# EDGAR Filing Document

**Accession Number:** 0001475922
**File Stem:** 0001193125-25-267082
**Filing Date:** 2025-11
**Character Count:** 121951
**Document Hash:** b99b162e944446161afd04b11c2b44cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-267082.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-267082

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Primerica, Inc.
- **CENTRAL INDEX KEY:** 0001475922
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 271204330
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34680
- **FILM NUMBER:** 251454626

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PRIMERICA PARKWAY
- **CITY:** DULUTH
- **STATE:** GA
- **ZIP:** 30099
- **BUSINESS PHONE:** 7703811000

**MAIL ADDRESS:**
- **STREET 1:** 1 PRIMERICA PARKWAY
- **CITY:** DULUTH
- **STATE:** GA
- **ZIP:** 30099

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM** 8-K

**CURRENT REPORT** 

PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): **November 5, 2025**

![img187755788_0.jpg](img187755788_0.jpg)

Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

---

| | | | |
|:---|:---|:---|:---|
| <br>Delaware | <br>Delaware | <br>001-34680 | <br>27-1204330 |
| (State or other jurisdiction of<br>incorporation) | (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
|  |  | <br>1 Primerica Parkway<br>Duluth, Georgia 30099 |  |
|  | (Address of Principal Executive Offices, and Zip Code) | (Address of Principal Executive Offices, and Zip Code) | (Address of Principal Executive Offices, and Zip Code) |

---

(770) 381-1000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;PRI | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On November 5, 2025, Primerica, Inc. (the "Company") announced its results of operations for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the "Securities Act"), except to the extent expressly set forth by specific reference in any such filings.

**Use of Non-GAAP Financial Measures.**

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the "IPO coinsurance transactions") for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market ("MTM") investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries ("e-TeleQuote"). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company's results.

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business in 2024. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company's ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in 2024 for e-TeleQuote's state net operating losses, which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

------

Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the "Investor Relations" section of our website at https://investors.primerica.com.

**Item 7.01 Regulation FD Disclosure.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 5, 2025, the Company posted to the "Investor Relations" section of its website certain supplemental financial information relating to the quarter ended September 30, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.

---

| | |
|:---|:---|
| <br>**Item 9.01.** | <br>**Financial Statements and Exhibits.** |
| ***(d) Exhibits.*** |  |
| 99.1 | [<u>Press Release dated November 5, 2025 – Primerica Reports Third Quarter 2025 Results</u>](pri-ex99_1.htm)<br>|
| 99.2 | [<u>Primerica, Inc. Supplemental Financial Information – Third Quarter 2025</u>](pri-ex99_2.htm)<br>|
| 104 | Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: November 5, 2025 | **PRIMERICA, INC.** |
|  | /s/ Tracy Tan |
|  | Tracy Tan |
|  | Executive Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

![img164271198_0.jpg](img164271198_0.jpg)

***PRIMERICA REPORTS THIRD QUARTER 2025 RESULTS*** 

***Record Investment and Savings Products (ISP) sales of $3.7 billion, up 28%***

***Record ISP client asset values, ending the quarter at $126.8 billion, up 14%***

***Life-licensed sales force of 152,200, up 2% compared to September 30, 2024***

***Term Life net premiums increased 3%; adjusted direct premiums grew 5%***

 ***Net earnings per diluted share (EPS) of $6.35 compared to EPS from continuing operations of $5.72 in the prior year period; Diluted adjusted operating EPS of $6.33 compared to $5.68 in the prior year period*** 

***Return on stockholder's equity (ROE) of 35.9%; adjusted net operating income return on adjusted stockholders' equity (ROAE) of 36.2%*** 

 ***Repurchases of $129 million of common stock during the quarter;***

***declared dividend of $1.04 per share payable on December 15, 2025*** 

**Duluth, GA, Nov. 5, 2025 –** Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended September 30, 2025. Total revenues were $839.9 million, an increase of 8% from the third quarter of 2024. Net income of $206.8 million increased 6% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $6.35 increased 11% compared to net earnings per diluted share from continuing operations in the prior year period.

During the third quarter of 2025, the Company completed its annual actuarial assumption review, which contributed to a net remeasurement gain of $23.1 million (including $23.4 million in the Term Life segment), or $0.54 after tax earnings per diluted share. The prior year period included a net remeasurement gain of $23.0 million (including $28.2 million in the Term Life segment), or $0.52 after tax earnings per diluted share.

The Company delivered strong adjusted operating financial results during the quarter including adjusted operating revenues of $838.9 million, up 9% year-over-year. Adjusted net operating income totaled $206.1 million, reflecting 7% growth compared to the third quarter of 2024, while diluted adjusted operating earnings per share of $6.33 increased 11%.

"Our third quarter results reflect solid and consistent performance across all segments," said Glenn Williams, Chief Executive Officer of Primerica, Inc. "The Investment and

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Savings Products segment maintained strong momentum and Term Life delivered steady growth in premiums, demonstrating the strength and balance of our complementary business segments. These results highlight the effectiveness of our business model and our ongoing commitment to empowering middle-income families to make confident financial decisions."

**Third Quarter Distribution & Segment Results**

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| | | | |
|:---|:---|:---|:---|
| **Distribution Results** | **Distribution Results** | **Distribution Results** | **Distribution Results** |
|  | **Q3 2025** | **Q3 2024** | **% Change** |
| &nbsp;&nbsp;Life-Licensed Sales Force | 152200 | 148890 | 2% |
| &nbsp;&nbsp;Recruits | 101156 | 142655 | (29)% |
| &nbsp;&nbsp;New Life-Licensed Representatives | 12482 | 14349 | (13)% |
| &nbsp;&nbsp;Life Insurance Policies Issued | 79379 | 93377 | (15)% |
| &nbsp;&nbsp;Life Productivity <sup>(1)</sup> | 0.17 | 0.21 | \* |
| &nbsp;&nbsp;Issued Term Life Face Amount ($ billions) <sup>(2)</sup> | $27.1 | $30.8 | (12)% |
| &nbsp;&nbsp;ISP Product Sales ($ billions) | $3.7 | $2.9 | 28% |
| &nbsp;&nbsp;Average Client Asset Values ($ billions) | $123.1 | $108.2 | 14% |
| &nbsp;&nbsp;Closed U.S. Mortgage Volume ($ million brokered) | $143.4 | $105.4 | 36% |

---

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<sup>(1)</sup> Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.

<sup>(2)</sup> Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

\* Not calculated or less than 1%

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| | | | |
|:---|:---|:---|:---|
| **Segment Results** | **Segment Results** | **Segment Results** | **Segment Results** |
|  | **Q3 2025** | **Q3 2024** | **% Change** |
|  | ***($ in thousands)*** | ***($ in thousands)*** | ***($ in thousands)*** |
| **Adjusted Operating Revenues:** |  |  |  |
| &nbsp;&nbsp;Term Life Insurance | $463301 | $450306 | 3% |
| &nbsp;&nbsp;Investment and Savings Products | 318788 | 266073 | 20% |
| &nbsp;&nbsp;Corporate and Other Distributed Products <sup>(1)</sup> | 56790 | 53711 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted operating revenues <sup>(1)</sup> | $838879 | $770090 | 9% |
| **Adjusted Operating Income (Loss) Before <br> Income Taxes:** |  |  |  |
| &nbsp;&nbsp;Term Life Insurance | $172685 | $178354 | (3)% |
| &nbsp;&nbsp;Investment and Savings Products | 94222 | 79911 | 18% |
| &nbsp;&nbsp;Corporate and Other Distributed Products <sup>(1)</sup> | 3799 | (5713) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjusted operating income before income taxes <sup>(1)</sup> | $270706 | $252552 | 7% |

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<sup>(1)</sup> See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.

**Life Insurance Licensed Sales Force**

------

The sales force continued to grow, ending the third quarter of 2025 with 152,200 life licensed representatives, increasing 2% compared to September 30, 2024. The number of recruits and new life licenses remained solid relative to non-convention years, although both declined compared to strong results in the third quarter of 2024. During the third quarter of 2025, the Company recruited 101,156 people and 12,482 individuals obtained a new life insurance license, down 29% and 13%, respectively, against the prior year period's record levels.

**Term Life Insurance** 

During the third quarter of 2025, the Company issued 79,379 new life insurance policies, decreasing 15% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.17.

During the third quarter of 2025, Term Life revenues were $463.3 million, increasing 3% year-over-year, driven by 5% growth in adjusted direct premiums. Pre-tax operating income of $172.7 million (including a $23.4 million remeasurement gain), decreased 3% compared to pre-tax operating income of $178.4 million (including a $28.2 million remeasurement gain), in the third quarter of 2024. The net remeasurement gain in the third quarter of 2025 was primarily driven by lower mortality assumption change. The benefits and claims ratio was 54.9% compared to 53.2% in the prior year period. The DAC amortization and insurance commissions ratio at 12.2% and insurance expenses ratio at 7.5% remained stable compared to the prior year period. The Term Life Insurance operating margin of 25.4% in the third quarter of 2025 was favorably impacted by the remeasurement gain. Excluding the remeasurement gain from both periods, the operating margin remained largely consistent year-over-year.

**Investment and Savings Products** 

During the third quarter of 2025, total product sales of $3.7 billion was the highest quarterly result in the Company's history, representing a 28% increase compared to the prior year period. Strong demand across all product lines helped drive sales growth, while favorable equity markets and continued net inflows resulted in a 14% increase in client asset values year-over-year. Net inflows during the third quarter of 2025 were $363 million compared to $255 million in the prior year period.

Third quarter revenues of $318.8 million increased 20% compared to the prior year period, while income before income taxes of $94.2 million increased 18%. Growth in revenues from sales-based commissions slightly outpaced the growth in revenue-generating sales due to the continued strong demand for variable annuities. Sales-based commission expenses grew in line with sales-based commission revenues. Asset-based commission revenues grew 21% compared to growth in average client asset values of 14%. The favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model continued to support higher asset-based commissions. Asset-based commission expenses grew in line with asset-based commission revenues.

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**Corporate and Other Distributed Products**

During the third quarter of 2025, the segment recorded pre-tax adjusted operating income of $3.8 million compared to a pre-tax adjusted operating loss of $5.7 million in the prior year period. The current year period benefited from higher net investment income primarily due to growth in the size of the portfolio, while the prior year period included a $5.2 million remeasurement loss on a closed book of non-term life insurance business.

**Taxes** 

The effective income tax rate was 23.9% during the third quarter of 2025 compared to the effective income tax rate from continuing operations of 23.5% in the third quarter of 2024.

**Capital** 

The Company repurchased 480,272 shares of common stock for $129 million during the third quarter of 2025 and the Board of Directors has approved a dividend of $1.04 per share, payable on December 15, 2025, to stockholders of record on November 21, 2025. Primerica Life Insurance Company's statutory risk-based capital (RBC) ratio was estimated to be about 515% as of September 30, 2025.

**Non-GAAP Financial Measures**

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the "IPO coinsurance transactions") for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market ("MTM") investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations.

------

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company's ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.<br>

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**Earnings Webcast Information**

Primerica will hold a webcast on Thursday, November 6, 2025, at 10:00 a.m. (ET), to discuss the quarter's results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica's website.

**Forward-Looking Statements**

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives' violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary's status as a non-bank custodian; a significant change to or disruption in the mortgage lenders' mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner's information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our

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financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

**About Primerica, Inc.** 

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI".

