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

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8-K - PRIMERICA, INC. 8-K - Primerica, Inc.	a51154842.htm
EX-99.1 - EXHIBIT 99.1 - Primerica, Inc.	a51154842ex99_1.htm

Exhibit 99.2

Supplemental Financial Information
Second Quarter 2015

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, financial analysis, and key statistics	11-12

Investment portfolio	13-15

Five-year historical key statistics	16

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, 2014.

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Preface

PRIMERICA, INC.

Financial Supplement

SECOND QUARTER 2015

This document is a financial supplement to our second quarter 2015 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 three different purposes, as follows:

●	Operating adjustments exclude the impact of realized investment gains and losses and the impact of entering into Co-CEOs transition agreements as described in our Form 8-K dated January 2, 2015.

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

●	Citi reinsurance transaction adjustments relate to transactions in the first quarter of 2010, where we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) that were executed concurrent with our IPO.

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.

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 16

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

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)	Dec 31, 2013			Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Mar 31, 2015			Jun 30, 2015
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	1,984,592		$	2,014,610		$	2,042,834		$	2,039,759		$	2,040,832		$	2,056,975		$	1,965,675
Securities held to maturity		—			—			—			189,830			220,000			238,000			328,000
Total investments and cash		1,984,592			2,014,610			2,042,834			2,229,589			2,260,832			2,294,975			2,293,675
Due from reinsurers		4,055,054			4,074,527			4,077,734			4,130,637			4,115,533			4,094,456			4,137,425
Deferred policy acquisition costs		1,208,466			1,242,983			1,293,974			1,321,415			1,351,180			1,377,022			1,430,508
Other assets		578,009			597,265			597,348			591,895			570,267			571,496			594,592
Separate account assets		2,503,829			2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980
Total assets	$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114		$	10,724,214		$	10,781,181

Liabilities:
Future policy benefits	$	5,063,103		$	5,103,278		$	5,180,013		$	5,214,878		$	5,264,608		$	5,289,016		$	5,361,580
Other policy liabilities		593,084			585,217			576,737			630,248			610,057			602,291			606,989
Income taxes		105,885			127,906			137,797			136,065			140,467			157,684			156,212
Other liabilities		377,689			375,864			346,535			365,900			392,810			381,369			367,337
Notes payable		374,481			374,494			374,506			374,519			374,532			374,545			374,558
Surplus note		—			—			—			189,830			220,000			238,000			328,000
Payable under securities lending		89,852			109,094			93,569			67,614			50,211			55,622			63,898
Separate account liabilities		2,503,829			2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980
Total liabilities		9,107,923			9,134,591			9,290,818			9,448,172			9,492,988			9,484,792			9,583,555
Stockholders’ equity:
Common stock ($0.01 par value) (1)		548			546			542			537			522			516			501
Paid-in capital		472,632			462,837			447,949			429,257			353,335			323,996			259,937
Retained earnings		640,840			679,183			721,788			756,738			795,741			830,624			871,440
Treasury stock		—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		67,378			78,911			92,049			78,130			74,307			83,401			61,742
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)
Cumulative translation adjustment		41,975			33,404			41,749			30,282			21,682			1,346			4,468
Total stockholders’ equity		1,222,027			1,253,532			1,302,731			1,294,482			1,245,126			1,239,422			1,197,626
Total liabilities and stockholders' equity	$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114		$	10,724,214		$	10,781,181

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		67,378			78,911			92,049			78,130			74,307			83,401			61,742
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)
Total reconciling items		66,032			77,564			90,703			77,669			73,846			82,940			61,281
Total stockholders’ equity	$	1,222,027		$	1,253,532		$	1,302,731		$	1,294,482		$	1,245,126		$	1,239,422		$	1,197,626

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,123,780		$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482
Net Income		37,201			45,080			49,271			41,595			45,466			43,401			49,173
Shareholder dividends		(6,138	)		(6,738	)		(6,666	)		(6,646	)		(6,462	)		(8,517	)		(8,357	)
Retirement of shares and warrants		—			(19,187	)		(21,972	)		(30,694	)		(82,447	)		(44,789	)		(70,999	)
Net foreign currency translation adjustment		(6,697	)		(8,571	)		8,346			(11,468	)		(8,600	)		(20,336	)		3,121
Other, net		7,850			9,389			7,081			11,997			6,510			15,444			6,925
Balance, end of period	$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,179,143		$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022
General expenses deferred		7,396			7,273			8,136			7,147			8,171			7,953			8,554
Commission costs deferred		63,828			69,559			68,674			66,602			67,980			70,389			78,799
Amortization of deferred policy acquisition costs		(35,627	)		(35,193	)		(32,696	)		(36,944	)		(39,544	)		(36,213	)		(36,383	)
Foreign currency impact and other, net		(6,274	)		(7,122	)		6,877			(9,363	)		(6,842	)		(16,287	)		2,516
Balance, end of period	$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022		$	1,430,508

(1)	Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands, except per-share data)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		55,224,404			54,926,561			54,712,874			53,420,998			52,642,881			51,786,679			(3,139,882	)		-5.7	%		55,074,660			52,212,414			(2,862,246	)		-5.2	%

Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		176			32.4	%		(1,122	)		(814	)		308			27.5	%
Net income used in computing basic EPS	$	44,504		$	48,729		$	41,147		$	44,975		$	42,956		$	48,806		$	77			0.2	%	$	93,229		$	91,760		$	(1,470	)		-1.6	%
Basic earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.06			6.2	%	$	1.69		$	1.76		$	0.06			3.8	%

Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(450	)		(529	)		(436	)		(363	)		173			32.2	%		(1,094	)		(803	)		291			26.6	%
Net operating income used in computing basic operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	233			0.5	%	$	90,950		$	90,554		$	(396	)		-0.4	%
Basic operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.94		$	0.06			6.6	%	$	1.65		$	1.73		$	0.08			5.0	%

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		55,224,404			54,926,561			54,712,874			53,420,998			52,642,881			51,786,679			(3,139,882	)		-5.7	%		55,074,660			52,212,414			(2,862,246	)		-5.2	%
Dilutive impact of options		21,997			23,046			30,983			49,455			48,104			25,292			2,246			9.7	%		22,522			36,557			14,035			62.3	%
Shares used to calculate diluted EPS		55,246,401			54,949,607			54,743,857			53,470,453			52,690,985			51,811,971			(3,137,636	)		-5.7	%		55,097,182			52,248,971			(2,848,211	)		-5.2	%

Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		176			32.4	%		(1,122	)		(813	)		308			27.5	%
Net income used in computing diluted EPS	$	44,504		$	48,729		$	41,148		$	44,975		$	42,957		$	48,807		$	77			0.2	%	$	93,230		$	91,760		$	(1,470	)		-1.6	%
Diluted earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.06			6.2	%	$	1.69		$	1.76		$	0.06			3.8	%

Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(449	)		(529	)		(435	)		(363	)		173			32.2	%		(1,094	)		(803	)		292			26.7	%
Net operating income used in computing diluted operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	233			0.5	%	$	90,950		$	90,554		$	(396	)		-0.4	%
Diluted operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.93		$	0.06			6.6	%	$	1.65		$	1.73		$	0.08			5.0	%

		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		YOY Q2												YOY YTD
		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,237,780		$	1,278,132		$	1,298,607		$	1,269,804		$	1,242,274		$	1,218,524		$	(59,608	)		-4.7	%	$	1,257,956		$	1,230,399		$	(27,557	)		-2.2	%
Average adjusted stockholders' equity	$	1,165,982		$	1,193,998		$	1,214,421		$	1,194,046		$	1,163,881		$	1,146,414		$	(47,585	)		-4.0	%	$	1,179,990		$	1,155,147		$	(24,843	)		-2.1	%

Net income return on stockholders' equity		14.6	%		15.4	%		12.8	%		14.3	%		14.0	%		16.1	%		0.7	%	nm				15.0	%		15.0	%		0.0	%	nm
Net income return on adjusted stockholders' equity		15.5	%		16.5	%		13.7	%		15.2	%		14.9	%		17.2	%		0.7	%	nm				16.0	%		16.0	%		0.0	%	nm

Net operating income return on adjusted stockholders' equity		14.9	%		16.3	%		13.8	%		16.4	%		14.6	%		17.0	%		0.7	%	nm				15.6	%		15.8	%		0.2	%	nm

Capital Structure
Debt-to-capital (1)		23.0	%		22.3	%		22.4	%		23.1	%		23.2	%		23.8	%		1.5	%	nm				22.3	%		23.8	%		1.5	%	nm

Cash and invested assets to stockholders' equity		1.6	x		1.6	x		1.7	x		1.8	x		1.9	x		1.9	x		0.3	x	nm				1.6	x		1.9	x		0.3	x	nm
Cash and invested assets to adjusted stockholders' equity		1.7	x		1.7	x		1.8	x		1.9	x		2.0	x		2.0	x		0.3	x	nm				1.7	x		2.0	x		0.3	x	nm

Share count, end of period (2)		54,569,108			54,193,684			53,681,705			52,168,653			51,554,770			50,110,938			(4,082,746	)		-7.5	%		54,193,684			50,110,938			(4,082,746	)		-7.5	%
Adjusted stockholders' equity per share	$	21.55		$	22.36		$	22.67		$	22.45		$	22.43		$	22.68		$	0.31			1.4	%	$	22.36		$	22.68		$	0.31			1.4	%

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

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

(1)	Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
(2)	Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).

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Statements of Income

PRIMERICA, INC.

Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	568,205		$	576,740		$	577,482		$	578,905		$	577,458		$	588,248		$	11,508			2.0	%	$	1,144,945		$	1,165,707		$	20,761			1.8	%
Ceded premiums		(402,715	)		(410,546	)		(402,198	)		(401,358	)		(397,541	)		(406,854	)		3,692			0.9	%		(813,261	)		(804,395	)		8,866			1.1	%
Net premiums		165,490			166,194			175,284			177,546			179,918			181,394			15,200			9.1	%		331,684			361,312			29,628			8.9	%
Net investment income		21,599			21,681			20,465			22,728			21,173			19,075			(2,606	)		-12.0	%		43,280			40,249			(3,031	)		-7.0	%
Commissions and fees:
Sales-based (1)		57,904			60,255			58,394			61,204			60,035			63,072			2,817			4.7	%		118,159			123,107			4,948			4.2	%
Asset-based (2)		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based (3)		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other commissions and fees		5,499			5,713			5,539			6,381			5,511			5,939			227			4.0	%		11,212			11,451			238			2.1	%
Realized investment (losses) gains		263			831			(281	)		(1,074	)		1,284			597			(234	)		-28.2	%		1,094			1,881			787			71.9	%
Other, net		10,045			10,384			10,791			10,917			9,929			10,651			267			2.6	%		20,429			20,580			151			0.7	%
Total revenues		324,328			331,130			339,187			345,385			345,139			350,867			19,737			6.0	%		655,458			696,006			40,549			6.2	%
Benefits and expenses:
Benefits and claims		75,191			72,412			81,235			82,578			82,500			82,521			10,108			14.0	%		147,604			165,021			17,418			11.8	%
Amortization of DAC		35,193			32,696			36,944			39,544			36,213			36,383			3,686			11.3	%		67,890			72,595			4,705			6.9	%
Insurance commissions		4,083			3,881			4,046			3,343			3,189			4,145			264			6.8	%		7,964			7,334			(630	)		-7.9	%
Insurance expenses		28,502			28,192			31,495			27,263			34,642			29,094			902			3.2	%		56,694			63,736			7,042			12.4	%
Sales commissions:
Sales-based (1)		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based (2)		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			42			1.5	%		5,636			5,609			(26	)		-0.5	%
Interest expense		8,606			8,552			8,712			8,700			8,676			8,642			89			1.0	%		17,159			17,318			159			0.9	%
Other operating expenses		40,798			42,292			45,235			46,037			44,652			41,760			(532	)		-1.3	%		83,090			86,412			3,322			4.0	%
Total benefits and expenses		257,495			255,390			275,167			276,255			278,330			274,042			18,653			7.3	%		512,885			552,372			39,487			7.7	%
Income from continued operations before income taxes		66,832			75,740			64,020			69,130			66,809			76,825			1,085			1.4	%		142,573			143,635			1,062			0.7	%
Income taxes		23,347			26,469			22,407			23,664			23,408			27,653			1,184			4.5	%		49,816			51,061			1,245			2.5	%
Net income from continued operations		43,485			49,271			41,613			45,466			43,401			49,173			(99	)		-0.2	%		92,756			92,573			(183	)		-0.2	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—			—		nm				1,596			—			(1,596	)		-100.0	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%

Income from Continued Operations Before Income Taxes by Segment
Term Life	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
Investment & Savings Products		34,028			36,047			36,904			39,039			35,044			37,746			1,699			4.7	%		70,074			72,789			2,715			3.9	%
Corporate & Other Distributed Products		(14,400	)		(15,377	)		(18,816	)		(22,735	)		(16,055	)		(18,207	)		(2,830	)		-18.4	%		(29,777	)		(34,261	)		(4,485	)		-15.1	%
Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	1,085			1.4	%	$	142,573		$	143,635		$	1,062			0.7	%

6 of 16

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

PRIMERICA, INC.

