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

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EX-99.1 - EXHIBIT 99.1 - Primerica, Inc.	a51505819ex99_1.htm
8-K - PRIMERICA, INC. 8-K - Primerica, Inc.	a51505819.htm

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2016

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 GAAP to non-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, 2015.

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Preface

PRIMERICA, INC.

Financial Supplement

FOURTH QUARTER 2016

This document is a financial supplement to our fourth quarter 2016 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. We exclude realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity that are not directly associated with the Company's insurance operations.

●

Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is disposed.

●

IPO coinsurance transactions 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 entities then affiliated with Citigroup Inc. (“Citi”) that were executed concurrent with our IPO. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Management utilizes 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.

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


(Dollars in thousands)	Dec 31, 2014			Mar 31, 2015			Jun 30, 2015			Sep 30, 2015			Dec 31, 2015			Mar 31, 2016			Jun 30, 2016				Sep 30, 2016			Dec 31, 2016
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	2,040,313		$	2,053,392		$	1,963,702		$	1,924,636		$	1,965,576		$	1,968,419		$	2,027,735			$	2,047,095		$	2,087,607
Securities held to maturity		220,000			238,000			328,000			356,000			365,220			404,860			431,000				454,000			503,230
Total investments and cash		2,260,313			2,291,392			2,291,702			2,280,636			2,330,796			2,373,279			2,458,735				2,501,095			2,590,837
Due from reinsurers		4,115,533			4,094,456			4,137,425			4,103,949			4,110,628			4,160,266			4,147,284				4,161,537			4,193,562
Deferred policy acquisition costs		1,351,180			1,377,022			1,430,508			1,465,175			1,500,259			1,559,833			1,619,236				1,672,454			1,713,065
Other assets		568,600			569,990			593,107			625,289			605,200			656,871			669,723				685,779			653,525
Separate account assets		2,440,303			2,386,265			2,324,980			2,086,598			2,063,899			2,264,108			2,311,124				2,347,816			2,287,953
Total assets	$	10,735,929		$	10,719,124		$	10,777,724		$	10,561,648		$	10,610,782		$	11,014,358		$	11,206,101			$	11,368,681		$	11,438,943

Liabilities:
Future policy benefits	$	5,264,608		$	5,289,016		$	5,361,580		$	5,388,042		$	5,431,711		$	5,518,834		$	5,581,043			$	5,629,967		$	5,673,890
Other policy liabilities		600,586			587,957			597,703			587,879			604,061			607,225			597,728				605,666			631,700
Income taxes		140,467			157,684			156,212			152,314			148,125			177,457			199,985				215,454			225,006
Other liabilities		403,292			393,718			376,179			389,264			408,757			409,870			413,888				426,970			449,963
Notes payable		372,187			372,278			372,369			372,460			372,552			372,643			372,735				372,827			372,919
Surplus note		219,147			237,162			327,176			355,190			364,424			404,079			430,233				453,247			502,491
Payable under securities lending		50,211			55,622			63,898			83,220			71,482			87,383			91,901				95,843			73,646
Separate account liabilities		2,440,303			2,386,265			2,324,980			2,086,598			2,063,899			2,264,108			2,311,124				2,347,816			2,287,953
Total liabilities		9,490,803			9,479,702			9,580,097			9,414,968			9,465,010			9,841,598			9,998,636				10,147,790			10,217,568
Stockholders’ equity:
Common stock ($0.01 par value) (1)		522			516			501			486			483			473			466				460			457
Paid-in capital		353,335			323,996			259,937			195,314			180,250			137,857			102,824				66,510			52,468
Retained earnings		795,741			830,624			871,440			912,749			952,804			989,685			1,040,860				1,090,388			1,138,851
Treasury stock		—			—			—			—			—			—			—				—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		74,307			83,401			61,742			49,889			32,106			48,747			68,473				71,827			42,852
Net unrealized investment losses other-than-temporarily impaired		(461	)		(461	)		(461	)		(73	)		(71	)		(70	)		(68	)			(66	)		(62	)
Cumulative translation adjustment		21,682			1,346			4,468			(11,684	)		(19,801	)		(3,933	)		(5,091	)			(8,227	)		(13,193	)
Total stockholders’ equity		1,245,126			1,239,422			1,197,626			1,146,680			1,145,772			1,172,759			1,207,465				1,220,891			1,221,374
Total liabilities and stockholders' equity	$	10,735,929		$	10,719,124		$	10,777,724		$	10,561,648		$	10,610,782		$	11,014,358		$	11,206,101			$	11,368,681		$	11,438,943

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,171,280		$	1,156,482		$	1,136,345		$	1,096,864		$	1,113,736		$	1,124,082		$	1,139,060			$	1,149,131		$	1,178,584
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		74,307			83,401			61,742			49,889			32,106			48,747			68,473				71,827			42,852
Net unrealized investment losses other-than-temporarily impaired		(461	)		(461	)		(461	)		(73	)		(71	)		(70	)		(68	)			(66	)		(62	)
Total reconciling items		73,846			82,940			61,281			49,816			32,036			48,678			68,405				71,760			42,791
Total stockholders’ equity	$	1,245,126		$	1,239,422		$	1,197,626		$	1,146,680		$	1,145,772		$	1,172,759		$	1,207,465			$	1,220,891		$	1,221,374

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345		$	1,096,864		$	1,113,736		$	1,124,082			$	1,139,060		$	1,149,131
Net Income		45,466			43,401			49,173			49,350			47,948			45,176			59,326				58,038			56,874
Shareholder dividends		(6,462	)		(8,517	)		(8,357	)		(8,042	)		(7,893	)		(8,295	)		(8,151	)			(8,511	)		(8,410	)
Retirement of shares and warrants		(82,447	)		(44,789	)		(70,999	)		(71,433	)		(20,538	)		(52,988	)		(41,330	)			(41,012	)		(18,697	)
Net foreign currency translation adjustment		(8,600	)		(20,336	)		3,121			(16,152	)		(8,116	)		15,867			(1,157	)			(3,136	)		(4,966	)
Other, net		6,510			15,444			6,925			6,795			5,471			10,585			6,290				4,692			4,653
Balance, end of period	$	1,171,280		$	1,156,482		$	1,136,345		$	1,096,864		$	1,113,736		$	1,124,082		$	1,139,060			$	1,149,131		$	1,178,584

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,321,415		$	1,351,180		$	1,377,022		$	1,430,508		$	1,465,175		$	1,500,259		$	1,559,833			$	1,619,236		$	1,672,454
General expenses deferred		8,171			7,953			8,554			8,396			7,951			8,443			9,138				9,202			8,226
Commission costs deferred		67,980			70,389			78,799			79,787			77,810			81,174			89,783				91,783			89,647
Amortization of deferred policy acquisition costs		(39,544	)		(36,213	)		(36,383	)		(40,797	)		(44,334	)		(43,129	)		(38,720	)			(45,428	)		(53,305	)
Foreign currency impact and other, net		(6,842	)		(16,287	)		2,516			(12,718	)		(6,343	)		13,086			(798	)			(2,339	)		(3,957	)
Balance, end of period	$	1,351,180		$	1,377,022		$	1,430,508		$	1,465,175		$	1,500,259		$	1,559,833		$	1,619,236			$	1,672,454		$	1,713,065

(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 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		52,642,881			51,786,679			50,081,730			49,061,165			48,549,580			47,657,649			47,008,203			46,444,202			(2,616,963	)		-5.3	%			50,881,078			47,411,145			(3,469,933	)		-6.8	%

Net income	$	43,401		$	49,173		$	49,350		$	47,948		$	45,176		$	59,326		$	58,038		$	56,874		$	8,926			18.6	%		$	189,872		$	219,414		$	29,542			15.6	%
Less income attributable to unvested participating securities		(444	)		(366	)		(379	)		(374	)		(370	)		(491	)		(494	)		(482	)		(108	)		-28.8	%			(1,572	)		(1,835	)		(263	)		-16.7	%
Net income used in computing basic EPS	$	42,956		$	48,806		$	48,971		$	47,574		$	44,806		$	58,835		$	57,544		$	56,392		$	8,818			18.5	%		$	188,300		$	217,579		$	29,280			15.5	%
Basic earnings per share	$	0.82		$	0.94		$	0.98		$	0.97		$	0.92		$	1.23		$	1.22		$	1.21		$	0.24			25.2	%		$	3.70		$	4.59		$	0.89			24.0	%

