58,744			57,134			3,641			6.8	%		201,511			225,799			24,288			12.1	%
Account-based		9,453			9,588			9,811			10,010			9,720			9,957			10,251			10,548			539			5.4	%		38,862			40,477			1,614			4.2	%
Other, net		2,122			2,173			1,941			2,444			1,839			1,821			1,884			2,497			52			2.1	%		8,680			8,040			(640	)		-7.4	%
Operating revenues		108,721			113,361			114,723			120,333			123,270			128,147			129,273			131,383			11,050			9.2	%		457,138			512,073			54,935			12.0	%
Benefits and expenses:
Amortization of DAC		2,892			3,876			2,542			1,885			2,335			2,172			2,484			1,743			(143	)		-7.6	%		11,195			8,734			(2,462	)		-22.0	%
Insurance commissions		2,274			2,331			2,249			2,193			2,086			2,237			2,290			2,185			(8	)		-0.4	%		9,046			8,799			(247	)		-2.7	%
Sales commissions:																																								#DIV/0!
Sales-based		35,373			36,702			36,266			38,190			41,563			42,702			41,193			42,749			4,559			11.9	%		146,531			168,207			21,676			14.8	%
Asset-based		16,668			17,807			18,805			19,988			20,725			21,859			23,378			23,011			3,024			15.1	%		73,267			88,974			15,707			21.4	%
Other operating expenses		25,162			24,971			23,362			22,716			22,532			23,131			23,024			22,655			(60	)		-0.3	%		96,211			91,342			(4,869	)		-5.1	%
Operating benefits and expenses		82,368			85,686			83,224			84,972			89,243			92,100			92,369			92,344			7,372			8.7	%		336,251			366,056			29,805			8.9	%
Operating income before income taxes	$	26,353		$	27,675		$	31,498		$	35,361		$	34,028		$	36,047		$	36,904		$	39,039		$	3,678			10.4	%	$	120,888		$	146,017		$	25,129			20.8	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	8,870		$	9,356		$	9,561		$	8,200		$	8,542		$	8,892		$	8,890		$	8,360		$	160			1.9	%	$	35,987		$	34,683		$	(1,303	)		-3.6	%
Ceded premiums		(2,750	)		(3,229	)		(3,030	)		(3,109	)		(2,381	)		(2,980	)		(2,611	)		(2,880	)		229			7.4	%		(12,117	)		(10,852	)		1,264			10.4	%
Net premiums		6,120			6,127			6,531			5,091			6,160			5,912			6,279			5,480			389			7.6	%		23,870			23,831			(39	)		-0.2	%
Allocated net investment income		6,546			4,092			4,718			4,600			4,885			4,842			3,230			3,742			(858	)		-18.6	%		19,956			16,701			(3,255	)		-16.3	%
Commissions and fees:
Loans		293			406			264			256			200			101			78			69			(187	)		-73.1	%		1,220			447			(773	)		-63.4	%
DebtWatchers		491			462			482			411			385			360			337			316			(94	)		-23.0	%		1,846			1,398			(448	)	nm
Prepaid Legal Services		2,254			2,255			2,396			2,415			2,339			2,285			2,487			3,225			810			33.5	%		9,321			10,336			1,016			10.9	%
Auto and Homeowners Insurance		1,685			1,890			1,470			1,982			1,719			1,998			1,606			2,032			49			2.5	%		7,028			7,354			326			4.6	%
Long-Term Care Insurance		628			664			705			565			521			570			565			550			(15	)		-2.6	%		2,562			2,206			(356	)		-13.9	%
Other sales commissions		323			316			341			389			337			399			467			188			(200	)		-51.5	%		1,369			1,392			22			1.6	%
Other, net		1,270			1,263			1,374			1,133			1,269			1,318			1,569			1,103			(30	)		-2.7	%		5,040			5,259			219			4.4	%
Operating revenues		19,610			17,477			18,281			16,843			17,814			17,785			16,618			16,706			(137	)		-0.8	%		72,211			68,923			(3,288	)		-4.6	%
Benefits and expenses:
Benefits and claims		3,269			2,634			8,760			2,912			3,928			4,125			3,513			4,519			1,607			55.2	%		17,574			16,085			(1,489	)		-8.5	%
Amortization of DAC		496			459			(29	)		1,171			137			747			289			1,141			(31	)		-2.6	%		2,097			2,313			216			10.3	%
Insurance commissions		750			738			783			612			681			715			686			468			(144	)		-23.5	%		2,883			2,550			(333	)		-11.5	%
Insurance expenses		1,667			2,006			1,451			2,252			2,088			1,900			981			1,285			(967	)		-42.9	%		7,376			6,254			(1,122	)		-15.2	%
Sales commissions		3,007			3,129			3,316			2,986			2,833			2,803			2,929			3,029			43			1.5	%		12,439			11,593			(846	)		-6.8	%
Interest expense		4,543			4,543			4,543			4,543			4,543			4,543			4,544			4,544			1		nm				18,172			18,174			2		nm
Other operating expenses		17,492			19,698			17,911			16,975			18,266			19,161			22,211			19,154			2,179			12.8	%		72,075			78,792			6,717			9.3	%
Operating benefits and expenses		31,224			33,207			36,736			31,450			32,477			33,993			35,153			34,139			2,689			8.5	%		132,616			135,763			3,146			2.4	%
Operating income before income taxes	$	(11,614	)	$	(15,730	)	$	(18,455	)	$	(14,607	)	$	(14,663	)	$	(16,208	)	$	(18,535	)	$	(17,433	)	$	(2,826	)		-19.3	%	$	(60,406	)	$	(66,839	)	$	(6,434	)		-10.7	%

