Company Performance - Primerica's shares have increased by 15.3% year to date, outperforming the industry increase of 9%, the Finance sector's rise of 5.3%, and the Zacks S&P 500 composite's increase of 15% [1] - The company's earnings have risen by 17.6% over the past five years, surpassing the industry average of 5.9% [1] Financial Metrics - Primerica has a trailing 12-month Return on Equity (ROE) of 27.4%, significantly higher than the industry average of 15.5% [2] - The Return on Invested Capital (ROIC) for the trailing 12 months is 7%, compared to the industry average of 0.7%, indicating effective fund utilization [3] Market Position and Growth - Strong demand for protection products is expected to drive sales growth, with management estimating a more than 3% increase in sales force size in 2024 [4] - The company anticipates a 3-5% rise in the number of Term Life policies and high single-digit growth in Investment and Savings Products sales [5] Interest Rate Environment - Life insurers like Primerica benefit from an improved interest rate environment, which is expected to enhance net investment income [6] Cash Flow and Dividends - Primerica's free cash flow conversion has remained above 100% over the last several quarters, reflecting solid earnings [7] - The company has a 10-year CAGR of 20% in dividends and has $315.9 million worth of shares remaining under authorization for buybacks [10] Earnings Estimates - The Zacks Consensus Estimate for Primerica's 2024 earnings is $17.66 per share, indicating a 9.9% increase on 6.7% higher revenues of $3 billion [8] - For 2025, the earnings estimate is $19.64 per share, reflecting an 11.2% increase on 5.3% higher revenues of $3.2 billion [8]

Primerica (PRI) is well-poised to grow, banking on the strength of a compelling portfolio, strong market presence and a solid capital position. These, coupled with optimistic growth projections, make the stock worth retaining in one's portfolio. Shares of this Zacks Rank #3 (Hold) company have gained 10.6% compared with the industry's increase of 10.7%. It has a VGM Score of B. Northbound Estimate Revision The Zacks Consensus Estimate for 2024 and 2025 earnings has moved 5 cents and 7 cents north, respectiv ...

The investigation concerns whether Primerica and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On April 18, 2024, The Bear Cave published a short report on Primerica, which described the Company as "a pyramid scheme". The Bear Cave cited "extensive evidence suggesting that Primerica's highest producing agents are engaged in misleading, false, or deceptive conduct including 1) a recor ...

Primerica, Inc. (NYSE:PRI) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Company Participants Nicole Russell - Head, IR Glenn Williams - CEO Tracy Tan - CFO Conference Call Participants Ryan Krueger - KBW Maxwell Fritscher - Truist Securities Bob Huang - Morgan Stanley Suneet Kamath - Jefferies Mark Hughes - Truist Securities Operator Greetings, and welcome to the Primerica's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34680 Primerica, Inc. (Exact name of registrant as specified in its charter) | 27-1204330 | Delaware | | --- | --- | | (State o ...

[Preface, Definition of Non-GAAP Financial Measures](index=3&type=section&id=Preface%2C%20definition%20of%20Non-GAAP%20financial%20measures) This section defines non-GAAP financial measures, detailing adjustments for operating results, adjusted stockholders' equity, and IPO coinsurance transactions - Operating adjustments exclude investment gains/losses and mark-to-market adjustments to provide clearer comparisons of operating results[5](index=5&type=chunk) - Adjusted stockholders' equity excludes unrealized investment gains/losses and the impact of discount rate changes on future policy benefits, as these are largely market-driven and not directly tied to cash flows[6](index=6&type=chunk) - IPO coinsurance transaction adjustments remove amounts ceded under 2010 IPO coinsurance deals to present economically maintained premiums[7](index=7&type=chunk) [Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures](index=4&type=section&id=Condensed%20balance%20sheets%20and%20reconciliation%20of%20balance%20sheet%20non-GAAP%20to%20GAAP%20financial%20measures) This chapter presents condensed balance sheets and reconciliations of non-GAAP to GAAP financial measures, focusing on stockholders' equity and deferred policy acquisition costs rollforwards Condensed Balance Sheets (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :--------------------- | :----------- | :----------- | :----------- | | **Assets:** | | | | | Total investments and cash | $4,706,388 | $4,819,109 | $4,832,943 | | Reinsurance recoverables | $3,217,354 | $3,015,777 | $2,920,417 | | Deferred policy acquisition costs | $3,250,753 | $3,447,234 | $3,503,940 | | Goodwill | $127,707 | $127,707 | $127,707 | | Other assets | $1,191,286 | $1,222,064 | $1,189,436 | | Separate account assets | $2,329,968 | $2,395,842 | $2,334,911 | | **Total assets** | **$14,823,457** | **$15,027,732** | **$14,909,354** | | **Liabilities:** | | | | | Future policy benefits | $6,561,624 | $6,742,025 | $6,548,050 | | Other policy liabilities | $996,747 | $963,773 | $954,350 | | Income taxes | $201,850 | $135,248 | $197,714 | | Other liabilities | $659,734 | $644,792 | $641,836 | | Debt obligations | $593,106 | $593,709 | $593,909 | | Surplus note | $1,459,565 | $1,386,592 | $1,376,028 | | Payable under securities lending | $74,452 | $99,785 | $76,648 | | Separate account liabilities | $2,329,968 | $2,395,842 | $2,334,911 | | **Total liabilities** | **$12,877,046** | **$12,961,765** | **$12,723,446** | | **Stockholders' equity:** | | | | | Total stockholders' equity | $1,946,411 | $2,065,967 | $2,185,908 | | **Total liabilities and stockholders' equity** | **$14,823,457** | **$15,027,732** | **$14,909,354** | Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :---------------------------------------------------------------- | :----------- | :----------- | :----------- | | Total stockholders' equity | $1,946,411 | $2,065,967 | $2,185,908 | | Less: Net unrealized gains (losses) | $(208,157) | $(170,008) | $(181,537) | | Less: Effect of change in discount rate assumptions on the liability for future policy benefits | $(11,966) | $(39,086) | $92,853 | | **Adjusted stockholders' equity** | **$2,166,533** | **$2,275,062** | **$2,274,592** | Deferred Policy Acquisition Costs Rollforward (Mar 31, 2023 - Mar 31, 2024) | (Dollars in thousands) | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2024 | | :------------------------------------ | :----------- | :----------- | :----------- | | Balance, beginning of period | $3,188,502 | $3,374,627 | $3,447,234 | | General expenses deferred | $10,777 | $9,910 | $11,156 | | Commission costs deferred | $118,386 | $125,335 | $125,811 | | Amortization of deferred policy acquisition costs | $(67,923) | $(70,378) | $(72,049) | | Foreign currency impact and other, net | $1,011 | $7,739 | $(8,211) | | **Balance, end of period** | **$3,250,753** | **$3,447,234** | **$3,503,940** | [Financial Results and Other Statistical Data](index=6&type=section&id=Financial%20results%20and%20other%20statistical%20data) This section provides key financial performance indicators, including earnings per share, annualized return on equity, capital structure ratios, and financial strength ratings Earnings per Share (Q1 2023 vs. Q1 2024) | Earnings per Share | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Basic earnings per share | $3.47 | $3.94 | $0.47 | 13.5% | | Basic adjusted operating income per share | $3.58 | $3.91 | $0.33 | 9.2% | | Diluted earnings per share | $3.46 | $3.93 | $0.47 | 13.6% | | Diluted adjusted operating income per share | $3.57 | $3.91 | $0.34 | 9.5% | Annualized Return on Equity (Q1 2023 vs. Q1 2024) | Annualized Return on Equity | Q1 2023 | Q1 2024 | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | | Net income return on stockholders' equity | 25.8% | 25.9% | 0.2% | | Net income return on adjusted stockholders' equity | 23.8% | 24.2% | 0.5% | | Adjusted net operating income return on adjusted stockholders' equity | 24.5% | 24.1% | -0.4% | Capital Structure (Q1 2023 vs. Q1 2024) | Capital Structure | Q1 2023 | Q1 2024 | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | | Debt-to-capital | 23.4% | 21.4% | -2.0% | | Debt-to-capital, excluding AOCI | 21.4% | 20.6% | -0.8% | | Cash and invested assets to stockholders' equity | 2.4x | 2.2x | (0.2x) | | Cash and invested assets to adjusted stockholders' equity | 2.2x | 2.1x | (0.0x) | - Primerica Life Insurance Co. maintained strong financial strength ratings of **A1 (Moody's), AA- (S&P), and A+ (A.M. Best)** in Q1 2024, consistent with Q1 2023[16](index=16&type=chunk) [Statements of Income](index=8&type=section&id=Statements%20of%20income) This chapter presents consolidated statements of income, detailing revenues, benefits and expenses, and net income, along with income before income taxes by segment Consolidated Statement of Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | **Revenues:** | | | | | | Direct premiums | $817,871 | $841,046 | $23,174 | 2.8% | | Ceded premiums | $(405,345) | $(409,764) | $(4,417) | -1.1% | | Net premiums | $412,526 | $431,283 | $18,757 | 4.5% | | Net investment income | $31,065 | $37,806 | $6,742 | 21.7% | | Commissions and fees (Sales-based) | $72,388 | $88,746 | $16,358 | 22.6% | | Commissions and fees (Asset-based) | $111,904 | $128,532 | $16,628 | 14.9% | | Commissions and fees (Account-based) | $22,790 | $23,180 | $389 | 1.7% | | Other commissions and fees | $24,464 | $14,563 | $(9,901) | -40.5% | | Investment (losses) gains | $(1,795) | $1,305 | $5,913 | 128.3% | | Other, net | $19,508 | $17,415 | $(2,093) | -10.7% | | **Total revenues** | **$690,036** | **$742,829** | **$52,793** | **7.7%** | | **Benefits and expenses:** | | | | | | Benefits and claims | $163,267 | $166,321 | $3,054 | 1.9% | | Future policy benefits remeasurement (gain)/loss | $179 | $55 | $(504) | -90.2% | | Amortization of DAC | $67,923 | $72,049 | $4,127 | 6.1% | | Insurance commissions | $8,138 | $9,634 | $1,495 | 18.4% | | Insurance expenses | $61,125 | $63,149 | $2,024 | 3.3% | | Sales commissions (Sales-based) | $52,452 | $62,814 | $10,362 | 19.8% | | Sales commissions (Asset-based) | $54,276 | $64,208 | $9,932 | 18.3% | | Other sales commissions | $5,064 | $4,117 | $(30) | -0.7% | | Interest expense | $6,632 | $6,771 | $81 | 1.2% | | Contract acquisition costs | $14,984 | $13,533 | $(1,451) | -9.7% | | Other operating expenses | $89,534 | $100,943 | $11,409 | 12.7% | | Loss on extinguishment of debt | $0 | $0 | $0 | DIV/0! | | **Total benefits and expenses** | **$523,095** | **$563,594** | **$40,499** | **7.7%** | | **Income before income taxes** | **$166,941** | **$179,236** | **$12,294** | **7.4%** | | Income taxes | $38,843 | $41,332 | $2,489 | 6.4% | | **Net Income** | **$128,099** | **$137,904** | **$9,805** | **7.7%** | Income Before Income Taxes by Segment (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Term Life | $130,543 | $138,367 | $7,827 | 6.0% | | Investment & Savings Products | $56,107 | $65,563 | $9,455 | 16.9% | | Senior Health | $(7,583) | $(14,153) | $(10,391) | nm | | Corporate & Other Distributed Products | $(15,944) | $(10,542) | $5,402 | 33.9% | | **Income before income taxes** | **$166,942** | **$179,236** | **$12,294** | **7.4%** | [Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20statement%20of%20income%20GAAP%20to%20non-GAAP%20financial%20measures) This