Net operating income	$	42,566		$	48,791		$	49,521		$	50,174		$	45,680		$	57,104		$	58,061		$	55,917		$	5,743			11.4	%		$	191,052		$	216,762		$	25,711			13.5	%
Less operating income attributable to unvested participating securities		(436	)		(363	)		(381	)		(392	)		(375	)		(472	)		(494	)		(474	)		(82	)		-20.9	%			(1,582	)		(1,813	)		(231	)		-14.6	%
Net operating income used in computing basic operating EPS	$	42,131		$	48,427		$	49,140		$	49,782		$	45,306		$	56,632		$	57,567		$	55,443		$	5,661			11.4	%		$	189,470		$	214,950		$	25,480			13.4	%
Basic operating income per share	$	0.80		$	0.94		$	0.98		$	1.01		$	0.93		$	1.19		$	1.22		$	1.19		$	0.18			17.6	%		$	3.72		$	4.53		$	0.81			21.8	%

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		52,642,881			51,786,679			50,081,730			49,061,165			48,549,580			47,657,649			47,008,203			46,444,202			(2,616,963	)		-5.3	%			50,881,078			47,411,145			(3,469,933	)		-6.8	%
Dilutive impact of contingently issuable shares		48,104			25,292			21,792			31,685			24,090			49,680			42,632			51,274			19,589			61.8	%			31,718			41,919			10,201			32.2	%
Shares used to calculate diluted EPS		52,690,985			51,811,971			50,103,522			49,092,850			48,573,670			47,707,329			47,050,835			46,495,476			(2,597,374	)		-5.3	%			50,912,796			47,453,064			(3,459,732	)		-6.8	%

Net income	$	43,401		$	49,173		$	49,350		$	47,948		$	45,176		$	59,326		$	58,038		$	56,874		$	8,926			18.6	%		$	189,872		$	219,414		$	29,542			15.6	%
Less income attributable to unvested participating securities		(444	)		(366	)		(379	)		(374	)		(370	)		(490	)		(493	)		(481	)		(107	)		-28.7	%			(1,571	)		(1,833	)		(262	)		-16.7	%
Net income used in computing diluted EPS	$	42,957		$	48,807		$	48,971		$	47,574		$	44,806		$	58,835		$	57,544		$	56,393		$	8,818			18.5	%		$	188,301		$	217,581		$	29,280			15.5	%
Diluted earnings per share	$	0.82		$	0.94		$	0.98		$	0.97		$	0.92		$	1.23		$	1.22		$	1.21		$	0.24			25.2	%		$	3.70		$	4.59		$	0.89			24.0	%

Net operating income	$	42,566		$	48,791		$	49,521		$	50,174		$	45,680		$	57,104		$	58,061		$	55,917		$	5,743			11.4	%		$	191,052		$	216,762		$	25,711			13.5	%
Less operating income attributable to unvested participating securities		(435	)		(363	)		(381	)		(392	)		(374	)		(472	)		(494	)		(473	)		(82	)		-20.9	%			(1,581	)		(1,811	)		(230	)		-14.6	%
Net operating income used in computing diluted operating EPS	$	42,131		$	48,427		$	49,140		$	49,782		$	45,306		$	56,632		$	57,567		$	55,443		$	5,661			11.4	%		$	189,471		$	214,951		$	25,480			13.4	%
Diluted operating income per share	$	0.80		$	0.93		$	0.98		$	1.01		$	0.93		$	1.19		$	1.22		$	1.19		$	0.18			17.6	%		$	3.72		$	4.53		$	0.81			21.7	%



		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		YOY Q4													YOY YTD
		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,242,274		$	1,218,524		$	1,172,153		$	1,146,226		$	1,159,266		$	1,190,112		$	1,214,178		$	1,221,133		$	74,907			6.5	%		$	1,194,794		$	1,196,172		$	1,378			0.1	%
Average adjusted stockholders' equity	$	1,163,881		$	1,146,414		$	1,116,605		$	1,105,300		$	1,118,909		$	1,131,571		$	1,144,095		$	1,163,857		$	58,557			5.3	%		$	1,133,050		$	1,139,608		$	6,558			0.6	%

Net income return on stockholders' equity		14.0	%		16.1	%		16.8	%		16.7	%		15.6	%		19.9	%		19.1	%		18.6	%		1.9	%	nm					15.9	%		18.3	%		2.5	%	nm
Net income return on adjusted stockholders' equity		14.9	%		17.2	%		17.7	%		17.4	%		16.2	%		21.0	%		20.3	%		19.5	%		2.2	%	nm					16.8	%		19.3	%		2.5	%	nm

Net operating income return on adjusted stockholders' equity		14.6	%		17.0	%		17.7	%		18.2	%		16.3	%		20.2	%		20.3	%		19.2	%		1.1	%	nm					16.9	%		19.0	%		2.2	%	nm

Capital Structure
Debt-to-capital (1)		23.1	%		23.7	%		24.5	%		24.5	%		24.1	%		23.6	%		23.4	%		23.4	%		-1.1	%	nm					24.5	%		23.4	%		-1.1	%	nm

Cash and invested assets to stockholders' equity		1.8	x		1.9	x		2.0	x		2.0	x		2.0	x		2.0	x		2.0	x		2.1	x		0.1	x	nm					2.0	x		2.1	x		0.1	x	nm
Cash and invested assets to adjusted stockholders' equity		2.0	x		2.0	x		2.1	x		2.1	x		2.1	x		2.2	x		2.2	x		2.2	x		0.1	x	nm					2.1	x		2.2	x		0.1	x	nm

Share count, end of period (2)		51,554,770			50,110,938			48,571,139			48,296,623			47,295,175			46,601,587			45,961,671			45,720,822			(2,575,801	)		-5.3	%			48,296,623			45,720,822			(2,575,801	)		-5.3	%
Adjusted stockholders' equity per share	$	22.43		$	22.68		$	22.58		$	23.06		$	23.77		$	24.44		$	25.00		$	25.78		$	2.72			11.8	%		$	23.06		$	25.78		$	2.72			11.8	%

Financial Strength Ratings - Primerica Life Insurance Co
Moody's	A2			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

Holding Company Senior Debt Ratings
Moody's	Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm				nm			nm			nm			nm
S&P	A-			A-			A-			A-			A-			A-			A-			A-			nm			nm				nm			nm			nm			nm
A.M. Best	a-			a-			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 Q4													YOY YTD
(Dollars in thousands)		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	577,458		$	588,248		$	587,882		$	591,856		$	597,130		$	612,189		$	616,587		$	618,362		$	26,506			4.5	%		$	2,345,444		$	2,444,268		$	98,823			4.2	%
Ceded premiums		(397,541	)		(406,854	)		(393,987	)		(396,838	)		(395,333	)		(406,683	)		(399,676	)		(398,867	)		(2,029	)		-0.5	%			(1,595,220	)		(1,600,559	)		(5,339	)		-0.3	%
Net premiums		179,918			181,394			193,895			195,018			201,797			205,506			216,911			219,495			24,477			12.6	%			750,224			843,709			93,484			12.5	%
Net investment income		21,173			19,075			18,715			17,546			21,238			20,389			19,399			17,999			453			2.6	%			76,509			79,025			2,515			3.3	%
Commissions and fees:
Sales-based (1)		60,035			63,072			56,418			57,859			56,220			59,057			55,149			56,894			(965	)		-1.7	%			237,384			227,320			(10,064	)		-4.2	%
Asset-based (2)		56,837			59,144			58,794			57,144			55,306			59,541			60,759			61,997			4,853			8.5	%			231,919			237,604			5,685			2.5	%
Account-based (3)		10,452			10,994			11,445			11,605			11,309			11,611			11,899			16,043			4,437			38.2	%			44,497			50,861			6,365			14.3	%
Other commissions and fees		5,511			5,939			5,711			6,185			5,987			6,692			6,476			6,747			561			9.1	%			23,347			25,902			2,555			10.9	%
Realized investment (losses) gains		1,284			597			(259	)		(3,361	)		(783	)		3,440			(35	)		1,465			4,826			143.6	%			(1,738	)		4,088			5,826		nm
Other, net		9,445			10,171			10,990			11,453			11,527			12,757			13,069			13,224			1,771			15.5	%			42,058			50,576			8,519			20.3	%
Total revenues		344,655			350,387			355,709			353,449			362,601			378,993			383,626			393,864			40,415			11.4	%			1,404,200			1,519,084			114,884			8.2	%
Benefits and expenses:
Benefits and claims		82,500			82,521			88,599			85,694			90,977			88,984			93,022			94,672			8,978			10.5	%			339,315			367,655			28,340			8.4	%
Amortization of DAC		36,213			36,383			40,797			44,334			43,129			38,720			45,428			53,305			8,970			20.2	%			157,727			180,582			22,855			14.5	%
Insurance commissions		3,189			4,145			4,619			4,388			4,147			4,472			4,709			4,456			68			1.5	%			16,340			17,783			1,443			8.8	%
Insurance expenses		34,361			28,740			30,265			29,664			33,130			32,906			32,837			33,476			3,811			12.8	%			123,030			132,348			9,318			7.6	%
Sales commissions:
Sales-based (1)		42,442			44,595			40,036			40,809			40,327			42,040			38,276			40,031			(778	)		-1.9	%			167,883			160,674			(7,209	)		-4.3	%
Asset-based (2)		23,251			24,059			24,374			23,802			23,093			24,907			25,271			26,368			2,566			10.8	%			95,485			99,639			4,154			4.4	%
Other sales commissions		2,764			2,845			2,991			2,925			3,222			3,199			3,153			2,928			3			0.1	%			11,525			12,502			976			8.5	%
Interest expense		8,676			8,642			8,718			7,471			7,173			7,178			7,184			7,157			(314	)		-4.2	%			33,507			28,691			(4,816	)		-14.4	%
Other operating expenses		44,450			41,634			40,355			41,967			47,190			44,708			45,309			44,408			2,441			5.8	%			168,406			181,615			13,208			7.8	%
Total benefits and expenses		277,845			273,562			280,756			281,055			292,388			287,113			295,189			306,799			25,744			9.2	%			1,113,219			1,181,489			68,270			6.1	%
Income before income taxes		66,809			76,825			74,953			72,393			70,213			91,880			88,438			87,065			14,671			20.3	%			290,981			337,596			46,614			16.0	%
Income taxes		23,408			27,653			25,603			24,445			25,037			32,554			30,400			30,191			5,745			23.5	%			101,110			118,181			17,072			16.9	%
Net income	$	43,401		$	49,173		$	49,350		$	47,948		$	45,176		$	59,326		$	58,038		$	56,874		$	8,926			18.6	%		$	189,872		$	219,414		$	29,542			15.6	%

