For internal use only. Not to be used with, or distributed to, the public 1 Helping Create Financially Independent Families Diversified Financial Services Distribution Company Providing financial education to middle- income households Have been protecting families for nearly 50 years Investor Presentation 2025 Helping clients invest and save for the future Financial product offerings for every stage of life For internal use only. Not to be used with, or distributed to, the public 2 2025 Adjusted Operating R ...

Sales and Distribution - As of December 31, 2025, approximately 25,620 independent sales representatives were licensed to distribute mutual funds in the U.S. and Canada[95]. - During 2025, Franklin Templeton, Invesco, American Funds, and Fidelity collectively accounted for approximately 99% of mutual fund sales in the U.S.[97]. - In Canada, PFSL Investments Canada serves as the exclusive principal distributor for two families of mutual funds, the AGF Platform Funds and the Mackenzie FuturePath Funds[99]. - Revenue from the distribution of PD Funds in Canada is primarily based on client asset values, including dealer services fees and principal distributor fees[117]. - The company has a referral program for mortgage loan products in Canada, receiving referral fees based on the funded loan amount[126]. - Primerica Mortgage must hold an active mortgage company license in each state where mortgage products are offered, with independent sales representatives also needing individual licensing[170]. Financial Performance - Total revenues increased by 7% in 2025 to $3,291,713, driven by higher commissions and fees in the Investment and Savings Products segment and net premiums in the Term Life Insurance segment[428]. - Net income for 2025 was $751,234, a significant increase of 60% compared to $470,518 in 2024, indicating strong overall financial health[428]. - The company recognized a one-time $50 million gain in 2024, which impacted revenue comparisons with 2025[428]. - Income from continuing operations before income taxes rose by 4% to $974,564 in 2025, compared to $939,247 in 2024, demonstrating operational efficiency[428]. - Net investment income increased by 7% to $167,152 in 2025, compared to $155,501 in 2024, highlighting improved investment performance[428]. Insurance and Investment Products - The investment objective of the Asset Builder Funds is long-term capital appreciation with a guarantee of at least 75% of net contributions[110]. - The SRIF product guarantees clients 75% of their net contributions at the earlier of the date of their death or age 100, with a conservative investment allocation[111]. - Direct premiums for the Term Life Insurance segment increased by 2% to $3,445,535,000 in 2025 compared to $3,375,282,000 in 2024[432]. - Total revenues for the Term Life Insurance segment increased by 3% to $1,819,809,000 in 2025 from $1,768,240,000 in 2024[432]. - Total revenues for the Investment and Savings Products segment increased by 18% to $1,248,232,000 in 2025 from $1,056,742,000 in 2024[437]. Regulatory Compliance - The company is subject to extensive laws and regulations that may become more restrictive, potentially affecting operations[129]. - PFS Investments is registered in all 50 U.S. states and certain territories, ensuring compliance with various regulatory requirements[156]. - The independent sales representatives in Canada must be registered in the provinces and territories where they operate, subject to regulation by the Autorité des marchés financiers and CIRO[165]. - OSFI conducts periodic detailed examinations of Primerica Life Canada’s business and financial practices, including compliance with anti-money laundering practices[135]. - The company is required to conduct annual analyses of the sufficiency of life insurance statutory reserves, with opinions submitted without qualification to regulatory authorities[144]. Employee and Workplace Culture - The total number of employees at Primerica is 2,530, with 2,014 full-time employees in the U.S. and 287 in Canada[184]. - The employee retention rate for 2025 is 91%, indicating high employee satisfaction[190]. - The company has been recognized as a Top Workplace for twelve consecutive years from 2014 through 2025, highlighting its strong workplace culture[190]. - The diversity of U.S. employees includes 52.4% female representation in executive management and 60.9% in non-executive management[184]. - Primerica's independent sales force is diverse and reflects the communities they serve, with strategic market groups for professional growth[191]. Investment Strategy and Portfolio - The company maintained a conservative investment strategy, focusing on asset preservation and liquidity for claims payments[442]. - The average book yield of the fixed-maturity portfolio increased to 4.30% in 2025 from 4.14% in 2024, reflecting higher reinvestment rates[449]. - The invested asset portfolio's composition remained stable, with corporates making up 49% and mortgage- and asset-backed securities at 24% as of December 31, 2025[447]. - The ten largest holdings in fixed-maturity securities totaled $132.2 million, representing 4% of total fixed-maturity securities[450]. - The company did not hold any country of issuer concentrations outside of the U.S. or Canada that represented more than 5% of the fair value of its invested asset portfolio[442]. Cash Flow and Capital Management - Net cash provided by operating activities increased to $901.2 million in 2025 from $862.1 million in 2024, attributed to higher earnings and net premiums[460]. - Cash used in financing activities increased to $599.6 million in 2025 from $551.1 million in 2024, mainly due to an increase in share repurchases and higher dividend payments[462]. - As of December 31, 2025, the Parent Company had cash and invested assets totaling $521.1 million[455]. - The company maintained statutory capital and surplus significantly above regulatory requirements as of December 31, 2025[464]. - The company has a $200.0 million unsecured Revolving Credit Facility with no amounts outstanding as of December 31, 2025[474].

