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

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8-K - PRIMERICA, INC. 8-K - Primerica, Inc.	a50549445.htm
EX-99.1 - EXHIBIT 99.1 - Primerica, Inc.	a50549445-ex991.htm

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2012

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	12-14

Five-year historical key statistics	15

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2011, as modified and updated by the Form 8-K filed on May 8, 2012.

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Preface

PRIMERICA, INC.

Financial Supplement

FOURTH QUARTER 2012

This document is a financial supplement to our fourth quarter 2012 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, operating adjustments exclude the impact of certain reinsurance recoveries which previously had not been recognized due to the uncertain nature of their recovery.

●	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.

Effective January 1, 2012, we adopted ASU 2010-26 Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts and no longer defer certain indirect acquisition costs or costs attributable to unsuccessful efforts of acquiring life insurance policies. We adopted this accounting policy change retrospectively and, accordingly, our historical results have been adjusted to reflect all results on a consistent basis across all periods presented. See the table below for the impact on key metrics.

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.

3 of 15

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

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)	Mar 31, 2011			Jun 30, 2011			Sep 30, 2011			Dec 31, 2011			Mar 31, 2012			Jun 30, 2012			Sep 30, 2012			Dec 31, 2012
Condensed Balance Sheets
Assets:
Investments and cash	$	2,330,098		$	2,297,013		$	2,319,873		$	2,157,582		$	2,167,231		$	2,016,842		$	2,176,721		$	2,068,752
Due from reinsurers		3,769,599			3,793,995			3,818,759			3,855,318			3,895,162			3,903,028			3,993,603			4,005,194
Deferred policy acquisition costs		786,055			833,784			864,623			904,485			948,087			990,558			1,036,020			1,066,422
Other assets		582,079			567,482			586,647			525,836			522,123			540,010			597,465			556,669
Separate account assets		2,582,881			2,544,429			2,276,705			2,408,598			2,541,313			2,500,640			2,630,630			2,618,115
Total assets	$	10,050,712		$	10,036,703		$	9,866,607		$	9,851,820		$	10,073,917		$	9,951,077		$	10,434,439		$	10,315,153

Liabilities:
Future policy benefits	$	4,470,185		$	4,532,615		$	4,557,535		$	4,614,860		$	4,676,374		$	4,723,359		$	4,797,815		$	4,850,488
Other policy liabilities		604,487			588,202			589,826			589,542			606,793			593,956			595,382			606,310
Income taxes		100,666			84,859			87,950			81,316			88,503			82,755			96,408			91,887
Other liabilities		396,195			363,181			389,319			381,495			331,112			329,539			424,706			358,577
Notes payable		300,000			300,000			300,000			300,000			300,000			300,000			374,421			374,433
Payable under securities lending		186,089			163,342			185,483			149,358			142,507			143,963			177,666			139,927
Separate account liabilities		2,582,881			2,544,429			2,276,705			2,408,598			2,541,313			2,500,640			2,630,630			2,618,115
Total liabilities		8,640,502			8,576,628			8,386,817			8,525,169			8,686,602			8,674,211			9,097,028			9,039,737
Stockholders’ equity:
Common stock ($0.01 par value) (1)		732			736			737			649			653			599			597			564
Paid-in capital		1,016,973			1,021,338			1,026,265			835,232			842,613			693,717			691,885			602,269
Retained earnings		240,739			276,089			308,912			344,104			383,847			426,936			468,223			503,173
Treasury stock		—			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		96,542			105,646			99,257			97,082			107,598			107,187			119,836			114,958
Net unrealized investment losses other-than-temporarily impaired		(2,275	)		(2,275	)		(2,363	)		(1,665	)		(1,981	)		(2,031	)		(1,364	)		(1,035	)
Cumulative translation adjustment		57,498			58,541			46,982			51,248			54,584			50,457			58,234			55,488
Total stockholders’ equity		1,410,210			1,460,076			1,479,790			1,326,650			1,387,314			1,276,866			1,337,411			1,275,416
Total liabilities and stockholders' equity	$	10,050,712		$	10,036,703		$	9,866,607		$	9,851,820		$	10,073,917		$	9,951,077		$	10,434,439		$	10,315,153

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,315,943		$	1,356,704		$	1,382,895		$	1,231,233		$	1,281,697		$	1,171,709		$	1,218,939		$	1,161,494
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		96,542			105,646			99,257			97,082			107,598			107,187			119,836			114,958
Net unrealized investment losses other-than-temporarily impaired		(2,275	)		(2,275	)		(2,363	)		(1,665	)		(1,981	)		(2,031	)		(1,364	)		(1,035	)
Total reconciling items		94,268			103,372			96,894			95,417			105,617			105,156			118,472			113,923
Total stockholders’ equity	$	1,410,210		$	1,460,076		$	1,479,790		$	1,326,650		$	1,387,314		$	1,276,866		$	1,337,411		$	1,275,416

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	738,946		$	786,055		$	833,784		$	864,623		$	904,485		$	948,087		$	990,558		$	1,036,020
General expenses deferred		7,381			8,410			7,625			7,754			7,003			7,492			7,234			6,869
Commission costs deferred		56,822			62,091			61,785			58,793			60,116			66,540			61,238			60,349
Amortization of deferred policy acquisition costs		(23,229	)		(23,975	)		(26,645	)		(30,185	)		(26,531	)		(28,205	)		(29,234	)		(34,628	)
Foreign currency impact and other, net		6,135			1,203			(11,927	)		3,501			3,015			(3,356	)		6,223			(2,187	)
Balance, end of period	$	786,055		$	833,784		$	864,623		$	904,485		$	948,087		$	990,558		$	1,036,020		$	1,066,422

(1)	Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

																									YOY Q4											YOY YTD
(Dollars in thousands, except per-share data)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			Change			% Change		YTD 2011			YTD 2012			$ Change			%Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		72,671,481			73,457,333			73,658,253			69,366,432			65,133,035			61,530,879			60,059,741			57,415,577			(11,950,855	)	-17.2	%		72,283,068			61,059,404			(11,223,664	)	-15.5	%

Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	40,270		$	3,066		8.2	%	$	157,193		$	173,806		$	16,613		10.6	%
Less income attributable to unvested participating securities		(1,895	)		(1,097	)		(988	)		(1,111	)		(1,357	)		(1,110	)		(1,116	)		(1,026	)		84		7.6	%		(4,906	)		(4,650	)		256		5.2	%
Net income used in computing basic EPS	$	45,377		$	36,523		$	34,108		$	36,094		$	40,400		$	45,069		$	44,483		$	39,244		$	3,150		8.7	%	$	152,287		$	169,156		$	16,869		11.1	%
Basic earnings per share	$	0.62		$	0.50		$	0.46		$	0.52		$	0.62		$	0.73		$	0.74		$	0.68		$	0.16		31.4	%	$	2.11		$	2.77		$	0.66		31.5	%

Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	41,603		$	4,950		13.5	%	$	155,987		$	174,538		$	18,551		11.9	%
Less operating income attributable to unvested participating securities		(1,741	)		(1,126	)		(1,051	)		(1,094	)		(1,377	)		(1,093	)		(1,104	)		(1,061	)		34		3.1	%		(4,868	)		(4,670	)		199		4.1	%
Net operating income used in computing basic operating EPS	$	41,700		$	37,467		$	36,250		$	35,558		$	41,000		$	44,362		$	43,999		$	40,542		$	4,984		14.0	%	$	151,119		$	169,868		$	18,749		12.4	%
Basic operating income per share	$	0.57		$	0.51		$	0.49		$	0.51		$	0.63		$	0.72		$	0.73		$	0.71		$	0.19		37.7	%	$	2.09		$	2.78		$	0.69		33.1	%

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		72,671,481			73,457,333			73,658,253			69,366,432			65,133,035			61,530,879			60,059,741			57,415,577			(11,950,855	)	-17.2	%		72,283,068			61,059,404			(11,223,664	)	-15.5	%
Dilutive impact of warrants		1,154,597			743,814			541,184			802,787			1,141,687			1,155,701			1,502,853			1,519,844			717,057		89.3	%		823,497			1,341,887			518,390		62.9	%
Shares used to calculate diluted EPS		73,826,078			74,201,147			74,199,437			70,169,219			66,274,722			62,686,580			61,562,594			58,935,421			(11,233,798	)	-16.0	%		73,106,565			62,401,291			(10,705,274	)	-14.6	%

Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	40,270		$	3,066		8.2	%	$	157,193		$	173,806		$	16,613		10.6	%
Less income attributable to unvested participating securities		(1,867	)		(1,087	)		(982	)		(1,099	)		(1,335	)		(1,092	)		(1,092	)		(1,004	)		95		8.6	%		(4,855	)		(4,561	)		294		6.1	%
Net income used in computing diluted EPS	$	45,405		$	36,533		$	34,115		$	36,105		$	40,421		$	45,088		$	44,507		$	39,266		$	3,161		8.8	%	$	152,338		$	169,245		$	16,907		11.1	%
Diluted earnings per share	$	0.62		$	0.49		$	0.46		$	0.51		$	0.61		$	0.72		$	0.72		$	0.67		$	0.15		29.5	%	$	2.08		$	2.71		$	0.63		30.2	%

Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	41,603		$	4,950		13.5	%	$	155,987		$	174,538		$	18,551		11.9	%
Less operating income attributable to unvested participating securities		(1,715	)		(1,115	)		(1,044	)		(1,083	)		(1,355	)		(1,074	)		(1,080	)		(1,037	)		45		4.2	%		(4,818	)		(4,580	)		237		4.9	%
Net operating income used in computing diluted operating EPS	$	41,726		$	37,477		$	36,257		$	35,570		$	41,022		$	44,381		$	44,023		$	40,566		$	4,996		14.0	%	$	151,169		$	169,958		$	18,788		12.4	%
Diluted operating income per share	$	0.57		$	0.51		$	0.49		$	0.51		$	0.62		$	0.71		$	0.72		$	0.69		$	0.18		35.8	%	$	2.07		$	2.72		$	0.66		31.7	%

																									YOY Q4											YOY YTD
	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			Change			% Change		YTD 2011			YTD 2012			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,383,369		$	1,435,143		$	1,469,933		$	1,403,220		$	1,356,982		$	1,332,090		$	1,307,138		$	1,306,413		$	(96,807	)	-6.9	%	$	1,422,916		$	1,325,656		$	(97,260	)	-6.8	%
Average adjusted stockholders' equity	$	1,288,212		$	1,336,324		$	1,369,800		$	1,307,064		$	1,256,465		$	1,226,703		$	1,195,324		$	1,190,216		$	(116,848	)	-8.9	%	$	1,325,350		$	1,217,177		$	(108,173	)	-8.2	%

Net income return on stockholders' equity		13.7	%		10.5	%		9.6	%		10.6	%		12.3	%		13.9	%		14.0	%		12.3	%		1.7	%	nm			11.0	%		13.1	%		2.1	%	nm
Net income return on adjusted stockholders' equity		14.7	%		11.3	%		10.2	%		11.4	%		13.3	%		15.1	%		15.3	%		13.5	%		2.1	%	nm			11.9	%		14.3	%		2.4	%	nm

Net operating income return on adjusted stockholders' equity		13.5	%		11.6	%		10.9	%		11.2	%		13.5	%		14.8	%		15.1	%		14.0	%		2.8	%	nm			11.8	%		14.3	%		2.6	%	nm

Capital Structure
Debt-to-capital (1)		17.5	%		17.0	%		16.9	%		18.4	%		17.8	%		19.0	%		21.9	%		22.7	%		4.3	%	nm			18.4	%		22.7	%		4.3	%	nm

Cash and invested assets to stockholders' equity		1.7	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		1.6	x		(0.0x	)	nm			1.6	x		1.6	x		(0.0x	)	nm
Cash and invested assets to adjusted stockholders' equity		1.8	x		1.7	x		1.7	x		1.8	x		1.7	x		1.7	x		1.8	x		1.8	x		0.0	x	nm			1.8	x		1.8	x		0.0	x	nm

Share count, end of period (2)		73,187,837			73,603,111			73,740,120			64,882,643			65,303,547			59,868,486			59,722,559			56,373,795			(8,508,848	)	-13.1	%		64,882,643			56,373,795			(8,508,848	)	-13.1	%
Adjusted stockholders' equity per share	$	17.98		$	18.43		$	18.75		$	18.98		$	19.63		$	19.57		$	20.41		$	20.60		$	1.63		8.6	%	$	18.98		$	20.60		$	1.63		8.6	%

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

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

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Statements of Income

PRIMERICA, INC.

Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	552,069		$	560,881		$	560,739		$	555,778		$	561,037		$	570,073		$	567,273		$	569,591		$	13,813			2.5	%	$	2,229,467		$	2,267,975		$	38,508			1.7	%
Ceded premiums		(422,238	)		(435,564	)		(425,643	)		(419,630	)		(418,163	)		(415,814	)		(414,992	)		(414,783	)		4,847			1.2	%		(1,703,075	)		(1,663,753	)		39,322			2.3	%
Net premiums		129,831			125,317			135,096			136,148			142,874			154,259			152,282			154,808			18,660			13.7	%		526,392			604,222			77,830			14.8	%
Net investment income		28,626			27,229			27,103			25,644			26,097			23,605			26,882			24,221			(1,423	)		-5.5	%		108,601			100,804			(7,797	)		-7.2	%
Commissions and fees:
Sales-based (1)		43,128			44,904			42,244			40,086			44,467			47,269			43,120			50,142			10,055			25.1	%		170,362			184,998			14,635			8.6	%
Asset-based (2)		44,825			45,348			41,996			40,889			43,722			43,751			45,627			46,626			5,737			14.0	%		173,059			179,725			6,666			3.9	%
Account-based (3)		10,432			11,811			10,140			9,615			9,373			9,494			9,826			9,817			202			2.1	%		41,997			38,510			(3,487	)		-8.3	%
Other commissions and fees		7,731			6,635			6,502			6,693			6,343			6,248			5,764			6,188			(504	)		-7.5	%		27,560			24,543			(3,017	)		-10.9	%
Realized investment (losses) gains		327			2,035			(178	)		4,256			2,132			4,320			3,872			1,058			(3,198	)		-75.1	%		6,440			11,382			4,942			76.7	%
Other, net		11,452			11,816			12,887			12,526			11,594			11,581			11,715			11,642			(884	)		-7.1	%		48,681			46,532			(2,150	)		-4.4	%
Total revenues		276,352			275,095			275,790			275,855			286,601			300,525			299,087			304,501			28,646			10.4	%		1,103,093			1,190,715			87,622			7.9	%
Benefits and expenses:
Benefits and claims		57,635			57,272			64,101			63,688			67,933			68,925			70,738			71,151			7,463			11.7	%		242,696			278,747			36,051			14.9	%
Amortization of DAC		23,229			23,975			26,645			30,185			26,531			28,205			29,234			34,628			4,443			14.7	%		104,034			118,598			14,564			14.0	%
Insurance commissions		8,998			9,532			10,536			9,553			8,496			6,457			6,684			5,916			(3,636	)		-38.1	%		38,618			27,555			(11,064	)		-28.6	%
Insurance expenses		15,798			26,988			22,133			24,273			22,444			24,589			23,744			25,764			1,491			6.1	%		89,192			96,541			7,348			8.2	%
Sales commissions:
Sales-based (1)		30,553			31,389			29,640			26,805			31,600			33,285			30,521			34,508			7,703			28.7	%		118,387			129,914			11,527			9.7	%
Asset-based (2)		15,451			15,111			13,805			13,534			14,745			15,031			15,557			16,157			2,623			19.4	%		57,901			61,491			3,590			6.2	%
Other sales commissions		4,434			3,774			3,692			3,534			3,371			3,159			3,292			3,342			(192	)		-5.4	%		15,434			13,164			(2,270	)		-14.7	%
Interest expense		6,997			6,998			7,000			6,973			6,910			8,505			8,829			8,857			1,883			27.0	%		27,968			33,101			5,133			18.4	%
Other operating expenses		40,001			41,590			42,732			40,630			41,104			40,447			39,933			43,233			2,603			6.4	%		164,954			164,717			(237	)		-0.1	%
Total benefits and expenses		203,095			216,630			220,285			219,175			223,135			228,605			228,532			243,555			24,381			11.1	%		859,185			923,827			64,643			7.5	%
Income before income taxes		73,256			58,465			55,505			56,681			63,466			71,921			70,556			60,946			4,265			7.5	%		243,908			266,888			22,980			9.4	%
Income taxes		25,985			20,845			20,409			19,477			21,709			25,741			24,956			20,675			1,199			6.2	%		86,715			93,082			6,367			7.3	%
Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	40,270		$	3,066			8.2	%	$	157,193		$	173,806		$	16,613			10.6	%

