Primerica, Inc. (NYSE:PRI) Q2 2021 Earnings Conference Call August 6, 2021 9:00 AM ET Company Participants Nicole Russell - Head of Investor Relations. Glenn Williams - Chief Executive Officer Alison Rand - Chief Financial Officer Conference Call Participants Ryan Krueger - KBW Mark Hughes - Truist Operator Good morning. My name is Chad, and I will be your conference operator today. At this time, I would like to welcome everyone to the Primerica, Inc. Q2 Earnings Results Conference Call. All lines have been ...

Earnings Results Quarter Ended June 30, 2021 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation may contain forward-looking statements and information. Additional 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, 2020, as modified by subsequent Forms 10-Q and the press release filed with our Form 8-K dated July 1, 2021, and are availa ...

Primerica, Inc. (NYSE:PRI) Q1 2021 Earnings Conference Call May 6, 2021 10:00 AM ET Company Participants Nicole Russell - Head of Investor Relations Glenn Williams - Chief Executive Officer Alison Rand - Chief Financial Officer Conference Call Participants Mark Hughes - Truist Jeff Schmitt - William Blair Operator Ladies and gentlemen, thank you for standing by, and welcome to the Primerica Quarter one 2020 Earnings Results Conference Call and Webcast. [Operator Instructions] Please be advised that today's ...

Financial Performance - Adjusted operating revenue increased by 18% [5] - Adjusted net operating income grew by 14% [5] - Diluted adjusted operating earnings per share increased by 19% [5] - Adjusted operating ROAE was 22.2% compared to 21.8% in the prior year period [5] - GAAP revenues increased by 21% to $637.7 million [5] - GAAP net income increased by 35% to $97.9 million [5] - GAAP diluted EPS increased by 41% to $2.46 [5] Distribution - New recruits increased by 12% year-over-year, reaching 94,633 [8] - The sales force totaled approximately 132,000 representatives [8] Production - Issued life insurance policies increased by 16% year-over-year, totaling 82,667 [11] - Life insurance face amount issued increased by 15% to $26.6 billion [11] - Life insurance face amount in force increased by 8% to $869.6 billion [11] - Investment and Savings Products (ISP) sales increased by 27% to $2.85 billion [15] - Average client asset values for ISP increased by 25% to $83.13 billion [15] - Ending client asset values for ISP increased 45% to $85.89 billion [15] Segment Performance - Term Life adjusted direct premiums grew by 16% [19] - Investment & Savings Products sales-based revenues increased by 21% [22] - Investment & Savings Products asset-based revenues increased by 24% [22]

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, 2021 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) Delaware 27-1204330 (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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) | Delaware | 27-1204330 | | --- | --- | | (State or oth ...

Earnings Results Quarter ended December 31, 2020 1 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation may contain forward-looking statements and information. Additional 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, 2019, as may be updated by our quarterly reports on Form 10-Q, available in the "Investor Relations" section of our w ...

Financial Data and Key Metrics Changes - Adjusted operating revenues for Q4 2020 were $595 million, a 12% increase compared to Q4 2019, while diluted adjusted operating income per share was $2.45, up 10% year-over-year [9] - Full year adjusted operating revenues reached $2.2 billion, growing 9%, and diluted adjusted operating income per share was $9.70, a 15% increase [9] - Adjusted operating ROAE for Q4 was 23.4%, slightly down from 23.7% in the previous year, while full year adjusted operating ROE was 24.7%, up from 23.5% in 2019 [9] Business Line Data and Key Metrics Changes - In the term life segment, operating revenues increased 16% year-over-year to $369 million, with operating income growing 9% to $89 million [19] - The number of new policies issued in the term life segment rose by 22% year-over-year, reaching a record level of base amount issued in 2020 [20] - Investment and Savings Products segment saw operating revenues of $193 million, a 6% increase, with pretax income rising 7% to $57 million [24] Market Data and Key Metrics Changes - The company reported annual term life placed in force of over $109 billion and investment sales exceeding $7.8 billion, with client asset values totaling $82 billion at year-end [7] - Fourth quarter net client inflows in the investment segment were robust at $642 million, significantly outpacing the prior year due to higher sales and lower redemptions [12] Company Strategy and Development Direction - The company plans to continue capital deployment, with a Board authorization to repurchase up to $300 million in common stock through June 2022 and an 18% increase in the first quarter dividend to $0.47 per share [10] - The company is focusing on adapting to the ongoing pandemic by rescheduling its biannual convention to summer 2022 and planning a series of virtual meetings and incentives to maintain momentum [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the pandemic revealed weaknesses in financial planning for many middle-income families, leading to increased demand for financial solutions [6] - The company anticipates that while sales volume may moderate from record 2020 levels, there will be sustained client sentiment in favor of their products and opportunities [15][17] - The uncertainty surrounding the COVID pandemic makes it difficult to project results, but management expects adjusted direct premiums to continue growing in the 12% to 13% range for the full year [23] Other Important Information - The company returned a total of $296 million in capital to stockholders in 2020, representing a 5% increase compared to 2019, with a total payout rate of 76% of adjusted operating earnings [10] - The invested assets portfolio remains well diversified, with a net unrealized gain of $153 million at year-end and a strong liquidity position with $350 million in cash [28][29] Q&A Session Summary Question: Can you provide expectations on operating margin within the term life business? - Management indicated that it is unusually difficult to predict outcomes for the year, but they continue to see strong results in sales and persistency [32][33] Question: How should we think about persistency normalizing later in the year? - Management noted that while persistency may revert to historical levels, it could still be considered positive as it reflects a return to normalcy [34] Question: What are the expectations for the benefit ratio moving forward? - Management mentioned that the benefit ratio could trend closer to 58% versus 59%, but predicting future trends remains challenging due to ongoing uncertainties [39] Question: Are agents showing more interest in selling investment products? - Management confirmed that agents are attracted to successful lines of business, and there is a positive dynamic as agents shift focus between life insurance and investment products [40][41]