Income Before Income Taxes by Segment
Term Life	$	36,076		$	44,689		$	46,519		$	45,925		$	46,081		$	58,017		$	58,136		$	51,127		$	5,202			11.3	%		$	173,209		$	213,361		$	40,152			23.2	%
Investment & Savings Products		35,044			37,746			34,811			38,482			31,691			36,065			35,759			40,840			2,358			6.1	%			146,083			144,355			(1,727	)		-1.2	%
Corporate & Other Distributed Products		(4,310	)		(5,610	)		(6,377	)		(12,014	)		(7,558	)		(2,202	)		(5,458	)		(4,903	)		7,111			59.2	%			(28,311	)		(20,121	)		8,190			28.9	%
Income before income taxes	$	66,809		$	76,825		$	74,953		$	72,393		$	70,213		$	91,880		$	88,438		$	87,065		$	14,671			20.3	%		$	290,981		$	337,596		$	46,614			16.0	%

(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 16

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


																									YOY Q4													YOY YTD
		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
(Dollars in thousands)		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums	$	569,164		$	579,873		$	579,527		$	584,570		$	589,244		$	604,117		$	608,396		$	611,583		$	27,013			4.6	%		$	2,313,133		$	2,413,340		$	100,207			4.3	%
Less: Premiums ceded to IPO Coinsurers		331,733			331,984			323,501			324,870			321,494			322,767			319,516			315,955			(8,915	)		-2.7	%			1,312,088			1,279,733			(32,355	)		-2.5	%
Term Life adjusted direct premiums	$	237,430		$	247,889		$	256,026		$	259,700		$	267,750		$	281,350		$	288,879		$	295,628		$	35,928			13.8	%		$	1,001,045		$	1,133,607		$	132,561			13.2	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums	$	(395,122	)	$	(404,211	)	$	(391,440	)	$	(394,179	)	$	(393,271	)	$	(404,492	)	$	(397,214	)	$	(396,157	)	$	(1,977	)		-0.5	%		$	(1,584,952	)	$	(1,591,133	)	$	(6,181	)		-0.4	%
Less: Premiums ceded to IPO Coinsurers		(331,733	)		(331,984	)		(323,501	)		(324,870	)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		8,915			2.7	%			(1,312,088	)		(1,279,733	)		32,355			2.5	%
Term Life other ceded premiums	$	(63,389	)	$	(72,227	)	$	(67,939	)	$	(69,310	)	$	(71,776	)	$	(81,725	)	$	(77,697	)	$	(80,202	)	$	(10,892	)		-15.7	%		$	(272,864	)	$	(311,400	)	$	(38,536	)		-14.1	%


Reconciliation from Total Revenues to Operating Revenues
Total revenues	$	344,655		$	350,387		$	355,709		$	353,449		$	362,601		$	378,993		$	383,626		$	393,864		$	40,415			11.4	%		$	1,404,200		$	1,519,084		$	114,884			8.2	%
Less: Realized investment gains/(losses)		1,284			597			(259	)		(3,361	)		(783	)		3,440			(35	)		1,465		nm			nm					(1,738	)		4,088		nm			nm
Operating revenues	$	343,370		$	349,790		$	355,968		$	356,809		$	363,384		$	375,553		$	383,661		$	392,399		$	35,589			10.0	%		$	1,405,938		$	1,514,996		$	109,058			7.8	%


Reconciliation from Income Before Income Taxes to Operating Income Before Income Taxes
Income before income taxes	$	66,809		$	76,825		$	74,953		$	72,393		$	70,213		$	91,880		$	88,438		$	87,065		$	14,671			20.3	%		$	290,981		$	337,596		$	46,614			16.0	%
Less: Realized investment gains/(losses)		1,284			597			(259	)		(3,361	)		(783	)		3,440			(35	)		1,465		nm			nm					(1,738	)		4,088		nm			nm
Operating income before income taxes	$	65,525		$	76,228		$	75,212		$	75,754		$	70,996		$	88,440		$	88,472		$	85,599		$	9,845			13.0	%		$	292,719		$	333,508		$	40,788			13.9	%


Reconciliation from Net Income to Net Operating Income
Net income	$	43,401		$	49,173		$	49,350		$	47,948		$	45,176		$	59,326		$	58,038		$	56,874		$	8,926			18.6	%		$	189,872		$	219,414		$	29,542			15.6	%
Less: Realized investment gains/(losses)		1,284			597			(259	)		(3,361	)		(783	)		3,440			(35	)		1,465		nm			nm					(1,738	)		4,088		nm			nm
Less: Tax impact of realized investment gains/(losses)		(450	)		(215	)		88			1,135			279			(1,219	)		12			(508	)	nm			nm					558			(1,436	)	nm			nm
Net operating income	$	42,566		$	48,791		$	49,521		$	50,174		$	45,680		$	57,104		$	58,061		$	55,917		$	5,743			11.4	%		$	191,052		$	216,762		$	25,711			13.5	%

7 of 16

Segment Operating Results																														PRIMERICA, INC. Financial Supplement


