Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 288

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 288
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-based

    278,042

    226,542

    206,838

    51,500

    23
    %

    19,704

    10
    %

    Other operating expenses

    181,792

    164,788

    156,578

    17,004

    10
    %

    8,210

    5
    %

    Total expenses

    754,497

    622,439

    617,542

    132,058

    21
    %

    4,897

    *

    Income before income taxes
     
    $
    302,245

    $
    242,826

    $
    245,890

    $
    59,419

    24
    %
     
    $
    (3,064
    )

    (1
    )%

* Less than 1% or not meaningful

2024 compared to 2023

Commissions and fees. Commissions and fees increased during 2024 compared to 2023 primarily driven by higher sales-based and asset-based revenues. The increase in sales-based revenue was largely the result of higher product sales for variable annuities and U.S. mutual fund product sales. Higher asset-based revenues were driven by an increase in average client assets in 2024 versus the prior year. 

Sales commissions. The increase in sales-based commissions in 2024 from 2023 was generally in line with the increases in sales-based revenues although modestly lower due to a mix shift towards higher margin variable annuity sales. Asset-based commissions were up in 2024 and were 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 2024 from 2023 primarily due to higher growth-related costs and employee-related costs.

2023 compared to 2022

Commissions and fees. Commissions and fees increased slightly during 2023 compared to 2022 led by higher asset-based revenues. The year-over-year increase in asset-based revenues was higher than the year-over-year increase in average client asset values due to a mix shift to asset-based products that earn higher fees, including managed accounts and Canadian mutual funds under the new principal distributor model. Also contributing to the increase in commissions and fees in 202