v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information

(3) Segment Information

Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. We also have a Corporate and Other Distributed Products segment. For more information on our segments, see Note 4 (Segment and Geographical Information) to our consolidated financial statements in our 2025 Annual Report.

Income (loss) before income taxes by segment, including significant expense categories, was as follows:

 

 

Three months ended March 31,

 

 

 

 

2026

 

 

2025

 

 

 

 

(In thousands)

Term Life Insurance segment:

 

 

 

 

 

 

 

Total revenues

 

$

464,634

 

 

$

457,841

 

 

Benefits and expenses:

 

 

 

 

 

 

 

Benefits and claims

 

 

167,252

 

 

 

171,243

 

 

Future policy benefits remeasurement (gain) loss

 

 

(7,564

)

 

 

(3,402

)

 

Amortization of DAC

 

 

82,666

 

 

 

76,921

 

 

Insurance expenses

 

 

65,378

 

 

 

63,645

 

 

Insurance commissions

 

 

2,042

 

 

 

2,649

 

 

Total benefits and expenses

 

 

309,774

 

 

 

311,056

 

 

Income before income taxes

 

$

154,860

 

 

$

146,785

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

 

2026

 

 

2025

 

 

 

 

(In thousands)

Investment and Savings Products segment:

 

 

 

 

 

 

 

Total revenues

 

$

350,645

 

 

$

290,812

 

 

Expenses:

 

 

 

 

 

 

 

Amortization of DAC

 

 

1,334

 

 

 

1,337

 

 

Insurance commissions

 

 

3,457

 

 

 

3,277

 

 

Sales commissions:

 

 

 

 

 

 

 

Sales-based

 

 

95,168

 

 

 

77,267

 

 

Asset-based

 

 

95,360

 

 

 

76,246

 

 

Other operating expenses:

 

 

 

 

 

 

 

Fees based on client asset values

 

 

13,287

 

 

 

10,915

 

 

Fees based on fee-generating positions

 

 

11,121

 

 

 

12,410

 

 

Other expenses

 

 

30,019

 

 

 

28,089

 

 

Total expenses

 

 

249,746

 

 

 

209,541

 

 

Income before income taxes

 

$

100,899

 

 

$

81,271

 

 

 

 

 

Three months ended March 31,

 

 

 

 

2026

 

 

2025

 

 

 

 

(In thousands)

Corporate and Other Distributed Products segment:

 

 

 

 

 

 

 

Total revenues

 

$

57,414

 

 

$

56,190

 

 

Benefits and expenses:

 

 

 

 

 

 

 

Benefits and claims

 

 

4,002

 

 

 

3,619

 

 

Future policy benefits remeasurement (gain) loss

 

 

187

 

 

 

129

 

 

Amortization of DAC

 

 

260

 

 

 

292

 

 

Insurance expenses

 

 

1,189

 

 

 

1,160

 

 

Insurance commissions

 

 

119

 

 

 

198

 

 

Sales commissions

 

 

4,682

 

 

 

4,605

 

 

Interest expense

 

 

5,861

 

 

 

6,004

 

 

Other operating expenses

 

 

47,455

 

 

 

46,924

 

 

Total benefits and expenses

 

 

63,755

 

 

 

62,931

 

 

Income (loss) before income taxes

 

$

(6,341

)

 

$

(6,741

)

 

The following table reconciles segment revenues to total revenues and segment income (loss) before income taxes to total income before income taxes in the unaudited condensed consolidated statements of income:

 

 

 

Three months ended March 31,

 

 

 

 

2026

 

 

2025

 

 

 

 

(In thousands)

Revenues:

 

 

 

 

 

 

 

Term Life Insurance segment

 

$

464,634

 

 

$

457,841

 

 

Investment and Savings Products segment

 

 

350,645

 

 

 

290,812

 

 

Corporate and Other Distributed Products segment

 

 

57,414

 

 

 

56,190

 

 

Total revenues

 

$

872,693

 

 

$

804,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes:

 

 

 

 

 

 

 

Term Life Insurance segment

 

$

154,860

 

 

$

146,785

 

 

Investment and Savings Products segment

 

 

100,899

 

 

 

81,271

 

 

Corporate and Other Distributed Products segment

 

 

(6,341

)

 

 

(6,741

)

 

Total income before income taxes

 

$

249,418

 

 

$

221,315

 

 

Insurance expenses and other operating expenses directly attributable to the Term Life Insurance and Investment and Savings Products segments are recorded directly to the applicable segment. These expenses consist primarily of employee compensation, technology and communications costs, various independent sales force-related costs, non-bank custodial and transfer agent recordkeeping administrative costs, outsourcing and professional fees, and other corporate and administrative fees and expenses.

We allocate certain other revenue and operating expenses that are not directly attributable to a specific operating segment using methods expected to reasonably measure the benefit received by each reporting segment. Such methods include recorded usage, revenue distribution, and independent sales force representative distribution. These allocated items include fees charged for access to Primerica Online (“POL”) and costs incurred for technology, independent sales force support, occupancy, shared services and other general and administrative costs. Costs that are not directly charged or allocated to our two primary operating segments are included in the Corporate and Other Distributed Products segment.