Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 437

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 437
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 from YRT reinsurance. YRT reinsurance ceded benefit reserves will fluctuate based on the specifics of premiums ceded and claims incurred during each period. Year-over-year claims incurred in 2023 were flat compared to 2022, despite growth in the in-force business, as claims experience in 2022 was elevated due to the COVID-19 pandemic.

57

Future policy benefits remeasurement (gain) loss. Future policy benefits remeasurement (gain) loss was generally flat during 2023 compared to 2022 and represent differences in experience variances that occurred in each respective period.  

Amortization of DAC. The amortization of DAC increased in 2023 from 2022 primarily due to continued growth in the in-force book of business.  

Insurance expenses. Insurance expenses decreased slightly during 2023 compared to 2022 due to costs incurred for the additional sales force leadership event held in 2022 largely offset by higher growth-related, employee-related, and technology costs in 2023. 

Insurance commissions. Insurance commissions increased in 2023 from 2022 as a result of higher non-deferrable sales force activities.

Investment and Savings Products Segment. Our results of operations for the Investment and Savings Products segment for the years ended December 31, 2024, 2023, and 2022 were as follows:

    2024 vs. 2023

    2023 vs. 2022

    Year ended December 31,

    change

    change

    2024

    2023

    2022

    $

    %

    $

    %

    (Dollars in thousands)

    Revenues:

    Commissions and fees:

    Sales-based revenues
     
    $
    394,432

    $
    296,617

    $
    326,378

    $
    97,815

    33
    %
     
    $
    (29,761
    )

    (9
    )%

    Asset-based revenues

    553,555

    462,955

    434,053

    90,600

    20
    %

    28,902

    7
    %

    Account-based revenues

    95,272

    93,189

    90,391

    2,083

    2
    %

    2,798

    3
    %

    Other