**Investor Contact:**

Nicole Russell

470-564-6663<br>Email: Nicole.Russell@Primerica.com

**Media Contact:**

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

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| | | |
|:---|:---|:---|
| **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
|  | ***(unaudited)*** |  |
|  | **September 30, 2025** | **December 31, 2024** |
|  | ***(In thousands)*** | ***(In thousands)*** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-maturity securities available-for-sale, at fair value | $3147647 | $2946126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed-maturity security held-to-maturity, at amortized cost | 1241540 | 1303880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities, at fair value | 26186 | 27144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities, at fair value | 12803 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans and other invested assets | 54099 | 50881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 4482275 | 4331042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 644855 | 687821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 28949 | 28100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverables | 2596597 | 2744165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs, net | 3863442 | 3680430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agent balances, due premiums and other receivables | 301114 | 282607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset | 45275 | 45275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 128313 | 122664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 42986 | 47023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 400078 | 403608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 2313874 | 2209287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $14847758 | $14582022 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $6816778 | $6503064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned and advance premiums | 16225 | 15606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy claims and other benefits payable | 477785 | 488350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policyholders' funds | 368232 | 402323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable | 595114 | 594512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surplus note | 1241263 | 1303556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 52118 | 115611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 50892 | 55478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 515052 | 549160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable under securities lending | 104535 | 86034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities | 2313874 | 2209287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 12551868 | 12322981 |
| &nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 321 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2319750 | 2231483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss), net of income tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of change in discount rate assumptions on the liability for future policy benefits | 89692 | 224833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency translation gains (losses) | (22191) | (34767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on available-for-sale securities | (91682) | (162842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2295890 | 2259041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $14847758 | $14582022 |

---

------

---

| | | |
|:---|:---|:---|
| **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** |
| **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three months ended September 30,** | **Three months ended September 30,** |
|  | **2025** | **2024** |
|  | ***(In thousands, except per-share amounts)*** | ***(In thousands, except per-share amounts)*** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;Direct premiums | $868651 | $852452 |
| &nbsp;&nbsp;Ceded premiums | (414104) | (412645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | 454547 | 439807 |
| &nbsp;&nbsp;Commissions and fees | 325490 | 271901 |
| &nbsp;&nbsp;Net investment income | 42431 | 41109 |
| &nbsp;&nbsp;Investment gains (losses) | 652 | 2209 |
| &nbsp;&nbsp;Other, net | 16732 | 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 839852 | 774129 |
| **Benefits and expenses:** |  |  |
| &nbsp;&nbsp;Benefits and claims | 172152 | 164363 |
| &nbsp;&nbsp;Future policy benefits remeasurement (gain) loss | (23114) | (23019) |
| &nbsp;&nbsp;Amortization of deferred policy acquisition costs | 81498 | 75539 |
| &nbsp;&nbsp;Sales commissions | 174688 | 142254 |
| &nbsp;&nbsp;Insurance expenses | 64131 | 63529 |
| &nbsp;&nbsp;Insurance commissions | 5499 | 7180 |
| &nbsp;&nbsp;Interest expense | 5985 | 6093 |
| &nbsp;&nbsp;Other operating expenses | 87334 | 83612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 568173 | 519551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from continuing operations before income taxes | 271679 | 254578 |
| &nbsp;&nbsp;Income taxes from continuing operations | 64886 | 59841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income from continuing operations | 206793 | 194737 |
| &nbsp;&nbsp;Loss from discontinued operations, net of income tax | - | (30364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $206793 | $164373 |
| **Basic earnings per share:** |  |  |
| &nbsp;&nbsp;Continuing operations | $6.36 | $5.73 |
| &nbsp;&nbsp;Discontinued operations | - | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $6.36 | $4.84 |
| **Diluted earnings per share:** |  |  |
| &nbsp;&nbsp;Continuing operations | $6.35 | $5.72 |
| &nbsp;&nbsp;Discontinued operations | - | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings per share | $6.35 | $4.83 |
| **Weighted-average shares used in computing <br>earnings per share:** |  |  |
| &nbsp;&nbsp;Basic | 32404 | 33834 |
| &nbsp;&nbsp;Diluted | 32451 | 33891 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** |
| **Consolidated Adjusted Operating Results Reconciliation** | **Consolidated Adjusted Operating Results Reconciliation** | **Consolidated Adjusted Operating Results Reconciliation** | **Consolidated Adjusted Operating Results Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three months ended September 30,** | **Three months ended September 30,** |  |
|  | **2025** | **2024** | **% Change** |
|  | ***(In thousands, except per-share amounts)*** | ***(In thousands, except per-share amounts)*** |  |
| Total revenues | $839852 | $774129 | 8% |
| Less: Investment (losses) gains | 652 | 2209 |  |
| Less: 10% deposit asset MTM included in NII | 321 | 1830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating revenues | $838879 | $770090 | 9% |
| Income from continuing operations before income taxes | $271679 | $254578 | 7% |
| Less: Investment (losses) gains | 652 | 2209 |  |
| Less: 10% deposit asset MTM included in NII | 321 | 1830 |  |
| Less: Restructuring costs | - | (2013) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $270706 | $252552 | 7% |
| Income from continuing operations | $206793 | $194737 | 6% |
| Less: Investment (losses) gains | 652 | 2209 |  |
| Less: 10% deposit asset MTM included in NII | 321 | 1830 |  |
| Less: Restructuring costs | - | (2013) |  |
| Less: Tax impact of preceding items | (232) | (476) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net operating income | $206052 | $193187 | 7% |
| Diluted earnings per share from continuing operations | $6.35 | $5.72 | 11% |
| Less: Net after-tax impact of operating adjustments | 0.02 | 0.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted adjusted operating earnings per share | $6.33 | $5.68 | 11% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **TERM LIFE INSURANCE SEGMENT** | **TERM LIFE INSURANCE SEGMENT** | **TERM LIFE INSURANCE SEGMENT** | **TERM LIFE INSURANCE SEGMENT** |
| **Adjusted Premiums Reconciliation** | **Adjusted Premiums Reconciliation** | **Adjusted Premiums Reconciliation** | **Adjusted Premiums Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three months ended September 30,** | **Three months ended September 30,** |  |
|  | **2025** | **2024** | **% Change** |
|  | ***(In thousands)*** | ***(In thousands)*** |  |
| Direct premiums | $864047 | $847626 | 2% |
| Less: Premiums ceded to IPO coinsurers | 185392 | 198726 |  |
| &nbsp;&nbsp;Adjusted direct premiums | 678655 | 648900 | 5% |
| Ceded premiums | (412935) | (411526) |  |
| Less: Premiums ceded to IPO coinsurers | (185392) | (198726) |  |
| &nbsp;&nbsp;Other ceded premiums | (227543) | (212800) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $451112 | $436100 | 3% |

---

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT** | **CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT** | **CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT** | **CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT** |
| **Adjusted Operating Results Reconciliation** | **Adjusted Operating Results Reconciliation** | **Adjusted Operating Results Reconciliation** | **Adjusted Operating Results Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three months ended September 30,** | **Three months ended September 30,** |  |
|  | **2025** | **2024** | **% Change** |
|  | ***(In thousands)*** | ***(In thousands)*** |  |
| Total revenues | $57763 | $57750 | \* |
| Less: Investment gains (losses) | 652 | 2209 |  |
| Less: 10% deposit asset MTM included in NII | 321 | 1830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating revenues | $56790 | $53711 | 6% |
| Income (loss) before income taxes | $4772 | $(3687) | NM |
| Less: Investment gains (losses) | 652 | 2209 |  |
| Less: 10% deposit asset MTM included in NII | 321 | 1830 |  |
| Less: Restructuring costs | - | (2013) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $3799 | $(5713) | NM |

---

\* Not calculated or less than 1%

---

| | | | |
|:---|:---|:---|:---|
| **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** | **PRIMERICA, INC. AND SUBSIDIARIES** |
| **Adjusted Stockholders' Equity Reconciliation** | **Adjusted Stockholders' Equity Reconciliation** | **Adjusted Stockholders' Equity Reconciliation** | **Adjusted Stockholders' Equity Reconciliation** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **September 30, 2025** | **December 31, 2024** | **% Change** |
|  | ***(In thousands)*** | ***(In thousands)*** |  |
| Stockholders' equity | $2295890 | $2259041 | 2% |
| Less: Net unrealized gains (losses) on available-for-sale securities | (91682) | (162842) |  |
| Less: Effect of change in discount rate assumptions <br> on the liability for future policy benefits | 89692 | 224833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted stockholders' equity | $2297880 | $2197050 | 5% |

---

------

## Exhibit 99.2

**Exhibit 99.2**

![img165194719_0.jpg](img165194719_0.jpg)

Supplemental Financial Information

Third Quarter 2025

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| | |
|:---|:---|
| **Table of Contents** | **PRIMERICA, INC.**<br>Financial Supplement |

---

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| | |
|:---|:---|
|  | <u>Page</u> |
| Preface, definition of non-GAAP financial measures | 3 |
| Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures | 4 |
| Financial results and other statistical data  | 5 |
| Statements of income  | 6 |
| Reconciliation of statement of income GAAP to non-GAAP financial measures | 7-8 |
| Segment operating results  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Life Insurance segment - financial results, financial analysis, and key statistics | 9-10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment and Savings Products segment - financial results, financial analysis, and key statistics  | 11-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate & Other Distributed Products segment - financial results | 13 |
| Investment portfolio  | 14-16 |
| Five-year historical key statistics  | 17 |

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This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2024.

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| | |
|:---|:---|
| **Preface** | **PRIMERICA, INC.**<br>Financial Supplement |

---

**<u>Third Quarter 2025</u>**

This document is a financial supplement to our third quarter 2025 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Operating</u> adjustments exclude the impact of investment gains/losses, including credit impairments and mark-to-market (MTM) investment adjustments. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this as it represents a non-recurring item that causes incomparability in the Company's results. Operating adjustments also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these charges as they are not useful in evaluating the Company's ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized for e-TeleQuote's state net operating losses (NOLs). We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Adjusted stockholders' equity</u> refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>IPO coinsurance transactions</u> adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO). We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as 'na' to indicate not applicable. Certain variances are noted as 'nm' to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications, primarily related to the presentation of the senior health business' results of operations as discontinued operations on the Company's statements of income. However, balance sheet amounts have not been restated for prior periods to separately present the assets and liabilities related to discontinued operations, which primarily included goodwill, other assets and income taxes. These reclassifications had no impact on net income or total stockholders' equity.

