EXHIBIT 99.1
ITEM 1. BUSINESS.
Segment Financial and Geographic Disclosures
We have two primary operating segments - Term Life Insurance and Investment and Savings Products. The Term Life Insurance segment includes underwriting profits on our in-force book of term life insurance policies, net of reinsurance, which are underwritten by our life insurance company subsidiaries. The Investment and Savings Products segment includes mutual funds and variable annuities distributed through licensed broker-dealer subsidiaries and includes segregated funds, an individual annuity savings product that we underwrite in Canada through Primerica Life Canada. We also have a Corporate and Other Distributed Products segment, which consists primarily of revenues and expenses related to the distribution of non-core products, prepaid legal services and various insurance products other than our core term life insurance products.
Information regarding operations by segment follows:
| Year ended December 31, | |||||||||||
| 2011 | 2010 | 2009 | |||||||||
| (In thousands) | |||||||||||
| Revenues: | |||||||||||
| Term life insurance segment | $ | 554,995 | $ | 808,568 | $ | 1,742,065 | |||||
| Investment and savings products segment | 396,703 | 361,807 | 300,140 | ||||||||
| Corporate and other distributed products segment | 151,395 | 191,488 | 178,196 | ||||||||
| Total revenues | $ | 1,103,093 | $ | 1,361,863 | $ | 2,220,401 | |||||
| Income (loss) before income taxes: | |||||||||||
| Term life insurance segment | $ | 162,450 | $ | 261,483 | $ | 641,118 | |||||
| Investment and savings products segment | 117,076 | 113,530 | 93,404 | ||||||||
| Corporate and other distributed products segment | (35,617 | ) | (13,544 | ) | 7,273 | ||||||
| Total income before income taxes | $ | 243,909 | $ | 361,469 | $ | 741,795 | |||||
Information regarding operations by country follows:
| Year ended December 31, | |||||||||||
| 2011 | 2010 | 2009 | |||||||||
| (In thousands) | |||||||||||
| Revenues by country: | |||||||||||
| United States | $ | 895,067 | $ | 1,136,414 | $ | 1,922,047 | |||||
| Canada | 208,026 | 225,449 | 298,354 | ||||||||
| Total revenues | $ | 1,103,093 | $ | 1,361,863 | $ | 2,220,401 | |||||
| Income before income taxes by country: | |||||||||||
| United States | $ | 181,151 | $ | 282,492 | $ | 621,083 | |||||
| Canada | 62,758 | 78,977 | 120,712 | ||||||||
| Total income before income taxes | $ | 243,909 | $ | 361,469 | $ | 741,795 | |||||
Information regarding assets by segment follows:
| December 31, | |||||||||||
| 2011 | 2010 | 2009 | |||||||||
| (In thousands) | |||||||||||
| Assets: | |||||||||||
| Term life insurance segment | $ | 6,009,162 | $ | 5,642,243 | $ | 8,750,179 | |||||
| Investment and savings products segment | 2,591,137 | 2,615,916 | 2,192,583 | ||||||||
| Corporate and other distributed products segment | 1,251,521 | 1,511,250 | 2,487,121 | ||||||||
| Total assets | $ | 9,851,820 | $ | 9,769,409 | $ | 13,429,883 | |||||
EX 99.1-1
Information regarding long-lived assets by country follows:
| December 31, | |||||||||||
| 2011 | 2010 | 2009 | |||||||||
| (In thousands) | |||||||||||
| Long-lived assets: | |||||||||||
| United States | $ | 84,550 | $ | 90,566 | $ | 90,905 | |||||
| Canada | 316 | 1,114 | 1,265 | ||||||||
| Total long-lived assets | $ | 84,866 | $ | 91,680 | $ | 92,170 | |||||
For information on risks relating to our Canadian operation, see "Risk Factors" and "Item 7A. Quantitative and Qualitative Information About Market Risks – Canadian Currency Risk."
EX 99.1-2