Income Before Income Taxes by Segment
Term Life	$	49,716		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	44,246		$	7,201			19.4	%	$	162,450		$	188,829		$	26,379			16.2	%
Investment & Savings Products		31,039			30,470			26,746			28,821			28,869			29,444			31,608			31,194			2,373			8.2	%		117,076			121,116			4,040			3.5	%
Corporate & Other Distributed Products		(7,498	)		(8,032	)		(10,903	)		(9,185	)		(9,687	)		(9,246	)		(9,629	)		(14,495	)		(5,309	)		-57.8	%		(35,618	)		(43,057	)		(7,439	)		-20.9	%
Income before income taxes	$	73,256		$	58,465		$	55,505		$	56,681		$	63,466		$	71,921		$	70,556		$	60,946		$	4,265			7.5	%	$	243,908		$	266,888		$	22,980			9.4	%

(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

6 of 15

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

PRIMERICA, INC.

Financial Supplement


																										YOY Q4										YOY YTD
		Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change	% Change			YTD 2011			YTD 2012			$ Change	% Change
(Dollars in thousands)
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	267,296		$	273,060		$	275,968		$	271,600		$	284,469		$	296,206		$	295,215		$	303,443		$	31,844	11.7	%	$	1,087,924		$	1,179,333		$	91,409	8.4	%

Operating revenues reconciling items:
Realized investment gains/losses		327			2,035			(178	)		4,256			2,132			4,320			3,872			1,058			nm	nm			6,440			11,382			nm	nm
Ceded premiums - reinsurance recoveries		8,729			—			—			—			—			—			—			—			nm	nm			8,729			—			nm	nm
Total operating revenues reconciling items		9,056			2,035			(178	)		4,256			2,132			4,320			3,872			1,058			nm	nm			15,169			11,382			nm	nm

Total revenues	$	276,352		$	275,095		$	275,790		$	275,855		$	286,601		$	300,525		$	299,087		$	304,501		$	28,646	10.4	%	$	1,103,093			$1,190,715			$87,622	7.9	%


Reconciliation from Operating Income Before Income Taxes to Income Before Income Taxes
Operating income before income taxes	$	67,321		$	59,976		$	58,992		$	55,840		$	64,409		$	70,793		$	69,787		$	62,962		$	7,122	12.8	%	$	242,129		$	267,951		$	25,823	10.7	%

Operating income before income taxes reconciling items:
Realized investment gains/losses		327			2,035			(178	)		4,256			2,132			4,320			3,872			1,058			nm	nm			6,440			11,382			nm	nm
Ceded premiums - reinsurance recoveries		8,729			—			—			—			—			—			—			—			nm	nm			8,729			—			nm	nm
Initial & accelerated management / field grant expense		(3,120	)		(3,546	)		(3,309	)		(3,415	)		(3,075	)		(3,192	)		(3,104	)		(3,074	)		nm	nm			(13,389	)		(12,445	)		nm	nm
Total operating income before income taxes reconciling items		5,936			(1,510	)		(3,487	)		841			(943	)		1,128			768			(2,016	)		nm	nm			1,779			(1,063	)		nm	nm

Income before income taxes	$	73,256		$	58,465		$	55,505		$	56,681		$	63,466		$	71,921		$	70,556		$	60,946		$	4,265	7.5	%	$	243,908			$ 266,888			$22,980	9.4	%


Reconciliation from Net Operating Income to Net Income
Net operating income	$	43,441		$	38,592		$	37,301		$	36,652		$	42,377		$	45,455		$	45,103		$	41,603		$	4,950	13.5	%	$	155,987		$	174,538		$	18,551	11.9	%

Net operating income reconciling items:
Operating income before income taxes reconciling items		5,936			(1,510	)		(3,487	)		841			(943	)		1,128			768			(2,016	)		nm	nm			1,779			(1,063	)		nm	nm
Tax impact of operating income reconciling items at effective tax rate		(2,105	)		539			1,282			(289	)		323			(404	)		(272	)		684			nm	nm			(574	)		331			nm	nm
Total net operating income reconciling items		3,830			(972	)		(2,205	)		552			(621	)		724			497			(1,332	)		nm	nm			1,206			(732	)		nm	nm

Net income	$	47,272		$	37,620		$	35,096		$	37,204		$	41,756		$	46,179		$	45,600		$	40,270		$	3,066	8.2	%	$	157,193		$	173,806		$	16,613	10.6	%

7 of 15

Segment Operating Results

PRIMERICA, INC.

Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Term Life Insurance
Revenues:
Direct premiums	$	532,167		$	540,283		$	539,693		$	537,450		$	542,157		$	550,329		$	549,069		$	551,725		$	14,275			2.7	%	$	2,149,594		$	2,193,280		$	43,686			2.0	%
Ceded premiums		(427,382	)		(431,890	)		(421,933	)		(416,477	)		(414,559	)		(412,038	)		(411,240	)		(411,786	)		4,692			1.1	%		(1,697,682	)		(1,649,622	)		48,059			2.8	%
Net premiums		104,786			108,393			117,760			120,973			127,598			138,292			137,829			139,939			18,966			15.7	%		451,912			543,658			91,746			20.3	%
Allocated net investment income		15,794			15,669			15,664			15,560			16,659			16,685			18,395			17,282			1,722			11.1	%		62,688			69,022			6,334			10.1	%
Other, net		7,653			7,580			8,289			8,144			7,547			7,753			7,788			7,268			(876	)		-10.8	%		31,666			30,357			(1,309	)		-4.1	%
Operating revenues		128,233			131,641			141,713			144,678			151,805			162,730			164,012			164,490			19,812			13.7	%		546,266			643,037			96,771			17.7	%
Benefits and expenses:
Benefits and claims		47,351			43,921			52,067			53,820			57,509			59,984			60,733			61,120			7,300			13.6	%		197,159			239,346			42,187			21.4	%
Amortization of DAC		20,127			19,894			22,289			27,163			23,933			22,547			27,645			30,147			2,984			11.0	%		89,474			104,272			14,798			16.5	%
Insurance commissions		4,063			5,320			5,633			4,380			3,577			2,314			2,168			1,539			(2,841	)		-64.9	%		19,396			9,599			(9,797	)		-50.5	%
Insurance expenses		12,833			23,607			19,186			19,421			19,717			21,782			20,532			23,125			3,704			19.1	%		75,048			85,156			10,108			13.5	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,380			4,357			4,313			1,464			51.4	%		11,468			15,835			4,367			38.1	%
Operating benefits and expenses		87,246			95,615			102,050			107,633			107,521			111,008			115,435			120,244			12,610			11.7	%		392,545			454,208			61,663			15.7	%
Operating income before income taxes	$	40,987		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	44,246		$	7,201			19.4	%	$	153,721		$	188,829		$	35,108			22.8	%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	43,128		$	44,904		$	42,244		$	40,086		$	44,467		$	47,269		$	43,120		$	50,142		$	10,055			25.1	%	$	170,362		$	184,998		$	14,635			8.6	%
Asset-based		44,825			45,348			41,996			40,889			43,722			43,751			45,627			46,626			5,737			14.0	%		173,059			179,725			6,666			3.9	%
Account-based		10,432			11,811			10,140			9,615			9,373			9,494			9,826			9,817			202			2.1	%		41,997			38,510			(3,487	)		-8.3	%
Other, net		2,461			2,522			3,105			3,196			2,572			2,454			2,590			3,117			(79	)		-2.5	%		11,285			10,732			(552	)		-4.9	%
Operating revenues		100,846			104,586			97,486			93,786			100,133			102,967			101,163			109,701			15,915			17.0	%		396,703			413,965			17,262			4.4	%
Benefits and expenses:
Amortization of DAC		2,785			3,751			4,034			1,913			3,223			2,881			1,411			3,442			1,529			80.0	%		12,482			10,956			(1,526	)		-12.2	%
Insurance commissions		2,140			2,344			2,277			2,089			2,149			2,252			2,323			2,347			258			12.3	%		8,851			9,070			219			2.5	%
Sales commissions:
Sales-based		30,553			31,389			29,640			26,805			31,600			33,285			30,521			34,508			7,703			28.7	%		118,387			129,914			11,527			9.7	%
Asset-based		15,451			15,111			13,805			13,534			14,745			15,031			15,557			16,157			2,623			19.4	%		57,901			61,491			3,590			6.2	%
Other operating expenses		18,878			21,519			20,984			20,624			19,547			20,074			19,744			22,052			1,429			6.9	%		82,005			81,418			(588	)		-0.7	%
Operating benefits and expenses		69,807			74,115			70,740			64,964			71,264			73,523			69,556			78,506			13,542			20.8	%		279,626			292,849			13,222			4.7	%
Operating income before income taxes	$	31,039		$	30,470		$	26,746		$	28,821		$	28,869		$	29,444		$	31,608		$	31,194		$	2,373			8.2	%	$	117,076		$	121,116		$	4,040			3.5	%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	19,902		$	20,597		$	21,046		$	18,328		$	18,880		$	19,744		$	18,204		$	17,866		$	(461	)		-2.5	%	$	79,873		$	74,694		$	(5,178	)		-6.5	%
Ceded premiums		(3,585	)		(3,674	)		(3,710	)		(3,153	)		(3,604	)		(3,777	)		(3,752	)		(2,998	)		155			4.9	%		(14,122	)		(14,130	)		(9	)		-0.1	%
Net premiums		16,317			16,924			17,336			15,174			15,276			15,967			14,453			14,869			(306	)		-2.0	%		65,751			60,564			(5,187	)		-7.9	%
Allocated net investment income		12,831			11,560			11,439			10,083			9,437			6,919			8,487			6,939			(3,144	)		-31.2	%		45,914			31,782			(14,131	)		-30.8	%
Commissions and fees:
Loans		1,528			1,202			1,126			1,134			913			627			438			400			(734	)		-64.7	%		4,990			2,378			(2,612	)		-52.4	%
DebtWatchers		1,071			805			840			791			717			648			609			548			(242	)		-30.7	%		3,507			2,522			(984	)		nm
Prepaid Legal Services		2,619			2,345			2,329			2,321			2,289			2,266			2,364			2,318			(3	)		-0.1	%		9,614			9,236			(377	)		-3.9	%
Auto and Homeowners Insurance		1,687			1,507			1,427			1,606			1,689			1,836			1,271			1,791			184			11.5	%		6,228			6,588			360			5.8	%
Long-Term Care Insurance		825			775			764			835			724			650			746			765			(70	)		-8.4	%		3,200			2,885			(315	)		-9.8	%
Other sales commissions		1			0			16			5			12			222			334			367			361			nm			23			935			912			nm
Other, net		1,337			1,715			1,493			1,186			1,475			1,373			1,337			1,257			71			6.0	%		5,730			5,442			(289	)		-5.0	%
Operating revenues		38,216			36,833			36,770			33,136			32,531			30,508			30,039			29,253			(3,883	)		-11.7	%		144,955			122,331			(22,624	)		-15.6	%
Benefits and expenses:
Benefits and claims		10,284			13,352			12,034			9,867			10,424			8,941			10,004			10,031			164			1.7	%		45,537			39,401			(6,137	)		-13.5	%
Amortization of DAC		317			330			322			1,110			(625	)		2,778			178			1,040			(70	)		-6.3	%		2,078			3,371			1,292			62.2	%
Insurance commissions		2,794			1,867			2,626			3,084			2,770			1,891			2,194			2,031			(1,053	)		-34.1	%		10,371			8,886			(1,485	)		-14.3	%
Insurance expenses		2,965			3,381			2,947			4,851			2,727			2,807			3,213			2,638			(2,213	)		-45.6	%		14,145			11,385			(2,759	)		-19.5	%
Sales commissions		4,434			3,774			3,692			3,534			3,371			3,159			3,292			3,342			(192	)		-5.4	%		15,434			13,164			(2,270	)		-14.7	%
Interest expense		4,125			4,125			4,125			4,125			4,125			4,125			4,472			4,544			419			10.2	%		16,500			17,266			766			4.6	%
Other operating expenses		18,003			16,525			18,440			16,591			18,482			17,181			17,085			18,106			1,515			9.1	%		69,559			70,854			1,295			1.9	%
Operating benefits and expenses		42,922			43,354			44,186			43,162			41,275			40,882			40,437			41,731			(1,431	)		-3.3	%		173,624			164,326			(9,299	)		-5.4	%
Operating income before income taxes	$	(4,705	)	$	(6,521	)	$	(7,416	)	$	(10,026	)	$	(8,744	)	$	(10,374	)	$	(10,398	)	$	(12,478	)	$	(2,452	)		-24.5	%	$	(28,669	)	$	(41,994	)	$	(13,325	)		-46.5	%

8 of 15

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 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Revenues:
Direct premiums	$	532,167		$	540,283		$	539,693		$	537,450		$	542,157		$	550,329		$	549,069		$	551,725		$	14,275			2.7	%	$	2,149,594		$	2,193,280		$	43,686			2.0	%
Ceded premiums		(427,382	)		(431,890	)		(421,933	)		(416,477	)		(414,559	)		(412,038	)		(411,240	)		(411,786	)		4,692			1.1	%		(1,697,682	)		(1,649,622	)		48,059			2.8	%
Net premiums		104,786			108,393			117,760			120,973			127,598			138,292			137,829			139,939			18,966			15.7	%		451,912			543,658			91,746			20.3	%
Allocated net investment income		15,794			15,669			15,664			15,560			16,659			16,685			18,395			17,282			1,722			11.1	%		62,688			69,022			6,334			10.1	%
Other, net		7,653			7,580			8,289			8,144			7,547			7,753			7,788			7,268			(876	)		-10.8	%		31,666			30,357			(1,309	)		-4.1	%
Operating revenues		128,233			131,641			141,713			144,678			151,805			162,730			164,012			164,490			19,812			13.7	%		546,266			643,037			96,771			17.7	%
Benefits and expenses:
Benefits and claims		47,351			43,921			52,067			53,820			57,509			59,984			60,733			61,120			7,300			13.6	%		197,159			239,346			42,187			21.4	%
Amortization of DAC		20,127			19,894			22,289			27,163			23,933			22,547			27,645			30,147			2,984			11.0	%		89,474			104,272			14,798			16.5	%
Insurance commissions		4,063			5,320			5,633			4,380			3,577			2,314			2,168			1,539			(2,841	)		-64.9	%		19,396			9,599			(9,797	)		-50.5	%
Insurance expenses		12,833			23,607			19,186			19,421			19,717			21,782			20,532			23,125			3,704			19.1	%		75,048			85,156			10,108			13.5	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,380			4,357			4,313			1,464			51.4	%		11,468			15,835			4,367			38.1	%
Operating benefits and expenses		87,246			95,615			102,050			107,633			107,521			111,008			115,435			120,244			12,610			11.7	%		392,545			454,208			61,663			15.7	%
Operating income before income taxes	$	40,987		$	36,027		$	39,663		$	37,045		$	44,283		$	51,722		$	48,577		$	44,246		$	7,201			19.4	%	$	153,721		$	188,829		$	35,108			22.8	%

