PART I – FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)%2E) Primerica's Q1 2025 net income increased 23% to $169.1 million, driven by strong Investment and Savings Products performance and stable total assets [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Items | Balance Sheet Items | March 31, 2025 (In thousands) | December 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total Investments | $4,444,803 | $4,331,042 | | Total Assets | $14,589,010 | $14,582,022 | | Total Liabilities | $12,332,601 | $12,322,981 | | Total Stockholders' Equity | $2,256,409 | $2,259,041 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Income Statement Items | Income Statement Items | Three months ended March 31, 2025 (In thousands) | Three months ended March 31, 2024 (In thousands) | | :--- | :--- | :--- | | Total Revenues | $804,843 | $735,950 | | Total Benefits and Expenses | $583,528 | $542,561 | | Income from Continuing Operations | $169,051 | $148,414 | | Net Income | $169,051 | $137,904 | | Diluted Earnings Per Share | $5.05 | $3.93 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Activities | Cash Flow Activities | Three months ended March 31, 2025 (In thousands) | Three months ended March 31, 2024 (In thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $197,466 | $210,898 | | Net cash used in investing activities | ($98,752) | ($86,288) | | Net cash used in financing activities | ($161,440) | ($142,890) | | Change in cash and cash equivalents | ($62,749) | ($19,749) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's Senior Health business results are now reported as discontinued operations, showing a **net loss of $10.5 million** for the three months ended March 31, 2024[33](index=33&type=chunk)[36](index=36&type=chunk) Segment Performance (Q1 2025 vs Q1 2024) | Segment Performance (Q1 2025 vs Q1 2024) | Total Revenues (In thousands) | Income before taxes (In thousands) | | :--- | :--- | :--- | | **Term Life Insurance** | | | | Q1 2025 | $457,841 | $146,785 | | Q1 2024 | $440,412 | $138,367 | | **Investment and Savings Products** | | | | Q1 2025 | $290,812 | $81,271 | | Q1 2024 | $243,716 | $65,562 | | **Corporate and Other** | | | | Q1 2025 | $56,190 | ($6,741) | | Q1 2024 | $51,822 | ($10,540) | - As of March 31, 2025, available-for-sale fixed-maturity securities had **gross unrealized losses of $192.3 million**, primarily due to interest rate changes[42](index=42&type=chunk)[53](index=53&type=chunk) - The company utilizes reinsurance extensively, with **86% of its direct life insurance in-force** being ceded to other companies as of March 31, 2025[69](index=69&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) Total revenues grew 9% in Q1 2025, led by a 19% increase in the Investment and Savings Products segment, while the company repurchased $118.0 million in stock [Business Trends and Conditions](index=33&type=section&id=Business%20Trends%20and%20Conditions) Sales Force Metrics | Sales Force Metrics | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | New Recruits | 100,867 | 110,710 | | New Life-Licensed Reps | 12,339 | 12,949 | | Total Life-Licensed Reps (End of Period) | 152,167 | N/A | Investment & Savings Product Sales (In millions) | Investment & Savings Product Sales (In millions) | Q1 2025 | Q1 2024 | Change % | | :--- | :--- | :--- | :--- | | U.S. retail mutual funds | $1,318 | $1,162 | 13% | | Annuities and other | $1,110 | $837 | 33% | | Managed investments | $596 | $371 | 61% | | **Total product sales** | **$3,559** | **$2,770** | **28%** | - Average client asset values **increased by 14% to $113.0 billion** for Q1 2025 compared to Q1 2024, driven by strong market performance and net client inflows[122](index=122&type=chunk)[125](index=125&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Consolidated Results (In thousands) | Consolidated Results (In thousands) | Q1 2025 | Q1 2024 | Change % | | :--- | :--- | :--- | :--- | | Total Revenues | $804,843 | $735,950 | 9% | | Income from Continuing Operations | $169,051 | $148,414 | 14% | | Net Income | $169,051 | $137,904 | 23% | - The Term Life Insurance segment's pre-tax income **grew 6% YoY to $146.8 million**, driven by growth in the in-force book of business[158](index=158&type=chunk) - The Investment and Savings Products segment's pre-tax income **surged 24% YoY to $81.3 million**, fueled by higher sales and asset-based revenues[164](index=164&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) - The Parent Company held **$407.0 million in cash and invested assets** as of March 31, 2025, for dividends, debt service, and share repurchases[180](index=180&type=chunk) Cash Flow Summary (In thousands) | Cash Flow Summary (In thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $197,466 | $210,898 | | Net cash used in financing activities | ($161,440) | ($142,890) | - The company's U.S. and Canadian life insurance subsidiaries maintained statutory capital **substantially in excess of regulatory requirements** as of March 31, 2025[189](index=189&type=chunk)[190](index=190&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) The company reports no material changes in its market risk exposures since its 2024 year-end report - There have been **no material changes** in the company's exposures to market risk since December 31, 2024[213](index=213&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures%2E) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - The CEO and CFO have concluded that the Company's disclosure controls and procedures are **effective** as of March 31, 2025[214](index=214&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter[215](index=215&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings%2E) The company reports no pending legal proceedings that require disclosure as of the filing date - As of the date of this report, the company does not believe any pending legal proceeding is required to be disclosed[217](index=217&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors%2E) Risk factors are incorporated by reference from the company's 2024 Annual Report on Form 10-K - The Risk Factors contained in the 2024 Annual Report are incorporated by reference[218](index=218&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%2E) The company repurchased $118.0 million of its common stock in Q1 2025, with $332.0 million remaining under its current authorization Share Repurchase Activity (Q1 2025) | Period | Total Shares Purchased | Average Price Paid | Value of Shares Remaining for Repurchase | | :--- | :--- | :--- | :--- | | Jan 2025 | 133,718 | $284.16 | $412,003,329 | | Feb 2025 | 133,032 | $285.56 | $374,014,541 | | Mar 2025 | 176,783 | $285.99 | $332,017,789 | | **Total Q1 2025** | **443,533** | **$285.31** | **$332,017,789** | [Item 5. Other Information](index=59&type=section&id=Item%205.%20Other%20Information) CEO Glenn Williams adopted a Rule 10b5-1 trading plan for the potential sale of up to 10,000 shares of common stock - On March 14, 2025, CEO Glenn Williams adopted a Rule 10b5-1 trading plan to sell up to **10,000 shares** of the company's common stock[220](index=220&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits%2E) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications and XBRL data files - A list of exhibits filed with the report includes CEO/CFO certifications and Inline XBRL documents[222](index=222&type=chunk)

