EX-99.2

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

     PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)				Mar 31, 2024			Jun 30, 2024			Sep 30, 2024			Dec 31, 2024			Mar 31, 2025			Jun 30, 2025			Sep 30, 2025			Dec 31, 2025
Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,456,543		$	3,502,298		$	3,629,584		$	3,714,983		$	3,784,534		$	3,798,697		$	3,885,589		$	4,116,941
	Securities held to maturity				1,376,400			1,353,370			1,330,430			1,303,880			1,285,340			1,258,800			1,241,540			1,175,380
			Total investments and cash		4,832,943			4,855,668			4,960,014			5,018,863			5,069,874			5,057,497			5,127,129			5,292,321
	Reinsurance recoverables				2,920,417			2,833,055			2,873,528			2,744,165			2,722,544			2,698,144			2,596,597			2,564,952
	Deferred policy acquisition costs				3,503,940			3,566,126			3,636,964			3,680,430			3,742,693			3,817,119			3,863,442			3,915,998
	Goodwill				127,707			—			—			—			—			—			—			—
	Other assets				1,189,436			1,056,890			943,524			929,277			935,802			938,583			946,717			957,544
	Separate account assets				2,334,911			2,253,966			2,401,137			2,209,287			2,118,098			2,318,492			2,313,874			2,281,520
			Total assets	$	14,909,354		$	14,565,704		$	14,815,167		$	14,582,022		$	14,589,010		$	14,829,834		$	14,847,759		$	15,012,336

Liabilities:
	Future policy benefits			$	6,548,050		$	6,436,332		$	6,919,418		$	6,503,064		$	6,637,937		$	6,719,044		$	6,816,778		$	6,818,179
	Other policy liabilities				954,350			908,419			911,485			906,280			907,038			906,558			862,242			867,305
	Other liabilities				839,550			807,108			626,663			720,248			692,224			641,378			618,061			744,121
	Debt obligations				593,909			594,110			594,311			594,512			594,713			594,913			595,114			595,315
	Surplus note				1,376,028			1,353,014			1,330,090			1,303,556			1,285,032			1,258,508			1,241,263			1,175,119
	Payable under securities lending				76,648			90,995			85,236			86,034			97,560			83,425			104,535			84,876
	Separate account liabilities				2,334,911			2,253,966			2,401,137			2,209,287			2,118,098			2,318,492			2,313,874			2,281,520
			Total liabilities		12,723,446			12,443,945			12,868,340			12,322,981			12,332,601			12,522,318			12,551,868			12,566,435

Stockholders’ equity:
	Common stock ($0.01 par value) (1)				346			340			335			334			330			325			321			318
	Paid-in capital				—			—			—			—			—			—			—			—
	Retained earnings				2,285,944			2,122,839			2,132,015			2,231,483			2,253,435			2,270,996			2,319,750			2,416,149
	Treasury stock				—			—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(181,537	)		(187,346	)		(103,510	)		(162,842	)		(133,764	)		(124,629	)		(91,680	)		(89,323	)
		Effect of change in discount rate assumptions on the liability for future policy benefits			92,853			201,441			(71,241	)		224,833			171,599			174,626			89,692			134,594
		Cumulative translation adjustment			(11,698	)		(15,514	)		(10,771	)		(34,767	)		(35,191	)		(13,803	)		(22,191	)		(15,836	)
			Total stockholders’ equity		2,185,908			2,121,759			1,946,827			2,259,041			2,256,409			2,307,516			2,295,892			2,445,901
			Total liabilities and stockholders' equity	$	14,909,354		$	14,565,704		$	14,815,167		$	14,582,022		$	14,589,010		$	14,829,834		$	14,847,759		$	15,012,336

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	2,185,908		$	2,121,759		$	1,946,827		$	2,259,041		$	2,256,409		$	2,307,516		$	2,295,892		$	2,445,901
	Less: Net unrealized gains (losses)				(181,537	)		(187,346	)		(103,510	)		(162,842	)		(133,764	)		(124,629	)		(91,680	)		(89,323	)
	Less: Effect of change in discount rate assumptions on the liability for future policy benefits				92,853			201,441			(71,241	)		224,833			171,599			174,626			89,692			134,594
			Adjusted stockholders’ equity	$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050		$	2,218,574		$	2,257,519		$	2,297,880		$	2,400,630

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	2,275,062		$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050		$	2,218,574		$	2,257,519		$	2,297,880
	Net Income				137,904			1,171			164,373			167,071			169,051			178,344			206,793			197,047
	Shareholder dividends				(26,256	)		(25,835	)		(30,515	)		(30,207	)		(34,736	)		(34,209	)		(33,819	)		(33,288	)
	Retirement of shares and warrants				(116,563	)		(142,744	)		(129,672	)		(45,703	)		(126,637	)		(129,124	)		(129,000	)		(74,654	)
	Net foreign currency translation adjustment				(9,463	)		(3,817	)		4,744			(23,996	)		(424	)		21,388			(8,388	)		6,355
	Other, net				13,909			4,297			4,986			8,307			14,270			2,546			4,775			7,291
Balance, end of period				$	2,274,592		$	2,107,665		$	2,121,579		$	2,197,050		$	2,218,574		$	2,257,519		$	2,297,880		$	2,400,630

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	3,447,234		$	3,503,940		$	3,566,126		$	3,636,964		$	3,680,430		$	3,742,693		$	3,817,119		$	3,863,442
	General expenses deferred				11,156			11,235			11,424			10,805			10,883			11,605			11,235			10,368
	Commission costs deferred				125,811			127,800			130,964			128,734			130,162			126,272			122,850			120,125
	Amortization of deferred policy acquisition costs				(72,049	)		(73,643	)		(75,539	)		(76,905	)		(78,550	)		(80,043	)		(81,498	)		(82,813	)
	Foreign currency impact and other, net				(8,211	)		(3,207	)		3,988			(19,167	)		(232	)		16,592			(6,263	)		4,876
Balance, end of period				$	3,503,940		$	3,566,126		$	3,636,964		$	3,680,430		$	3,742,693		$	3,817,119		$	3,863,442		$	3,915,998

(1)

Outstanding common shares exclude restricted stock units.

     Financial Results and Other Statistical Data

     PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			34,882,824			34,383,344			33,834,080			33,481,533			33,292,459			32,870,061			32,404,112			31,978,688			(1,502,845	)		-4.5	%		34,142,480			32,632,095			(1,510,385	)		-4.4	%

	Net income from continuing operations		$	148,414		$	209,301		$	194,737		$	167,678		$	169,051		$	178,344		$	206,793		$	197,047		$	29,369			17.5	%	$	720,129		$	751,234		$	31,105			4.3	%
	Less income attributable to unvested participating securities			(608	)		(96	)		(704	)		(537	)		(585	)		(572	)		(678	)		(606	)		(69	)		-12.8	%		(2,443	)		(2,446	)		(3	)		-0.1	%
		Net income used in computing basic EPS	$	147,806		$	209,205		$	194,033		$	167,141		$	168,466		$	177,772		$	206,114		$	196,441		$	29,301			17.5	%	$	717,686		$	748,788		$	31,102			4.3	%
		Basic earnings per share	$	4.24		$	6.08		$	5.73		$	4.99		$	5.06		$	5.41		$	6.36		$	6.14		$	1.15			23.0	%	$	21.02		$	22.95		$	1.93			9.2	%

	Adjusted net operating income		$	147,515		$	170,964		$	193,187		$	169,231		$	168,068		$	180,385		$	206,052		$	196,907		$	27,676			16.4	%	$	680,896		$	751,412		$	70,515			10.4	%
	Less operating income attributable to unvested participating securities			(612	)		(634	)		(719	)		(542	)		(581	)		(579	)		(676	)		(605	)		(63	)		-11.6	%		(2,520	)		(2,446	)		73			2.9	%
		Adjusted net operating income used in computing basic operating EPS	$	146,902		$	170,330		$	192,467		$	168,689		$	167,487		$	179,806		$	205,376		$	196,302		$	27,613			16.4	%	$	678,377		$	748,965		$	70,589			10.4	%
		Basic adjusted operating income per share	$	4.21		$	4.95		$	5.69		$	5.04		$	5.03		$	5.47		$	6.34		$	6.14		$	1.10			21.8	%	$	19.87		$	22.95		$	3.08			15.5	%

Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			34,882,824			34,383,344			33,834,080			33,481,533			33,292,459			32,870,061			32,404,112			31,978,688			(1,502,845	)		-4.5	%		34,142,480			32,632,095			(1,510,385	)		-4.4	%
	Dilutive impact of contingently issuable shares			53,938			56,591			56,960			59,672			49,670			41,352			47,284			53,183			(6,489	)		-10.9	%		56,790			47,872			(8,918	)		-15.7	%
		Shares used to calculate diluted EPS		34,936,762			34,439,935			33,891,040			33,541,205			33,342,129			32,911,413			32,451,396			32,031,871			(1,509,334	)		-4.5	%		34,199,271			32,679,967			(1,519,303	)		-4.4	%

	Net income from continuing operations		$	148,414		$	209,301		$	194,737		$	167,678		$	169,051		$	178,344		$	206,793		$	197,047		$	29,369			17.5	%	$	720,129		$	751,234		$	31,105			4.3	%
	Less income attributable to unvested participating securities			(607	)		(96	)		(703	)		(536	)		(584	)		(571	)		(678	)		(605	)		(69	)		-12.8	%		(2,440	)		(2,443	)		(3	)		-0.1	%
		Net income used in computing diluted EPS	$	147,807		$	209,205		$	194,034		$	167,141		$	168,467		$	177,772		$	206,115		$	196,442		$	29,301			17.5	%	$	717,690		$	748,791		$	31,101			4.3	%
		Diluted earnings per share	$	4.23		$	6.07		$	5.72		$	4.98		$	5.05		$	5.40		$	6.35		$	6.13		$	1.15			23.1	%	$	20.99		$	22.91		$	1.92			9.1	%

	Adjusted net operating income		$	147,515		$	170,964		$	193,187		$	169,231		$	168,068		$	180,385		$	206,052		$	196,907		$	27,676			16.4	%	$	680,896		$	751,412		$	70,515			10.4	%
	Less operating income attributable to unvested participating securities			(612	)		(633	)		(718	)		(542	)		(580	)		(578	)		(675	)		(604	)		(63	)		-11.6	%		(2,516	)		(2,443	)		73			2.9	%
		Adjusted net operating income used in computing diluted operating EPS	$	146,903		$	170,330		$	192,468		$	168,690		$	167,487		$	179,807		$	205,377		$	196,303		$	27,613			16.4	%	$	678,380		$	748,968		$	70,588			10.4	%
		Diluted adjusted operating income per share	$	4.20		$	4.95		$	5.68		$	5.03		$	5.02		$	5.46		$	6.33		$	6.13		$	1.10			21.9	%	$	19.84		$	22.92		$	3.08			15.5	%

Annualized Return on Equity
	Average stockholders' equity		$	2,125,938		$	2,153,834		$	2,034,293		$	2,102,934		$	2,257,725		$	2,281,963		$	2,301,704		$	2,370,896		$	267,962			12.7	%	$	2,104,250		$	2,303,072		$	198,822			9.4	%
	Average adjusted stockholders' equity		$	2,274,827		$	2,191,128		$	2,114,622		$	2,159,315		$	2,207,812		$	2,238,047		$	2,277,699		$	2,349,255		$	189,941			8.8	%	$	2,184,973		$	2,268,203		$	83,230			3.8	%

	Net income from continuing ops return on stockholders' equity			27.9	%		38.9	%		38.3	%		31.9	%		30.0	%		31.3	%		35.9	%		33.2	%		1.4	%	nm				34.2	%		32.6	%		-1.6	%	nm
	Net income from continuing ops return on adjusted stockholders' equity			26.1	%		38.2	%		36.8	%		31.1	%		30.6	%		31.9	%		36.3	%		33.6	%		2.5	%	nm				33.0	%		33.1	%		0.2	%	nm

	Adjusted net operating income return on adjusted stockholders' equity			25.9	%		31.2	%		36.5	%		31.3	%		30.4	%		32.2	%		36.2	%		33.5	%		2.2	%	nm				31.2	%		33.1	%		2.0	%	nm

Capital Structure
	Debt-to-capital (1)			21.4	%		21.9	%		23.4	%		20.8	%		20.9	%		20.5	%		20.6	%		19.6	%		-1.3	%	nm				20.8	%		19.6	%		-1.3	%	nm
	Debt-to-capital, excluding AOCI (1)			20.6	%		21.9	%		21.8	%		21.0	%		20.9	%		20.8	%		20.4	%		19.8	%		-1.3	%	nm				21.0	%		19.8	%		-1.3	%	nm

	Cash and invested assets to stockholders' equity			2.2	x		2.3	x		2.5	x		2.2	x		2.2	x		2.2	x		2.2	x		2.2	x		(0.1	x)	nm				2.2	x		2.2	x		(0.1	x)	nm
	Cash and invested assets to adjusted stockholders' equity			2.1	x		2.3	x		2.3	x		2.3	x		2.3	x		2.2	x		2.2	x		2.2	x		(0.1	x)	nm				2.3	x		2.2	x		(0.1	x)	nm

	Share count, end of period (2)			34,609,005			33,993,897			33,508,129			33,367,737			33,022,554			32,545,209			32,075,564			31,809,803			(1,557,934	)		-4.7	%		33,367,737			31,809,803			(1,557,934	)		-4.7	%
	Adjusted stockholders' equity per share		$	65.72		$	62.00		$	63.32		$	65.84		$	67.18		$	69.37		$	71.64		$	75.47		$	9.62			14.6	%	$	65.84		$	75.47		$	9.62			14.6	%

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

Holding Company Senior Debt Ratings
	Moody's		Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			na			na			na			na			na			na
	S&P		A-			A-			A-			A-			A-			A-			A-			A-			na			na			na			na			na			na
	A.M. Best		a-			a-			a-			a-			a-			a-			a-			a-			na			na			na			na			na			na

(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, which excludes restricted stock units (RSUs).

     Statements of Income

     PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
(Dollars in thousands)			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Statements of Income
Revenues:
	Direct premiums		$	841,046		$	845,358		$	852,452		$	854,748		$	858,845		$	866,254		$	868,651		$	869,030		$	14,282			1.7	%	$	3,393,604		$	3,462,780		$	69,176			2.0	%
	Ceded premiums			(409,764	)		(427,561	)		(412,645	)		(414,463	)		(410,521	)		(433,408	)		(414,104	)		(420,843	)		(6,380	)		-1.5	%		(1,664,433	)		(1,678,877	)		(14,444	)		-0.9	%
		Net premiums		431,283			417,797			439,807			440,285			448,323			432,846			454,547			448,187			7,902			1.8	%		1,729,171			1,783,903			54,732			3.2	%
	Net investment income			37,806			38,452			41,109			38,134			41,671			40,928			42,431			42,122			3,988			10.5	%		155,501			167,152			11,651			7.5	%
	Commissions and fees:
		Sales-based (1)		88,746			101,178			96,269			108,240			111,270			115,933			118,637			131,305			23,065			21.3	%		394,432			477,146			82,714			21.0	%
		Asset-based (2)		128,532			132,765			142,051			150,208			152,014			154,735			172,286			181,407			31,200			20.8	%		553,555			660,443			106,888			19.3	%
		Account-based (3)		23,180			23,740			24,107			24,245			24,195			24,394			24,420			24,347			102			0.4	%		95,272			97,355			2,084			2.2	%
		Other commissions and fees		8,487			10,511			9,474			11,158			9,477			10,970			10,146			10,326			(831	)		-7.5	%		39,629			40,920			1,290			3.3	%
	Investment (losses) gains			1,305			(99	)		2,209			(1,179	)		757			(2,866	)		652			641			1,820		nm				2,236			(816	)		(3,052	)	nm
	Other, net			16,611			66,612			19,103			17,020			17,135			16,394			16,732			15,347			(1,672	)		-9.8	%		119,345			65,609			(53,737	)		-45.0	%
	Total revenues			735,950			790,955			774,129			788,110			804,843			793,334			839,852			853,683			65,573			8.3	%		3,089,143			3,291,712			202,569			6.6	%
Benefits and expenses:
	Benefits and claims			166,321			150,030			164,363			167,449			174,862			152,494			172,152			166,420			(1,029	)		-0.6	%		648,163			665,927			17,764			2.7	%
	Future policy benefits remeasurement (gain)/loss			55			(4,329	)		(23,019	)		1,374			(3,273	)		(5,895	)		(23,114	)		(5,107	)		(6,481	)	nm				(25,920	)		(37,389	)		(11,469	)		-44.2	%
	Amortization of DAC			72,049			73,643			75,539			76,905			78,550			80,043			81,498			82,813			5,907			7.7	%		298,136			322,903			24,767			8.3	%
	Insurance commissions			9,634			7,399			7,180			7,795			6,124			5,751			5,499			5,621			(2,174	)		-27.9	%		32,008			22,995			(9,013	)		-28.2	%
	Insurance expenses			63,149			62,685			63,529			66,256			64,805			64,362			64,131			70,168			3,911			5.9	%		255,619			263,467			7,848			3.1	%
	Sales commissions:
		Sales-based (1)		62,814			70,509			66,333			75,926			77,267			82,935			82,867			89,561			13,635			18.0	%		275,582			332,630			57,048			20.7	%
		Asset-based (2)		64,208			66,525			71,012			76,298			76,246			78,010			87,337			93,247			16,949			22.2	%		278,042			334,840			56,798			20.4	%
		Other sales commissions		4,117			5,120			4,909			5,479			4,605			5,346			4,484			5,015			(464	)		-8.5	%		19,625			19,450			(175	)		-0.9	%
	Interest expense			6,771			6,099			6,093			6,070			6,004			6,000			5,985			5,968			(102	)		-1.7	%		25,034			23,958			(1,076	)		-4.3	%
	Other operating expenses			93,443			80,506			83,612			86,046			98,338			89,792			87,333			92,904			6,858			8.0	%		343,607			368,368			24,761			7.2	%
	Total benefits and expenses			542,561			518,186			519,551			569,598			583,528			558,838			568,173			606,609			37,012			6.5	%		2,149,895			2,317,148			167,253			7.8	%
	Income from continuing operations before income taxes			193,389			272,769			254,578			218,512			221,315			234,496			271,679			247,074			28,562			13.1	%		939,247			974,564			35,317			3.8	%
		Income taxes		44,975			63,467			59,841			50,835			52,264			56,153			64,886			50,027			(807	)		-1.6	%		219,118			223,330			4,212			1.9	%
	Net Income from continuing operations			148,414			209,301			194,737			167,678			169,051			178,344			206,793			197,047			29,369			17.5	%		720,129			751,234			31,105			4.3	%
	Net Loss from discontinued operations net of tax			(10,510	)		(208,131	)		(30,364	)		(606	)		—			—			—			—			606			100.0	%		(249,611	)		—			249,611			100.0	%
		Net Income	$	137,904		$	1,171		$	164,373		$	167,071		$	169,051		$	178,344		$	206,793		$	197,047		$	29,976			17.9	%	$	470,518		$	751,234		$	280,716			59.7	%