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi

8 of 16

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

																									YOY Q4												YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2013			Q2 2013			Q3  2013			Q4 2013			Q1 2014			Q2 2014			Q3  2014			Q4  2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Revenues:
Direct Premiums	$	552,034		$	559,035		$	557,486		$	560,649		$	559,663		$	567,849		$	568,592		$	570,545			9,896			1.8	%	$	2,229,204		$	2,266,649		$	37,445			1.7	%
Premiums ceded to Citi (1)		(358,625	)		(357,613	)		(351,983	)		(350,077	)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		12,576			3.6	%		(1,418,299	)		(1,366,697	)		51,602			3.6	%
Adjusted direct premiums (2)		193,409			201,422			205,503			210,572			214,780			223,706			228,422			233,044			22,473			10.7	%		810,905			899,952			89,047			11.0	%
Other ceded premiums  (3)		(49,229	)		(56,608	)		(52,476	)		(55,430	)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(5,548	)		-10.0	%		(213,743	)		(239,268	)		(25,525	)		-11.9	%
Net premiums		144,180			144,813			153,027			155,142			159,330			160,282			169,005			172,067			16,925			10.9	%		597,162			660,684			63,521			10.6	%
Allocated net investment income		16,670			16,935			17,385			17,807			16,713			16,839			17,235			18,986			1,179			6.6	%		68,796			69,773			977			1.4	%
Other, net		6,984			7,436			7,399			7,199			6,937			7,245			7,337			7,318			119			1.7	%		29,017			28,838			(180	)		-0.6	%
Operating revenues		167,833			169,184			177,811			180,147			182,980			184,366			193,577			198,370			18,223			10.1	%		694,975			759,294			64,319			9.3	%
Benefits and expenses:
Benefits and claims		65,547			61,689			67,788			67,334			71,263			68,287			77,722			78,059			10,725			15.9	%		262,357			295,332			32,975			12.6	%
Amortization of DAC		27,865			25,777			29,679			32,570			32,721			29,778			34,171			36,661			4,091			12.6	%		115,891			133,331			17,441			15.0	%
Insurance commissions		1,199			1,062			901			1,437			1,315			929			1,070			690			(748	)		-52.0	%		4,600			4,003			(597	)		-13.0	%
Insurance expenses		23,846			24,508			25,125			24,603			26,413			26,293			30,514			25,978			1,375			5.6	%		98,081			109,198			11,118			11.3	%
Interest expense		4,252			4,250			4,183			4,161			4,063			4,009			4,168			4,156			(5	)		-0.1	%		16,846			16,396			(450	)		-2.7	%
Operating benefits and expenses		122,708			117,285			127,676			130,105			135,776			129,296			147,645			145,544			15,439			11.9	%		497,774			558,261			60,486			12.2	%
Operating income before income taxes	$	45,125		$	51,899		$	50,136		$	50,042		$	47,205		$	55,070		$	45,932		$	52,826		$	2,784			5.6	%	$	197,201		$	201,033		$	3,832			1.9	%
Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	106,077		$	114,407		$	119,852		$	125,394		$	130,855		$	139,973		$	145,636		$	150,916		$	25,522			20.4	%	$	465,730		$	567,380		$	101,649			21.8	%
Legacy direct premiums (5)		445,957			444,628			437,634			435,255			428,809			427,876			422,956			419,629			(15,626	)		-3.6	%		1,763,473			1,699,269			(64,204	)		-3.6	%
Total direct premiums	$	552,034		$	559,035		$	557,486		$	560,649		$	559,663		$	567,849		$	568,592		$	570,545		$	9,896			1.8	%	$	2,229,204		$	2,266,649		$	37,445			1.7	%
Premiums ceded to Citi	$	358,625		$	357,613		$	351,983		$	350,077		$	344,883		$	344,143		$	340,170		$	337,501			(12,576	)		-3.6	%	$	1,418,299		$	1,366,697		$	(51,602	)		-3.6	%
% of Legacy direct premiums		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%	nm			nm				80.4	%		80.4	%	nm			nm
Benefits and claims, net (6)	$	114,776		$	118,297		$	120,263		$	122,764		$	126,713		$	131,711		$	137,139		$	139,037			16,273			13.3	%	$	476,100		$	534,600		$	58,500			12.3	%
% of adjusted direct premiums		59.3	%		58.7	%		58.5	%		58.3	%		59.0	%		58.9	%		60.0	%		59.7	%	nm			nm				58.7	%		59.4	%	nm			nm
DAC amortization & insurance commissions	$	29,064		$	26,839		$	30,580		$	34,007		$	34,036		$	30,707		$	35,241		$	37,351			3,343			9.8	%	$	120,490		$	137,335		$	16,844			14.0	%
% of adjusted direct premiums		15.0	%		13.3	%		14.9	%		16.1	%		15.8	%		13.7	%		15.4	%		16.0	%	nm			nm				14.9	%		15.3	%	nm			nm
Insurance expenses, net (7)	$	16,862		$	17,072		$	17,726		$	17,404		$	19,476		$	19,047		$	23,177		$	18,660			1,256			7.2	%	$	69,063		$	80,361		$	11,297			16.4	%
% of adjusted direct premiums		8.7	%		8.5	%		8.6	%		8.3	%		9.1	%		8.5	%		10.1	%		8.0	%	nm			nm				8.5	%		8.9	%	nm			nm
Total term life operating income before income taxes	$	45,125		$	51,899		$	50,136		$	50,042		$	47,205		$	55,070		$	45,932		$	52,826			2,784			5.6	%	$	197,201		$	201,033		$	3,832			1.9	%
% of adjusted direct premiums		23.3	%		25.8	%		24.4	%		23.8	%		22.0	%		24.6	%		20.1	%		22.7	%	nm			nm				24.3	%		22.3	%	nm			nm

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi
(4)	Primary direct premiums - direct premiums not subject to the 2010 Citi reinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 Citi reinsurance 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

