EX-99.2

     Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures

     PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)				Mar 31, 2024			Jun 30, 2024			Sep 30, 2024			Dec 31, 2024			Mar 31, 2025			Jun 30, 2025	Sep 30, 2025	Dec 31, 2025
Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,456,543		$	3,502,298		$	3,629,584		$	3,714,983		$	3,784,534
	Securities held to maturity				1,376,400			1,353,370			1,330,430			1,303,880			1,285,340
			Total investments and cash		4,832,943			4,855,668			4,960,014			5,018,863			5,069,874
	Reinsurance recoverables				2,920,417			2,833,055			2,873,528			2,744,165			2,722,544
	Deferred policy acquisition costs				3,503,940			3,566,126			3,636,964			3,680,430			3,742,693
	Goodwill				127,707			—			—			—			—
	Other assets				1,189,436			1,056,890			943,524			929,277			935,802
	Separate account assets				2,334,911			2,253,966			2,401,137			2,209,287			2,118,098
			Total assets	$	14,909,354		$	14,565,704		$	14,815,167		$	14,582,022		$	14,589,010

Liabilities:
	Future policy benefits			$	6,548,050		$	6,436,332		$	6,919,418		$	6,503,064		$	6,637,937
	Other policy liabilities				954,350			908,419			911,485			906,280			907,038
	Other liabilities				839,550			807,108			626,663			720,248			692,224
	Debt obligations				593,909			594,110			594,311			594,512			594,713
	Surplus note				1,376,028			1,353,014			1,330,090			1,303,556			1,285,032
	Payable under securities lending				76,648			90,995			85,236			86,034			97,560
	Separate account liabilities				2,334,911			2,253,966			2,401,137			2,209,287			2,118,098
			Total liabilities		12,723,446			12,443,945			12,868,340			12,322,981			12,332,601

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				346			340			335			334			330
	Paid-in capital				—			—			—			—			—
	Retained earnings				2,285,944			2,122,839			2,132,015			2,231,483			2,253,435
	Treasury stock				—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(181,537	)		(187,346	)		(103,510	)		(162,842	)		(133,764	)
		Effect of change in discount rate assumptions on the liability for future policy benefits			92,853			201,441			(71,241	)		224,833			171,599
		Cumulative translation adjustment			(11,698	)		(15,514	)		(10,771	)		(34,767	)		(35,191	)
			Total stockholders’ equity		2,185,908			2,121,759			1,946,827			2,259,041			2,256,409
			Total liabilities and stockholders' equity	$	14,909,354		$	14,565,704		$	14,815,167		$	14,582,022		$	14,589,010

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	2,185,908		$	2,121,759		$	1,946,827		$	2,259,041		$	2,256,409
	Less: Net unrealized gains (losses)				(181,537	)		(187,346	)		(103,510	)		(162,842	)		(133,764	)
	Less: Effect of change in discount rate assumptions on the liability for future policy benefits				92,853			201,441			(71,241	)		224,833			171,599
			Adjusted stockholders’ equity	$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050		$	2,218,574

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	2,275,062		$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050
	Net Income				137,904			1,171			164,373			167,071			169,051
	Shareholder dividends				(26,256	)		(25,835	)		(30,515	)		(30,207	)		(34,736	)
	Retirement of shares and warrants				(116,563	)		(142,744	)		(129,672	)		(45,703	)		(126,637	)
	Net foreign currency translation adjustment				(9,463	)		(3,817	)		4,744			(23,996	)		(424	)
	Other, net				13,909			4,297			4,986			8,307			14,270
Balance, end of period				$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050		$	2,218,574

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	3,447,234		$	3,503,940		$	3,566,126		$	3,636,964		$	3,680,430
	General expenses deferred				11,156			11,235			11,424			10,805			10,883
	Commission costs deferred				125,811			127,800			130,964			128,734			130,162
	Amortization of deferred policy acquisition costs				(72,049	)		(73,643	)		(75,539	)		(76,905	)		(78,550	)
	Foreign currency impact and other, net				(8,211	)		(3,207	)		3,988			(19,167	)		(232	)
Balance, end of period				$	3,503,940		$	3,566,126		$	3,636,964		$	3,680,430		$	3,742,693

(1)

Outstanding common shares exclude restricted stock units.

     Financial Results and Other Statistical Data

     PRIMERICA, INC.
Financial Supplement


																					YOY Q1												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			34,882,824			34,383,344			33,834,080			33,481,533			33,292,459						(1,590,365	)		-4.6	%		34,882,824			33,292,459			(1,590,365	)		-4.6	%

	Net income from continuing operations		$	148,414		$	209,301		$	194,737		$	167,678		$	169,051					$	20,637			13.9	%	$	148,414		$	169,051		$	20,637			13.9	%
	Less income attributable to unvested participating securities			(608	)		(96	)		(704	)		(537	)		(585	)					23			3.8	%		(608	)		(585	)		23			3.8	%
		Net income used in computing basic EPS	$	147,806		$	209,205		$	194,033		$	167,141		$	168,466					$	20,661			14.0	%	$	147,806		$	168,466		$	20,661			14.0	%
		Basic earnings per share	$	4.24		$	6.08		$	5.73		$	4.99		$	5.06					$	0.82			19.3	%	$	4.24		$	5.06		$	0.82			19.3	%

	Adjusted net operating income		$	147,515		$	170,964		$	193,187		$	169,231		$	168,068					$	20,553			13.9	%	$	147,515		$	168,068		$	20,553			13.9	%
	Less operating income attributable to unvested participating securities			(612	)		(634	)		(719	)		(542	)		(581	)					31			5.1	%		(612	)		(581	)		31			5.1	%
		Adjusted net operating income used in computing basic operating EPS	$	146,902		$	170,330		$	192,467		$	168,689		$	167,487					$	20,584			14.0	%	$	146,902		$	167,487		$	20,584			14.0	%
		Basic adjusted operating income per share	$	4.21		$	4.95		$	5.69		$	5.04		$	5.03					$	0.82			19.5	%	$	4.21		$	5.03		$	0.82			19.5	%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			34,882,824			34,383,344			33,834,080			33,481,533			33,292,459						(1,590,365	)		-4.6	%		34,882,824			33,292,459			(1,590,365	)		-4.6	%
	Dilutive impact of contingently issuable shares			53,938			56,591			56,960			59,672			49,670						(4,268	)		-7.9	%		53,938			49,670			(4,268	)		-7.9	%
		Shares used to calculate diluted EPS		34,936,762			34,439,935			33,891,040			33,541,205			33,342,129						(1,594,633	)		-4.6	%		34,936,762			33,342,129			(1,594,633	)		-4.6	%

	Net income from continuing operations		$	148,414		$	209,301		$	194,737		$	167,678		$	169,051					$	20,637			13.9	%	$	148,414		$	169,051		$	20,637			13.9	%
	Less income attributable to unvested participating securities			(607	)		(96	)		(703	)		(536	)		(584	)					23			3.8	%		(607	)		(584	)		23			3.8	%
		Net income used in computing diluted EPS	$	147,807		$	209,205		$	194,034		$	167,141		$	168,467					$	20,661			14.0	%	$	147,807		$	168,467		$	20,661			14.0	%
		Diluted earnings per share	$	4.23		$	6.07		$	5.72		$	4.98		$	5.05					$	0.82			19.4	%	$	4.23		$	5.05		$	0.82			19.4	%

