Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 354

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 354
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 $11.5 million as of December 31, 2024 and 2023, respectively, and is included within policy loans and other invested assets on our consolidated balance sheets. Additionally, unfunded commitments to provide additional capital to investees in qualified affordable housing projects was $4.4 million and $9.1 million as of December 31, 2024 and 2023, respectively, and are included within other liabilities on our consolidated balance sheets. Substantially all of the unfunded commitments as of December 31, 2024 are expected to be paid out within the next two years.  

99

During the years ended December 31, 2024 and 2023, we invested in a limited partnership that constructed and operates a solar energy generation facility (“Solar Farm”), which meets the definition of a VIE. We are not the primary beneficiary of this VIE because we do not have the power to direct the activities that most significantly impact the entity’s economic performance. The maximum exposure to loss from our involvement in this VIE equals the carrying value of the investment. The primary economic purpose of this investment is to achieve a satisfactory return on capital through the receipt of tax credits and other tax attributes. Our investment in the Solar Farm is accounted for using the equity method of accounting. As of December 31, 2024 and 2023, the carrying amount of our investment in the Solar Farm was $0.2 million and $0.7 million, respectively, and is included in Policy loans and other invested assets in the accompanying consolidated balance sheets. The carrying value recognized includes capital contributions of $22.2 million reduced by $22.0 million of tax credits and other tax attributes as of December 31, 2024, and capital contributions of $16.2 million reduced by $15.5 million of tax credits and other tax attributes as of December 31, 2023. The amount of investment income (loss) and income tax benefit recognized in the accompanying consolidated statements of income were not material due to our accounting policy of reducing the carrying value of the investment by the tax credits and other tax attributes. As of December 31, 2024, we do not have any commitments to invest additional funds in the Solar Farm tax credit investment. 

(14) Stockholders’ EquityThe following table shows changes in our outstanding common stock: 

        Year ended December 31,

        2024

        2023

        2022

        (In thousands)