9 of 16

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

																									YOY Q4												YOY YTD
(Dollars in thousands, except as noted)		Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3  2014			Q4  2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period		92,373			90,917			92,227			94,529			95,566			95,382			96,596			97,966			3,437			3.6	%		92,373			95,566			3,193			3.5	%
New life-licensed representatives		7,165			8,875			9,630			8,485			7,447			9,082			8,793			8,510			25			0.3	%		34,155			33,832			(323	)		-0.9	%
Non-renewal and terminated representatives		(8,621	)		(7,565	)		(7,328	)		(7,448	)		(7,631	)		(7,868	)		(7,423	)		(8,118	)		(670	)		-9.0	%		(30,962	)		(31,040	)		(78	)		-0.3	%
Life-insurance licensed sales force, end of period		90,917			92,227			94,529			95,566			95,382			96,596			97,966			98,358			2,792			2.9	%		95,566			98,358			2,792			2.9	%
Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	40.2		$	45.9		$	43.9		$	43.5		$	40.1		$	48.0		$	44.7		$	47.0		$	3.5			8.0	%	$	173.5		$	179.8		$	6.3			3.6	%
Additions and increases in premium		11.4			12.3			12.3			12.5			12.4			13.0			12.9			13.3			0.8			6.2	%		48.6			51.6			3.0			6.3	%
Total estimated annualized issued term life premium	$	51.6		$	58.2		$	56.2		$	56.0		$	52.5		$	61.1		$	57.6		$	60.3		$	4.3			7.6	%	$	222.1		$	231.4		$	9.3			4.2	%
Issued term life policies		50,356			57,622			53,997			52,642			49,320			59,569			55,146			56,949			4,307			8.2	%		214,617			220,984			6,367			3.0	%
Estimated average annualized issued term life premium per policy (1)(2)	$	799		$	797		$	813		$	826		$	813		$	806		$	810		$	825		$	(1	)		-0.1	%	$	808		$	814		$	5			0.6	%
Term life face amount in-force, beginning of period ($mills)	$	670,412		$	670,414		$	674,355		$	676,360		$	674,868		$	673,078		$	681,978		$	681,178		$	4,817			0.7	%	$	670,412		$	674,868		$	4,456			0.7	%
Issued term life face amount (3)		15,709			17,798			17,056			17,219			15,748			18,494			17,337			17,996			777			4.5	%		67,783			69,574			1,792			2.6	%
Terminated term life face amount		(14,917	)		(13,139	)		(14,346	)		(15,329	)		(14,160	)		(12,759	)		(13,866	)		(14,177	)		1,152			7.5	%		(57,730	)		(54,962	)		2,768			4.8	%
Foreign currency impact, net		(790	)		(719	)		(704	)		(3,383	)		(3,378	)		3,166			(4,272	)		(3,070	)		314		nm				(5,596	)		(7,553	)		(1,958	)	nm
Term life face amount in-force, end of period	$	670,414		$	674,355		$	676,360		$	674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	7,059			1.0	%	$	674,868		$	681,927		$	7,059			1.0	%

(1)	Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.
(2)	In whole dollars
(3)	Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders