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| | |
|:---|:---|
| **Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures** | **PRIMERICA, INC.**<br>Financial Supplement |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Dollars in thousands)* | **Mar 31,<br>2024** | **Jun 30,<br>2024** | **Sep 30,<br>2024** | **Dec 31,<br>2024** | **Mar 31,<br>2025** | **Jun 30,<br>2025** | **Sep 30,<br>2025** | **Dec 31,<br>2025** |
| **Balance Sheets** |  |  |  |  |  |  |  |  |
| **Assets:** |  |  |  |  |  |  |  |  |
| Investments and cash excluding securities held to maturity | $3456543 | $3502298 | $3629584 | $3714983 | $3784534 | $3798697 | $3885589 |  |
| Securities held to maturity | 1376400 | 1353370 | 1330430 | 1303880 | 1285340 | 1258800 | 1241540 |  |
| Total investments and cash | 4832943 | 4855668 | 4960014 | 5018863 | 5069874 | 5057497 | 5127129 |  |
| Reinsurance recoverables | 2920417 | 2833055 | 2873528 | 2744165 | 2722544 | 2698144 | 2596597 |  |
| Deferred policy acquisition costs | 3503940 | 3566126 | 3636964 | 3680430 | 3742693 | 3817119 | 3863442 |  |
| Goodwill | 127707 |  |  |  |  |  |  |  |
| Other assets | 1189436 | 1056890 | 943524 | 929277 | 935802 | 938583 | 946717 |  |
| Separate account assets | 2334911 | 2253966 | 2401137 | 2209287 | 2118098 | 2318492 | 2313874 |  |
| Total assets | $14909354 | $14565704 | $14815167 | $14582022 | $14589010 | $14829834 | $14847759 |  |
| **Liabilities:** |  |  |  |  |  |  |  |  |
| Future policy benefits | $6548050 | $6436332 | $6919418 | $6503064 | $6637937 | $6719044 | $6816778 |  |
| Other policy liabilities | 954350 | 908419 | 911485 | 906280 | 907038 | 906558 | 862242 |  |
| Other liabilities | 839550 | 807108 | 626663 | 720248 | 692224 | 641378 | 618061 |  |
| Debt obligations | 593909 | 594110 | 594311 | 594512 | 594713 | 594913 | 595114 |  |
| Surplus note | 1376028 | 1353014 | 1330090 | 1303556 | 1285032 | 1258508 | 1241263 |  |
| Payable under securities lending | 76648 | 90995 | 85236 | 86034 | 97560 | 83425 | 104535 |  |
| Separate account liabilities | 2334911 | 2253966 | 2401137 | 2209287 | 2118098 | 2318492 | 2313874 |  |
| Total liabilities | 12723446 | 12443945 | 12868340 | 12322981 | 12332601 | 12522318 | 12551868 |  |
| **Stockholders' equity:** |  |  |  |  |  |  |  |  |
| Common stock ($0.01 par value) (1) | 346 | 340 | 335 | 334 | 330 | 325 | 321 |  |
| Paid-in capital |  |  |  |  |  |  |  |  |
| Retained earnings | 2285944 | 2122839 | 2132015 | 2231483 | 2253435 | 2270996 | 2319750 |  |
| Treasury stock |  |  |  |  |  |  |  |  |
| Accumulated other comprehensive income (loss), net: |  |  |  |  |  |  |  |  |
| Net unrealized gains (losses) | (181537) | (187346) | (103510) | (162842) | (133764) | (124629) | (91680) |  |
| Effect of change in discount rate assumptions on the liability for future policy benefits | 92853 | 201441 | (71241) | 224833 | 171599 | 174626 | 89692 |  |
| Cumulative translation adjustment | (11698) | (15514) | (10771) | (34767) | (35191) | (13803) | (22191) |  |
| Total stockholders' equity | 2185908 | 2121759 | 1946827 | 2259041 | 2256409 | 2307516 | 2295892 |  |
| Total liabilities and stockholders' equity | $14909354 | $14565704 | $14815167 | $14582022 | $14589010 | $14829834 | $14847759 |  |
| **Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity** |  |  |  |  |  |  |  |  |
| Total stockholders' equity | $2185908 | $2121759 | $1946827 | $2259041 | $2256409 | $2307516 | $2295892 |  |
| Less: Net unrealized gains (losses) | (181537) | (187346) | (103510) | (162842) | (133764) | (124629) | (91680) |  |
| Less: Effect of change in discount rate assumptions on the liability for future policy benefits | 92853 | 201441 | (71241) | 224833 | 171599 | 174626 | 89692 |  |
| Adjusted stockholders' equity | $2274592 | $2107665 | $2121579 | $2197050 | $2218574 | $2257519 | $2297880 |  |
| **Adjusted Stockholders' Equity Rollforward** |  |  |  |  |  |  |  |  |
| Balance, beginning of period | $2275062 | $2274592 | $2107665 | $2121579 | $2197050 | $2218574 | $2257519 |  |
| Net Income | 137904 | 1171 | 164373 | 167071 | 169051 | 178344 | 206793 |  |
| Shareholder dividends | (26256) | (25835) | (30515) | (30207) | (34736) | (34209) | (33819) |  |
| Retirement of shares and warrants | (116563) | (142744) | (129672) | (45703) | (126637) | (129124) | (129000) |  |
| Net foreign currency translation adjustment | (9463) | (3817) | 4744 | (23996) | (424) | 21388 | (8388) |  |
| Other, net | 13909 | 4297 | 4986 | 8307 | 14270 | 2546 | 4775 |  |
| Balance, end of period | $2274592 | $2107665 | $2121579 | $2197050 | $2218574 | $2257519 | $2297880 |  |
| **Deferred Policy Acquisition Costs Rollforward** |  |  |  |  |  |  |  |  |
| Balance, beginning of period | $3447234 | $3503940 | $3566126 | $3636964 | $3680430 | $3742693 | $3817119 |  |
| General expenses deferred | 11156 | 11235 | 11424 | 10805 | 10883 | 11605 | 11235 |  |
| Commission costs deferred | 125811 | 127800 | 130964 | 128734 | 130162 | 126272 | 122850 |  |
| Amortization of deferred policy acquisition costs | (72049) | (73643) | (75539) | (76905) | (78550) | (80043) | (81498) |  |
| Foreign currency impact and other, net | (8211) | (3207) | 3988 | (19167) | (232) | 16592 | (6263) |  |
| Balance, end of period | $3503940 | $3566126 | $3636964 | $3680430 | $3742693 | $3817119 | $3863442 |  |

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(1)Outstanding common shares exclude restricted stock units.

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| | |
|:---|:---|
| **Financial Results and Other Statistical Data** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands, except per-share data)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Earnings per Share** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basic earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted-average common shares and fully vested equity awards | 34882824 | 34383344 | 33834080 | 33481533 | 33292459 | 32870061 | 32404112 |  | (1429968 | -4.2% | 34364805 | 32852290 | (1512515 | -4.4% |
| Net income from continuing operations | $148414 | $209301 | $194737 | $167678 | $169051 | $178344 | $206793 |  | $12056 | 6.2% | $552452 | $554187 | $1736 | 0.3% |
| Less income attributable to unvested participating securities | (608 | (96 | (704 | (537 | (585 | (572 | (678 |  | 26 | 3.6% | (1871 | (1837 | 34 | 1.8% |
| Net income used in computing basic EPS | $147806 | $209205 | $194033 | $167141 | $168466 | $177772 | $206114 |  | $12082 | 6.2% | $550580 | $552350 | $1770 | 0.3% |
| Basic earnings per share | $4.24 | $6.08 | $5.73 | $4.99 | $5.06 | $5.41 | $6.36 |  | $0.63 | 11.0% | $16.02 | $16.81 | $0.79 | 4.9% |
| Adjusted net operating income | $147515 | $170964 | $193187 | $169231 | $168068 | $180385 | $206052 |  | $12865 | 6.7% | $511665 | $554505 | $42840 | 8.4% |
| Less operating income attributable to unvested participating securities | (612 | (634 | (719 | (542 | (581 | (579 | (676 |  | 43 | 6.0% | (1976 | (1838 | 138 | 7.0% |
| Adjusted net operating income used in computing basic operating EPS | $146902 | $170330 | $192467 | $168689 | $167487 | $179806 | $205376 |  | $12909 | 6.7% | $509689 | $552666 | $42978 | 8.4% |
| Basic adjusted operating income per share | $4.21 | $4.95 | $5.69 | $5.04 | $5.03 | $5.47 | $6.34 |  | $0.65 | 11.4% | $14.83 | $16.82 | $1.99 | 13.4% |
| Diluted earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted-average common shares and fully vested equity awards | 34882824 | 34383344 | 33834080 | 33481533 | 33292459 | 32870061 | 32404112 |  | (1429968 | -4.2% | 34364805 | 32852290 | (1512515 | -4.4% |
| Dilutive impact of contingently issuable shares | 53938 | 56591 | 56960 | 59672 | 49670 | 41352 | 47284 |  | (9676 | -17.0% | 55830 | 46102 | (9728 | -17.4% |
| Shares used to calculate diluted EPS | 34936762 | 34439935 | 33891040 | 33541205 | 33342129 | 32911413 | 32451396 |  | (1439644 | -4.2% | 34420635 | 32898392 | (1522243 | -4.4% |
| Net income from continuing operations | $148414 | $209301 | $194737 | $167678 | $169051 | $178344 | $206793 |  | $12056 | 6.2% | $552452 | $554187 | $1736 | 0.3% |
| Less income attributable to unvested participating securities | (607 | (96 | (703 | (536 | (584 | (571 | (678 |  | 25 | 3.6% | (1869 | (1835 | 34 | 1.8% |
| Net income used in computing diluted EPS | $147807 | $209205 | $194034 | $167141 | $168467 | $177772 | $206115 |  | $12081 | 6.2% | $550583 | $552352 | $1769 | 0.3% |
| Diluted earnings per share | $4.23 | $6.07 | $5.72 | $4.98 | $5.05 | $5.40 | $6.35 |  | $0.63 | 11.0% | $16.00 | $16.79 | $0.79 | 4.9% |
| Adjusted net operating income | $147515 | $170964 | $193187 | $169231 | $168068 | $180385 | $206052 |  | $12865 | 6.7% | $511665 | $554505 | $42840 | 8.4% |
| Less operating income attributable to unvested participating securities | (612 | (633 | (718 | (542 | (580 | (578 | (675 |  | 43 | 6.0% | (1974 | (1836 | 137 | 7.0% |
| Adjusted net operating income used in computing diluted operating EPS | $146903 | $170330 | $192468 | $168690 | $167487 | $179807 | $205377 |  | $12908 | 6.7% | $509691 | $552668 | $42977 | 8.4% |
| Diluted adjusted operating income per share | $4.20 | $4.95 | $5.68 | $5.03 | $5.02 | $5.46 | $6.33 |  | $0.65 | 11.4% | $14.81 | $16.80 | $1.99 | 13.4% |
| **Annualized Return on Equity** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Average stockholders' equity | $2125938 | $2153834 | $2034293 | $2102934 | $2257725 | $2281963 | $2301704 |  | $267411 | 13.1% | $2104688 | $2280464 | $175776 | 8.4% |
| Average adjusted stockholders' equity | $2274827 | $2191128 | $2114622 | $2159315 | $2207812 | $2238047 | $2277699 |  | $163078 | 7.7% | $2193526 | $2241186 | $47660 | 2.2% |
| Net income from continuing ops return on stockholders' equity | 27.9 | 38.9 | 38.3 | 31.9 | 30.0 | 31.3 | 35.9 |  | -2.4 | nm | 35.0 | 32.4 | -2.6 | nm |
| Net income from continuing ops return on adjusted stockholders' equity | 26.1 | 38.2 | 36.8 | 31.1 | 30.6 | 31.9 | 36.3 |  | -0.5 | nm | 33.6 | 33.0 | -0.6 | nm |
| Adjusted net operating income return on adjusted stockholders' equity | 25.9 | 31.2 | 36.5 | 31.3 | 30.4 | 32.2 | 36.2 |  | -0.4 | nm | 31.1 | 33.0 | 1.9 | nm |
| **Capital Structure** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Debt-to-capital (1) | 21.4 | 21.9 | 23.4 | 20.8 | 20.9 | 20.5 | 20.6 |  | -2.8 | nm | 23.4 | 20.6 | -2.8 | nm |
| Debt-to-capital, excluding AOCI (1) | 20.6 | 21.9 | 21.8 | 21.0 | 20.9 | 20.8 | 20.4 |  | -1.4 | nm | 21.8 | 20.4 | -1.4 | nm |
| Cash and invested assets to stockholders' equity | 2.2 | 2.3 | 2.5 | 2.2 | 2.2 | 2.2 | 2.2 |  | (0.3 | nm | 2.5 | 2.2 | (0.3 | nm |
| Cash and invested assets to adjusted stockholders' equity | 2.1 | 2.3 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 |  | (0.1 | nm | 2.3 | 2.2 | (0.1 | nm |
| Share count, end of period (2) | 34609005 | 33993897 | 33508129 | 33367737 | 33022554 | 32545209 | 32075564 |  | (1432565 | -4.3% | 33508129 | 32075564 | (1432565 | -4.3% |
| Adjusted stockholders' equity per share | $65.72 | $62.00 | $63.32 | $65.84 | $67.18 | $69.37 | $71.64 |  | $8.32 | 13.1% | $63.32 | $71.64 | $8.32 | 13.1% |
| **Financial Strength Ratings - Primerica Life Insurance Co** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Moody's | A1 | A1 | A1 | A1 | A1 | A1 | A1 |  | na | na | na | na | na | na |
| S&P | AA- | AA- | AA- | AA- | AA- | AA- | AA- |  | na | na | na | na | na | na |
| A.M. Best | A+ | A+ | A+ | A+ | A+ | A+ | A+ |  | na | na | na | na | na | na |
| **Holding Company Senior Debt Ratings** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Moody's | Baa1 | Baa1 | Baa1 | Baa1 | Baa1 | Baa1 | Baa1 |  | na | na | na | na | na | na |
| S&P | A- | A- | A- | A- | A- | A- | A- |  | na | na | na | na | na | na |
| A.M. Best | a- | a- | a- | a- | a- | a- | a- |  | na | na | na | na | na | na |

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(1)Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

(2)Share count reflects outstanding common shares, which excludes restricted stock units (RSUs).

