Exhibit 99.2

 

Supplemental Financial Information

First Quarter 2023

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
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Senior Health segment - financial results, financial analysis, and key statistics	13
Corporate & Other Distributed Products segment - financial results	14
Investment portfolio	15-17
Five-year historical key statistics	18

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2022.

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Preface PRIMERICA, INC. Financial Supplement

First Quarter 2023

This document is a financial supplement to our first quarter 2023 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of investment gains/losses, including credit impairments, mark-to-market (MTM) investment adjustments, transaction-related expenses/recoveries associated with the purchase of e-TeleQuote Insurance, Inc. and subsidiaries (collectively, “e-TeleQuote”), adjustments to share-based compensation expense for shares exchanged in the business combination, and non-cash goodwill impairment charges. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated the Company's insurance operations. We exclude e-TeleQuote transaction-related expenses/recoveries and non-cash goodwill impairment charges in our non-GAAP financial measures as such expenses are non-recurring items that will cause incomparability between period-over-period results. We exclude adjustments to share-based compensation expense for shares exchanged in the business combination to eliminate period-over-period fluctuations that may obscure comparisons of operating results primarily due to the volatility of changes in the fair value of shares which were acquired for no additional consideration. Adjusted operating income before income taxes and adjusted net operating income exclude income attributable to the noncontrolling interest to present only the income that is attributable to stockholders of the Company.

• Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

• IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO). We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

Effective January 1, 2023, we adopted FASB ASU 2018-12 "Targeted Improvements to the Accounting for Long-Duration Contracts" (or "LDTI"). The impact of LDTI on our financial statements is significant, as it requires us to make changes to the way we calculate future policy benefit reserves on our term life insurance product and discontinued product lines issued by our New York subsidiary. LDTI also requires changes to the way we amortize deferred acquisition costs for these products as well as Canadian Segregated funds. We have restated our 12/31/2021 balance sheet and 2022 financial statements in this document as it was necessary to present historical periods on a comparable basis with future period results

Also effective January 1, 2023, we no longer allocate a portion of net investment income to the Term Life Insurance segment, and all net investment income will be recorded in the Corporate & Other Distributed Products segment. As such, we have retrospectively restated for comparison purposes the 2022 income statements in this document for the Term Life Insurance and Corporate and Other Distributed Product Segments.

In this document, we have also included estimated term life issued policy counts by quarter for 2022 adjusting issued policies to a single life per policy basis to facilitate comparisons going forward.

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity.

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Condensed Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC. Financial Supplement

(Dollars in thousands)				Dec 31, 2021			Mar 31, 2022			Jun 30, 2022			Sep 30, 2022			Dec 31, 2022			Mar 31, 2023			Jun 30, 2023	Sep 30, 2023	Dec 31, 2023
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	3,277,830		$	3,191,154		$	3,048,974		$	2,981,598		$	3,141,919		$	3,246,388
	Securities held to maturity				1,379,100			1,390,310			1,415,940			1,433,760			1,444,920			1,460,000
			Total investments and cash		4,656,930			4,581,464			4,464,914			4,415,358			4,586,839			4,706,388
	Due from reinsurers				4,218,704			3,692,660			3,359,054			3,160,111			3,176,397			3,179,074
	Deferred policy acquisition costs				2,959,654			3,033,186			3,088,172			3,133,408			3,194,029			3,256,845
	Goodwill				179,154			179,154			187,707			127,707			127,707			127,707
	Other assets				1,367,435			1,253,840			1,217,898			1,206,368			1,227,459			1,195,710
	Separate account assets				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968
			Total assets	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147		$	14,795,692
Liabilities:
	Future policy benefits			$	8,594,476		$	7,332,290		$	6,606,150		$	6,094,187		$	6,297,911		$	6,561,624
	Other policy liabilities				1,103,642			1,108,047			999,789			1,005,195			1,037,440			996,747
	Income taxes				15,311			95,302			167,560			217,364			202,462			199,394
	Other liabilities				669,631			683,865			646,660			659,582			626,773			659,734
	Debt obligations				607,102			598,303			592,504			592,705			592,905			593,106
	Surplus note				1,378,585			1,389,811			1,415,457			1,433,293			1,444,469			1,459,565
	Payable under securities lending				94,529			93,171			96,603			80,754			100,938			74,452
	Separate account liabilities				2,799,992			2,696,891			2,358,987			2,206,608			2,305,717			2,329,968
			Total liabilities		15,263,269			13,997,680			12,883,710			12,289,687			12,608,615			12,874,590
Redeemable noncontrolling interest				$	7,271		$	4,616		$	2,233		$	—		$	—		$	—
Stockholders’ equity:
	Common stock ($0.01 par value) (1)				394			388			378			370			368			364
	Paid-in capital				5,224			(0	)		(0	)		(0	)		(0	)		—
	Retained earnings				2,074,111			2,083,693			2,068,690			2,033,368			2,130,935			2,151,771
	Treasury stock				—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)
		Effect of change in discount rate assumptions on the liability for future policy benefits			(1,240,727	)		(594,586	)		(104,894	)		195,563			131,295			(11,679	)
		Cumulative translation adjustment			8,553			11,842			2,362			(16,514	)		(12,196	)		(11,198	)
			Total stockholders’ equity (2)		911,330			1,434,897			1,790,789			1,959,874			2,009,532			1,921,102
			Total liabilities and stockholders' equity	$	16,181,869		$	15,437,194		$	14,676,732		$	14,249,560		$	14,618,147		$	14,795,692
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	911,330		$	1,434,897		$	1,790,789		$	1,959,874		$	2,009,532		$	1,921,102
	Less: Net unrealized gains (losses)				63,775			(66,439	)		(175,746	)		(252,913	)		(240,869	)		(208,157	)
	Less: Effect of change in discount rate assumptions on the liability for future policy benefits				(1,240,727	)		(594,586	)		(104,894	)		195,563			131,295			(11,679	)
			Adjusted stockholders’ equity	$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107		$	2,140,938
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period							$	2,088,281		$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107
	Net Income attributable to Primerica, Inc.							115,039			125,168			76,777			143,956			125,106
	Shareholder dividends							(21,645	)		(21,178	)		(20,571	)		(20,389	)		(23,910	)
	Retirement of shares and warrants							(103,862	)		(127,963	)		(97,515	)		(32,098	)		(96,323	)
	Net foreign currency translation adjustment							3,289			(9,480	)		(18,876	)		4,318			998
	Other, net							14,820			8,961			5,979			6,096			15,960
Balance, end of period							$	2,095,922		$	2,071,430		$	2,017,224		$	2,119,107		$	2,140,938
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period							$	2,959,654		$	3,033,186		$	3,088,172		$	3,133,408		$	3,194,029
	General expenses deferred							9,519			9,321			9,726			9,283			10,777
	Commission costs deferred							123,739			119,794			119,734			113,479			118,386
	Amortization of deferred policy acquisition costs							(63,223	)		(64,200	)		(65,447	)		(66,236	)		(67,358	)
	Foreign currency impact and other, net							3,496			(9,930	)		(18,777	)		4,095			1,011
Balance, end of period							$	3,033,186		$	3,088,172		$	3,133,408		$	3,194,029		$	3,256,845

(1)Outstanding common shares exclude restricted stock units.