																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change			YTD 2015			YTD 2016			$ Change			% Change
Term Life Insurance
Revenues:
Direct Premiums	$	569,164		$	579,873		$	579,527		$	584,570		$	589,244		$	604,117		$	608,396		$	611,583		$	27,013		4.6	%		$	2,313,133		$	2,413,340		$	100,207		4.3	%
Premiums ceded to IPO coinsurers (1)		(331,733	)		(331,984	)		(323,501	)		(324,870	)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		8,915		2.7	%			(1,312,088	)		(1,279,733	)		32,355		2.5	%
Adjusted direct premiums (2)		237,430			247,889			256,026			259,700			267,750			281,350			288,879			295,628			35,928		13.8	%			1,001,045			1,133,607			132,561		13.2	%
Other ceded premiums (3)		(63,389	)		(72,227	)		(67,939	)		(69,310	)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(10,892	)	-15.7	%			(272,864	)		(311,400	)		(38,536	)	-14.1	%
Net premiums		174,042			175,662			188,087			190,390			195,973			199,625			211,182			215,426			25,036		13.1	%			728,181			822,207			94,025		12.9	%
Allocated net investment income		1,405			1,436			1,508			1,639			1,850			1,871			1,903			2,010			371		22.6	%			5,987			7,634			1,647		27.5	%
Other, net		6,761			7,286			7,609			8,133			8,274			9,062			9,513			9,692			1,559		19.2	%			29,790			36,541			6,751		22.7	%
Operating revenues		182,208			184,384			197,204			200,162			206,097			210,559			222,598			227,128			26,966		13.5	%			763,958			866,381			102,423		13.4	%
Benefits and expenses:
Benefits and claims		77,990			78,268			83,816			82,158			86,795			83,835			88,800			91,209			9,051		11.0	%			322,232			350,640			28,407		8.8	%
Amortization of DAC		35,017			32,797			37,263			42,903			41,224			36,477			43,365			51,744			8,841		20.6	%			147,980			172,812			24,831		16.8	%
Insurance commissions		601			1,382			1,084			1,180			968			1,094			1,171			1,068			(112	)	-9.5	%			4,247			4,301			54		1.3	%
Insurance expenses		32,523			27,248			28,521			27,996			31,029			31,135			31,125			31,980			3,983		14.2	%			116,289			125,268			8,979		7.7	%
Operating benefits and expenses		146,132			139,695			150,685			154,237			160,016			152,541			164,462			176,001			21,764		14.1	%			590,749			653,020			62,272		10.5	%
Operating income before income taxes	$	36,076		$	44,689		$	46,519		$	45,925		$	46,081		$	58,017		$	58,136		$	51,127		$	5,202		11.3	%		$	173,209		$	213,361		$	40,152		23.2	%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	60,035		$	63,072		$	56,418		$	57,859		$	56,220		$	59,057		$	55,149		$	56,894		$	(965	)	-1.7	%		$	237,384		$	227,320		$	(10,064	)	-4.2	%
Asset-based		56,837			59,144			58,794			57,144			55,306			59,541			60,759			61,997			4,853		8.5	%			231,919			237,604			5,685		2.5	%
Account-based		10,452			10,994			11,445			11,605			11,309			11,611			11,899			16,043			4,437		38.2	%			44,497			50,861			6,365		14.3	%
Other, net		1,625			1,804			1,941			2,166			2,083			2,399			2,273			2,081			(84	)	-3.9	%			7,536			8,836			1,300		17.3	%
Operating revenues		128,949			135,015			128,597			128,774			124,918			132,608			130,079			137,016			8,242		6.4	%			521,335			524,621			3,286		0.6	%
Benefits and expenses:
Amortization of DAC		1,201			2,901			3,299			552			1,919			1,704			1,636			889			338		61.2	%			7,951			6,148			(1,804	)	-22.7	%
Insurance commissions		1,971			2,182			2,957			2,731			2,631			2,884			3,001			2,941			210		7.7	%			9,841			11,456			1,615		16.4	%
Sales commissions:
Sales-based		42,442			44,595			40,036			40,809			40,327			42,040			38,276			40,031			(778	)	-1.9	%			167,883			160,674			(7,209	)	-4.3	%
Asset-based		23,251			24,059			24,374			23,802			23,093			24,907			25,271			26,368			2,566		10.8	%			95,485			99,639			4,154		4.4	%
Other operating expenses		25,041			23,532			23,120			22,399			25,257			25,008			26,136			25,946			3,548		15.8	%			94,092			102,348			8,256		8.8	%
Operating benefits and expenses		93,905			97,269			93,786			90,292			93,227			96,543			94,320			96,176			5,884		6.5	%			375,252			380,265			5,013		1.3	%
Operating income before income taxes	$	35,044		$	37,746		$	34,811		$	38,482		$	31,691		$	36,065		$	35,759		$	40,840		$	2,358		6.1	%		$	146,083		$	144,355		$	(1,727	)	-1.2	%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	8,295		$	8,376		$	8,355		$	7,286		$	7,886		$	8,072		$	8,191		$	6,779		$	(507	)	-7.0	%		$	32,311		$	30,928		$	(1,383	)	-4.3	%
Ceded premiums		(2,419	)		(2,644	)		(2,547	)		(2,658	)		(2,063	)		(2,191	)		(2,462	)		(2,710	)		(51	)	-1.9	%			(10,268	)		(9,426	)		842		8.2	%
Net premiums		5,876			5,732			5,808			4,628			5,823			5,881			5,729			4,069			(559	)	-12.1	%			22,043			21,502			(541	)	-2.5	%
Allocated net investment income		19,768			17,640			17,207			15,907			19,389			18,518			17,496			15,989			82		0.5	%			70,522			71,391			869		1.2	%
Commissions and fees:
Loans		42			43			37			40			44			43			36			31			(9	)	-22.8	%			162			153			(9	)	-5.5	%
DebtWatchers		307			311			303			299			282			280			262			264			(36	)	-11.9	%			1,221			1,087			(134	)	-10.9	%
Prepaid Legal Services		2,468			2,494			2,527			2,579			2,650			2,739			2,832			2,875			296		11.5	%			10,067			11,096			1,029		10.2	%
Auto and Homeowners Insurance		1,770			2,096			1,841			2,201			1,757			2,231			1,981			2,381			179		8.2	%			7,907			8,350			443		5.6	%
Long-Term Care Insurance		534			583			558			599			713			638			629			563			(36	)	-6.1	%			2,274			2,543			269		11.8	%
Other sales commissions		391			412			445			466			540			762			736			633			167		35.9	%			1,714			2,671			957		55.8	%
Other, net		1,058			1,080			1,440			1,154			1,171			1,296			1,283			1,450			296		25.7	%			4,733			5,200			467		9.9	%
Operating revenues		32,214			30,391			30,167			27,873			32,370			32,387			30,984			28,254			381		1.4	%			120,645			123,994			3,350		2.8	%
Benefits and expenses:
Benefits and claims		4,510			4,253			4,783			3,536			4,182			5,149			4,222			3,463			(73	)	-2.1	%			17,083			17,016			(67	)	-0.4	%
Amortization of DAC		(5	)		685			235			880			(15	)		539			427			671			(209	)	-23.8	%			1,795			1,622			(173	)	-9.6	%
Insurance commissions		617			581			578			477			548			494			537			447			(30	)	-6.3	%			2,252			2,026			(226	)	-10.1	%
Insurance expenses		1,837			1,491			1,745			1,668			2,101			1,771			1,712			1,496			(172	)	-10.3	%			6,741			7,080			339		5.0	%
Sales commissions		2,764			2,845			2,991			2,925			3,222			3,199			3,153			2,928			3		0.1	%			11,525			12,502			976		8.5	%
Interest expense		8,676			8,642			8,718			7,471			7,173			7,178			7,184			7,157			(314	)	-4.2	%			33,507			28,691			(4,816	)	-14.4	%
Other operating expenses		19,409			18,101			17,236			19,569			21,933			19,699			19,173			18,462			(1,107	)	-5.7	%			74,315			79,267			4,952		6.7	%
Operating benefits and expenses		37,808			36,598			36,285			36,526			39,145			38,029			36,408			34,622			(1,904	)	-5.2	%			147,217			148,203			986		0.7	%
Operating income before income taxes	$	(5,595	)	$	(6,207	)	$	(6,118	)	$	(8,653	)	$	(6,775	)	$	(5,642	)	$	(5,423	)	$	(6,368	)	$	2,285		26.4	%		$	(26,573	)	$	(24,209	)	$	2,364		8.9	%

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

8 of 16

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


(Dollars in thousands)																									YOY Q4												YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change			YTD 2015			YTD 2016			$ Change			% Change
Revenues:
Direct Premiums	$	569,164		$	579,873		$	579,527		$	584,570		$	589,244		$	604,117		$	608,396		$	611,583		$	27,013		4.6	%		$	2,313,133		$	2,413,340		$	100,207		4.3	%
Premiums ceded to IPO coinsurers (1)		(331,733	)		(331,984	)		(323,501	)		(324,870	)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		8,915		2.7	%			(1,312,088	)		(1,279,733	)		32,355		2.5	%
Adjusted direct premiums (2)		237,430			247,889			256,026			259,700			267,750			281,350			288,879			295,628			35,928		13.8	%			1,001,045			1,133,607			132,561		13.2	%
Other ceded premiums (3)		(63,389	)		(72,227	)		(67,939	)		(69,310	)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(10,892	)	-15.7	%			(272,864	)		(311,400	)		(38,536	)	-14.1	%
Net premiums		174,042			175,662			188,087			190,390			195,973			199,625			211,182			215,426			25,036		13.1	%			728,181			822,207			94,025		12.9	%
Allocated net investment income		1,405			1,436			1,508			1,639			1,850			1,871			1,903			2,010			371		22.6	%			5,987			7,634			1,647		27.5	%
Other, net		6,761			7,286			7,609			8,133			8,274			9,062			9,513			9,692			1,559		19.2	%			29,790			36,541			6,751		22.7	%
Operating revenues		182,208			184,384			197,204			200,162			206,097			210,559			222,598			227,128			26,966		13.5	%			763,958			866,381			102,423		13.4	%
Benefits and expenses:
Benefits and claims		77,990			78,268			83,816			82,158			86,795			83,835			88,800			91,209			9,051		11.0	%			322,232			350,640			28,407		8.8	%
Amortization of DAC		35,017			32,797			37,263			42,903			41,224			36,477			43,365			51,744			8,841		20.6	%			147,980			172,812			24,831		16.8	%
Insurance commissions		601			1,382			1,084			1,180			968			1,094			1,171			1,068			(112	)	-9.5	%			4,247			4,301			54		1.3	%
Insurance expenses		32,523			27,248			28,521			27,996			31,029			31,135			31,125			31,980			3,983		14.2	%			116,289			125,268			8,979		7.7	%
Operating benefits and expenses		146,132			139,695			150,685			154,237			160,016			152,541			164,462			176,001			21,764		14.1	%			590,749			653,020			62,272		10.5	%
Operating income before income taxes	$	36,076		$	44,689		$	46,519		$	45,925		$	46,081		$	58,017		$	58,136		$	51,127		$	5,202		11.3	%		$	173,209		$	213,361		$	40,152		23.2	%

Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	156,714		$	167,118		$	177,307		$	180,664		$	189,540		$	202,830		$	211,137		$	218,761		$	38,098		21.1	%		$	681,803		$	822,269		$	140,466		20.6	%
Legacy direct premiums (5)		412,449			412,754			402,220			403,906			399,704			401,287			397,258			392,821			(11,085	)	-2.7	%			1,631,330			1,591,071			(40,259	)	-2.5	%
Total direct premiums	$	569,164		$	579,873		$	579,527		$	584,570		$	589,244		$	604,117		$	608,396		$	611,583		$	27,013		4.6	%		$	2,313,133		$	2,413,340		$	100,207		4.3	%

Premiums ceded to IPO coinsurers	$	331,733		$	331,984		$	323,501		$	324,870		$	321,494		$	322,767		$	319,516		$	315,955		$	(8,915	)	-2.7	%		$	1,312,088		$	1,279,733		$	(32,355	)	-2.5	%
% of Legacy direct premiums		80.4	%		80.4	%		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)	$	141,379		$	150,494		$	151,755		$	151,468		$	158,571		$	165,560		$	166,497		$	171,411		$	19,943		13.2	%		$	595,097		$	662,040		$	66,943		11.2	%
% of adjusted direct premiums		59.5	%		60.7	%		59.3	%		58.3	%		59.2	%		58.8	%		57.6	%		58.0	%	nm			nm				59.4	%		58.4	%	nm			nm

DAC amortization & insurance commissions	$	35,619		$	34,179		$	38,347		$	44,083		$	42,193		$	37,572		$	44,537		$	52,812		$	8,729		19.8	%		$	152,228		$	177,113		$	24,886		16.3	%
% of adjusted direct premiums		15.0	%		13.8	%		15.0	%		17.0	%		15.8	%		13.4	%		15.4	%		17.9	%	nm			nm				15.2	%		15.6	%	nm			nm

Insurance expenses, net (7)	$	25,762		$	19,962		$	20,912		$	19,863		$	22,755		$	22,072		$	21,612		$	22,287		$	2,424		12.2	%		$	86,499		$	88,726		$	2,227		2.6	%
% of adjusted direct premiums		10.9	%		8.1	%		8.2	%		7.6	%		8.5	%		7.8	%		7.5	%		7.5	%	nm			nm				8.6	%		7.8	%	nm			nm

Total Term Life operating income before income taxes	$	36,076		$	44,689		$	46,519		$	45,925		$	46,081		$	58,017		$	58,136		$	51,127		$	5,202		11.3	%		$	173,209		$	213,361		$	40,152		23.2	%
Term Life operating margin (8)		15.2	%		18.0	%		18.2	%		17.7	%		17.2	%		20.6	%		20.1	%		17.3	%	nm			nm				17.3	%		18.8	%	nm			nm

(1)	Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers
(3)	Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers
(4)	Primary direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 IPO coinsurance 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
(8)	Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums

9 of 16

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


																									YOY Q4													YOY YTD
(Dollars in thousands, except as noted)		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period		98,358			98,145			101,008			104,702			106,710			108,220			112,365			115,345			10,643			10.2	%			98,358			106,710			8,352			8.5	%
New life-licensed representatives		7,486			10,439			11,160			10,547			9,666			12,171			11,739			11,148			601			5.7	%			39,632			44,724			5,092			12.8	%
Non-renewal and terminated representatives		(7,699	)		(7,576	)		(7,466	)		(8,539	)		(8,156	)		(8,026	)		(8,759	)		(9,666	)		(1,127	)		-13.2	%			(31,280	)		(34,607	)		(3,327	)		-10.6	%
Life-insurance licensed sales force, end of period		98,145			101,008			104,702			106,710			108,220			112,365			115,345			116,827			10,117			9.5	%			106,710			116,827			10,117			9.5	%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	45.1		$	55.3		$	54.5		$	57.4		$	54.0		$	63.1		$	61.9		$	66.2		$	8.8			15.2	%		$	212.4		$	245.2		$	32.9			15.5	%
Additions and increases in premium		12.8			14.0			13.7			14.4			14.0			15.4			15.2			15.9			1.5			10.5	%			54.9			60.4			5.5			10.1	%
Total estimated annualized issued term life premium	$	57.9		$	69.3		$	68.2		$	71.8		$	68.0		$	78.6		$	77.1		$	82.0		$	10.3			14.3	%		$	267.3		$	305.7		$	38.4			14.4	%

Issued term life policies		55,677			68,097			66,658			69,627			66,376			77,384			75,374			79,110			9,483			13.6	%			260,059			298,244			38,185			14.7	%
Estimated average annualized issued term life premium per policy (1)(2)	$	811		$	813		$	817		$	825		$	814		$	816		$	822		$	837		$	12			1.4	%		$	817		$	822		$	6			0.7	%

Term life face amount in-force, beginning of period ($mills)	$	681,927		$	678,517		$	688,163		$	689,316		$	693,194		$	704,632		$	714,756		$	722,162		$	32,846			4.8	%		$	681,927		$	693,194		$	11,267			1.7	%
Issued term life face amount (3)		17,181			20,585			20,321			21,023			19,790			23,145			22,775			24,159			3,136			14.9	%			79,111			89,869			10,759			13.6	%
Terminated term life face amount		(13,344	)		(12,064	)		(13,659	)		(14,513	)		(13,814	)		(12,700	)		(14,407	)		(16,318	)		(1,805	)		-12.4	%			(53,580	)		(57,238	)		(3,658	)		-6.8	%
Foreign currency impact, net		(7,247	)		1,125			(5,509	)		(2,632	)		5,462			(321	)		(962	)		(1,619	)		1,014			38.5	%			(14,263	)		2,560			16,823		nm
Term life face amount in-force, end of period	$	678,517		$	688,163		$	689,316		$	693,194		$	704,632		$	714,756		$	722,162		$	728,385		$	35,191			5.1	%		$	693,194		$	728,385		$	35,191			5.1	%

(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 Q4													YOY YTD
Investment & Savings Products Operating Income Before Income Taxes		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	60,035		$	63,072		$	56,418		$	57,859		$	56,220		$	59,057		$	55,149		$	56,894		$	(965	)		-1.7	%		$	237,384		$	227,320		$	(10,064	)		-4.2	%
Asset-based		56,837			59,144			58,794			57,144			55,306			59,541			60,759			61,997			4,853			8.5	%			231,919			237,604			5,685			2.5	%
Account-based		10,452			10,994			11,445			11,605			11,309			11,611			11,899			16,043			4,437			38.2	%			44,497			50,861			6,365			14.3	%
Other, net		1,625			1,804			1,941			2,166			2,083			2,399			2,273			2,081			(84	)		-3.9	%			7,536			8,836			1,300			17.3	%
Operating revenues		128,949			135,015			128,597			128,774			124,918			132,608			130,079			137,016			8,242			6.4	%			521,335			524,621			3,286			0.6	%
Benefits and expenses:
Amortization of DAC		1,201			2,901			3,299			552			1,919			1,704			1,636			889			338			61.2	%			7,951			6,148			(1,804	)		-22.7	%
Insurance commissions		1,971			2,182			2,957			2,731			2,631			2,884			3,001			2,941			210			7.7	%			9,841			11,456			1,615			16.4	%
Sales commissions:
Sales-based		42,442			44,595			40,036			40,809			40,327			42,040			38,276			40,031			(778	)		-1.9	%			167,883			160,674			(7,209	)		-4.3	%
Asset-based		23,251			24,059			24,374			23,802			23,093			24,907			25,271			26,368			2,566			10.8	%			95,485			99,639			4,154			4.4	%
Other operating expenses		25,041			23,532			23,120			22,399			25,257			25,008			26,136			25,946			3,548			15.8	%			94,092			102,348			8,256			8.8	%
Operating benefits and expenses		93,905			97,269			93,786			90,292			93,227			96,543			94,320			96,176			5,884			6.5	%			375,252			380,265			5,013			1.3	%
Operating income before income taxes	$	35,044		$	37,746		$	34,811		$	38,482		$	31,691		$	36,065		$	35,759		$	40,840		$	2,358			6.1	%		$	146,083		$	144,355		$	(1,727	)		-1.2	%