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| **Statements of Income** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Statements of Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Direct premiums | $841046 | $845358 | $852452 | $854748 | $858845 | $866254 | $868651 |  | $16199 | 1.9% | $2538856 | $2593750 | $54894 | 2.2% |
| Ceded premiums | (409764) | (427561) | (412645) | (414463) | (410521) | (433408) | (414104) |  | (1459) | -0.4% | (1249970) | (1258034) | (8064) | -0.6% |
| Net premiums | 431283 | 417797 | 439807 | 440285 | 448323 | 432846 | 454547 |  | 14740 | 3.4% | 1288887 | 1335716 | 46830 | 3.6% |
| Net investment income | 37806 | 38452 | 41109 | 38134 | 41671 | 40928 | 42431 |  | 1322 | 3.2% | 117367 | 125030 | 7663 | 6.5% |
| Commissions and fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sales-based (1) | 88746 | 101178 | 96269 | 108240 | 111270 | 115933 | 118637 |  | 22368 | 23.2% | 286192 | 345841 | 59648 | 20.8% |
| Asset-based (2) | 128532 | 132765 | 142051 | 150208 | 152014 | 154735 | 172286 |  | 30236 | 21.3% | 403348 | 479036 | 75688 | 18.8% |
| Account-based (3) | 23180 | 23740 | 24107 | 24245 | 24195 | 24394 | 24420 |  | 313 | 1.3% | 71027 | 73008 | 1982 | 2.8% |
| Other commissions and fees | 8487 | 10511 | 9474 | 11158 | 9477 | 10970 | 10146 |  | 672 | 7.1% | 28472 | 30594 | 2122 | 7.5% |
| Investment (losses) gains | 1305 | (99) | 2209 | (1179) | 757 | (2866) | 652 |  | (1557) | nm | 3415 | (1457) | (4872) | nm |
| Other, net | 16611 | 66612 | 19103 | 17020 | 17135 | 16394 | 16732 |  | (2371) | -12.4% | 102326 | 50261 | (52064) | -50.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | 735950 | 790955 | 774129 | 788110 | 804843 | 793334 | 839852 |  | 65723 | 8.5% | 2301033 | 2438029 | 136996 | 6.0% |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims | 166321 | 150030 | 164363 | 167449 | 174862 | 152494 | 172152 |  | 7789 | 4.7% | 480714 | 499507 | 18793 | 3.9% |
| Future policy benefits remeasurement (gain)/loss | 55 | (4329) | (23019) | 1374 | (3273) | (5895) | (23114) |  | (94) | -0.4% | (27294) | (32282) | (4988) | -18.3% |
| Amortization of DAC | 72049 | 73643 | 75539 | 76905 | 78550 | 80043 | 81498 |  | 5960 | 7.9% | 221231 | 240091 | 18860 | 8.5% |
| Insurance commissions | 9634 | 7399 | 7180 | 7795 | 6124 | 5751 | 5499 |  | (1681) | -23.4% | 24213 | 17374 | (6839) | -28.2% |
| Insurance expenses | 63149 | 62685 | 63529 | 66256 | 64805 | 64362 | 64131 |  | 602 | 0.9% | 189363 | 193299 | 3936 | 2.1% |
| Sales commissions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sales-based (1) | 62814 | 70509 | 66333 | 75926 | 77267 | 82935 | 82867 |  | 16534 | 24.9% | 199655 | 243069 | 43414 | 21.7% |
| Asset-based (2) | 64208 | 66525 | 71012 | 76298 | 76246 | 78010 | 87337 |  | 16325 | 23.0% | 201745 | 241593 | 39848 | 19.8% |
| Other sales commissions | 4117 | 5120 | 4909 | 5479 | 4605 | 5346 | 4484 |  | (425) | -8.7% | 14146 | 14435 | 289 | 2.0% |
| Interest expense | 6771 | 6099 | 6093 | 6070 | 6004 | 6000 | 5985 |  | (108) | -1.8% | 18964 | 17990 | (974) | -5.1% |
| Other operating expenses | 93443 | 80506 | 83612 | 86046 | 98338 | 89792 | 87333 |  | 3721 | 4.5% | 257561 | 275463 | 17902 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits and expenses | 542561 | 518186 | 519551 | 569598 | 583528 | 558838 | 568173 |  | 48623 | 9.4% | 1580297 | 1710539 | 130241 | 8.2% |
| Income from continuing operations before income taxes | 193389 | 272769 | 254578 | 218512 | 221315 | 234496 | 271679 |  | 17101 | 6.7% | 720735 | 727490 | 6755 | 0.9% |
| Income taxes | 44975 | 63467 | 59841 | 50835 | 52264 | 56153 | 64886 |  | 5045 | 8.4% | 168284 | 173303 | 5019 | 3.0% |
| Net Income from continuing operations | 148414 | 209301 | 194737 | 167678 | 169051 | 178344 | 206793 |  | 12056 | 6.2% | 552452 | 554187 | 1736 | 0.3% |
| Net Loss from discontinued operations net of tax | (10510) | (208131) | (30364) | (606) |  |  |  |  | 30364 | 100.0% | (249005) |  | 249005 | 100.0% |
| Net Income | $137904 | $1171 | $164373 | $167071 | $169051 | $178344 | $206793 |  | $42420 | 25.8% | $303447 | $554187 | $250740 | 82.6% |
| **Income from Continuing Operations Before Income Taxes by Segment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Life Insurance | $138367 | $147780 | $178353 | $139541 | $146785 | $155012 | $172684 |  | $(5669) | -3.2% | $464501 | $474482 | $9981 | 2.1% |
| Investment & Savings Products | 65563 | 74783 | 79912 | 81988 | 81270 | 79420 | 94223 |  | 14312 | 17.9% | 220257 | 254914 | 34657 | 15.7% |
| Corporate & Other Distributed Products | (10542) | 50206 | (3687) | (3017) | (6741) | 64 | 4771 |  | 8458 | nm | 35977 | (1906) | (37884) | -105.3% |
| Income before income taxes | $193389 | $272769 | $254578 | $218512 | $221315 | $234496 | $271679 |  | $17101 | 6.7% | $720735 | $727490 | $6755 | 0.9% |

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(1)<u>Sales-based</u> - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2)<u>Asset-based</u> - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.

(3)<u>Account-based</u> - revenues relating to the fee generating client accounts we administer.

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| **Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Life Insurance direct premiums | $836321 | $840668 | $847626 | $850667 | $854430 | $861919 | $864047 |  | $16421 | 1.9% | $2524615 | $2580396 | $55782 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Premiums ceded to IPO Coinsurers | 206502 | 201566 | 198726 | 195039 | 191477 | 187988 | 185392 |  | (13334) | -6.7% | 606794 | 564857 | (41937) | -6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Life Insurance adjusted direct premiums | $629819 | $639102 | $648900 | $655628 | $662953 | $673931 | $678655 |  | $29755 | 4.6% | $1917820 | $2015539 | $97719 | 5.1% |
| **Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Term Life Insurance ceded premiums | $(408558) | $(426348) | $(411526) | $(412916) | $(409334) | $(432306) | $(412935) |  | $(1409) | -0.3% | $(1246433) | $(1254576) | $(8143) | -0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Premiums ceded to IPO Coinsurers | (206502) | (201566) | (198726) | (195039) | (191477) | (187988) | (185392) |  | 13334 | 6.7% | (606794) | (564857) | 41937 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Life Insurance other ceded premiums | $(202056) | $(224782) | $(212800) | $(217876) | $(217857) | $(244318) | $(227543) |  | $(14743) | -6.9% | $(639638) | $(689719) | $(50080) | -7.8% |
| **Reconciliation from Net Investment Income to Adjusted Net Investment Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net Investment Income | $37806 | $38452 | $41109 | $38134 | $41671 | $40928 | $42431 |  | $1322 | 3.2% | $117367 | $125030 | $7663 | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: MTM investment adjustments | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  | nm | nm | 1883 | 1033 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net investment income | $37943 | $38263 | $39279 | $38980 | $41141 | $40746 | $42110 |  | $2831 | 7.2% | $115485 | $123997 | $8512 | 7.4% |
| **Reconciliation from Other Operating Expenses to Adjusted other operating expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other operating expenses | $93443 | $80506 | $83612 | $86046 | $98338 | $89792 | $87333 |  | $3721 | 4.5% | $257561 | $275463 | $17902 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring costs |  | 824 | 2013 |  |  |  |  |  | nm | nm | 2837 |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted other operating expenses | $93443 | $79682 | $81599 | $86046 | $98338 | $89792 | $87333 |  | $5734 | 7.0% | $254724 | $275463 | $20739 | 8.1% |
| **Reconciliation from Total Revenues to Adjusted Operating Revenues** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total revenues | $735950 | $790955 | $774129 | $788110 | $804843 | $793334 | $839852 |  | $65723 | 8.5% | $2301033 | $2438029 | $136996 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment (losses) gains | 1305 | (99) | 2209 | (1179) | 757 | (2866) | 652 |  | nm | nm | 3415 | (1457) | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: MTM investment adjustments | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  | nm | nm | 1883 | 1033 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Insurance claim proceeds |  | 50000 |  |  |  |  |  |  | nm | nm | 50000 |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating revenues | $734781 | $740865 | $770089 | $790135 | $803556 | $796018 | $838879 |  | $68789 | 8.9% | $2245735 | $2438453 | $192717 | 8.6% |
| **Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Income from continuing operations before income taxes | $193389 | $272769 | $254578 | $218512 | $221315 | $234496 | $271679 |  | $17101 | 6.7% | $720735 | $727490 | $6755 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment (losses) gains | 1305 | (99) | 2209 | (1179) | 757 | (2866) | 652 |  | nm | nm | 3415 | (1457) | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: MTM investment adjustments | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  | nm | nm | 1883 | 1033 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Insurance claim proceeds |  | 50000 |  |  |  |  |  |  | nm | nm | 50000 |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring costs |  | (824) | (2013) |  |  |  |  |  | nm | nm | (2837) |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $192220 | $223503 | $252552 | $220537 | $220028 | $237181 | $270706 |  | $18154 | 7.2% | $668275 | $727914 | $59639 | 8.9% |
| **Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income from continuing operations | $148414 | $209301 | $194737 | $167678 | $169051 | $178344 | $206793 |  | $12056 | 6.2% | $552452 | $554187 | $1736 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment (losses) gains | 1305 | (99) | 2209 | (1179) | 757 | (2866) | 652 |  | nm | nm | 3415 | (1457) | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: MTM investment adjustments | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  | nm | nm | 1883 | 1033 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Insurance claim proceeds |  | 50000 |  |  |  |  |  |  | nm | nm | 50000 |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring costs |  | (824) | (2013) |  |  |  |  |  | nm | nm | (2837) |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Tax impact of preceding items | (269) | 152 | (476) | 471 | (304) | 643 | (232) |  | nm | nm | (594) | 106 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Valuation allowance on Senior Health NOLs |  | (11080) |  |  |  |  |  |  | nm | nm | (11080) |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net operating income | $147515 | $170964 | $193187 | $169231 | $168068 | $180385 | $206052 |  | $12865 | 6.7% | $511665 | $554505 | $42840 | 8.4% |

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| **Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures** | **PRIMERICA, INC.**<br>Financial Supplement |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$Change**<br> **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Income before income taxes | $(10542) | $50206 | $(3687) | $(3017) | $(6741) | $64 | $4771 |  | $8458<br> nm | $35977 | $(1906) | $(37884) | -105.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Investment (losses) gains | 1305 | (99) | 2209 | (1179) | 757 | (2866) | 652 |  | nm | 3415 | (1457) | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: MTM investment adjustments | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  | nm | 1883 | 1033 | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Insurance claim proceeds |  | 50000 |  |  |  |  |  |  | nm | 50000 |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring costs |  | (824) | (2013) |  |  |  |  |  | nm | (2837) |  | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(11710) | $940 | $(5713) | $(992) | $(8028) | $2748 | $3798 |  | $9511<br> nm | $(16483) | $(1482) | $15001 | 91.0% |