(2)Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

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Financial Results and Other Statistical Data PRIMERICA, INC. Financial Supplement

																					YOY Q1												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			39,221,003			38,385,520			37,438,254			36,973,967			36,709,525						(2,511,478	)		-6.4	%		39,221,003			36,709,525			(2,511,478	)		-6.4	%
	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%
	Less income attributable to unvested participating securities			(477	)		(554	)		(362	)		(690	)		(565	)					(89	)		-18.6	%		(477	)		(565	)		(89	)		-18.6	%
		Net income used in computing basic EPS	$	114,562		$	124,614		$	76,415		$	143,267		$	124,541					$	9,978			8.7	%	$	114,562		$	124,541		$	9,978			8.7	%
		Basic earnings per share	$	2.92		$	3.25		$	2.04		$	3.87		$	3.39					$	0.47			16.1	%	$	2.92		$	3.39		$	0.47			16.1	%
	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%
	Less operating income attributable to unvested participating securities			(484	)		(566	)		(655	)		(681	)		(564	)					(80	)		-16.4	%		(484	)		(564	)		(80	)		-16.4	%
		Adjusted net operating income used in computing basic operating EPS	$	116,469		$	127,356		$	138,243		$	141,359		$	128,327					$	11,857			10.2	%	$	116,469		$	128,327		$	11,857			10.2	%
		Basic adjusted operating income per share	$	2.97		$	3.32		$	3.69		$	3.82		$	3.50					$	0.53			17.7	%	$	2.97		$	3.50		$	0.53			17.7	%
Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			39,221,003			38,385,520			37,438,254			36,973,967			36,709,525						(2,511,478	)		-6.4	%		39,221,003			36,709,525			(2,511,478	)		-6.4	%
	Dilutive impact of contingently issuable shares			110,941			115,058			102,810			107,245			94,123						(16,818	)		-15.2	%		110,941			94,123			(16,818	)		-15.2	%
		Shares used to calculate diluted EPS		39,331,944			38,500,578			37,541,064			37,081,212			36,803,648						(2,528,296	)		-6.4	%		39,331,944			36,803,648			(2,528,296	)		-6.4	%
	Net income attributable to Primerica, Inc.		$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%
	Less income attributable to unvested participating securities			(475	)		(552	)		(361	)		(688	)		(582	)					(107	)		-22.5	%		(475	)		(582	)		(107	)		-22.5	%
		Net income used in computing diluted EPS	$	114,564		$	124,615		$	76,415		$	143,268		$	124,524					$	9,960			8.7	%	$	114,564		$	124,524		$	9,960			8.7	%
		Diluted earnings per share	$	2.91		$	3.24		$	2.04		$	3.86		$	3.38					$	0.47			16.2	%	$	2.91		$	3.38		$	0.47			16.2	%
	Adjusted net operating income		$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%
	Less operating income attributable to unvested participating securities			(483	)		(564	)		(653	)		(679	)		(581	)					(98	)		-20.2	%		(483	)		(581	)		(98	)		-20.2	%
		Adjusted net operating income used in computing diluted operating EPS	$	116,471		$	127,357		$	138,244		$	141,361		$	128,310					$	11,839			10.2	%	$	116,471		$	128,310		$	11,839			10.2	%
		Diluted adjusted operating income per share	$	2.96		$	3.31		$	3.68		$	3.81		$	3.49					$	0.53			17.7	%	$	2.96		$	3.49		$	0.53			17.7	%
																					YOY Q1												YOY YTD
			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023						$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Annualized Return on Equity
	Average stockholders' equity (1)		$	1,173,114		$	1,612,843		$	1,875,331		$	1,984,703		$	1,965,317					$	792,203			67.5	%	$	1,173,114		$	1,965,317		$	792,203			67.5	%
	Average adjusted stockholders' equity (1)		$	2,092,102		$	2,083,676		$	2,044,327		$	2,068,165		$	2,130,022					$	37,920			1.8	%	$	2,092,102		$	2,130,022		$	37,920			1.8	%
	Net income attributable to Primerica, Inc. return on stockholders' equity			39.2	%		31.0	%		16.4	%		29.0	%		25.5	%					-13.8	%	nm				39.2	%		25.5	%		-13.8	%	nm
	Net income attributable to Primerica, Inc. return on adjusted stockholders' equity			22.0	%		24.0	%		15.0	%		27.8	%		23.5	%					1.5	%	nm				22.0	%		23.5	%		1.5	%	nm
	Adjusted net operating income return on adjusted stockholders' equity			22.4	%		24.6	%		27.2	%		27.5	%		24.2	%					1.8	%	nm				22.4	%		24.2	%		1.8	%	nm
Capital Structure
	Debt-to-capital (2)			29.4	%		24.9	%		23.2	%		22.8	%		23.6	%					-5.8	%	nm				29.4	%		23.6	%		-5.8	%	nm
	Debt-to-capital, excluding AOCI (2)			22.3	%		22.3	%		22.6	%		21.8	%		21.6	%					-0.7	%	nm				22.3	%		21.6	%		-0.7	%	nm
	Cash and invested assets to stockholders' equity			3.2	x		2.5	x		2.3	x		2.3	x		2.4	x					(0.7	x)	nm				3.2	x		2.4	x		(0.7	x)	nm
	Cash and invested assets to adjusted stockholders' equity			2.2	x		2.2	x		2.2	x		2.2	x		2.2	x					0.0	x	nm				2.2	x		2.2	x		0.0	x	nm
	Share count, end of period (3)			38,751,885			37,768,052			37,026,600			36,824,428			36,407,876						(2,344,009	)		-6.0	%		38,751,885			36,407,876			(2,344,009	)		-6.0	%
	Adjusted stockholders' equity per share		$	54.09		$	54.85		$	54.48		$	57.55		$	58.80					$	4.72			8.7	%	$	54.09		$	58.80		$	4.72			8.7	%
Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A1			A1			A1			A1			A1						nm			nm			nm			nm			nm			nm
	S&P		AA-			AA-			AA-			AA-			AA-						nm			nm			nm			nm			nm			nm
	A.M. Best		A+			A+			A+			A+			A+						nm			nm			nm			nm			nm			nm
Holding Company Senior Debt Ratings
	Moody's		Baa1			Baa1			Baa1			Baa1			Baa1						nm			nm			nm			nm			nm			nm
	S&P		A-			A-			A-			A-			A-						nm			nm			nm			nm			nm			nm
	A.M. Best		a-			a-			a-			a-			a-						nm			nm			nm			nm			nm			nm

(1)Reflects the company's permanent stockholders' equity and does not include temporary stockholders' equity.

(2)Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

(3)Share count reflects outstanding common shares, but excludes restricted stock units (RSUs).

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Statements of Income PRIMERICA, INC. Financial Supplement

																					YOY Q1												YOY YTD
(Dollars in thousands)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	798,666		$	808,894		$	810,079		$	812,481		$	817,872					$	19,206			2.4	%	$	798,666		$	817,872		$	19,206			2.4	%
	Ceded premiums			(399,885	)		(419,048	)		(404,870	)		(406,088	)		(405,347	)					(5,462	)		-1.4	%		(399,885	)		(405,347	)		(5,462	)		-1.4	%
		Net premiums		398,781			389,846			405,209			406,393			412,525						13,745			3.4	%		398,781			412,525			13,745			3.4	%
	Net investment income			18,905			21,284			24,346			28,530			31,065						12,160			64.3	%		18,905			31,065			12,160			64.3	%
	Commissions and fees:
		Sales-based (1)		103,242			88,701			67,962			66,473			72,388						(30,853	)		-29.9	%		103,242			72,388			(30,853	)		-29.9	%
		Asset-based (2)		113,112			108,101			107,483			105,357			111,904						(1,208	)		-1.1	%		113,112			111,904			(1,208	)		-1.1	%
		Account-based (3)		21,541			22,592			22,910			23,348			22,790						1,249			5.8	%		21,541			22,790			1,249			5.8	%
		Other commissions and fees		13,905			21,294			27,113			31,542			24,464						10,559			75.9	%		13,905			24,464			10,559			75.9	%
	Investment (losses) gains			751			(1,892	)		(2,699	)		2,846			(4,608	)					(5,359	)	nm				751			(4,608	)		(5,359	)	nm
	Other, net			20,988			18,755			20,964			22,451			19,508						(1,481	)		-7.1	%		20,988			19,508			(1,481	)		-7.1	%
	Total revenues			691,225			668,681			673,288			686,940			690,036						(1,189	)		-0.2	%		691,225			690,036			(1,189	)		-0.2	%
Benefits and expenses:
	Benefits and claims			168,288			153,071			164,092			165,742			168,702						414			0.2	%		168,288			168,702			414			0.2	%
	Future policy benefits remeasurement (gain)/loss			(1,272	)		(627	)		988			433			(508	)					765			60.1	%		(1,272	)		(508	)		765			60.1	%
	Amortization of DAC			63,223			64,200			65,447			66,236			67,358						4,136			6.5	%		63,223			67,358			4,136			6.5	%
	Insurance commissions			7,721			7,594			7,666			7,280			8,138						417			5.4	%		7,721			8,138			417			5.4	%
	Insurance expenses			59,509			59,461			57,552			58,883			61,125						1,616			2.7	%		59,509			61,125			1,616			2.7	%
	Sales commissions:
		Sales-based (1)		74,606			63,403			48,775			47,927			52,452						(22,154	)		-29.7	%		74,606			52,452			(22,154	)		-29.7	%
		Asset-based (2)		53,366			50,876			51,549			51,047			54,276						910			1.7	%		53,366			54,276			910			1.7	%
		Other sales commissions		5,952			5,484			5,592			4,187			4,147						(1,805	)		-30.3	%		5,952			4,147			(1,805	)		-30.3	%
	Interest expense			6,853			6,814			6,802			6,768			6,690						(163	)		-2.4	%		6,853			6,690			(163	)		-2.4	%
	Contract acquistion costs (4)			20,649			19,384			13,446			14,952			14,984						(5,665	)		-27.4	%		20,649			14,984			(5,665	)		-27.4	%
	Other operating expenses			86,434			79,728			73,790			80,443			89,534						3,100			3.6	%		86,434			89,534			3,100			3.6	%
	Goodwill impairment			—			—			60,000			—			—						—		#DIV/0!				—			—			—		#DIV/0!
	Loss on extinguishment of debt			—			—			—			—			—						—		#DIV/0!				—			—			—		#DIV/0!
	Total benefits and expenses			545,329			509,389			555,697			503,898			526,899						(18,430	)		-3.4	%		545,329			526,899			(18,430	)		-3.4	%
	Income before income taxes			145,896			159,292			117,591			183,041			163,137						17,241			11.8	%		145,896			163,137			17,241			11.8	%
		Income taxes		33,511			36,509			40,815			39,085			38,031						4,520			13.5	%		33,511			38,031			4,520			13.5	%
	Net income			112,385			122,784			76,777			143,956			125,106						12,721			11.3	%		112,385			125,106			12,721			11.3	%
	Net income attributable to noncontrolling interests			(2,654	)		(2,384	)		—			—			—						2,654			100.0	%		(2,654	)		—			2,654			100.0	%
		Net Income attributable to Primerica, Inc.	$	115,039		$	125,168		$	76,777		$	143,956		$	125,106					$	10,067			8.8	%	$	115,039		$	125,106		$	10,067			8.8	%
Income Before Income Taxes by Segment
Term Life			$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%
Investment & Savings Products				67,038			63,017			59,222			56,612			56,107						(10,931	)		-16.3	%		67,038			56,107			(10,931	)		-16.3	%
Senior Health				(23,085	)		(16,150	)		(63,723	)		4,285			(3,762	)					19,324			83.7	%		(23,085	)		(3,762	)		19,324			83.7	%
Corporate & Other Distributed Products				(16,632	)		(12,609	)		(6,075	)		(6,325	)		(15,944	)					688			4.1	%		(16,632	)		(15,944	)		688			4.1	%
	Income before income taxes		$	145,896		$	159,292		$	117,591		$	183,041		$	163,137					$	17,242			11.8	%	$	145,896		$	163,137		$	17,242			11.8	%

