Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 110

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 110
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 to increased technology spending as well as higher employee-related and growth-related costs. Partially offsetting these increases were lower sales-based commissions expenses in our Investment and Savings Products segment. These movements are discussed in further detail in the Segment Results section below.   

Income taxes. Our effective income tax rate for 2023 was 23.4% compared to 22.8% in 2022. The year-over-year increase in the effective tax rate was primarily due to higher state income taxes in 2023. 

Loss from discontinued operations, net of income taxes. Loss from discontinued operations, net of income taxes relates to the Senior Health business, which was disposed of as of September 30, 2024 and is reported in discontinued operations for all periods presented. Refer to Note 2 (Discontinued Operations) to our consolidated financial statements included elsewhere in this report for further details. 

Net loss attributable to NCI. The net loss attributable to noncontrolling interest during 2022 was due to losses incurred by e-TeleQuote Insurance, Inc. and subsidiaries prior to the redemption of the noncontrolling interest on July 1, 2022.

For additional information, see the discussions of results of operations by segment below.

56

Term Life Insurance Segment. Our results for the Term Life Insurance 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:

    Direct premiums
     
    $
    3,375,282

    $
    3,292,760

    $
    3,209,088

    $
    82,522

    3
    %
     
    $
    83,672

    3
    %

    Ceded premiums

    (1,659,348
    )

    (1,648,004
    )

    (1,623,442
    )

    11,344

    *

    (24,562
    )
     
    *

    Net premiums

    1,715,934

    1,644,756

    1,585,646

    71,178