Financial Data and Key Metrics Changes - Adjusted net operating income for Q1 2025 was $168 million, up 14% year over year, while diluted adjusted operating EPS increased 20% to $5.20 [5] - Total stockholder returns during the quarter amounted to $153 million, comprising $118 million in share repurchases and $35 million in regular dividends [5] Business Line Data and Key Metrics Changes - Term Life segment operating revenues rose 4% year over year to $458 million, driven by a 5% growth in adjusted direct premiums [15] - ISP segment total sales were $3.6 billion, up 28% year over year, with net inflows of $839 million compared to $274 million in the prior year [10][11] - The mortgage business in the U.S. saw closed loans of $93.5 million, up 31%, while Canadian closed loans reached $43.3 million, up 78% [12][13] Market Data and Key Metrics Changes - The total number of life license representatives grew slightly, up 7% compared to March 2024, despite a 9% decline in recruiting year over year [7][8] - Client asset values at the end of the quarter were $110 billion, up 6% year over year, although down 2% during the first three months of 2025 due to negative market performance [11] Company Strategy and Development Direction - The company remains committed to growing its sales force, expecting around 3% growth during 2025, despite current economic pressures [8] - The focus on financial education for middle-income families is emphasized as a key driver of success, with a belief that there will always be a need for such services [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty has impacted recruiting and term life insurance sales, leading to a cautious decision-making environment [6][9] - The company expects full-year policies issued to be broadly in line with 2024 levels, despite current challenges [9] Other Important Information - The corporate segment incurred a pretax adjusted operating loss of $8 million, an improvement from a loss of $12 million in the prior year [19] - The RBC ratio improved to 470%, reflecting a strong capital position to support growth and absorb uncertainties [22][48] Q&A Session Summary Question: Dynamic between Term Life sales and ISP sales - Management explained that the complementary business model allows different reactions to economic conditions, with term life sales facing more immediate pressure from cost of living while ISP sales remain strong due to demand for guarantees [25][26] Question: ISP sales outlook and ongoing headwinds - Management confirmed that the outlook for ISP sales growth is lower than the first quarter due to ongoing economic uncertainty and strong prior year comparisons [30][31] Question: Recruiting environment and its attractiveness - Management noted that economic uncertainty can make the Primerica opportunity more appealing as individuals seek additional income sources [39][40] Question: Differences in economic conditions between U.S. and Canada - Management indicated that both economies are similar, with recent Canadian election results providing clarity, but overall dynamics are expected to be consistent [55][56] Question: Stock repurchase program amidst market conditions - Management reassured that the stock repurchase program for 2025 remains intact, emphasizing a predictable return on capital for stockholders [58][59] Question: Higher net investment income in the corporate segment - Management attributed the increase in net investment income to portfolio growth and a shift to slightly higher-yielding investments while maintaining a conservative risk profile [66][67] Question: Lapse rates across the term book - Management reported that lapse rates have stabilized and are in line with expectations, despite some recent increases due to economic pressures [78][80] Question: ISP business sales sustainability - Management expressed confidence in the ISP business's ability to maintain sales levels, although market volatility could impact future performance [84][86]