(1)Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2)Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.

(3)Account-based - revenues relating to the fee generating client accounts we administer.

(4)Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire Senior Health product leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

6 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC. Financial Supplement

																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%
	Less: Premiums ceded to IPO Coinsurers		234,614			231,805			226,869			224,240			220,240						(14,374	)		-6.1	%		234,614			220,240			(14,374	)		-6.1	%
	Term Life adjusted direct premiums	$	558,640		$	571,648		$	577,717		$	583,556		$	592,640					$	34,000			6.1	%	$	558,640		$	592,640		$	34,000			6.1	%
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(398,446	)	$	(417,406	)	$	(403,416	)	$	(404,174	)	$	(404,044	)				$	(5,597	)		-1.4	%	$	(398,446	)	$	(404,044	)	$	(5,597	)		-1.4	%
	Less: Premiums ceded to IPO Coinsurers		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)					14,374			6.1	%		(234,614	)		(220,240	)		14,374			6.1	%
	Term Life other ceded premiums	$	(163,832	)	$	(185,601	)	$	(176,548	)	$	(179,935	)	$	(183,804	)				$	(19,971	)		-12.2	%	$	(163,832	)	$	(183,804	)	$	(19,971	)		-12.2	%
Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	18,905		$	21,284		$	24,346		$	28,530		$	31,065					$	12,160			64.3	%	$	18,905		$	31,065		$	12,160			64.3	%
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Adjusted net investment income	$	21,004		$	22,538		$	24,414		$	28,940		$	31,392					$	10,388			49.5	%	$	21,004		$	31,392		$	10,388			49.5	%
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
	Other operating expenses	$	86,434		$	79,728		$	73,790		$	80,443		$	89,534					$	3,100			3.6	%	$	86,434		$	89,534		$	3,100			3.6	%
	Less: eTeleQuote transaction-related costs		900			(2,892	)		—			—			—					nm			nm				900			—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		256			3,328			—			—			—					nm			nm				256			—		nm			nm
	Adjusted other operating expenses	$	85,278		$	79,292		$	73,790		$	80,443		$	89,534					$	4,256			5.0	%	$	85,278		$	89,534		$	4,256			5.0	%
Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	691,225		$	668,681		$	673,288		$	686,940		$	690,036					$	(1,189	)		-0.2	%	$	691,225		$	690,036		$	(1,189	)		-0.2	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Adjusted operating revenues	$	692,573		$	671,827		$	676,056		$	684,503		$	694,972					$	2,398			0.3	%	$	692,573		$	694,972		$	2,398			0.3	%
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	145,896		$	159,292		$	117,591		$	183,041		$	163,137					$	17,241			11.8	%	$	145,896		$	163,137		$	17,241			11.8	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Less: eTeleQuote transaction-related costs		(900	)		2,892			—			—			—					nm			nm				(900	)		—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—					nm			nm				(256	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—					nm			nm				(3,668	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm			nm				—			—		nm			nm
	Adjusted operating income before income taxes	$	152,068		$	166,003		$	180,359		$	180,605		$	168,073					$	16,005			10.5	%	$	152,068		$	168,073		$	16,005			10.5	%
Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	112,385		$	122,784		$	76,777		$	143,956		$	125,106					$	12,721			11.3	%	$	112,385		$	125,106		$	12,721			11.3	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm			nm				751			(4,608	)	nm			nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm			nm				(2,099	)		(327	)	nm			nm
	Less: e-TeleQuote transaction-related costs		(900	)		2,892			—			—			—					nm			nm				(900	)		—		nm			nm
	Less: Equity comp for awards exchanged during acquisition		(256	)		(3,328	)		—			—			—					nm			nm				(256	)		—		nm			nm
	Less: Noncontrolling interest before income taxes		(3,668	)		(3,129	)		—			—			—					nm			nm				(3,668	)		—		nm			nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm			nm				—			—		nm			nm
	Less: Tax impact of reconciling items		1,603			1,573			647			(520	)		1,151					nm			nm				1,603			1,151		nm			nm
	Adjusted net operating income	$	116,954		$	127,922		$	138,897		$	142,040		$	128,891					$	11,937			10.2	%	$	116,954		$	128,891		$	11,937			10.2	%

7 of 18

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC. Financial Supplement

																				YOY Q1											YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change		% Change			YTD 2022			YTD 2023			$ Change		% Change
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(23,085	)	$	(16,150	)	$	(63,723	)	$	4,285		$	(3,762	)				$	19,324		83.7	%	$	(23,085	)	$	(3,762	)	$	19,324		83.7	%
	Less: e-TeleQuote transaction-related costs		(399	)		(66	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Noncontrolling interest		(3,668	)		(3,129	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Goodwill impairment		—			—			(60,000	)		—			—					nm		nm			nm			nm			nm		nm
	Adjusted operating income before income taxes	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(3,762	)				$	15,256		80.2	%	$	(19,018	)	$	(3,762	)	$	15,256		80.2	%
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	(16,632	)	$	(12,609	)	$	(6,075	)	$	(6,325	)	$	(15,944	)				$	688		4.1	%	$	(16,632	)	$	(15,944	)	$	688		4.1	%
	Less: Investment gains/(losses)		751			(1,892	)		(2,699	)		2,846			(4,608	)				nm		nm			nm			nm			nm		nm
	Less: MTM investment adjustments		(2,099	)		(1,254	)		(68	)		(409	)		(327	)				nm		nm			nm			nm			nm		nm
	Less: e-TeleQuote transaction-related costs		(501	)		2,958			—			—			—					nm		nm			nm			nm			nm		nm
	Less: Equity comp for awards exchanged during acquistion		(256	)		(3,328	)		—			—			—					nm		nm			nm			nm			nm		nm
	Less: Loss on extinguishment of debt		—			—			—			—			—					nm		nm			nm			nm			nm		nm
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(11,008	)				$	3,519		24.2	%	$	(14,527	)	$	(11,008	)	$	3,519		24.2	%