	Adjusted net operating income		$	147,515		$	170,964		$	193,187		$	169,231		$	168,068					$	20,553			13.9	%	$	147,515		$	168,068		$	20,553			13.9	%
	Less operating income attributable to unvested participating securities			(612	)		(633	)		(718	)		(542	)		(580	)					31			5.1	%		(612	)		(580	)		31			5.1	%
		Adjusted net operating income used in computing diluted operating EPS	$	146,903		$	170,330		$	192,468		$	168,690		$	167,487					$	20,584			14.0	%	$	146,903		$	167,487		$	20,584			14.0	%
		Diluted adjusted operating income per share	$	4.20		$	4.95		$	5.68		$	5.03		$	5.02					$	0.82			19.5	%	$	4.20		$	5.02		$	0.82			19.5	%

Annualized Return on Equity
	Average stockholders' equity		$	2,125,938		$	2,153,834		$	2,034,293		$	2,102,934		$	2,257,725					$	131,787			6.2	%	$	2,125,938		$	2,257,725		$	131,787			6.2	%
	Average adjusted stockholders' equity		$	2,274,827		$	2,191,128		$	2,114,622		$	2,159,315		$	2,207,812					$	(67,015	)		-2.9	%	$	2,274,827		$	2,207,812		$	(67,015	)		-2.9	%

	Net income from continuing ops return on stockholders' equity			27.9	%		38.9	%		38.3	%		31.9	%		30.0	%					2.0	%	nm				27.9	%		30.0	%		2.0	%	nm
	Net income from continuing ops return on adjusted stockholders' equity			26.1	%		38.2	%		36.8	%		31.1	%		30.6	%					4.5	%	nm				26.1	%		30.6	%		4.5	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			25.9	%		31.2	%		36.5	%		31.3	%		30.4	%					4.5	%	nm				25.9	%		30.4	%		4.5	%	nm

Capital Structure
	Debt-to-capital (1)			21.4	%		21.9	%		23.4	%		20.8	%		20.9	%					-0.5	%	nm				21.4	%		20.9	%		-0.5	%	nm
	Debt-to-capital, excluding AOCI (1)			20.6	%		21.9	%		21.8	%		21.0	%		20.9	%					0.3	%	nm				20.6	%		20.9	%		0.3	%	nm

	Cash and invested assets to stockholders' equity			2.2	x		2.3	x		2.5	x		2.2	x		2.2	x					0.0	x	nm				2.2	x		2.2	x		0.0	x	nm
	Cash and invested assets to adjusted stockholders' equity			2.1	x		2.3	x		2.3	x		2.3	x		2.3	x					0.2	x	nm				2.1	x		2.3	x		0.2	x	nm

	Share count, end of period (2)			34,609,005			33,993,897			33,508,129			33,367,737			33,022,554						(1,586,451	)		-4.6	%		34,609,005			33,022,554			(1,586,451	)		-4.6	%
	Adjusted stockholders' equity per share		$	65.72		$	62.00		$	63.32		$	65.84		$	67.18					$	1.46			2.2	%	$	65.72		$	67.18		$	1.46			2.2	%

Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A1			A1			A1			A1			A1						na			na			na			na			na			na
	S&P		AA-			AA-			AA-			AA-			AA-						na			na			na			na			na			na
	A.M. Best		A+			A+			A+			A+			A+						na			na			na			na			na			na

Holding Company Senior Debt Ratings
	Moody's		Baa1			Baa1			Baa1			Baa1			Baa1						na			na			na			na			na			na
	S&P		A-			A-			A-			A-			A-						na			na			na			na			na			na
	A.M. Best		a-			a-			a-			a-			a-						na			na			na			na			na			na

(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).

     Statements of Income

     PRIMERICA, INC.
Financial Supplement


																					YOY Q1												YOY YTD
(Dollars in thousands)			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Statements of Income
Revenues:
	Direct premiums		$	841,046		$	845,358		$	852,452		$	854,748		$	858,845					$	17,798			2.1	%	$	841,046		$	858,845		$	17,798			2.1	%
	Ceded premiums			(409,764	)		(427,561	)		(412,645	)		(414,463	)		(410,521	)					(758	)		-0.2	%		(409,764	)		(410,521	)		(758	)		-0.2	%
		Net premiums		431,283			417,797			439,807			440,285			448,323						17,041			4.0	%		431,283			448,323			17,041			4.0	%
	Net investment income			37,806			38,452			41,109			38,134			41,671						3,865			10.2	%		37,806			41,671			3,865			10.2	%
	Commissions and fees:
		Sales-based (1)		88,746			101,178			96,269			108,240			111,270						22,524			25.4	%		88,746			111,270			22,524			25.4	%
		Asset-based (2)		128,532			132,765			142,051			150,208			152,014						23,482			18.3	%		128,532			152,014			23,482			18.3	%
		Account-based (3)		23,180			23,740			24,107			24,245			24,195						1,015			4.4	%		23,180			24,195			1,015			4.4	%
		Other commissions and fees		8,487			10,511			9,474			11,158			9,477						991			11.7	%		8,487			9,477			991			11.7	%
	Investment (losses) gains			1,305			(99	)		2,209			(1,179	)		757						(548	)	nm				1,305			757			(548	)	nm
	Other, net			16,611			66,612			19,103			17,020			17,135						524			3.2	%		16,611			17,135			524			3.2	%
	Total revenues			735,950			790,955			774,129			788,110			804,843						68,893			9.4	%		735,950			804,843			68,893			9.4	%
Benefits and expenses:
	Benefits and claims			166,321			150,030			164,363			167,449			174,862						8,540			5.1	%		166,321			174,862			8,540			5.1	%
	Future policy benefits remeasurement (gain)/loss			55			(4,329	)		(23,019	)		1,374			(3,273	)					(3,328	)	nm				55			(3,273	)		(3,328	)	nm
	Amortization of DAC			72,049			73,643			75,539			76,905			78,550						6,501			9.0	%		72,049			78,550			6,501			9.0	%
	Insurance commissions			9,634			7,399			7,180			7,795			6,124						(3,509	)		-36.4	%		9,634			6,124			(3,509	)		-36.4	%
	Insurance expenses			63,149			62,685			63,529			66,256			64,805						1,656			2.6	%		63,149			64,805			1,656			2.6	%
	Sales commissions:
		Sales-based (1)		62,814			70,509			66,333			75,926			77,267						14,453			23.0	%		62,814			77,267			14,453			23.0	%
		Asset-based (2)		64,208			66,525			71,012			76,298			76,246						12,038			18.7	%		64,208			76,246			12,038			18.7	%
		Other sales commissions		4,117			5,120			4,909			5,479			4,605						488			11.9	%		4,117			4,605			488			11.9	%
	Interest expense			6,771			6,099			6,093			6,070			6,004						(767	)		-11.3	%		6,771			6,004			(767	)		-11.3	%
	Other operating expenses			93,443			80,506			83,612			86,046			98,338						4,895			5.2	%		93,443			98,338			4,895			5.2	%
	Total benefits and expenses			542,561			518,186			519,551			569,598			583,528						40,967			7.6	%		542,561			583,528			40,967			7.6	%
	Income from continuing operations before income taxes			193,389			272,769			254,578			218,512			221,315						27,926			14.4	%		193,389			221,315			27,926			14.4	%
		Income taxes		44,975			63,467			59,841			50,835			52,264						7,289			16.2	%		44,975			52,264			7,289			16.2	%
	Net Income from continuing operations			148,414			209,301			194,737			167,678			169,051						20,637			13.9	%		148,414			169,051			20,637			13.9	%
	Net Loss from discontinued operations net of tax			(10,510	)		(208,131	)		(30,364	)		(606	)		—						10,510			100.0	%		(10,510	)		—			10,510			100.0	%
		Net Income	$	137,904		$	1,171		$	164,373		$	167,071		$	169,051					$	31,147			22.6	%	$	137,904		$	169,051		$	31,147			22.6	%