Financial Data and Key Metrics Changes - Adjusted net operating income for Q1 2025 was $168 million, up 14% year over year, while diluted adjusted operating EPS increased 20% to $5.2 [4] - Total stockholder returns during the quarter amounted to $153 million, comprising $118 million in share repurchases and $35 million in regular dividends [4] Business Line Data and Key Metrics Changes - Term Life segment operating revenues rose 4% year over year to $458 million, driven by a 5% growth in adjusted direct premiums [13] - ISP segment total sales were $3.6 billion, up 28% year over year, with net inflows of $839 million compared to $274 million in the prior year [8][9] - The mortgage business in the U.S. saw closed loans of $93.5 million, up 31%, while Canada reported $43.3 million in closed loans, up 78% [10][11] Market Data and Key Metrics Changes - The total number of life license representatives grew slightly since year-end, up 7% compared to March 2024 [6] - Client asset values at the end of the quarter were $110 billion, up 6% year over year, despite a 2% decline in the first three months of 2025 due to negative market performance [9] Company Strategy and Development Direction - The company remains committed to growing its sales force, expecting around 3% growth during 2025 [6] - The focus on financial education for middle-income families is emphasized as a key driver of success, with a belief in the ongoing need for such services [11] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty has impacted recruiting and term life insurance sales, leading to a 9% decline in recruiting year over year [5] - The company anticipates that the current uncertainty may persist, affecting decision-making and sales momentum [27][34] Other Important Information - The company maintains a full-year outlook for expenses to increase by around $40 million or 6% to 8% in 2025 [19] - The RBC ratio improved to 470%, reflecting a strong capital position to support growth and absorb uncertainties [21][45] Q&A Session Summary Question: Dynamic between Term Life sales and ISP sales - Management explained that the complementary business model allows different reactions to economic conditions, with term life sales facing more immediate pressure from cost of living while ISP sales remain strong due to demand for guarantees [24][25] Question: ISP sales outlook for the year - The outlook for ISP sales growth is lower than the first quarter due to ongoing economic uncertainty and strong comparisons from the previous year [28][29] Question: Recruiting environment - Management noted that uncertainty can slow down recruiting as potential recruits take more time to consider their options [36][37] Question: Health of the economy in Canada - Management indicated that the Canadian economy is similar to the U.S. economy, with both facing uncertainty, but expressed optimism about future growth in Canada [50][53] Question: Stock repurchase program - The company confirmed a stock repurchase program of $450 million for 2025, emphasizing a consistent return on capital for stockholders [55][56] Question: Lapse rates in the term business - Management reported that lapse rates have stabilized and are in line with expectations, despite some recent increases [75][76] Question: ISP business sales sustainability - Management acknowledged the challenges of market volatility but expressed confidence in the sustainability of ISP sales levels [80][81]

