Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - PRIMERICA, INC. 8-K - Primerica, Inc.	a50153382.htm
EX-99.1 - EXHIBIT 99.1 - Primerica, Inc.	a50153382ex99_1.htm

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2011

Table of Contents	PRIMERICA, INC.
	Financial Supplement

	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 non-GAAP to GAAP financial measures	7

Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, key statistics, and financial analysis	11

Investment portfolio	12-15

Five-year historical key statistics	16

This document may contain forward-looking statements and information. Additional information on factors that could cause 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, 2010, as modified by the exhibit to our Form 8-K dated April 12, 2011 and further modified by our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011.

Preface	PRIMERICA, INC.
	Financial Supplement

FOURTH QUARTER 2011

This document is a financial supplement to our fourth quarter 2011 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 and adjusted for two different purposes, as follows:

●

Operating adjustments exclude the expense associated with equity awards granted in connection with our initial public offering (“IPO”) and the impact of realized investment gains and losses. For periods which include the first quarter of 2011 and the fourth quarter of 2010, operating adjustments exclude the impact of certain reinsurance recoveries which previously had not been recognized due to the uncertain nature of their recovery. For periods which include the first quarter of 2010, operating adjustments reflect the impact of our reinsurance and reorganization activities as if they had been effected on January 1, 2010.

●

Adjusted when used in describing stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets.

Management utilizes certain 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.

The following transactions were executed in conjunction with our IPO in March and April 2010 (the “IPO-related Transactions”) and are included in our actual and/or operating results as appropriate.

IPO-related Transactions executed in first quarter 2010:

●

On March 31, 2010, we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) and declared extraordinary dividends to Citi.

IPO-related Transactions executed in second quarter 2010:

●

On April 1, 2010, Citi contributed the legal entities comprising our business to us. We issued approximately 75.0 million shares of common stock and warrants exercisable for approximately 4.1 million additional shares of our common stock to Citi. Additionally, we issued a $300.0 million note to Citi, due March 31, 2015 and bearing interest at 5.5% annually.

●

On April 1, 2010, our common stock began trading under the ticker symbol “PRI” on the New York Stock Exchange.

●

On April 1, 2010, Citi sold approximately 24.6 million shares of our common stock (after giving effect to the over-allotment option) to the public in the IPO.

●

On April 1, 2010, Citi contributed approximately 5.0 million shares back to us, which we granted in the form of equity awards to certain of our management and sales force leaders. Of these, approximately 200,000 shares were granted to replace unvested Citi awards.

●

On April 15, 2010, Citi sold approximately 16.4 million shares and the warrants to purchase approximately 4.1 million additional shares of our common stock to private equity funds managed by Warburg Pincus LLC (“Warburg Pincus”) for a purchase price of $230.0 million (the “private sale”). Following the IPO and the private sale, certain historical Citi equity awards immediately vested.

●

Effective as of April 1, 2010, we made elections under Section 338(h)(10) of the Internal Revenue Code, which resulted in changes to our deferred tax balances and reduced stockholders’ equity.

●

Prior to April 2010, our federal income tax return was consolidated into Citi’s federal income tax return. In anticipation of our corporate reorganization, we entered into a tax separation agreement with Citi and prepaid our estimated tax liability to Citi. In accordance with the tax separation agreement, Citi will indemnify the Company and its subsidiaries against any federal, state or local income tax liability for any taxable period ending on or before April 7, 2010, the closing date of the IPO. Our advance tax payments paid to Citi exceeded our actual tax liabilities. As a result, we recorded the overpayment as a return of capital resulting in a reduction of tax assets and a reduction of stockholders' equity.

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. These reclassifications had no impact on net income or total stockholders’ equity.

Condensed Balance Sheets and Reconciliation of Balance Sheet to Non-GAAP to GAAP Financial Measures	PRIMERICA, INC.
	Financial Supplement


	(2)			(3)
(Dollars in thousands)	Mar 31, 2010			Jun 30, 2010			Sep 30, 2010			Dec 31, 2010			Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011
Condensed Balance Sheets
Assets:
Investments and cash	$	2,983,780		$	2,275,564		$	2,284,127		$	2,279,621		$	2,330,098		$	2,297,013		$	2,319,873		$	2,157,582
Due from reinsurers		3,595,239			3,639,298			3,694,015			3,731,634			3,770,966			3,795,348			3,819,738			3,855,890
Deferred policy acquisition costs		702,429			745,322			798,335			853,211			908,600			966,094			1,004,545			1,050,637
Income taxes		56,114			—			—			—			—			—			—			—
Other assets		523,584			554,950			610,518			573,055			582,080			567,482			586,646			525,837
Separate account assets		2,222,267			2,098,936			2,301,896			2,446,786			2,582,881			2,544,429			2,276,705			2,408,598
Total assets	$	10,083,413		$	9,314,070		$	9,688,891		$	9,884,307		$	10,174,625		$	10,170,366		$	10,007,507		$	9,998,544

Liabilities:
Future policy benefits	$	4,248,277		$	4,286,258		$	4,349,375		$	4,409,183		$	4,470,185		$	4,532,615		$	4,557,535		$	4,614,860
Other policy liabilities		630,294			608,307			609,047			592,711			604,487			588,202			589,826			589,542
Income taxes		—			129,776			127,732			136,226			142,780			130,283			136,028			131,477
Other liabilities		1,106,834			412,141			395,762			386,182			397,561			364,533			390,297			382,068
Note payable		—			300,000			300,000			300,000			300,000			300,000			300,000			300,000
Payable under securities lending		129,042			161,056			208,765			181,726			186,089			163,342			185,483			149,358
Separate account liabilities		2,222,267			2,098,936			2,301,896			2,446,786			2,582,881			2,544,429			2,276,705			2,408,598
Total liabilities		8,336,714			7,996,474			8,292,577			8,452,814			8,683,983			8,623,404			8,435,874			8,575,903
Stockholders’ equity:
Common stock ($0.01 par value) (1)		—			727			727			728			732			736			737			649
Paid-in capital		1,312,072			870,706			882,676			883,169			889,654			894,018			898,945			707,912
Retained earnings		300,531			304,075			342,920			395,057			446,767			488,521			526,847			566,021
Treasury stock		—			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		85,265			97,505			120,949			98,322			96,543			105,647			99,257			97,082
Net unrealized investment losses other-than-temporarily impaired		(4,245	)		(3,703	)		(2,883	)		(2,275	)		(2,275	)		(2,275	)		(2,363	)		(1,665	)
Cumulative translation adjustment		53,076			48,286			51,925			56,492			59,221			60,315			48,210			52,642
Total stockholders’ equity		1,746,699			1,317,596			1,396,314			1,431,493			1,490,642			1,546,962			1,571,633			1,422,641
Total liabilities and stockholders' equity	$	10,083,413		$	9,314,070		$	9,688,891		$	9,884,307		$	10,174,625		$	10,170,366		$	10,007,507		$	9,998,544

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,665,679		$	1,223,794		$	1,278,248		$	1,335,446		$	1,396,374		$	1,443,590		$	1,474,739		$	1,327,224
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		85,265			97,505			120,949			98,322			96,543			105,647			99,257			97,082
Net unrealized investment losses other-than-temporarily impaired		(4,245	)		(3,703	)		(2,883	)		(2,275	)		(2,275	)		(2,275	)		(2,363	)		(1,665	)
Total reconciling items		81,020			93,802			118,066			96,047			94,268			103,372			96,894			95,417
Total stockholders’ equity	$	1,746,699		$	1,317,596		$	1,396,314		$	1,431,493		$	1,490,642		$	1,546,962		$	1,571,633		$	1,422,641

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	2,789,905		$	702,429		$	745,322		$	798,335		$	853,211		$	908,600		$	966,094		$	1,004,545
General expenses deferred		16,095			15,061			14,876			14,481			14,123			16,946			15,340			15,449
Commission costs deferred		77,208			56,831			57,232			65,285			60,296			66,661			66,302			62,795
Amortization of deferred policy acquisition costs		(91,756	)		(22,899	)		(23,844	)		(29,536	)		(25,556	)		(27,385	)		(30,532	)		(35,875	)
Transferred to reinsurers		(2,099,941	)		—			—			—			—			—			—			—
Foreign currency impact and other, net		10,918			(6,100	)		4,750			4,646			6,527			1,272			(12,659	)		3,724
Balance, end of period	$	702,429		$	745,322		$	798,335		$	853,211		$	908,600		$	966,094		$	1,004,545		$	1,050,637

(1)

Outstanding common shares exclude restricted stock units.

(2)

The balance sheet as of March 31, 2010 reflects the impact of the Citi reinsurance transactions executed on March 31, 2010. The Citi reinsurance transactions were given retroactive effect to January 1, 2010. As a result, the first quarter 2010 balance sheet includes a return of capital to Citi equally offsetting the income attributable to the underlying policies earned between January 1, 2010 and March 31, 2010. The first quarter 2010 balance sheet also reflects the extraordinary dividends declared on March 31, 2010.

(3)

The balance sheet as of June 30, 2010 reflects the issuance of the Citi note, reductions to stockholders' equity and corresponding changes in deferred tax balances as a result of the 338(h)(10) elections, and a reduction in stockholders' equity as a result of reflecting our overpayment of estimated taxes to Citi as a return of capital.