Income from Continuing Operations Before Income Taxes by Segment

Term Life Insurance			$	138,367		$	147,780		$	178,353		$	139,541		$	146,785					$	8,418			6.1	%	$	138,367		$	146,785		$	8,418			6.1	%
Investment & Savings Products				65,563			74,783			79,912			81,988			81,270						15,708			24.0	%		65,563			81,270			15,708			24.0	%
Corporate & Other Distributed Products				(10,542	)		50,206			(3,687	)		(3,017	)		(6,741	)					3,801			36.1	%		(10,542	)		(6,741	)		3,801			36.1	%
	Income before income taxes		$	193,389		$	272,769		$	254,578		$	218,512		$	221,315					$	27,926			14.4	%	$	193,389		$	221,315		$	27,926			14.4	%

(1)

Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2)

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

(3)

Account-based - revenues relating to the fee generating client accounts we administer.

     Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures

     PRIMERICA, INC.
Financial Supplement


																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
	Term Life Insurance direct premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430					$	18,110			2.2	%	$	836,321		$	854,430		$	18,110			2.2	%
	Less: Premiums ceded to IPO Coinsurers		206,502			201,566			198,726			195,039			191,477						(15,025	)		-7.3	%		206,502			191,477			(15,025	)		-7.3	%
	Term Life Insurance adjusted direct premiums	$	629,819		$	639,102		$	648,900		$	655,628		$	662,953					$	33,135			5.3	%	$	629,819		$	662,953		$	33,135			5.3	%

Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
	Term Life Insurance ceded premiums	$	(408,558	)	$	(426,348	)	$	(411,526	)	$	(412,916	)	$	(409,334	)				$	(776	)		-0.2	%	$	(408,558	)	$	(409,334	)	$	(776	)		-0.2	%
	Less: Premiums ceded to IPO Coinsurers		(206,502	)		(201,566	)		(198,726	)		(195,039	)		(191,477	)					15,025			7.3	%		(206,502	)		(191,477	)		15,025			7.3	%
	Term Life Insurance other ceded premiums	$	(202,056	)	$	(224,782	)	$	(212,800	)	$	(217,876	)	$	(217,857	)				$	(15,801	)		-7.8	%	$	(202,056	)	$	(217,857	)	$	(15,801	)		-7.8	%

Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	37,806		$	38,452		$	41,109		$	38,134		$	41,671					$	3,865			10.2	%	$	37,806		$	41,671		$	3,865			10.2	%
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530					nm			nm				(137	)		530		nm			nm
	Adjusted net investment income	$	37,943		$	38,263		$	39,279		$	38,980		$	41,141					$	3,198			8.4	%	$	37,943		$	41,141		$	3,198			8.4	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	93,443		$	80,506		$	83,612		$	86,046		$	98,338					$	4,895			5.2	%	$	93,443		$	98,338		$	4,895			5.2	%
	Less: Restructuring costs		—			824			2,013			—			—					nm			nm				—			—		nm			nm
	Adjusted other operating expenses	$	93,443		$	79,682		$	81,599		$	86,046		$	98,338					$	4,895			5.2	%	$	93,443		$	98,338		$	4,895			5.2	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	735,950		$	790,955		$	774,129		$	788,110		$	804,843					$	68,893			9.4	%	$	735,950		$	804,843		$	68,893			9.4	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757					nm			nm				1,305			757		nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530					nm			nm				(137	)		530		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—					nm			nm				—			—		nm			nm
	Adjusted operating revenues	$	734,781		$	740,865		$	770,089		$	790,135		$	803,556					$	68,775			9.4	%	$	734,781		$	803,556		$	68,775			9.4	%

Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income from continuing operations before income taxes	$	193,389		$	272,769		$	254,578		$	218,512		$	221,315					$	27,926			14.4	%	$	193,389		$	221,315		$	27,926			14.4	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757					nm			nm				1,305			757		nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530					nm			nm				(137	)		530		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—					nm			nm				—			—		nm			nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—					nm			nm				—			—		nm			nm
	Adjusted operating income before income taxes	$	192,220		$	223,503		$	252,552		$	220,537		$	220,028					$	27,808			14.5	%	$	192,220		$	220,028		$	27,808			14.5	%

Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
	Net income from continuing operations	$	148,414		$	209,301		$	194,737		$	167,678		$	169,051					$	20,637			13.9	%	$	148,414		$	169,051		$	20,637			13.9	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757					nm			nm				1,305			757		nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530					nm			nm				(137	)		530		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—					nm			nm				—			—		nm			nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—					nm			nm				—			—		nm			nm
	Less: Tax impact of preceding items		(269	)		152			(476	)		471			(304	)				nm			nm				(269	)		(304	)	nm			nm
	Less: Valuation allowance on Senior Health NOLs		—			(11,080	)		—			—			—					nm			nm				—			—		nm			nm
	Adjusted net operating income	$	147,515		$	170,964		$	193,187		$	169,231		$	168,068					$	20,553			13.9	%	$	147,515		$	168,068		$	20,553			13.9	%

     Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures

     PRIMERICA, INC.
Financial Supplement


																				YOY Q1											YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change		% Change			YTD 2024			YTD 2025			$ Change		% Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(10,542	)	$	50,206		$	(3,687	)	$	(3,017	)	$	(6,741	)				$	3,801		36.1	%	$	(10,542	)	$	(6,741	)	$	3,801		36.1	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757					nm		nm				1,305			757		nm		nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530					nm		nm				(137	)		530		nm		nm
	Less: Insurance claim proceeds		—			50,000			—			—			—					nm		nm				—			—		nm		nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—					nm		nm				—			—		nm		nm
	Adjusted operating income before income taxes	$	(11,710	)	$	940		$	(5,713	)	$	(992	)	$	(8,028	)				$	3,682		31.4	%	$	(11,710	)	$	(8,028	)	$	3,682		31.4	%

