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

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EX-99.1 - EX-99.1 - Primerica, Inc.	pri-ex991_6.htm
8-K - 8-K - Primerica, Inc.	pri-8k_20201104.htm

Exhibit 99.2

Supplemental Financial Information

Third Quarter 2020

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, 2019.

2 of 16

Preface

PRIMERICA, INC.

Financial Supplement

Third Quarter 2020

This document is a financial supplement to our third quarter 2020 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/losses, including credit impairments, and mark-to-market (MTM) investment adjustments. We exclude realized investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted 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 or sale 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 sold.

•

IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (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 these 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, 2018			Mar 31, 2019			Jun 30, 2019			Sep 30, 2019			Dec 31, 2019			Mar 31, 2020			Jun 30, 2020			Sep 30, 2020
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,422,734		$	2,471,745		$	2,557,033		$	2,617,685		$	2,730,715		$	2,626,043		$	2,805,065		$	2,861,883
	Securities held to maturity				970,390			1,036,110			1,087,790			1,140,250			1,184,370			1,237,270			1,278,580			1,323,740
			Total investments and cash		3,393,124			3,507,855			3,644,823			3,757,935			3,915,085			3,863,313			4,083,645			4,185,623
	Due from reinsurers				4,141,569			4,202,903			4,185,850			4,166,362			4,169,823			4,132,897			4,217,129			4,229,088
	Deferred policy acquisition costs				2,133,920			2,181,741			2,238,315			2,281,560			2,325,750			2,346,656			2,434,462			2,532,409
	Other assets				730,933			814,854			811,426			818,029			792,128			799,122			851,660			885,083
	Separate account assets				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654			2,468,328
			Total assets	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549		$	14,300,531

Liabilities:
	Future policy benefits			$	6,168,157		$	6,240,864		$	6,314,403		$	6,374,327		$	6,446,569		$	6,472,397		$	6,567,169		$	6,664,061
	Other policy liabilities				700,094			703,123			717,265			714,930			744,087			737,435			855,083			911,454
	Income taxes				187,104			206,180			206,301			207,453			209,221			208,357			265,369			216,639
	Other liabilities				486,772			561,709			551,689			565,894			563,931			554,014			574,425			573,253
	Notes payable				373,661			373,755			373,848			373,942			374,037			374,131			374,226			374,320
	Surplus note				969,685			1,035,421			1,087,117			1,139,592			1,183,728			1,236,644			1,277,970			1,323,146
	Payable under securities lending				52,562			64,914			43,867			39,933			28,723			28,896			29,973			48,883
	Separate account liabilities				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654			2,468,328
			Total liabilities		11,133,535			11,554,726			11,731,781			11,843,924			12,036,040			11,740,797			12,321,869			12,580,085

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				427			424			420			415			412			405			397			394
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		0			0			0
	Retained earnings				1,489,520			1,506,944			1,537,537			1,553,286			1,593,281			1,565,803			1,569,689			1,629,114
	Treasury stock				—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726			105,758
		Cumulative translation adjustment			(21,064	)		(14,897	)		(8,258	)		(12,265	)		(5,765	)		(34,776	)		(21,132	)		(14,820	)
			Total stockholders’ equity		1,461,513			1,521,387			1,585,926			1,607,813			1,652,492			1,530,114			1,642,680			1,720,446
			Total liabilities and stockholders' equity	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549		$	14,300,531

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,461,513		$	1,521,387		$	1,585,926		$	1,607,813		$	1,652,492		$	1,530,114		$	1,642,680		$	1,720,446
	Less: Net unrealized gains (losses)				(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726			105,758
			Adjusted stockholders’ equity	$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,447,972		$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954
	Net Income				86,541			79,166			97,446			96,223			93,557			72,469			101,510			112,101
	Shareholder dividends				(10,856	)		(14,628	)		(14,517	)		(14,324	)		(14,162	)		(16,530	)		(16,083	)		(15,882	)
	Retirement of shares and warrants				(43,338	)		(60,288	)		(57,117	)		(70,679	)		(44,137	)		(95,676	)		(86,513	)		(41,556	)
	Net foreign currency translation adjustment				(15,765	)		6,167			6,639			(4,007	)		6,500			(29,011	)		13,645			6,312
	Other, net				4,328			13,171			4,778			4,524			4,734			12,252			4,964			4,759
Balance, end of period				$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954		$	1,614,688

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,107,814		$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462
	General expenses deferred				8,497			9,163			9,384			9,468			8,608			9,726			9,205			9,702
	Commission costs deferred				96,697			98,196			100,498			100,913			97,538			104,793			120,967			130,719
	Amortization of deferred policy acquisition costs				(66,184	)		(64,628	)		(58,762	)		(63,883	)		(67,279	)		(70,311	)		(53,177	)		(47,491	)
	Foreign currency impact and other, net				(12,904	)		5,091			5,455			(3,254	)		5,322			(23,302	)		10,812			5,017
Balance, end of period				$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462		$	2,532,409

(1)	Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			39,587,978			(2,375,694	)		-5.7	%		42,420,438			40,281,146			(2,139,292	)	-5.0%

	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	15,878			16.5	%	$	272,834		$	286,080		$	13,246		4.9%
	Less income attributable to unvested participating securities			(401	)		(428	)		(415	)		(402	)		(310	)		(437	)		(493	)		(79	)		-18.9	%		(1,251	)		(1,239	)		13		1.0%
		Net income used in computing basic EPS	$	78,765		$	97,018		$	95,808		$	93,155		$	72,159		$	101,073		$	111,608		$	15,800			16.5	%	$	271,582		$	284,841		$	13,259		4.9%
		Basic earnings per share	$	1.84		$	2.28		$	2.28		$	2.25		$	1.75		$	2.52		$	2.82		$	0.54			23.5	%	$	6.40		$	7.07		$	0.67		10.5%

	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	15,126			15.8	%	$	265,655		$	294,245		$	28,590		10.8%
	Less operating income attributable to unvested participating securities			(381	)		(416	)		(412	)		(399	)		(364	)		(424	)		(487	)		(75	)		-18.2	%		(1,219	)		(1,274	)		(55	)	-4.5%
		Adjusted net operating income used in computing basic operating EPS	$	74,922		$	94,343		$	95,181		$	92,377		$	84,682		$	98,056		$	110,231		$	15,050			15.8	%	$	264,436		$	292,971		$	28,535		10.8%
		Basic adjusted operating income per share	$	1.75		$	2.22		$	2.27		$	2.23		$	2.06		$	2.44		$	2.78		$	0.52			22.8	%	$	6.23		$	7.27		$	1.04		16.7%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			39,587,978			(2,375,694	)		-5.7	%		42,420,438			40,281,146			(2,139,292	)	-5.0%
	Dilutive impact of contingently issuable shares			118,014			135,719			135,887			143,224			107,361			114,090			122,097			(13,790	)		-10.1	%		129,874			114,516			(15,358	)	-11.8%
		Shares used to calculate diluted EPS		42,942,485			42,618,350			42,099,559			41,614,029			41,238,561			40,245,967			39,710,075			(2,389,484	)		-5.7	%		42,550,312			40,395,662			(2,154,650	)	-5.1%