Financial Results and Other Statistical Data	PRIMERICA, INC.
	Financial Supplement

																							YOY Q4
(Dollars in thousands, except per-share data)	Q1 2010		Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011		$ Change			% Change			YTD 2011
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards	na		71,843,588			72,259,352			72,453,126			72,671,481			73,457,333			73,658,253			69,366,432			(3,086,694	)		-4.3	%		72,283,068

Net income	na	$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,276
Less income attributable to unvested participating securities	na		(928	)		(1,540	)		(2,051	)		(2,103	)		(1,284	)		(1,144	)		(1,230	)		821			40.0	%		(5,565	)
Net income used in computing basic EPS	na	$	21,080		$	38,055		$	50,838		$	50,364		$	42,739		$	39,457		$	39,955		$	(10,883	)		-21.4	%	$	172,711
Basic earnings per share	na	$	0.29		$	0.53		$	0.70		$	0.69		$	0.58		$	0.54		$	0.58		$	(0.13	)		-17.9	%	$	2.39

Net operating income	na	$	37,199		$	40,913		$	45,217		$	48,629		$	44,999		$	42,817		$	40,632		$	(4,585	)		-10.1	%	$	177,077
Less operating income attributable to unvested participating securities	na		(1,569	)		(1,591	)		(1,753	)		(1,949	)		(1,313	)		(1,206	)		(1,213	)		540			30.8	%		(5,526	)
Net operating income used in computing basic operating EPS	na	$	35,631		$	39,322		$	43,464		$	46,680		$	43,686		$	41,611		$	39,419		$	(4,045	)		-9.3	%	$	171,551
Basic operating income per share	na	$	0.50		$	0.54		$	0.60		$	0.64		$	0.59		$	0.56		$	0.57		$	(0.03	)		-5.3	%	$	2.37

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards	na		71,843,588			72,259,352			72,453,126			72,671,481			73,457,333			73,658,253			69,366,432			(3,086,694	)		-4.3	%		72,083,068
Dilutive impact of warrants	na		890,777			660,066			786,628			1,154,597			743,814			541,184			802,787			16,159			2.1	%		823,497
Shares used to calculate diluted EPS	na		72,734,365			72,919,418			73,239,754			73,826,078			74,201,147			74,199,437			70,169,219			(3,070,535	)		-4.2	%		73,106,565

Net income	na	$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,276
Less income attributable to unvested participating securities	na		(917	)		(1,527	)		(2,030	)		(2,072	)		(1,272	)		(1,136	)		(1,217	)		813			40.1	%		(5,507	)
Net income used in computing diluted EPS	na	$	21,091		$	38,068		$	50,859		$	50,395		$	42,751		$	39,464		$	39,968		$	(10,891	)		-21.4	%	$	172,769
Diluted earnings per share	na	$	0.29		$	0.52		$	0.69		$	0.68		$	0.58		$	0.53		$	0.57		$	(0.12	)		-18.0	%	$	2.36

Net operating income	na	$	37,199		$	40,913		$	45,217		$	48,629		$	44,999		$	42,817		$	40,632		$	(4,585	)		-10.1	%	$	177,077
Less operating income attributable to unvested participating securities	na		(1,550	)		(1,578	)		(1,735	)		(1,920	)		(1,301	)		(1,198	)		(1,200	)		535			30.8	%		(5,469	)
Net operating income used in computing diluted operating EPS	na	$	35,649		$	39,335		$	43,482		$	46,709		$	43,698		$	41,619		$	39,432		$	(4,050	)		-9.3	%	$	171,608
Diluted operating income per share	na	$	0.49		$	0.54		$	0.59		$	0.63		$	0.59		$	0.56		$	0.56		$	(0.03	)		-5.3	%	$	2.35

In April 2010, Primerica issued shares, warrants, and equity awards to complete the transactions related to our corporate reorganization. Both the vested and unvested equity awards maintain nonforfeitable dividend rights that result in dividend payment obligations on a one-to-one ratio with common shares for any future dividend declarations. These awards are deemed participating securities for calculating EPS.

As a result of issuing equity awards that are deemed participating securities, we calculate EPS using the two-class method. Under the two-class method, we allocate earnings to common shares and to fully vested equity awards. Earnings attributable to unvested equity awards, along with the corresponding share counts, are excluded from EPS reflected on our consolidated statements of income. In calculating basic EPS, we deduct any dividends on and undistributed earnings allocated to unvested equity awards from net income and then divide the result by the weighted average number of common shares and fully vested equity awards outstanding for the period.

We determine the potential dilutive effect of warrants on EPS using the treasury-stock method. Under this method, we utilize the exercise price to determine the amount of cash that would be available to repurchase shares if the warrants were exercised. We then use the average market price of our common shares during the reporting period to determine how many shares we could repurchase with the cash raised from the exercise. The net incremental share count issued represents the potential dilutive securities. We then reallocate earnings to common shares and fully vested equity awards incorporating the increased, fully diluted share count to determine diluted EPS.

																							YOY Q4
	Q1 2010	Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			Change			% Change			YTD 2011
Annualized Return on Equity
Average stockholders' equity	na	$	1,296,220		$	1,356,955		$	1,413,904		$	1,461,068		$	1,518,802		$	1,559,298		$	1,497,137		$	83,234			5.9	%	$	1,509,076
Average adjusted stockholders' equity	na	$	1,208,809		$	1,251,021		$	1,306,847		$	1,365,910		$	1,419,982		$	1,459,165		$	1,400,982		$	94,135			7.2	%	$	1,411,510

Net income return on stockholders' equity	na		6.8	%		11.7	%		15.0	%		14.4	%		11.6	%		10.4	%		11.0	%		-4.0	%	nm				11.8	%
Net income return on adjusted stockholders' equity	na		7.3	%		12.7	%		16.2	%		15.4	%		12.4	%		11.1	%		11.8	%		-4.4	%	nm				12.6	%

Net operating income return on adjusted stockholders' equity	na		12.3	%		13.1	%		13.8	%		14.2	%		12.7	%		11.7	%		11.6	%		-2.2	%	nm				12.5	%

Capital Structure
Debt-to-capital (1)	na		18.5	%		17.7	%		17.3	%		16.8	%		16.2	%		16.0	%		17.4	%		0.1	%	nm				17.4	%

Cash and invested assets to stockholders' equity	na		1.7	x		1.6	x		1.6	x		1.6	x		1.5	x		1.5	x		1.5	x		(0.1x	)	nm				1.5	x
Cash and invested assets to adjusted stockholders' equity	na		1.9	x		1.8	x		1.7	x		1.7	x		1.6	x		1.6	x		1.6	x		(0.1x	)	nm				1.6	x

Share count, end of period (2)	na		72,729,617			72,727,173			72,843,213			73,187,837			73,603,111			73,740,120			64,882,643			(7,960,570	)		-10.9	%		64,882,643
Adjusted stockholders' equity per share	na	$	16.83		$	17.58		$	18.33		$	19.08		$	19.61		$	20.00		$	20.46		$	2.12			11.6	%	$	20.46

Financial Strength Ratings - Primerica Life Insurance Company
Moody's	na	na			na			na			na			A2			A2			A2			nm			nm			nm
S&P	AA	AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm
A.M. Best	A+	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm
Fitch	A+	A+			A+			A+			A+			A+			A+			A+			nm			nm			nm

Holding Company Senior Debt Ratings
Moody's	na	na			na			na			na			Baa2			Baa2			Baa2			nm			nm			nm
S&P	na	na			na			na			na			A-			A-			A-			nm			nm			nm
A.M. Best	na	na			na			na			na			a-			a-			a-			nm			nm			nm

(1)	Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

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

Statements of Income	PRIMERICA, INC.
	Financial Supplement

	(4)																								YOY Q4
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change			YTD 2011
Statement of Income
Revenues:
Direct premiums	$	537,845		$	547,455		$	547,444		$	548,330		$	552,069		$	560,881		$	560,739		$	555,778		$	7,448			1.4	%	$	2,229,467
Ceded premiums		(148,119	)		(447,213	)		(437,054	)		(417,981	)		(422,238	)		(435,564	)		(425,643	)		(419,630	)		(1,649	)	nm				(1,703,075	)
Net premiums		389,726			100,242			110,390			130,349			129,831			125,317			135,096			136,148			5,799			4.4	%		526,392
Net investment income		82,576			27,991			27,855			26,688			28,626			27,229			27,103			25,644			(1,044	)		-3.9	%		108,602
Commissions and fees:
Sales-based (1)		36,363			36,301			32,941			37,001			43,128			44,904			42,244			40,086			3,085			8.3	%		170,362
Asset-based (2)		38,014			39,445			37,602			52,412			44,825			45,348			41,996			40,889			(11,523	)		-22.0	%		173,059
Account-based (3)		10,208			10,317			10,620			10,545			10,432			11,811			10,140			9,615			(930	)		-8.8	%		41,997
Other commissions and fees		7,105			7,162			8,574			8,331			7,731			6,635			6,502			6,693			(1,638	)		-19.7	%		27,560
Realized investment (losses) gains		31,057			374			1,015			1,700			327			2,035			(178	)		4,256			2,556		nm				6,440
Other, net		11,893			12,466			12,239			12,362			11,452			11,816			12,886			12,525			163			1.3	%		48,679
Total revenues		606,942			234,299			241,236			279,387			276,352			275,095			275,790			275,855			(3,532	)		-1.3	%		1,103,092
Benefits and expenses:
Benefits and claims		170,735			45,124			49,811			52,033			57,635			57,272			64,101			63,688			11,655			22.4	%		242,696
Amortization of DAC		91,756			22,899			23,844			29,536			25,556			27,385			30,532			35,875			6,339			21.5	%		119,348
Insurance commissions		6,371			4,233			5,100			4,205			5,000			4,219			4,909			5,168			963			22.9	%		19,296
Insurance expenses		37,529			10,083			11,999			15,887			9,552			19,154			15,465			16,938			1,051			6.6	%		61,109
Sales commissions:
Sales-based (1)		26,203			25,998			23,474			25,319			30,547			31,378			29,627			26,792			1,473			5.8	%		118,344
Asset-based (2)		12,715			12,911			12,232			20,271			15,451			15,111			13,805			13,534			(6,737	)		-33.2	%		57,901
Other sales commissions		4,963			4,603			6,558			4,676			4,358			3,674			3,538			3,490			(1,185	)		-25.3	%		15,061
Interest expense		—			6,928			6,968			6,976			6,997			6,998			7,000			6,973			(3	)	nm				27,968
Other operating expenses		36,268			65,183			39,371			39,962			40,111			41,743			42,962			40,709			747			1.9	%		165,525
Total benefits and expenses		386,541			197,961			179,357			198,865			195,207			206,934			211,940			213,167			14,302			7.2	%		827,248
Income before income taxes		220,402			36,338			61,879			80,522			81,145			68,161			63,850			62,688			(17,834	)		-22.1	%		275,844
Income taxes		77,116			14,330			22,284			27,633			28,678			24,138			23,250			21,503			(6,130	)		-22.2	%		97,569
Net income	$	143,286		$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)		-22.1	%	$	178,275

