Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 115

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 115
---

    19,625

    18,420

    21,215

    1,205

    7
    %

    (2,795
    )

    (13
    )%

    Interest expense

    25,034

    26,594

    27,237

    (1,560
    )

    (6
    )%

    (643
    )

    (2
    )%

    Other operating expenses

    161,815

    139,850

    130,892

    21,965

    16
    %

    8,958

    7
    %

    Total benefits and expenses

    231,201

    213,452

    199,696

    17,749

    8
    %

    13,756

    7
    %

    Income (loss) before income taxes
     
    $
    32,960

    $
    (23,252
    )
     
    $
    (41,643
    )
     
    $
    56,212

    *

    $
    18,391

    (44
    )%

* Less than 1% or not meaningful

2024 compared to 2023

Total revenues. Total revenues increased in 2024 from 2023 primarily due to higher net investment income, higher investment gains, and the $50.0 million gain within other, net revenue related to proceeds received under a Representation and Warranty insurance policy. For more information on the Representation and Warranty insurance policy proceeds, see Note 4 (Segment and Geographical Information) to our consolidated financial statements included elsewhere in this report. Net investment income increased in 2024 from 2023 due primarily to $9.6 million from higher yields in the invested asset portfolio, $8.6 million from a larger invested asset portfolio, and a $0.4 million higher total return on the deposit asset backing our 10% coinsurance agreement compared to the prior year. Investment income net of investment expenses includes interest earned on our held-to-maturity asset, which is offset by interest expense on the Surplus Note, thereby eliminating any impact on net investment income. Amounts recognized for each line item will remain offsetting and will fluctuate from period to period along with the principal amounts of the held-to-maturity asset and the Surplus Note based on the balance of reserves being