	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	15,878			16.5	%	$	272,834		$	286,080		$	13,246		4.9%
	Less income attributable to unvested participating securities			(400	)		(427	)		(413	)		(401	)		(310	)		(436	)		(492	)		(78	)		-18.9	%		(1,248	)		(1,236	)		13		1.0%
		Net income used in computing diluted EPS	$	78,766		$	97,019		$	95,809		$	93,156		$	72,159		$	101,074		$	111,609		$	15,800			16.5	%	$	271,585		$	284,844		$	13,259		4.9%
		Diluted earnings per share	$	1.83		$	2.28		$	2.28		$	2.24		$	1.75		$	2.51		$	2.81		$	0.53			23.5	%	$	6.38		$	7.05		$	0.67		10.5%

	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	15,126			15.8	%	$	265,655		$	294,245		$	28,590		10.8%
	Less operating income attributable to unvested participating securities			(381	)		(415	)		(411	)		(398	)		(364	)		(423	)		(486	)		(75	)		-18.3	%		(1,215	)		(1,271	)		(55	)	-4.6%
		Adjusted net operating income used in computing diluted operating EPS	$	74,923		$	94,344		$	95,182		$	92,379		$	84,683		$	98,057		$	110,232		$	15,051			15.8	%	$	264,439		$	292,974		$	28,535		10.8%
		Diluted adjusted operating income per share	$	1.74		$	2.21		$	2.26		$	2.22		$	2.05		$	2.44		$	2.78		$	0.52			22.8	%	$	6.21		$	7.25		$	1.04		16.7%

																							YOY Q3												YOY YTD
		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,491,450		$	1,553,656		$	1,596,869		$	1,630,152		$	1,591,303		$	1,586,397		$	1,681,563		$	84,694			5.3	%	$	1,547,325		$	1,619,754		$	72,429			4.7	%
	Average adjusted stockholders' equity	$	1,480,676		$	1,511,085		$	1,535,567		$	1,564,682		$	1,559,680		$	1,540,193		$	1,581,821		$	46,254			3.0	%	$	1,509,109		$	1,560,564		$	51,455			3.4	%

	Net income return on stockholders' equity		21.2	%		25.1	%		24.1	%		23.0	%		18.2	%		25.6	%		26.7	%		2.6	%	nm				23.5	%		23.5	%		0.0	%	nm
	Net income return on adjusted stockholders' equity		21.4	%		25.8	%		25.1	%		23.9	%		18.6	%		26.4	%		28.3	%		3.3	%	nm				24.1	%		24.4	%		0.3	%	nm

	Adjusted net operating income return on adjusted stockholders' equity		20.3	%		25.1	%		24.9	%		23.7	%		21.8	%		25.6	%		28.0	%		3.1	%	nm				23.5	%		25.1	%		1.7	%	nm

Capital Structure
	Debt-to-capital (1)		19.7	%		19.1	%		18.9	%		18.5	%		19.6	%		18.6	%		17.9	%		-1.0	%	nm				18.9	%		17.9	%		-1.0	%	nm

	Cash and invested assets to stockholders' equity		2.3	x		2.3	x		2.3	x		2.4	x		2.5	x		2.5	x		2.4	x		0.1	x	nm				2.3	x		2.4	x		0.1	x	nm
	Cash and invested assets to adjusted stockholders' equity		2.4	x		2.4	x		2.4	x		2.5	x		2.5	x		2.6	x		2.6	x		0.2	x	nm				2.4	x		2.6	x		0.2	x	nm

	Share count, end of period (2)		42,398,643			42,008,450			41,491,998			41,206,504			40,459,767			39,667,002			39,374,259			(2,117,739	)		-5.1	%		41,491,998			39,374,259			(2,117,739	)		-5.1	%
	Adjusted stockholders' equity per share	$	35.20		$	36.41		$	37.15		$	38.54		$	37.85		$	39.05		$	41.01		$	3.86			10.4	%	$	37.15		$	41.01		$	3.86			10.4	%

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

Holding Company Senior Debt Ratings
	Moody's	Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	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, but excludes restricted stock units (RSUs).

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Statements of Income

PRIMERICA, INC.

Financial Supplement

																								YOY Q3												YOY YTD
(Dollars in thousands)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	677,286		$	687,262		$	692,258		$	697,060		$	702,637		$	717,088		$	736,606		$	44,348			6.4	%	$	2,056,806		$	2,156,331		$	99,525			4.8	%
	Ceded premiums			(389,795	)		(400,588	)		(388,982	)		(390,364	)		(386,825	)		(402,549	)		(393,716	)		(4,734	)		-1.2	%		(1,179,364	)		(1,183,090	)		(3,726	)		-0.3	%
		Net premiums		287,491			286,675			303,276			306,696			315,813			314,539			342,890			39,613			13.1	%		877,442			973,241			95,799			10.9	%
	Net investment income			24,111			24,868			22,675			22,418			15,420			22,710			22,953			277			1.2	%		71,655			61,083			(10,572	)		-14.8	%
	Commissions and fees:
		Sales-based (1)		66,997			71,438			69,034			75,418			80,891			62,812			65,600			(3,434	)		-5.0	%		207,469			209,304			1,835			0.9	%
		Asset-based (2)		73,639			79,317			81,009			84,184			81,395			78,146			86,695			5,685			7.0	%		233,965			246,235			12,270			5.2	%
		Account-based (3)		19,613			19,897			20,449			20,598			20,204			20,478			21,008			560			2.7	%		59,958			61,690			1,732			2.9	%
		Other commissions and fees		7,066			7,817			9,227			8,103			7,579			10,352			11,999			2,772			30.0	%		24,110			29,930			5,820			24.1	%
	Realized investment (losses) gains			2,847			1,067			285			766			(10,030	)		1,742			642			357			125.2	%		4,200			(7,645	)		(11,845	)	nm
	Other, net			13,223			13,825			14,698			13,778			13,665			15,036			16,674			1,976			13.4	%		41,746			45,375			3,628			8.7	%
	Total revenues			494,988			504,903			520,654			531,959			524,936			525,815			568,460			47,807			9.2	%		1,520,544			1,619,211			98,667			6.5	%
Benefits and expenses:
	Benefits and claims			122,284			115,068			128,684			127,784			134,813			139,646			160,166			31,482			24.5	%		366,036			434,625			68,588			18.7	%
	Amortization of DAC			64,628			58,762			63,883			67,279			70,311			53,177			47,491			(16,393	)		-25.7	%		187,273			170,979			(16,294	)		-8.7	%
	Insurance commissions			5,619			5,829			6,980			6,624			6,844			6,333			9,694			2,714			38.9	%		18,427			22,871			4,444			24.1	%
	Insurance expenses			43,402			44,569			44,854			45,991			48,709			43,753			46,109			1,255			2.8	%		132,826			138,571			5,746			4.3	%
	Sales commissions:
		Sales-based (1)		47,831			50,679			48,652			52,529			56,561			44,834			46,821			(1,830	)		-3.8	%		147,161			148,217			1,056			0.7	%
		Asset-based (2)		32,343			35,665			35,875			37,772			36,323			35,673			39,349			3,474			9.7	%		103,882			111,345			7,462			7.2	%
		Other sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			5,779			1,245			27.4	%		11,916			14,487			2,571			21.6	%
	Interest expense			7,180			7,201			7,209			7,222			7,192			7,200			7,221			13			0.2	%		21,589			21,614			25			0.1	%
	Other operating expenses			65,706			55,917			54,844			60,676			65,914			56,152			59,348			4,503			8.2	%		176,467			181,414			4,947			2.8	%
	Total benefits and expenses			392,619			377,444			395,515			409,815			430,391			391,753			421,978			26,463			6.7	%		1,165,578			1,244,122			78,543			6.7	%
	Income before income taxes			102,368			127,459			125,138			122,145			94,546			134,062			146,482			21,344			17.1	%		354,966			375,090			20,124			5.7	%
Income taxes				23,203			30,014			28,916			28,588			22,077			32,552			34,382			5,466			18.9	%		82,133			89,010			6,877			8.4	%
	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	15,878			16.5	%	$	272,834		$	286,080		$	13,246			4.9	%