section provides detailed reconciliations between GAAP and non-GAAP financial measures for various income statement items, primarily excluding investment gains/losses and mark-to-market adjustments for clearer operating performance Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Term Life direct premiums | $812,880 | $836,321 | $23,441 | 2.9% | | Less: Premiums ceded to IPO Coinsurers | $(220,240) | $(206,502) | $13,738 | 6.2% | | **Term Life adjusted direct premiums** | **$592,640** | **$629,819** | **$37,179** | **6.3%** | Reconciliation from Net Investment Income to Adjusted Net Investment Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Net Investment Income | $31,065 | $37,806 | $6,742 | 21.7% | | Less: MTM investment adjustments | $(327) | $(137) | nm | nm | | **Adjusted net investment income** | **$31,392** | **$37,943** | **$6,551** | **20.9%** | Reconciliation from Net Income to Adjusted Net Operating Income (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Net income | $128,099 | $137,904 | $9,805 | 7.7% | | Less: Investment gains/(losses) | $(4,608) | $1,305 | nm | nm | | Less: MTM investment adjustments | $(327) | $(137) | nm | nm | | Less: Tax impact of reconciling items | $1,151 | $(269) | nm | nm | | **Adjusted net operating income** | **$131,883** | **$137,005** | **$5,121** | **3.9%** | [Segment Operating Results](index=12&type=section&id=Segment%20operating%20results) [Term Life Insurance Segment - Financial Results, Key Statistics, and Financial Analysis](index=12&type=section&id=Term%20Life%20Insurance%20segment%20-%20financial%20results%2C%20key%20statistics%2C%20and%20financial%20analysis) The Term Life Insurance segment reported a **6.0% increase in income before income taxes** for Q1 2024, driven by a **4.6% rise in total revenues**, with adjusted direct premiums growing by **6.3%** and the sales force expanding by **4.7%** Term Life Insurance Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $421,069 | $440,412 | $19,343 | 4.6% | | Benefits and expenses | $290,521 | $302,045 | $11,519 | 4.0% | | **Income before income taxes** | **$130,540** | **$138,367** | **$7,827** | **6.0%** | Key Term Life Insurance Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Life-insurance licensed sales force, end of period | 136,430 | 142,855 | 6,425 | 4.7% | | New life-licensed representatives | 11,118 | 12,949 | 1,831 | 16.5% | | Total estimated annualized issued term life premium ($mills) | $88.9 | $91.2 | $2.3 | 2.5% | | Issued term life policies | 84,561 | 86,587 | 2,026 | 2.4% | | Term life face amount in-force, end of period ($mills) | $922,845 | $947,101 | $24,256 | 2.6% | - The Term Life operating margin remained stable at **22.0%** in Q1 2024, consistent with Q1 2023[27](index=27&type=chunk) [Investment and Savings Products Segment - Financial Results, Financial Analysis, and Key Statistics](index=15&type=section&id=Investment%20and%20Savings%20Products%20segment%20-%20financial%20results%2C%20financial%20analysis%2C%20and%20key%20statistics) The Investment and Savings Products segment saw a **16.9% increase in income before income taxes** for Q1 2024, driven by a **15.9% rise in revenues**, with total product sales growing by **20.5%** and client asset values increasing by **17.9%** Investment & Savings Products Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $210,202 | $243,716 | $33,514 | 15.9% | | Benefits and expenses | $154,095 | $178,153 | $24,058 | 15.6% | | **Income before income taxes** | **$56,107** | **$65,563** | **$9,455** | **16.9%** | Key Investment & Savings Products Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Total product sales ($mills) | $2,300.0 | $2,770.4 | $470.4 | 20.5% | | Client asset values, end of period ($mills) | $87,621 | $103,340 | $15,719 | 17.9% | | Total average client assets ($mills) | $86,581 | $99,502 | $12,920 | 14.9% | | Total fee generating positions (thous) | 3,145 | 3,206 | 61 | 1.9% | - Sales-based net revenue as a percentage of revenue-generating sales increased from **1.13%** in Q1 2023 to **1.19%** in Q1 2024[36](index=36&type=chunk) [Senior Health Segment - Financial Results, Financial Analysis, and Key Statistics](index=19&type=section&id=Senior%20Health%20segment%20-%20financial%20results%2C%20financial%20analysis%2C%20and%20key%20statistics) The Senior Health segment experienced a significant increase in operating loss before income taxes, reaching **$(14,153) thousand** in Q1 2024, primarily due to a **63.2% decrease in revenues**, despite a **6.4% reduction in operating benefits and expenses** Senior Health Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Revenues | $18,710 | $6,880 | $(11,830) | -63.2% | | Operating benefits and expenses | $22,471 | $21,033 | $(1,439) | -6.4% | | **Operating income before income taxes** | **$(3,762)** | **$(14,153)** | **$(10,391)** | **nm** | Senior Health EBITDA (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :--------------------- | :------ | :------ | :---------------- | :---------------- | | Operating income before income taxes | $(3,762) | $(14,153) | $(10,391) | nm | | Less: Amortization of intangibles | $(2,800) | $(2,800) | $0 | nm | | Less: Depreciation | $(200) | $(144) | $56 | 28.0% | | **EBITDA** | **$(762)** | **$(11,209)** | **$(10,447)** | **nm** | Key Senior Health Statistics (Q1 2023 vs. Q1 2024) | Key Statistics | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Senior Health submitted policies | 19,826 | 16,068 | $(3,758) | -19.0% | | Senior Health approved policies | 18,413 | 15,023 | $(3,390) | -18.4% | | Primerica representatives Senior Health certified | 94,623 | 81,348 | $(13,275) | -14.0% | | LTV per approved policy ($) | $856 | $926 | $71 | 8.3% | | CAC