8 of 18

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC. Financial Supplement

																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%
	Premiums ceded to IPO coinsurers (1)		(234,614	)		(231,805	)		(226,869	)		(224,240	)		(220,240	)					14,374			6.1	%		(234,614	)		(220,240	)		14,374			6.1	%
	Adjusted direct premiums (2)		558,640			571,648			577,717			583,556			592,640						34,000			6.1	%		558,640			592,640			34,000			6.1	%
	Other ceded premiums (3)		(163,832	)		(185,601	)		(176,548	)		(179,935	)		(183,804	)					(19,971	)		-12.2	%		(163,832	)		(183,804	)		(19,971	)		-12.2	%
	Net premiums		394,808			386,047			401,169			403,621			408,836						14,028			3.6	%		394,808			408,836			14,028			3.6	%
	Other, net		12,175			12,374			13,419			12,352			12,233						58			0.5	%		12,175			12,233			58			0.5	%
	Revenues		406,983			398,421			414,588			415,974			421,069						14,086			3.5	%		406,983			421,069			14,086			3.5	%
	Benefits and expenses:
	Benefits and claims		166,407			149,328			161,283			161,769			164,375						(2,032	)		-1.2	%		166,407			164,375			(2,032	)		-1.2	%
	Future policy benefits remeasurement (gain)/loss		(1,434	)		(663	)		1,072			(526	)		(31	)					1,403			97.9	%		(1,434	)		(31	)		1,403			97.9	%
	Amortization of DAC		61,369			62,538			63,631			64,813			65,503						4,134			6.7	%		61,369			65,503			4,134			6.7	%
	Insurance commissions		3,793			3,854			3,964			3,724			4,590						797			21.0	%		3,793			4,590			797			21.0	%
	Insurance expenses		58,272			58,329			56,471			57,723			59,896						1,624			2.8	%		58,272			59,896			1,624			2.8	%
	Benefits and expenses		288,408			273,387			286,421			287,504			294,334						5,926			2.1	%		288,408			294,334			5,926			2.1	%
	Income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%
Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	448,657		$	460,061		$	465,354		$	469,565		$	477,227					$	28,570			6.4	%	$	448,657		$	477,227		$	28,570			6.4	%
	Pre-IPO direct premiums (5)		344,597			343,392			339,232			338,230			335,652						(8,945	)		-2.6	%		344,597			335,652			(8,945	)		-2.6	%
	Total direct premiums	$	793,254		$	803,453		$	804,586		$	807,796		$	812,880					$	19,626			2.5	%	$	793,254		$	812,880		$	19,626			2.5	%
	Premiums ceded to IPO coinsurers	$	234,614		$	231,805		$	226,869		$	224,240		$	220,240					$	(14,374	)		-6.1	%	$	234,614		$	220,240		$	(14,374	)		-6.1	%
	% of Pre-IPO direct premiums		68.1	%		67.5	%		66.9	%		66.3	%		65.6	%				nm			nm				68.1	%		65.6	%	nm			nm
	Benefits and claims, net (6)	$	328,805		$	334,266		$	338,903		$	341,178		$	348,148					$	19,343			5.9	%	$	328,805		$	348,148		$	19,343			5.9	%
	% of adjusted direct premiums		58.9	%		58.5	%		58.7	%		58.5	%		58.7	%				nm			nm				58.9	%		58.7	%	nm			nm
	DAC amortization & insurance commissions	$	65,163		$	66,393		$	67,595		$	68,537		$	70,093					$	4,931			7.6	%	$	65,163		$	70,093		$	4,931			7.6	%
	% of adjusted direct premiums		11.7	%		11.6	%		11.7	%		11.7	%		11.8	%				nm			nm				11.7	%		11.8	%	nm			nm
	Insurance expenses, net (7)	$	46,097		$	45,955		$	43,052		$	45,371		$	47,663					$	1,566			3.4	%	$	46,097		$	47,663		$	1,566			3.4	%
	% of adjusted direct premiums		8.3	%		8.0	%		7.5	%		7.8	%		8.0	%				nm			nm				8.3	%		8.0	%	nm			nm
	Total Term Life income before income taxes	$	118,575		$	125,034		$	128,168		$	128,470		$	126,735					$	8,160			6.9	%	$	118,575		$	126,735		$	8,160			6.9	%
	Term Life operating margin (8)		21.2	%		21.9	%		22.2	%		22.0	%		21.4	%				nm			nm				21.2	%		21.4	%	nm			nm

(1)Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2)Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3)Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4)Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5)Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6)Benefits and claims, net - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely YRT.

(7)Insurance expenses, net - insurance expenses net of other, net revenues.

(8)Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 18

Term Life Insurance - Key Statistics PRIMERICA, INC. Financial Supplement

																					YOY Q1												YOY YTD
(Dollars in thousands, except as noted)			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period				129,515			130,206			132,149			134,313			135,208						5,693			4.4	%		129,515			135,208			5,693			4.4	%
	New life-licensed representatives			9,983			11,529			12,518			11,117			11,118						1,135			11.4	%		9,983			11,118			1,135			11.4	%
	Non-renewal and terminated representatives			(9,292	)		(9,586	)		(10,354	)		(10,222	)		(9,896	)					(604	)		-6.5	%		(9,292	)		(9,896	)		(604	)		-6.5	%
Life-insurance licensed sales force, end of period				130,206			132,149			134,313			135,208			136,430						6,224			4.8	%		130,206			136,430			6,224			4.8	%
Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	65.5		$	72.3		$	68.0		$	66.0		$	70.7					$	5.3			8.0	%	$	65.5		$	70.7		$	5.3			8.0	%
	Additions and increases in premium			18.4			20.6			19.5			18.2			18.2						(0.2	)		-0.9	%		18.4			18.2			(0.2	)		-0.9	%
		Total estimated annualized issued term life premium	$	83.8		$	92.9		$	87.5		$	84.2		$	88.9					$	5.1			6.1	%	$	83.8		$	88.9		$	5.1			6.1	%
Issued term life policies				71,324			76,946			71,104			72,544			84,561						13,237			18.6	%		71,324			84,561			13,237			18.6	%
Estimated average annualized issued term life premium per policy (1)(2)			$	918		$	940		$	957		$	910		$	836					$	(82	)		-8.9	%	$	918		$	836		$	(82	)		-8.9	%
Adjusted issued term life policies (3)			$	83,050		$	89,316		$	81,372		$	79,282		$	84,561					$	1,511			1.8	%	$	83,050		$	84,561		$	1,511			1.8	%
Adjusted estimated average annualized issued term life premium per policy (1)(2)			$	788		$	810		$	836		$	833		$	836					$	48			6.1	%	$	788		$	836		$	48			6.1	%
Term life face amount in-force, beginning of period ($mills)			$	903,404		$	909,632		$	914,438		$	912,785		$	916,808					$	13,404			1.5	%	$	903,404		$	916,808		$	13,404			1.5	%
	Issued term life face amount (4)			24,773			27,651			26,049			25,349			28,124						3,352			13.5	%		24,773			28,124			3,352			13.5	%
	Terminated term life face amount			(19,787	)		(19,298	)		(21,033	)		(22,776	)		(22,210	)					(2,424	)		-12.2	%		(19,787	)		(22,210	)		(2,424	)		-12.2	%
	Foreign currency impact, net			1,242			(3,547	)		(6,669	)		1,450			124						(1,119	)		-90.1	%		1,242			124			(1,119	)		-90.1	%
Term life face amount in-force, end of period			$	909,632		$	914,438		$	912,785		$	916,808		$	922,845					$	13,213			1.5	%	$	909,632		$	922,845		$	13,213			1.5	%

(1)Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(2)In whole dollars.