Financial Supplement

																			YOY Q2												YOY YTD
		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Reconciliation from Term Life Adjusted Direct Premiums to Term Life Direct Premiums
Term Life adjusted direct premiums	$	214,780		$	223,706		$	228,422		$	233,044		$	237,430		$	247,889		$	24,183			10.8	%	$	438,486		$	485,319		$	46,834			10.7	%
Premiums ceded to Citi		344,883			344,143			340,170			337,501			331,733			331,984			(12,159	)		-3.5	%		689,026			663,717			(25,309	)		-3.7	%
Term Life direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%


Reconciliation from Term Life Other Ceded Premiums to Term Life Ceded Premiums
Term Life other ceded premiums	$	(55,450	)	$	(63,424	)	$	(59,417	)	$	(60,978	)	$	(63,389	)	$	(72,227	)	$	(8,803	)		-13.9	%	$	(118,874	)	$	(135,616	)	$	(16,742	)		-14.1	%
Premiums ceded to Citi		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Term Life ceded premiums	$	(400,334	)	$	(407,566	)	$	(399,587	)	$	(398,478	)	$	(395,122	)	$	(404,211	)	$	3,356			0.8	%	$	(807,900	)	$	(799,333	)	$	8,567			1.1	%


Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	324,065		$	330,299		$	339,468		$	346,459		$	343,854		$	350,270		$	19,972			6.0	%	$	654,363		$	694,125		$	39,762			6.1	%
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Total revenues	$	324,328		$	331,130		$	339,187		$	345,385		$	345,139		$	350,867		$	19,737			6.0	%	$	655,458		$	696,006		$	40,549			6.2	%


Reconciliation from Operating Income Before Income Taxes to Income from Continued Operations Before Income Taxes
Operating income before income taxes	$	66,569		$	74,909		$	64,301		$	74,432		$	65,525		$	76,228		$	1,319			1.8	%	$	141,478		$	141,753		$	275			0.2	%

Operating income before income taxes reconciling items:
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Co-CEOs transition expenses		—			—			—			(4,228	)		—			—		nm			nm				—			—		nm			nm
Total operating income before income taxes reconciling items		263			831			(281	)		(5,302	)		1,284			597		nm			nm				1,094			1,881		nm			nm

Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	1,085			1.4	%	$	142,573		$	143,635		$	1,062			0.7	%


Reconciliation from Net Operating Income to Net Income
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%

Net operating income reconciling items:
Operating income before income taxes reconciling items		263			831			(281	)		(5,302	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Tax impact of operating income reconciling items at effective tax rate		(92	)		(291	)		98			1,815			(450	)		(215	)	nm			nm				(382	)		(665	)	nm			nm
Total net operating income reconciling items		171			541			(183	)		(3,487	)		834			382		nm			nm				712			1,217		nm			nm

Net income from continued operations	$	43,485		$	49,271		$	41,613		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	92,756		$	92,573		$	(183	)		-0.2	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—		nm			nm				1,596			—		nm			nm
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%

7 of 16

Segment Operating Results

PRIMERICA, INC.

Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Term Life Insurance
Revenues:
Direct Premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			24,183			10.8	%		438,486			485,319			46,834			10.7	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(8,803	)		-13.9	%		(118,874	)		(135,616	)		(16,742	)		-14.1	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			15,380			9.6	%		319,612			349,704			30,092			9.4	%
Allocated net investment income		16,713			16,839			17,235			18,986			17,281			18,130			1,292			7.7	%		33,552			35,412			1,860			5.5	%
Other, net		6,937			7,245			7,337			7,318			7,042			7,641			395			5.5	%		14,183			14,683			500			3.5	%
Operating revenues		182,980			184,366			193,577			198,370			198,365			201,433			17,067			9.3	%		367,347			399,798			32,452			8.8	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			9,980			14.6	%		139,551			156,258			16,707			12.0	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			3,019			10.1	%		62,499			67,814			5,315			8.5	%
Insurance commissions		1,315			929			1,070			690			601			1,382			453			48.8	%		2,244			1,983			(261	)		-11.6	%
Insurance expenses		26,413			26,293			30,514			25,978			32,804			27,603			1,310			5.0	%		52,706			60,407			7,701			14.6	%
Interest expense		4,063			4,009			4,168			4,156			4,132			4,098			89			2.2	%		8,072			8,229			158			2.0	%
Operating benefits and expenses		135,776			129,296			147,645			145,544			150,545			144,147			14,851			11.5	%		265,072			294,692			29,620			11.2	%
Operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	57,904		$	60,255		$	58,394		$	61,204		$	60,035		$	63,072		$	2,817			4.7	%	$	118,159		$	123,107		$	4,948			4.2	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			50			2.7	%		3,659			3,621			(38	)		-1.0	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			6,934			5.4	%		251,417			264,155			12,738			5.1	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			729			33.6	%		4,507			4,101			(406	)		-9.0	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			(55	)		-2.5	%		4,324			4,153			(170	)		-3.9	%
Sales commissions:
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			468			2.0	%		45,663			48,765			3,102			6.8	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			5,235			5.7	%		181,343			191,366			10,023			5.5	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	1,699			4.7	%	$	70,074		$	72,789		$	2,715			3.9	%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	8,542		$	8,892		$	8,890		$	8,360		$	8,295		$	8,376		$	(516	)		-5.8	%	$	17,433		$	16,670		$	(763	)		-4.4	%
Ceded premiums		(2,381	)		(2,980	)		(2,611	)		(2,880	)		(2,419	)		(2,644	)		336			11.3	%		(5,362	)		(5,063	)		299			5.6	%
Net premiums		6,160			5,912			6,279			5,480			5,876			5,732			(180	)		-3.0	%		12,072			11,608			(464	)		-3.8	%
Allocated net investment income		4,885			4,842			3,230			3,742			3,892			945			(3,897	)		-80.5	%		9,728			4,837			(4,891	)		-50.3	%
Commissions and fees:
Loans		200			101			78			69			42			43			(58	)		-57.3	%		300			85			(215	)		-71.7	%
DebtWatchers		385			360			337			316			307			311			(49	)		-13.5	%		745			618			(126	)	nm
Prepaid Legal Services		2,339			2,285			2,487			3,225			2,468			2,494			209			9.1	%		4,624			4,962			338			7.3	%
Auto and Homeowners Insurance		1,719			1,998			1,606			2,032			1,770			2,096			98			4.9	%		3,717			3,865			149			4.0	%
Long-Term Care Insurance		521			570			565			550			534			583			13			2.2	%		1,091			1,117			25			2.3	%
Other sales commissions		337			399			467			188			391			412			14			3.5	%		736			803			68			9.2	%
Other, net		1,269			1,318			1,569			1,103			1,136			1,140			(178	)		-13.5	%		2,587			2,276			(312	)		-12.0	%
Operating revenues		17,814			17,785			16,618			16,706			16,415			13,756			(4,029	)		-22.7	%		35,599			30,171			(5,428	)		-15.2	%
Benefits and expenses:
Benefits and claims		3,928			4,125			3,513			4,519			4,510			4,253			128			3.1	%		8,053			8,764			710			8.8	%
Amortization of DAC		137			747			289			1,141			(5	)		685			(61	)		-8.2	%		883			680			(204	)		-23.0	%
Insurance commissions		681			715			686			468			617			581			(134	)		-18.7	%		1,396			1,197			(199	)		-14.2	%
Insurance expenses		2,088			1,900			981			1,285			1,837			1,491			(408	)		-21.5	%		3,988			3,329			(659	)		-16.5	%
Sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			42			1.5	%		5,636			5,609			(26	)		-0.5	%
Interest expense		4,543			4,543			4,544			4,544			4,544			4,544			1		nm				9,087			9,088			1		nm
Other operating expenses		18,266			19,161			22,211			19,154			19,486			18,161			(1,000	)		-5.2	%		37,427			37,647			220			0.6	%
Operating benefits and expenses		32,477			33,993			35,153			34,139			33,754			32,560			(1,433	)		-4.2	%		66,470			66,314			(156	)		-0.2	%
Operating income before income taxes	$	(14,663	)	$	(16,208	)	$	(18,535	)	$	(17,433	)	$	(17,339	)	$	(18,804	)	$	(2,596	)		-16.0	%	$	(30,871	)	$	(36,143	)	$	(5,272	)		-17.1	%