per approved policy ($) | $814 | $901 | $87 | 10.7% | | LTV / CAC multiple | 1.1x | 1.0x | 0.0x | nm | [Corporate & Other Distributed Products Segment - Financial Results](index=21&type=section&id=Corporate%20%26%20Other%20Distributed%20Products%20segment%20-%20financial%20results) The Corporate & Other Distributed Products segment reported an adjusted operating income before income taxes of **$(11,710) thousand** in Q1 2024, influenced by a **12.6% increase in adjusted operating revenues** offset by an **11.4% rise in benefits and expenses** Corporate & Other Distributed Products Adjusted Operating Income Before Income Taxes (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Adjusted operating revenues | $44,990 | $50,653 | $5,663 | 12.6% | | Benefits and expenses | $55,999 | $62,363 | $6,365 | 11.4% | | **Adjusted operating income before income taxes** | **$(11,008)** | **$(11,710)** | **$(702)** | **-6.4%** | - Adjusted net investment income for the segment increased by **20.9%** year-over-year, reaching **$37,943 thousand** in Q1 2024[51](index=51&type=chunk) - Mortgage loans commissions and fees increased by **23.8%** to **$1,499 thousand** in Q1 2024[51](index=51&type=chunk) [Investment Portfolio](index=22&type=section&id=Investment%20portfolio) This chapter provides a detailed overview of the company's investment portfolio as of March 31, 2024, including holdings by asset class, public corporate portfolio by sector, fixed-maturity securities by effective maturity, quality ratings, and supplemental data Investment Portfolio by Asset Class (As of March 31, 2024) | Investment Portfolio by Asset Class | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | Avg Book Yield | Avg Rating | | :---------------------------------- | :------------------------- | :--------------------------- | :---------------------- | :------------- | :--------- | | Cash, Cash Equivalents, and Short Term | $593,670 | $593,670 | 17.4% | | | | Total Fixed Income | $2,785,392 | $3,015,988 | 81.8% | 3.93% | A | | Total Equities | $26,647 | $26,647 | 0.8% | | | | **Total Invested Assets** | **$3,405,709** | **$3,636,305** | **100.0%** | | | Public Corporate Portfolio by Sector (As of March 31, 2024) | Public Corporate Portfolio by Sector | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | | :----------------------------------- | :------------------------- | :--------------------------- | :---------------------- | | Insurance | $184,135 | $198,930 | 13.4% | | Energy | $167,863 | $176,615 | 12.2% | | Consumer Non Cyclical | $130,763 | $143,551 | 9.5% | | Reits | $124,964 | $137,975 | 9.1% | | Consumer Cyclical | $113,472 | $121,879 | 8.2% | | Technology | $104,102 | $109,350 | 7.6% | | Banking | $92,124 | $94,055 | 6.7% | | Electric | $78,754 | $82,797 | 5.7% | | Capital Goods | $78,423 | $83,082 | 5.7% | | Basic Industry | $65,221 | $71,227 | 4.7% | | Finance Companies | $59,151 | $63,139 | 4.3% | | Transportation | $54,436 | $57,980 | 4.0% | | Communications | $51,429 | $54,391 | 3.7% | | Brokerage | $42,837 | $46,883 | 3.1% | | Natural Gas | $11,085 | $11,391 | 0.8% | | Financial Other | $6,447 | $6,855 | 0.5% | | Industrial Other | $5,876 | $6,762 | 0.4% | | Utility Other | $4,643 | $5,390 | 0.3% | | Owned No Guarantee | $1,944 | $2,325 | 0.1% | | **Total Corporate portfolio** | **$1,377,674** | **$1,474,579** | **100.0%** | Fixed-Maturity Securities - Effective Maturity (As of March 31, 2024) | Effective maturity | Market Value ($ thousands) | Amortized Cost ($ thousands) | % of Total Market Value | Avg Book Yield | | :----------------- | :------------------------- | :--------------------------- | :---------------------- | :------------- | | < 1 Yr. | $315,290 | $317,962 | 11.3% | 4.05% | | 1-2 Yrs. | $276,779 | $285,411 | 9.9% | 4.13% | | 2-5 Yrs. | $767,236 | $805,689 | 27.5% | 4.09% | | 5-10 Yrs. | $1,082,638 | $1,224,115 | 38.9% | 3.52% | | > 10 Yrs. | $343,448 | $382,812 | 12.3% | 4.63% | | **Total Fixed Income** | **$2,785,392** | **$3,015,988** | **100.0%** | **3.93%** | Fixed Income Portfolio Quality Ratings (As of March 31, 2024) | Rating | Amortized Cost ($ thousands) | % of Total | | :------------------------ | :--------------------------- | :--------- | | AAA | $570,438 | 18.9% | | AA | $447,746 | 14.8% | | A | $727,678 | 24.1% | | BBB | $1,220,606 | 40.5% | | Below Investment Grade | $49,157 | 1.6% | | NA | $363 | 0.0% | | **Total Fixed Income** | **$3,015,988** | **100.0%** | Net Investment Income by Source (Q1 2023 vs. Q1 2024) | (Dollars in thousands) | Q1 2023 | Q1 2024 | YOY Q1 Change ($) | YOY Q1 Change (%) | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Fixed-maturity securities (available-for-sale) | $25,806 | $29,936 | $4,130 | 16.0% | | Fixed-maturity securities (held-to-maturity) | $16,435 | $15,785 | $(650) | -4.0% | | Equity Securities | $380 | $390 | $10 | 2.6% | | Deposit asset underlying 10% reinsurance treaty | $2,377 | $2,311 | $(66) | -2.8% | | Deposit asset - Mark to Market | $(327) | $(137) | $190 | 58.1% | | Policy loans and other invested assets | $(72) | $461 | $533 | nm | | Cash & cash equivalents | $5,128 | $6,981 | $1,853 | 36.1% | | Total investment income | $49,727 | $55,727 | $6,000 | 12.1% | | Investment expenses | $2,227 | $2,136 | $(91) | -4.1% | | Interest Expense on Surplus Note | $16,435 | $15,785 | $(650) | -4.0% | | **Net investment income** | **$31,065** | **$37,806** | **$6,741** | **21.7%** | - The fixed income book yield increased from **3.57%** in Q1 2023 to **3.93%** in Q1 2024, while the new money yield decreased from **5.57%** to **5.70%** over the same period[62](index=62&type=chunk) - The fixed income portfolio duration was **4.7 years** as of March 31, 2024[53](index=53&type=chunk) [Five-Year Historical Key