Income Before Income Taxes by Segment
Term Life	$	160,367		$	44,095		$	42,581		$	52,000		$	57,649		$	45,781		$	48,088		$	43,091		$	(8,909	)		-17.1	%	$	194,609
Investment & Savings Products		25,447			26,735			26,578			34,769			31,039			30,470			26,746			28,821			(5,948	)		-17.1	%		117,076
Corporate & Other Distributed Products		34,587			(34,492	)		(7,280	)		(6,247	)		(7,543	)		(8,090	)		(10,984	)		(9,224	)		(2,977	)		-47.7	%		(35,841	)
Income before income taxes	$	220,402		$	36,338		$	61,879		$	80,522		$	81,145		$	68,161		$	63,850		$	62,688		$	(17,834	)		-22.1	%	$	275,844

(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

(4)

Excludes the effect of the reinsurance and reorganization transactions we executed in connection with and subsequent to our IPO. As such, ceded premiums, net investment income, benefits and claims, amortization of DAC, insurance expenses, interest expense, and other operating expenses exclude the impact of the various Citi reinsurance agreements, dividends, the note payable to Citi, and the equity grants made in connection with our IPO.

Reconciliation of Statement of Income Non-GAAP to GAAP Financial Measures	PRIMERICA, INC.
	Financial Supplement

																									YOY Q4											YOY YTD
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change		YTD 2010			YTD 2011			$ Change			% Change
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	224,822		$	233,925		$	240,221		$	264,546		$	267,296		$	273,060		$	275,968		$	271,599		$	7,053		2.7	%	$	963,513		$	1,087,923		$	124,410		12.9	%

Operating revenues reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700			327			2,035			(178	)		4,256		nm			nm			34,146			6,440		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141			8,729			—			—			—		nm			nm			13,141			8,729		nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—			—			—			—			—		nm			nm			296,328			—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—			—			—			—			—		nm			nm			54,735			—		nm			nm
Total operating revenues reconciling items		382,121			374			1,015			14,841			9,056			2,035			(178	)		4,256		nm			nm			398,351			15,169		nm			nm

Total revenues	$	606,942		$	234,299		$	241,236		$	279,387		$	276,352		$	275,095		$	275,790		$	275,855		$	(3,532	)	-1.3	%	$	1,361,864		$	1,103,092		$	(258,772	)	-19.0	%

Reconciliation from Operating Income Before Income Taxes to Income Before Income Taxes
Operating income before income taxes	$	58,689		$	61,421		$	63,940		$	68,842		$	75,209		$	69,672		$	67,337		$	61,847		$	(6,995	)	-10.2	%	$	252,891		$	274,064		$	21,173		8.4	%

Operating income before income taxes reconciling items:
Realized investment gains/losses		31,057			374			1,015			1,700			327			2,035			(178	)		4,256		nm			nm			34,146			6,440		nm			nm
Ceded premiums - reinsurance recoveries		—			—			—			13,141			8,729			—			—			—		nm			nm			13,141			8,729		nm			nm
Initial & accelerated management / field grant expense		—			(25,457	)		(3,076	)		(3,161	)		(3,120	)		(3,546	)		(3,309	)		(3,415	)	nm			nm			(31,694	)		(13,389	)	nm			nm
Ceded premiums - ceded to Citi reinsurers		296,328			—			—			—			—			—			—			—		nm			nm			296,328			—		nm			nm
Pro rata net investment income - assets transferred to Citi reinsurers		54,735			—			—			—			—			—			—			—		nm			nm			54,735			—		nm			nm
Benefits and claims - ceded to Citi reinsurers		(128,204	)		—			—			—			—			—			—			—		nm			nm			(128,204	)		—		nm			nm
Amortization of DAC - ceded to Citi reinsurers		(71,389	)		—			—			—			—			—			—			—		nm			nm			(71,389	)		—		nm			nm
Insurance commissions - expense allowance received from Citi reinsurers		(1,669	)		—			—			—			—			—			—			—		nm			nm			(1,669	)		—		nm			nm
Insurance expenses - expense allowance received from Citi reinsurers		(26,083	)		—			—			—			—			—			—			—		nm			nm			(26,083	)		—		nm			nm
Interest expense - finance charge payable to Citi reinsurer		2,812			—			—			—			—			—			—			—		nm			nm			2,812			—		nm			nm
Interest expense - note payable		4,125			—			—			—			—			—			—			—		nm			nm			4,125			—		nm			nm
Total operating income before income taxes reconciling items		161,713			(25,083	)		(2,061	)		11,680			5,936			(1,511	)		(3,487	)		841		nm			nm			146,250			1,780		nm			nm

Income before income taxes	$	220,402		$	36,338		$	61,879		$	80,522		$	81,145		$	68,161		$	63,850		$	62,688		$	(17,834	)	-22.1	%	$	399,141		$	275,844		$	(123,297	)	-30.9	%


Reconciliation from Net Operating Income to Net Income
Net operating income	$	38,154		$	37,199		$	40,914		$	45,217		$	48,629		$	44,999		$	42,817		$	40,632		$	(4,585	)	-10.1	%	$	161,484		$	177,077		$	15,593		9.7	%

Net operating income reconciling items:
Operating income before income taxes reconciling items		161,713			(25,083	)		(2,061	)		11,680			5,936			(1,511	)		(3,487	)		841		nm			nm			146,250			1,780		nm			nm
Tax impact of operating income reconciling items at effective tax rate		(56,582	)		9,891			742			(4,008	)		(2,098	)		535			1,270			(288	)	nm			nm			(49,956	)		(582	)	nm			nm
Total net operating income reconciling items		105,131			(15,191	)		(1,319	)		7,672			3,838			(976	)		(2,217	)		553		nm			nm			96,293			1,198		nm			nm

Net income	$	143,286		$	22,008		$	39,595		$	52,889		$	52,467		$	44,023		$	40,600		$	41,185		$	(11,704	)	-22.1	%	$	257,778		$	178,275		$	(79,503	)	-30.8	%