Core Viewpoint - Yellow Pages is conducting its Fourth Quarter 2025 Earnings Release Call, indicating a focus on financial performance and strategic outlook for the company [1]. Group 1: Earnings Release - The call is part of Yellow Pages' earnings release process, which includes discussions on the company's financial results and future strategies [1]. - The company emphasizes that the information shared during the call includes forward-looking statements that are based on certain assumptions [2]. Group 2: Risks and Uncertainties - Yellow Pages acknowledges that actual results may differ materially from the expectations discussed due to important risks and uncertainties [2]. - The company provides details regarding its caution on forward-looking information, which can be found in the management discussion and analysis for the fourth quarter of 2025 [2].

Financial Data and Key Metrics Changes - Primerica reported a record year in 2025 with a 10% increase in adjusted net operating income to $751 million and a 16% increase in diluted adjusted operating income per share to $22.92 [5][14] - The company achieved a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share [4][14] - The return on adjusted equity (ROAE) increased by 200 basis points to 33.1% [14] Business Line Data and Key Metrics Changes - Term life insurance sales faced challenges with a 10% decline in new policies issued for the full year compared to record levels in 2024, while estimated annualized issued term life premiums declined by 7% [8][10] - Investment and savings product (ISP) sales grew significantly, with fourth quarter sales of $4.1 billion, up 24% year-over-year, and full year sales of $14.9 billion, also up 24% [9][10] - The ISP segment represented 38% of consolidated operating revenues in 2025, up from 32% in 2022 [18] Market Data and Key Metrics Changes - Client asset values reached $129 billion, a 15% increase compared to the previous year, supported by solid annual net inflows of $1.7 billion [11] - The company ended the year with nearly 3,500 licensed representatives in the U.S. who closed over $500 million in mortgage loans, a 26% increase year-over-year [12] Company Strategy and Development Direction - Primerica aims to grow across all major product lines while strengthening recruiting and licensing to expand its distribution footprint [12] - The company is optimistic about the opportunities in 2026, focusing on accelerating momentum and improving productivity through targeted sales training [9][13] - The management emphasizes the importance of building relationships with clients, which is seen as a competitive advantage against emerging technologies like AI [41][43] Management's Comments on Operating Environment and Future Outlook - Management noted that cost of living pressures are beginning to ease, which may improve purchasing power for middle-income families [30][46] - The company maintains a conservative outlook for term life policy growth in 2026, projecting a 2%-3% increase [9][18] - Management expressed confidence in the ISP segment's continued growth, driven by favorable demographic trends and strong demand for retirement solutions [10][11] Other Important Information - Primerica returned approximately 79% of net operating income to shareholders through share repurchases and dividends, indicating a capital-light approach to capital deployment [23] - The company is investing in technology to enhance operational efficiency and support growth in its securities business [82] Q&A Session Summary Question: What is driving the term sales outlook for 2026? - Management anticipates increasing momentum as economic conditions improve, particularly for middle-income families [29][31] Question: Why are term life and ISP showing diverging trends? - Different segments of the middle-income market react differently to economic conditions, with ISP benefiting from money in motion towards retirement accounts [32][33] Question: What is the potential impact of AI on the business model? - Management views AI as an opportunity to improve efficiencies and enhance the sales process, while emphasizing the importance of personal relationships with clients [41][43] Question: What distractions are being seen in the middle market? - Cost of living pressures and economic uncertainties have been distractions, but there are signs of improvement in purchasing power [45][46] Question: What is the outlook for recruiting and sales force growth? - Management believes there is significant market potential and expects to see growth in the sales force, although it may take time to see results [58][59]

Financial Data and Key Metrics Changes - Primerica reported a record year in 2025 with a 10% increase in adjusted net operating income to $751 million and a 16% increase in diluted adjusted operating income per share to $22.92 [5][14] - The company achieved a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share [4] - The return on adjusted equity (ROAE) increased by 200 basis points to 33.1% [14] Business Line Data and Key Metrics Changes - Term life insurance sales faced challenges with a 10% decline in new policies issued for the full year compared to record levels in 2024, while estimated annualized issued term life premiums declined by 7% [8][10] - Investment and savings product (ISP) sales reached $4.1 billion in the fourth quarter, a 24% increase year-over-year, and total sales for the year were $14.9 billion, also up 24% [9][10] - The term life operating margin remained stable at 21.5% for the fourth quarter [17] Market Data and Key Metrics Changes - Client asset values increased by 15% to $129 billion, supported by annual net inflows of $1.7 billion [11] - The company ended the year with nearly 3,500 licensed representatives in the U.S. who closed over $500 million in mortgage loans, a 26% increase year-over-year [12] Company Strategy and Development Direction - Primerica aims to grow across all major product lines while strengthening recruiting and licensing to expand its distribution footprint [12] - The company is optimistic