10 of 16

Term Life Insurance - New Term / Legacy Format of Financial Results PRIMERICA, INC. Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014		$ Change			% Change			YTD 2013			YTD 2014			$ Change			% Change
New Term Life Insurance Operating Income Before Income Taxes (1)
Revenues:
Direct premiums	$	106,077		$	114,407		$	119,852		$	125,394		$	130,855		$	139,973		$	145,636		$	150,916		$	25,522			20.4	%	$	465,730		$	567,380		$	101,649			21.8	%
Ceded premiums		(18,577	)		(20,927	)		(18,937	)		(19,934	)		(23,400	)		(25,838	)		(24,248	)		(24,765	)		(4,831	)		-24.2	%		(78,376	)		(98,252	)		(19,876	)		-25.4	%
Net premiums		87,501			93,479			100,915			105,460			107,455			114,135			121,388			126,151			20,691			19.6	%		387,355			469,128			81,773			21.1	%
Allocated net investment income		3,513			3,941			4,438			5,055			5,182			5,734			6,023			7,154			2,099			41.5	%		16,946			24,093			7,147			42.2	%
Other, net		6,957			7,366			7,304			7,128			6,924			7,315			7,311			7,252			124			1.7	%		28,755			28,801			46			0.2	%
Operating revenues		97,971			104,786			112,657			117,643			119,561			127,183			134,721			140,557			22,914			19.5	%		433,056			522,022			88,966			20.5	%
Benefits and expenses:
Benefits and claims		32,124			33,764			39,105			40,357			40,597			40,773			47,049			48,319			7,962			19.7	%		145,350			176,737			31,387			21.6	%
Amortization of DAC		17,759			17,091			20,417			23,817			23,470			21,267			24,943			27,295			3,478			14.6	%		79,084			96,974			17,890			22.6	%
Insurance commissions		817			691			493			573			911			534			648			359			(214	)		-37.4	%		2,574			2,452			(122	)		-4.7	%
Insurance expenses		31,613			32,550			33,040			33,567			34,961			34,935			38,690			34,952			1,385			4.1	%		130,770			143,538			12,768			9.8	%
Interest expense		361			403			422			464			483			511			735			860			397			85.6	%		1,649			2,590			941			57.1	%
Operating benefits and expenses		82,674			84,499			93,477			98,777			100,422			98,020			112,064			111,785			13,008			13.2	%		359,427			422,291			62,864			17.5	%
Operating income before income taxes	$	15,296		$	20,287		$	19,180		$	18,866		$	19,138		$	29,163		$	22,657		$	28,772		$	9,906			52.5	%	$	73,630		$	99,731		$	26,102			35.4	%
New Term Life Insurance - Financial Analysis (1)
Direct premium	$	106,077		$	114,407		$	119,852		$	125,394		$	130,855		$	139,973		$	145,636		$	150,916			25,522			20.4	%		465,730			567,380			101,649			21.8	%
New term life operating income before income taxes	$	15,296		$	20,287		$	19,180		$	18,866		$	19,138		$	29,163		$	22,657		$	28,772			9,906			52.5	%		73,630			99,731			26,102			35.4	%
% of direct premium		14.4	%		17.7	%		16.0	%		15.0	%		14.6	%		20.8	%		15.6	%		19.1	%	nm			nm				15.8	%		17.6	%	nm			nm
Benefits & expenses, net (2)	$	69,277		$	72,474		$	78,952		$	84,680		$	88,377		$	88,412		$	96,888		$	100,738			16,058			19.0	%		305,383			374,415			69,032			22.6	%
% of direct premium		65.3	%		63.3	%		65.9	%		67.5	%		67.5	%		63.2	%		66.5	%		66.8	%	nm			nm				65.6	%		66.0	%	nm			nm
Insurance expenses, net (3)	$	24,656		$	25,184		$	25,736		$	26,439		$	28,038		$	27,620		$	31,379		$	27,700			1,261			4.8	%		102,015			114,736			12,721			12.5	%
% of direct premium		23.2	%		22.0	%		21.5	%		21.1	%		21.4	%		19.7	%		21.5	%		18.4	%	nm			nm				21.9	%		20.2	%	nm			nm
Legacy Term Life Insurance Operating Income Before Income Taxes (4)
Revenues:
Direct premiums	$	445,957		$	444,628		$	437,634		$	435,255		$	428,809		$	427,876		$	422,956		$	419,629		$	(15,626	)		-3.6	%	$	1,763,473		$	1,699,269		$	(64,204	)		-3.6	%
Ceded premiums		(389,277	)		(393,294	)		(385,522	)		(385,572	)		(376,934	)		(381,728	)		(375,338	)		(373,713	)		11,859			3.1	%		(1,553,666	)		(1,507,713	)		45,953			3.0	%
Net premiums		56,679			51,334			52,112			49,682			51,875			46,148			47,617			45,916			(3,766	)		-7.6	%		209,807			191,556			(18,251	)		-8.7	%
Allocated net investment income		13,156			12,994			12,947			12,752			11,531			11,105			11,212			11,832			(920	)		-7.2	%		51,849			45,680			(6,170	)		-11.9	%
Other, net		27			70			96			70			14			(69	)		27			65			(5	)		-7.1	%		262			36			(226	)		-86.2	%
Operating revenues		69,863			64,397			65,155			62,504			63,420			57,183			58,856			57,813			(4,691	)		-7.5	%		261,919			237,272			(24,647	)		-9.4	%
Benefits and expenses:
Benefits and claims		33,422			27,925			28,683			26,977			30,666			27,514			30,673			29,741			2,763			10.2	%		117,007			118,595			1,588			1.4	%
Amortization of DAC		10,105			8,686			9,262			8,753			9,252			8,511			9,228			9,366			613			7.0	%		36,807			36,357			(449	)		-1.2	%
Insurance commissions		383			371			408			865			404			395			421			331			(534	)		-61.7	%		2,026			1,551			(475	)		-23.4	%
Insurance expenses		9,128			8,598			8,490			7,203			7,664			7,384			7,666			6,615			(589	)		-8.2	%		33,419			29,328			(4,090	)		-12.2	%
Insurance expense allowance		(16,896	)		(16,640	)		(16,405	)		(16,168	)		(16,212	)		(16,025	)		(15,842	)		(15,589	)		579			3.6	%		(66,108	)		(63,668	)		2,440			3.7	%
Interest expense		3,892			3,847			3,761			3,698			3,580			3,498			3,433			3,296			(402	)		-10.9	%		15,197			13,806			(1,391	)		-9.2	%
Operating benefits and expenses		40,034			32,786			34,199			31,329			35,354			31,276			35,580			33,759			2,431			7.8	%		138,348			135,970			(2,378	)		-1.7	%
Operating income before income taxes	$	29,829		$	31,611		$	30,956		$	31,176		$	28,066		$	25,907		$	23,275		$	24,054		$	(7,122	)		-22.8	%	$	123,571		$	101,302		$	(22,269	)		-18.0	%
Legacy Term Life Insurance - Financial Analysis (4)
Direct premium	$	445,957		$	444,628		$	437,634		$	435,255		$	428,809		$	427,876		$	422,956		$	419,629			(15,626	)		-3.6	%		1,763,473			1,699,269			(64,204	)		-3.6	%
Legacy term life operating income before income taxes	$	29,829		$	31,611		$	30,956		$	31,176		$	28,066		$	25,907		$	23,275		$	24,054			(7,122	)		-22.8	%		123,571			101,302			(22,269	)		-18.0	%
% of direct premium		6.7	%		7.1	%		7.1	%		7.2	%		6.5	%		6.1	%		5.5	%		5.7	%	nm			nm				7.0	%		6.0	%	nm			nm

(1)	Represents results associated with business not subject to the 2010 Citi reinsurance transactions.
(2)	Benefits & expenses, net - includes total benefits & claims, ceded premiums, insurance commissions, and amortization of deferred policy acquisition costs
(3)	Insurance expenses, net - insurance expenses, net of other net revenues
(4)	Represents results associated with business subject to the 2010 Citi reinsurance transactions.

