Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 289

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 289
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3 were higher account-based revenues due to the cumulative effect of incremental retail mutual funds sales that we service on our transfer agent recordkeeping platform. Substantially offsetting the increases were lower sales-based revenues during 2023 primarily due to the adverse impact on revenue-generating product sales from the increased cost of living and the availability of high yield money market and savings account alternatives in the first half of 2023. Another contributing factor to the decrease in sales-based revenues was the discontinuation of most up-front sales-based revenue on the sale of Canadian mutual funds, which are now sold under the principal distributor model. The principal distributor funds we now distribute in Canada primarily shift the revenue we earn to asset-based that is recognized over time.

58

Sales commissions. The decrease in sales-based commissions in 2023 from 2022 was in line with the decrease in sales-based revenue. Asset-based commissions were up for 2023 and were generally consistent with the movement in asset-based revenues when excluding Canadian segregated funds revenue. Asset-based commissions for our Canadian segregated funds are reflected within insurance commissions and amortization of DAC.

Other operating expenses. Other operating expenses increased in 2023 from 2022 due to increased employee-related and technology costs.

Corporate and Other Distributed Products Segment. Our results of operations for the Corporate and Other Distributed Products segment for the years ended December 31, 2024, 2023, and 2022 were as follows:

    2024 vs. 2023

    2023 vs. 2022

    Year ended December 31,

    change

    change

    2024

    2023

    2022

    $

    %

    $

    %

    (Dollars in thousands)

    Revenues:

    Direct premiums
     
    $
    18,322

    $
    19,365

    $
    21,032

    $
    (1,043
    )

    (5
    )%
     
    $
    (1,667
    )

    (8
    )%

    Ceded premiums

    (5,085
    )

    (3,807
    )

    (6,450
    )

    1,278

    34
    %

    (2,643
    )

    (41
    )%

    Net premiums

    13,237

    15,558

    14,582

    (2,321
    )

    (