Income from Continuing Operations Before Income Taxes by Segment

Term Life Insurance			$	138,367		$	147,780		$	178,353		$	139,541		$	146,785		$	155,012		$	172,684		$	146,578		$	7,038			5.0	%	$	604,042		$	621,060		$	17,019			2.8	%
Investment & Savings Products				65,563			74,783			79,912			81,988			81,270			79,420			94,223			100,609			18,621			22.7	%		302,245			355,523			53,278			17.6	%
Corporate & Other Distributed Products				(10,542	)		50,206			(3,687	)		(3,017	)		(6,741	)		64			4,771			(113	)		2,904			96.2	%		32,960			(2,020	)		(34,980	)		-106.1	%
	Income before income taxes		$	193,389		$	272,769		$	254,578		$	218,512		$	221,315		$	234,496		$	271,679		$	247,074		$	28,562			13.1	%	$	939,247		$	974,564		$	35,317			3.8	%

(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.

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

     PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
	Term Life Insurance direct premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430		$	861,919		$	864,047		$	865,138		$	14,471			1.7	%	$	3,375,282		$	3,445,535		$	70,253			2.1	%
	Less: Premiums ceded to IPO Coinsurers		206,502			201,566			198,726			195,039			191,477			187,988			185,392			183,123			(11,916	)		-6.1	%		801,833			747,981			(53,853	)		-6.7	%
	Term Life Insurance adjusted direct premiums	$	629,819		$	639,102		$	648,900		$	655,628		$	662,953		$	673,931		$	678,655		$	682,015		$	26,387			4.0	%	$	2,573,448		$	2,697,554		$	124,106			4.8	%

Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
	Term Life Insurance ceded premiums	$	(408,558	)	$	(426,348	)	$	(411,526	)	$	(412,916	)	$	(409,334	)	$	(432,306	)	$	(412,935	)	$	(419,273	)	$	(6,357	)		-1.5	%	$	(1,659,348	)	$	(1,673,848	)	$	(14,500	)		-0.9	%
	Less: Premiums ceded to IPO Coinsurers		(206,502	)		(201,566	)		(198,726	)		(195,039	)		(191,477	)		(187,988	)		(185,392	)		(183,123	)		11,916			6.1	%		(801,833	)		(747,981	)		53,853			6.7	%
	Term Life Insurance other ceded premiums	$	(202,056	)	$	(224,782	)	$	(212,800	)	$	(217,876	)	$	(217,857	)	$	(244,318	)	$	(227,543	)	$	(236,149	)	$	(18,273	)		-8.4	%	$	(857,515	)	$	(925,868	)	$	(68,353	)		-8.0	%

Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	37,806		$	38,452		$	41,109		$	38,134		$	41,671		$	40,928		$	42,431		$	42,122		$	3,988			10.5	%	$	155,501		$	167,152		$	11,651			7.5	%
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530			182			321			(466	)	nm			nm				1,037			567		nm			nm
	Adjusted net investment income	$	37,943		$	38,263		$	39,279		$	38,980		$	41,141		$	40,746		$	42,110		$	42,588		$	3,608			9.3	%	$	154,464		$	166,585		$	12,121			7.8	%

Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	93,443		$	80,506		$	83,612		$	86,046		$	98,338		$	89,792		$	87,333		$	92,904		$	6,858			8.0	%	$	343,607		$	368,368		$	24,761			7.2	%
	Less: Restructuring costs		—			824			2,013			—			—			—			—			—		nm			nm				2,837			—		nm			nm
	Adjusted other operating expenses	$	93,443		$	79,682		$	81,599		$	86,046		$	98,338		$	89,792		$	87,333		$	92,904		$	6,858			8.0	%	$	340,770		$	368,368		$	27,598			8.1	%

Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	735,950		$	790,955		$	774,129		$	788,110		$	804,843		$	793,334		$	839,852		$	853,683		$	65,573			8.3	%	$	3,089,143		$	3,291,712		$	202,569			6.6	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757			(2,866	)		652			641		nm			nm				2,236			(816	)	nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530			182			321			(466	)	nm			nm				1,037			567		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—			—			—			—		nm			nm				50,000			—		nm			nm
	Adjusted operating revenues	$	734,781		$	740,865		$	770,089		$	790,135		$	803,556		$	796,018		$	838,879		$	853,508		$	63,374			8.0	%	$	3,035,870		$	3,291,961		$	256,091			8.4	%

Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income from continuing operations before income taxes	$	193,389		$	272,769		$	254,578		$	218,512		$	221,315		$	234,496		$	271,679		$	247,074		$	28,562			13.1	%	$	939,247		$	974,564		$	35,317			3.8	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757			(2,866	)		652			641		nm			nm				2,236			(816	)	nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530			182			321			(466	)	nm			nm				1,037			567		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—			—			—			—		nm			nm				50,000			—		nm			nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—			—			—			—		nm			nm				(2,837	)		—		nm			nm
	Adjusted operating income before income taxes	$	192,220		$	223,503		$	252,552		$	220,537		$	220,028		$	237,181		$	270,706		$	246,899		$	26,362			12.0	%	$	888,812		$	974,813		$	86,001			9.7	%

Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
	Net income from continuing operations	$	148,414		$	209,301		$	194,737		$	167,678		$	169,051		$	178,344		$	206,793		$	197,047		$	29,369			17.5	%	$	720,129		$	751,234		$	31,105			4.3	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757			(2,866	)		652			641		nm			nm				2,236			(816	)	nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530			182			321			(466	)	nm			nm				1,037			567		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—			—			—			—		nm			nm				50,000			—		nm			nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—			—			—			—		nm			nm				(2,837	)		—		nm			nm
	Less: Tax impact of preceding items		(269	)		152			(476	)		471			(304	)		643			(232	)		(35	)	nm			nm				(123	)		71		nm			nm
	Less: Valuation allowance on Senior Health NOLs		—			(11,080	)		—			—			—			—			—			—		nm			nm				(11,080	)		—		nm			nm
	Adjusted net operating income	$	147,515		$	170,964		$	193,187		$	169,231		$	168,068		$	180,385		$	206,052		$	196,907		$	27,676			16.4	%	$	680,896		$	751,412		$	70,515			10.4	%