about the opportunities in 2026, focusing on accelerating momentum and improving productivity through targeted sales training [9][13] Management's Comments on Operating Environment and Future Outlook - Management noted that cost of living pressures are easing, which may improve purchasing power for middle-income families, potentially leading to increased term life sales [30][46] - The company maintains a conservative outlook for full-year policy growth in 2026, projecting a 2%-3% increase in term life sales [9][18] Other Important Information - Primerica returned approximately 79% of net operating income to shareholders through share repurchases and dividends, indicating a disciplined approach to capital deployment [23] - The company is investing in technology and training to enhance productivity and support growth in its ISP segment [81][83] Q&A Session Summary Question: What is driving the term sales outlook of 2%-3% growth for 2026? - Management anticipates increasing momentum as economic conditions improve, particularly for middle-income families [29][31] Question: Why are term life and ISP showing diverging trends? - Different segments of the middle-income market react differently to economic conditions, with ISP benefiting from money in motion towards retirement accounts [32][33] Question: What is the potential impact of AI on the business model? - AI is seen as an opportunity to improve efficiencies and workflows, enhancing the sales process without threatening the relationship-based model [39][43] Question: What distractions are being observed in the middle market? - Economic pressures and uncertainties have been distractions, but there are signs of improvement in purchasing power [45][46] Question: How is the sales force growth outlook for 2026? - Management is confident in the ability to grow the sales force, with a focus on recruiting and retaining representatives [57][59] Question: What is the expense outlook for 2026? - The company expects consolidated expenses to grow around 7%-8% for the full year [21][81]

Financial Data and Key Metrics Changes - Primerica reported a record year in 2025 with a 10% increase in adjusted net operating income to $751 million and a 16% increase in diluted adjusted operating income per share to $22.92 [5][14] - The company achieved a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share [4] - Record adjusted operating revenues reached $3.3 billion, up 8% year-over-year, and record net operating income was $761 million, up 10% [14] Business Line Data and Key Metrics Changes - Term life insurance sales faced challenges with a 10% decline in new policies issued for the full year compared to record levels in 2024, while estimated annualized issued term life premiums declined 7% [7][10] - Investment and savings product (ISP) sales grew significantly, with fourth quarter sales of $4.1 billion, up 24% year-over-year, and total annual sales of $14.9 billion, also up 24% [9][10] - Client asset values increased by 15% to $129 billion, supported by strong annual net inflows of $1.7 billion [11] Market Data and Key Metrics Changes - The U.S. market saw nearly 3,500 licensed representatives close over $500 million in mortgage loans, a 26% increase from 2024 [12] - Canadian clients experienced over 18% growth in mortgage volume year-over-year [12] Company Strategy and Development Direction - The company aims to grow its sales force by approximately 1% in 2026, focusing on improving recruiting and licensing efforts [5][6] - Primerica is investing in technology and training to enhance sales processes and improve productivity among representatives [40][80] - The company plans to maintain a conservative outlook for policy growth in 2026, projecting a 2%-3% increase in term life sales [9][18] Management's Comments on Operating Environment and Future Outlook - Management noted that cost of living pressures are beginning to ease, which may improve purchasing power for middle-income families [30][45] - The company anticipates a gradual normalization of persistency rates as economic conditions stabilize [17] - Management expressed optimism about the ISP segment's growth potential, driven by favorable demographic trends and increasing demand for retirement solutions [10][15] Other Important Information - Primerica returned approximately 79% of net operating income to shareholders through share repurchases and dividends, indicating a disciplined approach to capital deployment [22][23] - The company maintains a strong financial position with $521 million in cash and invested assets [22] Q&A Session Summary Question: What is driving the term sales outlook of 2%-3% growth for 2026? - Management indicated that improving purchasing power for middle-income families and easing economic uncertainties are expected to drive sales momentum [28][30] Question: Why are term life and ISP showing diverging trends? - Management explained that different segments of the middle-income market react differently to economic conditions, with ISP benefiting from money in motion towards retirement accounts [32][33] Question: What is the potential impact of AI on the business model? - Management views AI as an opportunity to improve efficiencies and reshape workflows, enhancing the sales process without threatening the relationship-based model [39][42] Question: What distractions are being observed in the middle market? - Management noted that tight budgets and economic uncertainties have been distractions, but there are signs of improvement as cost pressures ease [44][45] Question: What is the outlook for term life margin? - Management expects the term life operating margin to be around 21% for the year, with stable benefit and claims ratios [18][67]

Earnings Results Quarter Ended December 31, 2025 For internal use only. Not to be used with, or distributed to, the public 1 Forward–Looking Statements 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, 2024, as may have been modified by subsequent Forms 10-Q. These documents are available in the Investor Relations section of our ...