Income Before Income Taxes by Segment
Term Life			$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	21,555			25.7	%	$	238,098		$	283,111		$	45,012			18.9	%
Investment & Savings Products				42,684			47,343			48,794			52,991			47,700			46,859			51,372			2,578			5.3	%		138,821			145,931			7,111			5.1	%
Corporate & Other Distributed Products				(10,654	)		(3,882	)		(7,416	)		(12,841	)		(36,046	)		(7,700	)		(10,206	)		(2,789	)		-37.6	%		(21,953	)		(53,952	)		(32,000	)		-145.8	%
	Income before income taxes		$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	146,482		$	21,344			17.1	%	$	354,966		$	375,090		$	20,124			5.7	%

(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 Q3												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	44,734			6.5	%	$	2,037,298		$	2,138,024		$	100,726			4.9	%
	Less: Premiums ceded to IPO Coinsurers		276,150			272,596			267,856			264,786			260,076			257,529			254,938			(12,917	)		-4.8	%		816,602			772,543			(44,059	)		-5.4	%
	Term Life adjusted direct premiums	$	394,605		$	408,408		$	417,683		$	426,761		$	436,488		$	453,659		$	475,335		$	57,652			13.8	%	$	1,220,696		$	1,365,482		$	144,786			11.9	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(388,100	)	$	(398,927	)	$	(387,120	)	$	(388,237	)	$	(385,232	)	$	(400,919	)	$	(392,004	)	$	(4,884	)		-1.3	%	$	(1,174,147	)	$	(1,178,155	)	$	(4,008	)		-0.3	%
	Less: Premiums ceded to IPO Coinsurers		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		12,917			4.8	%		(816,602	)		(772,543	)		44,059			5.4	%
	Term Life other ceded premiums	$	(111,950	)	$	(126,330	)	$	(119,264	)	$	(123,451	)	$	(125,156	)	$	(143,390	)	$	(137,066	)	$	(17,801	)		-14.9	%	$	(357,544	)	$	(405,612	)	$	(48,067	)		-13.4	%


Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	22,953		$	277			1.2	%	$	71,655		$	61,083		$	(10,572	)		-14.8	%
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165		nm			nm				5,129			(2,956	)	nm			nm
	Adjusted net investment income	$	21,964		$	22,421		$	22,141		$	22,165		$	21,799		$	20,451		$	21,788		$	(353	)		-1.6	%	$	66,526		$	64,038		$	(2,488	)		-3.7	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	494,988		$	504,903		$	520,654		$	531,959		$	524,936		$	525,815		$	568,460		$	47,807			9.2	%	$	1,520,544		$	1,619,211		$	98,667			6.5	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742			642		nm			nm				4,200			(7,645	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165		nm			nm				5,129			(2,956	)	nm			nm
	Adjusted operating revenues	$	489,993		$	501,389		$	519,834		$	530,940		$	541,346		$	521,813		$	566,653		$	46,819			9.0	%	$	1,511,216		$	1,629,812		$	118,596			7.8	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	146,482		$	21,344			17.1	%	$	354,966		$	375,090		$	20,124			5.7	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742			642		nm			nm				4,200			(7,645	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259			1,165		nm			nm				5,129			(2,956	)	nm			nm
	Adjusted operating income before income taxes	$	97,374		$	123,945		$	124,319		$	121,125		$	110,955		$	130,060		$	144,676		$	20,357			16.4	%	$	345,638		$	385,691		$	40,053			11.6	%


Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	112,101		$	15,878			16.5	%	$	272,834		$	286,080		$	13,246			4.9	%
	Less: Income before income taxes reconciling items		4,994			3,514			819			1,019			(16,409	)		4,002			1,807		nm			nm				9,328			(10,601	)	nm			nm
	Less: Tax impact of income before income taxes reconciling items		(1,132	)		(828	)		(189	)		(239	)		3,832			(972	)		(424	)	nm			nm				(2,149	)		2,436		nm			nm
	Adjusted net operating income	$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	110,718		$	15,126			15.8	%	$	265,655		$	294,245		$	28,590			10.8	%

7 of 16

Segment Operating Results

PRIMERICA, INC.