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| **Term Life Insurance - Financial Results and Analysis** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Term Life Insurance Income Before Income Taxes** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct Premiums | $836321 | $840668 | $847626 | $850667 | $854430 | $861919 | $864047 |  | $16421 | 1.9% | $2524615 | $2580396 | $55782 | 2.2% |
| &nbsp;&nbsp;&nbsp;Premiums ceded to IPO coinsurers (1) | (206502) | (201566) | (198726) | (195039) | (191477) | (187988) | (185392) |  | 13334 | 6.7% | (606794) | (564857) | 41937 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted direct premiums (2) | 629819 | 639102 | 648900 | 655628 | 662953 | 673931 | 678655 |  | 29755 | 4.6% | 1917820 | 2015539 | 97719 | 5.1% |
| &nbsp;&nbsp;&nbsp;Other ceded premiums (3) | (202056) | (224782) | (212800) | (217876) | (217857) | (244318) | (227543) |  | (14743) | -6.9% | (639638) | (689719) | (50080) | -7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | 427762 | 414320 | 436099 | 437752 | 445096 | 429613 | 451112 |  | 15012 | 3.4% | 1278182 | 1325821 | 47639 | 3.7% |
| &nbsp;&nbsp;&nbsp;Other, net | 12649 | 12624 | 14206 | 12826 | 12745 | 12221 | 12189 |  | (2017) | -14.2% | 39479 | 37155 | (2324) | -5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | 440412 | 426944 | 450305 | 450578 | 457842 | 441834 | 463301 |  | 12996 | 2.9% | 1317661 | 1362976 | 45315 | 3.4% |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits and claims | 163847 | 146268 | 160652 | 164588 | 171243 | 148725 | 168319 |  | 7667 | 4.8% | 470766 | 488287 | 17521 | 3.7% |
| &nbsp;&nbsp;&nbsp;Future policy benefits remeasurement (gain)/loss | (319) | (4280) | (28203) | 1537 | (3402) | (5743) | (23392) |  | 4811 | 17.1% | (32802) | (32537) | 266 | 0.8% |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 70491 | 71916 | 73698 | 75383 | 76921 | 78386 | 79876 |  | 6178 | 8.4% | 216105 | 235184 | 19079 | 8.8% |
| &nbsp;&nbsp;&nbsp;Insurance commissions | 6047 | 3785 | 3410 | 4422 | 2649 | 2238 | 2755 |  | (655) | -19.2% | 13242 | 7641 | (5601) | -42.3% |
| &nbsp;&nbsp;&nbsp;Insurance expenses | 61979 | 61476 | 62395 | 65107 | 63645 | 63216 | 63058 |  | 663 | 1.1% | 185849 | 189919 | 4069 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits and expenses | 302044 | 279164 | 271952 | 311037 | 311056 | 286821 | 290616 |  | 18665 | 6.9% | 853161 | 888494 | 35334 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $138367 | $147780 | $178353 | $139541 | $146785 | $155012 | $172684 |  | $(5669) | -3.2% | $464501 | $474482 | $9981 | 2.1% |
| **Total Term Life Insurance - Financial Analysis** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Post-IPO direct premiums (4) | $508687 | $517691 | $525697 | $530867 | $538072 | $547938 | $551915 |  | $26218 | 5.0% | $1552074 | $1637925 | $85851 | 5.5% |
| Pre-IPO direct premiums (5) | 327634 | 322977 | 321929 | 319800 | 316359 | 313981 | 312132 |  | (9797) | -3.0% | 972541 | 942471 | (30069) | -3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total direct premiums | $836321 | $840668 | $847626 | $850667 | $854430 | $861919 | $864047 |  | $16421 | 1.9% | $2524615 | $2580396 | $55782 | 2.2% |
| Premiums ceded to IPO coinsurers | $206502 | $201566 | $198726 | $195039 | $191477 | $187988 | $185392 |  | $(13334) | -6.7% | $606794 | $564857 | $(41937) | -6.9% |
| &nbsp;&nbsp;&nbsp;% of Pre-IPO direct premiums | 63.0% | 62.4% | 61.7% | 61.0% | 60.5% | 59.9% | 59.4% |  | nm | nm | 62.4% | 59.9% | nm | nm |
| Benefits and claims, net (6) | $365584 | $366770 | $345249 | $384002 | $385698 | $387300 | $372471 |  | $27222 | 7.9% | $1077602 | $1145469 | $67866 | 6.3% |
| &nbsp;&nbsp;&nbsp;% of adjusted direct premiums | 58.0% | 57.4% | 53.2% | 58.6% | 58.2% | 57.5% | 54.9% |  | nm | nm | 56.2% | 56.8% | nm | nm |
| DAC amortization & insurance commissions | $76538 | $75701 | $77108 | $79805 | $79570 | $80624 | $82631 |  | $5523 | 7.2% | $229347 | $242825 | $13478 | 5.9% |
| &nbsp;&nbsp;&nbsp;% of adjusted direct premiums | 12.2% | 11.8% | 11.9% | 12.2% | 12.0% | 12.0% | 12.2% |  | nm | nm | 12.0% | 12.0% | nm | nm |
| Insurance expenses, net (7) | $49329 | $48851 | $48189 | $52281 | $50900 | $50995 | $50869 |  | $2680 | 5.6% | $146370 | $152763 | $6393 | 4.4% |
| &nbsp;&nbsp;&nbsp;% of adjusted direct premiums | 7.8% | 7.6% | 7.4% | 8.0% | 7.7% | 7.6% | 7.5% |  | nm | nm | 7.6% | 7.6% | nm | nm |
| Total Term Life income before income taxes | $138367 | $147780 | $178353 | $139541 | $146785 | $155012 | $172684 |  | $(5669) | -3.2% | $464501 | $474482 | $9981 | 2.1% |
| &nbsp;&nbsp;&nbsp;Term Life operating margin (8) | 22.0% | 23.1% | 27.5% | 21.3% | 22.1% | 23.0% | 25.4% |  | nm | nm | 24.2% | 23.5% | nm | nm |

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(1)<u>Premiums ceded to IPO coinsurers</u> - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2)<u>Adjusted direct premiums</u> - direct premiums net of premiums ceded to IPO coinsurers.

(3)<u>Other ceded premiums</u> - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4)<u>Post-IPO direct premiums</u> - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5)<u>Pre-IPO direct premiums</u> - direct premiums subject to the 2010 IPO coinsurance transactions.

(6)<u>Benefits and claims, net</u> - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely yearly renewable term.

(7)<u>Insurance expenses, net</u> - insurance expenses net of other, net revenues.

(8)<u>Term Life Insurance operating margin</u> - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

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| **Term Life Insurance - Key Statistics** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
|  | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Key Statistics** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life-insurance licensed sales force, beginning of period | 141572 | 142855 | 145789 | 148890 | 151611 | 152167 | 152592 |  | 6803 | 4.7% | 141572 | 151611 | 10039 | 7.1% |
| New life-licensed representatives | 12949 | 14402 | 14349 | 14620 | 12339 | 12903 | 12482 |  | (1867) | -13.0% | 41700 | 37724 | (3976) | -9.5% |
| Non-renewal and terminated representatives | (11666) | (11468) | (11248) | (11899) | (11783) | (12478) | (12874) |  | (1626) | -14.5% | (34382) | (37135) | (2753) | -8.0% |
| Life-insurance licensed sales force, end of period | 142855 | 145789 | 148890 | 151611 | 152167 | 152592 | 152200 |  | 3310 | 2.2% | 148890 | 152200 | 3310 | 2.2% |
| Estimated annualized issued term life premium ($mills) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premium from new policies | $73.1 | $86.7 | $80.2 | $78.1 | $74.4 | $78.5 | $69.8 |  | $(10.4) | -12.9% | $239.9 | $222.7 | $(17.2) | -7.2% |
| Additions and increases in premium | 18.1 | 19.9 | 18.8 | 17.9 | 18.5 | 20.2 | 19.0 |  | 0.2 | 0.8% | 56.8 | 57.7 | 0.9 | 1.6% |
| Total estimated annualized issued term life premium | $91.2 | $106.5 | $99.0 | $96.0 | $93.0 | $98.7 | $88.8 |  | $(10.2) | -10.3% | $296.7 | $280.4 | $(16.3) | -5.5% |
| Issued term life policies | 86587 | 100768 | 93377 | 89664 | 86415 | 89850 | 79379 |  | (13998) | -15.0% | 280732 | 255644 | (25088) | -8.9% |
| Estimated average annualized issued term life premium per policy (1)(2) | $844 | $860 | $859 | $871 | $861 | $874 | $879 |  | $21 | 2.4% | $855 | $871 | $17 | 2.0% |
| Term life face amount in-force, beginning of period ($mills) | $944609 | $947101 | $950880 | $957811 | $953583 | $956981 | $968312 |  | $17432 | 1.8% | $944609 | $953583 | $8974 | 0.9% |
| Issued term life face amount (3) | 28725 | 33155 | 30793 | 29560 | 28455 | 30292 | 27067 |  | (3726) | -12.1% | 92673 | 85814 | (6859) | -7.4% |
| Terminated term life face amount | (23323) | (28241) | (25264) | (27045) | (24979) | (24795) | (26159) |  | (895) | -3.5% | (76827) | (75934) | 894 | 1.2% |
| Foreign currency impact, net | (2911) | (1134) | 1402 | (6744) | (77) | 5834 | (2196) |  | (3598) | nm | (2644) | 3561 | 6204 | nm |
| Term life face amount in-force, end of period | $947101 | $950880 | $957811 | $953583 | $956981 | $968312 | $967024 |  | $9213 | 1.0% | $957811 | $967024 | $9213 | 1.0% |

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(1)<u>Estimated annualized issued term life premium</u> - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(2)In whole dollars.

(3)<u>Issued term life face amount</u> - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