Financial Data and Key Metrics Changes - Adjusted operating revenues for the third quarter were $567 million, an increase of 9% year-over-year [8] - Adjusted net operating income rose to $111 million, reflecting a 16% increase [8] - Diluted adjusted operating income per share increased by 23% to $2.78 [9] - Operating return on average equity (ROAE) improved to 28% from 24.9% in the previous year [9] Business Line Data and Key Metrics Changes - Term Life segment operating revenues grew 14% year-over-year to $358 million, with operating income before taxes increasing by 26% to $105 million [19] - Investment and Savings Products (ISP) segment operating revenues increased by 2% to $176 million, while pre-tax income grew by 5% to $51 million [26] - New life insurance policies issued reached 100,199, a 36% increase year-over-year [12] - Sales of managed accounts increased by 26%, while mutual fund sales rose by 5% [13] Market Data and Key Metrics Changes - Client asset values ended the quarter at $73 billion, up 10% year-over-year, with average client asset values increasing by 8% to $71.5 billion [14] - Net client inflows during the third quarter were $508 million, significantly higher than the previous year [14] - The number of temporary and permanent licenses issued during the quarter was 13,138, up 4% year-over-year [11] Company Strategy and Development Direction - The company is focusing on technology infrastructure and digital initiatives to modernize its business [28] - There is a strong emphasis on maintaining recruiting momentum and adapting to the operational challenges posed by COVID-19 [7][10] - The mortgage distribution business is progressing, with strong demand for refinancing mortgage and consumer debt [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are positive impacts from the pandemic, such as increased demand for insurance, there are also challenges like market uncertainty affecting ISP sales [7][8] - The company expects fourth quarter ISP sales to decline approximately 5% compared to the same period in 2019, while life insurance sales are projected to increase by 15% to 20% [15][16] - Management expressed confidence in the ability to meet increased demand for life insurance protection, aiming to issue over $100 billion of new face amount during 2020 [15] Other Important Information - The company declared a $0.40 per share dividend and completed approximately $231 million in share repurchases through the end of October [30] - The average credit rating of the invested assets portfolio remains at A, with a manageable below investment grade mix of about 4% [29] Q&A Session Summary Question: Impact on recruiting due to COVID-19 - Management indicated that the momentum prior to the pandemic contributed positively to recruiting, and the use of remote capabilities has enhanced outreach [37][39] Question: Changes in recruiting methods - The recruiting process has shifted significantly towards electronic methods, with Zoom and social media playing a crucial role in connecting with potential recruits [40][44] Question: Future expense guidance - Management noted that it is early to provide specific guidance for next year, but expenses are expected to increase moderately due to ongoing investments in technology and infrastructure [46][48] Question: Conversion rates for new life licensed representatives - Management reported improvements in the conversion rates for permanent licenses, although challenges remain due to testing and processing delays [52][53] Question: Update on sales agents for investment products - The number of sales agents licensed to sell investment products has remained flat, with slight increases noted [57][58]

Earnings Results Quarter ended September 30, 2020 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation may contain forward-looking statements and information. Additional 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, 2019, as may be updated by our quarterly reports on Form 10-Q, available in the "Investor Relations" section of our we ...