Financial Supplement

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance
Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	44,734			6.5	%	$	2,037,298		$	2,138,024		$	100,726			4.9	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		12,917			4.8	%		(816,602	)		(772,543	)		44,059			5.4	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			475,335			57,652			13.8	%		1,220,696			1,365,482			144,786			11.9	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(137,066	)		(17,801	)		-14.9	%		(357,544	)		(405,612	)		(48,067	)		-13.4	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			338,269			39,850			13.4	%		863,151			959,870			96,719			11.2	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			6,813			1,690			33.0	%		14,303			19,598			5,295			37.0	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			12,717			1,732			15.8	%		30,785			34,311			3,526			11.5	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			357,799			43,272			13.8	%		908,239			1,013,779			105,539			11.6	%

Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			156,209			33,458			27.3	%		352,674			420,182			67,508			19.1	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			45,529			(16,019	)		-26.0	%		181,792			164,099			(17,693	)		-9.7	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			5,946			2,635			79.6	%		7,772			12,115			4,343			55.9	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			44,800			1,644			3.8	%		127,902			134,272			6,369			5.0	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			252,483			21,717			9.4	%		670,141			730,668			60,527			9.0	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	21,555			25.7	%	$	238,098		$	283,111		$	45,012			18.9	%

Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	65,600		$	(3,434	)		-5.0	%	$	207,469		$	209,304		$	1,835			0.9	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			86,695			5,685			7.0	%		233,965			246,235			12,270			5.2	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			21,008			560			2.7	%		59,958			61,690			1,732			2.9	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			3,034			374			14.1	%		7,517			8,322			805			10.7	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			176,338			3,185			1.8	%		508,909			525,551			16,642			3.3	%

Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			1,667			(377	)		-18.5	%		4,622			6,072			1,450			31.4	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			3,377			120			3.7	%		9,437			9,684			247			2.6	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			46,821			(1,830	)		-3.8	%		147,161			148,217			1,056			0.7	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			39,349			3,474			9.7	%		103,882			111,345			7,462			7.2	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			33,751			(779	)		-2.3	%		104,986			104,302			(684	)		-0.7	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			124,966			607			0.5	%		370,089			379,619			9,531			2.6	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	51,372		$	2,578			5.3	%	$	138,821		$	145,931		$	7,111			5.1	%

Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,531		$	6,258		$	6,719		$	5,514		$	6,074		$	5,900		$	6,333		$	(387	)		-5.8	%	$	19,508		$	18,307		$	(1,202	)		-6.2	%
	Ceded premiums		(1,695	)		(1,661	)		(1,862	)		(2,128	)		(1,593	)		(1,631	)		(1,712	)		150			8.0	%		(5,217	)		(4,935	)		282			5.4	%
	Net premiums		4,836			4,597			4,858			3,386			4,480			4,270			4,621			(237	)		-4.9	%		14,291			13,371			(920	)		-6.4	%
	Allocated net investment income		17,521			17,684			17,018			16,545			15,553			13,913			14,975			(2,043	)		-12.0	%		52,223			44,440			(7,782	)		-14.9	%
	Commissions and fees:
	Prepaid Legal Services		3,737			4,159			4,776			3,905			3,829			4,557			4,942			167			3.5	%		12,672			13,328			657			5.2	%
	Auto and Homeowners Insurance		1,500			1,877			2,165			1,766			1,672			2,263			1,985			(181	)		-8.3	%		5,542			5,920			377			6.8	%
	Other sales commissions		1,829			1,781			2,286			2,432			2,077			3,533			5,072			2,786			121.9	%		5,896			10,682			4,786			81.2	%
	Other, net		1,056			1,336			1,052			1,215			954			865			922			(130	)		-12.3	%		3,445			2,742			(703	)		-20.4	%
	Adjusted operating revenues		30,479			31,435			32,154			29,250			28,566			29,400			32,516			362			1.1	%		94,068			90,483			(3,585	)		-3.8	%

Benefits and expenses:
	Benefits and claims		3,842			3,588			5,933			5,127			6,249			4,236			3,957			(1,976	)		-33.3	%		13,363			14,443			1,080			8.1	%
	Amortization of DAC		85			482			291			434			166			346			295			4			1.3	%		858			807			(51	)		-6.0	%
	Insurance commissions		431			376			411			318			357			343			371			(40	)		-9.8	%		1,218			1,072			(146	)		-12.0	%
	Insurance expenses		1,570			1,656			1,697			1,578			1,544			1,447			1,309			(389	)		-22.9	%		4,923			4,300			(624	)		-12.7	%
	Sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			5,779			1,245			27.4	%		11,916			14,487			2,571			21.6	%
	Interest expense		7,180			7,201			7,209			7,222			7,192			7,200			7,221			13			0.2	%		21,589			21,614			25			0.1	%
	Other operating expenses		29,394			21,774			20,314			24,494			28,972			22,544			25,597			5,283			26.0	%		71,482			77,112			5,631			7.9	%
	Benefits and expenses		46,127			38,831			40,390			43,110			48,203			41,102			44,529			4,139			10.2	%		125,348			133,834			8,486			6.8	%
	Adjusted operating income before income taxes	$	(15,648	)	$	(7,396	)	$	(8,236	)	$	(13,861	)	$	(19,637	)	$	(11,702	)	$	(12,013	)	$	(3,777	)		-45.9	%	$	(31,281	)	$	(43,351	)	$	(12,071	)		-38.6	%

(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

																							YOY Q3												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	44,734			6.5	%	$	2,037,298		$	2,138,024		$	100,726			4.9	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		(254,938	)		12,917			4.8	%		(816,602	)		(772,543	)		44,059			5.4	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			475,335			57,652			13.8	%		1,220,696			1,365,482			144,786			11.9	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(137,066	)		(17,801	)		-14.9	%		(357,544	)		(405,612	)		(48,067	)		-13.4	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			338,269			39,850			13.4	%		863,151			959,870			96,719			11.2	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			6,813			1,690			33.0	%		14,303			19,598			5,295			37.0	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			12,717			1,732			15.8	%		30,785			34,311			3,526			11.5	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			357,799			43,272			13.8	%		908,239			1,013,779			105,539			11.6	%

	Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			156,209			33,458			27.3	%		352,674			420,182			67,508			19.1	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			45,529			(16,019	)		-26.0	%		181,792			164,099			(17,693	)		-9.7	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			5,946			2,635			79.6	%		7,772			12,115			4,343			55.9	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			44,800			1,644			3.8	%		127,902			134,272			6,369			5.0	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			252,483			21,717			9.4	%		670,141			730,668			60,527			9.0	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	21,555			25.7	%	$	238,098		$	283,111		$	45,012			18.9	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	300,708		$	312,436		$	320,424		$	327,939		$	336,921		$	352,353		$	372,852		$	52,428			16.4	%	$	933,568		$	1,062,125		$	128,557			13.8	%
	Pre-IPO direct premiums (5)		370,047			368,568			365,115			363,607			359,643			358,835			357,421			(7,694	)		-2.1	%		1,103,730			1,075,899			(27,831	)		-2.5	%
	Total direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	730,273		$	44,734			6.5	%	$	2,037,298		$	2,138,024		$	100,726			4.9	%

	Premiums ceded to IPO coinsurers	$	276,150		$	272,596		$	267,856		$	264,786		$	260,076		$	257,529		$	254,938		$	(12,917	)		-4.8	%	$	816,602		$	772,543		$	(44,059	)		-5.4	%
	% of Pre-IPO direct premiums		74.6	%		74.0	%		73.4	%		72.8	%		72.3	%		71.8	%		71.3	%	nm			nm				74.0	%		71.8	%	nm			nm

