Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 162

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 162
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 of our financial instruments and see Note 12 (Debt) for more information on the Surplus Note.As of December 31, 2024, no credit losses have been recognized on the LLC Note.Investments on Deposit with Governmental Authorities. As required by law, we have investments on deposit with governmental authorities and banks for the protection of policyholders. The fair value of investments on deposit was $8.0 million and $7.3 million as of December 31, 2024 and 2023, respectively.Securities Lending Transactions. We participate in securities lending transactions with broker-dealers and other financial institutions to increase investment income with minimal risk. We require minimum collateral on securities loaned equal to 102% of the fair value of the loaned securities. We accept collateral in the form of securities, which we are not able to sell or encumber, and to the extent the collateral declines in value below 100%, we require additional collateral from the borrower. Any securities collateral received is not reflected on our consolidated balance sheets. We also accept collateral in the form of cash, all of which we reinvest. For loans involving unrestricted cash collateral, the collateral is reported as an asset with a corresponding liability representing our obligation to return the collateral. We continue to carry the loaned securities as invested assets on our consolidated balance sheets during the terms of the loans, and we do not report them as sales. Cash collateral received and reinvested was $86.0 million and $99.8 million as of December 31, 2024 and 2023, respectively.Net Investment Income. The components of net investment income were as follows: 

        Year ended December 31,

        2024

        2023

        2022

        (In thousands)

        Fixed-maturity securities (available-for-sale)
         
        $
        125,411

        $
        108,762

        $
        90,975

        Fixed-maturity security (held-to-maturity)

        62,652

        65,474

        63,922

        Equity securities

        1,363

        1,523

        1,509

        Policy loans and other invested assets

        1,545

        1,297

        1,046

        Cash, cash equivalents and short-term investments

        25,901

        23,601

        5,943

        Total return on deposit asset