Core Insights - Primerica reported revenue of $803.56 million for Q1 2025, an increase of 8.4% year-over-year, with an EPS of $5.02 compared to $3.91 a year ago, exceeding both revenue and EPS consensus estimates [1][3] Financial Performance - Revenue surprise was +2.06% over the Zacks Consensus Estimate of $787.37 million, while the EPS surprise was +5.24% over the consensus estimate of $4.77 [1] - Primerica's stock has returned +7.9% over the past month, underperforming the Zacks S&P 500 composite's +10.6% change [3] Key Metrics - Life-Licensed Sales Force at the end of the period was 152,167, slightly above the average estimate of 152,073 [4] - Life Insurance Policies Issued totaled 86,415, below the average estimate of 90,432 [4] - Recruits numbered 100,867, compared to the average estimate of 111,314 [4] - Average Client Asset Values were $113 billion, in line with the average estimate of $113.01 billion [4] Revenue Breakdown - Revenues from Commissions and Fees were $296.96 million, exceeding the estimate of $276.77 million, representing a +16.4% year-over-year change [4] - Revenues from Other, net, were $17.13 million, slightly below the estimate of $17.34 million, showing a -1.6% year-over-year change [4] - Net Premiums revenue was $448.32 million, slightly below the estimate of $451.57 million, with a +4% year-over-year change [4] - Adjusted Operating Revenues from Investment and Savings Products were $290.81 million, exceeding the estimate of $271.16 million, with a +19.3% year-over-year change [4] - Adjusted Operating Revenues from Term Life Insurance were $457.84 million, below the estimate of $464.46 million, with a +4% year-over-year change [4] - Net Investment Income was $41.67 million, exceeding the estimate of $39.77 million, representing a +10.2% year-over-year change [4] - Adjusted Operating Revenues from Corporate and Other Distributed Products were $54.90 million, above the estimate of $52.47 million, with an +8.4% year-over-year change [4] - Direct Premiums revenue was $858.85 million, below the estimate of $863.84 million, with a +2.1% year-over-year change [4]

Primerica (PRI) came out with quarterly earnings of $5.02 per share, beating the Zacks Consensus Estimate of $4.77 per share. This compares to earnings of $3.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.24%. A quarter ago, it was expected that this life insurance and financial products company would post earnings of $4.96 per share when it actually produced earnings of $5.03, delivering a surprise of 1.41%.Over the las ...

Exhibit 99.2 Supplemental Financial Information First Quarter 2025 Table of Contents PRIMERICA, INC. Financial Supplement | | Page | | --- | --- | | Preface, definition of non-GAAP financial measures | 3 | | Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures | 4 | | Financial results and other statistical data | 5 | | Statements of income | 6 | | Reconciliation of statement of income GAAP to non-GAAP financial measures | 7-8 | | Segment operating results | | | T ...

Core Viewpoint - Coinbase Global (COIN) is expected to report its first-quarter 2025 results on May 8, with a history of earnings surprises in the last four quarters [1] Trading Volumes - Increased asset volatility and improved crypto asset prices are likely to have boosted trading volumes in the first quarter, which remains a major revenue driver for Coinbase [2] - The Zacks Consensus Estimate for total trading volume is 404 million, reflecting a 28.5% increase year-over-year. The estimate for Consumer trading volume is 83 million, indicating a 48.2% rise, while Institutional trading volume is pegged at 321 million, showing a 25.4% increase [3] Transaction Revenues - Transaction revenues are expected to benefit from higher fees for both Consumer and Institutional segments, with the Zacks Consensus Estimate for total transaction revenues at $1.325 billion, a 23% increase from the previous year. Consumer transaction revenues are estimated at $1.2 billion, and Institutional revenues at $127 million, suggesting a 49.4% year-over-year increase [4] Market Share and Product Growth - Revenues are anticipated to be supported by market share gains in U.S. spot and derivatives trading products, as well as growth in custody, staking, USDC assets, and Coinbase One subscribers [5] Earnings Prediction - The quantitative model does not predict an earnings beat for Coinbase this quarter, with an Earnings ESP of -5.23% and a Zacks Rank of 3 (Hold) [6][7]

