Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 449

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 449
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 5 (Investments), Note 12 (Debt) and Note 18 (Commitments and Contingent Liabilities) to our consolidated financial statements included elsewhere in this report for more information on the redundant reserve financing transaction.

Notes Payable. The Company has $600.0 million of publicly-traded Senior Notes outstanding issued at a price of 99.55% with an annual interest rate of 2.80%, payable semi-annually in arrears on May 19 and November 19. The Senior Notes are scheduled to mature on November 19, 2031. We were in compliance with the covenants of the Senior Notes as of December 31, 2024. No events of default occurred during the year ended December 31, 2024.

Financial Ratings. As of December 31, 2024, the investment grade credit ratings for our Senior Notes were as follows:

    Agency
     
    Senior Notes rating

    Moody’s
     
    Baa1, stable outlook

    Standard & Poor’s
     
    A-, stable outlook

    A.M. Best Company
     
    a-, stable outlook

As of December 31, 2024, Primerica Life’s financial strength ratings were as follows:

    Agency
     
    Financial strength rating

    Moody’s
     
    A1, stable outlook

    Standard & Poor’s
     
    AA-, stable outlook

    A.M. Best Company
     
    A+, stable outlook

Securities Lending. We participate in securities lending transactions with brokers to increase investment income with minimal risk. See Note 5 (Investments) to our consolidated financial statements included elsewhere in this report for additional information.

Surplus Note. Vidalia Re issued a Surplus Note in exchange for the LLC Note as a part of the Vidalia Re Redundant Reserve Financing Transaction. The Surplus Note has a principal amount equal to the LLC Note and is scheduled to mature on December 31, 2030. For more information on the Surplus Note, see Note 12 (Debt) to our consolidated financial statements included elsewhere in this report.

Off-Balance Sheet Arrangements. We have no transactions, agreements or other contractual arrangements to which an entity unconsolidated with the Company is a party, under which the Company maintains any off-balance sheet obligations or guarantees as of December 31, 2024.

Credit Facility Agreement. We maintain an unsecured $200.