     Term Life Insurance - Financial Results and Analysis

     PRIMERICA, INC.
Financial Supplement


																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430					$	18,110			2.2	%	$	836,321		$	854,430		$	18,110			2.2	%
	Premiums ceded to IPO coinsurers (1)		(206,502	)		(201,566	)		(198,726	)		(195,039	)		(191,477	)					15,025			7.3	%		(206,502	)		(191,477	)		15,025			7.3	%
	Adjusted direct premiums (2)		629,819			639,102			648,900			655,628			662,953						33,135			5.3	%		629,819			662,953			33,135			5.3	%
	Other ceded premiums (3)		(202,056	)		(224,782	)		(212,800	)		(217,876	)		(217,857	)					(15,801	)		-7.8	%		(202,056	)		(217,857	)		(15,801	)		-7.8	%
	Net premiums		427,762			414,320			436,099			437,752			445,096						17,334			4.1	%		427,762			445,096			17,334			4.1	%
	Other, net		12,649			12,624			14,206			12,826			12,745						96			0.8	%		12,649			12,745			96			0.8	%
	Revenues		440,412			426,944			450,305			450,578			457,842						17,430			4.0	%		440,412			457,842			17,430			4.0	%

	Benefits and expenses:
	Benefits and claims		163,847			146,268			160,652			164,588			171,243						7,396			4.5	%		163,847			171,243			7,396			4.5	%
	Future policy benefits remeasurement (gain)/loss		(319	)		(4,280	)		(28,203	)		1,537			(3,402	)					(3,083	)	nm				(319	)		(3,402	)		(3,083	)	nm
	Amortization of DAC		70,491			71,916			73,698			75,383			76,921						6,430			9.1	%		70,491			76,921			6,430			9.1	%
	Insurance commissions		6,047			3,785			3,410			4,422			2,649						(3,398	)		-56.2	%		6,047			2,649			(3,398	)		-56.2	%
	Insurance expenses		61,979			61,476			62,395			65,107			63,645						1,667			2.7	%		61,979			63,645			1,667			2.7	%
	Benefits and expenses		302,044			279,164			271,952			311,037			311,056						9,012			3.0	%		302,044			311,056			9,012			3.0	%
	Income before income taxes	$	138,367		$	147,780		$	178,353		$	139,541		$	146,785					$	8,418			6.1	%	$	138,367		$	146,785		$	8,418			6.1	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	508,687		$	517,691		$	525,697		$	530,867		$	538,072					$	29,385			5.8	%	$	508,687		$	538,072		$	29,385			5.8	%
	Pre-IPO direct premiums (5)		327,634			322,977			321,929			319,800			316,359						(11,275	)		-3.4	%		327,634			316,359			(11,275	)		-3.4	%
	Total direct premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430					$	18,110			2.2	%	$	836,321		$	854,430		$	18,110			2.2	%

	Premiums ceded to IPO coinsurers	$	206,502		$	201,566		$	198,726		$	195,039		$	191,477					$	(15,025	)		-7.3	%	$	206,502		$	191,477		$	(15,025	)		-7.3	%
	% of Pre-IPO direct premiums		63.0	%		62.4	%		61.7	%		61.0	%		60.5	%				nm			nm				63.0	%		60.5	%	nm			nm

	Benefits and claims, net (6)	$	365,584		$	366,770		$	345,249		$	384,002		$	385,698					$	20,114			5.5	%	$	365,584		$	385,698		$	20,114			5.5	%
	% of adjusted direct premiums		58.0	%		57.4	%		53.2	%		58.6	%		58.2	%				nm			nm				58.0	%		58.2	%	nm			nm

	DAC amortization & insurance commissions	$	76,538		$	75,701		$	77,108		$	79,805		$	79,570					$	3,032			4.0	%	$	76,538		$	79,570		$	3,032			4.0	%
	% of adjusted direct premiums		12.2	%		11.8	%		11.9	%		12.2	%		12.0	%				nm			nm				12.2	%		12.0	%	nm			nm

	Insurance expenses, net (7)	$	49,329		$	48,851		$	48,189		$	52,281		$	50,900					$	1,571			3.2	%	$	49,329		$	50,900		$	1,571			3.2	%
	% of adjusted direct premiums		7.8	%		7.6	%		7.4	%		8.0	%		7.7	%				nm			nm				7.8	%		7.7	%	nm			nm

	Total Term Life income before income taxes	$	138,367		$	147,780		$	178,353		$	139,541		$	146,785					$	8,418			6.1	%	$	138,367		$	146,785		$	8,418			6.1	%
	Term Life operating margin (8)		22.0	%		23.1	%		27.5	%		21.3	%		22.1	%				nm			nm				22.0	%		22.1	%	nm			nm

(1)

Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2)

Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3)

Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4)

Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5)

Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6)

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

(7)

Insurance expenses, net - insurance expenses net of other, net revenues.

(8)

Term Life Insurance operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

     Term Life Insurance - Key Statistics

     PRIMERICA, INC.
Financial Supplement


																					YOY Q1												YOY YTD
			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				141,572			142,855			145,789			148,890			151,611						10,039			7.1	%		141,572			151,611			10,039			7.1	%
	New life-licensed representatives			12,949			14,402			14,349			14,620			12,339						(610	)		-4.7	%		12,949			12,339			(610	)		-4.7	%
	Non-renewal and terminated representatives			(11,666	)		(11,468	)		(11,248	)		(11,899	)		(11,783	)					(117	)		-1.0	%		(11,666	)		(11,783	)		(117	)		-1.0	%
Life-insurance licensed sales force, end of period				142,855			145,789			148,890			151,611			152,167						9,312			6.5	%		142,855			152,167			9,312			6.5	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	73.1		$	86.7		$	80.2		$	78.1		$	74.4					$	1.4			1.9	%	$	73.1		$	74.4		$	1.4			1.9	%
	Additions and increases in premium			18.1			19.9			18.8			17.9			18.5						0.4			2.3	%		18.1			18.5			0.4			2.3	%
		Total estimated annualized issued term life premium	$	91.2		$	106.5		$	99.0		$	96.0		$	93.0					$	1.8			2.0	%	$	91.2		$	93.0		$	1.8			2.0	%

Issued term life policies				86,587			100,768			93,377			89,664			86,415						(172	)		-0.2	%		86,587			86,415			(172	)		-0.2	%
Estimated average annualized issued term life premium per policy (1)(2)			$	844		$	860		$	859		$	871		$	861					$	18			2.1	%	$	844		$	861		$	18			2.1	%

Term life face amount in-force, beginning of period ($mills)			$	944,609		$	947,101		$	950,880		$	957,811		$	953,583					$	8,974			0.9	%	$	944,609		$	953,583		$	8,974			0.9	%
	Issued term life face amount (3)			28,725			33,155			30,793			29,560			28,455						(271	)		-0.9	%		28,725			28,455			(271	)		-0.9	%
	Terminated term life face amount			(23,323	)		(28,241	)		(25,264	)		(27,045	)		(24,979	)					(1,657	)		-7.1	%		(23,323	)		(24,979	)		(1,657	)		-7.1	%
	Foreign currency impact, net			(2,911	)		(1,134	)		1,402			(6,744	)		(77	)					2,834			97.4	%		(2,911	)		(77	)		2,834			97.4	%
Term life face amount in-force, end of period			$	947,101		$	950,880		$	957,811		$	953,583		$	956,981					$	9,881			1.0	%	$	947,101		$	956,981		$	9,881			1.0	%