Segment Operating Results	PRIMERICA, INC.
	Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change			YTD 2010			YTD 2011			$ Change			% Change
Term Life Insurance
Revenues:
Direct premiums	$	517,932		$	527,792		$	525,644		$	529,341		$	532,167		$	540,283		$	539,693		$	537,450		$	8,110			1.5	%	$	2,100,708		$	2,149,594		$	48,886		2.3	%
Ceded premiums		(440,699	)		(444,008	)		(433,234	)		(427,571	)		(427,382	)		(431,890	)		(421,933	)		(416,477	)		11,094			2.6	%		(1,745,512	)		(1,697,682	)		47,830		2.7	%
Net premiums		77,233			83,784			92,410			101,770			104,786			108,393			117,760			120,973			19,203			18.9	%		355,196			451,912			96,716		27.2	%
Allocated net investment income		16,497			15,961			15,595			14,242			15,794			15,669			15,664			15,560			1,318			9.3	%		62,294			62,688			393		nm
Other, net		8,782			8,643			7,929			7,914			7,653			7,580			8,289			8,144			230			2.9	%		33,268			31,666			(1,602	)	-4.8	%
Operating revenues		102,511			108,388			115,933			123,926			128,233			131,641			141,713			144,678			20,752			16.7	%		450,759			546,266			95,507		21.2	%
Benefits and expenses:
Benefits and claims		32,905			35,134			39,084			42,325			47,351			43,921			52,067			53,820			11,495			27.2	%		149,448			197,159			47,711		31.9	%
Amortization of DAC		17,418			19,128			21,900			26,477			22,146			22,995			25,868			32,544			6,067			22.9	%		84,924			103,553			18,629		21.9	%
Insurance commissions		456			404			330			320			327			268			267			256			(64	)		-19.9	%		1,510			1,118			(392	)	-26.0	%
Insurance expenses		8,687			6,824			9,194			13,095			6,618			15,804			12,549			12,118			(977	)		-7.5	%		37,800			47,089			9,289		24.6	%
Interest expense		2,812			2,803			2,843			2,851			2,872			2,873			2,875			2,848			(2	)	nm				11,309			11,468			159		1.4	%
Operating benefits and expenses		62,278			64,294			73,352			85,067			79,313			85,860			93,625			101,587			16,520			19.4	%		284,991			360,386			75,396		26.5	%
Operating income before income taxes	$	40,234		$	44,095		$	42,581		$	38,859		$	48,920		$	45,781		$	48,088		$	43,091		$	4,232			10.9	%	$	165,768		$	185,880		$	20,111		12.1	%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	36,363		$	36,301		$	32,941		$	37,001		$	43,128		$	44,904		$	42,244		$	40,086		$	3,085			8.3	%	$	142,605		$	170,362		$	27,757		19.5	%
Asset-based		38,014			39,445			37,602			52,412			44,825			45,348			41,996			40,889			(11,523	)		-22.0	%		167,473			173,059			5,586		3.3	%
Account-based		10,208			10,317			10,620			10,545			10,432			11,811			10,140			9,615			(930	)		-8.8	%		41,690			41,997			307		nm
Other, net		2,108			2,155			2,711			3,064			2,461			2,522			3,105			3,196			132			4.3	%		10,038			11,285			1,246		12.4	%
Operating revenues		86,693			88,218			83,874			103,021			100,846			104,586			97,486			93,786			(9,236	)		-9.0	%		361,806			396,703			34,896		9.6	%
Benefits and expenses:
Amortization of DAC		2,549			3,029			1,361			2,392			2,785			3,751			4,034			1,913			(479	)		-20.0	%		9,330			12,482			3,151		33.8	%
Insurance commissions		1,809			1,989			1,964			2,091			2,140			2,344			2,277			2,089			(2	)	nm				7,852			8,851			998		12.7	%
Sales commissions:
Sales-based		26,203			25,998			23,474			25,319			30,547			31,378			29,627			26,792			1,473			5.8	%		100,994			118,344			17,350		17.2	%
Asset-based		12,715			12,911			12,232			20,271			15,451			15,111			13,805			13,534			(6,737	)		-33.2	%		58,129			57,901			(228	)	nm
Other operating expenses		17,970			17,556			18,266			18,179			18,884			21,531			20,997			20,637			2,458			13.5	%		71,972			82,048			10,077		14.0	%
Operating benefits and expenses		61,246			61,483			57,296			68,253			69,807			74,115			70,740			64,964			(3,288	)		-4.8	%		248,278			279,626			31,349		12.6	%
Operating income before income taxes	$	25,447		$	26,735		$	26,578		$	34,769		$	31,039		$	30,470		$	26,746		$	28,821		$	(5,948	)		-17.1	%	$	113,529		$	117,076		$	3,548		3.1	%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	19,913		$	19,663		$	21,800		$	18,989		$	19,902		$	20,597		$	21,046		$	18,328		$	(662	)		-3.5	%	$	80,366		$	79,873		$	(493	)	nm
Ceded premiums		(3,748	)		(3,206	)		(3,820	)		(3,551	)		(3,585	)		(3,674	)		(3,710	)		(3,153	)		398			11.2	%		(14,325	)		(14,122	)		203		1.4	%
Net premiums		16,165			16,458			17,980			15,438			16,317			16,924			17,336			15,174			(264	)		-1.7	%		66,041			65,751			(290	)	nm
Allocated net investment income		11,344			12,030			12,260			12,446			12,831			11,560			11,439			10,083			(2,363	)		-19.0	%		48,080			45,914			(2,166	)	-4.5	%
Commissions and fees:
Loans		2,455			1,918			3,527			2,427			1,528			1,202			1,126			1,134			(1,293	)		-53.3	%		10,327			4,990			(5,337	)	-51.7	%
DebtWatchers		620			779			845			1,035			1,071			805			840			791			(245	)	nm				3,279			3,507			228		nm
Prepaid Legal Services		2,340			2,305			2,287			2,689			2,619			2,345			2,329			2,321			(368	)		-13.7	%		9,622			9,614			(8	)	nm
Auto and Homeowners Insurance		1,012			1,372			1,200			1,395			1,687			1,507			1,427			1,606			211			15.1	%		4,979			6,228			1,248		25.1	%
Long-Term Care Insurance		679			788			715			784			825			775			764			835			51			6.5	%		2,966			3,200			234		7.9	%
Other sales commissions		—			—			—			—			1			0			16			5			5		nm				—			23			23		nm
Other, net		1,004			1,668			1,600			1,383			1,338			1,714			1,492			1,185			(198	)		-14.3	%		5,654			5,729			75		1.3	%
Operating revenues		35,618			37,318			40,414			37,598			38,217			36,833			36,769			33,135			(4,462	)		-11.9	%		150,947			144,954			(5,992	)	-4.0	%
Benefits and expenses:
Benefits and claims		9,626			9,991			10,727			9,708			10,284			13,352			12,034			9,867			159			1.6	%		40,052			45,537			5,485		13.7	%
Amortization of DAC		400			742			583			667			625			639			631			1,418			751			112.6	%		2,393			3,313			920		38.5	%
Insurance commissions		2,438			1,838			2,804			1,793			2,534			1,607			2,365			2,823			1,030			57.4	%		8,873			9,329			456		5.1	%
Insurance expenses		2,759			3,259			2,804			2,792			2,934			3,350			2,916			4,820			2,029			72.7	%		11,615			14,020			2,406		20.7	%
Sales commissions		4,963			4,603			6,560			4,676			4,358			3,674			3,538			3,490			(1,185	)		-25.3	%		20,801			15,061			(5,740		-27.6	%
Interest expense		4,125			4,125			4,125			4,125			4,125			4,125			4,125			4,125			—		nm				16,500			16,500			—		nm
Other operating expenses		18,298			22,170			18,030			18,622			18,107			16,667			18,657			16,656			(1,966	)		-10.6	%		77,120			70,087			(7,033	)	-9.1	%
Operating benefits and expenses		42,609			46,727			45,633			42,383			42,967			43,413			44,267			43,201			817			1.9	%		177,353			173,847			(3,506	)	-2.0	%
Operating income before income taxes	$	(6,992	)	$	(9,410	)	$	(5,219	)	$	(4,786	)	$	(4,749	)	$	(6,580	)	$	(7,498	)	$	(10,065	)	$	(5,280	)		-110.3	%	$	(26,407	)	$	(28,893	)	$	(2,486	)	-9.4	%

Term Life Insurance - Financial Results	PRIMERICA, INC.
	Financial Supplement

(Dollars in thousands)																									YOY Q4												YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011		$ Change			% Change			YTD 2010			YTD 2011			$ Change			% Change
Revenues:
Direct premiums	$	517,932		$	527,792		$	525,644		$	529,341		$	532,167		$	540,283		$	539,693		$	537,450		$	8,110			1.5	%	$	2,100,708		$	2,149,594		$	48,886			2.3	%
Ceded premiums		(440,699	)		(444,008	)		(433,234	)		(427,571	)		(427,382	)		(431,890	)		(421,933	)		(416,477	)		11,094			2.6	%		(1,745,512	)		(1,697,682	)		47,830			2.7	%
Net premiums		77,233			83,784			92,410			101,770			104,786			108,393			117,760			120,973			19,203			18.9	%		355,196			451,912			96,716			27.2	%
Allocated net investment income		16,497			15,961			15,595			14,242			15,794			15,669			15,664			15,560			1,318			9.3	%		62,294			62,688			393		nm
Other, net		8,782			8,643			7,929			7,914			7,653			7,580			8,289			8,144			230			2.9	%		33,268			31,666			(1,602	)		-4.8	%
Operating revenues		102,511			108,388			115,933			123,926			128,233			131,641			141,713			144,678			20,752			16.7	%		450,759			546,266			95,507			21.2	%
Benefits and expenses:
Benefits and claims		32,905			35,134			39,084			42,325			47,351			43,921			52,067			53,820			11,495			27.2	%		149,448			197,159			47,711			31.9	%
Amortization of DAC		17,418			19,128			21,900			26,477			22,146			22,995			25,868			32,544			6,067			22.9	%		84,924			103,553			18,629			21.9	%
Insurance commissions		456			404			330			320			327			268			267			256			(64	)		-19.9	%		1,510			1,118			(392	)		-26.0	%
Insurance expenses		8,687			6,824			9,194			13,095			6,618			15,804			12,549			12,118			(977	)		-7.5	%		37,800			47,089			9,289			24.6	%
Interest expense		2,812			2,803			2,843			2,851			2,872			2,873			2,875			2,848			(2	)	nm				11,309			11,468			159			1.4	%
Operating benefits and expenses		62,278			64,294			73,352			85,067			79,313			85,860			93,625			101,587			16,520			19.4	%		284,991			360,386			75,396			26.5	%
Operating income before income taxes	$	40,234		$	44,095		$	42,581		$	38,859		$	48,920		$	45,781		$	48,088		$	43,091		$	4,232			10.9	%	$	165,768		$	185,880		$	20,111			12.1	%