11 of 16

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

(Dollars in thousands, except as noted)																									YOY Q4											YOY YTD
Investment & Savings Products Operating Income Before Income Taxes	Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014			$ Change			% Change		YTD 2013			YTD 2014			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	49,656		$	52,108		$	51,934		$	54,386		$	57,904		$	60,255		$	58,394		$	61,204		$	6,818		12.5	%	$	208,085		$	237,758		$	29,673		14.3	%
Asset-based		47,490			49,492			51,037			53,493			53,807			56,114			58,744			57,134			3,641		6.8	%		201,511			225,799			24,288		12.1	%
Account-based		9,453			9,588			9,811			10,010			9,720			9,957			10,251			10,548			539		5.4	%		38,862			40,477			1,614		4.2	%
Other, net		2,122			2,173			1,941			2,444			1,839			1,821			1,884			2,497			52		2.1	%		8,680			8,040			(640	)	-7.4	%
Operating revenues		108,721			113,361			114,723			120,333			123,270			128,147			129,273			131,383			11,050		9.2	%		457,138			512,073			54,935		12.0	%
Benefits and expenses:
Amortization of DAC		2,892			3,876			2,542			1,885			2,335			2,172			2,484			1,743			(143	)	-7.6	%		11,195			8,734			(2,462	)	-22.0	%
Insurance commissions		2,274			2,331			2,249			2,193			2,086			2,237			2,290			2,185			(8	)	-0.4	%		9,046			8,799			(247	)	-2.7	%
Sales commissions:
Sales-based		35,373			36,702			36,266			38,190			41,563			42,702			41,193			42,749			4,559		11.9	%		146,531			168,207			21,676		14.8	%
Asset-based		16,668			17,807			18,805			19,988			20,725			21,859			23,378			23,011			3,024		15.1	%		73,267			88,974			15,707		21.4	%
Other operating expenses		25,162			24,971			23,362			22,716			22,532			23,131			23,024			22,655			(60	)	-0.3	%		96,211			91,342			(4,869	)	-5.1	%
Operating benefits and expenses		82,368			85,686			83,224			84,972			89,243			92,100			92,369			92,344			7,372		8.7	%		336,251			366,056			29,805		8.9	%
Operating income before income taxes	$	26,353		$	27,675		$	31,498		$	35,361		$	34,028		$	36,047		$	36,904		$	39,039		$	3,678		10.4	%	$	120,888		$	146,017		$	25,129		20.8	%
Key Statistics
Product sales ($mills)
Retail Mutual Funds	$	711.9		$	722.7		$	648.2		$	683.3		$	821.4		$	820.9		$	762.8		$	804.4		$	121.2		17.7	%	$	2,766.0		$	3,209.6		$	443.5		16.0	%
Indexed Annuities		92.9			111.7			104.4			104.0			84.2			84.7			62.0			54.0			(50.0	)	-48.1	%		413.0			284.9			(128.1	)	-31.0	%
Variable Annuities and other		388.1			361.5			388.0			384.3			365.8			417.1			434.2			469.4			85.1		22.1	%		1,522.0			1,686.4			164.4		10.8	%
Total sales-based revenue generating product sales		1,193.0			1,195.9			1,140.6			1,171.5			1,271.4			1,322.7			1,259.0			1,327.8			156.3		13.3	%		4,701.1			5,180.9			479.8		10.2	%
Managed Accounts		56.7			57.5			57.1			53.8			62.8			65.3			66.3			63.9			10.0		18.6	%		225.1			258.3			33.2		14.7	%
Segregated Funds		115.6			64.3			51.0			51.7			76.6			51.1			51.2			64.1			12.4		24.0	%		282.6			243.1			(39.5	)	-14.0	%
Total product sales	$	1,365.3		$	1,317.7		$	1,248.7		$	1,277.1		$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	178.7		14.0	%	$	5,208.8		$	5,682.3		$	473.5		9.1	%
Client asset values, beginning of period ($mills)	$	37,386		$	39,853		$	40,166		$	42,177		$	44,990		$	45,839		$	48,008		$	47,399		$	5,222		12.4	%	$	37,386		$	44,990		$	7,604		20.3	%
Inflows		1,365			1,318			1,249			1,277			1,411			1,439			1,377			1,456			179		14.0	%		5,209			5,682			474		9.1	%
Outflows (1)		(1,283	)		(1,165	)		(1,140	)		(1,146	)		(1,246	)		(1,211	)		(1,206	)		(1,161	)		(14	)	-1.3	%		(4,733	)		(4,823	)		(90	)	-1.9	%
Net flows		82			153			109			131			165			228			171			295			164		nm			475			859			383		nm
Foreign currency impact, net		(162	)		(310	)		215			(272	)		(321	)		313			(432	)		(309	)		(37	)	nm			(529	)		(748	)		(219	)	nm
Change in market value, net and other (2)		2,546			470			1,686			2,954			1,005			1,628			(348	)		1,270			(1,684	)	nm			7,657			3,555			(4,102	)	nm
Client asset values, end of period	$	39,853		$	40,166		$	42,177		$	44,990		$	45,839		$	48,008		$	47,399		$	48,656		$	3,666		8.1	%	$	44,990		$	48,656		$	3,666		8.1	%
Annualized net flows as % of beginning of period asset values		0.9	%		1.5	%		1.1	%		1.2	%		1.5	%		2.0	%		1.4	%		2.5	%		1.2	%	nm			1.3	%		1.9	%		0.6	%	nm
Average client asset values ($mills)
Retail Mutual Funds	$	25,170		$	26,041		$	26,478		$	28,122		$	28,842		$	29,829		$	30,457		$	30,628		$	2,507		8.9	%	$	26,453		$	29,939		$	3,486		13.2	%
Managed Accounts		652			786			882			1,004			1,095			1,203			1,287			1,369			365		36.3	%		831			1,238			407		49.0	%
Indexed Annuities		441			545			648			750			839			921			986			1,035			285		38.1	%		596			945			349		58.6	%
Variable Annuities and other		9,869			10,352			10,687			11,410			11,839			12,152			12,548			12,748			1,338		11.7	%		10,579			12,322			1,742		16.5	%
Segregated Funds		2,624			2,601			2,529			2,546			2,449			2,507			2,547			2,462			(84	)	-3.3	%		2,575			2,491			(84	)	-3.3	%
Total	$	38,756		$	40,326		$	41,225		$	43,832		$	45,063		$	46,611		$	47,825		$	48,243		$	4,411		10.1	%	$	41,035		$	46,936		$	5,901		14.4	%
Average number of fee- generating accounts (thous) (3)
Recordkeeping and custodial accounts		1,940			1,946			1,955			1,975			1,991			2,011			2,026			2,034			59		3.0	%		1,954			2,015			61		3.1	%
Recordkeeping only accounts		596			576			582			590			596			604			611			616			26		4.4	%		586			607			21		3.5	%
Total		2,536			2,522			2,537			2,566			2,587			2,614			2,636			2,651			85		3.3	%		2,540			2,622			82		3.2	%
Financial Analysis
Sales-based net revenue as % of revenue-generating sales (4)		1.20	%		1.29	%		1.37	%		1.38	%		1.29	%		1.33	%		1.37	%		1.39	%	nm			nm			1.31	%		1.34	%	nm			nm
Asset-based net revenue as % of average asset values (5)		0.07	%		0.06	%		0.07	%		0.07	%		0.06	%		0.06	%		0.06	%		0.06	%	nm			nm			0.26	%		0.25	%	nm			nm
Account-based revenue per average fee generating account (6)	$	3.73		$	3.80		$	3.87		$	3.90		$	3.76		$	3.81		$	3.89		$	3.98		nm			nm		$	15.30		$	15.44		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 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 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