	Benefits and claims, net (6)	$	230,392		$	237,810		$	242,016		$	246,108		$	253,719		$	278,799		$	293,275		$	51,259			21.2	%	$	710,218		$	825,793		$	115,575			16.3	%
	% of adjusted direct premiums		58.4	%		58.2	%		57.9	%		57.7	%		58.1	%		61.5	%		61.7	%	nm			nm				58.2	%		60.5	%	nm			nm

	DAC amortization & insurance commissions	$	66,229		$	58,477		$	64,858		$	69,927		$	69,126		$	55,614		$	51,474		$	(13,384	)		-20.6	%	$	189,565		$	176,214		$	(13,350	)		-7.0	%
	% of adjusted direct premiums		16.8	%		14.3	%		15.5	%		16.4	%		15.8	%		12.3	%		10.8	%	nm			nm				15.5	%		12.9	%	nm			nm

	Insurance expenses, net (7)	$	32,088		$	32,858		$	32,171		$	34,351		$	36,997		$	30,881		$	32,083		$	(88	)		-0.3	%	$	97,118		$	99,961		$	2,843			2.9	%
	% of adjusted direct premiums		8.1	%		8.0	%		7.7	%		8.0	%		8.5	%		6.8	%		6.7	%	nm			nm				8.0	%		7.3	%	nm			nm

	Total Term Life income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	105,316		$	21,555			25.7	%	$	238,098		$	283,111		$	45,012			18.9	%
	Term Life operating margin (8)		17.8	%		20.6	%		20.1	%		19.2	%		19.0	%		20.9	%		22.2	%	nm			nm				19.5	%		20.7	%	nm			nm

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

(2)	Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

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

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

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

(6)	Benefits and claims, net - benefits & claims 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 Q3												YOY YTD
(Dollars in thousands, except as noted)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				130,736			129,821			129,550			130,871			130,522			130,095			134,157			4,607			3.6	%		130,736			130,522			(214	)		-0.2	%
	New life-licensed representatives			10,065			10,919			12,682			11,073			10,599			12,250			13,138			456			3.6	%		33,666			35,987			2,321			6.9	%
	Non-renewal and terminated representatives			(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)		(10,989	)		372			3.3	%		(33,531	)		(30,203	)		3,328			9.9	%
Life-insurance licensed sales force, end of period				129,821			129,550			130,871			130,522			130,095			134,157			136,306			5,435			4.2	%		130,871			136,306			5,435			4.2	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7		$	86.0		$	22.9			36.3	%	$	183.1		$	225.2		$	42.2			23.0	%
	Additions and increases in premium			13.8			15.8			15.1			15.4			15.0			17.8			17.9			2.8			18.2	%		44.8			50.7			5.9			13.3	%
		Total estimated annualized issued term life premium	$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5		$	103.9		$	25.7			32.8	%	$	227.9		$	276.0		$	48.1			21.1	%

Issued term life policies				64,242			78,664			73,434			71,469			71,318			94,044			100,199			26,765			36.4	%		216,340			265,561			49,221			22.8	%
Estimated average annualized issued term life premium per policy (1)(2)			$	843		$	837		$	859		$	864		$	863		$	826		$	858		$	(1	)		-0.1	%	$	846		$	848		$	2			0.2	%

Term life face amount in-force, beginning of period ($mills)			$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	25,622			3.2	%	$	781,041		$	808,262		$	27,221			3.5	%
	Issued term life face amount (3)			20,925			25,300			24,087			23,682			23,221			27,754			30,104			6,017			25.0	%		70,312			81,079			10,767			15.3	%
	Terminated term life face amount			(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)		(13,733	)		4,006			22.6	%		(52,635	)		(46,343	)		6,292			12.0	%
	Foreign currency impact, net			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046			1,859			3,087		nm				2,776			(2,772	)		(5,548	)	nm
Term life face amount in-force, end of period			$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227		$	38,733			4.8	%	$	801,494		$	840,227		$	38,733			4.8	%

(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

																							YOY Q3												YOY YTD
(Dollars in thousands, except as noted)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	65,600		$	(3,434	)		-5.0	%	$	207,469		$	209,304		$	1,835			0.9	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			86,695			5,685			7.0	%		233,965			246,235			12,270			5.2	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			21,008			560			2.7	%		59,958			61,690			1,732			2.9	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			3,034			374			14.1	%		7,517			8,322			805			10.7	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			176,338			3,185			1.8	%		508,909			525,551			16,642			3.3	%

	Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			1,667			(377	)		-18.5	%		4,622			6,072			1,450			31.4	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			3,377			120			3.7	%		9,437			9,684			247			2.6	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			46,821			(1,830	)		-3.8	%		147,161			148,217			1,056			0.7	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			39,349			3,474			9.7	%		103,882			111,345			7,462			7.2	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			33,751			(779	)		-2.3	%		104,986			104,302			(684	)		-0.7	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			124,966			607			0.5	%		370,089			379,619			9,531			2.6	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	51,372		$	2,578			5.3	%	$	138,821		$	145,931		$	7,111			5.1	%

Financial Analysis

	Fees paid based on client asset values (1)	$	5,898		$	5,705		$	6,225		$	6,169		$	5,990		$	5,712		$	6,284		$	59			0.9	%	$	17,828		$	17,986		$	158			0.9	%
	Fees paid based on fee-generating positions (2)		11,159			9,658			9,354			9,648			10,248			9,094			8,747			(607	)		-6.5	%		30,172			28,090			(2,082	)		-6.9	%
	Other operating expenses		19,254			18,780			18,951			20,365			20,704			18,803			18,719			(231	)		-1.2	%		56,985			58,226			1,241			2.2	%
	Total other operating expenses	$	36,312		$	34,143		$	34,530		$	36,182		$	36,942		$	33,608		$	33,751		$	(779	)		-2.3	%	$	104,986		$	104,302		$	(684	)		-0.7	%

	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.33	%		1.29	%		1.31	%		1.41	%		1.34	%		1.33	%		1.27	%	nm			nm				1.31	%		1.31	%	nm			nm
	Canada		1.00	%		0.97	%		0.96	%		0.94	%		1.06	%		0.87	%		0.93	%	nm			nm				0.98	%		0.97	%	nm			nm
	Total		1.28	%		1.25	%		1.27	%		1.35	%		1.30	%		1.27	%		1.23	%	nm			nm				1.27	%		1.27	%	nm			nm

	Asset-based net revenue as % of average asset values (4)
	U.S.		0.036	%		0.038	%		0.038	%		0.039	%		0.038	%		0.037	%		0.038	%	nm			nm				0.112	%		0.113	%	nm			nm
	Canada		0.136	%		0.120	%		0.121	%		0.138	%		0.098	%		0.133	%		0.119	%	nm			nm				0.375	%		0.349	%	nm			nm
	Total		0.052	%		0.051	%		0.051	%		0.054	%		0.047	%		0.052	%		0.050	%	nm			nm				0.154	%		0.150	%	nm			nm

	Account-based net revenue per average fee generating position (5)(6)	$	3.20		$	3.88		$	4.18		$	4.10		$	3.70		$	4.19		$	4.45		nm			nm			$	11.27		$	12.35		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 and certain direct general expenses.

