Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 446

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 446
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 policy years in fixed-maturity and equity securities held in support of future policy benefit reserves. In later policy years, cash received from the maturity or sale of invested assets is used to pay claims in excess of level term premiums received.

Historically, cash flows generated by our businesses, primarily from our existing block of term life insurance policies and our investment and savings products, have provided us with sufficient liquidity to meet our operating requirements. We anticipate that cash flows from our businesses will continue to provide sufficient operating liquidity over the next 12 months. 

If necessary, we could seek to enhance our liquidity position or capital structure through sales of our available-for-sale investment portfolio, changes in the timing or amount of share repurchases, borrowings against our Revolving Credit Facility, or some combination of these sources. Additionally, we believe that cash flows from our businesses and potential sources of funding will sufficiently support our long-term liquidity needs.

Cash Flows. The components of the changes in cash and cash equivalents were as follows:

    Year ended December 31,

    2024

    2023

    2022

    (In thousands)

    Net cash provided by (used in) operating activities
     
    $
    862,088

    $
    692,517

    $
    757,665

    Net cash provided by (used in) investing activities

    (232,250
    )

    (90,051
    )

    (200,048
    )

    Net cash provided by (used in) financing activities

    (551,141
    )

    (479,621
    )

    (457,850
    )

    Effect of foreign exchange rate changes on cash

    (4,024
    )

    1,063

    (3,028
    )

    Change in cash and cash equivalents
     
    $
    74,673

    $
    123,908

    $
    96,739

Operating Activities. Cash provided by operating activities increased in 2024 from 2023 primarily driven by the increase in net income excluding non-cash impairments recognized in discontinued operations as well as the gain recognized from insurance proceeds received under a Representation and Warranty insurance policy in 2024. In addition, timing differences of purchases and maturities of trading securities contributed to the year-over-year increase in cash provided by operating activities.

Cash provided by operating activities decreased in 2023 from 2022. The largest factor contributing to the decrease in