New Term Life Insurance Operating Income Before Income Taxes (1)
Revenues:
Direct premiums	$	10,138		$	21,256		$	30,149		$	38,197		$	46,771		$	56,581		$	64,655		$	71,240		$	33,043			86.5	%	$	99,740		$	239,247		$	139,506			139.9	%
Ceded premiums		(3,737	)		(3,869	)		(3,351	)		(4,029	)		(8,075	)		(9,320	)		(8,513	)		(8,753	)		(4,724	)		-117.3	%		(14,985	)		(34,661	)		(19,676	)		-131.3	%
Net premiums		6,401			17,388			26,799			34,168			38,697			47,261			56,142			62,487			28,318			82.9	%		84,755			204,586			119,831			141.4	%
Allocated net investment income		109			175			318			478			630			722			986			1,195			717			149.8	%		1,080			3,534			2,454		nm
Other, net		8,802			8,675			8,100			7,890			7,614			7,605			8,287			8,151			261			3.3	%		33,467			31,657			(1,810	)		-5.4	%
Operating revenues		15,312			26,238			35,216			42,537			46,941			55,588			65,415			71,833			29,296			68.9	%		119,302			239,777			120,475			101.0	%
Benefits and expenses:
Benefits and claims		1,517			5,413			10,343			13,550			14,002			17,380			21,086			23,261			9,711			71.7	%		30,824			75,729			44,905			145.7	%
Amortization of DAC		968			6,405			7,725			11,667			10,163			10,527			13,822			19,161			7,494			64.2	%		26,765			53,674			26,909			100.5	%
Insurance commissions		—			0			(1	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		nm			(1	)		(0	)		1			nm
Insurance expenses		18,180			16,050			18,224			19,128			15,761			24,550			21,417			21,612			2,484			13.0	%		71,581			83,339			11,758			16.4	%
Interest expense		—			(0	)		—			—			—			—			—			—			—		nm				(0	)		—			0			nm
Operating benefits and expenses		20,665			27,869			36,291			44,344			39,926			52,457			56,325			64,033			19,689			44.4	%		129,169			212,741			83,572			64.7	%
Operating income before income taxes	$	(5,354	)	$	(1,631	)	$	(1,075	)	$	(1,807	)	$	7,015		$	3,132		$	9,090		$	7,799		$	9,607		nm			$	(9,867	)	$	27,036		$	36,903		nm

Legacy Term Life Insurance Operating Income Before Income Taxes (2)
Revenues:
Direct premiums	$	507,794		$	506,536		$	495,494		$	491,144		$	485,396		$	483,702		$	475,038		$	466,211		$	(24,933	)		-5.1	%	$	2,000,968		$	1,910,347		$	(90,621	)		-4.5	%
Ceded premiums		(436,962	)		(440,140	)		(429,883	)		(423,542	)		(419,307	)		(422,570	)		(413,421	)		(407,724	)		15,818			3.7	%		(1,730,527	)		(1,663,021	)		67,506			3.9	%
Net premiums		70,832			66,396			65,611			67,602			66,089			61,132			61,618			58,487			(9,115	)		-13.5	%		270,441			247,326			(23,115	)		-8.5	%
Allocated net investment income		16,388			15,786			15,277			13,763			15,164			14,947			14,678			14,365			602			4.4	%		61,214			59,154			(2,061	)		-3.4	%
Other, net		(20	)		(32	)		(170	)		24			39			(26	)		2			(7	)		(31	)		-127.5	%		(199	)		9			208			104.6	%
Operating revenues		87,199			82,150			80,718			81,389			81,293			76,053			76,298			72,845			(8,544	)		-10.5	%		331,457			306,489			(24,968	)		-7.5	%
Benefits and expenses:
Benefits and claims		31,388			29,721			28,741			28,775			33,349			26,541			30,981			30,560			1,785			6.2	%		118,624			121,430			2,806			2.4	%
Amortization of DAC		16,450			12,723			14,175			14,810			11,983			12,468			12,046			13,383			(1,427	)		-9.6	%		58,159			49,879			(8,280	)		-14.2	%
Insurance commissions		456			404			331			320			327			268			267			257			(63	)		-19.8	%		1,511			1,118			(393	)		-26.0	%
Insurance expenses		10,047			9,888			9,648			12,270			9,366			9,466			9,014			7,989			(4,282	)		-34.9	%		41,854			35,834			(6,020	)		-14.4	%
Insurance expense allowance		(19,541	)		(19,114	)		(18,678	)		(18,303	)		(18,508	)		(18,212	)		(17,883	)		(17,483	)		820			4.5	%		(75,636	)		(72,085	)		3,551			4.7	%
Interest expense		2,812			2,803			2,843			2,851			2,872			2,873			2,875			2,848			(2	)	nm				11,309			11,468			159			1.4	%
Operating benefits and expenses		41,612			36,425			37,061			40,723			39,387			33,403			37,300			37,554			(3,170	)		-7.8	%		155,821			147,645			(8,177	)		-5.2	%
Operating income before income taxes	$	45,587		$	45,726		$	43,657		$	40,666		$	41,905		$	42,650		$	38,998		$	35,291		$	(5,374	)		-13.2	%	$	175,635		$	158,844		$	(16,791	)		-9.6	%


(1	)	Represents results associated with business written subsequent to the Citi reinsurance transactions executed on March 31, 2010.
(2	)	Represents results associated with business subject to the Citi reinsurance transactions.

Term Life Insurance - Key Statistics and Financial Analysis					PRIMERICA, INC.
		Financial Supplement

																										YOY Q4												YOY YTD
(Dollars in thousands, except as noted)		Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change			YTD 2010			YTD 2011			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period		99,785			97,354			96,066			96,872			94,850			92,212			90,519			91,970				(4,902	)		-5.1	%		99,785			94,850			(4,935	)	-4.9	%
New life-licensed representatives		7,366			9,887			9,430			7,805			7,145			8,061			10,334			8,171				366			4.7	%		34,488			33,711			(777	)	-2.3	%
Non-renewal and terminated representatives		(9,797	)		(11,175	)		(8,624	)		(9,827	)		(9,783	)		(9,754	)		(8,883	)		(8,965	)			862			8.8	%		(39,423	)		(37,385	)		2,038		5.2	%
Life-insurance licensed sales force, end of period		97,354			96,066			96,872			94,850			92,212			90,519			91,970			91,176		(6)		(3,674	)		-3.9	%		94,850			91,176			(3,674	)	-3.9	%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	43.4		$	48.9		$	44.1		$	44.5		$	41.1		$	47.5		$	50.1		$	48.9			$	4.4			9.8	%	$	180.8		$	187.6		$	6.8		3.8	%
Additions and increases in premium		10.8			11.7			10.9			11.2			10.4			11.4			11.5			11.6				0.4			3.8	%		44.6			44.9			0.4		nm
Total estimated annualized issued term life premium	$	54.2		$	60.6		$	55.0		$	55.6		$	51.5		$	58.9		$	61.7		$	60.4			$	4.8			8.6	%	$	225.4		$	232.5		$	7.1		3.2	%

Issued term life policies		52,445			60,406			54,373			56,290			51,281			59,826			65,067			61,361				5,071			9.0	%		223,514			237,535			14,021		6.3	%
Estimated average annualized issued term life premium per policy (1)(2)	$	827		$	809		$	811		$	790		$	802		$	794		$	771		$	796			$	6		nm			$	809		$	790		$	(19	)	-2.4	%

Term life face amount in-force, beginning of period ($mills)	$	650,195		$	651,790		$	653,530		$	654,633		$	656,791		$	658,523		$	663,617		$	666,182			$	11,549			1.8	%	$	650,195		$	656,791		$	6,596		1.0	%
Issued term life face amount (3)		17,997			20,042			18,113			18,250			16,735			18,974			18,885			18,552				302			1.7	%		74,401			73,146			(1,256	)	-1.7	%
Terminated term life face amount		(18,867	)		(16,156	)		(17,836	)		(18,105	)		(17,247	)		(14,724	)		(16,221	)		(18,760	)			(655	)		-3.6	%		(70,964	)		(66,951	)		4,012		5.7	%
Foreign currency impact, net		2,464			(2,146	)		826			2,013			2,244			843			(98	)		(1,019	)			(3,033	)	nm				3,158			1,970			(1,188	)	nm
Term life face amount in-force, end of period	$	651,790		$	653,530		$	654,633		$	656,791		$	658,523		$	663,617		$	666,182		$	664,955			$	8,164			1.2	%	$	656,791		$	664,955		$	8,164		1.2	%


New Term Life Insurance - Financial Analysis

Direct premium	$	10,138		$	21,256		$	30,149		$	38,197		$	46,771		$	56,581		$	64,655		$	71,240				33,043			86.5	%	$	99,740		$	239,247		$	139,506		139.9	%

New term life operating income before income taxes	$	(5,354	)	$	(1,631	)	$	(1,075	)	$	(1,807	)	$	7,015		$	3,132		$	9,090		$	7,799				9,607		nm			$	(9,867	)	$	27,036		$	36,903		nm
% of direct premium		-52.8	%		-7.7	%		-3.6	%		-4.7	%		15.0	%		5.5	%		14.1	%		10.9	%		nm			nm				-9.9	%		11.3	%	nm			nm

Benefits & expenses, net (4)	$	6,222		$	15,687		$	21,418		$	29,245		$	32,240		$	37,227		$	43,421		$	51,175				21,930			75.0	%	$	72,573		$	164,063		$	91,490		126.1	%
% of direct premium		61.4	%		73.8	%		71.0	%		76.6	%		68.9	%		65.8	%		67.2	%		71.8	%		nm			nm				72.8	%		68.6	%	nm			nm

Insurance expenses, net (5)	$	9,378		$	7,375		$	10,124		$	11,237		$	8,147		$	16,944		$	13,131		$	13,461				2,223			19.8	%	$	38,114		$	51,682		$	13,568		35.6	%
% of direct premium		92.5	%		34.7	%		33.6	%		29.4	%		17.4	%		29.9	%		20.3	%		18.9	%		nm			nm				38.2	%		21.6	%	nm			nm


Legacy Term Life Insurance - Financial Analysis

Direct premium	$	507,794		$	506,536		$	495,494		$	491,144		$	485,396		$	483,702		$	475,038		$	466,211				(24,933	)		-5.1	%	$	2,000,968		$	1,910,347		$	(90,621	)	-4.5	%

Legacy term life operating income before income taxes	$	45,587		$	45,726		$	43,657		$	40,666		$	41,905		$	42,650		$	38,998		$	35,291				(5,374	)		-13.2	%	$	175,635		$	158,844		$	(16,791	)	-9.6	%
% of direct premium		9.0	%		9.0	%		8.8	%		8.3	%		8.6	%		8.8	%		8.2	%		7.6	%		nm			nm				8.8	%		8.3	%	nm			nm


(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
(4)		Benefits & expenses, net - includes total benefits & claims, ceded premiums, insurance commissions, and amortization of deferred policy acquisition costs
(5)		Insurance expenses, net - insurance expenses, net of other net revenues
(6)		A change in the methodology for terminating agents resulted in an immaterial increase in the size of the sales force at year-end.