(6)	In whole dollars.

11 of 16

Investment and Savings Products - Key Statistics

PRIMERICA, INC.

Financial Supplement

																										YOY Q3												YOY YTD
(Dollars in thousands, except as noted)					Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	710.2		$	855.9		$	829.7		$	831.9		$	921.0		$	758.4		$	874.1		$	44.3			5.3	%	$	2,395.9		$	2,553.5		$	157.6			6.6	%
		Canada Retail Mutual Funds				244.1			199.7			184.9			199.0			280.9			165.2			189.6			4.7			2.6	%		628.6			635.8			7.1			1.1	%
		Indexed Annuities				81.0			88.2			75.0			76.3			72.2			48.4			47.2			(27.8	)		-37.0	%		244.1			167.8			(76.3	)		-31.3	%
		Variable Annuities and other				465.8			514.2			512.8			583.7			600.6			440.5			421.7			(91.1	)		-17.8	%		1,492.9			1,462.8			(30.1	)		-2.0	%
				Total sales-based revenue generating product sales		1,501.1			1,658.0			1,602.4			1,691.0			1,874.7			1,412.5			1,532.6			(69.8	)		-4.4	%		4,761.5			4,819.8			58.3			1.2	%
		Managed Accounts				161.6			203.5			176.9			197.4			246.2			200.1			223.0			46.1			26.1	%		542.0			669.3			127.3			23.5	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			85.3			8.9			11.7	%		246.7			284.0			37.4			15.1	%
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0		$	(14.7	)		-0.8	%	$	5,550.2		$	5,773.1		$	223.0			4.0	%

		Canada Retail Mutual Funds			$	244.1		$	199.7		$	184.9		$	199.0		$	280.9		$	165.2		$	189.6		$	4.7			2.6	%	$	628.6		$	635.8		$	7.1			1.1	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			85.3			8.9			11.7	%		246.7			284.0			37.4			15.1	%
			Total Canada product sales			338.4			275.6			261.3			293.6			405.7			239.2			274.9			13.7			5.2	%		875.3			919.8			44.5			5.1	%
			Total U.S. product sales			1,418.6			1,661.8			1,594.4			1,689.4			1,840.0			1,447.3			1,566.1			(28.4	)		-1.8	%		4,674.9			4,853.4			178.5			3.8	%
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0		$	(14.7	)		-0.8	%	$	5,550.2		$	5,773.1		$	223.0			4.0	%

	Client asset values, beginning of period ($mills)				$	57,704		$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	68,224		$	2,346			3.6	%	$	57,704		$	70,537		$	12,833			22.2	%
		Inflows				1,757			1,937			1,856			1,983			2,246			1,686			1,841			(15	)		-0.8	%		5,550			5,773			223			4.0	%
		Outflows (1)				(1,530	)		(1,633	)		(1,669	)		(1,596	)		(1,703	)		(1,074	)		(1,333	)		336			20.1	%		(4,832	)		(4,110	)		722			14.9	%
				Net flows		227			305			186			387			543			613			508			321		nm				718			1,663			945		nm
		Foreign currency impact, net				201			225			(136	)		217			(978	)		404			205			341		nm				290			(369	)		(659	)	nm
		Change in market value, net and other (2)				5,470			1,746			294			3,710			(11,065	)		8,171			3,669			3,375		nm				7,510			776			(6,735	)	nm
	Client asset values, end of period				$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	68,224		$	72,606		$	6,384			9.6	%	$	66,222		$	72,606		$	6,384			9.6	%
		Annualized net flows as % of beginning of period asset values				1.6	%		1.9	%		1.1	%		2.3	%		3.1	%		4.2	%		3.0	%		1.8	%	nm				1.7	%		3.1	%		1.5	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,266		$	31,744		$	32,521		$	33,658		$	32,693		$	31,586		$	35,204		$	2,683			8.2	%	$	31,510		$	33,161		$	1,651			5.2	%
		Canada Retail Mutual Funds				7,390			7,795			7,991			8,218			7,950			7,573			8,525			535			6.7	%		7,725			8,016			291			3.8	%
		Managed Accounts				3,241			3,455			3,652			3,901			3,905			3,871			4,325			673			18.4	%		3,450			4,034			584			16.9	%
		Indexed Annuities				2,182			2,247			2,296			2,342			2,389			2,427			2,446			150			6.6	%		2,242			2,421			179			8.0	%
		Variable Annuities and other				16,057			16,807			17,114			17,661			17,292			16,890			18,551			1,436			8.4	%		16,659			17,577			918			5.5	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			2,461			33			1.4	%		2,373			2,373			(0	)	nm
				Total	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512		$	5,510			8.3	%	$	63,959		$	67,582		$	3,622			5.7	%

		Canada Retail Mutual Funds			$	7,390		$	7,795		$	7,991		$	8,218		$	7,950		$	7,573		$	8,525		$	535			6.7	%	$	7,725		$	8,016		$	291			3.8	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			2,461			33			1.4	%		2,373			2,373			(0	)	nm
			Total Canada average client assets			9,704			10,173			10,418			10,674			10,316			9,864			10,986			568			5.5	%		10,098			10,389			290			2.9	%
			Total U.S. average client assets			51,747			54,253			55,583			57,563			56,279			54,775			60,526			4,942			8.9	%		53,861			57,193			3,332			6.2	%
				Total average client assets	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512		$	5,510			8.3	%	$	63,959		$	67,582		$	3,622			5.7	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				1,998			1,996			2,007			2,020			2,031			2,048			2,072			65			3.2	%		2,000			2,050			49			2.5	%
		Recordkeeping only				641			641			646			650			658			671			685			40			6.2	%		642			672			29			4.6	%
				Total		2,639			2,637			2,653			2,670			2,689			2,718			2,757			104			3.9	%		2,643			2,721			79			3.0	%

(1)

Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

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

(3)

Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 16

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

				As of or for the period ended September 30, 2020
											% of Total						Avg
				Market		Amortized		Unrealized			Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)			Value			Cost			Yield			Rating
Investment Portfolio by Asset Class

Cash, Cash Equivalents, and Short Term				$	330,877	$	330,877	$	-			11.7	%		12.3	%

