Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 443

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 443
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 4%

    Corporates
     
    49%
     
    50%
     
    48%
     
    48%

    Mortgage- and asset-backed securities
     
    23%
     
    24%
     
    23%
     
    24%

    Short-term investments
     
    —%
     
    —%
     
    *
     
    *

    Equity securities
     
    1%
     
    1%
     
    1%
     
    1%

    Trading securities
     
    *
     
    *
     
    1%
     
    1%

    Cash and cash equivalents
     
    19%
     
    18%
     
    18%
     
    17%

    Total
     
    100%
     
    100%
     
    100%
     
    100%

* Less than 1%.

The composition and duration of our portfolio will vary depending on several factors, including the yield curve and our opinion of the relative value among various asset classes. The relative composition of our asset portfolio did not change significantly from 2023 to 2024. The year-end average rating, duration and book yield of our fixed-maturity portfolio (excluding our held-to-maturity security) were as follows:

    December 31, 2024
     
    December 31, 2023

    Average rating of our fixed-maturity portfolio
     
    A
     
    A

    Average duration of our fixed-maturity portfolio
     
    5.1 years
     
    4.7 years

    Average book yield of our fixed-maturity portfolio
     
    4.14%
     
    3.83%

The increase in the average book yield of our fixed-maturity portfolio as of December 31, 2024 reflects higher reinvestment rates compared to the yield on maturing investments during 2024.

Ratings for our investments in fixed-maturity securities are determined using Nationally Recognized Statistical Rating Organizations designations and/or equivalent ratings. The distribution of our investments in fixed-maturity securities (excluding our held-to-maturity security) by rating, including those classified as trading securities, were as follows:

    December 31, 2024

    December 31, 2023

    Amortized cost (1)

    %

    Amortized cost (1)