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

     PRIMERICA, INC.
Financial Supplement


																									YOY Q4											YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025		Q4 2025			$ Change		% Change			YTD 2024			YTD 2025			$ Change			% Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(10,542	)	$	50,206		$	(3,687	)	$	(3,017	)	$	(6,741	)	$	64		$	4,771	$	(113	)	$	2,904		96.2	%	$	32,960		$	(2,020	)	$	(34,980	)		-106.1	%
	Less: Investment (losses) gains		1,305			(99	)		2,209			(1,179	)		757			(2,866	)		652		641		nm		nm				2,236			(816	)	nm			nm
	Less: MTM investment adjustments		(137	)		189			1,830			(846	)		530			182			321		(466	)	nm		nm				1,037			567		nm			nm
	Less: Insurance claim proceeds		—			50,000			—			—			—			—			—		—		nm		nm				50,000			—		nm			nm
	Less: Restructuring costs		—			(824	)		(2,013	)		—			—			—			—		—		nm		nm				(2,837	)		—		nm			nm
	Adjusted operating income before income taxes	$	(11,710	)	$	940		$	(5,713	)	$	(992	)	$	(8,028	)	$	2,748		$	3,798	$	(288	)	$	704		70.9	%	$	(17,475	)	$	(1,771	)	$	15,705			89.9	%

     Term Life Insurance - Financial Results and Analysis

     PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430		$	861,919		$	864,047		$	865,138		$	14,471			1.7	%	$	3,375,282		$	3,445,535		$	70,253			2.1	%
	Premiums ceded to IPO coinsurers (1)		(206,502	)		(201,566	)		(198,726	)		(195,039	)		(191,477	)		(187,988	)		(185,392	)		(183,123	)		11,916			6.1	%		(801,833	)		(747,981	)		53,853			6.7	%
	Adjusted direct premiums (2)		629,819			639,102			648,900			655,628			662,953			673,931			678,655			682,015			26,387			4.0	%		2,573,448			2,697,554			124,106			4.8	%
	Other ceded premiums (3)		(202,056	)		(224,782	)		(212,800	)		(217,876	)		(217,857	)		(244,318	)		(227,543	)		(236,149	)		(18,273	)		-8.4	%		(857,515	)		(925,868	)		(68,353	)		-8.0	%
	Net premiums		427,762			414,320			436,099			437,752			445,096			429,613			451,112			445,866			8,114			1.9	%		1,715,933			1,771,686			55,753			3.2	%
	Other, net		12,649			12,624			14,206			12,826			12,745			12,221			12,189			10,967			(1,860	)		-14.5	%		52,306			48,122			(4,184	)		-8.0	%
	Revenues		440,412			426,944			450,305			450,578			457,842			441,834			463,301			456,832			6,254			1.4	%		1,768,239			1,819,809			51,569			2.9	%

	Benefits and expenses:
	Benefits and claims		163,847			146,268			160,652			164,588			171,243			148,725			168,319			163,257			(1,331	)		-0.8	%		635,354			651,544			16,190			2.5	%
	Future policy benefits remeasurement (gain)/loss		(319	)		(4,280	)		(28,203	)		1,537			(3,402	)		(5,743	)		(23,392	)		(5,190	)		(6,727	)	nm				(31,265	)		(37,726	)		(6,461	)		-20.7	%
	Amortization of DAC		70,491			71,916			73,698			75,383			76,921			78,386			79,876			81,227			5,844			7.8	%		291,488			316,411			24,923			8.6	%
	Insurance commissions		6,047			3,785			3,410			4,422			2,649			2,238			2,755			1,993			(2,428	)		-54.9	%		17,664			9,635			(8,029	)		-45.5	%
	Insurance expenses		61,979			61,476			62,395			65,107			63,645			63,216			63,058			68,966			3,859			5.9	%		250,957			258,885			7,928			3.2	%
	Benefits and expenses		302,044			279,164			271,952			311,037			311,056			286,821			290,616			310,254			(783	)		-0.3	%		1,164,198			1,198,748			34,550			3.0	%
	Income before income taxes	$	138,367		$	147,780		$	178,353		$	139,541		$	146,785		$	155,012		$	172,684		$	146,578		$	7,038			5.0	%	$	604,042		$	621,060		$	17,019			2.8	%

Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	508,687		$	517,691		$	525,697		$	530,867		$	538,072		$	547,938		$	551,915		$	554,372		$	23,505			4.4	%	$	2,082,941		$	2,192,297		$	109,356			5.3	%
	Pre-IPO direct premiums (5)		327,634			322,977			321,929			319,800			316,359			313,981			312,132			310,766			(9,034	)		-2.8	%		1,292,341			1,253,238			(39,103	)		-3.0	%
	Total direct premiums	$	836,321		$	840,668		$	847,626		$	850,667		$	854,430		$	861,919		$	864,047		$	865,138		$	14,471			1.7	%	$	3,375,282		$	3,445,535		$	70,253			2.1	%

	Premiums ceded to IPO coinsurers	$	206,502		$	201,566		$	198,726		$	195,039		$	191,477		$	187,988		$	185,392		$	183,123		$	(11,916	)		-6.1	%	$	801,833		$	747,981		$	(53,853	)		-6.7	%
	% of Pre-IPO direct premiums		63.0	%		62.4	%		61.7	%		61.0	%		60.5	%		59.9	%		59.4	%		58.9	%	nm			nm				62.0	%		59.7	%	nm			nm

	Benefits and claims, net (6)	$	365,584		$	366,770		$	345,249		$	384,002		$	385,698		$	387,300		$	372,471		$	394,217		$	10,216			2.7	%	$	1,461,604		$	1,539,686		$	78,082			5.3	%
	% of adjusted direct premiums		58.0	%		57.4	%		53.2	%		58.6	%		58.2	%		57.5	%		54.9	%		57.8	%	nm			nm				56.8	%		57.1	%	nm			nm

	DAC amortization & insurance commissions	$	76,538		$	75,701		$	77,108		$	79,805		$	79,570		$	80,624		$	82,631		$	83,220		$	3,415			4.3	%	$	309,152		$	326,045		$	16,893			5.5	%
	% of adjusted direct premiums		12.2	%		11.8	%		11.9	%		12.2	%		12.0	%		12.0	%		12.2	%		12.2	%	nm			nm				12.0	%		12.1	%	nm			nm

	Insurance expenses, net (7)	$	49,329		$	48,851		$	48,189		$	52,281		$	50,900		$	50,995		$	50,869		$	57,999		$	5,718			10.9	%	$	198,651		$	210,763		$	12,112			6.1	%
	% of adjusted direct premiums		7.8	%		7.6	%		7.4	%		8.0	%		7.7	%		7.6	%		7.5	%		8.5	%	nm			nm				7.7	%		7.8	%	nm			nm

	Total Term Life income before income taxes	$	138,367		$	147,780		$	178,353		$	139,541		$	146,785		$	155,012		$	172,684		$	146,578		$	7,038			5.0	%	$	604,042		$	621,060		$	17,019			2.8	%
	Term Life operating margin (8)		22.0	%		23.1	%		27.5	%		21.3	%		22.1	%		23.0	%		25.4	%		21.5	%	nm			nm				23.5	%		23.0	%	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 and remeasurement (gain)/loss net of other ceded premiums which are largely yearly renewable term.

(7)

Insurance expenses, net - insurance expenses net of other, net revenues.

(8)

Term Life Insurance operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

     Term Life Insurance - Key Statistics

     PRIMERICA, INC.
Financial Supplement


																											YOY Q4												YOY YTD
			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period				141,572			142,855			145,789			148,890			151,611			152,167			152,592			152,200			3,310			2.2	%		141,572			151,611			10,039			7.1	%
	New life-licensed representatives			12,949			14,402			14,349			14,620			12,339			12,903			12,482			10,998			(3,622	)		-24.8	%		56,320			48,722			(7,598	)		-13.5	%
	Non-renewal and terminated representatives			(11,666	)		(11,468	)		(11,248	)		(11,899	)		(11,783	)		(12,478	)		(12,874	)		(11,674	)		225			1.9	%		(46,281	)		(48,809	)		(2,528	)		-5.5	%
Life-insurance licensed sales force, end of period				142,855			145,789			148,890			151,611			152,167			152,592			152,200			151,524			(87	)		-0.1	%		151,611			151,524			(87	)		-0.1	%

Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	73.1		$	86.7		$	80.2		$	78.1		$	74.4		$	78.5		$	69.8		$	67.1		$	(11.0	)		-14.0	%	$	318.0		$	289.9		$	(28.1	)		-8.8	%
	Additions and increases in premium			18.1			19.9			18.8			17.9			18.5			20.2			19.0			17.9			(0.0	)		-0.1	%		74.7			75.6			0.9			1.2	%
		Total estimated annualized issued term life premium	$	91.2		$	106.5		$	99.0		$	96.0		$	93.0		$	98.7		$	88.8		$	85.0		$	(11.0	)		-11.4	%	$	392.7		$	365.4		$	(27.3	)		-6.9	%