New Term Life Insurance Operating Income Before Income Taxes (1)
Revenues:
Direct premiums	$	46,771		$	56,581		$	64,655		$	71,240		$	79,146		$	88,860		$	94,133		$	99,458		$	28,218			39.6	%	$	239,247		$	361,596		$	122,349			51.1	%
Ceded premiums		(8,075	)		(9,320	)		(8,513	)		(8,753	)		(13,012	)		(14,450	)		(13,333	)		(14,041	)		(5,288	)		-60.4	%		(34,661	)		(54,835	)		(20,174	)		-58.2	%
Net premiums		38,697			47,261			56,142			62,487			66,134			74,410			80,800			85,417			22,930			36.7	%		204,586			306,761			102,175			49.9	%
Allocated net investment income		630			722			986			1,195			1,302			2,431			2,996			3,387			2,191			nm			3,534			10,115			6,581			nm
Other, net		7,614			7,605			8,287			8,151			7,501			7,671			7,778			7,243			(908	)		-11.1	%		31,657			30,193			(1,464	)		-4.6	%
Operating revenues		46,941			55,588			65,415			71,833			74,938			84,512			91,573			96,047			24,214			33.7	%		239,777			347,070			107,293			44.7	%
Benefits and expenses:
Benefits and claims		14,002			17,380			21,086			23,261			25,056			26,667			31,057			32,460			9,199			39.5	%		75,729			115,240			39,511			52.2	%
Amortization of DAC		9,249			8,324			11,193			14,893			14,674			12,117			17,199			20,033			5,140			34.5	%		43,659			64,022			20,363			46.6	%
Insurance commissions		3,737			5,052			5,366			4,123			3,364			1,965			1,806			1,177			(2,946	)		-71.5	%		18,278			8,313			(9,965	)		-54.5	%
Insurance expenses		21,976			32,353			28,054			28,915			28,133			29,911			29,043			31,271			2,356			8.1	%		111,298			118,358			7,060			6.3	%
Interest expense		—			—			—			—			—			266			303			334			334			nm			—			903			903			nm
Operating benefits and expenses		48,963			63,109			65,700			71,193			71,227			70,927			79,407			85,275			14,082			19.8	%		248,964			306,835			57,871			23.2	%
Operating income before income taxes	$	(2,023	)	$	(7,520	)	$	(284	)	$	640		$	3,711		$	13,585		$	12,166		$	10,772		$	10,132			nm		$	(9,187	)	$	40,234		$	49,421			nm

Legacy Term Life Insurance Operating Income Before Income Taxes (2)
Revenues:
Direct premiums	$	485,396		$	483,702		$	475,038		$	466,211		$	463,011		$	461,470		$	454,936		$	452,267		$	(13,943	)		-3.0	%	$	1,910,347		$	1,831,684		$	(78,663	)		-4.1	%
Ceded premiums		(419,307	)		(422,570	)		(413,421	)		(407,724	)		(401,548	)		(397,588	)		(397,907	)		(397,745	)		9,979			2.4	%		(1,663,021	)		(1,594,787	)		68,234			4.1	%
Net premiums		66,089			61,132			61,618			58,487			61,464			63,882			57,029			54,522			(3,964	)		-6.8	%		247,326			236,897			(10,429	)		-4.2	%
Allocated net investment income		15,164			14,947			14,678			14,365			15,357			14,255			15,400			13,895			(470	)		-3.3	%		59,154			58,907			(247	)		-0.4	%
Other, net		39			(26	)		2			(7	)		46			82			10			25			32			nm			9			164			155			nm
Operating revenues		81,293			76,053			76,298			72,845			76,867			78,218			72,439			68,443			(4,402	)		-6.0	%		306,489			295,967			(10,521	)		-3.4	%
Benefits and expenses:
Benefits and claims		33,349			26,541			30,981			30,560			32,453			33,317			29,676			28,660			(1,900	)		-6.2	%		121,430			124,106			2,676			2.2	%
Amortization of DAC		10,878			11,571			11,096			12,270			9,259			10,430			10,446			10,114			(2,156	)		-17.6	%		45,815			40,250			(5,565	)		-12.1	%
Insurance commissions		327			268			267			257			213			349			362			362			106			41.1	%		1,118			1,286			168			15.0	%
Insurance expenses		9,366			9,466			9,014			7,989			9,162			9,164			8,557			8,682			693			8.7	%		35,834			35,565			(269	)		-0.8	%
Insurance expense allowance		(18,508	)		(18,212	)		(17,883	)		(17,483	)		(17,579	)		(17,293	)		(17,068	)		(16,827	)		655			3.7	%		(72,085	)		(68,767	)		3,317			4.6	%
Interest expense		2,872			2,873			2,875			2,848			2,785			4,114			4,054			3,979			1,130			39.7	%		11,468			14,932			3,465			30.2	%
Operating benefits and expenses		38,283			32,506			36,351			36,441			36,294			40,082			36,028			34,969			(1,472	)		-4.0	%		143,581			147,372			3,792			2.6	%
Operating income before income taxes	$	43,010		$	43,547		$	39,947		$	36,405		$	40,573		$	38,137		$	36,411		$	33,474		$	(2,930	)		-8.0	%	$	162,908		$	148,595		$	(14,313	)		-8.8	%

(1)		Represents results associated with business written subsequent to the 2010 Citi reinsurance transactions.
(2)		Represents results associated with business subject to the 2010 Citi reinsurance transactions.

9 of 15

TERM LIFE INSURANCE - Key Statistics and Financial Analysis

PRIMERICA, INC.

Financial Supplement

																									YOY Q4											YOY YTD
(Dollars in thousands, except as noted)	Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change		YTD 2011			YTD 2012			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period		94,850			92,212			90,519			91,970			91,176			89,651			90,868			91,506			(464	)	-0.5	%		94,850			91,176			(3,674	)	-3.9	%
New life-licensed representatives		7,145			8,061			10,334			8,171			7,650			9,786			8,613			8,376			205		2.5	%		33,711			34,425			714		2.1	%
Non-renewal and terminated representatives		(9,783	)		(9,754	)		(8,883	)		(8,965	)		(9,175	)		(8,569	)		(7,975	)		(7,509	)		1,456		16.2	%		(37,385	)		(33,228	)		4,157		11.1	%
Life-insurance licensed sales force, end of period		92,212			90,519			91,970	(6)		91,176			89,651			90,868			91,506			92,373			1,197		1.3	%		91,176			92,373			1,197		1.3	%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	41.1		$	47.5		$	50.1		$	48.9		$	44.7		$	47.8		$	41.8		$	41.7		$	(7.2	)	-14.7	%	$	187.6		$	176.1		$	(11.5	)	-6.1	%
Additions and increases in premium		10.4			11.4			11.5			11.6			10.7			11.4			11.6			11.8			0.2		1.9	%		44.9			45.5			0.5		1.2	%
Total estimated annualized issued term life premium	$	51.5		$	58.9		$	61.7		$	60.4		$	55.4		$	59.2		$	53.4		$	53.5		$	(7.0	)	-11.5	%	$	232.5		$	221.5		$	(11.0	)	-4.7	%

Issued term life policies		51,281			59,826			65,067			61,361			56,145			60,583			53,506			52,324			(9,037	)	-14.7	%		237,535			222,558			(14,977	)	-6.3	%
Estimated average annualized issued term life premium per policy (1)(2)	$	802		$	794		$	771		$	796		$	797		$	790		$	782		$	796		$	0		nm		$	790		$	791		$	1		0.2	%

Term life face amount in-force, beginning of period ($mills)	$	656,791		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132		$	2,949		0.4	%	$	656,791		$	664,955		$	8,164		1.2	%
Issued term life face amount (3)		16,735			18,974			18,885			18,552			16,983			18,307			16,345			16,418			(2,134	)	-11.5	%		73,146			68,053			(5,093	)	-7.0	%
Terminated term life face amount		(17,247	)		(14,724	)		(16,221	)		(18,760	)		(16,307	)		(14,322	)		(15,566	)		(15,398	)		3,362		17.9	%		(66,951	)		(61,593	)		5,358		8.0	%
Foreign currency impact, net		2,244			843			(98	)		(1,019	)		(1,208	)		(384	)		329			260			1,279		nm			1,970			(1,003	)		(2,973	)	nm
Term life face amount in-force, end of period	$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132		$	670,412		$	5,457		0.8	%	$	664,955		$	670,412		$	5,457		0.8	%