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi

8 of 16

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)																			YOY Q2												YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Revenues:
Direct Premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			24,183			10.8	%		438,486			485,319			46,834			10.7	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(8,803	)		-13.9	%		(118,874	)		(135,616	)		(16,742	)		-14.1	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			15,380			9.6	%		319,612			349,704			30,092			9.4	%
Allocated net investment income		16,713			16,839			17,235			18,986			17,281			18,130			1,292			7.7	%		33,552			35,412			1,860			5.5	%
Other, net		6,937			7,245			7,337			7,318			7,042			7,641			395			5.5	%		14,183			14,683			500			3.5	%
Operating revenues		182,980			184,366			193,577			198,370			198,365			201,433			17,067			9.3	%		367,347			399,798			32,452			8.8	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			9,980			14.6	%		139,551			156,258			16,707			12.0	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			3,019			10.1	%		62,499			67,814			5,315			8.5	%
Insurance commissions		1,315			929			1,070			690			601			1,382			453			48.8	%		2,244			1,983			(261	)		-11.6	%
Insurance expenses		26,413			26,293			30,514			25,978			32,804			27,603			1,310			5.0	%		52,706			60,407			7,701			14.6	%
Interest expense		4,063			4,009			4,168			4,156			4,132			4,098			89			2.2	%		8,072			8,229			158			2.0	%
Operating benefits and expenses		135,776			129,296			147,645			145,544			150,545			144,147			14,851			11.5	%		265,072			294,692			29,620			11.2	%
Operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%

Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	130,855		$	139,973		$	145,636		$	150,916		$	156,714		$	167,118		$	27,145			19.4	%	$	270,828		$	323,833		$	53,005			19.6	%
Legacy direct premiums (5)		428,809			427,876			422,956			419,629			412,449			412,754			(15,121	)		-3.5	%		856,684			825,204			(31,481	)		-3.7	%
Total direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%

Premiums ceded to Citi	$	344,883		$	344,143		$	340,170		$	337,501		$	331,733		$	331,984		$	(12,159	)		-3.5	%	$	689,026		$	663,717		$	(25,309	)		-3.7	%
% of Legacy direct premiums		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%	nm			nm				80.4	%		80.4	%	nm			nm

Benefits and claims, net (6)	$	126,713		$	131,711		$	137,139		$	139,037		$	141,379		$	150,494		$	18,784			14.3	%	$	258,424		$	291,873		$	33,449			12.9	%
% of adjusted direct premiums		59.0	%		58.9	%		60.0	%		59.7	%		59.5	%		60.7	%	nm			nm				58.9	%		60.1	%	nm			nm

DAC amortization & insurance commissions	$	34,036		$	30,707		$	35,241		$	37,351		$	35,619		$	34,179		$	3,472			11.3	%	$	64,743		$	69,798		$	5,054			7.8	%
% of adjusted direct premiums		15.8	%		13.7	%		15.4	%		16.0	%		15.0	%		13.8	%	nm			nm				14.8	%		14.4	%	nm			nm

Insurance expenses, net (7)	$	19,476		$	19,047		$	23,177		$	18,660		$	25,762		$	19,962		$	915			4.8	%	$	38,523		$	45,724		$	7,201			18.7	%
% of adjusted direct premiums		9.1	%		8.5	%		10.1	%		8.0	%		10.9	%		8.1	%	nm			nm				8.8	%		9.4	%	nm			nm

Total term life operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
% of adjusted direct premiums		22.0	%		24.6	%		20.1	%		22.7	%		20.1	%		23.1	%	nm			nm				23.3	%		21.7	%	nm			nm

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi
(4)	Primary direct premiums - direct premiums not subject to the 2010 Citi reinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 Citi reinsurance transactions
(6)	Benefits and claims, net - benefits & claims net of other ceded premiums which are largely YRT
(7)	Insurance expenses, net - insurance expenses net of other net revenues

9 of 16

Term Life Insurance - Key Statistics

PRIMERICA, INC.

Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands, except as noted)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period		95,566			95,382			96,596			97,966			98,358			98,145			2,763			2.9	%		95,566			98,358			2,792			2.9	%
New life-licensed representatives		7,447			9,082			8,793			8,510			7,486			10,439			1,357			14.9	%		16,529			17,925			1,396			8.4	%
Non-renewal and terminated representatives		(7,631	)		(7,868	)		(7,423	)		(8,118	)		(7,699	)		(7,576	)		292			3.7	%		(15,499	)		(15,275	)		224			1.4	%
Life-insurance licensed sales force, end of period		95,382			96,596			97,966			98,358			98,145			101,008			4,412			4.6	%		96,596			101,008			4,412			4.6	%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	40.1		$	48.0		$	44.7		$	47.0		$	45.1		$	55.3		$	7.3			15.2	%	$	88.1		$	100.5		$	12.4			14.0	%
Additions and increases in premium		12.4			13.0			12.9			13.3			12.8			14.0			1.0			7.3	%		25.4			26.8			1.4			5.4	%
Total estimated annualized issued term life premium	$	52.5		$	61.1		$	57.6		$	60.3		$	57.9		$	69.3		$	8.3			13.5	%	$	113.5		$	127.3		$	13.7			12.1	%

Issued term life policies		49,320			59,569			55,146			56,949			55,677			68,097			8,528			14.3	%		108,889			123,774			14,885			13.7	%
Estimated average annualized issued term life premium per policy (1)(2)	$	813		$	806		$	810		$	825		$	811		$	813		$	6			0.8	%	$	809		$	812		$	3			0.3	%

Term life face amount in-force, beginning of period ($mills)	$	674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	5,439			0.8	%	$	674,868		$	681,927		$	7,059			1.0	%
Issued term life face amount (3)		15,748			18,494			17,337			17,996			17,181			20,585			2,091			11.3	%		34,241			37,767			3,525			10.3	%
Terminated term life face amount		(14,160	)		(12,759	)		(13,866	)		(14,177	)		(13,344	)		(12,064	)		695			5.4	%		(26,919	)		(25,408	)		1,510			5.6	%
Foreign currency impact, net		(3,378	)		3,166			(4,272	)		(3,070	)		(7,247	)		1,125			(2,041	)		-64.5	%		(212	)		(6,122	)		(5,910	)	nm
Term life face amount in-force, end of period	$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163		$	6,185			0.9	%	$	681,978		$	688,163		$	6,185			0.9	%

(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

10 of 16

Investment and Savings Products - Financial Results and Financial Analysis

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands, except as noted)																			YOY Q2												YOY YTD
Investment & Savings Products Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	57,904		$	60,255		$	58,394		$	61,204		$	60,035		$	63,072		$	2,817			4.7	%	$	118,159		$	123,107		$	4,948			4.2	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			50			2.7	%		3,659			3,621			(38	)		-1.0	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			6,934			5.4	%		251,417			264,155			12,738			5.1	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			729			33.6	%		4,507			4,101			(406	)		-9.0	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			(55	)		-2.5	%		4,324			4,153			(170	)		-3.9	%
Sales commissions:
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			468			2.0	%		45,663			48,765			3,102			6.8	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			5,235			5.7	%		181,343			191,366			10,023			5.5	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	1,699			4.7	%	$	70,074		$	72,789		$	2,715			3.9	%

Financial Analysis

Fees paid based on client asset values (1)	$	4,569		$	4,780		$	4,974		$	4,827		$	4,674		$	4,828		$	48			1.0	%	$	9,350		$	9,502		$	153			1.6	%
Fees paid based on fee-generating accounts (2)		2,931			2,978			3,009			3,043			3,172			3,439			461			15.5	%		5,910			6,610			701			11.9	%
Other operating expenses		15,031			15,372			15,041			14,786			17,320			15,332			(40	)		-0.3	%		30,404			32,652			2,249			7.4	%
Total other operating expenses	$	22,532		$	23,131		$	23,024		$	22,655		$	25,166		$	23,599		$	468			2.0	%	$	45,663		$	48,765		$	3,102			6.8	%

Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.33	%		1.37	%		1.43	%		1.46	%		1.36	%		1.34	%	nm			nm				1.35	%		1.35	%	nm			nm
Canada		1.09	%		1.02	%		0.97	%		0.95	%		1.09	%		1.07	%	nm			nm				1.06	%		1.08	%	nm			nm
Total		1.29	%		1.33	%		1.37	%		1.39	%		1.32	%		1.31	%	nm			nm				1.31	%		1.31	%	nm			nm

Asset-based net revenue as % of average asset values (4)
U.S.		0.036	%		0.037	%		0.037	%		0.036	%		0.036	%		0.037	%	nm			nm				0.073	%		0.073	%	nm			nm
Canada		0.127	%		0.126	%		0.123	%		0.127	%		0.134	%		0.118	%	nm			nm				0.252	%		0.252	%	nm			nm
Total		0.053	%		0.054	%		0.054	%		0.053	%		0.053	%		0.051	%	nm			nm				0.107	%		0.103	%	nm			nm

Account-based net revenue per average fee generating account (5)(6)	$	2.62		$	2.67		$	2.75		$	2.83		$	2.70		$	2.68		nm			nm			$	5.29		$	5.38		nm			nm

(1)	Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values
(2)	Fees paid based on fee-generating accounts - recordkeeping fees that vary with the number of fee-generating accounts
(3)	Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity
(4)	Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds
(5)	Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating accounts
(6)	In whole dollars

11 of 16

Investment and Savings Products - Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands, except as noted)																				YOY Q2												YOY YTD
Key Statistics			Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change

Product sales ($mills)
	U.S. Retail Mutual Funds	$	569.0		$	650.1		$	600.1		$	616.1		$	641.2		$	698.7		$	48.6			7.5	%	$	1,219.1		$	1,339.8		$	120.8			9.9	%
	Canada Retail Mutual Funds		252.4			170.9			162.7			188.4			214.5			170.2			(0.7	)		-0.4	%		423.2			384.6			(38.6	)		-9.1	%
	Indexed Annuities		84.2			84.7			62.0			54.0			73.7			91.2			6.4			7.6	%		168.9			164.8			(4.1	)		-2.4	%
	Variable Annuities and other		365.8			417.1			434.2			469.4			405.0			452.2			35.1			8.4	%		782.8			857.2			74.3			9.5	%
	Total sales-based revenue generating product sales		1,271.4			1,322.7			1,259.0			1,327.8			1,334.3			1,412.2			89.4			6.8	%		2,594.1			2,746.4			152.4			5.9	%
	Managed Accounts		62.8			65.3			66.3			63.9			66.1			72.2			6.9			10.5	%		128.2			138.3			10.1			7.9	%
	Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			31.2			61.1	%		127.8			196.8			69.0			54.0	%
	Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	127.6			8.9	%	$	2,850.0		$	3,081.5		$	231.5			8.1	%