(3)Provided for comparability of year-over-year results of term life issued policies and reflects the estimated number of policies issued after adjusting for a consistent basis of insured lives per policy following the Q4 2022 new product launch

(4)Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

10 of 18

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC. Financial Supplement

																				YOY Q1												YOY YTD
(Dollars in thousands, except as noted)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	103,242		$	88,701		$	67,962		$	66,473		$	72,388					$	(30,853	)		-29.9	%	$	103,242		$	72,388		$	(30,853	)		-29.9	%
	Asset-based		113,112			108,101			107,483			105,357			111,904						(1,208	)		-1.1	%		113,112			111,904			(1,208	)		-1.1	%
	Account-based		21,541			22,592			22,910			23,348			22,790						1,249			5.8	%		21,541			22,790			1,249			5.8	%
	Other, net		3,144			3,022			3,342			3,102			3,120						(24	)		-0.8	%		3,144			3,120			(24	)		-0.8	%
	Revenues		241,039			222,416			201,697			198,280			210,202						(30,836	)		-12.8	%		241,039			210,202			(30,836	)		-12.8	%
	Benefits and expenses:
	Amortization of DAC		1,446			1,421			1,378			1,336			1,493						46			3.2	%		1,446			1,493			46			3.2	%
	Insurance commissions		3,646			3,450			3,419			3,320			3,308						(338	)		-9.3	%		3,646			3,308			(338	)		-9.3	%
	Sales commissions:
	Sales-based		74,606			63,403			48,775			47,927			52,452						(22,154	)		-29.7	%		74,606			52,452			(22,154	)		-29.7	%
	Asset-based		53,366			50,876			51,549			51,047			54,276						910			1.7	%		53,366			54,276			910			1.7	%
	Other operating expenses		40,936			40,249			37,355			38,038			42,567						1,631			4.0	%		40,936			42,567			1,631			4.0	%
	Benefits and expenses		174,001			159,398			142,476			141,669			154,095						(19,905	)		-11.4	%		174,001			154,095			(19,905	)		-11.4	%
	Income before income taxes	$	67,038		$	63,017		$	59,222		$	56,612		$	56,107					$	(10,931	)		-16.3	%	$	67,038		$	56,107		$	(10,931	)		-16.3	%
Financial Analysis
	Fees paid based on client asset values (1)	$	8,037		$	7,917		$	7,980		$	8,004		$	8,034					$	(3	)	nm			$	8,037		$	8,034		$	(3	)	nm
	Fees paid based on fee-generating positions (2)		10,948			9,974			9,486			9,665			11,528						580			5.3	%		10,948			11,528			580			5.3	%
	Other operating expenses		21,951			22,358			19,889			20,369			23,005						1,054			4.8	%		21,951			23,005			1,054			4.8	%
	Total other operating expenses	$	40,936		$	40,249		$	37,355		$	38,038		$	42,567					$	1,631			4.0	%	$	40,936		$	42,567		$	1,631			4.0	%
	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.20	%		1.27	%		1.23	%		1.21	%		1.21	%				nm			nm				1.20	%		1.21	%	nm			nm
	Canada		1.00	%		0.78	%		0.32	%		0.31	%		0.33	%				nm			nm				1.00	%		0.33	%	nm			nm
	Total		1.16	%		1.21	%		1.17	%		1.15	%		1.13	%				nm			nm				1.16	%		1.13	%	nm			nm
	Asset-based net revenue as % of average asset values (4)
	U.S.		0.039	%		0.040	%		0.042	%		0.040	%		0.042	%				nm			nm				0.039	%		0.042	%	nm			nm
	Canada		0.108	%		0.106	%		0.105	%		0.103	%		0.102	%				nm			nm				0.108	%		0.102	%	nm			nm
	Total		0.049	%		0.051	%		0.052	%		0.050	%		0.052	%				nm			nm				0.049	%		0.052	%	nm			nm
	Account-based net revenue per average fee generating position (5)(6)	$	3.48		$	4.08		$	4.31		$	4.37		$	3.58					nm			nm			$	3.48		$	3.58		nm			nm

(1)Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

(2)Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

(3)Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.

(5)Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)In whole dollars.

11 of 18

Investment and Savings Products - Key Statistics PRIMERICA, INC. Financial Supplement

																							YOY Q1												YOY YTD
(Dollars in thousands, except as noted)					Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Key Statistics
	Product sales ($mills)
		U.S. Retail Mutual Funds			$	1,298.6		$	1,151.4		$	931.8		$	883.8		$	971.7					$	(326.9	)		-25.2	%	$	1,298.6		$	971.7		$	(326.9	)		-25.2	%
		Canada Retail Mutual Funds				437.6			250.6			112.2			112.0			149.8						(287.9	)		-65.8	%		437.6			149.8			(287.9	)		-65.8	%
		Indexed Annuities				57.5			70.2			55.8			69.2			80.7						23.2			40.4	%		57.5			80.7			23.2			40.4	%
		Variable Annuities and other				668.4			617.3			542.5			548.0			556.4						(112.0	)		-16.8	%		668.4			556.4			(112.0	)		-16.8	%
				Total sales-based revenue generating product sales		2,462.1			2,089.5			1,642.3			1,612.9			1,758.6						(703.6	)		-28.6	%		2,462.1			1,758.6			(703.6	)		-28.6	%
		Managed Accounts				453.7			451.3			319.6			288.1			306.1						(147.6	)		-32.5	%		453.7			306.1			(147.6	)		-32.5	%
		Canada Retail Mutual Funds - no upfront sales comm				82.2			97.5			157.9			156.6			183.4						101.2			123.0	%		82.2			183.4			101.2			123.0	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9						(15.4	)		-22.9	%		67.3			51.9			(15.4	)		-22.9	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0					$	(765.4	)		-25.0	%	$	3,065.4		$	2,300.0		$	(765.4	)		-25.0	%
		Total Canada Retail Mutual Funds			$	519.9		$	348.1		$	270.2		$	268.6		$	333.2					$	(186.7	)		-35.9	%	$	519.9		$	333.2		$	(186.7	)		-35.9	%
		Segregated Funds				67.3			51.3			41.6			35.0			51.9						(15.4	)		-22.9	%		67.3			51.9			(15.4	)		-22.9	%
			Total Canada product sales			587.1			399.4			311.8			303.5			385.0						(202.1	)		-34.4	%		587.1			385.0			(202.1	)		-34.4	%
			Total U.S. product sales			2,478.2			2,290.1			1,849.7			1,789.0			1,914.9						(563.3	)		-22.7	%		2,478.2			1,914.9			(563.3	)		-22.7	%
				Total product sales	$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0					$	(765.4	)		-25.0	%	$	3,065.4		$	2,300.0		$	(765.4	)		-25.0	%
	Client asset values, beginning of period ($mills)				$	97,312		$	93,708		$	82,291		$	78,737		$	83,949					$	(13,363	)		-13.7	%	$	97,312		$	83,949		$	(13,363	)		-13.7	%
		Inflows				3,065			2,690			2,161			2,093			2,300						(765	)		-25.0	%		3,065			2,300			(765	)		-25.0	%
		Outflows (1)				(1,900	)		(1,797	)		(1,447	)		(1,444	)		(1,658	)					242			12.7	%		(1,900	)		(1,658	)		242			12.7	%
				Net flows		1,166			893			714			649			642						(524	)		-44.9	%		1,166			642			(524	)		-44.9	%
		Foreign currency impact, net				171			(474	)		(802	)		174			16						(155	)		-90.9	%		171			16			(155	)		-90.9	%
		Change in market value, net and other (2)				(4,941	)		(11,836	)		(3,466	)		4,388			3,014						7,955		nm				(4,941	)		3,014			7,955		nm
	Client asset values, end of period				$	93,708		$	82,291		$	78,737		$	83,949		$	87,621					$	(6,087	)		-6.5	%	$	93,708		$	87,621		$	(6,087	)		-6.5	%
		Annualized net flows as % of beginning of period asset values				4.8	%		3.8	%		3.5	%		3.3	%		3.1	%					-1.7	%	nm				4.8	%		3.1	%		-1.7	%	nm
	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	46,429		$	42,870		$	40,331		$	40,402		$	42,096					$	(4,333	)		-9.3	%	$	46,429		$	42,096		$	(4,333	)		-9.3	%
		Canada Retail Mutual Funds				12,119			11,539			10,840			10,759			11,345						(773	)		-6.4	%		12,119			11,345			(773	)		-6.4	%
		Managed Accounts				7,077			6,960			6,817			6,949			7,338						261			3.7	%		7,077			7,338			261			3.7	%
		Indexed Annuities				2,650			2,677			2,696			2,710			2,729						79			3.0	%		2,650			2,729			79			3.0	%
		Variable Annuities and other				23,218			21,431			20,269			20,137			20,744						(2,474	)		-10.7	%		23,218			20,744			(2,474	)		-10.7	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,329						(382	)		-14.1	%		2,710			2,329			(382	)		-14.1	%
				Total	$	94,203		$	87,994		$	83,320		$	83,256		$	86,581					$	(7,622	)		-8.1	%	$	94,203		$	86,581		$	(7,622	)		-8.1	%
		Canada Retail Mutual Funds			$	12,119		$	11,539		$	10,840		$	10,759		$	11,345					$	(773	)		-6.4	%	$	12,119		$	11,345		$	(773	)		-6.4	%
		Segregated Funds				2,710			2,517			2,368			2,299			2,329						(382	)		-14.1	%		2,710			2,329			(382	)		-14.1	%
			Total Canada average client assets			14,829			14,056			13,208			13,058			13,674						(1,155	)		-7.8	%		14,829			13,674			(1,155	)		-7.8	%
			Total U.S. average client assets			79,374			73,938			70,112			70,198			72,907						(6,467	)		-8.1	%		79,374			72,907			(6,467	)		-8.1	%
				Total average client assets	$	94,203		$	87,994		$	83,320		$	83,256		$	86,581					$	(7,622	)		-8.1	%	$	94,203		$	86,581		$	(7,622	)		-8.1	%
	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,243			2,277			2,295			2,309			2,316						73			3.2	%		2,243			2,316			73			3.2	%
		Recordkeeping only				797			812			820			825			829						32			4.1	%		797			829			32			4.1	%
				Total		3,040			3,089			3,115			3,134			3,145						105			3.5	%		3,040			3,145			105			3.5	%