New Term Life Insurance - Financial Analysis

Direct premium	$	46,771		$	56,581		$	64,655		$	71,240		$	79,146		$	88,860		$	94,133		$	99,458			28,218		39.6	%	$	239,247		$	361,596		$	122,349		51.1	%

New term life operating income before income taxes	$	(2,023	)	$	(7,520	)	$	(284	)	$	640		$	3,711		$	13,585		$	12,166		$	10,772			10,132		nm		$	(9,187	)	$	40,234		$	49,421		nm
% of direct premium		-4.3	%		-13.3	%		-0.4	%		0.9	%		4.7	%		15.3	%		12.9	%		10.8	%	nm			nm			-3.8	%		11.1	%	nm			nm

Benefits & expenses, net (4)	$	35,063		$	40,076		$	46,158		$	51,030		$	56,105		$	55,199		$	63,395		$	67,710			16,680		32.7	%	$	172,327		$	242,410		$	70,083		40.7	%
% of direct premium		75.0	%		70.8	%		71.4	%		71.6	%		70.9	%		62.1	%		67.3	%		68.1	%	nm			nm			72.0	%		67.0	%	nm			nm

Insurance expenses, net (5)	$	14,362		$	24,747		$	19,768		$	20,764		$	20,632		$	22,240		$	21,265		$	24,028			3,264		15.7	%	$	79,641		$	88,164		$	8,523		10.7	%
% of direct premium		30.7	%		43.7	%		30.6	%		29.1	%		26.1	%		25.0	%		22.6	%		24.2	%	nm			nm			33.3	%		24.4	%	nm			nm


Legacy Term Life Insurance - Financial Analysis

Direct premium	$	485,396		$	483,702		$	475,038		$	466,211		$	463,011		$	461,470		$	454,936		$	452,267			(13,943	)	-3.0	%	$	1,910,347		$	1,831,684		$	(78,663	)	-4.1	%

Legacy term life operating income before income taxes	$	43,010		$	43,547		$	39,947		$	36,405		$	40,573		$	38,137		$	36,411		$	33,474			(2,930	)	-8.0	%	$	162,908		$	148,595		$	(14,313	)	-8.8	%
% of direct premium		8.9	%		9.0	%		8.4	%		7.8	%		8.8	%		8.3	%		8.0	%		7.4	%	nm			nm			8.5	%		8.1	%	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)	Reflects a change in methodology for terminating representatives that was implemented in the fourth quarter of 2011.

10 of 15

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 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change			YTD 2011			YTD 2012			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	43,128		$	44,904		$	42,244		$	40,086		$	44,467		$	47,269		$	43,120		$	50,142		$	10,055			25.1	%	$	170,362		$	184,998		$	14,635			8.6	%
Asset-based		44,825			45,348			41,996			40,889			43,722			43,751			45,627			46,626			5,737			14.0	%		173,059			179,725			6,666			3.9	%
Account-based		10,432			11,811			10,140			9,615			9,373			9,494			9,826			9,817			202			2.1	%		41,997			38,510			(3,487	)		-8.3	%
Other, net		2,461			2,522			3,105			3,196			2,572			2,454			2,590			3,117			(79	)		-2.5	%		11,285			10,732			(552	)		-4.9	%
Operating revenues		100,846			104,586			97,486			93,786			100,133			102,967			101,163			109,701			15,915			17.0	%		396,703			413,965			17,262			4.4	%
Benefits and expenses:
Amortization of DAC		2,785			3,751			4,034			1,913			3,223			2,881			1,411			3,442			1,529			80.0	%		12,482			10,956			(1,526	)		-12.2	%
Insurance commissions		2,140			2,344			2,277			2,089			2,149			2,252			2,323			2,347			258			12.3	%		8,851			9,070			219			2.5	%
Sales commissions:
Sales-based		30,553			31,389			29,640			26,805			31,600			33,285			30,521			34,508			7,703			28.7	%		118,387			129,914			11,527			9.7	%
Asset-based		15,451			15,111			13,805			13,534			14,745			15,031			15,557			16,157			2,623			19.4	%		57,901			61,491			3,590			6.2	%
Other operating expenses		18,878			21,519			20,984			20,624			19,547			20,074			19,744			22,052			1,429			6.9	%		82,005			81,418			(588	)		-0.7	%
Operating benefits and expenses		69,807			74,115			70,740			64,964			71,264			73,523			69,556			78,506			13,542			20.8	%		279,626			292,849			13,222			4.7	%
Operating income before income taxes	$	31,039		$	30,470		$	26,746		$	28,821		$	28,869		$	29,444		$	31,608		$	31,194		$	2,373			8.2	%	$	117,076		$	121,116		$	4,040			3.5	%


Key Statistics
Product sales ($mills)
Retail Mutual Funds	$	646.0		$	603.1		$	498.3		$	482.5		$	611.9		$	589.6		$	545.7		$	598.5		$	116.0			24.0	%	$	2,229.9		$	2,345.8		$	115.9			5.2	%
Variable Annuities and other		344.6			458.0			483.4			388.4			428.9			500.3			445.2			527.4			139.1			35.8	%		1,674.4			1,901.9			227.4			13.6	%
Total sales-based revenue generating product sales		990.6			1,061.1			981.7			870.9			1,040.8			1,090.0			990.9			1,126.0			255.1			29.3	%		3,904.3			4,247.6			343.3			8.8	%
Managed Mutual Funds		—			0.2			11.8			16.6			23.1			39.6			37.3			35.8			19.2			115.4	%		28.6			135.8			107.2		nm
Segregated Funds		123.1			74.2			66.6			68.4			123.7			64.3			63.5			77.3			8.9			13.0	%		332.2			328.8			(3.3	)		-1.0	%
Total product sales	$	1,113.7		$	1,135.5		$	1,060.0		$	955.8		$	1,187.7		$	1,193.9		$	1,091.7		$	1,239.0		$	283.2			29.6	%	$	4,265.1		$	4,712.2		$	447.2			10.5	%

Client asset values, beginning of period ($mills)	$	34,869		$	36,187		$	36,020		$	31,623		$	33,664		$	36,279		$	35,286		$	36,903		$	5,280			16.7	%	$	34,869		$	33,664		$	(1,205	)		-3.5	%
Inflows		1,114			1,136			1,060			956			1,188			1,194			1,092			1,239			283			29.6	%		4,265			4,712			447			10.5	%
Outflows (1)		(1,083	)		(1,118	)		(1,091	)		(983	)		(1,233	)		(1,144	)		(1,014	)		(1,052	)		(69	)		-7.0	%		(4,275	)		(4,442	)		(167	)		-3.9	%
Net flows		31			18			(31	)		(27	)		(45	)		50			78			187			214		nm				(10	)		270			280		nm
Change in market value, net and other (2)		1,288			(185	)		(4,365	)		2,068			2,660			(1,043	)		1,540			296			(1,772	)	nm				(1,195	)		3,453			4,648		nm
Client asset values, end of period	$	36,187		$	36,020		$	31,623		$	33,664		$	36,279		$	35,286		$	36,903		$	37,386		$	3,723			11.1	%	$	33,664		$	37,386		$	3,723			11.1	%

Average client asset values ($mills)
Retail Mutual Funds	$	24,882		$	25,330		$	23,500		$	22,583		$	23,694		$	23,724		$	23,750		$	24,198		$	1,615			7.2	%	$	24,074		$	23,842		$	(232	)		-1.0	%
Managed Mutual Funds		—			0			21			104			212			326			425			528			424		nm				31			373			341		nm
Variable Annuities and other		8,242			8,588			8,192			8,083			8,717			8,972			9,245			9,661			1,579			19.5	%		8,276			9,149			873			10.5	%
Segregated Funds		2,477			2,545			2,479			2,454			2,499			2,527			2,542			2,596			142			5.8	%		2,489			2,541			52			2.1	%
Total	$	35,602		$	36,463		$	34,192		$	33,224		$	35,122		$	35,550		$	35,962		$	36,983		$	3,759			11.3	%	$	34,870		$	35,904		$	1,034			3.0	%

