Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 298

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 298
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) operating activities
     
    $
    862,088

    $
    692,517

    $
    757,665

    Net cash provided by (used in) investing activities

    (232,250
    )

    (90,051
    )

    (200,048
    )

    Net cash provided by (used in) financing activities

    (551,141
    )

    (479,621
    )

    (457,850
    )

    Effect of foreign exchange rate changes on cash

    (4,024
    )

    1,063

    (3,028
    )

    Change in cash and cash equivalents
     
    $
    74,673

    $
    123,908

    $
    96,739

Operating Activities. Cash provided by operating activities increased in 2024 from 2023 primarily driven by the increase in net income excluding non-cash impairments recognized in discontinued operations as well as the gain recognized from insurance proceeds received under a Representation and Warranty insurance policy in 2024. In addition, timing differences of purchases and maturities of trading securities contributed to the year-over-year increase in cash provided by operating activities.

Cash provided by operating activities decreased in 2023 from 2022. The largest factor contributing to the decrease in cash provided by operating activities in 2023 compared to 2022 was the timing of cash payments received from reinsurers in 2022. At the beginning of 2022, there was a large balance of ceded claims due from reinsurers from claims paid during the height of the COVID-19 pandemic, which were collected during 2022. Also contributing to the decrease were timing differences of purchases and maturities of trading securities as well as the timing of cash disbursements for accounts payable and claims checks.

Investing Activities. Cash used in investing activities increased in 2024 from 2023 primarily due to fluctuations in the timing of maturities and reinvestments of debt securities held in our available-for-sale investment portfolio as well as an overall increase in the size of the portfolio given the increase in our term life insurance in-force. In addition, $21.4 million of cash was included in the disposal of the Senior Health business. The $50.0 million received under a Representation and Warranty insurance policy partially offset the increase in cash used in investing activities in 2024. 

Cash used in investing activities decreased in 2023 from 202