Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 17

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 17
---
 have testing waived based on application and external data information. Policies with face amounts less than or equal to $300,000 and greater than $150,000 may be issued as either PowerTerm or PrecisionTerm products depending on the underwriting method the insured prefers. 

The average face amount of our in-force policies issued in 2024 was approximately $255,200. The following table sets forth the number of term life insurance policies issued:

    Year ended December 31,

    2024(1)

    2023(1)

    2022

    Adjusted 2022 (estimated)(1)

    Life insurance issued:

    Number of policies issued

    370,396

    358,860

    291,918

    333,020

(1)For the year ended December 31, 2022, the previously reported number of new policies issued has been adjusted for comparability purposes as a result of our new term life insurance products introduced in October 2022, which modified how policies are structured in relation to individual lives. Historically, two adult lives could be covered under a single policy by adding a spouse rider. To better align risk and pricing in our new life insurance products, we eliminated this rider and now sell a separate policy for each insured life. Results for the years ended December 31, 2024 and 2023 reflect additional policies issued to reflect the former spouse rider with a separate policy in the new life insurance products. To make year-over-year comparisons more consistent, we have provided estimates for the year ended December 31, 2022.

The following table sets forth selected information regarding our term life insurance product portfolio:

    Year ended December 31,

    2024

    2023

    2022

    Life insurance issued:

    Face amount issued (in millions)
     
    $
    122,233

    $
    119,102

    $
    103,822

    December 31,

    2024

    2023

    2022

    Life insurance in force:

    Number of policies in force

    3,003,909

    2,959,006

    2,896,667

    Face amount in force (in millions)
     
    $
    953,583

    $
    944,609

    $
    916,808

10

Pricing and Underwriting. We believe that effective pricing and underwriting