12 of 16

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

	As of or for the period ended December 31, 2014
								% 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	$	191,716	$	191,716	$	-			9.5	%		10.0	%
Fixed Income:
Treasury		35,705		36,125		(420	)		1.8	%		1.9	%		2.52	%	AAA
Government		140,303		135,178		5,125			7.0	%		7.1	%		4.28	%	AA-
Tax-Exempt Municipal		5,002		5,001		0			0.2	%		0.3	%		3.26	%	A-
Corporate		1,209,238		1,139,638		69,600			60.1	%		59.6	%		4.92	%	BBB+
Mortgage-Backed		117,597		108,506		9,091			5.8	%		5.7	%		4.85	%	AAA
Asset-Backed		71,220		71,145		75			3.5	%		3.7	%		0.91	%	AA+
CMBS		77,287		73,795		3,493			3.8	%		3.9	%		3.62	%	AAA
Private		104,873		100,425		4,448			5.2	%		5.3	%		5.10	%	BBB
Redeemable Preferred		2,694		2,844		(151	)		0.1	%		0.1	%		15.08	%	BBB+
Convertible		2,911		2,553		359			0.1	%		0.1	%		4.91	%	BBB+
Total Fixed Income		1,766,830		1,675,210		91,620			87.8	%		87.7	%		4.61	%	A
Equities:
Perpetual Preferred		15,992		15,052		941			0.8	%		0.8	%
Common Stock		23,338		16,740		6,599			1.2	%		0.9	%
Mutual Fund		8,281		6,169		2,112			0.4	%		0.3	%
Other		5,778		5,778		0			0.3	%		0.3	%
Total Equities		53,390		43,738		9,652			2.7	%		2.3	%
Total Invested Assets	$	2,011,936	$	1,910,665	$	101,271			100.0	%		100.0	%
Corporate Portfolio by Sector
Energy	$	148,184	$	143,240	$	4,943			12.3	%		12.6	%
Consumer Non Cyclical		136,059		126,923		9,136			11.3	%		11.1	%
Reits		131,285		123,678		7,606			10.9	%		10.9	%
Basic Industry		105,012		99,312		5,700			8.7	%		8.7	%
Banking		100,442		97,995		2,447			8.3	%		8.6	%
Electric		102,688		93,081		9,607			8.5	%		8.2	%
Technology		84,416		80,550		3,866			7.0	%		7.1	%
Insurance		80,326		73,909		6,417			6.6	%		6.5	%
Capital Goods		74,191		68,826		5,365			6.1	%		6.0	%
Communications		71,610		66,454		5,156			5.9	%		5.8	%
Consumer Cyclical		50,747		48,084		2,663			4.2	%		4.2	%
Transportation		39,388		38,189		1,198			3.3	%		3.4	%
Brokerage		25,898		24,062		1,836			2.1	%		2.1	%
Finance Companies		18,812		17,219		1,593			1.6	%		1.5	%
Industrial Other		17,971		17,114		857			1.5	%		1.5	%
Natural Gas		12,938		11,910		1,028			1.1	%		1.0	%
Financial Other		9,271		9,092		179			0.8	%		0.8	%
Total Corporate portfolio	$	1,209,238	$	1,139,638	$	69,600			100.0	%		100.0	%
	Error		Error
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	173,455	$	172,048	$	1,407			9.8	%		10.3	%		3.25	%
1-2 Yrs.		116,689		114,600		2,089			6.6	%		6.8	%		4.18	%
2-5 Yrs.		672,788		616,556		56,232			38.1	%		36.8	%		5.34	%
5-10 Yrs.		750,879		723,428		27,451			42.5	%		43.2	%		4.34	%
> 10 Yrs.		53,019		48,578		4,441			3.0	%		2.9	%		5.01	%
Total Fixed Income	$	1,766,830	$	1,675,210	$	91,620			100.0	%		100.0	%		4.61	%
Duration
Fixed Income portfolio duration		4.2	years
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