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| **Investment and Savings Products - Financial Results and Financial Analysis**  | <br>**PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands, except as noted)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Investment & Savings Products Income Before Income Taxes** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions and fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales-based | $88746 | $101178 | $96269 | $108240 | $111270 | $115933 | $118637 |  | $22368 | 23.2% | $286192 | $345841 | $59648 | 20.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 128532 | 132765 | 142051 | 150208 | 152014 | 154735 | 172286 |  | 30236 | 21.3% | 403348 | 479036 | 75688 | 18.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Account-based | 23180 | 23740 | 24107 | 24245 | 24195 | 24394 | 24420 |  | 313 | 1.3% | 71027 | 73008 | 1982 | 2.8% |
| &nbsp;&nbsp;&nbsp;Other, net | 3258 | 3224 | 3646 | 3355 | 3333 | 3236 | 3445 |  | (201) | -5.5% | 10128 | 10013 | (115) | -1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues | 243716 | 260906 | 266073 | 286048 | 290812 | 298297 | 318789 |  | 52716 | 19.8% | 770695 | 907898 | 137203 | 17.8% |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of DAC | 1201 | 1478 | 1540 | 1225 | 1337 | 1368 | 1355 |  | (185) | -12.0% | 4219 | 4060 | (159) | -3.8% |
| &nbsp;&nbsp;&nbsp;Insurance commissions | 3400 | 3343 | 3499 | 3397 | 3277 | 3468 | 3485 |  | (14) | -0.4% | 10242 | 10229 | (12) | -0.1% |
| &nbsp;&nbsp;&nbsp;Sales commissions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales-based | 62814 | 70509 | 66333 | 75926 | 77267 | 82935 | 82867 |  | 16534 | 24.9% | 199655 | 243069 | 43414 | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-based | 64208 | 66525 | 71012 | 76298 | 76246 | 78010 | 87337 |  | 16325 | 23.0% | 201745 | 241593 | 39848 | 19.8% |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 46531 | 44269 | 43778 | 47214 | 51414 | 53096 | 49522 |  | 5744 | 13.1% | 134577 | 154032 | 19455 | 14.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits and expenses | 178153 | 186123 | 186161 | 204060 | 209541 | 218877 | 224565 |  | 38404 | 20.6% | 550438 | 652983 | 102545 | 18.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $65563 | $74783 | $79912 | $81988 | $81270 | $79420 | $94223 |  | $14312 | 17.9% | $220257 | $254914 | $34657 | 15.7% |
| **Financial Analysis** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fees paid based on client asset values (1) | $9342 | $9548 | $10156 | $11213 | $10915 | $11404 | $12285 |  | $2129 | 21.0% | $29046 | $34604 | $5558 | 19.1% |
| Fees paid based on fee-generating positions (2) | 11426 | 10483 | 10392 | 10538 | 12410 | 11015 | 10341 |  | (51) | -0.5% | 32300 | 33766 | 1466 | 4.5% |
| Other operating expenses | 25763 | 24238 | 23230 | 25463 | 28089 | 30676 | 26896 |  | 3667 | 15.8% | 73231 | 85661 | 12431 | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other operating expenses | $46531 | $44269 | $43778 | $47214 | $51414 | $53096 | $49522 |  | $5744 | 13.1% | $134577 | $154032 | $19455 | 14.5% |
| Sales-based variable margin as % of revenue-generating sales (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. | 1.25% | 1.33% | 1.37% | 1.35% | 1.37% | 1.29% | 1.38% |  | nm | nm | 1.32% | 1.34% | nm | nm |
| &nbsp;&nbsp;&nbsp;Canada | 0.48% | 0.37% | 0.34% | 0.31% | 0.35% | 0.35% | 0.35% |  | nm | nm | 0.40% | 0.35% | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 1.19% | 1.27% | 1.31% | 1.27% | 1.28% | 1.23% | 1.31% |  | nm | nm | 1.26% | 1.27% | nm | nm |
| Asset-based variable margin as % of average asset values (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. | 0.041% | 0.041% | 0.042% | 0.042% | 0.043% | 0.043% | 0.044% |  | nm | nm | 0.123% | 0.130% | nm | nm |
| &nbsp;&nbsp;&nbsp;Canada | 0.104% | 0.104% | 0.109% | 0.109% | 0.113% | 0.109% | 0.115% |  | nm | nm | 0.317% | 0.336% | nm | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 0.051% | 0.050% | 0.052% | 0.052% | 0.053% | 0.053% | 0.055% |  | nm | nm | 0.153% | 0.162% | nm | nm |
| Account-based variable margin per average fee generating position (5)(6) | $3.67 | $4.10 | $4.21 | $4.18 | $3.57 | $4.02 | $4.20 |  | nm | nm | $11.98 | $11.79 | nm | nm |

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(1)<u>Fees paid based on client asset values</u> - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

(2)<u>Fees paid based on fee-generating positions</u> - recordkeeping fees that vary with the number of fee-generating positions.

(3)<u>Sales-based variable margin</u> - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)<u>Asset-based variable margin</u> - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.

(5)<u>Account-based variable margin</u> - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)In whole dollars.

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| **Investment and Savings Products - Key Statistics** | **PRIMERICA, INC.**<br>Financial Supplement |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
|  | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Key Statistics** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| <u>Product sales</u> ($mills) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Retail Mutual Funds | $1162.2 | $1228.6 | $1162.7 | $1241.3 | $1317.9 | $1244.0 | $1298.4 |  | $135.7 | 11.7% | $3553.5 | $3860.3 | $306.9 | 8.6% |
| Canada Retail Mutual Funds | 179.6 | 147.6 | 146.2 | 192.1 | 220.7 | 168.5 | 185.7 |  | 39.6 | 27.1% | 473.4 | 574.9 | 101.5 | 21.4% |
| Indexed Annuities | 81.0 | 98.0 | 89.5 | 86.7 | 71.1 | 93.0 | 72.7 |  | (16.8) | -18.8% | 268.5 | 236.8 | (31.7) | -11.8% |
| Variable Annuities and other | 756.0 | 941.4 | 891.5 | 1023.8 | 1038.9 | 1178.7 | 1180.6 |  | 289.1 | 32.4% | 2588.9 | 3398.1 | 809.2 | 31.3% |
| Total sales-based revenue generating product sales | 2178.8 | 2415.6 | 2289.9 | 2543.9 | 2648.6 | 2684.2 | 2737.4 |  | 447.5 | 19.5% | 6884.3 | 8070.2 | 1185.9 | 17.2% |
| Managed Accounts | 370.9 | 456.1 | 411.9 | 548.7 | 596.7 | 634.1 | 717.2 |  | 305.4 | 74.1% | 1238.8 | 1948.0 | 709.1 | 57.2% |
| Canada Retail Mutual Funds - no upfront sales comm | 197.7 | 196.5 | 189.4 | 213.9 | 296.4 | 218.6 | 244.7 |  | 55.3 | 29.2% | 583.6 | 759.7 | 176.1 | 30.2% |
| Segregated Funds | 23.0 | 14.8 | 13.9 | 14.0 | 17.7 | 11.5 | 12.6 |  | (1.4) | -9.7% | 51.7 | 41.8 | (9.9) | -19.2% |
| Total product sales | $2770.4 | $3082.9 | $2905.1 | $3320.5 | $3559.3 | $3548.4 | $3711.9 |  | $806.8 | 27.8% | $8758.4 | $10819.6 | $2061.2 | 23.5% |
| Total Canada Retail Mutual Funds | $377.4 | $344.1 | $335.6 | $406.0 | $517.1 | $387.1 | $430.4 |  | $94.8 | 28.3% | $1057.0 | $1334.6 | $277.6 | 26.3% |
| Segregated Funds | 23.0 | 14.8 | 13.9 | 14.0 | 17.7 | 11.5 | 12.6 |  | (1.4) | -9.7% | 51.7 | 41.8 | (9.9) | -19.2% |
| Total Canada product sales | 400.4 | 358.8 | 349.5 | 420.1 | 534.8 | 398.6 | 443.0 |  | 93.5 | 26.7% | 1108.7 | 1376.4 | 267.7 | 24.1% |
| Total U.S. product sales | 2370.0 | 2724.1 | 2555.6 | 2900.5 | 3024.6 | 3149.8 | 3268.9 |  | 713.3 | 27.9% | 7649.7 | 9443.2 | 1793.5 | 23.4% |
| Total product sales | $2770.4 | $3082.9 | $2905.1 | $3320.5 | $3559.3 | $3548.4 | $3711.9 |  | $806.8 | 27.8% | $8758.4 | $10819.6 | $2061.2 | 23.5% |
| Client asset values, beginning of period ($mills) | $96735 | $103340 | $105112 | $111247 | $112081 | $109908 | $120224 |  | $15112 | 14.4% | $96735 | $112081 | $15346 | 15.9% |
| Inflows | 2770 | 3083 | 2905 | 3321 | 3559 | 3548 | 3712 |  | 807 | 27.8% | 8758 | 10820 | 2061 | 23.5% |
| Outflows (1) | (2694) | (2856) | (2650) | (2804) | (3017) | (3062) | (3349) |  | (699) | -26.4% | (8201) | (9428) | (1227) | -15.0% |
| Net flows | 76 | 227 | 255 | 517 | 542 | 487 | 363 |  | 108 | 42.4% | 557 | 1392 | 835 | 149.7% |
| Foreign currency impact, net | (392) | (163) | 203 | (1022) | (12) | 900 | (357) |  | (560) | nm | (352) | 531 | 883 | nm |
| Change in market value, net and other (2) | 6921 | 1708 | 5676 | 1340 | (2703) | 8931 | 6562 |  | 886 | 15.6% | 14306 | 12790 | (1516) | -10.6% |
| Client asset values, end of period | $103340 | $105112 | $111247 | $112081 | $109908 | $120224 | $126793 |  | $15547 | 14.0% | $111247 | $126793 | $15547 | 14.0% |
| Annualized net flows as % of beginning of period asset values | 0.3% | 0.9% | 1.0% | 1.9% | 1.9% | 1.8% | 1.2% |  | 0.2% | nm | 0.8% | 1.7% | 0.9% | nm |
| <u>Average client asset values</u> ($mills) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. Retail Mutual Funds | $49013 | $50560 | $52721 | $54630 | $54649 | $54324 | $58410 |  | $5689 | 10.8% | $50765 | $55794 | $5030 | 9.9% |
| Canada Retail Mutual Funds | 12850 | 13259 | 13959 | 14442 | 14555 | 15153 | 16452 |  | 2493 | 17.9% | 13356 | 15387 | 2031 | 15.2% |
| Managed Accounts | 8806 | 9376 | 10216 | 11010 | 11537 | 12167 | 13759 |  | 3543 | 34.7% | 9466 | 12488 | 3022 | 31.9% |
| Indexed Annuities | 2824 | 2868 | 2908 | 2959 | 3003 | 3033 | 3061 |  | 154 | 5.3% | 2867 | 3033 | 166 | 5.8% |
| Variable Annuities and other | 23665 | 24663 | 26014 | 26970 | 27086 | 27075 | 29127 |  | 3114 | 12.0% | 24781 | 27763 | 2982 | 12.0% |
| Segregated Funds | 2344 | 2266 | 2334 | 2312 | 2189 | 2223 | 2307 |  | (28) | -1.2% | 2315 | 2239 | (75) | -3.3% |
| Total | $99502 | $102993 | $108152 | $112323 | $113018 | $113975 | $123117 |  | $14965 | 13.8% | $103549 | $116703 | $13154 | 12.7% |
| Canada Retail Mutual Funds | $12850 | $13259 | $13959 | $14442 | $14555 | $15153 | $16452 |  | $2493 | 17.9% | $13356 | $15387 | $2031 | 15.2% |
| Segregated Funds | 2344 | 2266 | 2334 | 2312 | 2189 | 2223 | 2307 |  | (28) | -1.2% | 2315 | 2239 | (75) | -3.3% |
| Total Canada average client assets | 15194 | 15526 | 16293 | 16754 | 16743 | 17376 | 18759 |  | 2466 | 15.1% | 15671 | 17626 | 1955 | 12.5% |
| Total U.S. average client assets | 84308 | 87468 | 91858 | 95570 | 96274 | 96599 | 104358 |  | 12499 | 13.6% | 87878 | 99077 | 11199 | 12.7% |
| Total average client assets | $99502 | $102993 | $108152 | $112323 | $113018 | $113975 | $123117 |  | $14965 | 13.8% | $103549 | $116703 | $13154 | 12.7% |
| <u>Average number of fee-generating positions</u> (thous) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Recordkeeping and custodial | 2359 | 2378 | 2393 | 2407 | 2419 | 2437 | 2448 |  | 55 | 2.3% | 2377 | 2435 | 58 | 2.4% |
| Recordkeeping only | 847 | 857 | 865 | 874 | 885 | 893 | 902 |  | 37 | 4.2% | 857 | 893 | 37 | 4.3% |
| Total | 3206 | 3235 | 3258 | 3281 | 3304 | 3330 | 3350 |  | 92 | 2.8% | 3233 | 3328 | 95 | 2.9% |

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(1)<u>Asset value outflows</u> - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the Company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

(2)<u>Change in market value, net</u> - market value fluctuations net of fees and expenses.