(1)Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

(2)Change in market value, net - market value fluctuations net of fees and expenses.

(3)Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 18

Senior Health - Financial Results, Financial Analysis Key Statistics PRIMERICA, INC. Financial Supplement

																				YOY Q1												YOY YTD
(Dollars in thousands, except as noted)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Senior Health Income Before Income Taxes
	Revenues:
	Commissions and fees (1)	$	1,278		$	9,343		$	14,601		$	22,198		$	15,755					$	14,477		nm			$	1,278		$	15,755		$	14,477		nm
	Other, net (2)		4,553			2,471			2,583			5,655			2,955						(1,597	)		-35.1	%		4,553			2,955			(1,597	)		-35.1	%
	Revenues		5,831			11,814			17,183			27,853			18,710						12,879		nm				5,831			18,710			12,879		nm
	Benefits and expenses:
	Contract acquisition costs (3)		20,649			19,384			13,446			14,952			14,984						(5,665	)		-27.4	%		20,649			14,984			(5,665	)		-27.4	%
	Adjusted other operating expenses		7,868			8,514			7,461			8,617			7,488						(380	)		-4.8	%		7,868			7,488			(380	)		-4.8	%
	Adjusted operating benefits and expenses		28,517			27,898			20,907			23,568			22,471						(6,045	)		-21.2	%		28,517			22,471			(6,045	)		-21.2	%
	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(3,762	)				$	18,925			83.4	%	$	(22,686	)	$	(3,762	)	$	18,925			83.4	%
	Non-controlling interest before income taxes		(3,668	)		(3,129	)		—			—			—						3,668			100.0	%		(3,668	)		—			3,668			100.0	%
	Adjusted operating income before income taxes attributable to Primerica, Inc.	$	(19,018	)	$	(12,955	)	$	(3,723	)	$	4,285		$	(3,762	)				$	15,256			80.2	%	$	(19,018	)	$	(3,762	)	$	15,256			80.2	%
Senior Health EBITDA
	Adjusted operating income before income taxes including NCI	$	(22,686	)	$	(16,084	)	$	(3,723	)	$	4,285		$	(3,762	)				$	18,925			83.4	%	$	(22,686	)	$	(3,762	)	$	18,925			83.4	%
	Less: Amortization of intangibles		(2,600	)		(2,800	)		(2,800	)		(2,800	)		(2,800	)					(200	)		-7.7	%		(2,600	)		(2,800	)		(200	)		-7.7	%
	Less: Depreciation		(245	)		(226	)		(221	)		(211	)		(200	)					45			18.3	%		(245	)		(200	)		45			18.3	%
	Adjusted EBITDA (Including non-controlling interest) (4)	$	(19,841	)	$	(13,058	)	$	(703	)	$	7,297		$	(762	)				$	19,080			96.2	%	$	(19,841	)	$	(762	)	$	19,080			96.2	%
Financial Analysis and Key Statistics
	Senior Health submitted policies (5)		26,231			19,652			16,095			23,060			19,826						(6,405	)		-24.4	%		26,231			19,826			(6,405	)		-24.4	%
	Senior Health approved policies (6)		23,594			17,925			14,862			20,705			18,413						(5,181	)		-22.0	%		23,594			18,413			(5,181	)		-22.0	%
	Primerica representatives Senior Health certified		42,147			60,412			83,280			93,348			94,623						52,476			124.5	%		42,147			94,623			52,476			124.5	%
	Senior Health submitted policies sourced by Primerica representatives		988			831			1,016			5,666			2,073						1,085			109.8	%		988			2,073			1,085			109.8	%
	LTV per approved policy (7)	$	862		$	820		$	868		$	888		$	856					$	(6	)		-0.7	%	$	862		$	856		$	(6	)		-0.7	%
	CAC per approved policy (7)	$	875		$	1,081		$	905		$	722		$	814					$	(61	)		-7.0	%	$	875		$	814		$	(61	)		-7.0	%
	LTV / CAC multiple		1.0	x		0.8	x		1.0	x		1.2	x		1.1	x					0.1	x	nm				1.0	x		1.1	x		0.1	x	nm

(1)Commission revenue recognized based on the estimated Lifetime value (LTV) to be collected over the estimated life of an approved policy for the relevant period based on multiple factors, including but not limited to contracted commission rates, carrier mix, expected policy turnover, historical chargeback activity and applied constraints. Adjustments to revenue outside of LTV for approved policies from prior periods are recognized when our cash collections are different, or are expected to be, from the estimated constrained LTV’s which we refer to as tail revenue.

(2)Primarily reflects marketing development revenues, which are non-commission revenues received from carriers to support marketing efforts and lead acquisition.

(3)Contract acquisition costs (CAC) - Includes direct marketing costs incurred to acquire leads through internal and external sources, including commissions paid to Primerica representatives, as well as ETQ agent compensation, training and licensing costs.

(4)Adjusted EBITDA - Earnings before interest, taxes, depreciation, amortization and certain adjustments for non-cash or non-recurring expenses including purchase accounting adjustments.

(5)Senior Health submitted policies - represents the number of completed applications that, with respect to each such application, the applicant has authorized us to submit to the health insurance carrier. The applicant may need to take additional actions, including providing subsequent information before the application is reviewed by the health insurance carrier.

(6)Senior Health approved policies - represent an estimate of submitted policies approved by health insurance carriers during the indicated period. Not all approved policies will go in force.

(7)In whole dollars.

13 of 18

Corporate Other Distributed Products - Financial Results PRIMERICA, INC. Financial Supplement