Issued term life policies				86,587			100,768			93,377			89,664			86,415			89,850			79,379			76,143			(13,521	)		-15.1	%		370,396			331,787			(38,609	)		-10.4	%
Estimated average annualized issued term life premium per policy (1)(2)			$	844		$	860		$	859		$	871		$	861		$	874		$	879		$	882		$	11			1.2	%	$	858		$	874		$	15			1.8	%

Term life face amount in-force, beginning of period ($mills)			$	944,609		$	947,101		$	950,880		$	957,811		$	953,583		$	956,981		$	968,312		$	967,024		$	9,213			1.0	%	$	944,609		$	953,583		$	8,974			0.9	%
	Issued term life face amount (3)			28,725			33,155			30,793			29,560			28,455			30,292			27,067			26,068			(3,492	)		-11.8	%		122,233			111,882			(10,351	)		-8.5	%
	Terminated term life face amount			(23,323	)		(28,241	)		(25,264	)		(27,045	)		(24,979	)		(24,795	)		(26,159	)		(27,170	)		(125	)		-0.5	%		(103,872	)		(103,103	)		769			0.7	%
	Foreign currency impact, net			(2,911	)		(1,134	)		1,402			(6,744	)		(77	)		5,834			(2,196	)		1,690			8,434			125.1	%		(9,387	)		5,251			14,638		nm
Term life face amount in-force, end of period			$	947,101		$	950,880		$	957,811		$	953,583		$	956,981		$	968,312		$	967,024		$	967,612		$	14,029			1.5	%	$	953,583		$	967,612		$	14,029			1.5	%

(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.

     Investment and Savings Products - Financial Results and Financial Analysis 

PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands, except as noted)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	88,746		$	101,178		$	96,269		$	108,240		$	111,270		$	115,933		$	118,637		$	131,305		$	23,065			21.3	%	$	394,432		$	477,146		$	82,714			21.0	%
	Asset-based		128,532			132,765			142,051			150,208			152,014			154,735			172,286			181,407			31,200			20.8	%		553,555			660,443			106,888			19.3	%
	Account-based		23,180			23,740			24,107			24,245			24,195			24,394			24,420			24,347			102			0.4	%		95,272			97,355			2,084			2.2	%
	Other, net		3,258			3,224			3,646			3,355			3,333			3,236			3,445			3,275			(80	)		-2.4	%		13,483			13,288			(195	)		-1.4	%
	Revenues		243,716			260,906			266,073			286,048			290,812			298,297			318,789			340,335			54,287			19.0	%		1,056,743			1,248,233			191,489			18.1	%

	Benefits and expenses:
	Amortization of DAC		1,201			1,478			1,540			1,225			1,337			1,368			1,355			1,321			96			7.9	%		5,443			5,381			(63	)		-1.1	%
	Insurance commissions		3,400			3,343			3,499			3,397			3,277			3,468			3,485			3,526			129			3.8	%		13,638			13,755			117			0.9	%
	Sales commissions:
	Sales-based		62,814			70,509			66,333			75,926			77,267			82,935			82,867			89,561			13,635			18.0	%		275,582			332,630			57,048			20.7	%
	Asset-based		64,208			66,525			71,012			76,298			76,246			78,010			87,337			93,247			16,949			22.2	%		278,042			334,840			56,798			20.4	%
	Other operating expenses		46,531			44,269			43,778			47,214			51,414			53,096			49,522			52,071			4,856			10.3	%		181,792			206,103			24,311			13.4	%
	Benefits and expenses		178,153			186,123			186,161			204,060			209,541			218,877			224,565			239,726			35,666			17.5	%		754,498			892,709			138,212			18.3	%
	Income before income taxes	$	65,563		$	74,783		$	79,912		$	81,988		$	81,270		$	79,420		$	94,223		$	100,609		$	18,621			22.7	%	$	302,245		$	355,523		$	53,278			17.6	%

Financial Analysis

	Fees paid based on client asset values (1)	$	9,342		$	9,548		$	10,156		$	11,213		$	10,915		$	11,404		$	12,285		$	12,803		$	1,590			14.2	%	$	40,260		$	47,408		$	7,148			17.8	%
	Fees paid based on fee-generating positions (2)		11,426			10,483			10,392			10,538			12,410			11,015			10,341			10,543			5		nm				42,839			44,309			1,471			3.4	%
	Other operating expenses		25,763			24,238			23,230			25,463			28,089			30,676			26,896			28,724			3,262			12.8	%		98,693			114,386			15,692			15.9	%
	Total other operating expenses	$	46,531		$	44,269		$	43,778		$	47,214		$	51,414		$	53,096		$	49,522		$	52,071		$	4,856			10.3	%	$	181,792		$	206,103		$	24,311			13.4	%

	Sales-based variable margin as % of revenue-generating sales (3)
	U.S.		1.25	%		1.33	%		1.37	%		1.35	%		1.37	%		1.29	%		1.38	%		1.49	%	nm			nm				1.33	%		1.38	%	nm			nm
	Canada		0.48	%		0.37	%		0.34	%		0.31	%		0.35	%		0.35	%		0.35	%		0.27	%	nm			nm				0.38	%		0.33	%	nm			nm
	Total		1.19	%		1.27	%		1.31	%		1.27	%		1.28	%		1.23	%		1.31	%		1.40	%	nm			nm				1.26	%		1.31	%	nm			nm

	Asset-based variable margin as % of average asset values (4)
	U.S.		0.041	%		0.041	%		0.042	%		0.042	%		0.043	%		0.043	%		0.044	%		0.045	%	nm			nm				0.165	%		0.176	%	nm			nm
	Canada		0.104	%		0.104	%		0.109	%		0.109	%		0.113	%		0.109	%		0.115	%		0.110	%	nm			nm				0.426	%		0.446	%	nm			nm
	Total		0.051	%		0.050	%		0.052	%		0.052	%		0.053	%		0.053	%		0.055	%		0.055	%	nm			nm				0.204	%		0.217	%	nm			nm

	Account-based variable margin per average fee generating position (5)(6)	$	3.67		$	4.10		$	4.21		$	4.18		$	3.57		$	4.02		$	4.20		$	4.09		nm			nm			$	16.16		$	15.89		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 variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)

Asset-based variable margin - 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 variable margin - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)

In whole dollars.

     Investment and Savings Products - Key Statistics

     PRIMERICA, INC.
Financial Supplement


																													YOY Q4												YOY YTD
					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Key Statistics

	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,162.2		$	1,228.6		$	1,162.7		$	1,241.3		$	1,317.9		$	1,244.0		$	1,298.4		$	1,323.0		$	81.7			6.6	%	$	4,794.7		$	5,183.4		$	388.6			8.1	%
		Canada Retail Mutual Funds				179.6			147.6			146.2			192.1			220.7			168.5			185.7			212.9			20.8			10.8	%		665.5			787.8			122.3			18.4	%
		Indexed Annuities				81.0			98.0			89.5			86.7			71.1			93.0			72.7			70.2			(16.5	)		-19.0	%		355.1			307.0			(48.1	)		-13.6	%
		Variable Annuities and other				756.0			941.4			891.5			1,023.8			1,038.9			1,178.7			1,180.6			1,375.3			351.4			34.3	%		3,612.8			4,773.4			1,160.6			32.1	%
				Total sales-based revenue generating product sales		2,178.8			2,415.6			2,289.9			2,543.9			2,648.6			2,684.2			2,737.4			2,981.4			437.5			17.2	%		9,428.2			11,051.5			1,623.4			17.2	%
		Managed Accounts				370.9			456.1			411.9			548.7			596.7			634.1			717.2			822.5			273.8			49.9	%		1,787.5			2,770.5			983.0			55.0	%
		Canada Retail Mutual Funds - no upfront sales comm				197.7			196.5			189.4			213.9			296.4			218.6			244.7			261.6			47.7			22.3	%		797.5			1,021.3			223.8			28.1	%
		Segregated Funds				23.0			14.8			13.9			14.0			17.7			11.5			12.6			45.1			31.0		nm				65.7			86.9			21.1			32.2	%
				Total product sales	$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3		$	3,548.4		$	3,711.9		$	4,110.6		$	790.0			23.8	%	$	12,078.9		$	14,930.2		$	2,851.2			23.6	%