Financial Analysis

Fees paid based on client asset values (1)	$	4,674		$	4,828		$	4,540		$	4,429		$	4,298		$	4,677		$	4,893		$	4,837		$	408			9.2	%		$	18,472		$	18,704		$	233			1.3	%
Fees paid based on fee-generating positions (2)		3,172			3,439			3,464			3,483			3,495			3,510			3,527			3,553			70			2.0	%			13,557			14,085			528			3.9	%
Other operating expenses		17,195			15,266			15,116			14,487			17,464			16,821			17,716			17,557			3,070			21.2	%			62,063			69,559			7,495			12.1	%
Total other operating expenses	$	25,041		$	23,532		$	23,120		$	22,399		$	25,257		$	25,008		$	26,136		$	25,946		$	3,548			15.8	%		$	94,092		$	102,348		$	8,256			8.8	%

Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.36	%		1.34	%		1.38	%		1.38	%		1.31	%		1.29	%		1.44	%		1.36	%	nm			nm					1.37	%		1.35	%	nm			nm
Canada		1.09	%		1.07	%		0.97	%		0.96	%		1.10	%		1.04	%		1.00	%		0.98	%	nm			nm					1.03	%		1.04	%	nm			nm
Total		1.32	%		1.31	%		1.33	%		1.33	%		1.28	%		1.26	%		1.38	%		1.32	%	nm			nm					1.32	%		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	%		0.036	%		0.035	%		0.035	%	nm			nm					0.146	%		0.142	%	nm			nm
Canada		0.134	%		0.118	%		0.111	%		0.146	%		0.124	%		0.131	%		0.133	%		0.139	%	nm			nm					0.508	%		0.528	%	nm			nm
Total		0.053	%		0.051	%		0.049	%		0.054	%		0.050	%		0.052	%		0.051	%		0.052	%	nm			nm					0.207	%		0.206	%	nm			nm

Account-based net revenue per average fee generating position (5)(6)	$	2.70		$	2.68		$	2.81		$	2.85		$	2.74		$	2.81		$	2.89		$	4.34		nm			nm				$	11.04		$	12.78		nm			nm

(1)	Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values
(2)	Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions
(3)	Sales-based 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 positions
(6)	In whole dollars

11 of 16

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


(Dollars in thousands, except as noted)																									YOY Q4													YOY YTD
Key Statistics		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change				YTD 2015			YTD 2016			$ Change			% Change

Product sales ($mills)
U.S. Retail Mutual Funds	$	641.2		$	698.7		$	597.4		$	620.0		$	599.9		$	693.2		$	652.4		$	671.6		$	51.6			8.3	%		$	2,557.2		$	2,617.0		$	59.9			2.3	%
Canada Retail Mutual Funds		214.5			170.2			158.4			158.7			209.6			159.4			144.3			149.0			(9.7	)		-6.1	%			701.7			662.4			(39.3	)		-5.6	%
Indexed Annuities		73.7			91.2			75.3			80.2			84.4			114.2			99.7			100.5			20.2			25.2	%			320.4			398.8			78.4			24.5	%
Variable Annuities and other		405.0			452.2			404.3			422.2			349.4			383.6			322.0			359.4			(62.8	)		-14.9	%			1,683.6			1,414.4			(269.2	)		-16.0	%
Total sales-based revenue generating product sales		1,334.3			1,412.2			1,235.4			1,281.0			1,243.3			1,350.5			1,218.5			1,280.4			(0.6	)	nm					5,262.9			5,092.7			(170.2	)		-3.2	%
Managed Accounts		66.1			72.2			57.1			51.4			45.2			55.2			54.0			57.4			5.9			11.6	%			246.9			211.8			(35.0	)		-14.2	%
Segregated Funds		114.4			82.4			74.2			76.1			87.3			63.9			68.7			69.8			(6.3	)		-8.3	%			347.1			289.8			(57.3	)		-16.5	%
Total product sales	$	1,514.8		$	1,566.8		$	1,366.8		$	1,408.6		$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	(1.0	)		-0.1	%		$	5,856.8		$	5,594.3		$	(262.5	)		-4.5	%

Canada Retail Mutual Funds	$	214.5		$	170.2		$	158.4		$	158.7		$	209.6		$	159.4		$	144.3		$	149.0		$	(9.7	)		-6.1	%		$	701.7		$	662.4		$	(39.3	)		-5.6	%
Segregated Funds		114.4			82.4			74.2			76.1			87.3			63.9			68.7			69.8			(6.3	)		-8.3	%			347.1			289.8			(57.3	)		-16.5	%
Total Canada product sales		328.8			252.6			232.7			234.8			297.0			223.4			213.1			218.8			(16.0	)		-6.8	%			1,048.8			952.2			(96.6	)		-9.2	%
Total U.S. product sales		1,185.9			1,314.2			1,134.1			1,173.8			1,078.9			1,246.3			1,128.1			1,188.8			15.0			1.3	%			4,808.1			4,642.1			(166.0	)		-3.5	%
Total product sales	$	1,514.8		$	1,566.8		$	1,366.8		$	1,408.6		$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	(1.0	)		-0.1	%		$	5,856.8		$	5,594.3		$	(262.5	)		-4.5	%

Client asset values, beginning of period ($mills)	$	48,656		$	49,195		$	49,372		$	45,848		$	47,353		$	48,174		$	49,372		$	51,334		$	5,486			12.0	%		$	48,656		$	47,353		$	(1,303	)		-2.7	%
Inflows		1,515			1,567			1,367			1,409			1,376			1,470			1,341			1,408			(1	)		-0.1	%			5,857			5,594			(263	)		-4.5	%
Outflows (1)		(1,246	)		(1,267	)		(1,168	)		(1,163	)		(1,153	)		(1,222	)		(1,141	)		(1,104	)		60			5.1	%			(4,843	)		(4,620	)		224			4.6	%
Net flows		269			300			199			245			223			247			201			304			59		nm					1,013			975			(39	)	nm
Foreign currency impact, net		(734	)		122			(581	)		(263	)		555			(32	)		(99	)		(171	)		92		nm					(1,457	)		254			1,711		nm
Change in market value, net and other (2)		1,004			(245	)		(3,142	)		1,523			43			983			1,860			871			(652	)	nm					(859	)		3,758			4,617		nm
Client asset values, end of period	$	49,195		$	49,372		$	45,848		$	47,353		$	48,174		$	49,372		$	51,334		$	52,339		$	4,986			10.5	%		$	47,353		$	52,339		$	4,986			10.5	%
Annualized net flows as % of beginning of period asset values		2.2	%		2.4	%		1.6	%		2.1	%		1.9	%		2.1	%		1.6	%		2.4	%		0.2	%	nm					2.1	%		2.1	%		0.0	%	nm

Average client asset values ($mills)
U.S. Retail Mutual Funds	$	24,787		$	25,099		$	24,208		$	24,008		$	23,390		$	24,326		$	25,198		$	25,617		$	1,609			6.7	%			24,526			24,633		$	107			0.4	%
Canada Retail Mutual Funds		6,035			6,177			5,808			5,593			5,478			5,963			6,133			6,157			564			10.1	%			5,903			5,933			29			0.5	%
Managed Accounts		1,446			1,526			1,532			1,567			1,582			1,680			1,776			1,840			273			17.4	%			1,518			1,720			202			13.3	%
Indexed Annuities		1,089			1,162			1,230			1,296			1,366			1,450			1,539			1,629			332			25.6	%			1,195			1,496			301			25.2	%
Variable Annuities and other		12,995			13,313			12,980			12,965			12,711			13,228			13,694			13,901			936			7.2	%			13,063			13,384			321			2.5	%
Segregated Funds		2,390			2,381			2,205			2,112			2,120			2,289			2,339			2,301			189			8.9	%			2,272			2,262			(10	)		-0.4	%
Total	$	48,743		$	49,658		$	47,963		$	47,542		$	46,646		$	48,936		$	50,679		$	51,445		$	3,903			8.2	%		$	48,477		$	49,427		$	950			2.0	%