Investment and Savings Products - Financial Results, Key Statistics, and Financial Analysis		PRIMERICA, INC.
		Financial Supplement


(Dollars in thousands, except as noted)																									YOY Q4												YOY YTD
Investment & Savings Products Operating Income Before Income Taxes		Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011		$ Change			% Change			YTD 2010			YTD 2011			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	36,363		$	36,301		$	32,941		$	37,001		$	43,128		$	44,904		$	42,244		$	40,086		$	3,085			8.3	%	$	142,605		$	170,362		$	27,757			19.5	%
Asset-based		38,014			39,445			37,602			52,412			44,825			45,348			41,996			40,889			(11,523	)		-22.0	%		167,473			173,059			5,586			3.3	%
Account-based		10,208			10,317			10,620			10,545			10,432			11,811			10,140			9,615			(930	)		-8.8	%		41,690			41,997			307		nm
Other, net		2,108			2,155			2,711			3,064			2,461			2,522			3,105			3,196			132			4.3	%		10,038			11,285			1,246			12.4	%
Operating revenues		86,693			88,218			83,874			103,021			100,846			104,586			97,486			93,786			(9,236	)		-9.0	%		361,806			396,703			34,896			9.6	%
Benefits and expenses:
Amortization of DAC		2,549			3,029			1,361			2,392			2,785			3,751			4,034			1,913			(479	)		-20.0	%		9,330			12,482			3,151			33.8	%
Insurance commissions		1,809			1,989			1,964			2,091			2,140			2,344			2,277			2,089			(2	)	nm				7,852			8,851			998			12.7	%
Sales commissions:
Sales-based		26,203			25,998			23,474			25,319			30,547			31,378			29,627			26,792			1,473			5.8	%		100,994			118,344			17,350			17.2	%
Asset-based		12,715			12,911			12,232			20,271			15,451			15,111			13,805			13,534			(6,737	)		-33.2	%		58,129			57,901			(228	)	nm
Other operating expenses		17,970			17,556			18,266			18,179			18,884			21,531			20,997			20,637			2,458			13.5	%		71,972			82,048			10,077			14.0	%
Operating benefits and expenses		61,246			61,483			57,296			68,253			69,807			74,115			70,740			64,964			(3,288	)		-4.8	%		248,278			279,626			31,349			12.6	%
Operating income before income taxes	$	25,447		$	26,735		$	26,578		$	34,769		$	31,039		$	30,470		$	26,746		$	28,821		$	(5,948	)		-17.1	%	$	113,529		$	117,076		$	3,548			3.1	%


Key Statistics
Product sales ($mills)
Retail Mutual Funds	$	594.7		$	551.0		$	474.8		$	520.3		$	646.0		$	603.1		$	498.3		$	482.5		$	(37.8	)		-7.3	%	$	2,140.9		$	2,229.9		$	89.0			4.2	%
Variable Annuities and other		267.3			308.3			287.5			306.1			344.6			458.0			483.4			388.4			82.3			26.9	%		1,169.2			1,674.4			505.2			43.2	%
Total sales-based revenue generating product sales		862.1			859.3			762.3			826.4			990.6			1,061.1			981.7			870.9			44.5			5.4	%		3,310.1			3,904.3			594.2			18.0	%
Managed Mutual Funds		—			—			—			—			—			0.2			11.8			16.6			16.6		nm				—			28.6			28.6		nm
Segregated Funds		111.4			64.0			61.6			76.6			123.1			74.2			66.6			68.4			(8.2	)		-10.7	%		313.5			332.2			18.6			5.9	%
Total product sales	$	973.5		$	923.3		$	823.9		$	903.0		$	1,113.7		$	1,135.5		$	1,060.0		$	955.8		$	52.9			5.9	%	$	3,623.6		$	4,265.1		$	641.4			17.7	%

Client asset values, beginning of period ($mills)	$	31,303		$	32,670		$	29,723		$	32,600		$	34,869		$	36,187		$	36,020		$	31,623		$	(977	)		-3.0	%	$	31,303		$	34,869		$	3,566			11.4	%
Inflows		974			923			824			903			1,114			1,136			1,060			956			53			5.9	%		3,624			4,265			641			17.7	%
Outflows (1)		(956	)		(903	)		(887	)		(945	)		(1,083	)		(1,118	)		(1,091	)		(983	)		(38	)		-4.0	%		(3,691	)		(4,275	)		(584	)		-15.8	%
Net flows		17			20			(63	)		(42	)		31			18			(31	)		(27	)		15		nm				(67	)		(10	)		57		nm
Change in market value, net and other (2)		1,350			(2,967	)		2,940			2,311			1,288			(185	)		(4,365	)		2,068			(243	)	nm				3,633			(1,195	)		(4,828	)	nm
Client asset values, end of period	$	32,670		$	29,723		$	32,600		$	34,869		$	36,187		$	36,020		$	31,623		$	33,664		$	(1,205	)		-3.5	%	$	34,869		$	33,664		$	(1,205	)		-3.5	%

Average client asset values ($mills)
Mutual Funds	$	22,453		$	22,424		$	21,919		$	23,661		$	24,882		$	25,330		$	23,521		$	22,687		$	(973	)		-4.1	%	$	22,614		$	24,105		$	1,491			6.6	%
Variable Annuities and other		6,847			6,955			6,954			7,623			8,242			8,588			8,192			8,083			459			6.0	%		7,095			8,276			1,181			16.7	%
Segregated Funds		2,105			2,182			2,184			2,327			2,477			2,545			2,479			2,454			128			5.5	%		2,199			2,489			290			13.2	%
Total	$	31,404		$	31,561		$	31,056		$	33,611		$	35,602		$	36,463		$	34,192		$	33,224		$	(386	)		-1.1	%	$	31,908		$	34,870		$	2,962			9.3	%

Average number of fee-generating accounts (thous) (3)		2,762			2,741			2,715			2,694			2,662			2,611			2,626			2,611			(83	)		-3.1	%		2,728			2,627			(101	)		-3.7	%


Financial Analysis

Sales-based net revenue as % of sales (4)		1.18	%		1.20	%		1.24	%		1.41	%		1.27	%		1.27	%		1.29	%		1.53	%	nm			nm				1.26	%		1.33	%	nm			nm

Asset-based net revenue as % of average asset values (5)		0.07	%		0.07	%		0.07	%		0.08	%		0.07	%		0.07	%		0.06	%		0.07	%	nm			nm				0.29	%		0.27	%	nm			nm

Account-based revenue per average fee generating account (6)	$	3.70		$	3.76		$	3.91		$	3.91		$	3.92		$	4.52		$	3.86		$	3.68		nm			nm			$	15.28		$	15.98		nm			nm


(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 9% 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, expenses, and foreign currency impact
(3)	Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees
(4)	Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity
(5)	Asset-based net revenue - commission and fee revenue less commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds
(6)	In whole dollars

Investment Portfolio - Summary of Holdings		PRIMERICA, INC.
		Financial Supplement



	As of or for the period ended December 31, 2011
								% 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 and cash equivalents	$	136,078	$	136,078	$	—			6.4	%		6.9	%

Fixed Income:
Treasury		37,785		34,026		3,759			1.8	%		1.7	%		3.07	%	AAA
Government		108,894		94,829		14,064			5.1	%		4.8	%		4.90	%	AA-
Tax-Exempt Municipal		7,087		6,665		422			0.3	%		0.3	%		3.75	%	AA-
Corporate		1,229,511		1,131,010		98,501			57.7	%		57.2	%		5.84	%	BBB+
Mortgage-Backed		275,646		254,130		21,516			12.9	%		12.8	%		5.48	%	AA+
Asset-Backed		49,165		50,762		(1,597	)		2.3	%		2.6	%		1.70	%	AA
CMBS		130,682		124,532		6,150			6.1	%		6.3	%		4.99	%	AAA
Private		114,409		109,341		5,068			5.4	%		5.5	%		5.85	%	BBB
Redeemable Preferred		1,010		1,389		(378	)		0.0	%		0.1	%		45.71	%	A
Convertible		14,608		14,315		293			0.7	%		0.7	%		3.24	%	A-
Total Fixed Income		1,968,796		1,820,999		147,797			92.4	%		92.0	%		5.52	%	A