Core Insights - Primerica reported revenue of $853.51 million for the quarter ended December 2025, marking an 8% increase year-over-year and a surprise of +1.43% over the Zacks Consensus Estimate of $841.45 million [1] - Earnings per share (EPS) reached $6.13, up from $5.03 in the same quarter last year, resulting in a surprise of +7.81% compared to the consensus EPS estimate of $5.69 [1] Financial Performance Metrics - Life-Licensed Sales Force at the end of the period was 151,524, slightly below the average estimate of 153,248 [4] - Average Client Asset Values were reported at $128.20 billion, marginally lower than the average estimate of $128.33 billion [4] - Life Insurance Policies Issued totaled 76,143, exceeding the average estimate of 70,864 [4] - Recruits numbered 75,369, significantly below the average estimate of 94,649 [4] - New Life-Licensed Representatives stood at 10,998, compared to the average estimate of 12,993 [4] Revenue Breakdown - Net premiums revenue was $448.19 million, below the average estimate of $460.67 million, but showed a +1.8% change year-over-year [4] - Commissions and fees revenue reached $347.39 million, surpassing the average estimate of $320.44 million, with an impressive +18.2% change year-over-year [4] - Other net revenues were $15.35 million, below the average estimate of $17.36 million, reflecting a -9.8% year-over-year change [4] - Net investment income was reported at $42.12 million, matching the average estimate [4] - Adjusted Operating Revenues for Investment and Savings Products were $340.34 million, exceeding the average estimate of $319.8 million, with a +19% change year-over-year [4] - Adjusted Operating Revenues for Corporate and Other Distributed Products were $56.34 million, slightly below the average estimate of $57.19 million, showing a +5.3% year-over-year change [4] - Adjusted Operating Revenues for Term Life Insurance were $456.83 million, below the average estimate of $468.58 million, with a +1.4% year-over-year change [4] Stock Performance - Primerica's shares have returned +1.5% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Primerica reported quarterly earnings of $6.13 per share, exceeding the Zacks Consensus Estimate of $5.69 per share, and showing an increase from $5.03 per share a year ago, representing an earnings surprise of +7.81% [1] Financial Performance - The company achieved revenues of $853.51 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.43%, and up from $790.13 million in the same quarter last year [2] - Over the last four quarters, Primerica has consistently exceeded consensus EPS estimates and revenue estimates [2] Stock Performance - Primerica shares have increased approximately 2.6% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $5.56, with expected revenues of $849.47 million, and for the current fiscal year, the EPS estimate is $24.01 on revenues of $3.45 billion [7] - The trend of estimate revisions for Primerica was favorable ahead of the earnings release, which may influence future stock movements [5][6] Industry Context - The Insurance - Life Insurance industry is currently ranked in the top 22% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - The performance of Primerica may also be influenced by the overall industry outlook and the results of other companies in the same sector, such as Citizens [8]

Financial Performance - The company reported adjusted net operating income for Q4 2025, reflecting a significant increase of 15% year-over-year[5]. - Total revenues for Q4 2025 reached $1.2 billion, up from $1.05 billion in the same quarter last year, representing a growth of 14.3%[5]. - The company anticipates a 10% growth in overall revenue for 2026, supported by strategic initiatives and market expansion[5]. - Net income for the quarter ending September 30, 2024, was reported at $206.793 million, a 15.9% increase compared to $178.344 million in the previous quarter[12]. - The company reported a total of $3,863.44 million in deferred policy acquisition costs as of September 30, 2024, reflecting a consistent trend in managing acquisition expenses[12]. - The company declared shareholder dividends totaling $33.288 million for the quarter, consistent with previous distributions[12]. - Basic earnings per share for Q4 2024 was $4.99, a decrease of 4.5% year-over-year[14]. - Net income from continuing operations for Q4 2024 was $197.0 million, representing a 5% increase compared to