(1)

Estimated annualized issued term life premium - 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)

Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

     Investment and Savings Products - Financial Results and Financial Analysis 

PRIMERICA, INC.
Financial Supplement


																				YOY Q1												YOY YTD
(Dollars in thousands, except as noted)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	88,746		$	101,178		$	96,269		$	108,240		$	111,270					$	22,524			25.4	%	$	88,746		$	111,270		$	22,524			25.4	%
	Asset-based		128,532			132,765			142,051			150,208			152,014						23,482			18.3	%		128,532			152,014			23,482			18.3	%
	Account-based		23,180			23,740			24,107			24,245			24,195						1,015			4.4	%		23,180			24,195			1,015			4.4	%
	Other, net		3,258			3,224			3,646			3,355			3,333						74			2.3	%		3,258			3,333			74			2.3	%
	Revenues		243,716			260,906			266,073			286,048			290,812						47,096			19.3	%		243,716			290,812			47,096			19.3	%

	Benefits and expenses:
	Amortization of DAC		1,201			1,478			1,540			1,225			1,337						136			11.3	%		1,201			1,337			136			11.3	%
	Insurance commissions		3,400			3,343			3,499			3,397			3,277						(123	)		-3.6	%		3,400			3,277			(123	)		-3.6	%
	Sales commissions:
	Sales-based		62,814			70,509			66,333			75,926			77,267						14,453			23.0	%		62,814			77,267			14,453			23.0	%
	Asset-based		64,208			66,525			71,012			76,298			76,246						12,038			18.7	%		64,208			76,246			12,038			18.7	%
	Other operating expenses		46,531			44,269			43,778			47,214			51,414						4,884			10.5	%		46,531			51,414			4,884			10.5	%
	Benefits and expenses		178,153			186,123			186,161			204,060			209,541						31,388			17.6	%		178,153			209,541			31,388			17.6	%
	Income before income taxes	$	65,563		$	74,783		$	79,912		$	81,988		$	81,270					$	15,708			24.0	%	$	65,563		$	81,270		$	15,708			24.0	%

Financial Analysis

	Fees paid based on client asset values (1)	$	9,342		$	9,548		$	10,156		$	11,213		$	10,915					$	1,573			16.8	%	$	9,342		$	10,915		$	1,573			16.8	%
	Fees paid based on fee-generating positions (2)		11,426			10,483			10,392			10,538			12,410						985			8.6	%		11,426			12,410			985			8.6	%
	Other operating expenses		25,763			24,238			23,230			25,463			28,089						2,326			9.0	%		25,763			28,089			2,326			9.0	%
	Total other operating expenses	$	46,531		$	44,269		$	43,778		$	47,214		$	51,414					$	4,884			10.5	%	$	46,531		$	51,414		$	4,884			10.5	%

	Sales-based variable margin as % of revenue-generating sales (3)
	U.S.		1.25	%		1.33	%		1.37	%		1.35	%		1.37	%				nm			nm				1.25	%		1.37	%	nm			nm
	Canada		0.48	%		0.37	%		0.34	%		0.31	%		0.35	%				nm			nm				0.48	%		0.35	%	nm			nm
	Total		1.19	%		1.27	%		1.31	%		1.27	%		1.28	%				nm			nm				1.19	%		1.28	%	nm			nm

	Asset-based variable margin as % of average asset values (4)
	U.S.		0.041	%		0.041	%		0.042	%		0.042	%		0.043	%				nm			nm				0.041	%		0.043	%	nm			nm
	Canada		0.104	%		0.104	%		0.109	%		0.109	%		0.113	%				nm			nm				0.104	%		0.113	%	nm			nm
	Total		0.051	%		0.050	%		0.052	%		0.052	%		0.053	%				nm			nm				0.051	%		0.053	%	nm			nm

	Account-based variable margin per average fee generating position (5)(6)	$	3.67		$	4.10		$	4.21		$	4.18		$	3.57					nm			nm			$	3.67		$	3.57		nm			nm

(1)

Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

(2)

Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

(3)

Sales-based variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)

Asset-based variable margin - 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)

Account-based variable margin - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)

In whole dollars.

     Investment and Savings Products - Key Statistics

     PRIMERICA, INC.
Financial Supplement


																							YOY Q1												YOY YTD
					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,162.2		$	1,228.6		$	1,162.7		$	1,241.3		$	1,317.9					$	155.8			13.4	%	$	1,162.2		$	1,317.9		$	155.8			13.4	%
		Canada Retail Mutual Funds				179.6			147.6			146.2			192.1			220.7						41.1			22.9	%		179.6			220.7			41.1			22.9	%
		Indexed Annuities				81.0			98.0			89.5			86.7			71.1						(9.9	)		-12.2	%		81.0			71.1			(9.9	)		-12.2	%
		Variable Annuities and other				756.0			941.4			891.5			1,023.8			1,038.9						282.9			37.4	%		756.0			1,038.9			282.9			37.4	%
				Total sales-based revenue generating product sales		2,178.8			2,415.6			2,289.9			2,543.9			2,648.6						469.8			21.6	%		2,178.8			2,648.6			469.8			21.6	%
		Managed Accounts				370.9			456.1			411.9			548.7			596.7						225.8			60.9	%		370.9			596.7			225.8			60.9	%
		Canada Retail Mutual Funds - no upfront sales comm				197.7			196.5			189.4			213.9			296.4						98.6			49.9	%		197.7			296.4			98.6			49.9	%
		Segregated Funds				23.0			14.8			13.9			14.0			17.7						(5.3	)		-22.9	%		23.0			17.7			(5.3	)		-22.9	%
				Total product sales	$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3					$	789.0			28.5	%	$	2,770.4		$	3,559.3		$	789.0			28.5	%

		Total Canada Retail Mutual Funds			$	377.4		$	344.1		$	335.6		$	406.0		$	517.1					$	139.7			37.0	%	$	377.4		$	517.1		$	139.7			37.0	%
		Segregated Funds				23.0			14.8			13.9			14.0			17.7						(5.3	)		-22.9	%		23.0			17.7			(5.3	)		-22.9	%
			Total Canada product sales			400.4			358.8			349.5			420.1			534.8						134.4			33.6	%		400.4			534.8			134.4			33.6	%
			Total U.S. product sales			2,370.0			2,724.1			2,555.6			2,900.5			3,024.6						654.6			27.6	%		2,370.0			3,024.6			654.6			27.6	%
				Total product sales	$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3					$	789.0			28.5	%	$	2,770.4		$	3,559.3		$	789.0			28.5	%