Canada Retail Mutual Funds	$	6,035		$	6,177		$	5,808		$	5,593		$	5,478		$	5,963		$	6,133		$	6,157		$	564			10.1	%		$	5,903		$	5,933		$	29			0.5	%
Segregated Funds		2,390			2,381			2,205			2,112			2,120			2,289			2,339			2,301			189			8.9	%			2,272			2,262			(10	)		-0.4	%
Total Canada average client assets		8,425			8,558			8,014			7,705			7,597			8,252			8,472			8,458			753			9.8	%			8,176			8,195			19			0.2	%
Total U.S. average client assets		40,317			41,100			39,950			39,837			39,049			40,684			42,207			42,987			3,150			7.9	%			40,301			41,232			931			2.3	%
Total average client assets	$	48,743		$	49,658		$	47,963		$	47,542		$	46,646		$	48,936		$	50,679		$	51,445		$	3,903			8.2	%		$	48,477		$	49,427		$	950			2.0	%

Average number of fee-generating positions (thous) (3)
Recordkeeping and custodial		2,067			2,165			2,179			2,188			2,191			2,200			2,203			2,209			20			0.9	%			2,150			2,201			51			2.4	%
Recordkeeping only		628			657			662			664			666			684			690			666			2			0.3	%			653			677			24			3.7	%
Total		2,695			2,822			2,841			2,853			2,857			2,884			2,893			2,875			22			0.8	%			2,803			2,877			75			2.7	%

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

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


	As of or for the period ended December 31, 2016
									% 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	$	211,976		$	211,976	$	-			10.3	%		10.6	%

Fixed Income:
Treasury		22,660			21,592		1,068			1.1	%		1.1	%		2.70	%	AAA
Government		160,942			154,975		5,967			7.8	%		7.8	%		3.64	%	AA-
Tax-Exempt Municipal		3,901			3,805		96			0.2	%		0.2	%		3.22	%	A-
Corporate		1,223,231			1,183,041		40,189			59.5	%		59.4	%		4.46	%	BBB+
Mortgage-Backed		97,631			92,855		4,776			4.7	%		4.7	%		4.05	%	AAA
Asset-Backed		72,344			72,450		(106	)		3.5	%		3.6	%		2.28	%	AA
CMBS		109,443			107,201		2,242			5.3	%		5.4	%		2.98	%	AAA
Private		102,940			100,057		2,883			5.0	%		5.0	%		4.85	%	BBB
Redeemable Preferred		3,814			3,442		372			0.2	%		0.2	%		15.41	%	BBB+
Convertible		2,863			2,597		266			0.1	%		0.1	%		5.08	%	BBB
Total Fixed Income		1,799,770			1,742,015		57,755			87.5	%		87.5	%		4.21	%	A-

Equities:
Perpetual Preferred		17,719			17,266		452			0.9	%		0.9	%
Common Stock		16,317			10,472		5,845			0.8	%		0.5	%
Mutual Fund		6,593			4,814		1,779			0.3	%		0.2	%
Other		4,265			4,265		0			0.2	%		0.2	%
Total Equities		44,894			36,818		8,077			2.2	%		1.8	%

Total Invested Assets	$	2,056,640		$	1,990,808	$	65,832			100.0	%		100.0	%

Corporate Portfolio by Sector

Energy	$	142,503		$	136,979	$	5,523			11.6	%		11.6	%
Reits		134,537			129,935		4,602			11.0	%		11.0	%
Consumer Non Cyclical		129,901			126,333		3,568			10.6	%		10.7	%
Banking		136,708			134,345		2,362			11.2	%		11.4	%
Technology		99,791			97,509		2,282			8.2	%		8.2	%
Basic Industry		98,715			95,982		2,732			8.1	%		8.1	%
Electric		76,214			73,198		3,015			6.2	%		6.2	%
Insurance		79,640			75,871		3,770			6.5	%		6.4	%
Communications		75,970			71,782		4,188			6.2	%		6.1	%
Capital Goods		78,132			74,766		3,366			6.4	%		6.3	%
Consumer Cyclical		64,798			63,024		1,774			5.3	%		5.3	%
Transportation		41,704			40,983		722			3.4	%		3.5	%
Brokerage		35,067			33,946		1,120			2.9	%		2.9	%
Finance Companies		8,399			8,014		385			0.7	%		0.7	%
Natural Gas		3,357			3,234		123			0.3	%		0.3	%
Industrial Other		10,635			10,045		590			0.9	%		0.8	%
Financial Other		6,138			6,097		41			0.5	%		0.5	%
Utility Other		1,024			997		26			0.1	%		0.1	%
Total Corporate portfolio	$	1,223,231		$	1,183,041	$	40,189			100.0	%		100.0	%

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

Effective maturity
< 1 Yr.	$	175,861		$	173,227	$	2,634			9.8	%		9.9	%		3.69	%
1-2 Yrs.		181,971			175,831		6,140			10.1	%		10.1	%		4.47	%
2-5 Yrs.		717,780			687,140		30,640			39.9	%		39.4	%		4.36	%
5-10 Yrs.		671,067			655,816		15,252			37.3	%		37.6	%		4.07	%
> 10 Yrs.		53,091			50,001		3,090			2.9	%		2.9	%		4.65	%
Total Fixed Income	$	1,799,770		$	1,742,015	$	57,755			100.0	%		100.0	%		4.21	%

Duration

Fixed Income portfolio duration		3.9	years

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

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


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
	Amortized Cost		% of Total
Total Fixed Income portfolio:
Rating
AAA	$	295,873		17.0	%
AA		161,594		9.3	%
A		387,072		22.2	%
BBB		798,156		45.8	%
Below Investment Grade		93,533		5.4	%
NA		5,786		0.3	%
Total Fixed Income	$	1,742,015		100.0	%




	Amortized Cost		% of Total				Amortized Cost		% of Total
Corporate asset class:						Private asset class:
Rating						Rating
AAA	$	8,811		0.7	%	AAA	$	-		—
AA		74,448		6.3	%	AA		1,303		1.3	%
A		328,571		27.8	%	A		1,309		1.3	%
BBB		691,698		58.5	%	BBB		91,706		91.7	%
Below Investment Grade		79,334		6.7	%	Below Investment Grade		5,739		5.7	%
NA		180		0.0	%	NA		-		—
Total Corporate	$	1,183,041		100.0	%	Total Private	$	100,057		100.0	%



CMBS asset class:						Mortgage-Backed asset class:
Rating						Rating
AAA	$	102,787		95.9	%	AAA	$	88,986		95.8	%
AA		2,218		2.1	%	AA		1,518		1.6	%
A		-		—		A		464		0.5	%
BBB		1,196		1.1	%	BBB		1,888		2.0	%
Below Investment Grade		-		—		Below Investment Grade		-		—
NA		1,000		0.9	%	NA		-		—
Total CMBS	$	107,201		100.0	%	Total Mortgage-Backed	$	92,855		100.0	%



Asset-Backed asset class:						Treasury & Government asset classes:
Rating						Rating
AAA	$	43,155		59.6	%	AAA	$	51,584		29.2	%
AA		7,063		9.7	%	AA		76,824		43.5	%
A		15,286		21.1	%	A		36,858		20.9	%
BBB		2,454		3.4	%	BBB		7,112		4.0	%
Below Investment Grade		201		0.3	%	Below Investment Grade		4,188		2.4	%
NA		4,292		5.9	%	NA		-		—
Total Asset-Backed	$	72,450		100.0	%	Total Treasury & Government	$	176,567		100.0	%



NAIC Designations

1	$	644,899		44.0	%
2		727,443		49.7	%
3		74,243		5.1	%
4		14,843		1.0	%
5		2,243		0.2	%
6		884		0.1	%
U.S. Insurer Fixed Income (2)		1,464,556		100.0	%
Other (3)		314,327
Cash and cash equivalents		211,976
Total Invested Assets	$	1,990,859

(1)	Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest
(2)	NAIC ratings for our U.S. insurance companies' fixed income portfolios
(3)	Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities

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

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


																									YOY Q4
(Dollars in thousands)		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)	$	19,795		$	19,551		$	18,786		$	19,140		$	19,249		$	18,377		$	18,578		$	18,469			(671	)		-3.5	%
Fixed-maturity securities (held-to-maturity)		2,475			2,707			3,772			4,094			4,154			4,605			4,957			5,164			1,070			26.1	%
Equity Securities		516			503			514			526			520			502			505			526			-			0.0	%
Deposit asset underlying 10% reinsurance treaty		1,672			(116	)		220			(1,294	)		2,200			2,185			1,058			(231	)		1,063			-82.1	%
Policy loans and other invested assets		359			337			354			318			330			352			317			342			24			7.5	%
Cash & cash equivalents		43			47			51			87			149			199			148			135			48			55.2	%
Total investment income		24,860			23,029			23,697			22,871			26,602			26,220			25,563			24,405			1,534			6.7	%
Investment expenses		1,212			1,247			1,210			1,231			1,210			1,226			1,208			1,242			11			0.9	%
Interest Expense on Surplus Note		2,475			2,707			3,772			4,094			4,154			4,605			4,957			5,164			1,070			26.1	%
Net investment income	$	21,173		$	19,075		$	18,715		$	17,546		$	21,238		$	20,389		$	19,398			17,999			453			2.6	%
Fixed income book yield, end of period		4.53	%		4.51	%		4.54	%		4.40	%		4.46	%		4.40	%		4.29	%		4.21	%
New money yield		2.47	%		2.57	%		3.39	%		2.26	%		3.14	%		2.41	%		1.24	%		2.00	%

																									YOY Q4
		Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA		17.3	%		16.6	%		16.0	%		17.2	%		16.7	%		15.6	%		16.1	%		17.0	%		-0.2	%
AA		6.9	%		6.5	%		6.8	%		7.4	%		8.1	%		9.3	%		9.5	%		9.3	%		1.9	%
A		22.4	%		22.6	%		22.1	%		22.8	%		22.5	%		21.9	%		21.2	%		22.2	%		-0.6	%
BBB		47.8	%		48.9	%		49.4	%		47.3	%		46.3	%		47.5	%		47.7	%		45.8	%		-1.5	%
Below Investment Grade		5.6	%		5.2	%		5.6	%		5.3	%		6.4	%		5.6	%		5.2	%		5.4	%		0.1	%
NA		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%		0.4	%		0.3	%		0.3	%
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, 2016								As of December 31, 2016					As of December 31, 2016
		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	$	24,130		$	23,167		AAA	Australia	$	61,372	$	59,604	AAA	$	3,244	$	3,238
2	National Rural Utilities Cooperative		11,472			10,271		A	Canada		49,396		47,473	AA		7,437		7,139
3	General Electric Co		10,037			9,627		AA+	United Kingdom		39,982		38,720	A		15,501		14,780
4	Wells Fargo & Co		9,201			8,980		A	France		18,315		17,794	BBB		7,243		7,112
5	Iberdrola SA		8,832			8,474		BBB+	Germany		16,561		16,404	Below Investment Grade		4,212		4,188
6	National Fuel Gas Co		8,653			8,070		BBB	Netherlands		15,935		14,915	NA		0		0
7	Anheuser-Busch InBev SA/NV		8,207			7,800		A-	Switzerland		14,414		14,293	Total	$	37,637	$	36,458
8	Australia & New Zealand Banking		7,916			7,880		A+	Cayman Islands		14,342		14,258
9	TransCanada Corp		7,810			7,540		A-	Bermuda		13,835		13,680
10	US Bancorp		7,687			7,381		A+	Ireland		11,696		10,999	Non-Government Investments (1)
11	Macquarie Group Ltd		7,551			7,315		BBB	Belgium		10,112		9,950
12	PNC Financial Services Group Inc		7,514			7,390		A-	Mexico		9,580		9,407	AAA	$	5,892	$	5,892
13	Province of Alberta Canada		7,451			7,414		AA+	Brazil		9,508		9,256	AA		23,283		23,152
14	Prudential Financial Inc		7,361			7,154		A	Israel		8,362		8,265	A		94,759		92,376
15	HSBC Holdings PLC		7,352			7,160		A	Japan		7,775		7,697	BBB		174,016		167,690
16	AT&T Inc		7,341			6,415		BBB+	Emerging Markets (2)		14,539		13,978	Below Investment Grade		14,924		14,577
17	Brookfield Asset Management Inc		6,817			6,817		A-	All Other		35,332		33,853	NA		544		401
18	Province of Ontario Canada		6,725			6,214		AA-	Total	$	351,055	$	340,545	Total	$	313,419	$	304,087
19	Tianjin Tianhai Inv Co - Ingram Micro Inc		6,655			6,668		BB+
20	Ventas Inc		6,646			6,440		BBB+
21	Express Scripts Holding Co		6,622			6,528		BBB+
22	Penske Truck Leasing Co LP		6,577			6,510		BBB-
23	Municipal Finance Authority of BC		6,283			6,304		AAA
24	Intel Corp		6,196			6,047		A+
25	Discovery Communications Inc		6,170			5,785		BBB-
Total		$	207,207		$	199,353

% of total fixed income portfolio			10.1	%		10.0	%

(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.

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


(Dollars in millions)	2012			2013			2014			2015			2016				Q1 2015			Q2 2015			Q3 2015			Q4 2015			Q1 2016			Q2 2016			Q3 2016			Q4 2016


Recruits		191,752			186,251			190,439			228,115			262,732			53,300			60,246			65,945			48,624			63,427			65,273			73,706			60,326


Life-insurance licensed sales force, beginning of period		91,176			92,373			95,566			98,358			106,710			98,358			98,145			101,008			104,702			106,710			108,220			112,365			115,345
New life-licensed representatives		34,425			34,155			33,832			39,632			44,724			7,486			10,439			11,160			10,547			9,666			12,171			11,739			11,148
Non-renewal and terminated representatives		(33,228	)		(30,962	)		(31,040	)		(31,280	)		(34,607	)		(7,699	)		(7,576	)		(7,466	)		(8,539	)		(8,156	)		(8,026	)		(8,759	)		(9,666	)
Life-insurance licensed sales force, end of period		92,373			95,566			98,358			106,710			116,827			98,145			101,008			104,702			106,710			108,220			112,365			115,345			116,827


Issued term life policies		222,558			214,617			220,984			260,059			298,244			55,677			68,097			66,658			69,627			66,376			77,384			75,374			79,110


Issued term life face amount	$	68,053		$	67,783		$	69,574		$	79,111		$	89,869		$	17,181		$	20,585		$	20,321		$	21,023		$	19,790		$	23,145		$	22,775		$	24,159


Term life face amount in force, beginning of period	$	664,955		$	670,412		$	674,868		$	681,927		$	693,194		$	681,927		$	678,517		$	688,163		$	689,316		$	693,194		$	704,632		$	714,756		$	722,162
Issued term life face amount		68,053			67,783			69,574			79,111			89,869			17,181			20,585			20,321			21,023			19,790			23,145			22,775			24,159
Terminated term life face amount		(61,593	)		(57,730	)		(54,962	)		(53,580	)		(57,238	)		(13,344	)		(12,064	)		(13,659	)		(14,513	)		(13,814	)		(12,700	)		(14,407	)		(16,318	)
Foreign currency impact, net		(1,003	)		(5,596	)		(7,553	)		(14,263	)		2,560			(7,247	)		1,125			(5,509	)		(2,632	)		5,462			(321	)		(962	)		(1,619	)
Term life face amount in force, end of period	$	670,412		$	674,868		$	681,927		$	693,194		$	728,385		$	678,517		$	688,163		$	689,316		$	693,194		$	704,632		$	714,756		$	722,162		$	728,385


Estimated annualized issued term life premium
Premium from new policies	$	176.1		$	173.5		$	179.8		$	212.4		$	245.2		$	45.1		$	55.3		$	54.5		$	57.4		$	54.0		$	63.1		$	61.9		$	66.2
Additions and increases in premium		45.5			48.6			51.6			54.9			60.4			12.8			14.0			13.7			14.4			14.0			15.4			15.2			15.9
Total estimated annualized issued term life premium	$	221.5		$	222.1		$	231.4		$	267.3		$	305.7		$	57.9		$	69.3		$	68.2		$	71.8		$	68.0		$	78.6		$	77.1		$	82.0


Investment & Savings product sales	$	4,712.2		$	5,208.8		$	5,682.3		$	5,856.8		$	5,594.3		$	1,514.8		$	1,566.8		$	1,366.8		$	1,408.6		$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6

Investment & Savings average client asset values	$	35,904		$	41,035		$	46,936		$	48,477		$	49,427		$	48,743		$	49,658		$	47,963		$	47,542		$	46,646		$	48,936		$	50,679		$	51,445

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Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 8, 2017

Attached files

Primerica, Inc. Reports