Average number of fee-generating accounts (thous) (3)		2,662			2,611			2,626			2,611			2,584			2,583			2,552			2,547			(64	)		-2.4	%		2,627			2,567			(61	)		-2.3	%


Financial Analysis

Sales-based net revenue as % of sales (4)		1.27	%		1.27	%		1.28	%		1.53	%		1.24	%		1.28	%		1.27	%		1.39	%	nm			nm				1.33	%		1.30	%	nm			nm

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

Account-based revenue per average fee generating account (6)	$	3.92		$	4.52		$	3.86		$	3.68		$	3.63		$	3.67		$	3.85		$	3.85		nm			nm			$	15.98		$	15.00		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 8% 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

11 of 15

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

	As of or for the period ended December 31, 2012
									% 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	$	112,216		$	112,216	$	-			5.5	%		6.0	%

Fixed Income:
Treasury		28,777			25,781		2,996			1.4	%		1.4	%		3.16	%	AAA
Government		124,210			106,797		17,412			6.1	%		5.7	%		4.58	%	AA
Tax-Exempt Municipal		8,020			7,738		282			0.4	%		0.4	%		3.25	%	AA
Corporate		1,262,557			1,138,531		124,026			61.8	%		61.2	%		5.53	%	BBB+
Mortgage-Backed		185,137			168,947		16,191			9.1	%		9.1	%		5.55	%	AAA
Asset-Backed		44,887			45,734		(847	)		2.2	%		2.5	%		1.45	%	AA+
CMBS		103,900			96,370		7,530			5.1	%		5.2	%		4.79	%	AAA
Private		125,845			117,807		8,038			6.2	%		6.3	%		5.72	%	BBB
Redeemable Preferred		2,024			2,632		(608	)		0.1	%		0.1	%		29.28	%	BBB+
Convertible		9,417			9,005		412			0.5	%		0.5	%		3.30	%	A
Total Fixed Income		1,894,776			1,719,344		175,432			92.7	%		92.4	%		5.32	%	A

Equities:
Perpetual Preferred		6,189			5,585		604			0.3	%		0.3	%
Common Stock		12,702			9,851		2,851			0.6	%		0.5	%
Mutual Fund		8,029			4,291		3,738			0.4	%		0.2	%
Other		10,227			10,227		0			0.5	%		0.5	%
Total Equities		37,147			29,955		7,192			1.8	%		1.6	%

Total Invested Assets	$	2,044,139		$	1,861,515	$	182,624			100.0	%		100.0	%

Corporate Portfolio by Sector

Consumer Non Cyclical	$	142,518		$	124,400	$	18,118			11.3	%		10.9	%
Electric		126,372			108,842		17,530			10.0	%		9.6	%
Reits		122,160			111,831		10,329			9.7	%		9.8	%
Basic Industry		110,846			101,485		9,361			8.8	%		8.9	%
Banking		104,690			97,392		7,298			8.3	%		8.6	%
Insurance		94,989			85,755		9,234			7.5	%		7.5	%
Energy		91,703			81,433		10,270			7.3	%		7.2	%
Capital Goods		86,254			78,451		7,803			6.8	%		6.9	%
Technology		70,345			66,011		4,334			5.6	%		5.8	%
Communications		69,265			61,804		7,461			5.5	%		5.4	%
Natural Gas		63,106			55,818		7,288			5.0	%		4.9	%
Consumer Cyclical		58,940			54,388		4,552			4.7	%		4.8	%
Industrial Other		32,314			30,351		1,963			2.6	%		2.7	%
Finance Companies		31,296			27,427		3,868			2.5	%		2.4	%
Transportation		22,606			20,348		2,258			1.8	%		1.8	%
Brokerage		17,865			16,291		1,575			1.4	%		1.4	%
Financial Other		12,212			11,506		705			1.0	%		1.0	%
Utility Other		5,078			4,999		79			0.4	%		0.4	%
Total Corporate portfolio	$	1,262,557		$	1,138,531	$	124,026			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
< 1 Yr.	$	190,993		$	184,860	$	6,132			10.1	%		10.8	%		5.68	%
1-2 Yrs.		277,071			260,405		16,666			14.6	%		15.1	%		5.36	%
2-5 Yrs.		608,445			555,730		52,714			32.1	%		32.3	%		5.07	%
5-10 Yrs.		761,879			669,923		91,956			40.2	%		39.0	%		5.43	%
> 10 Yrs.		56,388			48,425		7,963			3.0	%		2.8	%		5.03	%
Total Fixed Income	$	1,894,776		$	1,719,344	$	175,432			100.0	%		100.0	%		5.32	%

Duration

Fixed Income portfolio duration		3.9	years

12 of 15

Investment Portfolio - Quality Ratings As of December 31, 2012

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
				Amortized Cost	% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	317,104	18.4	%
	AA			132,021	7.7	%
	A			403,029	23.4	%
	BBB			777,719	45.2	%
	Below Investment Grade			88,422	5.1	%
	NA			1,049	0.1	%
		Total Fixed Income	$	1,719,344	100.0	%




				Amortized Cost	% of Total						Amortized Cost	% of Total
Corporate asset class:							Private asset class:
	Rating							Rating
	AAA		$	350	0.0	%		AAA		$	172	0.1	%
	AA			66,759	5.9	%		AA			6,378	5.4	%
	A			334,802	29.4	%		A			14,276	12.1	%
	BBB			664,145	58.3	%		BBB			87,685	74.4	%
	Below Investment Grade			72,130	6.3	%		Below Investment Grade			8,659	7.4	%
	NA			346	0.0	%		NA			637	0.5	%
		Total Corporate	$	1,138,531	100.0	%			Total Private	$	117,807	100.0	%



CMBS asset class:							Mortgage-Backed asset class:
	Rating							Rating
	AAA		$	80,958	84.0	%		AAA		$	152,851	90.5	%
	AA			7,245	7.5	%		AA			179	0.1	%
	A			5,576	5.8	%		A			7,812	4.6	%
	BBB			2,000	2.1	%		BBB			2,665	1.6	%
	Below Investment Grade			589	0.6	%		Below Investment Grade			5,440	3.2	%
	NA			2	0.0	%		NA			-	—
		Total CMBS	$	96,370	100.0	%			Total Mortgage-Backed	$	168,947	100.0	%



Asset-Backed asset class:							Treasury & Government asset classes:
	Rating							Rating
	AAA		$	35,050	76.6	%		AAA		$	47,101	35.5	%
	AA			636	1.4	%		AA			44,802	33.8	%
	A			3,475	7.6	%		A			30,058	22.7	%
	BBB			5,000	10.9	%		BBB			10,618	8.0	%
	Below Investment Grade			1,573	3.4	%		Below Investment Grade			-	—
	NA			-	—			NA			-	—
		Total Asset-Backed	$	45,734	100.0	%			Total Treasury & Government	$	132,578	100.0	%



NAIC Designations

	1		$	709,397	46.2	%
	2			745,912	48.5	%
	3			57,314	3.7	%
	4			21,524	1.4	%
	5			500	0.0	%
	6			2,220	0.1	%
		U.S. Insurer Fixed Income (2)		1,536,867	100.0	%
	Other (3)			212,431
	Cash and cash equivalents			112,216
		Total Invested Assets	$	1,861,515

