Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 435

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 435
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 1,635,966

    75,198

    4
    %

    57,076

    3
    %

    Benefits and expenses:

    Benefits and claims

    635,354

    622,084

    619,997

    13,270

    2
    %

    2,087

    *

    Future policy benefits remeasurement (gain) loss

    (31,265
    )

    (213
    )

    554

    (31,052
    )
     
    *

    (767
    )
     
    *

    Amortization of DAC

    291,488

    268,803

    254,875

    22,685

    8
    %

    13,928

    5
    %

    Insurance expenses

    250,957

    230,390

    230,796

    20,567

    9
    %

    (406
    )
     
    *

    Insurance commissions

    17,664

    19,814

    15,335

    (2,150
    )

    (11
    )%

    4,479

    29
    %

    Total benefits and expenses

    1,164,198

    1,140,878

    1,121,557

    23,320

    2
    %

    19,321

    2
    %

    Income before income taxes
     
    $
    604,042

    $
    552,164

    $
    514,409

    $
    51,878

    9
    %
     
    $
    37,755

    7
    %

* Less than 1% or not meaningful

2024 compared to 2023

Net premiums. Direct premiums increased in 2024 from 2023 largely due to the layering effect of new policy sales that contributed to growth in the in-force book of business. This increase is partially offset by an increase in ceded premiums, which includes $34.6 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, reduced by $23.3 million in lower coinsurance ceded premiums due to the run-off of business subject to the IPO