	Canada Retail Mutual Funds	$	252.4		$	170.9		$	162.7		$	188.4		$	214.5		$	170.2		$	(0.7	)		-0.4	%	$	423.2		$	384.6		$	(38.6	)		-9.1	%
	Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			31.2			61.1	%		127.8			196.8			69.0			54.0	%
	Total Canada product sales		329.0			222.0			213.9			252.5			328.8			252.6			30.6			13.8	%		551.0			581.4			30.4			5.5	%
	Total U.S. product sales		1,081.8			1,217.2			1,162.6			1,203.3			1,185.9			1,314.2			97.0			8.0	%		2,299.0			2,500.1			201.1			8.7	%
	Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	127.6			8.9	%	$	2,850.0		$	3,081.5		$	231.5			8.1	%

Client asset values, beginning of period ($mills)		$	44,990		$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	3,356			7.3	%	$	44,990		$	48,656		$	3,666			8.1	%
	Inflows		1,411			1,439			1,377			1,456			1,515			1,567			128			8.9	%		2,850			3,082			231			8.1	%
	Outflows (1)		(1,246	)		(1,211	)		(1,206	)		(1,161	)		(1,246	)		(1,267	)		(55	)		-4.6	%		(2,457	)		(2,512	)		(55	)		-2.2	%
	Net flows		165			228			171			295			269			300			72		nm				393			569			176		nm
	Foreign currency impact, net		(321	)		313			(432	)		(309	)		(734	)		122			(192	)	nm				(8	)		(613	)		(605	)	nm
	Change in market value, net and other (2)		1,005			1,628			(348	)		1,270			1,004			(245	)		(1,873	)	nm				2,633			759			(1,873	)	nm
Client asset values, end of period		$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	49,372		$	1,363			2.8	%	$	48,008		$	49,372		$	1,363			2.8	%
	Annualized net flows as % of beginning of period asset values		1.5	%		2.0	%		1.4	%		2.5	%		2.2	%		2.4	%		0.5	%	nm				1.7	%		2.3	%		0.6	%	nm

Average client asset values ($mills)
	U.S. Retail Mutual Funds	$	22,797		$	23,458		$	23,945		$	24,363		$	24,787		$	25,099		$	1,641			7.0	%	$	23,128		$	24,943		$	1,815			7.8	%
	Canada Retail Mutual Funds		6,045			6,371			6,513			6,265			6,035			6,177			(194	)		-3.1	%		6,208			6,106			(102	)		-1.6	%
	Managed Accounts		1,095			1,203			1,287			1,369			1,446			1,526			324			26.9	%		1,149			1,486			338			29.4	%
	Indexed Annuities		839			921			986			1,035			1,089			1,162			242			26.2	%		880			1,126			246			28.0	%
	Variable Annuities and other		11,839			12,152			12,548			12,748			12,995			13,313			1,161			9.6	%		11,996			13,154			1,158			9.7	%
	Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			(126	)		-5.0	%		2,478			2,386			(92	)		-3.7	%
	Total	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	3,047			6.5	%	$	45,837		$	49,200		$	3,363			7.3	%

	Canada Retail Mutual Funds	$	6,045		$	6,371		$	6,513		$	6,265		$	6,035		$	6,177		$	(194	)		-3.1	%	$	6,208		$	6,106		$	(102	)		-1.6	%
	Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			(126	)		-5.0	%		2,478			2,386			(92	)		-3.7	%
	Total Canada average client assets		8,494			8,878			9,060			8,728			8,425			8,558			(320	)		-3.6	%		8,686			8,492			(194	)		-2.2	%
	Total U.S. average client assets		36,570			37,733			38,766			39,515			40,317			41,100			3,367			8.9	%		37,152			40,709			3,557			9.6	%
	Total average client assets	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	3,047			6.5	%	$	45,837		$	49,200		$	3,363			7.3	%

Average number of fee-generating accounts (thous) (3)
	Recordkeeping and custodial accounts		1,991			2,011			2,026			2,034			2,067			2,165			154			7.7	%		2,001			2,116			115			5.8	%
	Recordkeeping only accounts		596			604			611			616			628			657			53			8.8	%		600			642			42			7.1	%
	Total		2,587			2,614			2,636			2,651			2,695			2,822			208			7.9	%		2,601			2,758			158			6.1	%

(1)	Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.
(2)	Change in market value, net - market value fluctuations net of fees and expenses
(3)	Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees

12 of 16

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

	As of or for the period ended June 30, 2015
									% 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	$	153,933		$	153,933	$	-			7.9	%		8.3	%

Fixed Income:
Treasury		32,727			34,724		(1,997	)		1.7	%		1.9	%		2.43	%	AAA
Government		136,895			136,100		795			7.1	%		7.3	%		4.28	%	AA-
Tax-Exempt Municipal		3,629			4,075		(447	)		0.2	%		0.2	%		3.06	%	BBB+
Corporate		1,208,280			1,156,593		51,687			62.4	%		62.1	%		4.80	%	BBB+
Mortgage-Backed		108,169			100,170		7,999			5.6	%		5.4	%		4.71	%	AAA
Asset-Backed		64,852			64,612		240			3.3	%		3.5	%		1.08	%	AA+
CMBS		71,073			67,909		3,164			3.7	%		3.6	%		2.89	%	AAA
Private		101,346			97,411		3,935			5.2	%		5.2	%		5.04	%	BBB
Redeemable Preferred		2,818			2,852		(33	)		0.1	%		0.2	%		14.67	%	BBB+
Convertible		2,881			2,559		321			0.1	%		0.1	%		4.92	%	BBB+
Total Fixed Income		1,732,670			1,667,005		65,665			89.5	%		89.5	%		4.51	%	A