	Client asset values, beginning of period ($mills)				$	96,735		$	103,340		$	105,112		$	111,247		$	112,081					$	15,346			15.9	%	$	96,735		$	112,081		$	15,346			15.9	%
		Inflows				2,770			3,083			2,905			3,321			3,559						789			28.5	%		2,770			3,559			789			28.5	%
		Outflows (1)				(2,497	)		(2,660	)		(2,461	)		(2,590	)		(2,721	)					(224	)		-9.0	%		(2,497	)		(2,721	)		(224	)		-9.0	%
				Net flows		274			423			444			731			839						565		nm				274			839			565		nm
		Foreign currency impact, net				(392	)		(163	)		203			(1,022	)		(12	)					380			96.9	%		(392	)		(12	)		380			96.9	%
		Change in market value, net and other (2)				6,724			1,512			5,487			1,126			(3,000	)					(9,723	)		-144.6	%		6,724			(3,000	)		(9,723	)		-144.6	%
	Client asset values, end of period				$	103,340		$	105,112		$	111,247		$	112,081		$	109,908					$	6,567			6.4	%	$	103,340		$	109,908		$	6,567			6.4	%
		Annualized net flows as % of beginning of period asset values				1.1	%		1.6	%		1.7	%		2.6	%		3.0	%					1.9	%	nm				1.1	%		3.0	%		1.9	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	49,013		$	50,560		$	52,721		$	54,630		$	54,649					$	5,636			11.5	%	$	49,013		$	54,649		$	5,636			11.5	%
		Canada Retail Mutual Funds				12,850			13,259			13,959			14,442			14,555						1,705			13.3	%		12,850			14,555			1,705			13.3	%
		Managed Accounts				8,806			9,376			10,216			11,010			11,537						2,731			31.0	%		8,806			11,537			2,731			31.0	%
		Indexed Annuities				2,824			2,868			2,908			2,959			3,003						179			6.3	%		2,824			3,003			179			6.3	%
		Variable Annuities and other				23,665			24,663			26,014			26,970			27,086						3,421			14.5	%		23,665			27,086			3,421			14.5	%
		Segregated Funds				2,344			2,266			2,334			2,312			2,189						(155	)		-6.6	%		2,344			2,189			(155	)		-6.6	%
				Total	$	99,502		$	102,993		$	108,152		$	112,323		$	113,018					$	13,516			13.6	%	$	99,502		$	113,018		$	13,516			13.6	%

		Canada Retail Mutual Funds			$	12,850		$	13,259		$	13,959		$	14,442		$	14,555					$	1,705			13.3	%	$	12,850		$	14,555		$	1,705			13.3	%
		Segregated Funds				2,344			2,266			2,334			2,312			2,189						(155	)		-6.6	%		2,344			2,189			(155	)		-6.6	%
			Total Canada average client assets			15,194			15,526			16,293			16,754			16,743						1,550			10.2	%		15,194			16,743			1,550			10.2	%
			Total U.S. average client assets			84,308			87,468			91,858			95,570			96,274						11,966			14.2	%		84,308			96,274			11,966			14.2	%
				Total average client assets	$	99,502		$	102,993		$	108,152		$	112,323		$	113,018					$	13,516			13.6	%	$	99,502		$	113,018		$	13,516			13.6	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,359			2,378			2,393			2,407			2,419						60			2.6	%		2,359			2,419			60			2.6	%
		Recordkeeping only				847			857			865			874			885						38			4.4	%		847			885			38			4.4	%
				Total		3,206			3,235			3,258			3,281			3,304						98			3.1	%		3,206			3,304			98			3.1	%

(1)

Asset value outflows - 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)

Change in market value, net - market value fluctuations net of fees and expenses.

(3)

Fee generating positions - 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.

     Corporate Other Distributed Products - Financial Results

     PRIMERICA, INC.
Financial Supplement


																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	4,725		$	4,690		$	4,826		$	4,081		$	4,414					$	(311	)		-6.6	%	$	4,725		$	4,414		$	(311	)		-6.6	%
	Ceded premiums		(1,205	)		(1,213	)		(1,118	)		(1,548	)		(1,187	)					18			1.5	%		(1,205	)		(1,187	)		18			1.5	%
	Net premiums		3,520			3,477			3,708			2,533			3,227						(293	)		-8.3	%		3,520			3,227			(293	)		-8.3	%
	Adjusted net investment income		37,943			38,263			39,279			38,980			41,141						3,198			8.4	%		37,943			41,141			3,198			8.4	%
	Commissions and fees:
	Prepaid legal services		3,591			3,924			4,070			4,373			3,682						90			2.5	%		3,591			3,682			90			2.5	%
	Auto and homeowners insurance		1,777			2,413			1,375			2,280			1,966						188			10.6	%		1,777			1,966			188			10.6	%
	Mortgage loans		1,499			2,211			2,384			2,750			2,129						629			42.0	%		1,499			2,129			629			42.0	%
	Other sales commissions		1,618			1,963			1,645			1,755			1,701						83			5.1	%		1,618			1,701			83			5.1	%
	Adjusted other, net		704			764			1,251			838			1,057						354			50.3	%		704			1,057			354			50.3	%
	Adjusted operating revenues		50,653			53,014			53,711			53,509			54,902						4,249			8.4	%		50,653			54,902			4,249			8.4	%

Benefits and expenses:
	Benefits and claims		2,475			3,762			3,712			2,861			3,619						1,144			46.2	%		2,475			3,619			1,144			46.2	%
	Future policy benefits remeasurement (gain)/loss		374			(49	)		5,184			(163	)		128						(246	)		-65.7	%		374			128			(246	)		-65.7	%
	Amortization of DAC		357			250			300			298			291						(66	)		-18.4	%		357			291			(66	)		-18.4	%
	Insurance commissions		187			271			272			(24	)		199						12			6.3	%		187			199			12			6.3	%
	Insurance expenses		1,171			1,209			1,134			1,149			1,160						(11	)		-0.9	%		1,171			1,160			(11	)		-0.9	%
	Sales commissions		4,117			5,120			4,909			5,479			4,605						488			11.9	%		4,117			4,605			488			11.9	%
	Interest expense		6,771			6,099			6,093			6,070			6,004						(767	)		-11.3	%		6,771			6,004			(767	)		-11.3	%
	Adjusted other operating expenses		46,913			35,413			37,821			38,831			46,924						12		nm				46,913			46,924			12		nm
	Adjusted benefits and expenses		62,363			52,074			59,425			54,501			62,930						567			0.9	%		62,363			62,930			567			0.9	%
	Adjusted operating income before income taxes	$	(11,710	)	$	940		$	(5,713	)	$	(992	)	$	(8,028	)				$	3,682			31.4	%	$	(11,710	)	$	(8,028	)	$	3,682			31.4	%

     Investment Portfolio - Summary of Holdings

     PRIMERICA, INC.
Financial Supplement


				As of or for the period ended March 31, 2025
											% of Total						Avg
				Market		Amortized		Unrealized			Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)			Value			Cost			Yield			Rating
Investment Portfolio by Asset Class

Cash, Cash Equivalents, and Short Term				$	625,072	$	625,072	$	-			16.8	%		16.0	%