13 of 16

Investment Portfolio - Quality Ratings As of December 31, 2014 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
		Amortized Cost		% of Total
Total Fixed Income portfolio:
Rating
AAA		$	292,239	17.4	%
AA			117,423	7.0	%
A			375,781	22.4	%
BBB			804,765	48.0	%
Below Investment Grade			84,498	5.0	%
NA			505	0.0	%
	Total Fixed Income	$	1,675,210	100.0	%
		Amortized Cost		% of Total				Amortized Cost		% of Total
Corporate asset class:						Private asset class:
Rating						Rating
AAA		$	4,317	0.4	%	AAA		$	62	0.1	%
AA			54,622	4.8	%	AA			4,151	4.1	%
A			313,706	27.5	%	A			1,263	1.3	%
BBB			695,515	61.0	%	BBB			87,764	87.4	%
Below Investment Grade			71,300	6.3	%	Below Investment Grade			7,185	7.2	%
NA			178	0.0	%	NA			-	—
	Total Corporate	$	1,139,638	100.0	%		Total Private	$	100,425	100.0	%
CMBS asset class:						Mortgage-Backed asset class:
Rating						Rating
AAA		$	65,826	89.2	%	AAA		$	102,235	94.2	%
AA			1,770	2.4	%	AA			2,759	2.5	%
A			2,582	3.5	%	A			1,432	1.3	%
BBB			2,359	3.2	%	BBB			2,081	1.9	%
Below Investment Grade			1,257	1.7	%	Below Investment Grade			-	—
NA			0	0.0	%	NA			-	—
	Total CMBS	$	73,795	100.0	%		Total Mortgage-Backed	$	108,506	100.0	%
Asset-Backed asset class:						Treasury & Government asset classes:
Rating						Rating
AAA		$	55,397	77.9	%	AAA		$	63,815	37.3	%
AA			1,608	2.3	%	AA			53,241	31.1	%
A			13,605	19.1	%	A			40,886	23.9	%
BBB			144	0.2	%	BBB			13,362	7.8	%
Below Investment Grade			391	0.5	%	Below Investment Grade			-	—
NA			-	—		NA			-	—
	Total Asset-Backed	$	71,145	100.0	%		Total Treasury & Government	$	171,303	100.0	%
NAIC Designations
1		$	561,287	42.2	%
2			697,062	52.4	%
3			53,615	4.0	%
4			17,540	1.3	%
5			154	0.0	%
6			155	0.0	%
	U.S. Insurer Fixed Income (2)		1,329,814	100.0	%
Other (3)			389,135
Cash and cash equivalents			191,716
	Total Invested Assets	$	1,910,665

(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 Q4
(Dollars in thousands)				Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4  2014		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)			$	23,210		$	22,648		$	21,785		$	22,217		$	21,032		$	20,454		$	20,933		$	22,268			51			0.2	%
Fixed-maturity securities (held-to-maturity)				-			-			-			-			-			-			1,299			2,183			2,183		nm
Equity Securities				272			292			277			345			385			471			450			556			211			61.2	%
Deposit asset underlying 10% reinsurance treaty				563			(1,061	)		829			607			953			1,490			(127	)		779			172			28.3	%
Policy loans and other invested assets				320			327			325			391			388			398			367			295			(96	)		-24.6	%
Cash & cash equivalents				88			73			54			57			53			68			70			56			(1	)		-1.8	%
		Total investment income		24,453			22,279			23,270			23,617			22,811			22,881			22,992			26,137			2,520			10.7	%
Investment expenses				1,237			1,252			1,167			1,211			1,212			1,200			1,228			1,226			15			1.2	%
Interest Expense on Surplus Note				—			—			—			—			—			—			1,299			2,183			2,183		nm
		Net investment income	$	23,216		$	21,027		$	22,103		$	22,406		$	21,599		$	21,681		$	20,465		$	22,728			322			1.4	%
	Fixed income book yield, end of period			5.28	%		5.29	%		5.19	%		4.93	%		4.87	%		4.76	%		4.62	%		4.61	%
	New money yield			2.75	%		2.91	%		3.78	%		3.01	%		3.61	%		2.55	%		2.29	%		3.04	%
																											YOY Q4
				Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA				17.7	%		17.5	%		16.5	%		17.7	%		17.1	%		16.7	%		17.2	%		17.4	%		-0.2	%
AA				7.7	%		7.7	%		8.0	%		7.9	%		7.8	%		8.3	%		6.8	%		7.0	%		-0.9	%
A				23.6	%		22.9	%		23.3	%		23.0	%		22.8	%		22.1	%		23.0	%		22.4	%		-0.6	%
BBB				45.7	%		46.5	%		46.7	%		46.2	%		47.5	%		47.5	%		48.1	%		48.0	%		1.8	%
Below Investment Grade				5.3	%		5.3	%		5.4	%		4.8	%		4.6	%		4.9	%		4.9	%		5.0	%		0.2	%
NA				0.0	%		0.1	%		0.1	%		0.4	%		0.1	%		0.4	%		0.0	%		0.0	%		-0.3	%
		Total Fixed Income		100.0	%		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			A		na