(3)<u>Fee generating positions</u> - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

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| **Corporate Other Distributed Products - Financial Results** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |  | **YOY YTD** | **YOY YTD** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **%<br>Change** | **YTD 2024** | **YTD 2025** | **$ Change** | **%<br>Change** |
| **Corporate & Other Distributed Products Income Before Income Taxes** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Direct premiums | $4725 | $4690 | $4826 | $4081 | $4414 | $4335 | $4604 |  | $(222) | -4.6% | $14241 | $13354 | $(888) | -6.2% |
| Ceded premiums | (1205) | (1213) | (1118) | (1548) | (1187) | (1102) | (1169) |  | (51) | -4.5% | (3537) | (3458) | 79 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | 3520 | 3477 | 3708 | 2533 | 3227 | 3233 | 3435 |  | (273) | -7.4% | 10705 | 9895 | (809) | -7.6% |
| Adjusted net investment income | 37943 | 38263 | 39279 | 38980 | 41141 | 40746 | 42110 |  | 2831 | 7.2% | 115485 | 123997 | 8512 | 7.4% |
| Commissions and fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid legal services | 3591 | 3924 | 4070 | 4373 | 3682 | 4009 | 2304 |  | (1766) | -43.4% | 11586 | 9994 | (1591) | -13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto and homeowners insurance | 1777 | 2413 | 1375 | 2280 | 1966 | 2440 | 2941 |  | 1566 | 113.9% | 5566 | 7347 | 1781 | 32.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 1499 | 2211 | 2384 | 2750 | 2129 | 3020 | 3281 |  | 897 | 37.6% | 6095 | 8430 | 2335 | 38.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other sales commissions | 1618 | 1963 | 1645 | 1755 | 1701 | 1502 | 1620 |  | (25) | -1.5% | 5226 | 4823 | (403) | -7.7% |
| Adjusted other, net | 704 | 764 | 1251 | 838 | 1057 | 938 | 1098 |  | (152) | -12.2% | 2718 | 3093 | 375 | 13.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating revenues | 50653 | 53014 | 53711 | 53509 | 54902 | 55887 | 56789 |  | 3078 | 5.7% | 157379 | 167579 | 10200 | 6.5% |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Benefits and claims | 2475 | 3762 | 3712 | 2861 | 3619 | 3769 | 3833 |  | 121 | 3.3% | 9948 | 11220 | 1273 | 12.8% |
| Future policy benefits remeasurement (gain)/loss | 374 | (49) | 5184 | (163) | 128 | (152) | 278 |  | (4905) | -94.6% | 5509 | 255 | (5254) | -95.4% |
| Amortization of DAC | 357 | 250 | 300 | 298 | 291 | 288 | 267 |  | (33) | -11.0% | 907 | 847 | (60) | -6.6% |
| Insurance commissions | 187 | 271 | 272 | (24) | 199 | 45 | (741) |  | (1012) | nm | 729 | (497) | (1226) | nm |
| Insurance expenses | 1171 | 1209 | 1134 | 1149 | 1160 | 1147 | 1074 |  | (60) | -5.3% | 3513 | 3380 | (133) | -3.8% |
| Sales commissions | 4117 | 5120 | 4909 | 5479 | 4605 | 5346 | 4484 |  | (425) | -8.7% | 14146 | 14435 | 289 | 2.0% |
| Interest expense | 6771 | 6099 | 6093 | 6070 | 6004 | 6000 | 5985 |  | (108) | -1.8% | 18964 | 17990 | (974) | -5.1% |
| Adjusted other operating expenses | 46913 | 35413 | 37821 | 38831 | 46924 | 36696 | 37811 |  | (10) | nm | 120147 | 121431 | 1285 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted benefits and expenses | 62363 | 52074 | 59425 | 54501 | 62930 | 53139 | 52992 |  | (6433) | -10.8% | 173862 | 169061 | (4801) | -2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(11710) | $940 | $(5713) | $(992) | $(8028) | $2748 | $3798 |  | $9511 | nm | $(16483) | $(1482) | $15001 | 91.0% |

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| **Investment Portfolio - Summary of Holdings** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of or for the period ended September 30, 2025** | **As of or for the period ended September 30, 2025** | **As of or for the period ended September 30, 2025** | **As of or for the period ended September 30, 2025** | **As of or for the period ended September 30, 2025** | **As of or for the period ended September 30, 2025** |
|  |  |  | **% of Total** | **% of Total** | **Avg** |  |
|  | **Market** | **Unrealized** | **Market** | **Amortized** | **Book** | **Avg** |
| *(Dollars in thousands)* | **Value** | **G/(L)** | **Value** | **Cost** | **Yield** | **Rating** |
| **Investment Portfolio by Asset Class** |  |  |  |  |  |  |
| **Cash, Cash Equivalents, and Short Term** | $644855 | $- | 16.8% | 16.3% |  |  |
| **Fixed Income:** |  |  |  |  |  |  |
| Treasury | 16091 | (236) | 0.4% | 0.4% | 3.2% | AAA |
| Government | 246988 | (11775) | 6.4% | 6.6% | 3.4% | AA- |
| Tax-Exempt Municipal | 46305 | (2241) | 1.2% | 1.2% | 3.4% | AA |
| Corporate | 1605946 | (36853) | 41.9% | 41.6% | 4.4% | BBB+ |
| Mortgage Backed | 618975 | (47669) | 16.2% | 16.9% | 4.1% | AAA |
| Asset Backed | 186304 | (3495) | 4.9% | 4.8% | 4.4% | A+ |
| Cmbs | 86938 | (7298) | 2.3% | 2.4% | 3.7% | AA- |
| Private | 349058 | (6194) | 9.1% | 9.0% | 5.2% | BBB+ |
| Redeemable Preferred | 3845 | (403) | 0.1% | 0.1% | 5.2% | BBB- |
| Total Fixed Income | 3160449 | (116165) | 82.5% | 83.0% | 4.3% | A |
| **Equities and Other:** |  |  |  |  |  |  |
| Perpetual Preferred | 3530 | - | 0.1% | 0.1% |  |  |
| Common Stock | 18651 | - | 0.5% | 0.5% |  |  |
| Mutual Fund | 3960 | 0 | 0.1% | 0.1% |  |  |
| Total Equities | 26140 | 0 | 0.7% | 0.7% |  |  |
| Total Invested Assets | $3831444 | $(116165) | 100.0% | 100.0% |  |  |
| **Public Corporate Portfolio by Sector** |  |  |  |  |  |  |
| Insurance | $214275 | $(4333) | 13.3% | 13.3% |  |  |
| Energy | 205049 | (3372) | 12.8% | 12.7% |  |  |
| Consumer Non Cyclical \*\* | 165294 | (7820) | 10.3% | 10.5% |  |  |
| Reits | 123881 | (5939) | 7.7% | 7.9% |  |  |
| Consumer Cyclical | 123359 | (3000) | 7.7% | 7.7% |  |  |
| Electric | 113553 | (1647) | 7.1% | 7.0% |  |  |
| Technology | 104336 | (2208) | 6.5% | 6.5% |  |  |
| Capital Goods | 100220 | 1197 | 6.2% | 6.0% |  |  |
| Banking | 92556 | (909) | 5.8% | 5.7% |  |  |
| Basic Industry | 69237 | (100) | 4.3% | 4.2% |  |  |
| Transportation | 68768 | (4097) | 4.3% | 4.4% |  |  |
| Communications | 64545 | (1087) | 4.0% | 4.0% |  |  |
| Brokerage | 63432 | (1299) | 3.9% | 3.9% |  |  |
| Finance Companies | 60051 | (1026) | 3.7% | 3.7% |  |  |
| Natural Gas | 20297 | 53 | 1.3% | 1.2% |  |  |
| Industrial Other | 6181 | (524) | 0.4% | 0.4% |  |  |
| Financial Other | 4862 | (74) | 0.3% | 0.3% |  |  |
| Utility Other | 3943 | (449) | 0.2% | 0.3% |  |  |
| Owned No Guarantee | 2106 | (219) | 0.1% | 0.1% |  |  |
| Total Corporate portfolio | $1605946 | $(36853) | 100.0% | 100.0% |  |  |
| **Fixed-Maturity Securities - Effective Maturity** |  |  |  |  |  |  |
| Effective maturity |  |  |  |  |  |  |
| < 1 Yr. | $278973 | $(1120) | 8.8% | 8.5% | 3.7% |  |
| 1-2 Yrs. | 262587 | (2098) | 8.3% | 8.1% | 3.8% |  |
| 2-5 Yrs. | 798931 | (9697) | 25.3% | 24.7% | 4.3% |  |
| 5-10 Yrs. | 1161099 | (73885) | 36.7% | 37.7% | 4.0% |  |
| > 10 Yrs. | 658860 | (29365) | 20.8% | 21.0% | 5.2% |  |
| Total Fixed Income | $3160449 | $(116165) | 100.0% | 100.0% | 4.3% |  |
| **Duration** |  |  |  |  |  |  |
| Fixed Income portfolio duration | 5.4 |  |  |  |  |  |

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Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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| **Investment Portfolio - Quality Ratings As of June 30, 2025** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Dollars in thousands)* |  |  |  |  |  |
| **Investment Portfolio Quality Ratings (1)** |  |  |  |  |  |
|  | **Amortized Cost** | **% of Total** |  |  |  |
| **Total Fixed Income portfolio:** |  |  |  |  |  |
| <u>Rating</u> |  |  |  |  |  |
| AAA | $633206 | 19.3% |  |  |  |
| AA | 478586 | 14.6% |  |  |  |
| A | 787464 | 24.0% |  |  |  |
| BBB | 1343722 | 41.0% |  |  |  |
| Below Investment Grade | 30845 | 0.9% |  |  |  |
| NA | 2790 | 0.1% |  |  |  |
| Total Fixed Income | $3276614 | 100.0% |  |  |  |
|  | **Amortized Cost** | **% of Total** |  | **Amortized Cost** | **% of Total** |
| **Public Corporate asset class:** |  |  | **Private Placement asset class:** |  |  |
| <u>Rating</u> |  |  | <u>Rating</u> |  |  |
| AAA | $2213 | 0.1% | AAA | $- |  |
| AA | 86874 | 5.3% | AA | 8860 | 2.5% |
| A | 465872 | 28.4% | A | 90611 | 25.5% |
| BBB | 1058310 | 64.4% | BBB | 255781 | 72.0% |
| Below Investment Grade | 29329 | 1.8% | Below Investment Grade | - |  |
| NA | 201 | 0.0% | NA | - |  |
| Total Corporate | $1642799 | 100.0% | Total Private | $355252 | 100.0% |
| **CMBS asset class:** |  |  | **Mortgage-Backed asset class:** |  |  |
| <u>Rating</u> |  |  | <u>Rating</u> |  |  |
| AAA | $25796 | 27.4% | AAA | $523900 | 78.6% |
| AA | 24766 | 26.3% | AA | 142598 | 21.4% |
| A | 32788 | 34.8% | A | - |  |
| BBB | 9426 | 10.0% | BBB | - |  |
| Below Investment Grade | 1460 | 1.5% | Below Investment Grade | 55 | 0.0% |
| NA | - |  | NA | 90 | 0.0% |
| Total CMBS | $94236 | 100.0% | Total Mortgage-Backed | $666644 | 100.0% |
| **Asset-Backed asset class:** |  |  | **Treasury & Government asset classes:** |  |  |
| <u>Rating</u> |  |  | <u>Rating</u> |  |  |
| AAA | $49035 | 25.8% | AAA | $31594 | 11.5% |
| AA | 30824 | 16.2% | AA | 152663 | 55.5% |
| A | 107441 | 56.6% | A | 75880 | 27.6% |
| BBB | - |  | BBB | 14952 | 5.4% |
| Below Investment Grade | - |  | Below Investment Grade | - |  |
| NA | 2500 | 1.3% | NA | - |  |
| Total Asset-Backed | $189800 | 100.0% | Total Treasury & Government | $275090 | 100.0% |
| **NAIC Designations** |  |  |  |  |  |
| 1 | $1591184 | 55.5% |  |  |  |
| 2 | 1212670 | 43.6% |  |  |  |
| 3 | 19600 | 0.8% |  |  |  |
| 4 | 3213 | 0.2% |  |  |  |
| 5 | - |  |  |  |  |
| 6 | - |  |  |  |  |
| U.S. Insurer Fixed Income (2) | 2826668 | 100.0% |  |  |  |
| Other (3) | 476132 |  |  |  |  |
| Cash and cash equivalents | 644855 |  |  |  |  |
| Total Invested Assets | $3947655 |  |  |  |  |

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(1)Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2)NAIC ratings for our U.S. insurance companies' fixed income portfolios.