																				YOY Q1												YOY YTD
(Dollars in thousands)		Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change			YTD 2022			YTD 2023			$ Change			% Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
	Direct premiums	$	5,412		$	5,441		$	5,494		$	4,685		$	4,993					$	(419	)		-7.8	%	$	5,412		$	4,993		$	(419	)		-7.8	%
	Ceded premiums		(1,439	)		(1,642	)		(1,454	)		(1,914	)		(1,304	)					136			9.4	%		(1,439	)		(1,304	)		136			9.4	%
	Net premiums		3,973			3,799			4,040			2,772			3,689						(284	)		-7.1	%		3,973			3,689			(284	)		-7.1	%
	Adjusted net investment income		21,004			22,538			24,414			28,940			31,392						10,388			49.5	%		21,004			31,392			10,388			49.5	%
	Commissions and fees:
	Prepaid Legal Services		4,287			4,664			5,672			3,821			3,991						(296	)		-6.9	%		4,287			3,991			(296	)		-6.9	%
	Auto and Homeowners Insurance		1,591			2,056			2,647			1,994			1,831						240			15.1	%		1,591			1,831			240			15.1	%
	Mortgage loans		4,818			3,128			2,103			1,656			1,211						(3,606	)		-74.9	%		4,818			1,211			(3,606	)		-74.9	%
	Other sales commissions		1,932			2,103			2,090			1,872			1,676						(255	)		-13.2	%		1,932			1,676			(255	)		-13.2	%
	Other, net		1,117			889			1,621			1,341			1,200						83			7.4	%		1,117			1,200			83			7.4	%
	Adjusted operating revenues		38,721			39,176			42,587			42,396			44,990						6,270			16.2	%		38,721			44,990			6,270			16.2	%
Benefits and expenses:
	Benefits and claims		1,881			3,743			2,809			3,972			4,327						2,446			130.0	%		1,881			4,327			2,446			130.0	%
	Future policy benefits remeasurement (gain)/loss		162			36			(84	)		958			(477	)					(638	)	nm				162			(477	)		(638	)	nm
	Amortization of DAC		407			240			438			87			362						(45	)		-11.0	%		407			362			(45	)		-11.0	%
	Insurance commissions		282			290			283			237			241						(41	)		-14.6	%		282			241			(41	)		-14.6	%
	Insurance expenses		1,237			1,132			1,081			1,160			1,229						(8	)		-0.6	%		1,237			1,229			(8	)		-0.6	%
	Sales commissions		5,952			5,484			5,592			4,187			4,147						(1,805	)		-30.3	%		5,952			4,147			(1,805	)		-30.3	%
	Interest expense		6,853			6,814			6,802			6,768			6,690						(163	)		-2.4	%		6,853			6,690			(163	)		-2.4	%
	Adjusted other operating expenses		36,475			30,530			28,974			33,788			39,480						3,005			8.2	%		36,475			39,480			3,005			8.2	%
	Adjusted benefits and expenses		53,248			48,270			45,894			51,158			55,999						2,751			5.2	%		53,248			55,999			2,751			5.2	%
	Adjusted operating income before income taxes	$	(14,527	)	$	(9,094	)	$	(3,307	)	$	(8,762	)	$	(11,008	)				$	3,519			24.2	%	$	(14,527	)	$	(11,008	)	$	3,519			24.2	%

14 of 18

Investment Portfolio - Summary of Holdings PRIMERICA, INC. Financial Supplement

				As of or for the period ended March 31, 2023
											% of Total						Avg
				Market		Amortized		Unrealized			Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)			Value			Cost			Yield			Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term				$	585,277	$	585,277	$	-			18.3	%		16.9	%
Fixed Income:
	Treasury				20,868		21,401		(533	)		0.7	%		0.6	%		2.17	%	AAA
	Government				227,578		247,938		(20,360	)		7.1	%		7.2	%		2.99	%	AA-
	Tax-Exempt Municipal				33,865		36,896		(3,031	)		1.1	%		1.1	%		2.69	%	AA
	Corporate				1,281,891		1,401,455		(119,564	)		40.1	%		40.5	%		3.64	%	BBB+
	Mortgage Backed				420,787		488,770		(67,984	)		13.2	%		14.1	%		2.97	%	AAA
	Asset Backed				171,255		185,201		(13,946	)		5.4	%		5.4	%		3.91	%	AA
	CMBS				127,718		142,789		(15,071	)		4.0	%		4.1	%		3.47	%	AA-
	Private				289,201		312,794		(23,594	)		9.0	%		9.0	%		4.70	%	BBB
	Redeemable Preferred				3,960		4,248		(288	)		0.1	%		0.1	%		5.27	%	BBB-
			Total Fixed Income		2,577,123		2,841,493		(264,370	)		80.6	%		82.1	%		3.57	%	A
Equities and Other:
	Perpetual Preferred				8,642		8,642		-			0.3	%		0.2	%
	Common Stock				19,345		19,345		0			0.6	%		0.6	%
	Mutual Fund				5,989		5,989		-			0.2	%		0.2	%
			Total Equities		33,975		33,975		0			1.1	%		1.0	%
			Total Invested Assets	$	3,196,376	$	3,460,746	$	(264,370	)		100.0	%		100.0	%
Public Corporate Portfolio by Sector
	Insurance			$	158,538	$	176,162	$	(17,624	)		12.4	%		12.6	%
	Energy				138,485		149,076		(10,591	)		10.8	%		10.6	%
	Consumer Non Cyclical				131,381		145,198		(13,817	)		10.2	%		10.4	%
	Reits				116,872		134,882		(18,011	)		9.1	%		9.6	%
	Banking				113,869		117,834		(3,965	)		8.9	%		8.4	%
	Consumer Cyclical				104,832		114,279		(9,447	)		8.2	%		8.2	%
	Technology				102,709		108,906		(6,197	)		8.0	%		7.8	%
	Capital Goods				68,155		72,794		(4,639	)		5.3	%		5.2	%
	Basic Industry				66,499		73,085		(6,586	)		5.2	%		5.2	%
	Finance Companies				54,767		61,692		(6,925	)		4.3	%		4.4	%
	Electric				53,423		58,570		(5,147	)		4.2	%		4.2	%
	Transportation				52,770		57,282		(4,512	)		4.1	%		4.1	%
	Communications				46,970		50,312		(3,342	)		3.7	%		3.6	%
	Brokerage				44,092		49,428		(5,336	)		3.4	%		3.5	%
	Financial Other				8,582		9,586		(1,004	)		0.7	%		0.7	%
	Natural Gas				7,315		7,737		(422	)		0.6	%		0.6	%
	Industrial Other				6,071		6,917		(846	)		0.5	%		0.5	%
	Utility Other				4,687		5,388		(701	)		0.4	%		0.4	%
	Owned No Guarantee				1,875		2,325		(450	)		0.1	%		0.2	%
			Total Corporate portfolio	$	1,281,891	$	1,401,455	$	(119,564	)		100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
		< 1 Yr.		$	193,907	$	196,168	$	(2,261	)		7.5	%		6.9	%		3.64	%
		1-2 Yrs.			254,773		262,286		(7,513	)		9.9	%		9.2	%		3.64	%
		2-5 Yrs.			788,683		843,745		(55,062	)		30.6	%		29.7	%		3.75	%
		5-10 Yrs.			1,065,998		1,219,338		(153,340	)		41.4	%		42.9	%		3.37	%
		> 10 Yrs.			273,762		319,956		(46,194	)		10.6	%		11.3	%		3.78	%
			Total Fixed Income	$	2,577,123	$	2,841,493	$	(264,370	)		100.0	%		100.0	%		3.57	%
Duration
Fixed Income portfolio duration					4.8	years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

15 of 18

Investment Portfolio - Quality Ratings As of March 31, 2023 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	591,882		20.8	%
	AA			319,979		11.3	%
	A			709,522		25.0	%
	BBB			1,151,885		40.5	%
	Below Investment Grade			63,351		2.2	%
	NA			4,874		0.2	%
		Total Fixed Income	$	2,841,493		100.0	%
			Amortized Cost		% of Total						Amortized Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,844		0.8	%		AAA		$	-		—
	AA			67,753		4.8	%		AA			9,232		3.0	%
	A			362,431		25.9	%		A			71,784		22.9	%
	BBB			896,836		64.0	%		BBB			229,996		73.5	%
	Below Investment Grade			58,717		4.2	%		Below Investment Grade			1,783		0.6	%
	NA			3,874		0.3	%		NA			-		—
		Total Corporate	$	1,401,455		100.0	%			Total Private	$	312,794		100.0	%
CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	63,976		44.8	%		AAA		$	438,933		89.8	%
	AA			8,912		6.2	%		AA			49,615		10.2	%
	A			69,901		49.0	%		A			129		0.0	%
	BBB			-		—			BBB			-		—
	Below Investment Grade			-		—			Below Investment Grade			72		0.0	%
	NA			-		—			NA			22		0.0	%
		Total CMBS	$	142,789		100.0	%			Total Mortgage-Backed	$	488,770		100.0	%
Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	34,555		18.7	%		AAA		$	41,883		15.6	%
	AA			11,445		6.2	%		AA			144,876		53.8	%
	A			127,917		69.1	%		A			70,355		26.1	%
	BBB			7,797		4.2	%		BBB			11,084		4.1	%
	Below Investment Grade			1,639		0.9	%		Below Investment Grade			1,141		0.4	%
	NA			1,849		1.0	%		NA			-		—
		Total Asset-Backed	$	185,201		100.0	%			Total Treasury & Government	$	269,339		100.0	%
NAIC Designations
	1		$	1,376,420		55.0	%
	2			1,052,469		42.0	%
	3			64,324		2.6	%
	4			7,794		0.3	%
	5			691		0.0	%
	6			2,904		0.1	%
		U.S. Insurer Fixed Income (2)		2,504,602		100.0	%
	Other (3)			370,875
	Cash and cash equivalents			585,277
		Total Invested Assets	$	3,460,754

(1)Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2)NAIC ratings for our U.S. insurance companies' fixed income portfolios.