Core Viewpoint - Analysts project Primerica (PRI) will report quarterly earnings of $4.77 per share, a 22% increase year over year, with revenues expected to reach $787.37 million, reflecting a 6.2% increase from the same quarter last year [1]. Earnings Projections - There has been a downward revision of 0.6% in the consensus EPS estimate over the last 30 days, indicating a collective reconsideration by covering analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - The consensus estimate for 'Revenues- Other, net' is $17.34 million, indicating a -0.4% year-over-year change [5]. - 'Revenues- Commissions and fees' are projected at $276.77 million, reflecting an 8.5% year-over-year increase [5]. - 'Revenues- Net premiums' are expected to reach $451.57 million, showing a 4.7% year-over-year increase [5]. - 'Adjusted Operating Revenues- Investment and Savings Products' are forecasted at $271.16 million, indicating an 11.3% year-over-year increase [6]. - 'Adjusted Operating Revenues- Term Life Insurance' is expected to be $464.46 million, reflecting a 5.5% increase from the prior-year quarter [6]. - 'Revenues- Net investment income' is projected to be $39.77 million, indicating a 5.2% year-over-year increase [7]. - 'Adjusted Operating Revenues- Corporate and Other Distributed Products' is expected to reach $52.47 million, reflecting a 3.6% year-over-year change [7]. Sales Force and Policy Metrics - The consensus estimate for 'Life-Licensed Sales Force, End of period' is 152,073, up from 142,855 in the same quarter last year [8]. - 'Life Insurance Policies Issued' is expected to be 90,432, compared to 86,587 in the same quarter of the previous year [8]. - 'Recruits' are projected to reach 111,314, slightly up from 110,710 year-over-year [9]. - 'Average Client Asset Values' are expected to arrive at $113.01 billion, compared to $99.5 billion in the previous year [9]. - 'New Life-Licensed Representatives' is estimated at 12,860, compared to 12,949 in the same quarter of the previous year [10]. Stock Performance - Shares of Primerica have returned +7.4% over the past month, while the Zacks S&P 500 composite has changed by +11.5% [10].

Core Insights - Root, Inc. (ROOT) is anticipated to show improvements in both revenue and earnings for Q1 2025, with revenue expected to reach $305 million, reflecting a 19.6% year-over-year growth [1] - The earnings consensus estimate is set at 45 cents per share, indicating a significant year-over-year increase of 207.1%, with a 36.4% upward revision in the past 30 days [2] Revenue and Earnings Estimates - The Zacks Consensus Estimate for ROOT's first-quarter revenues is $305 million, which is a 19.6% increase from the previous year [1] - The earnings estimate for the first quarter is 45 cents per share, which has seen a 36.4% increase in the last month, suggesting a 207.1% year-over-year growth [2][3] Factors Influencing Q1 Results - Expected drivers for revenue growth include higher net premiums earned, improved net investment income, and increased fee income [4] - The increase in policies in force and growth in partnership channels are likely to contribute positively to net premiums earned, with the estimate for first-quarter net investment income at $279 million [5] - The net investment income is projected to rise due to a higher average cash balance and a larger investment portfolio, although some offset may occur due to increased impairments [6] Underwriting and Expenses - Improved underwriting profitability is anticipated due to better pricing and prudent underwriting practices, although recent California wildfires may negatively impact results [7] - Total operating expenses are expected to rise due to higher loss adjustment expenses and increased costs in various operational areas [7]

Assurant, Inc. (AIZ) is expected to register an improvement in its top line but a decline in its bottom line when it reports first-quarter 2025 results on May 6, after the closing bell.The Zacks Consensus Estimate for AIZ’s first-quarter revenues is pegged at $3.05 billion, indicating 5.6% growth from the year-ago reported figure.The consensus estimate for earnings is pegged at $3.00 per share. The Zacks Consensus Estimate for AIZ’s first-quarter earnings has moved up 2.5% in the past 30 days. The estimate ...