Equities:
Perpetual Preferred		15,622			14,966		656			0.8	%		0.8	%
Common Stock		23,291			18,428		4,863			1.2	%		1.0	%
Mutual Fund		6,519			4,655		1,864			0.3	%		0.2	%
Other		4,528			4,528		0			0.2	%		0.2	%
Total Equities		49,961			42,577		7,384			2.6	%		2.3	%

Total Invested Assets	$	1,936,563		$	1,863,515	$	73,049			100.0	%		100.0	%

Corporate Portfolio by Sector

Energy	$	154,568		$	150,083	$	4,484			12.8	%		13.0	%
Consumer Non Cyclical		129,888			124,313		5,575			10.7	%		10.7	%
Reits		129,144			121,628		7,517			10.7	%		10.5	%
Basic Industry		124,341			124,189		152			10.3	%		10.7	%
Banking		102,397			97,753		4,644			8.5	%		8.5	%
Electric		91,025			83,720		7,305			7.5	%		7.2	%
Technology		89,210			86,157		3,054			7.4	%		7.4	%
Insurance		83,198			78,318		4,880			6.9	%		6.8	%
Capital Goods		73,266			69,906		3,360			6.1	%		6.0	%
Communications		70,129			65,782		4,347			5.8	%		5.7	%
Consumer Cyclical		47,053			44,848		2,205			3.9	%		3.9	%
Transportation		36,657			36,387		270			3.0	%		3.1	%
Brokerage		26,907			25,428		1,479			2.2	%		2.2	%
Finance Companies		14,337			13,712		625			1.2	%		1.2	%
Industrial Other		14,294			12,926		1,369			1.2	%		1.1	%
Natural Gas		12,625			12,352		273			1.0	%		1.1	%
Financial Other		9,240			9,093		147			0.8	%		0.8	%
Total Corporate portfolio	$	1,208,280		$	1,156,593	$	51,687			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity
Fixed-Maturity Securities - Effective Maturity

Effective maturity
< 1 Yr.	$	156,030		$	156,130	$	(101	)		9.0	%		9.4	%		3.11	%
1-2 Yrs.		94,027			93,244		784			5.4	%		5.6	%		4.58	%
2-5 Yrs.		692,571			646,210		46,361			40.0	%		38.8	%		5.04	%
5-10 Yrs.		737,587			720,138		17,449			42.6	%		43.2	%		4.30	%
> 10 Yrs.		52,455			51,283		1,172			3.0	%		3.1	%		4.83	%
Total Fixed Income	$	1,732,670		$	1,667,005	$	65,665			100.0	%		100.0	%		4.51	%

Duration

Fixed Income portfolio duration		4.2	years

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

13 of 16

Investment Portfolio - Quality Ratings As of June 30, 2015

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
				Amortized Cost	% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	277,493	16.6%
	AA			109,017	6.5%
	A			377,467	22.6%
	BBB			815,725	48.9%
	Below Investment Grade			86,918	5.2%
	NA			386	0.0%
		Total Fixed Income	$	1,667,005	100.0%




				Amortized Cost	% of Total					Amortized Cost	% of Total
Corporate asset class:						Private asset class:
	Rating						Rating
	AAA		$	5,074	0.4%		AAA		$	62	0.1%
	AA			50,844	4.4%		AA			2,491	2.6%
	A			317,082	27.4%		A			985	1.0%
	BBB			706,373	61.1%		BBB			89,010	91.4%
	Below Investment Grade			77,040	6.7%		Below Investment Grade			4,863	5.0%
	NA			181	0.0%		NA			-	—
		Total Corporate	$	1,156,593	100.0%			Total Private	$	97,411	100.0%



CMBS asset class:						Mortgage-Backed asset class:
	Rating						Rating
	AAA		$	64,039	94.3%		AAA		$	94,481	94.3%
	AA			47	0.1%		AA			2,394	2.4%
	A			2,585	3.8%		A			1,356	1.4%
	BBB			1,238	1.8%		BBB			1,939	1.9%
	Below Investment Grade			-	—		Below Investment Grade			-	—
	NA			-	—		NA			-	—
		Total CMBS	$	67,909	100.0%			Total Mortgage-Backed	$	100,170	100.0%



Asset-Backed asset class:						Treasury & Government asset classes:
	Rating						Rating
	AAA		$	50,711	78.5%		AAA		$	62,548	36.6%
	AA			1,190	1.8%		AA			52,432	30.7%
	A			12,385	19.2%		A			41,056	24.0%
	BBB			326	0.5%		BBB			14,787	8.7%
	Below Investment Grade			-	—		Below Investment Grade			-	—
	NA			-	—		NA			-	—
		Total Asset-Backed	$	64,612	100.0%			Total Treasury & Government	$	170,823	100.0%


NAIC Designations

	1		$	544,885	40.2%
	2			727,508	53.6%
	3			64,626	4.8%
	4			13,537	1.0%
	5			5,582	0.4%
	6			133	0.0%
		U.S. Insurer Fixed Income (2)		1,356,270	100.0%
	Other (3)			353,312
	Cash and cash equivalents			153,933
		Total Invested Assets	$	1,863,515

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

14 of 16

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

																			YOY Q2
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)	$	21,032		$	20,454		$	20,933		$	22,268		$	19,795		$	19,551		$	(903	)		-4.4	%
Fixed-maturity securities (held-to-maturity)		—			—			1,299			2,183			2,475			2,707			2,707		nm
Equity Securities		385			471			450			556			516			503			32			6.8	%
Deposit asset underlying 10% reinsurance treaty		953			1,490			(127	)		779			1,672			(116	)		(1,606	)	nm
Policy loans and other invested assets		388			398			367			295			359			337			(61	)		-15.3	%
Cash & cash equivalents		53			68			70			56			43			47			(21	)		-30.9	%
Total investment income		22,811			22,881			22,992			26,137			24,860			23,029			148			0.6	%
Investment expenses		1,212			1,200			1,228			1,226			1,212			1,247			47			3.9	%
Interest Expense on Surplus Note		—			—			1,299			2,183			2,475			2,707			2,707		nm
Net investment income	$	21,599		$	21,681		$	20,465		$	22,728		$	21,173		$	19,075		$	(2,606	)		-12.0	%
Fixed income book yield, end of period		4.87	%		4.76	%		4.62	%		4.61	%		4.53	%		4.51	%
New money yield		3.61	%		2.55	%		2.29	%		3.04	%		2.47	%		2.57	%


