Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 416

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 416
---
89,473

    $
    87,194

    $
    16,269

    18
    %
     
    $
    2,279

    3
    %

* Less than 1%.

47

Average number of fee-generating positions was as follows:

    Year ended December 31,

    2024 vs. 2023 change

    2023 vs. 2022 change

    2024

    2023

    2022

    Positions

    %

    Positions

    %

    (Positions in thousands)

    Average number of fee-generating    positions (1):

    Recordkeeping and custodial

    2,384

    2,335

    2,281

    49

    2
    %

    54

    2
    %

    Recordkeeping only

    861

    836

    814

    25

    3
    %

    22

    3
    %

    Total average number of fee-   generating positions

    3,245

    3,171

    3,095

    74

    2
    %

    76

    2
    %

(1)We receive transfer agent recordkeeping fees by mutual fund positions. An individual client account may include multiple mutual fund positions. We may also receive fees, which are earned on a per account basis, for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

Product sales. Investment and savings product sales increased in 2024 from 2023, primarily due to our ability to leverage increased demand across all product lines except for Canadian segregated funds. The increase in demand was driven by strong equity market performance in the period leading up to and including 2024. In particular, variable annuity product sales continued to lead the growth in sales as the guarantees offered by these products have become more appealing to investors given strong equity market performance and elevated interest rates. Marginally offsetting the increase in product sales was lower year-over-year sales of Canadian segregated funds as sales of investments in new Canadian segregated fund accounts significantly decreased after May 2023 due to implemented regulations in Canada. See “Regulatory Changes” below for more information on Canadian regulations. 

Investment and savings product sales decreased in 2023 from 2022, resulting primarily from lower year-over-year product sales during