Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 267

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 267
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31,

    2024

    % of beginning balance

    2023

    % of beginning balance

    2022

    % of beginning balance

    (Dollars in millions)

    Face amount in-force, beginning of period
     
    $
    944,609

    $
    916,808

    $
    903,403

    Net change in face amount:

    Issued face amount

    122,233

    13
    %

    119,102

    13
    %

    103,822

    11
    %

    Terminations

    (103,872
    )

    (11
    )%

    (94,230
    )

    (10
    )%

    (82,894
    )

    (9
    )%

    Foreign currency

    (9,387
    )
     
    *

    2,929

    *

    (7,523
    )
     
    *

    Net change in face amount

    8,974

    *

    27,801

    3
    %

    13,405

    1
    %

    Face amount in-force, end of period
     
    $
    953,583

    $
    944,609

    $
    916,808

* Less than 1%.

The face amount of term life policies in-force increased each year as the face amount issued continued to exceed the face amount terminated. Issued face amounts increased each year due to the increase in the number of new policies issued as discussed above. 

46

Policy terminations increased year-over-year but were consistent when measured as a percentage of beginning face amount in-force. Policy terminations were elevated in all periods with the high cost of living a likely key contributing factor. In 2024 and 2022, the effect of a stronger U.S. dollar in relation to the Canadian dollar unfavorably impacted the translated face amount in-force. During 2023, the strengthening of the Canadian dollar relative to the U.S. dollar contributed to the increase in face amount.

Our average issued face amount per new policy was approximately $255,200 in 2024 compared to $256,100 in 2023 and $228,000 in 2022, using the adjusted 2022 number of new policies issued as discussed above. The average issued face amount per new policy was generally flat in