													YOY Q2
	Q1 2014		Q2 2014		Q3 2014		Q4 2014		Q1 2015		Q2 2015		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA	17.1	%	16.7	%	17.2	%	17.4	%	17.3	%	16.6	%	-0.1	%
AA	7.8	%	8.3	%	6.8	%	7.0	%	6.9	%	6.5	%	-1.8	%
A	22.8	%	22.1	%	23.0	%	22.4	%	22.4	%	22.6	%	0.5	%
BBB	47.5	%	47.5	%	48.1	%	48.0	%	47.8	%	48.9	%	1.4	%
Below Investment Grade	4.6	%	4.9	%	4.9	%	5.0	%	5.6	%	5.2	%	0.3	%
NA	0.1	%	0.4	%	0.0	%	0.0	%	0.0	%	0.0	%	-0.4	%
Total Fixed Income	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	nm

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

			As of June 30, 2015								As of June 30, 2015					As of June 30, 2015
			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	$	25,077		$	27,762		AAA	United Kingdom	$	46,439	$	44,050	AAA	$	751	$	750
2	General Electric Co		18,435			16,265		AA+	Canada		39,709		37,890	AA		11,635		10,809
3	Province of Ontario Canada		10,097			10,347		AA-	Australia		39,329		37,170	A		15,272		14,295
4	Wells Fargo & Co		9,785			9,795		A	Brazil		20,011		19,646	BBB		15,178		14,787
5	National Rural Utilities Cooperative		9,696			7,761		A	Switzerland		18,777		18,312	Below Investment Grade		—		—
6	Iberdrola SA		9,267			8,472		BBB	France		18,246		17,490	NA		0		0
7	Washington Real Estate Investment		8,853			8,510		BBB	Bermuda		15,416		15,040	Total	$	42,836	$	40,640
8	National Fuel Gas Co		8,639			8,059		BBB	Ireland		14,102		12,998
9	Bank of America Corp		7,859			7,579		A-	Netherlands		13,178		12,745
10	TransCanada Corp		7,569			7,676		A-	Germany		10,616		10,085	Non-Government Investments (1)
11	Prudential Financial Inc		7,563			7,163		A	Hong Kong		7,264		6,983
12	Discover Financial Services		7,389			6,551		BBB-	Luxembourg		6,920		6,090	AAA	$	—	$	—
13	Vale Oversees Ltd		7,366			6,220		A-	Korea Republic Of		6,806		6,385	AA		16,352		15,595
14	Prudential Financial Inc		7,363			7,095		A	Belgium		6,773		5,672	A		83,197		79,592
15	Ingram Micro Inc		7,056			6,667		BBB-	Japan		6,142		5,997	BBB		165,752		158,273
16	Tesco PLC		6,832			6,358		BB+	Emerging Markets (2)		15,697		15,084	Below Investment Grade		21,622		20,222
17	Republic of Korea		6,806			6,385		A+	All Other		44,648		43,037	NA		317		352
18	ArcelorMittal		6,718			5,890		BB	Total	$	330,075	$	314,674	Total	$	287,239	$	274,034
19	Phillips 66		6,415			5,696		BBB+
20	CRH PLC		6,252			5,748		BBB+
21	Ventas Inc		6,204			6,073		BBB+
22	Verizon Communications Inc		6,191			5,943		BBB+
23	AT&T Inc		6,156			5,327		BBB+
24	Australia & New Zealand Banking		6,117			6,096		BBB+
25	Province of Quebec Canada		6,061			5,830		A+
	Total	$	215,767		$	205,268

	% of total fixed income portfolio		11.1	%		11.0	%

(1)	US$ denominated investments in issuers outside of the United States based on country of risk
(2)	Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa

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

15 of 16

Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in millions)	2010			2011			2012			2013			2014			Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015


Recruits		231,390			244,756			191,752			186,251			190,439		48,306			50,024			49,055			43,054			53,300			60,246


Life-insurance licensed sales force, beginning of period		99,785			94,850			91,176			92,373			95,566		95,566			95,382			96,596			97,966			98,358			98,145
New life-licensed representatives		34,488			33,711			34,425			34,155			33,832		7,447			9,082			8,793			8,510			7,486			10,439
Non-renewal and terminated representatives		(39,423	)		(37,385	)		(33,228	)		(30,962	)		(31,040	)	(7,631	)		(7,868	)		(7,423	)		(8,118	)		(7,699	)		(7,576	)
Life-insurance licensed sales force, end of period		94,850			91,176			92,373			95,566			98,358		95,382			96,596			97,966			98,358			98,145			101,008


Issued term life policies		223,514			237,535			222,558			214,617			220,984		49,320			59,569			55,146			56,949			55,677			68,097


Issued term life face amount	$	74,401		$	73,146		$	68,053		$	67,783		$	69,574		15,748		$	18,494		$	17,337		$	17,996		$	17,181		$	20,585


Term life face amount in force, beginning of period	$	650,195		$	656,791		$	664,955		$	670,412		$	674,868		674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	678,517
Issued term life face amount		74,401			73,146			68,053			67,783			69,574		15,748			18,494			17,337			17,996			17,181			20,585
Terminated term life face amount		(70,964	)		(66,951	)		(61,593	)		(57,730	)		(54,962	)	(14,160	)		(12,759	)		(13,866	)		(14,177	)		(13,344	)		(12,064	)
Foreign currency impact, net		3,158			1,970			(1,003	)		(5,596	)		(7,553	)	(3,378	)		3,166			(4,272	)		(3,070	)		(7,247	)		1,125
Term life face amount in force, end of period	$	656,791		$	664,955		$	670,412		$	674,868		$	681,927		673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163


Estimated annualized issued term life premium
Premium from new policies	$	180.8		$	187.6		$	176.1		$	173.5		$	179.8		40.1		$	48.0		$	44.7		$	47.0		$	45.1		$	55.3
Additions and increases in premium		44.6			44.9			45.5			48.6			51.6		12.4			13.0			12.9			13.3			12.8			14.0
Total estimated annualized issued term life premium	$	225.4		$	232.5		$	221.5		$	222.1		$	231.4		52.5		$	61.1		$	57.6		$	60.3		$	57.9		$	69.3


Investment & Savings product sales	$	3,623.6		$	4,265.1		$	4,712.2		$	5,208.8		$	5,682.3		1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8

Investment & Savings average client asset values	$	31,908		$	34,870		$	35,904		$	41,035		$	46,936		45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658

16 of 16

Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 5, 2015

Attached files

Primerica, Inc. Reports