		Total Canada Retail Mutual Funds			$	377.4		$	344.1		$	335.6		$	406.0		$	517.1		$	387.1		$	430.4		$	474.5		$	68.4			16.9	%	$	1,463.1		$	1,809.1		$	346.0			23.7	%
		Segregated Funds				23.0			14.8			13.9			14.0			17.7			11.5			12.6			45.1			31.0		nm				65.7			86.9			21.1			32.2	%
			Total Canada product sales			400.4			358.8			349.5			420.1			534.8			398.6			443.0			519.5			99.5			23.7	%		1,528.8			1,895.9			367.2			24.0	%
			Total U.S. product sales			2,370.0			2,724.1			2,555.6			2,900.5			3,024.6			3,149.8			3,268.9			3,591.0			690.5			23.8	%		10,550.2			13,034.2			2,484.1			23.5	%
				Total product sales	$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3		$	3,548.4		$	3,711.9		$	4,110.6		$	790.0			23.8	%	$	12,078.9		$	14,930.2		$	2,851.2			23.6	%

	Client asset values, beginning of period ($mills)				$	96,735		$	103,340		$	105,112		$	111,247		$	112,081		$	109,908		$	120,224		$	126,793		$	15,547			14.0	%	$	96,735		$	112,081		$	15,346			15.9	%
		Inflows				2,770			3,083			2,905			3,321			3,559			3,548			3,712			4,111			790			23.8	%		12,079			14,930			2,851			23.6	%
		Outflows (1)				(2,694	)		(2,856	)		(2,650	)		(2,804	)		(3,017	)		(3,062	)		(3,349	)		(3,786	)		(982	)		-35.0	%		(11,005	)		(13,213	)		(2,209	)		-20.1	%
				Net flows		76			227			255			517			542			487			363			325			(192	)		-37.2	%		1,074			1,717			643			59.8	%
		Foreign currency impact, net				(392	)		(163	)		203			(1,022	)		(12	)		900			(357	)		290			1,312			128.4	%		(1,374	)		821			2,195		nm
		Change in market value, net and other (2)				6,921			1,708			5,676			1,340			(2,703	)		8,931			6,562			1,483			143			10.7	%		15,646			14,272			(1,373	)		-8.8	%
	Client asset values, end of period				$	103,340		$	105,112		$	111,247		$	112,081		$	109,908		$	120,224		$	126,793		$	128,891		$	16,810			15.0	%	$	112,081		$	128,891		$	16,810			15.0	%
		Annualized net flows as % of beginning of period asset values				0.3	%		0.9	%		1.0	%		1.9	%		1.9	%		1.8	%		1.2	%		1.0	%		-0.8	%	nm				1.1	%		1.5	%		0.4	%	nm

	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	49,013		$	50,560		$	52,721		$	54,630		$	54,649		$	54,324		$	58,410		$	60,288		$	5,658			10.4	%	$	51,731		$	56,918		$	5,187			10.0	%
		Canada Retail Mutual Funds				12,850			13,259			13,959			14,442			14,555			15,153			16,452			17,226			2,784			19.3	%		13,627			15,846			2,219			16.3	%
		Managed Accounts				8,806			9,376			10,216			11,010			11,537			12,167			13,759			15,070			4,061			36.9	%		9,852			13,133			3,281			33.3	%
		Indexed Annuities				2,824			2,868			2,908			2,959			3,003			3,033			3,061			3,081			122			4.1	%		2,890			3,045			155			5.4	%
		Variable Annuities and other				23,665			24,663			26,014			26,970			27,086			27,075			29,127			30,210			3,240			12.0	%		25,328			28,374			3,046			12.0	%
		Segregated Funds				2,344			2,266			2,334			2,312			2,189			2,223			2,307			2,301			(12	)		-0.5	%		2,314			2,255			(59	)		-2.6	%
				Total	$	99,502		$	102,993		$	108,152		$	112,323		$	113,018		$	113,975		$	123,117		$	128,175		$	15,852			14.1	%	$	105,742		$	119,571		$	13,829			13.1	%

		Canada Retail Mutual Funds			$	12,850		$	13,259		$	13,959		$	14,442		$	14,555		$	15,153		$	16,452		$	17,226		$	2,784			19.3	%	$	13,627		$	15,846		$	2,219			16.3	%
		Segregated Funds				2,344			2,266			2,334			2,312			2,189			2,223			2,307			2,301			(12	)		-0.5	%		2,314			2,255			(59	)		-2.6	%
			Total Canada average client assets			15,194			15,526			16,293			16,754			16,743			17,376			18,759			19,526			2,772			16.5	%		15,942			18,101			2,160			13.5	%
			Total U.S. average client assets			84,308			87,468			91,858			95,570			96,274			96,599			104,358			108,649			13,080			13.7	%		89,801			101,470			11,669			13.0	%
				Total average client assets	$	99,502		$	102,993		$	108,152		$	112,323		$	113,018		$	113,975		$	123,117		$	128,175		$	15,852			14.1	%	$	105,742		$	119,571		$	13,829			13.1	%

	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,359			2,378			2,393			2,407			2,419			2,437			2,448			2,459			52			2.2	%		2,384			2,441			57			2.4	%
		Recordkeeping only				847			857			865			874			885			893			902			912			38			4.3	%		861			898			37			4.3	%
				Total		3,206			3,235			3,258			3,281			3,304			3,330			3,350			3,372			90			2.8	%		3,245			3,339			94			2.9	%

(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.

     Corporate Other Distributed Products - Financial Results

     PRIMERICA, INC.
Financial Supplement


																										YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change			YTD 2024			YTD 2025			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	4,725		$	4,690		$	4,826		$	4,081		$	4,414		$	4,335		$	4,604		$	3,892		$	(189	)		-4.6	%	$	18,322		$	17,245		$	(1,077	)		-5.9	%
	Ceded premiums		(1,205	)		(1,213	)		(1,118	)		(1,548	)		(1,187	)		(1,102	)		(1,169	)		(1,571	)		(23	)		-1.5	%		(5,085	)		(5,029	)		56			1.1	%
	Net premiums		3,520			3,477			3,708			2,533			3,227			3,233			3,435			2,321			(212	)		-8.4	%		13,238			12,217			(1,021	)		-7.7	%
	Adjusted net investment income		37,943			38,263			39,279			38,980			41,141			40,746			42,110			42,588			3,608			9.3	%		154,464			166,585			12,121			7.8	%
	Commissions and fees:
	Prepaid legal services		3,591			3,924			4,070			4,373			3,682			4,009			2,304			3,479			(894	)		-20.4	%		15,958			13,473			(2,485	)		-15.6	%
	Auto and homeowners insurance		1,777			2,413			1,375			2,280			1,966			2,440			2,941			2,245			(35	)		-1.5	%		7,845			9,592			1,746			22.3	%
	Mortgage loans		1,499			2,211			2,384			2,750			2,129			3,020			3,281			2,984			235			8.5	%		8,845			11,414			2,569			29.0	%
	Other sales commissions		1,618			1,963			1,645			1,755			1,701			1,502			1,620			1,618			(137	)		-7.8	%		6,981			6,441			(540	)		-7.7	%
	Adjusted other, net		704			764			1,251			838			1,057			938			1,098			1,106			267			31.9	%		3,556			4,199			642			18.1	%
	Adjusted operating revenues		50,653			53,014			53,711			53,509			54,902			55,887			56,789			56,341			2,832			5.3	%		210,888			223,920			13,032			6.2	%

Benefits and expenses:
	Benefits and claims		2,475			3,762			3,712			2,861			3,619			3,769			3,833			3,162			301			10.5	%		12,809			14,383			1,574			12.3	%
	Future policy benefits remeasurement (gain)/loss		374			(49	)		5,184			(163	)		128			(152	)		278			82			246		nm				5,345			337			(5,008	)		-93.7	%
	Amortization of DAC		357			250			300			298			291			288			267			265			(33	)		-11.1	%		1,205			1,112			(93	)		-7.7	%
	Insurance commissions		187			271			272			(24	)		199			45			(741	)		101			125		nm				705			(396	)		(1,101	)	nm
	Insurance expenses		1,171			1,209			1,134			1,149			1,160			1,147			1,074			1,202			53			4.6	%		4,662			4,582			(80	)		-1.7	%
	Sales commissions		4,117			5,120			4,909			5,479			4,605			5,346			4,484			5,015			(464	)		-8.5	%		19,625			19,450			(175	)		-0.9	%
	Interest expense		6,771			6,099			6,093			6,070			6,004			6,000			5,985			5,968			(102	)		-1.7	%		25,034			23,958			(1,076	)		-4.3	%
	Adjusted other operating expenses		46,913			35,413			37,821			38,831			46,924			36,696			37,811			40,834			2,002			5.2	%		158,978			162,265			3,287			2.1	%
	Adjusted benefits and expenses		62,363			52,074			59,425			54,501			62,930			53,139			52,992			56,629			2,128			3.9	%		228,363			225,691			(2,672	)		-1.2	%
	Adjusted operating income before income taxes	$	(11,710	)	$	940		$	(5,713	)	$	(992	)	$	(8,028	)	$	2,748		$	3,798		$	(288	)	$	704			70.9	%	$	(17,475	)	$	(1,771	)	$	15,705			89.9	%

