Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 285

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 285
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. Refer to Note 2 (Discontinued Operations) to our consolidated financial statements included elsewhere in this report for further details. 

2023 compared to 2022

Total revenues. Total revenues increased in 2023 from 2022 due to increases in net premiums earned in our Term Life Insurance segment, asset-based commissions and fees earned in our Investment and Savings Products segment, and net investment income earned in our Corporate and Other Distributed Products segment. Partially offsetting these increases in total revenues were lower sales-based commissions and fees earned in our Investment and Savings Products segment. These movements are further discussed in detail in the Segment Results sections below.  

Total benefits and expenses. Total benefits and expenses increased in 2023 from 2022 primarily due to increases in asset-based sales commissions expenses in our Investment and Savings Products segment, amortization of DAC, and other operating expenses during 2023. The increase in other operating expenses was due 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

    202