(3)Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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| **Investment Portfolio - Supplemental Data and Trends** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** | **YOY Q3** |
| *(Dollars in thousands)* | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **$ Change** | **$Change** | **%<br>Change** |
| **Net Investment Income by Source** |  |  |  |  |  |  |  |  |  |  |  |
| Fixed-maturity securities (available-for-sale) | $29936 | $30618 | $31990 | $32867 | $33513 | $34346 | $35218 |  | $| 3228 | 10.1% |
| Fixed-maturity securities (held-to-maturity) | 15785 | 15659 | 15908 | 15300 | 14669 | 14621 | 14476 |  |  | (1432) | -9.0% |
| Equity Securities | 390 | 323 | 324 | 327 | 314 | 315 | 318 |  |  | (6) | -1.9% |
| Deposit asset underlying 10% reinsurance treaty | 2311 | 2211 | 2129 | 2007 | 1857 | 1736 | 1659 |  |  | (470) | -22.1% |
| Deposit asset - Mark to Market | (137) | 189 | 1830 | (846) | 530 | 182 | 321 |  |  | (1509) | -82.5% |
| Policy loans and other invested assets | 461 | 544 | 402 | 139 | 1032 | 482 | 611 |  |  | 209 | 52.0% |
| Cash & cash equivalents | 6981 | 6640 | 6540 | 5739 | 6519 | 5959 | 6340 |  |  | (200) | -3.1% |
| Total investment income | 55727 | 56183 | 59123 | 55533 | 58435 | 57641 | 58943 |  |  | (180) | -0.3% |
| Investment expenses | 2136 | 2072 | 2106 | 2099 | 2095 | 2092 | 2036 |  |  | (70) | -3.3% |
| Interest Expense on Surplus Note | 15785 | 15659 | 15908 | 15300 | 14669 | 14621 | 14476 |  |  | (1432) | -9.0% |
| Net investment income | $37806 | $38452 | $41109 | $38134 | $41671 | $40928 | $42431 |  | $ | 1322 | 3.2% |
| Fixed income book yield, end of period | 3.93% | 4.01% | 4.09% | 4.14% | 4.21% | 4.26% | 4.27% |  |  |  |  |
| New money yield | 5.70% | 5.78% | 5.42% | 5.32% | 5.47% | 5.64% | 5.15% |  |  |  |  |
|  |  |  |  |  |  |  |  |  | **YOY Q3** | **YOY Q3** |  |
|  | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** | **% Pt<br>Change** | **% Pt<br>Change** |  |
| **Fixed Income Portfolio Quality Ratings** |  |  |  |  |  |  |  |  |  |  |  |
| <u>Rating</u> |  |  |  |  |  |  |  |  |  |  |  |
| AAA | 18.9% | 18.3% | 19.4% | 19.5% | 19.0% | 19.3% | 19.3% |  |  | -0.0% |  |
| AA | 14.8% | 14.1% | 13.2% | 13.1% | 13.6% | 14.0% | 14.6% |  |  | 1.4% |  |
| A | 24.1% | 24.3% | 24.2% | 24.4% | 24.5% | 23.8% | 24.0% |  |  | -0.2% |  |
| BBB | 40.5% | 41.9% | 41.8% | 41.7% | 41.7% | 41.9% | 41.0% |  |  | -0.8% |  |
| Below Investment Grade | 1.6% | 1.5% | 1.2% | 1.2% | 1.1% | 0.9% | 0.9% |  |  | -0.3% |  |
| NA | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |  |  | -0.1% |  |
| Total Fixed Income | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |  |  |  |  |
| Average rating by amortized cost | A | A | A | A | A | A | A |  |  |  |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |  |  | **As of September 30, 2025** | **As of September 30, 2025** |  | **As of September 30, 2025** | **As of September 30, 2025** |
|  |  | **Market<br>Value** | **Amortized<br>Cost** | **Credit<br>Rating** |  |  | **Market<br>Value** | **Amortized<br>Cost** |  | **Market<br>Value** | **Amortized<br>Cost** |
| **Top 25 Exposures** | **Top 25 Exposures** |  |  |  | **Foreign Exposure (1)** | **Foreign Exposure (1)** |  |  | **Government Investments (1)** |  |  |
| 1 | Canada | $16537 | $16905 | AAA | Canada | Canada | $90909 | $94537 | AAA | $— | $— |
| 2 | ONEOK Inc | 15259 | 15443 | BBB | United Kingdom | United Kingdom | 33397 | 32216 | AA |  |  |
| 3 | Province of Alberta Canada | 14954 | 15363 | AA- | Australia | Australia | 29236 | 29384 | A | 11593 | 12448 |
| 4 | Morgan Stanley | 14925 | 14844 | BBB+ | Germany | Germany | 13004 | 12923 | BBB | 14488 | 14502 |
| 5 | Province of Ontario Canada | 14527 | 14601 | A+ | Mexico | Mexico | 10537 | 11123 | Below Investment Grade |  |  |
| 6 | Ontario Teachers' Pension Plan | 13790 | 14242 | AA+ | Cayman Islands (The) | Cayman Islands (The) | 10302 | 10057 | NA |  |  |
| 7 | Realty Income Corp | 13685 | 13982 | A- | Bermuda | Bermuda | 9631 | 9374 | Total | $26081 | $26950 |
| 8 | Manulife Financial Corp | 13087 | 13373 | A | Ireland | Ireland | 9557 | 9114 |  |  |  |
| 9 | Berkshire Hathaway Inc | 12683 | 12500 | AA | France | France | 8523 | 8487 |  |  |  |
| 10 | Province of Quebec Canada | 12385 | 12487 | AA- | Luxembourg | Luxembourg | 7768 | 7361 | **Non-Government Investments (1)** |  |  |
| 11 | Intact Financial Corp | 11759 | 11366 | A+ | Italy | Italy | 6353 | 5889 |  |  |  |
| 12 | Province of New Brunswick Canada | 11418 | 11766 | A+ | Spain | Spain | 4983 | 4898 | AAA | $— | $— |
| 13 | Province of Manitoba Canada | 11237 | 11690 | A+ | Japan | Japan | 3748 | 3700 | AA | 3424 | 3422 |
| 14 | Government of Newfoundland and Labrador | 11187 | 11577 | A | Netherlands (The) | Netherlands (The) | 3517 | 3587 | A | 67761 | 67520 |
| 15 | Alimentation Couche-Tard Inc | 10775 | 10655 | BBB+ | Switzerland | Switzerland | 3429 | 3706 | BBB | 170646 | 171818 |
| 16 | Goldman Sachs Group Inc/The | 10774 | 10754 | A+ | Emerging Markets (2) | Emerging Markets (2) | 14261 | 14506 | Below Investment Grade | 943 | 1004 |
| 17 | TC Energy Corp | 10568 | 11283 | BBB+ | All Other |  | 10450 | 10601 | NA | 750 | 750 |
| 18 | Province of Nova Scotia Canada | 10085 | 10511 | AA- |  | Total | $269605 | $271463 | Total | $243524 | $244513 |
| 19 | Province of Saskatchewan Canad | 9868 | 9867 | AA |  |  |  |  |  |  |  |
| 20 | Brookfield Corp | 9684 | 9607 | A- |  |  |  |  |  |  |  |
| 21 | Oglethorpe Power Corp | 9671 | 10390 | BBB+ |  |  |  |  |  |  |  |
| 22 | ConocoPhillips | 9572 | 10725 | A- |  |  |  |  |  |  |  |
| 23 | Sempra | 9530 | 10334 | BBB+ |  |  |  |  |  |  |  |
| 24 | Tokyo Century Corp | 8914 | 8982 | BBB |  |  |  |  |  |  |  |
| 25 | NextEra Energy Inc | 8708 | 8581 | A- |  |  |  |  |  |  |  |
|  | Total | $295580 | $301826 |  |  |  |  |  |  |  |  |
|  | % of total fixed income portfolio | 7.7% | 7.6% |  |  |  |  |  |  |  |  |

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(1)US$ denominated investments in issuers outside of the United States based on country of risk.

(2)Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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| | |
|:---|:---|
| **Five-Year Historical Key Statistics** | **PRIMERICA, INC.**<br>Financial Supplement |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Dollars in millions)* | **2020** | **2021** | **2022** | **2023** | **2024** | **Q1<br>2024** | **Q2<br>2024** | **Q3<br>2024** | **Q4<br>2024** | **Q1<br>2025** | **Q2<br>2025** | **Q3<br>2025** | **Q4<br>2025** |
| Recruits | 400345 | 349374 | 359735 | 361925 | 445425 | 110710 | 96563 | 142655 | 95497 | 100867 | 80924 | 101156 |  |
| Life-insurance licensed sales force, beginning of period | 130522 | 134907 | 129515 | 135208 | 141572 | 141572 | 142855 | 145789 | 148890 | 151611 | 152167 | 152592 |  |
| New life-licensed representatives | 48106 | 39622 | 45147 | 49096 | 56320 | 12949 | 14402 | 14349 | 14620 | 12339 | 12903 | 12482 |  |
| Non-renewal and terminated representatives | (43721) | (45014) | (39454) | (42732) | (46281) | (11666) | (11468) | (11248) | (11899) | (11783) | (12478) | (12874) |  |
| Life-insurance licensed sales force, end of period | 134907 | 129515 | 135208 | 141572 | 151611 | 142855 | 145789 | 148890 | 151611 | 152167 | 152592 | 152200 |  |
| Issued term life policies | 352868 | 323855 | 291918 | 358860 | 370396 | 86587 | 100768 | 93377 | 89664 | 86415 | 89850 | 79379 |  |
| Issued term life face amount | $109436 | $108521 | $103822 | $119102 | $122233 | $28725 | $33155 | $30793 | $29560 | $28455 | $30292 | $27067 |  |
| Term life face amount in-force, beginning of period | $808262 | $858818 | $903404 | $916808 | $944609 | $944609 | $947101 | $950880 | $957811 | $953583 | $956981 | $968312 |  |
| Issued term life face amount | 109436 | 108521 | 103822 | 119102 | 122233 | 28725 | 33155 | 30793 | 29560 | 28455 | 30292 | 27067 |  |
| Terminated term life face amount | (60848) | (64798) | (82894) | (94230) | (103872) | (23323) | (28241) | (25264) | (27045) | (24979) | (24795) | (26159) |  |
| Foreign currency impact, net | 1968 | 862 | (7524) | 2929 | (9387) | (2911) | (1134) | 1402 | (6744) | (77) | 5834 | (2196) |  |
| Term life face amount in force, end of period | $858818 | $903404 | $916808 | $944609 | $953583 | $947101 | $950880 | $957811 | $953583 | $956981 | $968312 | $967024 |  |
| Estimated annualized issued term life premium |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Premium from new policies | $303.6 | $297.2 | $271.9 | $302.4 | $318.0 | $73.1 | $86.7 | $80.2 | $78.1 | $74.4 | $78.5 | $69.8 |  |
| Additions and increases in premium | 68.9 | 77.0 | 76.7 | 74.3 | 74.7 | 18.1 | 19.9 | 18.8 | 17.9 | 18.5 | 20.2 | 19.0 |  |
| Total estimated annualized issued term life premium | $372.5 | $374.2 | $348.5 | $376.6 | $392.7 | $91.2 | $106.5 | $99.0 | $96.0 | $93.0 | $98.7 | $88.8 |  |
| Investment & Savings product sales | $7842.5 | $11703.2 | $10009.0 | $9211.7 | $12078.9 | $2770.4 | $3082.9 | $2905.1 | $3320.5 | $3559.3 | $3548.4 | $3711.9 |  |
| Investment & Savings average client asset values | $69709 | $89993 | $87193 | $89474 | $105742 | $99502 | $102993 | $108152 | $112323 | $113018 | $113975 | $123117 |  |
| Closed U.S. Mortgage Volume (brokered) | $442.5 | $1229.2 | $567.2 | $293.4 | $397.4 | $71.4 | $99.6 | $105.4 | $121.0 | $93.5 | $132.8 | $143.4 |  |

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