Fixed Income:
	Treasury				16,657		16,817		(161	)		0.4	%		0.4	%		3.3	%	AAA
	Government				249,364		261,817		(12,453	)		6.7	%		6.7	%		3.3	%	AA-
	Tax-Exempt Municipal				31,762		35,348		(3,586	)		0.9	%		0.9	%		2.7	%	AA
	Corporate				1,574,567		1,644,236		(69,669	)		42.2	%		42.1	%		4.3	%	BBB+
	Mortgage Backed				561,767		618,107		(56,340	)		15.1	%		15.8	%		3.9	%	AAA
	Asset Backed				200,602		204,380		(3,778	)		5.4	%		5.2	%		4.6	%	A+
	Cmbs				101,174		110,935		(9,761	)		2.7	%		2.8	%		3.7	%	AA-
	Private				339,813		352,959		(13,146	)		9.1	%		9.0	%		5.2	%	BBB+
	Redeemable Preferred				3,788		4,248		(460	)		0.1	%		0.1	%		5.2	%	BBB-
			Total Fixed Income		3,079,495		3,248,848		(169,353	)		82.5	%		83.3	%		4.2	%	A

Equities and Other:
	Perpetual Preferred				3,450		3,450		-			0.1	%		0.1	%
	Common Stock				19,622		19,622		(0	)		0.5	%		0.5	%
	Mutual Fund				3,937		3,937		0			0.1	%		0.1	%
			Total Equities		27,010		27,010		(0	)		0.7	%		0.7	%

			Total Invested Assets	$	3,731,576	$	3,900,930	$	(169,353	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	213,148	$	222,475	$	(9,327	)		13.5	%		13.5	%
	Energy				197,640		204,973		(7,333	)		12.6	%		12.5	%
	Consumer Non Cyclical				148,160		159,291		(11,131	)		9.4	%		9.7	%
	Reits				135,508		144,344		(8,836	)		8.6	%		8.8	%
	Consumer Cyclical				133,573		139,746		(6,173	)		8.5	%		8.5	%
	Banking				102,353		101,920		432			6.5	%		6.2	%
	Technology				101,715		105,796		(4,081	)		6.5	%		6.4	%
	Electric				100,729		104,243		(3,514	)		6.4	%		6.3	%
	Capital Goods				92,453		95,301		(2,848	)		5.9	%		5.8	%
	Basic Industry				67,071		72,585		(5,514	)		4.3	%		4.4	%
	Communications				66,808		69,735		(2,927	)		4.2	%		4.2	%
	Finance Companies				61,722		63,416		(1,695	)		3.9	%		3.9	%
	Transportation				58,284		60,337		(2,053	)		3.7	%		3.7	%
	Brokerage				54,527		57,286		(2,759	)		3.5	%		3.5	%
	Natural Gas				24,309		24,409		(100	)		1.5	%		1.5	%
	Industrial Other				5,982		6,730		(748	)		0.4	%		0.4	%
	Financial Other				4,768		4,934		(166	)		0.3	%		0.3	%
	Utility Other				3,810		4,391		(582	)		0.2	%		0.3	%
	Owned No Guarantee				2,009		2,325		(316	)		0.1	%		0.1	%
			Total Corporate portfolio	$	1,574,567	$	1,644,236	$	(69,669	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
		< 1 Yr.		$	321,794	$	323,027	$	(1,233	)		10.4	%		9.9	%		4.4	%
		1-2 Yrs.			298,456		304,010		(5,553	)		9.7	%		9.4	%		3.7	%
		2-5 Yrs.			737,003		755,091		(18,087	)		23.9	%		23.2	%		4.3	%
		5-10 Yrs.			1,172,511		1,275,136		(102,624	)		38.1	%		39.2	%		3.8	%
		> 10 Yrs.			549,729		591,585		(41,856	)		17.9	%		18.2	%		5.1	%
			Total Fixed Income	$	3,079,495	$	3,248,848	$	(169,353	)		100.0	%		100.0	%		4.2	%

Duration

Fixed Income portfolio duration					5.1	years

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

     Investment Portfolio - Quality Ratings As of March 31, 2025

     PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	618,015		19.0	%
	AA			442,642		13.6	%
	A			795,928		24.5	%
	BBB			1,353,400		41.7	%
	Below Investment Grade			35,900		1.1	%
	NA			2,963		0.1	%
		Total Fixed Income	$	3,248,848		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	7,175		0.4	%		AAA		$	-		—
	AA			78,862		4.8	%		AA			8,873		2.5	%
	A			447,028		27.2	%		A			90,417		25.6	%
	BBB			1,077,124		65.5	%		BBB			252,609		71.6	%
	Below Investment Grade			33,871		2.1	%		Below Investment Grade			1,060		0.3	%
	NA			176		0.0	%		NA			-		—
		Total Corporate	$	1,644,236		100.0	%			Total Private	$	352,959		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	45,771		41.3	%		AAA		$	490,181		79.3	%
	AA			10,061		9.1	%		AA			127,751		20.7	%
	A			49,518		44.6	%		A			96		0.0	%
	BBB			5,585		5.0	%		BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			58		0.0	%
	NA			-		—			NA			21		0.0	%
		Total CMBS	$	110,935		100.0	%			Total Mortgage-Backed	$	618,107		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	43,236		21.2	%		AAA		$	30,979		11.1	%
	AA			35,056		17.2	%		AA			155,127		55.7	%
	A			125,177		61.2	%		A			76,944		27.6	%
	BBB			-		—			BBB			12,818		4.6	%
	Below Investment Grade			911		0.4	%		Below Investment Grade			-		—
	NA			-		—			NA			2,766		1.0	%
		Total Asset-Backed	$	204,380		100.0	%			Total Treasury & Government	$	278,634		100.0	%



NAIC Designations

	1		$	1,547,215		55.6	%
	2			1,194,120		42.9	%
	3			35,977		1.3	%
	4			6,348		0.2	%
	5			-		—
	6			-		—
		U.S. Insurer Fixed Income (2)		2,783,660		100.0	%
	Other (3)			492,217
	Cash and cash equivalents			625,072
		Total Invested Assets	$	3,900,948

(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.