Equities:
Perpetual Preferred		197		85		111			0.0	%		0.0	%
Common Stock		10,851		8,547		2,303			0.5	%		0.4	%
Mutual Fund		7,082		4,113		2,969			0.3	%		0.2	%
Other		8,583		8,583		0			0.4	%		0.4	%
Total Equities		26,712		21,329		5,383			1.3	%		1.1	%

Total Invested Assets	$	2,131,586	$	1,978,406	$	153,180			100.0	%		100.0	%

Corporate Portfolio by Sector

Banking	$	114,926	$	112,182	$	2,744			9.3	%		9.9	%
Basic Industry		93,128		85,214		7,914			7.6	%		7.5	%
Brokerage		19,762		18,784		978			1.6	%		1.7	%
Capital Goods		80,749		73,347		7,401			6.6	%		6.5	%
Communications		87,340		80,130		7,210			7.1	%		7.1	%
Consumer Cyclical		53,807		50,044		3,763			4.4	%		4.4	%
Consumer Non-Cyclical		143,809		127,096		16,714			11.7	%		11.2	%
Electric		124,033		110,396		13,637			10.1	%		9.8	%
Energy		74,614		67,035		7,580			6.1	%		5.9	%
Finance Companies		22,776		20,017		2,759			1.9	%		1.8	%
Financial Other		13,020		12,471		549			1.1	%		1.1	%
Industrial Other		28,505		25,773		2,732			2.3	%		2.3	%
Insurance		105,460		98,708		6,751			8.6	%		8.7	%
Natural Gas		68,629		62,068		6,561			5.6	%		5.5	%
REITs		106,337		101,433		4,904			8.6	%		9.0	%
Technology		62,843		58,905		3,937			5.1	%		5.2	%
Transportation		23,512		21,418		2,094			1.9	%		1.9	%
Utility Other		6,261		5,990		271			0.5	%		0.5	%
Total Corporate portfolio	$	1,229,511	$	1,131,010	$	98,501			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
< 1 Yr.	$	197,679	$	194,105	$	3,574			10.0	%		10.7	%		4.40	%
1-2 Yrs.		250,147		239,483		10,664			12.7	%		13.2	%		5.63	%
2-5 Yrs.		758,063		706,333		51,730			38.5	%		38.8	%		5.30	%
5-10 Yrs.		701,663		627,936		73,727			35.6	%		34.5	%		5.96	%
> 10 Yrs.		61,244		53,141		8,103			3.1	%		2.9	%		6.60	%
Total Fixed Income	$	1,968,796	$	1,820,999	$	147,797			100.0	%		100.0	%		5.52	%

Duration

Fixed Income portfolio duration		3.5 years

Investment Portfolio - Quality Ratings As of December 31, 2011

PRIMERICA, INC.

Financial Supplement




(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
				Amortized Cost	% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	428,748	23.5	%
	AA			150,894	8.3	%
	A			431,175	23.7	%
	BBB			683,818	37.6	%
	Below Investment Grade			125,594	6.9	%
	NA			770	0.0	%
		Total Fixed Income	$	1,820,999	100.0	%




				Amortized Cost	% of Total						Amortized Cost	% of Total
Corporate asset class:							Private asset class:
	Rating							Rating
	AAA		$	350	0.0	%		AAA		$	222	0.2	%
	AA			73,263	6.5	%		AA			6,484	5.9	%
	A			382,730	33.8	%		A			13,867	12.7	%
	BBB			588,506	52.0	%		BBB			71,568	65.5	%
	Below Investment Grade			85,590	7.6	%		Below Investment Grade			17,200	15.7	%
	NA			571	0.1	%		NA			—	—
		Total Corporate	$	1,131,010	100.0	%			Total Private	$	109,341	100.0	%



CMBS asset class:							Mortgage-Backed asset class:
	Rating							Rating
	AAA		$	103,218	82.9	%		AAA		$	227,418	89.5	%
	AA			18,499	14.9	%		AA			5,831	2.3	%
	A			1,200	1.0	%		A			1,275	0.5	%
	BBB			1,284	1.0	%		BBB			4,486	1.8	%
	Below Investment Grade			309	0.2	%		Below Investment Grade			15,121	6.0	%
	NA			21	0.0	%		NA			—	—
		Total CMBS	$	124,532	100.0	%			Total Mortgage-Backed	$	254,130	100.0	%



Asset-Backed asset class:							Treasury & Government asset classes:
	Rating							Rating
	AAA		$	40,709	80.2%	%		AAA		$	56,831	44.1	%
	AA			—	—			AA			41,040	31.8	%
	A			1,256	2.5%	%		A			21,771	16.9	%
	BBB			2,000	3.9%	%		BBB			9,214	7.2	%
	Below Investment Grade			6,797	13.4%	%		Below Investment Grade			—	—
	NA			—	—			NA			—	—
		Total Asset-Backed	$	50,762	100.0%	%			Total Treasury & Government	$	128,856	100.0	%



NAIC Designations

	1		$	884,377	53.8	%
	2			660,514	40.2	%
	3			63,268	3.9	%
	4			28,711	1.7	%
	5			4,089	0.2	%
	6			2,191	0.1	%
		U.S. Insurer Fixed Income (2)		1,643,150	100.0	%
	Other (3)			199,178
	Cash and cash equivalents			136,078
		Total Invested Assets	$	1,978,406


(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

Investment Portfolio - Mortgage Backed Vintage Analysis As of December 31, 2011	PRIMERICA, INC.
	Financial Supplement


(Dollars in thousands)			2004 and Prior			2005		2006		2007			2008		2009		2010		2011	Total

Commercial Mortgage-Backed Securities			Amortized Cost by Vintage
Current Rating:
	AAA		$	50,257		$	22,587	$	4,146	$	7,605	$	770	$	5,931	$	686	$	11,236	$	103,218
	AA			8,246			10,253		—		—		—		—		—		—		18,499
	A			1,000			—		200		—		—		—		—		—		1,200
	BBB			1,284			—		—		—		—		—		—		—		1,284
	BB			108			—		—		—		—		—		—		—		108
	B			62			—		—		—		—		—		—		—		62
	CCC and lower			107			53		—		—		—		—		—		—		160
		Total	$	61,064		$	32,893	$	4,346	$	7,605	$	770	$	5,931	$	686	$	11,236	$	124,532

			Net Unrealized Gain/(Loss) by Vintage
Current Rating:
	AAA		$	1,725		$	1,209	$	671	$	584	$	13	$	583	$	1	$	523	$	5,309
	AA			314			231		—		—		—		—		—		—		545
	A			(60	)		—		4		—		—		—		—		—		(56	)
	BBB			(196	)		—		—		—		—		—		—		—		(196	)
	BB			283			—		—		—		—		—		—		—		283
	B			18			—		—		—		—		—		—		—		18
	CCC and lower			30			218		—		—		—		—		—		—		248
		Total	$	2,114		$	1,657	$	675	$	584	$	13	$	583	$	1	$	523	$	6,150


Prime Residential Mortgage-Backed Securities			Amortized Cost by Vintage
Current Rating:
	AAA		$	106,333		$	20,985		$	21,853	$	36,200		$	22,708	$	240	$	5,012	$	12,991	$	226,321
	AA			5,831			—			—		—			—		—		—		—		5,831
	A			1,275			—			—		—			—		—		—		—		1,275
	BBB			—			4,486			—		—			—		—		—		—		4,486
	BB			694			2,917			—		—			—		—		—		—		3,611
	B			—			1,146			—		—			—		—		—		—		1,146
	CCC and lower			—			3,065			—		1,525			—		—		—		—		4,590
		Total	$	114,133		$	32,599		$	21,853	$	37,725		$	22,708	$	240	$	5,012	$	12,991	$	247,260
															9		0		2
			Net Unrealized Gain/(Loss) by Vintage
Current Rating:
	AAA		$	11,289		$	1,190		$	2,650	$	3,475		$	2,626	$	16	$	253	$	800	$	22,300
	AA			(31	)		—			—		—			—		—		—		—		(31	)
	A			(20	)		—			—		—			—		—		—		—		(20	)
	BBB			—			(235	)		—		—			—		—		—		—		(235	)
	BB			26			(202	)		—		—			—		—		—		—		(177	)
	B			—			(17	)		—		—			—		—		—		—		(17	)
	CCC and lower			—			(238	)		—		(19	)		—		—		—		—		(257	)
		Total	$	11,265		$	499		$	2,650	$	3,456		$	2,626	$	16	$	253	$	800	$	21,565


Alt-A Residential Mortgage-Backed Securities			Amortized Cost by Vintage
Current Rating:
	AAA		$	—		$	1,097		$	—	$	—	$	—	$	—	$	—	$	—	$	1,097
	AA			—			—			—		—		—		—		—		—		—
	A			—			—			—		—		—		—		—		—		—
	BBB			—			—			—		—		—		—		—		—		—
	BB			492			—			—		—		—		—		—		—		492
	B			—			2,881			—		—		—		—		—		—		2,881
	CCC and lower			2,158			243			—		—		—		—		—		—		2,401
		Total	$	2,649		$	4,221		$	—	$	—	$	—	$	—	$	—	$	—	$	6,871
										0		0		0
			Net Unrealized Gain/(Loss) by Vintage
Current Rating:
	AAA		$	—		$	46		$	—	$	—	$	—	$	—	$	—	$	—	$	46
	AA			—			—			—		—		—		—		—		—		—
	A			—			—			—		—		—		—		—		—		—
	BBB			—			—			—		—		—		—		—		—		—
	BB			21			—			—		—		—		—		—		—		21
	B			—			(92	)		—		—		—		—		—		—		(92	)
	CCC and lower			(5	)		(19	)		—		—		—		—		—		—		(24	)
		Total	$	16		$	(65	)	$	—	$	—	$	—	$	—	$	—	$	—	$	(50	)