Fixed Income:
	Treasury				25,849		24,827		1,021			0.9	%		0.9	%		2.15	%	AAA
	Government				274,925		257,441		17,484			9.7	%		9.5	%		2.92	%	AA-
	Tax-Exempt Municipal				47,642		45,636		2,006			1.7	%		1.7	%		2.82	%	AA
	Public Corporate				1,456,198		1,366,047		90,151			51.4	%		50.7	%		3.70	%	BBB+
	Mortgage Backed				306,413		293,710		12,703			10.8	%		10.9	%		2.72	%	AAA
	Asset Backed				70,846		71,021		(175	)		2.5	%		2.6	%		2.99	%	AA
	CMBS				120,526		115,155		5,371			4.3	%		4.3	%		3.01	%	AA+
	Private Placements				157,587		151,410		6,177			5.6	%		5.6	%		4.49	%	BBB
	Redeemable Preferred				5,687		5,447		240			0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,465,672		2,330,694		134,979			87.1	%		86.4	%		3.45	%	A

Equities and Other:
	Perpetual Preferred				13,237		13,237		-			0.5	%		0.5	%
	Common Stock				15,831		15,831		-			0.6	%		0.6	%
	Mutual Fund				4,745		4,745		-			0.2	%		0.2	%
	Derivatives				42		42		-			0.0	%		0.0	%
	Other				874		874		-			0.0	%		0.0	%
			Total Equities		34,729		34,729		-			1.2	%		1.3	%

			Total Invested Assets	$	2,831,278	$	2,696,300	$	134,979			100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Consumer Non Cyclical			$	189,628	$	176,788	$	12,840			13.0	%		12.9	%
	Energy				157,904		149,978		7,926			10.8	%		11.0	%
	Insurance				140,212		130,657		9,554			9.6	%		9.6	%
	Banking				132,616		125,533		7,084			9.1	%		9.2	%
	REITs				126,490		118,250		8,240			8.7	%		8.7	%
	Technology				122,259		113,158		9,101			8.4	%		8.3	%
	Consumer Cyclical				116,182		109,549		6,633			8.0	%		8.0	%
	Capital Goods				91,394		87,624		3,771			6.3	%		6.4	%
	Electric				76,084		70,012		6,072			5.2	%		5.1	%
	Transportation				75,678		73,558		2,120			5.2	%		5.4	%
	Basic Industry				73,753		69,550		4,203			5.1	%		5.1	%
	Communications				69,619		63,286		6,334			4.8	%		4.6	%
	Brokerage				44,383		40,490		3,893			3.0	%		3.0	%
	Finance Companies				20,744		19,607		1,137			1.4	%		1.4	%
	Industrial Other				8,209		7,663		545			0.6	%		0.6	%
	Natural Gas				6,353		5,894		459			0.4	%		0.4	%
	Financial Other				3,582		3,451		131			0.2	%		0.3	%
	Utility Other				1,107		998		109			0.1	%		0.1	%
			Total Corporate portfolio	$	1,456,198	$	1,366,047	$	90,151			100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity


Effective maturity
		< 1 Yr.		$	227,643	$	224,988	$	2,655			9.2	%		9.7	%		3.14	%
		1-2 Yrs.			279,317		270,657		8,661			11.3	%		11.6	%		3.48	%
		2-5 Yrs.			984,357		923,111		61,246			39.9	%		39.6	%		3.53	%
		5-10 Yrs.			639,530		595,560		43,970			25.9	%		25.6	%		3.50	%
		> 10 Yrs.			334,826		316,378		18,447			13.6	%		13.6	%		3.36	%
			Total Fixed Income	$	2,465,672	$	2,330,694	$	134,979			100.0	%		100.0	%		3.45	%

Duration

Fixed Income portfolio duration					4.6	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 September 30, 2020

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	456,761		19.6	%
	AA			297,165		12.8	%
	A			507,858		21.8	%
	BBB			978,302		42.0	%
	Below Investment Grade			87,727		3.8	%
	NA			2,882		0.1	%
		Total Fixed Income	$	2,330,694		100.0	%




			Amortized Cost		% of Total							Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,405		0.8	%		AAA			$	-		—
	AA			80,431		5.9	%		AA				5,635		3.7	%
	A			363,814		26.6	%		A				17,545		11.6	%
	BBB			840,968		61.6	%		BBB				112,798		74.5	%
	Below Investment Grade			68,481		5.0	%		Below Investment Grade				15,432		10.2	%
	NA			949		0.1	%		NA				-		—
		Total Corporate	$	1,366,047		100.0	%				Total Private	$	151,410		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	90,289		78.4	%		AAA			$	255,869		87.1	%
	AA			-		—			AA				27,360		9.3	%
	A			23,786		20.7	%		A				10,163		3.5	%
	BBB			1,001		0.9	%		BBB				132		0.0	%
	Below Investment Grade			79		0.1	%		Below Investment Grade				149		0.1	%
	NA			-		—			NA				38		0.0	%
		Total CMBS	$	115,155		100.0	%				Total Mortgage-Backed	$	293,710		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	34,868		49.1	%		AAA			$	60,396		21.4	%
	AA			5,134		7.2	%		AA				145,094		51.4	%
	A			22,927		32.3	%		A				64,895		23.0	%
	BBB			5,507		7.8	%		BBB				8,988		3.2	%
	Below Investment Grade			691		1.0	%		Below Investment Grade				2,895		1.0	%
	NA			1,895		2.7	%		NA				0		0.0	%
		Total Asset-Backed	$	71,021		100.0	%				Total Treasury & Government	$	282,269		100.0	%



NAIC Designations

	1		$	970,974		49.8	%
	2			895,583		45.9	%
	3			70,958		3.6	%
	4			13,609		0.7	%
	5			437		0.0	%
	6			0		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,951,561		100.0	%
	Other (3)			413,862
	Cash and cash equivalents			330,877
		Total Invested Assets	$	2,696,300

(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 Q3
(Dollars in thousands)				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,333		$	20,345		$	20,380		$	20,772		$	20,784		$	20,213		$	20,882		$	502		2.5%
	Fixed-maturity securities (held-to-maturity)				10,674			11,769			12,769			13,113			13,472			14,074			14,704			1,935		15.2%
	Equity Securities				487			446			448			464			451			461			433			(15	)	-3.3%
	Deposit asset underlying 10% reinsurance treaty				1,755			2,141			2,105			2,046			1,830			1,394			1,694			(411	)	-19.5%
	Deposit asset - Mark to Market				2,147			2,447			534			254			(6,379	)		2,259			1,165			631		118.2%
	Policy loans and other invested assets				467			299			234			215			189			541			242			8		3.4%
	Cash & cash equivalents				1,056			1,414			1,191			950			843			143			114			(1,077	)	-90.4%
			Total investment income		36,919			38,862			37,661			37,814			31,190			39,085			39,234			1,573		4.2%
	Investment expenses				2,134			2,225			2,217			2,283			2,298			2,300			1,577			(640	)	-28.9%
	Interest Expense on Surplus Note				10,674			11,769			12,769			13,113			13,472			14,074			14,704			1,935		15.2%
			Net investment income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	22,953		$	278		1.2%
		Fixed income book yield, end of period			3.85	%		3.74	%		3.65	%		3.54	%		3.55	%		3.54	%		3.45	%
		New money yield			3.56	%		3.10	%		2.73	%		2.73	%		3.25	%		3.14	%		2.44	%

