Company: PRI
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000950170-25-048061
Chunk: 85

Company: Primerica, Inc.
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 85
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 and the long-term incentive plan. See “Reconciliation of GAAP and Non-GAAP Financial Measures” in Exhibit A to this Proxy Statement for a reconciliation of net income to adjusted net operating income. Most Important Performance Measures The five items listed below represent the most important performance metrics used to determine CAP for fiscal 2024 as further described in our Compensation Committee Message beginning on page 45. All of these items are described under “— Compensation Discussion and Analysis (CD&A)”. The measures are listed below in no particular order. See “Reconciliation of GAAP and Non-GAAP Financial Measures” in Exhibit A to this Proxy Statement for a reconciliation of these performance measures to GAAP results. • Adjusted Operating Revenues • Adjusted Net Operating Income • ROAE • Size of the Life-Licensed Sales Force • Average ROAE • Average Adjusted Annual EPS Growth Description of Certain Relationships of Data Disclosed in the PVP Table The below charts give a graphical description of the relationship between (i) the PEO’s CAP and the non-PEO named executive officers’ average CAP; and (ii) each of Company TSR, net income, and adjusted net operating income. Also included is a chart that provides a graphical description of Company TSR to the peer group TSR. Because a significant portion of compensation is granted in the form of equity awards, CAP is largely driven by the number of equity awards outstanding during the fiscal year combined with the change in our common stock price during the relevant measurement period. Other than Company TSR, the other metrics shown below are driven by the Company’s financial performance in each fiscal year rather than the closing price of our common stock. In addition, our Compensation Committee has elected to base incentive compensation on the performance of selected Company metrics against predetermined targets rather than their performance against prior year benchmarks. Therefore, year-over-year changes in Company performance measured against these metrics will not necessarily be indicative of changes in year-over-year CAP. As a result of these dynamics, there may not be a strong relationship between CAP and these specific metrics. Further, CAP and Company TSR may not directly correlate as the Company TSR is not used in determining compensation. Finally, our PEO’s CAP for 2022 through 2024 was impacted by his request that the Compensation Committee reduce his compensation by 20% from September 1, 2022 to December 31, 2024 and, for 2024, also was impacted by the special equity award granted to him by the Compensation Committee in December 2024. These items are discussed elsewhere