Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 346

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 346
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,250

        Less reinsured policy claims and other benefits payable

        533,862

        542,621

        Net balance, beginning of period

        (20,059
        )

        (4,371
        )

        Incurred related to current year

        250,699

        253,607

        Incurred related to prior years (1)

        (3,477
        )

        (3,856
        )

        Total incurred

        247,222

        249,751

        Claims paid related to current year, net of reinsured policy claims received

        (295,148
        )

        (283,808
        )

        Reinsured policy claims received related to prior years, net of claims paid

        38,746

        18,119

        Total paid

        (256,402
        )

        (265,689
        )

        Foreign currency translation

        (621
        )

        250

        Net balance, end of period

        (29,860
        )

        (20,059
        )

        Add reinsured policy claims and other benefits payable

        518,210

        533,862

        Balance, end of period
         
        $
        488,350

        $
        513,803

       (1)Includes the difference between our estimate of claims incurred but not yet reported at year end and the actual incurred claims reported after year end. The liability for policy claims and other benefits payable on traditional life insurance products includes estimated unpaid claims that have been reported to us and claims incurred but not yet reported. We estimate claims incurred but not yet reported based on our historical claims activity, adjusted for any current trends and conditions, and reported lag time experience. 

(11) Future Policy Benefits The following tables summarize balances and changes in the present value of expected net premiums and the present value of expected future policy benefits underlying the LFPB:

94

        Year ended December 31,

        2024

        2023

        (Dollars in thousands)

        Present Value of Expected Net Premiums
         
        Term Life Insurance

        Balance at then current discount rate, beginning of period
         
        $
        13,977,353

        $
        13,053,386

        Balance at original discount rate, beginning of period

        14,012,553

        13,521