(3)Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

16 of 18

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC. Financial Supplement

																						YOY Q1
(Dollars in thousands)				Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,889		$	22,414		$	23,067		$	24,605		$	25,806					$	4,917		23.5%
	Fixed-maturity securities (held-to-maturity)				15,515			15,815			16,283			16,309			16,435						920		5.9%
	Equity Securities				387			371			373			377			380						(7	)	-1.8%
	Deposit asset underlying 10% reinsurance treaty				589			485			557			2,134			2,377						1,788		nm
	Deposit asset - Mark to Market				(2,099	)		(1,254	)		(68	)		(409	)		(327	)					1,772		84.4%
	Policy loans and other invested assets				102			58			436			450			(72	)					(174	)	nm
	Cash & cash equivalents				125			498			1,714			3,605			5,128						5,003		nm
			Total investment income		35,508			38,387			42,362			47,072			49,727						14,219		40.0%
	Investment expenses				1,088			1,288			1,733			2,233			2,227						1,139		104.7%
	Interest Expense on Surplus Note				15,515			15,815			16,283			16,309			16,435						920		5.9%
			Net investment income	$	18,905		$	21,284		$	24,346		$	28,530		$	31,065					$	12,160		64.3%
		Fixed income book yield, end of period			3.18	%		3.25	%		3.34	%		3.44	%		3.57	%
		New money yield			3.37	%		4.21	%		3.93	%		5.41	%		5.57	%
																						YOY Q1
				Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023	% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				21.0	%		22.0	%		21.5	%		21.6	%		20.8	%					-0.2	%
	AA				11.2	%		11.2	%		11.1	%		11.5	%		11.3	%					0.1	%
	A				23.7	%		23.0	%		23.0	%		24.6	%		25.0	%					1.3	%
	BBB				39.8	%		39.6	%		40.1	%		39.9	%		40.5	%					0.7	%
	Below Investment Grade				3.1	%		2.8	%		2.7	%		2.4	%		2.2	%					-0.8	%
	NA				1.2	%		1.3	%		1.5	%		0.0	%		0.2	%					-1.1	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%					—
			Average rating by amortized cost	A			A			A			A			A

				As of March 31, 2023									As of March 31, 2023						As of March 31, 2023
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)
	1	Canada		$	20,934		$	22,148		AAA	Canada		$	85,124	$	93,652	AAA		$	2,021	$	2,118
	2	Province of Ontario Canada			15,066			15,343		A+	United Kingdom			25,078		25,291	AA			—		—
	3	Province of Quebec Canada			14,644			14,922		AA-	Australia			19,327		20,499	A			7,815		9,473
	4	Bank of America Corp			12,985			13,177		A-	Mexico			6,586		7,692	BBB			9,603		10,634
	5	Ontario Teachers' Pension Plan			12,832			14,333		AA+	France			6,160		6,392	Below Investment Grade			631		1,141
	6	Province of Alberta Canada			12,068			12,831		A+	Bermuda			6,039		6,236	NA			—		—
	7	Morgan Stanley			11,485			11,807		BBB+	Netherlands			5,475		5,470		Total	$	20,071	$	23,366
	8	Wells Fargo & Co			11,043			11,291		BBB+	Ireland			5,467		5,457
	9	Manulife Financial Corp			10,775			11,600		A	Japan			5,294		5,450
	10	TC Energy Corp			10,342			11,644		BBB+	Malta			4,660		4,775	Non-Government Investments (1)
	11	ConocoPhillips			9,514			10,700		A	Luxembourg			4,634		4,700
	12	Province of Saskatchewan Canada			9,509			9,654		AA	Cayman Islands			3,579		3,620	AAA		$	2,930	$	2,999
	13	Goldman Sachs Group Inc.			9,452			9,743		BBB+	Israel			3,510		3,558	AA			2,310		2,393
	14	Enbridge Inc			9,100			9,879		BBB+	Brazil			2,455		2,681	A			40,187		42,474
	15	Kemper Corp			8,370			9,094		BBB	Supranational			2,021		2,118	BBB			140,993		149,762
	16	Fairfax Financial Holdings Ltd			8,363			9,802		BBB	Emerging Markets (2)			10,378		12,074	Below Investment Grade			4,034		4,181
	17	Brookfield Corp			8,223			8,499		A-	All Other			20,098		21,149	NA			5,360		5,637
	18	Intact Financial Corp			8,087			7,876		A+		Total	$	215,885	$	230,812		Total	$	195,815	$	207,447
	19	Province of British Columbia Canada			8,029			8,331		AA
	20	Western & Southern Mutual Holdings			8,014			9,457		AA
	21	City of Toronto Canada			7,986			8,153		AA
	22	Enterprise Products Partners			7,898			7,561		A-
	23	Province of New Brunswick Canada			7,871			8,138		A+
	24	Boeing Co			7,682			7,802		BBB-
	25	Province of Newfoundland and Labrador			7,543			8,223		A
			Total	$	257,816		$	272,005
			% of total fixed income portfolio		8.1	%		7.9	%

(1)US$ denominated investments in issuers outside of the United States based on country of risk.

(2)Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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Five-Year Historical Key Statistics PRIMERICA, INC. Financial Supplement

(Dollars in millions)			2018			2019			2020			2021			2022			Q1 2022			Q2 2022			Q3 2022			Q4 2022			Q1 2023			Q2 2023	Q3 2023	Q4 2023
Recruits				290,886			282,207			400,345			349,374			359,735			84,707			70,215			127,788			77,025			93,540
Life-insurance licensed sales force, beginning of period				126,121			130,736			130,522			134,907			129,515			129,515			130,206			132,149			134,313			135,208
	New life-licensed representatives			48,041			44,739			48,106			39,622			45,147			9,983			11,529			12,518			11,117			11,118
	Non-renewal and terminated representatives			(43,426	)		(44,953	)		(43,721	)		(45,014	)		(39,454	)		(9,292	)		(9,586	)		(10,354	)		(10,222	)		(9,896	)
Life-insurance licensed sales force, end of period				130,736			130,522			134,907			129,515			135,208			130,206			132,149			134,313			135,208			136,430
Issued term life policies				301,589			287,809			352,868			323,855			291,918			71,324			76,946			71,104			72,544			84,561
Issued term life face amount			$	95,209		$	93,994		$	109,436		$	108,521		$	103,822		$	24,773		$	27,651		$	26,049		$	25,349		$	28,124
Term life face amount in force, beginning of period			$	763,831		$	781,041		$	808,262		$	858,818		$	903,404		$	903,404		$	909,632		$	914,438		$	912,785		$	916,808
	Issued term life face amount			95,209			93,994			109,436			108,521			103,822			24,773			27,651			26,049			25,349			28,124
	Terminated term life face amount			(70,291	)		(71,519	)		(60,848	)		(64,798	)		(82,894	)		(19,787	)		(19,298	)		(21,033	)		(22,776	)		(22,210	)
	Foreign currency impact, net			(7,708	)		4,746			1,968			862			(7,524	)		1,242			(3,547	)		(6,669	)		1,450			124
Term life face amount in force, end of period			$	781,041		$	808,262		$	858,818		$	903,404		$	916,808		$	909,632		$	914,438		$	912,785		$	916,808		$	922,845
Estimated annualized issued term life premium
	Premium from new policies		$	250.8		$	244.8		$	303.6		$	297.2		$	271.9		$	65.5		$	72.3		$	68.0		$	66.0		$	70.7
	Additions and increases in premium			55.2			60.2			68.9			77.0			76.7			18.4			20.6			19.5			18.2			18.2
		Total estimated annualized issued term life premium	$	306.0		$	305.0		$	372.5		$	374.2		$	348.5		$	83.8		$	92.9		$	87.5		$	84.2		$	88.9
Investment & Savings product sales			$	7,040.1		$	7,533.2		$	7,842.5		$	11,703.2		$	10,009.0		$	3,065.4		$	2,689.6		$	2,161.5		$	2,092.5		$	2,300.0
Investment & Savings average client asset values			$	61,842		$	65,029		$	69,709		$	89,993		$	87,193		$	94,203		$	87,994		$	83,320		$	83,256		$	86,581
Closed U.S. Mortgage Volume (brokered)			$	—		$	31.1		$	442.5		$	1,229.2		$	567.2		$	235.9		$	152.7		$	99.8		$	78.9		$	55.6

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