Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 294

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 294
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 asset portfolio did not change significantly from 2023 to 2024. The year-end average rating, duration and book yield of our fixed-maturity portfolio (excluding our held-to-maturity security) were as follows:

    December 31, 2024
     
    December 31, 2023

    Average rating of our fixed-maturity portfolio
     
    A
     
    A

    Average duration of our fixed-maturity portfolio
     
    5.1 years
     
    4.7 years

    Average book yield of our fixed-maturity portfolio
     
    4.14%
     
    3.83%

The increase in the average book yield of our fixed-maturity portfolio as of December 31, 2024 reflects higher reinvestment rates compared to the yield on maturing investments during 2024.

Ratings for our investments in fixed-maturity securities are determined using Nationally Recognized Statistical Rating Organizations designations and/or equivalent ratings. The distribution of our investments in fixed-maturity securities (excluding our held-to-maturity security) by rating, including those classified as trading securities, were as follows:

    December 31, 2024

    December 31, 2023

    Amortized cost (1)

    %

    Amortized cost (1)

    %

    (Dollars in thousands)

    AAA
     
    $
    615,348

    20
    %
     
    $
    556,936

    19
    %

    AA

    414,052

    13
    %

    439,814

    15
    %

    A

    770,616

    24
    %

    735,647

    25
    %

    BBB

    1,315,973

    42
    %

    1,162,279

    39
    %

    Below investment grade

    36,548

    1
    %

    58,221

    2
    %

    Not rated

    2,957

    *

    698

    *

    Total
     
    $
    3,155,494

    100
    %
     
    $
    2,953,595

    100
    %

(1)Includes trading securities at carrying value and available-for-sale securities (excluding short-term investments) at