Investment Portfolio - Supplemental Data and Trends	PRIMERICA, INC.
	Financial Supplement


																									YOY Q4
(Dollars in thousands)	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			$ Change			% Change
Net Investment Income by Source
Bonds & notes	$	83,814		$	27,796		$	28,350		$	28,091		$	29,014		$	27,462		$	27,413		$	26,019		$	(2,072	)		-7.4	%
Preferred and common stocks		1,239			164			189			231			188			165			170			194			(37	)		-16.0	%
Deposit asset underlying 10% reinsurance treaty		—			1,551			624			(704	)		508			650			449			412			1,116		nm
Policy loans		336			341			326			362			347			306			441			326			(36	)		-9.9	%
Cash & cash equivalents		283			85			103			73			70			65			63			109			36			49.3	%
Other		—			55			—			—			(19	)		13			—			—			—		nm
Total investment income		85,671			29,992			29,591			28,053			30,108			28,662			28,536			27,060			(993	)		-3.5	%
Investment expenses		3,095			2,001			1,737			1,365			1,482			1,433			1,433			1,417			52			3.8	%
Net investment income	$	82,576		$	27,991		$	27,855		$	26,688		$	28,626		$	27,229		$	27,103		$	25,643		$	(1,045	)		-3.9	%
Fixed income book yield, end of period		5.79	%		5.72	%		5.47	%		5.48	%		5.30	%		5.38	%		5.33	%		5.52	%	na			4 bps
New money yield		3.48	%		2.43	%		2.50	%		3.58	%		2.72	%		4.45	%		2.42	%		3.69	%	na			11 bps

																									YOY Q4
	Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011			% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA		32.5	%		31.4	%		28.0	%		26.7	%		26.1	%		25.3	%		24.9	%		23.5	%		-3.2	%
AA		7.9	%		6.9	%		8.0	%		9.1	%		9.5	%		9.8	%		9.9	%		8.3	%		-0.8	%
A		21.2	%		21.4	%		22.2	%		21.9	%		22.4	%		22.6	%		22.6	%		23.7	%		1.8	%
BBB		30.8	%		32.4	%		34.8	%		35.6	%		35.8	%		35.9	%		35.9	%		37.6	%		2.0	%
Below Investment Grade		7.1	%		7.8	%		6.9	%		6.7	%		6.2	%		6.3	%		6.6	%		6.9	%		0.2	%
NA		0.4	%		0.1	%		0.1	%		0.1	%		0.0	%		0.1	%		0.0	%		0.0	%		-0.1	%
Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%	nm

Average rating by amortized cost		A			A			A			A			A			A			A			A		na

		As of December 31, 2011								As of December 31, 2011					As of December 31, 2011
		Market Value			Amortized Cost			Credit Rating		Market Value		Amortized Cost			Market Value		Amortized Cost
Top 25 Exposures									Foreign Exposure (1)					Government Investments (1)

1	Government of Canada	$	38,890		$	35,374		AAA	United Kingdom	$	71,249	$	67,269	AAA	$	—	$	—
2	National Rural Utilities Cooperative		13,719			10,570		A+	Canada		50,883		46,942	AA		2,881		2,572
3	Verizon Communications Inc		13,161			11,493		A-	Australia		45,833		42,156	A		11,611		10,827
4	Bank of America Corp		12,844			12,720		A-	France		26,990		26,306	BBB		10,243		9,214
5	ProLogis Inc		12,354			11,745		BBB-	Germany		20,486		19,451	Below Investment Grade		—		—
6	General Electric Co		11,468			10,236		AA+	Brazil		18,170		16,387	NA		—		—
7	Province of Ontario Canada		10,570			8,466		AA-	Italy		14,172		15,259	Total	$	24,735	$	22,614
8	ConocoPhillips		10,369			8,827		A	Netherlands		11,213		9,564
9	Edison International		9,936			9,790		B+	Spain		11,013		11,530
10	Enel SpA		9,734			10,544		A-	Korea Republic Of		10,991		10,500	Non-Government Investments (1)
11	Iberdrola SA		9,602			8,468		BBB+	Switzerland		10,678		9,238
12	Province of Quebec Canada		9,585			7,653		A+	Belgium		7,662		6,288	AAA	$	—	$	—
13	Reynolds American Inc		9,463			7,971		BBB-	Ireland		7,544		7,745	AA		24,151		21,934
14	Diageo PLC		9,250			8,557		A-	Luxembourg		7,384		6,946	A		138,920		133,012
15	Altria Group Inc		9,131			7,406		BBB	Japan		7,159		6,884	BBB		146,907		137,229
16	Health Care REIT Inc		8,912			9,135		BBB-	Emerging Markets (2)		14,925		13,886	Below Investment Grade		22,083		22,605
17	Roche Holding AG		7,979			6,560		AA-	All Other		22,960		22,071	NA		2,515		1,029
18	Vale SA		7,932			7,129		A-	Total	$	359,313	$	338,424	Total	$	334,577	$	315,810
19	Hewlett-Packard Co		7,609			7,343		BBB+
20	Montpelier Re Holdings Ltd		7,526			7,207		BBB
21	Time Warner Cable Inc		7,516			7,098		BBB
22	Daimler AG		7,509			7,502		BBB+
23	Lockheed Martin Corp		7,446			6,948		A-
24	TESCO PLC		7,427			6,306		A-
25	Marsh & McLennan Cos Inc		7,238			6,678		BBB-
	Total	$	267,170		$	241,727

	% of total fixed income portfolio		12.5	%		12.2	%

(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, Mexico, Peru, Poland and South Africa

Five-Year Historical Key Statistics	PRIMERICA, INC.
	Financial Supplement

(Dollars in millions)	2007		2008			2009			2010			2011				Q1 2010			Q2 2010			Q3 2010			Q4 2010			Q1 2011			Q2 2011			Q3 2011			Q4 2011


Recruits	220,950			235,125			221,920			231,390			244,756			58,085			65,245			58,178			49,882			52,813			65,138			83,074			43,731


Life-insurance licensed sales force, beginning of period	96,532			97,125			100,651			99,785			94,850			99,785			97,354			96,066			96,872			94,850			92,212			90,519			91,970
New life-licensed representatives	36,308			39,383			37,629			34,488			33,711			7,366			9,887			9,430			7,805			7,145			8,061			10,334			8,171
Non-renewal and terminated representatives	(35,715	)		(35,857	)		(38,495	)		(39,423	)		(37,385	)		(9,797	)		(11,175	)		(8,624	)		(9,827	)		(9,783	)		(9,754	)		(8,883	)		(8,965	)
Life-insurance licensed sales force, end of period	97,125			100,651			99,785			94,850			91,176			97,354			96,066			96,872			94,850			92,212			90,519			91,970			91,176


Issued term life policies	244,733			241,173			233,837			223,514			237,535			52,445			60,406			54,373			56,290			51,281			59,826			65,067			61,361


Issued term life face amount	87,619		$	87,279		$	80,497		$	74,401		$	73,146		$	17,997		$	20,042		$	18,113		$	18,250		$	16,735		$	18,974		$	18,885		$	18,552


Term life face amount in force, beginning of period	599,470		$	632,086		$	633,467		$	650,195		$	656,791		$	650,195		$	651,790		$	653,530		$	654,633		$	656,791		$	658,523		$	663,617		$	666,182
Issued term life face amount	87,619			87,279			80,497			74,401			73,146			17,997			20,042			18,113			18,250			16,735			18,974			18,885			18,552
Terminated term life face amount	(64,966	)		(72,008	)		(74,642	)		(70,964	)		(66,951	)		(18,867	)		(16,156	)		(17,836	)		(18,105	)		(17,247	)		(14,724	)		(16,221	)		(18,760	)
Foreign currency impact, net	9,963			(13,891	)		10,873			3,158			1,970			2,464			(2,146	)		826			2,013			2,244			843			(98	)		(1,019	)
Term life face amount in force, end of period	632,086		$	633,467		$	650,195		$	656,791		$	664,955		$	651,790		$	653,530		$	654,633		$	656,791		$	658,523		$	663,617		$	666,182		$	664,955


Estimated annualized issued term life premium
Premium from new policies	208.9		$	205.0		$	193.7		$	180.8		$	187.6		$	43.4		$	48.9		$	44.1		$	44.5		$	41.1		$	47.5		$	50.1		$	48.9
Additions and increases in premium	43.4			43.0			42.6			44.6			44.9			10.8			11.7			10.9			11.2			10.4			11.4			11.5			11.6
Total estimated annualized issued term life premium	252.4		$	248.0		$	236.3		$	225.4		$	232.5		$	54.2		$	60.6		$	55.0		$	55.6		$	51.5		$	58.9		$	61.7		$	60.4


Investment & Savings product sales	5,189.5		$	4,458.4		$	3,006.6		$	3,623.6		$	4,265.1		$	973.5		$	923.3		$	823.9		$	903.0		$	1,113.7		$	1,135.5		$	1,060.0		$	955.8

Investment & Savings average client asset values	36,735		$	32,763		$	26,845		$	31,908		$	34,870		$	31,404		$	31,561		$	31,056		$	33,611		$	35,602		$	36,463		$	34,192		$	33,224

Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 7, 2012

Attached files

Primerica, Inc. Reports