(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

13 of 15

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

																												YOY Q4
(Dollars in thousands)				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			$ Change			% Change
Net Investment Income by Source
	Bonds & notes			$	29,014		$	27,462		$	27,413		$	26,019		$	25,762		$	23,797		$	26,601		$	24,360		$	(1,659	)	-6.4%
	Preferred and common stocks				188			165			170			194			223			244			245			339			145		74.7%
	Deposit asset underlying 10% reinsurance treaty				508			650			449			412			1,030			574			986			315			(97	)	-23.5%
	Policy loans				347			306			441			326			314			223			275			325			(1	)	nm
	Cash & cash equivalents				70			65			63			109			135			111			101			106			(3	)	-2.8%
	Other				(19	)		13			—			—			37			38			40			—			—		nm
			Total investment income		30,108			28,662			28,536			27,060			27,500			24,987			28,248			25,445			(1,615	)	-6.0%
	Investment expenses				1,482			1,433			1,433			1,417			1,403			1,382			1,367			1,224			(193	)	-13.6%
			Net investment income	$	28,626		$	27,229		$	27,103		$	25,643		$	26,097		$	23,605		$	26,881		$	24,221		$	(1,422	)	-5.5%
		Fixed income book yield, end of period			5.30	%		5.38	%		5.33	%		5.52	%		5.46	%		5.48	%		5.30	%		5.32	%
		New money yield			2.72	%		4.45	%		2.42	%		3.69	%		2.69	%		3.46	%		2.64	%		2.94	%

																												YOY Q4
				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				26.1	%		25.3	%		24.9	%		23.5	%		23.1	%		21.2	%		19.8	%		18.4	%		-5.1%
	AA				9.5	%		9.8	%		9.9	%		8.3	%		8.5	%		7.6	%		8.3	%		7.7	%		-0.6%
	A				22.4	%		22.6	%		22.6	%		23.7	%		23.3	%		23.4	%		23.7	%		23.4	%		-0.2%
	BBB				35.8	%		35.9	%		35.9	%		37.6	%		38.8	%		41.3	%		42.8	%		45.2	%		7.7%
	Below Investment Grade				6.2	%		6.3	%		6.6	%		6.9	%		6.3	%		6.4	%		5.2	%		5.1	%		-1.8%
	NA				0.0	%		0.1	%		0.0	%		0.0	%		0.1	%		0.1	%		0.2	%		0.1	%		0.0%
			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, 2012								As of December 31, 2012							As of December 31, 2012
			Market Value			Amortized Cost			Credit Rating		Market Value			Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures										Foreign Exposure (1)							Government Investments (1)

	1	Canada	$	31,225		$	28,455		AAA	United Kingdom		$	72,056		$	66,460	AAA	$	--		$	--
	2	General Electric Co		26,800			22,761		A	Canada			52,088			47,685	AA		8,902			8,002
	3	International Business Machines		13,470			12,323		AA-	Australia			46,290			41,632	A		14,285			12,749
	4	Bank of America Corp		12,136			11,126		BBB	France			24,445			22,998	BBB		12,292			10,618
	5	Province of Ontario Canada		11,741			9,412		AA-	Brazil			20,511			18,061	Below Investment Grade		--			--
	6	National Rural Utilities Cooperative		10,574			7,188		A+	Netherlands			17,680			15,212	NA		--			--
	7	Iberdrola SA		10,570			9,447		BBB+	Germany			17,614			16,240	Total	$	35,479		$	31,368
	8	Prologis Inc		10,412			9,415		BBB-	Ireland			14,302			12,743
	9	Verizon Communications Inc		9,515			8,535		A-	Republic of Korea			13,618			12,534
	10	Province of Quebec Canada		8,794			7,043		A+	Spain			12,554			12,598	Non-Government Investments (1)
	11	Ventas Inc		8,440			8,103		BBB	Italy			12,256			11,710
	12	Roche Holding AG		8,136			6,569		A+	Switzerland			10,113			8,467	AAA	$	--		$	--
	13	Phillips 66		8,134			6,963		BBB	Mexico			9,046			8,209	AA		24,457			21,888
	14	Vale SA		8,007			7,098		BBB	Luxembourg			8,097			7,194	A		112,054			101,459
	15	Washington Real Estate Investments		7,920			7,314		BBB	Bermuda			7,893			7,132	BBB		199,143			184,459
	16	ArcelorMittal		7,911			7,029		BB+	Emerging Markets (2)			12,635			11,499	Below Investment Grade		20,953			20,019
	17	Altria Group Inc		7,841			5,919		BBB	All Other			44,731			41,148	NA		3,843			2,329
	18	Prudential Financial Inc		7,721			6,810		BBB	Total		$	395,928		$	361,522	Total	$	360,449		$	330,154
	19	Tesco PLC		7,547			6,320		BBB+
	20	Enel SpA		7,398			6,977		BBB
	21	Liberty Property Trust		7,140			6,721		BBB
	22	MetLife Inc		7,109			6,639		A+
	23	Republic of Korea		7,056			6,371		A+
	24	TransCanada Corp		7,024			6,337		A-
	25	Duke Realty Corp		6,828			6,252		BBB
		Total	$	259,449		$	227,127

		% of total fixed income portfolio		12.7	%		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, Peru, Poland and South Africa

14 of 15

Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in millions)	2008			2009			2010			2011			2012				Q1 2011			Q2 2011			Q3 2011			Q4 2011			Q1 2012			Q2 2012			Q3 2012			Q4 2012


Recruits		235,125			221,920			231,390			244,756			191,752			52,813			65,138			83,074			43,731			58,551			48,976			47,639			36,586


Life-insurance licensed sales force, beginning of period		97,125			100,651			99,785			94,850			91,176			94,850			92,212			90,519			91,970			91,176			89,651			90,868			91,506
New life-licensed representatives		39,383			37,629			34,488			33,711			34,425			7,145			8,061			10,334			8,171			7,650			9,786			8,613			8,376
Non-renewal and terminated representatives		(35,857	)		(38,495	)		(39,423	)		(37,385	)		(33,228	)		(9,783	)		(9,754	)		(8,883	)		(8,965	)		(9,175	)		(8,569	)		(7,975	)		(7,509	)
Life-insurance licensed sales force, end of period		100,651			99,785			94,850			91,176			92,373			92,212			90,519			91,970			91,176			89,651			90,868			91,506			92,373


Issued term life policies		241,173			233,837			223,514			237,535			222,558			51,281			59,826			65,067			61,361			56,145			60,583			53,506			52,324


Issued term life face amount	$	87,279		$	80,497		$	74,401		$	73,146		$	68,053		$	16,735		$	18,974		$	18,885		$	18,552		$	16,983		$	18,307		$	16,345		$	16,418


Term life face amount in force, beginning of period	$	632,086		$	633,467		$	650,195		$	656,791		$	664,955			656,791		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132
Issued term life face amount		87,279			80,497			74,401			73,146			68,053			16,735			18,974			18,885			18,552			16,983			18,307			16,345			16,418
Terminated term life face amount		(72,008	)		(74,642	)		(70,964	)		(66,951	)		(61,593	)		(17,247	)		(14,724	)		(16,221	)		(18,760	)		(16,307	)		(14,322	)		(15,566	)		(15,398	)
Foreign currency impact, net		(13,891	)		10,873			3,158			1,970			(1,003	)		2,244			843			(98	)		(1,019	)		(1,208	)		(384	)		329			260
Term life face amount in force, end of period	$	633,467		$	650,195		$	656,791		$	664,955		$	670,412		$	658,523		$	663,617		$	666,182		$	664,955		$	664,423		$	668,024		$	669,132		$	670,412


Estimated annualized issued term life premium
Premium from new policies	$	205.0		$	193.7		$	180.8		$	187.6		$	176.1		$	41.1		$	47.5		$	50.1		$	48.9		$	44.7		$	47.8		$	41.8		$	41.7
Additions and increases in premium		43.0			42.6			44.6			44.9			45.5			10.4			11.4			11.5			11.6			10.7			11.4			11.6			11.8
Total estimated annualized issued term life premium	$	248.0		$	236.3		$	225.4		$	232.5		$	221.5		$	51.5		$	58.9		$	61.7		$	60.4		$	55.4		$	59.2		$	53.4		$	53.5


Investment & Savings product sales	$	4,458.4		$	3,006.6		$	3,623.6		$	4,265.1		$	4,712.2		$	1,113.7		$	1,135.5		$	1,060.0		$	955.8		$	1,187.7		$	1,193.9		$	1,091.7		$	1,239.0

Investment & Savings average client asset values	$	32,763		$	26,845		$	31,908		$	34,870		$	35,904		$	35,602		$	36,463		$	34,192		$	33,224		$	35,122		$	35,550		$	35,962		$	36,983

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Attached files

Primerica, Inc. Reports

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