Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 173

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 173
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 that was changed during the year ended December 31, 2023 was shifting forward our assumption for long-term mortality improvement one year for applicable cohorts in our Term Life Insurance segment. The impact of this assumption change was immaterial to the measurement of the LFPB in 2023.  Discount rates, while a material assumption to our LFPB, are not part of the assumption-setting process since they are updated quarterly based on observable rates. There have been no changes with the compilation of data sources used for this input. Losses recognized as a result of capping the net premium ratio at 100% were immaterial during the years ended December 31, 2024, 2023, and 2022.The following table reconciles the LFPB to the consolidated balance sheets:

        December 31, 2024

        December 31, 2023

        (In thousands)

        Term Life Insurance
         
        $
        6,300,693

        $
        6,531,082

        Other

        202,371

        210,943

        Total
         
        $
        6,503,064

        $
        6,742,025

       The following table reconciles the reinsurance recoverables to the consolidated balance sheets:

        December 31, 2024

        December 31, 2023

        (In thousands)

        Term Life Insurance
         
        $
        2,729,022

        $
        3,001,074

        Other

        15,143

        14,703

        Total
         
        $
        2,744,165

        $
        3,015,777

       The amount of discounted (using the then current discount rate) and undiscounted expected gross premiums and expected future benefit payments were as follows:

        December 31, 2024

        December 31, 2023

        (In thousands)

        Term Life Insurance

        Undiscounted

        Discounted

        Undiscounted

        Discounted

        Expected future benefit payments
        $
        33,966,483

        $
        20,155,489

        $
        33,342,272

        $
        20,508,435

        Expected future gross premiums
        $
        39,389,917

        $
        26,414,010

        $