Statistics](index=27&type=section&id=Five-year%20historical%20key%20statistics) This section provides a five-year historical overview of key operational and financial statistics, including recruits, sales force, issued term life policies, premiums, investment & savings product sales, client asset values, and mortgage volume Historical Sales Force and Policy Data (2019-Q1 2024) | Key Statistics | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | | :------------------------------------ | :----- | :----- | :----- | :----- | :----- | :------ | :------ | | Recruits | 282,207 | 400,345 | 349,374 | 359,735 | 361,925 | 93,540 | 110,710 | | Life-insurance licensed sales force, end of period | 130,522 | 134,907 | 129,515 | 135,208 | 141,572 | 136,430 | 142,855 | | Issued term life policies | 287,809 | 352,868 | 323,855 | 291,918 | 358,860 | 84,561 | 86,587 | | Issued term life face amount ($mills) | $93,994 | $109,436 | $108,521 | $103,822 | $119,102 | $28,124 | $28,725 | | Term life face amount in force, end of period ($mills) | $808,262 | $858,818 | $903,404 | $916,808 | $944,609 | $922,845 | $947,101 | | Total estimated annualized issued term life premium ($) | $305.0 | $372.5 | $374.2 | $348.5 | $376.6 | $88.9 | $91.2 | Historical Investment & Savings and Mortgage Data (2019-Q1 2024) | Key Statistics | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | | :------------------------------------ | :------- | :------- | :------- | :------- | :------- | :------- | :------- | | Investment & Savings product sales ($mills) | $7,533.2 | $7,842.5 | $11,703.2 | $10,009.0 | $9,211.7 | $2,300.0 | $2,770.4 | | Investment & Savings average client asset values ($mills) | $65,029 | $69,709 | $89,993 | $87,193 | $89,474 | $86,581 | $99,502 | | Closed U.S. Mortgage Volume (brokered) ($mills) | $31.1 | $442.5 | $1,229.2 | $567.2 | $293.4 | $55.6 | $71.4 | - Recruits increased from **93,540** in Q1 2023 to **110,710** in Q1 2024, indicating strong growth in sales force recruitment[66](index=66&type=chunk)

Part I [Business Overview](index=9&type=section&id=Item%201.%20Business) Primerica, Inc. is a leading provider of financial products to middle-income households in the U.S. and Canada, utilizing a large independent sales force [Overview and Corporate Structure](index=9&type=section&id=Overview%20and%20Corporate%20Structure) Primerica provides financial products to middle-income families in the U.S. and Canada, supported by 141,572 licensed sales representatives and managing 2.9 million client investment accounts - Primerica's mission is to serve middle-income families by helping them make informed financial decisions to gain financial independence[29](index=29&type=chunk) - The company's strategy in 2023 focused on maximizing sales force growth, broadening the protection product portfolio, becoming the provider of choice for retirement products, and developing powerful digital capabilities[29](index=29&type=chunk) [Distribution Model](index=10&type=section&id=Distribution%20Model) The company employs a modified insurance agency model with a large, independent sales force of over 141,000 licensed representatives Sales Force Recruiting and Licensing (2021-2023) | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Number of new recruits** | 361,925 | 359,735 | 349,374 | | **Number of newly life insurance-licensed representatives** | 49,096 | 45,147 | 39,622 | | **Total life insurance-licensed representatives (end of period)** | 141,572 | 135,208 | 129,515 | - The distribution model is characterized by independent entrepreneurs, low barriers to entry, a focus on sales force leadership (RVPs), an innovative compensation structure, and a large, dynamic sales force that utilizes a "warm market" approach[33](index=33&type=chunk)[38](index=38&type=chunk) - Primerica advances a significant portion of insurance commissions upon application submission, providing immediate cash flow to representatives but subject to chargebacks if the policy lapses within the first year[53](index=53&type=chunk) - Supervision and compliance are shared responsibilities between the company and Regional Vice Presidents (RVPs), involving annual compliance meetings, regular audits of sales offices, and monitoring by home office personnel[66](index=66&type=chunk)[67](index=67&type=chunk)[70](index=70&type=chunk) [Product Offerings](index=20&type=section&id=Product%20Offerings) Primerica offers products across four segments: Term Life Insurance, Investment and Savings, Senior Health, and Other Distributed Products - The company's product offerings are designed to be consistent with sound financial principles for middle-income consumers, such as providing financial protection, encouraging long-term savings, and reducing debt[76](index=76&type=chunk) Term Life Insurance Policies Issued | | 2023 | 2022 | Adjusted 2022 (estimated) | | :--- | :--- | :--- | :--- | | **Number of policies issued** | 358,860 | 291,918 | 333,020 | Term Life Insurance In Force | | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | :--- | | **Number of policies in force** | 2,959,006 | 2,896,667 | 2,885,963 | | **Face amount in force (in millions)** | $944,609 | $916,808 | $903,404 | - In the Investment and Savings Products segment, key U.S. mutual fund partners include Franklin Templeton, Invesco, American Funds, and Fidelity, which collectively accounted for approximately **98% of mutual fund sales in 2023**[102](index=102&type=chunk) - The Senior Health segment, operated through e-TeleQuote, distributes Medicare Advantage and Medicare Supplement plans from major carriers like UnitedHealthcare, Humana, Aetna, Cigna, and Elevance Health[122](index=122&type=chunk) [Regulation](index=36&type=section&id=Regulation) The company's business is subject to