     Investment Portfolio - Supplemental Data and Trends

     PRIMERICA, INC.
Financial Supplement


																							YOY Q1
(Dollars in thousands)					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)				$	29,936		$	30,618		$	31,990		$	32,867		$	33,513					$	3,577		11.9%
	Fixed-maturity securities (held-to-maturity)					15,785			15,659			15,908			15,300			14,669						(1,116	)	-7.1%
	Equity Securities					390			323			324			327			314						(76	)	-19.5%
	Deposit asset underlying 10% reinsurance treaty					2,311			2,211			2,129			2,007			1,857						(454	)	-19.6%
	Deposit asset - Mark to Market					(137	)		189			1,830			(846	)		530						667		nm
	Policy loans and other invested assets					461			544			402			139			1,032						571		123.8%
	Cash & cash equivalents					6,981			6,640			6,540			5,739			6,519						(462	)	-6.6%
			Total investment income			55,727			56,183			59,123			55,533			58,435						2,708		4.9%
	Investment expenses					2,136			2,072			2,106			2,099			2,095						(41	)	-1.9%
	Interest Expense on Surplus Note					15,785			15,659			15,908			15,300			14,669						(1,116	)	-7.1%
			Net investment income		$	37,806		$	38,452		$	41,109		$	38,134		$	41,671					$	3,865		10.2%
		Fixed income book yield, end of period				3.93	%		4.01	%		4.09	%		4.14	%		4.21	%
		New money yield				5.70	%		5.78	%		5.42	%		5.32	%		5.47	%

																							YOY Q1
					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025	% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA					18.9	%		18.3	%		19.4	%		19.5	%		19.0	%					0.1	%
	AA					14.8	%		14.1	%		13.2	%		13.1	%		13.6	%					-1.2	%
	A					24.1	%		24.3	%		24.2	%		24.4	%		24.5	%					0.4	%
	BBB					40.5	%		41.9	%		41.8	%		41.7	%		41.7	%					1.2	%
	Below Investment Grade					1.6	%		1.5	%		1.2	%		1.2	%		1.1	%					-0.5	%
	NA					0.0	%		0.0	%		0.1	%		0.1	%		0.1	%					0.1	%
				Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%					—

				Average rating by amortized cost	A			A			A			A			A


				As of March 31, 2025									As of March 31, 2025						As of March 31, 2025
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)

	1	Province of Ontario Canada		$	15,182		$	15,118		A+	Canada		$	88,576	$	94,387	AAA		$	—	$	—
	2	Canada			14,825			15,215		AAA	United Kingdom			24,065		23,739	AA			—		—
	3	Province of Alberta Canada			14,522			14,857		AA-	Australia			23,730		24,414	A			11,259		12,444
	4	Sempra			14,154			15,290		BBB+	Cayman Islands (The)			15,965		15,518	BBB			11,982		12,368
	5	Province of Quebec Canada			13,700			13,723		AA-	Ireland			13,138		12,432	Below Investment Grade			—		—
	6	Realty Income Corp			13,431			13,999		A-	Mexico			10,237		10,233	NA			—		—
	7	Ontario Teachers' Pension Plan			13,383			14,104		AA+	Bermuda			7,718		8,128		Total	$	23,241	$	24,812
	8	Deutsche Telekom AG			12,823			12,797		A-	France			7,567		7,736
	9	Berkshire Hathaway Inc			12,669			12,555		AA	Luxembourg			5,106		4,756
	10	Province of New Brunswick Cana			12,641			12,767		A+	Germany			5,068		5,017	Non-Government Investments (1)
	11	ONEOK Inc			12,475			12,905		BBB	Netherlands (The)			4,448		4,578
	12	Government of Newfoundland and			11,555			11,912		A	Japan			3,738		3,700	AAA		$	—	$	—
	13	Intact Financial Corp			11,554			11,247		A+	Malta			3,577		3,573	AA			4,875		4,950
	14	Manulife Financial Corp			10,876			11,419		A	Switzerland			3,327		3,703	A			59,463		60,374
	15	Province of Nova Scotia Canada			10,644			10,842		AA-	Italy			2,019		1,881	BBB			147,234		152,013
	16	Province of Manitoba Canada			10,333			10,652		A+	Emerging Markets (2)			10,843		11,517	Below Investment Grade			3,547		3,319
	17	Goldman Sachs Group Inc/The			9,754			9,804		BBB+	All Other			10,839		11,754	NA			1,601		1,601
	18	Morgan Stanley			9,733			9,690		BBB+		Total	$	239,961	$	247,068		Total	$	216,720	$	222,256
	19	Province of Saskatchewan Canad			9,604			9,517		AA
	20	ConocoPhillips			9,351			10,720		A-
	21	Alimentation Couche-Tard Inc			9,191			9,471		BBB+
	22	Citigroup Inc			8,923			9,006		BBB+
	23	Tokyo Century Corp			8,761			8,979		BBB
	24	Walmart Inc			8,641			8,701		AA
	25	NextEra Energy Inc			8,582			8,546		A-
			Total	$	287,310		$	293,836

			% of total fixed income portfolio		7.7	%		7.5	%

(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.

     Five-Year Historical Key Statistics

     PRIMERICA, INC.
Financial Supplement


(Dollars in millions)			2020			2021			2022			2023			2024			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025	Q3 2025	Q4 2025


Recruits				400,345			349,374			359,735			361,925			445,425			110,710			96,563			142,655			95,497			100,867


Life-insurance licensed sales force, beginning of period				130,522			134,907			129,515			135,208			141,572			141,572			142,855			145,789			148,890			151,611
	New life-licensed representatives			48,106			39,622			45,147			49,096			56,320			12,949			14,402			14,349			14,620			12,339
	Non-renewal and terminated representatives			(43,721	)		(45,014	)		(39,454	)		(42,732	)		(46,281	)		(11,666	)		(11,468	)		(11,248	)		(11,899	)		(11,783	)
Life-insurance licensed sales force, end of period				134,907			129,515			135,208			141,572			151,611			142,855			145,789			148,890			151,611			152,167


Issued term life policies				352,868			323,855			291,918			358,860			370,396			86,587			100,768			93,377			89,664			86,415


Issued term life face amount			$	109,436		$	108,521		$	103,822		$	119,102		$	122,233		$	28,725		$	33,155		$	30,793		$	29,560		$	28,455


Term life face amount in-force, beginning of period			$	808,262		$	858,818		$	903,404		$	916,808		$	944,609		$	944,609		$	947,101		$	950,880		$	957,811		$	953,583
	Issued term life face amount			109,436			108,521			103,822			119,102			122,233			28,725			33,155			30,793			29,560			28,455
	Terminated term life face amount			(60,848	)		(64,798	)		(82,894	)		(94,230	)		(103,872	)		(23,323	)		(28,241	)		(25,264	)		(27,045	)		(24,979	)
	Foreign currency impact, net			1,968			862			(7,524	)		2,929			(9,387	)		(2,911	)		(1,134	)		1,402			(6,744	)		(77	)
Term life face amount in force, end of period			$	858,818		$	903,404		$	916,808		$	944,609		$	953,583		$	947,101		$	950,880		$	957,811		$	953,583		$	956,981


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
	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
		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


Investment & Savings product sales			$	7,842.5		$	11,703.2		$	10,009.0		$	9,211.7		$	12,078.9		$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3

Investment & Savings average client asset values			$	69,709		$	89,993		$	87,193		$	89,474		$	105,742		$	99,502		$	102,993		$	108,152		$	112,323		$	113,018

Closed U.S. Mortgage Volume (brokered)			$	442.5		$	1,229.2		$	567.2		$	293.4		$	397.4		$	71.4		$	99.6		$	105.4		$	121.0		$	93.5


	Page
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
Term Life Insurance segment - financial results, financial analysis, and key statistics	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Corporate & Other Distributed Products segment - financial results	13
Investment portfolio	14-16
Five-year historical key statistics	17