     Investment Portfolio - Summary of Holdings

     PRIMERICA, INC.
Financial Supplement


				As of or for the period ended December 31, 2025
											% 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				$	756,227	$	756,227	$	-			18.6	%		18.1	%

Fixed Income:
	Treasury				12,491		12,797		(306	)		0.3	%		0.3	%		3.1	%	AA+
	Government				245,286		258,174		(12,888	)		6.0	%		6.2	%		3.4	%	AA-
	Tax-Exempt Municipal				46,819		48,471		(1,652	)		1.2	%		1.2	%		3.4	%	AA-
	Corporate				1,641,964		1,682,343		(40,380	)		40.4	%		40.3	%		4.4	%	BBB+
	Mortgage Backed				656,051		697,433		(41,381	)		16.2	%		16.7	%		4.2	%	AAA
	Asset Backed				225,574		228,894		(3,320	)		5.6	%		5.5	%		4.4	%	AA
	CMBS				85,032		92,035		(7,003	)		2.1	%		2.2	%		3.4	%	A+
	Private Placements				361,083		367,024		(5,941	)		8.9	%		8.8	%		5.2	%	BBB+
	Redeemable Preferred				3,748		4,248		(500	)		0.1	%		0.1	%		5.2	%	BBB-
			Total Fixed Income		3,278,048		3,391,419		(113,371	)		80.7	%		81.2	%		4.3	%	A

Equities and Other:
	Perpetual Preferred				3,474		3,474		-			0.1	%		0.1	%
	Common Stock				19,016		19,016		-			0.5	%		0.5	%
	Mutual Fund				3,899		3,899		-			0.1	%		0.1	%
			Total Equities		26,389		26,389		-			0.6	%		0.6	%

			Total Invested Assets	$	4,060,664	$	4,174,035	$	(113,371	)		100.0	%		100.0	%

Public Corporate Portfolio by Sector

	Insurance			$	221,768	$	226,993	$	(5,226	)		13.5	%		13.5	%
	Energy				218,172		221,698		(3,526	)		13.3	%		13.2	%
	Consumer Non Cyclical				158,769		166,987		(8,218	)		9.7	%		9.9	%
	Reits				129,156		134,785		(5,629	)		7.9	%		8.0	%
	Consumer Cyclical				126,031		128,723		(2,693	)		7.7	%		7.7	%
	Capital Goods				108,049		108,875		(826	)		6.6	%		6.5	%
	Electric				102,235		104,589		(2,354	)		6.2	%		6.2	%
	Banking				100,930		99,904		1,026			6.1	%		5.9	%
	Technology				98,763		102,073		(3,310	)		6.0	%		6.1	%
	Finance Companies				76,524		77,295		(771	)		4.7	%		4.6	%
	Basic Industry				69,244		73,740		(4,496	)		4.2	%		4.4	%
	Communications				67,695		68,460		(764	)		4.1	%		4.1	%
	Transportation				64,317		65,424		(1,108	)		3.9	%		3.9	%
	Brokerage				62,854		64,120		(1,266	)		3.8	%		3.8	%
	Natural Gas				20,304		20,315		(12	)		1.2	%		1.2	%
	Industrial Other				6,182		6,708		(526	)		0.4	%		0.4	%
	Financial Other				4,885		4,937		(52	)		0.3	%		0.3	%
	Utility Other				3,970		4,392		(423	)		0.2	%		0.3	%
	Owned No Guarantee				2,118		2,325		(207	)		0.1	%		0.1	%
			Total Corporate portfolio	$	1,641,964	$	1,682,343	$	(40,380	)		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity

Effective maturity
		< 1 Yr.		$	378,382	$	379,693	$	(1,311	)		11.5	%		11.2	%		3.8	%
		1-2 Yrs.			253,811		255,762		(1,951	)		7.7	%		7.5	%		3.9	%
		2-5 Yrs.			825,866		836,465		(10,599	)		25.2	%		24.7	%		4.3	%
		5-10 Yrs.			1,186,768		1,251,690		(64,922	)		36.2	%		36.9	%		4.1	%
		> 10 Yrs.			633,221		667,809		(34,588	)		19.3	%		19.7	%		5.3	%
			Total Fixed Income	$	3,278,048	$	3,391,419	$	(113,371	)		100.0	%		100.0	%		4.3	%

Duration

Fixed Income portfolio duration					5.2	years

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

     Investment Portfolio - Quality Ratings As of December 31, 2025

     PRIMERICA, INC.
Financial Supplement


(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	666,842		19.7	%
	AA			503,652		14.9	%
	A			805,885		23.8	%
	BBB			1,377,970		40.6	%
	Below Investment Grade			36,627		1.1	%
	NA			444		0.0	%
		Total Fixed Income	$	3,391,419		100.0	%




			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	2,126		0.1	%		AAA		$	-		—
	AA			80,584		4.8	%		AA			8,860		2.4	%
	A			472,509		28.1	%		A			101,733		27.7	%
	BBB			1,099,544		65.4	%		BBB			252,031		68.7	%
	Below Investment Grade			27,379		1.6	%		Below Investment Grade			4,400		1.2	%
	NA			201		0.0	%		NA			-		—
		Total Corporate	$	1,682,343		100.0	%			Total Private	$	367,024		100.0	%



CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	21,351		23.2	%		AAA		$	531,950		76.3	%
	AA			26,503		28.8	%		AA			165,340		23.7	%
	A			33,191		36.1	%		A			-		—
	BBB			6,197		6.7	%		BBB			-		—
	Below Investment Grade			4,793		5.2	%		Below Investment Grade			55		0.0	%
	NA			-		—			NA			88		0.0	%
		Total CMBS	$	92,035		100.0	%			Total Mortgage-Backed	$	697,433		100.0	%



Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	85,156		37.2	%		AAA		$	25,594		9.4	%
	AA			36,950		16.1	%		AA			153,460		56.6	%
	A			106,632		46.6	%		A			76,968		28.4	%
	BBB			-		—			BBB			14,949		5.5	%
	Below Investment Grade			-		—			Below Investment Grade			-		—
	NA			155		0.1	%		NA			-		—
		Total Asset-Backed	$	228,894		100.0	%			Total Treasury & Government	$	270,971		100.0	%



NAIC Designations

	1		$	1,605,893		56.1	%
	2			1,224,055		42.7	%
	3			28,475		1.0	%
	4			6,555		0.2	%
	5		-		—
	6		-		—
		U.S. Insurer Fixed Income (2)		2,864,978		100.0	%
	Other (3)			552,873
	Cash and cash equivalents			756,227
		Total Invested Assets	$	4,174,079

(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.