extensive and complex regulation at the federal, state, and provincial levels in the U.S. and Canada - U.S. insurance subsidiaries are regulated by state insurance departments, which oversee premium rates, reserve requirements, marketing practices, and capital adequacy under NAIC guidelines[135](index=135&type=chunk)[136](index=136&type=chunk) - The Parent Company is a holding company and depends on dividends from its subsidiaries to meet its obligations, with dividend payments restricted by state and Canadian regulations based on statutory income and surplus[145](index=145&type=chunk)[146](index=146&type=chunk) - The investment and savings products business is regulated by the SEC and FINRA in the U.S. and by CIRO and provincial securities commissions in Canada, covering sales methods, capital structure, and conduct of representatives[160](index=160&type=chunk)[167](index=167&type=chunk) - The Senior Health business (e-TeleQuote) is heavily regulated by the U.S. Centers for Medicare and Medicaid Services (CMS), which prescribes specific rules for marketing and interactions with Medicare beneficiaries[173](index=173&type=chunk)[174](index=174&type=chunk) [Human Capital Management](index=47&type=section&id=Human%20Capital%20Management) Primerica manages human capital for its 3,450 employees across the U.S., Canada, and Pakistan, emphasizing talent development, diversity, and high retention Employee Count as of December 31, 2023 | | U.S. | Canada | Pakistan | | :--- | :--- | :--- | :--- | | **Full-time employees** | 2,432 | 274 | 143 | | **Part-time employees** | 21 | 1 | - | | **On-call and temporary** | 519 | 60 | - | | **Total** | 2,972 | 335 | 143 | - The company's U.S. workforce diversity at year-end 2023 was **63.3% female** and **36.7% male**, with **44.7% White**, **32.0% Black or African American**, **12.1% Hispanic or Latino**, and **7.5% Asian/Pacific Islander**[194](index=194&type=chunk) - The employee retention rate in 2023 was **89%** (excluding e-TeleQuote employees), and the company has been recognized as a "Top Workplace" by the Atlanta Journal-Constitution for ten consecutive years[201](index=201&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks from its distribution structure, extensive regulation, market volatility, and operational challenges like cybersecurity threats - Distribution Structure Risks: Failure to attract and retain independent sales representatives, potential reclassification of independent contractors to employees, and non-compliance with laws governing the distribution model could adversely affect business[209](index=209&type=chunk)[219](index=219&type=chunk) - Insurance and Reinsurance Risks: Business may face losses if actual mortality or persistency experience differs from assumptions, is highly regulated, and faces risks from reinsurer failure[225](index=225&type=chunk)[229](index=229&type=chunk)[244](index=244&type=chunk) - Investment and Savings Products Risks: The segment is heavily dependent on a limited number of mutual fund and annuity providers, and heightened standards of conduct could increase compliance burdens and litigation risk[250](index=250&type=chunk)[258](index=258&type=chunk) - Senior Health (e-TeleQuote) Risks: Inability to execute an effective business strategy, heavy regulation by CMS, dependence on lead generation, and reliance on key carrier partners pose significant risks[268](index=268&type=chunk)[273](index=273&type=chunk)[277](index=277&type=chunk) - Financial and Economic Risks: Credit deterioration and interest rate fluctuations in the invested asset portfolio, changes in accounting standards, and reliance on subsidiary dividends for holding company liquidity are key financial risks, alongside economic downturns and public health crises[292](index=292&type=chunk)[310](index=310&type=chunk)[314](index=314&type=chunk)[316](index=316&type=chunk) - Cybersecurity and Technology Risks: Failure or compromise of IT systems, or those of third-party partners, could lead to operational disruptions, reputational harm, and liability from data breaches[299](index=299&type=chunk)[305](index=305&type=chunk) [Cybersecurity](index=85&type=section&id=Item%201C.%20Cybersecurity) Primerica manages cybersecurity risks through established processes, integrating them into enterprise risk management with Board oversight and an incident response plan - The Board of Directors has oversight responsibility for cybersecurity risks and receives quarterly reports on the matter[349](index=349&type=chunk) - The company employs a three-lines-of-defense model for information security risk: management owns the risk, enterprise risk management assesses and oversees compliance, and internal audit reviews the effectiveness of the first two lines[344](index=344&type=chunk) - An incident response plan is in place to monitor, detect, mitigate, and remediate security incidents, with clear roles and reporting lines to senior management and the Board[346](index=346&type=chunk) [Properties](index=87&type=section&id=Item%202.%20Properties) The company's executive offices and primary operations are in a leased 345,000 sq. ft. facility in Duluth, GA, complemented by other key leased regional offices - The main executive and operational facility is a leased **345,000 sq. ft.** office in Duluth, GA, with a lease extending to the end of **2035**[351](index=351&type=chunk) - Key leased regional offices are located in Mississauga, ON for Canadian operations; Long Island City, NY for NBLIC; and Clearwater, FL for e-TeleQuote[352](index=352&type=chunk)[353](index=353&type=chunk) [Information About Our Executive Officers and Certain Significant Employees](index=88&type=section&id=Item%20X.