																									YOY Q3
				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				21.4	%		20.9	%		23.0	%		24.0	%		22.9	%		21.5	%		19.6	%		-3.4	%
	AA				10.9	%		11.3	%		11.0	%		11.7	%		12.1	%		11.6	%		12.8	%		1.7	%
	A				22.9	%		22.9	%		22.1	%		23.4	%		22.9	%		22.3	%		21.8	%		-0.3	%
	BBB				41.8	%		41.8	%		41.0	%		38.2	%		38.9	%		40.4	%		42.0	%		1.0	%
	Below Investment Grade				2.9	%		3.0	%		2.8	%		2.6	%		3.1	%		4.0	%		3.8	%		0.9	%
	NA				0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—

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

				As of September 30, 2020									As of September 30, 2020						As of September 30, 2020
				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		$	20,868		$	20,032		AAA	Canada		$	67,395	$	62,413	AAA		$	3,308	$	3,251
	2	Province of Ontario Canada			18,936			17,979		A+	Australia			39,780		37,423	AA			13,167		12,711
	3	Province of Quebec Canada			16,108			14,523		AA-	United Kingdom			38,748		36,764	A			8,811		8,321
	4	Enbridge Inc			12,029			11,437		BBB+	Bermuda			14,367		13,607	BBB			7,732		6,997
	5	Province of New Brunswick Canada			12,006			11,179		A+	Ireland			12,968		12,677	Below Investment Grade			2,942		2,895
	6	Wells Fargo & Co			12,002			11,881		A-	France			12,650		12,021	NA			—		—
	7	Province of Alberta Canada			11,743			10,834		A+	Switzerland			12,302		11,906		Total	$	35,960	$	34,176
	8	Province of British Columbia Canada			10,700			10,216		AAA	Germany			11,292		10,948
	9	General Motors Co			10,028			9,251		BBB	Cayman Islands			11,071		11,026
	10	City of Toronto Canada			9,351			8,617		AA	Netherlands			10,162		8,938	Non-Government Investments (1)
	11	Province of Newfoundland and Labrador			9,299			8,414		A	Mexico			6,543		6,135
	12	Municipal Finance Authority of British Columbia			8,978			8,458		AAA	Japan			6,027		5,450	AAA		$	4,178	$	4,184
	13	Province of Manitoba Canada			8,677			8,053		A+	Israel			5,698		5,022	AA			19,664		19,160
	14	Brookfield Asset Management Inc			8,278			7,342		A-	Norway			4,828		4,942	A			60,718		57,468
	15	Truist Financial Corp			8,119			7,497		A-	Belgium			4,042		3,813	BBB			155,557		144,997
	16	CVS Health Corp			8,025			7,963		BBB	Emerging Markets (2)			11,573		10,929	Below Investment Grade			19,786		19,524
	17	Discovery Inc			7,996			6,972		BBB-	All Other			26,415		25,495	NA			—		—
	18	Morgan Stanley			7,980			7,434		A+		Total	$	295,862	$	279,508		Total	$	259,902	$	245,332
	19	General Mills Inc			7,944			7,344		BBB
	20	Simon Property Group Inc			7,867			7,663		A
	21	Deere & Co			7,682			7,158		A
	22	City of Montreal Canada			7,675			6,605		AA-
	23	Booking Holdings Inc			7,613			7,050		A-
	24	City of Houston TX			7,576			7,089		AA
	25	Cigna Corp			7,528			6,873		A-
			Total	$	255,005		$	237,866

			% of total fixed income portfolio		9.0	%		8.8	%

(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)			2015			2016			2017			2018			2019			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020


Recruits				228,115			262,732			303,867			290,886			282,207			63,223			86,173			72,345			60,466			84,762			133,123			101,861


Life-insurance licensed sales force, beginning of period				98,358			106,710			116,827			126,121			130,736			130,736			129,821			129,550			130,871			130,522			130,095			134,157
	New life-licensed representatives			39,632			44,724			48,535			48,041			44,739			10,065			10,919			12,682			11,073			10,599			12,250			13,138
	Non-renewal and terminated representatives			(31,280	)		(34,607	)		(39,241	)		(43,426	)		(44,953	)		(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)		(10,989	)
Life-insurance licensed sales force, end of period				106,710			116,827			126,121			130,736			130,522			129,821			129,550			130,871			130,522			130,095			134,157			136,306


Issued term life policies				260,059			298,244			312,799			301,589			287,809			64,242			78,664			73,434			71,469			71,318			94,044			100,199


Issued term life face amount			$	79,111		$	89,869		$	95,635		$	95,209		$	93,994		$	20,925		$	25,300		$	24,087		$	23,682		$	23,221		$	27,754		$	30,104


Term life face amount in force, beginning of period			$	681,927		$	693,194		$	728,385		$	763,831		$	781,041		$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998
	Issued term life face amount			79,111			89,869			95,635			95,209			93,994			20,925			25,300			24,087			23,682			23,221			27,754			30,104
	Terminated term life face amount			(53,580	)		(57,238	)		(65,958	)		(70,291	)		(71,519	)		(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)		(13,733	)
	Foreign currency impact, net			(14,263	)		2,560			5,769			(7,708	)		4,746			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046			1,859
Term life face amount in force, end of period			$	693,194		$	728,385		$	763,831		$	781,041		$	808,262		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	840,227


Estimated annualized issued term life premium
	Premium from new policies		$	206.5		$	237.9		$	255.4		$	250.8		$	244.8		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7		$	86.0
	Additions and increases in premium			42.3			46.4			49.5			55.2			60.2			13.8			15.8			15.1			15.4			15.0			17.8			17.9
		Total estimated annualized issued term life premium	$	248.8		$	284.3		$	304.9		$	306.0		$	305.0		$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5		$	103.9


Investment & Savings product sales			$	5,856.8		$	5,594.3		$	6,192.2		$	7,040.1		$	7,533.2		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	1,841.0

Investment & Savings average client asset values			$	48,477		$	49,427		$	56,791		$	61,842		$	65,029		$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	71,512

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Primerica, Inc. - FORM 8-K - EX-99.2 - November 4, 2020

Attached files

Primerica, Inc. Reports