			As of December 31, 2014								As of December 31, 2014					As of December 31, 2014
			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	$	27,007		$	28,056		AAA	United Kingdom	$	60,305	$	57,568	AAA	$	750	$	750
	2	General Electric Co		19,180			16,780		AA-	Canada		43,532		41,651	AA		11,708		10,799
	3	Washington Real Estate Investment		11,039			10,514		BBB	Australia		41,612		39,062	A		16,805		15,777
	4	Province of Ontario Canada		10,867			10,373		AA-	Brazil		20,697		20,390	BBB		13,606		13,362
	5	Wells Fargo & Co		10,544			10,397		A	France		17,699		16,717	Below Investment Grade		—		—
	6	National Rural Utilities Cooperative		9,904			7,758		A	Switzerland		16,275		15,572	NA		0		0
	7	Iberdrola SA		9,421			8,471		BBB	Ireland		13,522		12,248	Total	$	42,869	$	40,687
	8	Enel SpA		7,729			6,983		BBB	Bermuda		13,257		8,681
	9	National Fuel Gas Co		7,641			6,560		BBB	Netherlands		11,041		10,563
	10	Discover Financial Services		7,572			6,550		BBB-	Italy		10,259		9,483	Non-Government Investments (1)
	11	Altria Group Inc		7,521			6,220		BBB+	Korea Republic Of		9,190		8,681
	12	Vale Overseas Ltd		7,406			7,096		A-	Germany		8,217		7,581	AAA	$	—	$	—
	13	TTX Co		7,349			7,244		A+	Mexico		7,591		7,180	AA		17,105		15,912
	14	TransCanada Corp		7,180			7,177		A-	Hong Kong		7,504		6,981	A		89,553		85,282
	15	Ingram Micro Inc		7,123			6,666		BBB-	Belgium		6,914		5,705	BBB		184,538		174,632
	16	Republic of Korea		6,853			6,382		A+	Emerging Markets (2)		14,362		13,880	Below Investment Grade		15,595		14,804
	17	International Business Machines		6,851			6,195		AA-	All Other		48,140		49,809	NA		457		436
	18	Tesco PLC		6,709			6,350		BBB	Total	$	350,117	$	331,753	Total	$	307,249	$	291,066
	19	ArcelorMittal		6,704			5,867		BB+
	20	Duke Realty Corp		6,502			6,101		BBB
	21	Phillips 66		6,457			5,687		BBB+
	22	Province of Quebec Canada		6,451			5,845		AA-
	23	Liberty Property Trust		6,361			6,190		BBB
	24	TransAlta Corp		6,318			6,257		BBB-
	25	Verizon Communications Inc		6,219			5,943		BBB+
		Total	$	222,907		$	207,662
		% of total fixed income portfolio		11.1	%		10.9	%

(1)	US$ denominated investments in issuers outside of the United States based on country of risk
(2)	Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa
	Note:  Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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

(Dollars in millions)	2010			2011			2012			2013			2014				Q1 2013			Q2 2013			Q3 2013			Q4 2013			Q1 2014			Q2 2014			Q3 2014			Q4 2014
Recruits		231,390			244,756			191,752			186,251			190,439			46,348			50,358			51,523			38,022			48,306			50,024			49,055			43,054
Life-insurance licensed sales force, beginning of period		99,785			94,850			91,176			92,373			95,566			92,373			90,917			92,227			94,529			95,566			95,382			96,596			97,966
New life-licensed representatives		34,488			33,711			34,425			34,155			33,832			7,165			8,875			9,630			8,485			7,447			9,082			8,793			8,510
Non-renewal and terminated representatives		(39,423	)		(37,385	)		(33,228	)		(30,962	)		(31,040	)		(8,621	)		(7,565	)		(7,328	)		(7,448	)		(7,631	)		(7,868	)		(7,423	)		(8,118	)
Life-insurance licensed sales force, end of period		94,850			91,176			92,373			95,566			98,358			90,917			92,227			94,529			95,566			95,382			96,596			97,966			98,358
Issued term life policies		223,514			237,535			222,558			214,617			220,984			50,356			57,622			53,997			52,642			49,320			59,569			55,146			56,949
Issued term life face amount	$	74,401		$	73,146		$	68,053		$	67,783		$	69,574		$	15,709		$	17,798		$	17,056		$	17,219		$	15,748		$	18,494		$	17,337		$	17,996
Term life face amount in force, beginning of period	$	650,195		$	656,791		$	664,955		$	670,412		$	674,868		$	670,412		$	670,414		$	674,355		$	676,360		$	674,868		$	673,078		$	681,978		$	681,178
Issued term life face amount		74,401			73,146			68,053			67,783			69,574			15,709			17,798			17,056			17,219			15,748			18,494			17,337			17,996
Terminated term life face amount		(70,964	)		(66,951	)		(61,593	)		(57,730	)		(54,962	)		(14,917	)		(13,139	)		(14,346	)		(15,329	)		(14,160	)		(12,759	)		(13,866	)		(14,177	)
Foreign currency impact, net		3,158			1,970			(1,003	)		(5,596	)		(7,553	)		(790	)		(719	)		(704	)		(3,383	)		(3,378	)		3,166			(4,272	)		(3,070	)
Term life face amount in force, end of period	$	656,791		$	664,955		$	670,412		$	674,868		$	681,927		$	670,414		$	674,355		$	676,360		$	674,868		$	673,078		$	681,978		$	681,178		$	681,927
Estimated annualized issued term life premium
Premium from new policies	$	180.8		$	187.6		$	176.1		$	173.5		$	179.8		$	40.2		$	45.9		$	43.9		$	43.5		$	40.1		$	48.0		$	44.7		$	47.0
Additions and increases in premium		44.6			44.9			45.5			48.6			51.6			11.4			12.3			12.3			12.5			12.4			13.0			12.9			13.3
Total estimated annualized issued term life premium	$	225.4		$	232.5		$	221.5		$	222.1		$	231.4		$	51.6		$	58.2		$	56.2		$	56.0		$	52.5		$	61.1		$	57.6		$	60.3
Investment & Savings product sales	$	3,623.6		$	4,265.1		$	4,712.2		$	5,208.8		$	5,682.3		$	1,365.3		$	1,317.7		$	1,248.7		$	1,277.1		$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8
Investment & Savings average client asset values	$	31,908		$	34,870		$	35,904		$	41,035		$	46,936		$	38,756		$	40,326		$	41,225		$	43,832		$	45,063		$	46,611		$	47,825		$	48,243

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