%20Information%20About%20Our%20Executive%20Officers%20and%20Certain%20Significant%20Employees) This section lists the names, ages, and positions of the company's executive officers and certain significant employees, comprising the senior management team - **Glenn J. Williams** has served as Chief Executive Officer since April 2015 and began his career with Primerica in 1981 as a member of the sales force[359](index=359&type=chunk) - **Peter W. Schneider** has served as President since April 2015, having previously been the company's General Counsel and Chief Administrative Officer since 2000[360](index=360&type=chunk) - **Tracy X. Tan** joined as Executive Vice President and Chief Financial Officer in December 2023, bringing extensive financial leadership experience from companies like Strategic Link Consulting, Assurant, and General Electric[361](index=361&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=93&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Primerica's common stock trades on the NYSE, with the company declaring a **$0.75 per share** quarterly dividend and authorizing a new **$425.0 million** share repurchase program - In Q1 2024, a quarterly dividend of **$0.75 per share** was declared[381](index=381&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | :--- | | Oct 1-31, 2023 | 324,633 | $198.93 | 324,182 | $8,046,834 | | Nov 1-30, 2023 | 39,984 | $202.89 | 39,668 | $425,000,000 | | Dec 1-31, 2023 | - | - | - | $425,000,000 | | **Total** | **364,617** | **$199.37** | **363,850** | **$425,000,000** | - On November 16, 2023, the Board authorized a new share repurchase program for up to **$425.0 million** of common stock, running through December 31, 2024[383](index=383&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=95&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section details Primerica's financial condition and results of operations for the three years ended December 31, 2023, covering business trends, segment performance, and capital resources [Business Trends and Conditions](index=95&type=section&id=Business%20Trends%20and%20Conditions) Company performance is influenced by economic conditions, market volatility, and inflation, with sales force and term life sales growing, while investment product sales decreased Sales Force Growth | | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **New recruits** | 361,925 | 359,735 | 349,374 | | **New life-licensed representatives** | 49,096 | 45,147 | 39,622 | | **Life-licensed representatives (end of period)** | 141,572 | 135,208 | 129,515 | Investment and Savings Product Sales (in millions) | Product | 2023 (in millions) | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | :--- | | **U.S. retail mutual funds** | $3,898 | $4,266 | $5,146 | | **Annuities and other** | $2,818 | $2,629 | $3,076 | | **Managed investments** | $1,212 | $1,513 | $1,506 | | **Total Product Sales** | **$9,212** | **$10,009** | **$11,704** | Senior Health Key Metrics | | 2023 | 2022 | 2021¹ | | :--- | :--- | :--- | :--- | | **Number of approved policies** | 58,457 | 77,086 | 50,323 | | **LTV per approved policy** | $945 | $860 | $1,109 | | **CAC per approved policy** | $945 | $888 | $1,049 | | **LTV/CAC Ratio** | 1.00 | 0.97 | 1.10 | <br>¹ From acquisition date of July 1, 2021. - Regulatory changes in Canada, effective June 2022, prohibited up-front sales commissions on mutual funds, leading Primerica to adopt a new Principal Distributor model that shifts revenue to be primarily asset-based[432](index=432&type=chunk) [Results of Operations](index=118&type=section&id=Results%20of%20Operations) In 2023, total revenues increased **4%** to **$2.82 billion**, and net income rose **23%** to **$576.6 million**, driven by higher net premiums and investment income Consolidated Results of Operations (in thousands) | | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | **Total revenues** | $2,815,691 | $2,720,133 | $2,709,732 | | **Total benefits and expenses** | $2,064,011 | $2,100,150 | $2,066,203 | | **Income before income taxes** | $751,680 | $619,983 | $643,529 | | **Net income attributable to Primerica, Inc.** | $576,601 | $472,068 | $477,362 | - Net investment income increased **46%** in 2023 to **$135.8 million**, primarily due to higher yields in the invested asset portfolio and a larger portfolio size[501](index=501&type=chunk) - The Term Life Insurance segment's income before taxes grew **7%** to **$552.2 million** in 2023, driven by a **4% increase in net premiums** from business growth[515](index=515&type=chunk)[516](index=516&type=chunk) - The Senior Health segment reported a loss before taxes of **$20.1 million** in 2023, a significant improvement from a loss of **$98.7 million** in 2022, which included a **$60.0 million goodwill impairment charge**[531](index=531&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=132&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) As of December 31, 2023, total assets were **$15.03 billion** and liabilities **$12.96 billion**, supported by a conservative investment strategy and strong liquidity from subsidiary dividends Key Financial Condition Metrics (in millions) | | Dec 31, 2023 (in millions) | Dec 31, 2022 (in millions) | | :--- | :--- | :--- | | **Total Investments** | $4,206.0 | $4,097.6 | | **Total Assets** | $15,027.7 | $14,641.4 | | **Total Liabilities** | $12,961.8 | $12,610.2 | | **Total Stockholders' Equity** | $2,066.0 | $2,031.3 | - The company's fixed-maturity investment portfolio had an average rating of **'A'** and an average duration of **4.7 years** as of December 31, 2023[557](index=557&type=chunk) - The Parent Company's primary sources of cash are dividends from subsidiaries, receiving **$352.3 million** from life insurance subsidiaries and **$203.2 million** from non-life insurance subsidiaries in 