Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 91

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 91
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 )
     
    *

    2,929

    *

    (7,523
    )
     
    *

    Net change in face amount

    8,974

    *

    27,801

    3
    %

    13,405

    1
    %

    Face amount in-force, end of period
     
    $
    953,583

    $
    944,609

    $
    916,808

* Less than 1%.

The face amount of term life policies in-force increased each year as the face amount issued continued to exceed the face amount terminated. Issued face amounts increased each year due to the increase in the number of new policies issued as discussed above. 

46

Policy terminations increased year-over-year but were consistent when measured as a percentage of beginning face amount in-force. Policy terminations were elevated in all periods with the high cost of living a likely key contributing factor. In 2024 and 2022, the effect of a stronger U.S. dollar in relation to the Canadian dollar unfavorably impacted the translated face amount in-force. During 2023, the strengthening of the Canadian dollar relative to the U.S. dollar contributed to the increase in face amount.

Our average issued face amount per new policy was approximately $255,200 in 2024 compared to $256,100 in 2023 and $228,000 in 2022, using the adjusted 2022 number of new policies issued as discussed above. The average issued face amount per new policy was generally flat in 2024 compared to 2023. The average issued face amount per new policy in 2023 was higher compared with adjusted 2022 due to our new term life insurance products launched in October 2022, which drove an increase in demand for policies at higher face amount levels. 

Investment and Savings Product Sales, Asset Values and Accounts/Positions. Investment and savings product sales were as follows:

    Year ended December 31,

    2024 vs. 2023 change

    2023 vs. 2022 change

    2024

    2023

    2022

    $

    %

    $

    %

    (Dollars in millions)

    Product sales:

    U.S. retail mutual funds
     
    $
    4,795

    $
    3,898

    $
    4,266

    $
    897

    23