     Investment Portfolio - Supplemental Data and Trends

     PRIMERICA, INC.
Financial Supplement


																													YOY Q4
(Dollars in thousands)					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)				$	29,936		$	30,618		$	31,990		$	32,867		$	33,513		$	34,346		$	35,218		$	36,130		$	3,263		9.9%
	Fixed-maturity securities (held-to-maturity)					15,785			15,659			15,908			15,300			14,669			14,621			14,476			14,278			(1,022	)	-6.7%
	Equity Securities					390			323			324			327			314			315			318			321			(6	)	-1.8%
	Deposit asset underlying 10% reinsurance treaty					2,311			2,211			2,129			2,007			1,857			1,736			1,659			1,512			(495	)	-24.7%
	Deposit asset - Mark to Market					(137	)		189			1,830			(846	)		530			182			321			(466	)		380		44.9%
	Policy loans and other invested assets					461			544			402			139			1,032			482			611			617			478		nm
	Cash & cash equivalents					6,981			6,640			6,540			5,739			6,519			5,959			6,340			6,065			326		5.7%
			Total investment income			55,727			56,183			59,123			55,533			58,435			57,641			58,943			58,457			2,924		5.3%
	Investment expenses					2,136			2,072			2,106			2,099			2,095			2,092			2,036			2,057			(42	)	-2.0%
	Interest Expense on Surplus Note					15,785			15,659			15,908			15,300			14,669			14,621			14,476			14,278			(1,022	)	-6.7%
			Net investment income		$	37,806		$	38,452		$	41,109		$	38,134		$	41,671		$	40,928		$	42,431		$	42,122		$	3,988		10.5%
		Fixed income book yield, end of period				3.93	%		4.01	%		4.09	%		4.14	%		4.21	%		4.26	%		4.27	%		4.30	%
		New money yield				5.70	%		5.78	%		5.42	%		5.32	%		5.47	%		5.64	%		5.15	%		4.92	%

																													YOY Q4
					Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA					18.9	%		18.3	%		19.4	%		19.5	%		19.0	%		19.3	%		19.3	%		19.7	%		0.2	%
	AA					14.8	%		14.1	%		13.2	%		13.1	%		13.6	%		14.0	%		14.6	%		14.9	%		1.7	%
	A					24.1	%		24.3	%		24.2	%		24.4	%		24.5	%		23.8	%		24.0	%		23.8	%		-0.7	%
	BBB					40.5	%		41.9	%		41.8	%		41.7	%		41.7	%		41.9	%		41.0	%		40.6	%		-1.1	%
	Below Investment Grade					1.6	%		1.5	%		1.2	%		1.2	%		1.1	%		0.9	%		0.9	%		1.1	%		-0.1	%
	NA					0.0	%		0.0	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%		-0.1	%
				Total Fixed Income		100.0	%		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			A


				As of December 31, 2025									As of December 31, 2025						As of December 31, 2025
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)

	1	ONEOK Inc		$	15,207		$	15,447		BBB	Canada		$	91,407	$	94,814	AAA		$	—	$	—
	2	Province of Alberta Canada			14,817			15,408		AA-	United Kingdom			37,431		36,361	AA			—		—
	3	Province of Ontario Canada			13,865			14,109		A+	Australia			23,287		23,452	A			11,657		12,450
	4	Realty Income Corp			13,719			13,973		A-	Ireland			18,699		18,174	BBB			14,527		14,499
	5	Manulife Financial Corp			13,173			13,456		A	Germany			12,974		12,938	Below Investment Grade			—		—
	6	Boeing Co/The			12,903			12,414		BBB-	Mexico			10,515		11,122	NA			—		—
	7	Province of Quebec Canada			12,443			12,697		AA-	Cayman Islands (The)			10,221		10,005		Total	$	26,184	$	26,949
	8	Morgan Stanley			12,308			12,220		BBB+	Bermuda			9,624		9,375
	9	Province of British Columbia Canada			12,036			12,383		A+	Luxembourg			8,158		7,662
	10	Province of New Brunswick Canada			11,717			12,246		A+	France			7,711		7,737	Non-Government Investments (1)
	11	Intact Financial Corp			11,708			11,420		A+	Japan			7,005		6,952
	12	Province of Manitoba Canada			11,466			12,042		A+	Italy			6,366		5,895	AAA		$	—	$	—
	13	Alimentation Couche-Tard Inc			10,702			10,713		BBB+	Norway			5,764		5,765	AA			3,423		3,415
	14	Ashtead Group PLC			10,624			10,469		BBB-	Spain			4,936		4,902	A			69,737		69,597
	15	Boston Properties LP			10,348			10,641		BBB	Switzerland			3,436		3,707	BBB			183,398		184,696
	16	Province of Nova Scotia Canada			10,081			10,676		AA-	Emerging Markets (2)			14,212		14,501	Below Investment Grade			1,692		1,728
	17	Province of Saskatchewan Canada			9,921			10,027		AA	All Other			12,839		13,179	NA			152		155
	18	Goldman Sachs Group Inc/The			9,790			9,775		A+		Total	$	284,586	$	286,541		Total	$	258,402	$	259,591
	19	ConocoPhillips			9,686			10,728		A-
	20	Ontario Teachers' Cadillac Fairview Properties			9,556			10,228		A+
	21	Government of Newfoundland and Labrador			9,529			10,152		A
	22	Oglethorpe Power Corp			9,506			10,394		BBB+
	23	Lakeview Loan Servicing, LLC			9,423			9,256		A-
	24	General Motors Co			9,143			8,896		BBB
	25	Aviation Capital Group LLC			8,951			8,984		BBB-
			Total	$	282,623		$	288,756

			% of total fixed income portfolio		7.0	%		6.9	%

(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.

     Five-Year Historical Key Statistics

     PRIMERICA, INC.
Financial Supplement


(Dollars in millions)			2021			2022			2023			2024			2025			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Q1 2025			Q2 2025			Q3 2025			Q4 2025


Recruits				349,374			359,735			361,925			445,425			358,316			110,710			96,563			142,655			95,497			100,867			80,924			101,156			75,369


Life-insurance licensed sales force, beginning of period				134,907			129,515			135,208			141,572			151,611			141,572			142,855			145,789			148,890			151,611			152,167			152,592			152,200
	New life-licensed representatives			39,622			45,147			49,096			56,320			48,722			12,949			14,402			14,349			14,620			12,339			12,903			12,482			10,998
	Non-renewal and terminated representatives			(45,014	)		(39,454	)		(42,732	)		(46,281	)		(48,809	)		(11,666	)		(11,468	)		(11,248	)		(11,899	)		(11,783	)		(12,478	)		(12,874	)		(11,674	)
Life-insurance licensed sales force, end of period				129,515			135,208			141,572			151,611			151,524			142,855			145,789			148,890			151,611			152,167			152,592			152,200			151,524


Issued term life policies				323,855			291,918			358,860			370,396			331,787			86,587			100,768			93,377			89,664			86,415			89,850			79,379			76,143


Issued term life face amount			$	108,521		$	103,822		$	119,102		$	122,233		$	111,882		$	28,725		$	33,155		$	30,793		$	29,560		$	28,455		$	30,292		$	27,067		$	26,068


Term life face amount in-force, beginning of period			$	858,818		$	903,404		$	916,808		$	944,609		$	953,583		$	944,609		$	947,101		$	950,880		$	957,811		$	953,583		$	956,981		$	968,312		$	967,024
	Issued term life face amount			108,521			103,822			119,102			122,233			111,882			28,725			33,155			30,793			29,560			28,455			30,292			27,067			26,068
	Terminated term life face amount			(64,798	)		(82,894	)		(94,230	)		(103,872	)		(103,103	)		(23,323	)		(28,241	)		(25,264	)		(27,045	)		(24,979	)		(24,795	)		(26,159	)		(27,170	)
	Foreign currency impact, net			862			(7,524	)		2,929			(9,387	)		5,251			(2,911	)		(1,134	)		1,402			(6,744	)		(77	)		5,834			(2,196	)		1,690
Term life face amount in force, end of period			$	903,404		$	916,808		$	944,609		$	953,583		$	967,612		$	947,101		$	950,880		$	957,811		$	953,583		$	956,981		$	968,312		$	967,024		$	967,612


Estimated annualized issued term life premium
	Premium from new policies		$	297.2		$	271.9		$	302.4		$	318.0		$	289.9		$	73.1		$	86.7		$	80.2		$	78.1		$	74.4		$	78.5		$	69.8		$	67.1
	Additions and increases in premium			77.0			76.7			74.3			74.7			75.6			18.1			19.9			18.8			17.9			18.5			20.2			19.0			17.9
		Total estimated annualized issued term life premium	$	374.2		$	348.5		$	376.6		$	392.7		$	365.4		$	91.2		$	106.5		$	99.0		$	96.0		$	93.0		$	98.7		$	88.8		$	85.0


Investment & Savings product sales			$	11,703.2		$	10,009.0		$	9,211.7		$	12,078.9		$	14,930.2		$	2,770.4		$	3,082.9		$	2,905.1		$	3,320.5		$	3,559.3		$	3,548.4		$	3,711.9		$	4,110.6

Investment & Savings average client asset values			$	89,993		$	87,193		$	89,474		$	105,742		$	119,571		$	99,502		$	102,993		$	108,152		$	112,323		$	113,018		$	113,975		$	123,117		$	128,175

Closed U.S. Mortgage Volume (brokered)			$	1,229.2		$	567.2		$	293.4		$	397.4		$	500.7		$	71.4		$	99.6		$	105.4		$	121.0		$	93.5		$	132.8		$	143.4		$	130.9


	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	7-8
Segment operating results
Term Life Insurance segment - financial results, financial analysis, and key statistics	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Corporate & Other Distributed Products segment - financial results	13
Investment portfolio	14-16
Five-year historical key statistics	17