2023[564](index=564&type=chunk) - The company has **$600.0 million** of **2.80% Senior Notes due 2031** and maintains an undrawn **$200.0 million** revolving credit facility[583](index=583&type=chunk)[588](index=588&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=142&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily interest rate risk, Canadian currency risk, and credit risk, which are managed through diversification and monitoring - Interest Rate Risk: A hypothetical **100 basis point** parallel upward shift in the yield curve would cause the fair value of the fixed-maturity securities portfolio to decline by approximately **$111.8 million (4%)** as of December 31, 2023[596](index=596&type=chunk) - Canadian Currency Risk: A hypothetical **10% decrease** in the value of the Canadian dollar relative to the U.S. dollar would have decreased income before income taxes for 2023 by an estimated **$10.5 million**[598](index=598&type=chunk) - Credit Risk: The company manages credit risk through diversification, monitoring the financial condition of its reinsurance partners, and maintaining investment guidelines that limit exposure to any single issuer or sector[600](index=600&type=chunk)[603](index=603&type=chunk) [Financial Statements and Supplementary Data](index=144&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements for the three years ended December 31, 2023, along with notes and an unqualified audit opinion from KPMG LLP Consolidated Financial Highlights (in thousands) | | Dec 31, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $15,027,732 | $14,641,423 | | **Total Liabilities** | $12,961,765 | $12,610,169 | | **Total Stockholders' Equity** | $2,065,967 | $2,031,254 | | | **FY 2023** | **FY 2022** | | **Total Revenues** | $2,815,691 | $2,720,133 | | **Net Income Attributable to Primerica** | $576,601 | $472,068 | | **Diluted EPS** | $15.94 | $12.33 | - The company adopted the new accounting standard for Long-Duration Contracts (LDTI) on January 1, 2023, with a transition date of January 1, 2021, and all prior period financial information has been restated accordingly[608](index=608&type=chunk)[694](index=694&type=chunk) - The independent auditor, KPMG LLP, issued an unqualified opinion on both the consolidated financial statements and the effectiveness of the company's internal control over financial reporting as of December 31, 2023[606](index=606&type=chunk)[607](index=607&type=chunk) [Controls and Procedures](index=223&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with no material changes in Q4 2023 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[871](index=871&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework (2013)[873](index=873&type=chunk) - The independent registered public accounting firm, KPMG LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[877](index=877&type=chunk) Part III [Items 10-14](index=226&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%2C%2014) This section incorporates information by reference from the 2024 Proxy Statement, covering directors, executive compensation, security ownership, and related party transactions - Information required for Items 10, 11, 12, 13, and 14 is primarily incorporated by reference from the company's 2024 Proxy Statement[887](index=887&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2023) | Plan Name | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | **2020 Omnibus Incentive Plan** | 237,095 | N/A | 1,252,002 | | **Stock Purchase Plan for Agents and Employees** | - | N/A | 1,646,243 | | **Total** | **237,095** | **N/A** | **2,898,245** | Part IV [Exhibits, Financial Statement Schedules](index=228&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, supplementary schedules, and exhibits filed as part of the Form 10-K report, with financial statements included in Item 8 - This section contains the list of all financial statements, schedules, and exhibits filed with the 10-K[899](index=899&type=chunk)[901](index=901&type=chunk) - Financial statement schedules provided include: Schedule I (Consolidated Summary of Investments), Schedule II (Condensed Financial Information of Registrant), Schedule III (Supplementary Insurance Information), and Schedule IV (Reinsurance)[900](index=900&type=chunk)

Primerica, Inc. (NYSE:PRI) Q4 2023 Earnings Conference Call February 14, 2024 10:00 AM ET Company Participants Nicole Russell - SVP, IR Glenn Williams - CEO & Director Tracy Tan - EVP, Finance Conference Call Participants Mark Hughes - Truist Securities Ryan Krueger - KBW Wilma Burdis - Raymond James Ian Ryave - Jefferies Operator Greetings. Welcome to Primerica's Fourth Quarter 2023 Earnings Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal p ...

Earnings Results Quarter Ended December 31, 2023 This presentation may contain forward-looking statements. Information on factors that could cause results to differ materially from those projected in this presentation is available in our Form 10-K for the year ended December 31, 2022, as may be modified by subsequent Forms 10-Q. These documents are available in the Investor Relations section of our website, https://investors.primerica.com. The forward-looking statements speak as of the date on which they we ...

Primerica, Inc. (NYSE:PRI) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET Company Participants Nicole Russell - SVP, IR Glenn Williams - CEO & Director Tracy Tan - EVP, Finance Alison Rand - EVP & CFO Conference Call Participants Ryan Krueger - KBW Jeffrey Schmitt - William Blair & Company Suneet Kamath - Jefferies Maxwell Fritscher - Truist Securities Operator Greetings, and welcome to the Primerica's Third Quarter 2023 Earnings Webcast. [Operator Instructions]. It is now my pleasure to intr ...