the previous year[14]. - The company reported a net income used in computing diluted EPS of $196.4 million for Q4 2024, a 4.3% increase from the previous year[14]. - The company reported a net income from continuing operations for the quarter was $197.0 million, representing a year-over-year increase of 4.3%[22]. Revenue Growth - The Term Life Insurance segment generated $800 million in premiums, a 10% increase compared to Q4 2024[5]. - New product launches in 2026 are expected to contribute an additional $200 million in revenue, driven by innovative insurance solutions[5]. - Total revenues for Q1 2024 reached $841.04 million, reflecting a year-over-year increase of 14.2%[18]. - The company anticipates a revenue growth of 8.3% for the full year 2024, projecting total revenues of $3.089 billion[18]. - Total revenues for Q4 2024 amounted to $793.3 million, with an 8.3% year-over-year growth[21]. - The company reported a total revenue of $1.24 billion for the year-to-date (YTD) 2024, reflecting a growth of 17.6% compared to the previous year[36]. - Total sales-based revenue generating product sales for Q4 2024 was $2,981 million, up 17.9% year-over-year[40]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new states in 2026, aiming for a 5% increase in market share[5]. - Future outlook includes a focus on market expansion and potential new product developments[1]. - The company is actively pursuing strategic acquisitions to enhance its market position and product offerings[25]. - The company anticipates continued growth in direct premiums and investment income for the upcoming quarters, driven by market expansion strategies[21]. Investment Performance - The Investment and Savings Products segment reported a 20% increase in assets under management, totaling $5 billion[5]. - Net investment income increased to $37.806 million in Q1 2024, representing a 10.5% growth year-over-year[18]. - Adjusted net investment income for Q4 2024 was $42.12 million, representing a 10.5% increase compared to the previous year[21]. - Net investment income for Q4 2024 was $38,134, a 10.5% increase compared to Q4 2023[53]. - Total investment income for Q4 2024 was $55,533, reflecting a 5.3% increase year-over-year[53]. Operational Efficiency - The company has allocated $50 million for technology development to enhance customer experience and operational efficiency[5]. - The company reported restructuring costs of $2,013 million, which impacted overall profitability[25]. - The company experienced a tax impact of $476 million from preceding items, affecting net income calculations[22]. Equity and Liabilities - The adjusted stockholders' equity increased to $2.5 billion, reflecting a 12% rise from the previous year[6]. - Total liabilities stood at $12,566.43 million as of September 30, 2024, compared to $12,551.8 million in the previous quarter, indicating a slight increase of 0.1%[12]. - Stockholders' equity reached $2,445.901 million at the end of the reporting period, showing a decrease from $2,297.88 million in the previous quarter[12]. - The total stockholders' equity adjusted for unrealized gains and losses was $2,400.630 million, reflecting a stable financial position[12]. Sales and Commissions - Sales-based commissions grew by 21.3% in Q1 2024, totaling $101.17 million[18]. - Term Life Insurance direct premiums for Q4 2024 reached $850.6 million, reflecting a year-over-year increase of 5.28%[21]. - Commissions related to mutual funds and variable annuities decreased by 8.5% year-over-year to $4,117 million[1]. - The company emphasized ongoing service and distribution fees as a significant revenue source from client accounts[2]. Insurance Metrics - The company reported a 17.5% increase in other operating expenses, amounting to $4,343 million[1]. - The Term Life Insurance operating margin for Q1 2024 was 22.0%, compared to 23.1% in Q1 2023[30]. - The number of issued term life policies in Q4 2024 was 29,560, a decrease of 10.4% year-to-date[32]. - The total face amount of term life insurance in force reached $967.61 billion by the end of Q1 2023, up from $956.9 billion in Q4 2022, reflecting a growth of about 1.8%[56]. Ratings and Financial Strength - A.M. Best rating for Primerica Life Insurance Co remained at A+, indicating strong financial strength[2]. - Moody's and S&P ratings for Primerica Life Insurance Co were both maintained at A1 and AA- respectively, reflecting consistent credit quality[2].