UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 7, 2024, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.
Use of Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share.
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. 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.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy negotiated and purchased in connection with the acquisition of e-TeleQuote. We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.
Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude non-cash goodwill and intangible asset impairment charges. We exclude non-cash goodwill and intangible asset impairment charges as non-recurring items that cause incomparability between period-over-period results. Also excluded from these non-GAAP financial measures is restructuring and related charges incurred with the exit of our senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.
Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments, the deferred tax benefit recognized in association with the impairment of intangible assets and the valuation allowance recognized for state operating losses in the Company’s Senior Health segment. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
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Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities 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 available-for-sale security 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 such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at https://investors.primerica.com.
Item 7.01 Regulation FD Disclosure.
On August 7, 2024, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2024. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.
The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.
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Item 9.01. |
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Financial Statements and Exhibits. |
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(d) Exhibits.
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99.1 |
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Press Release dated August 7, 2024 – Primerica Reports Second Quarter 2024 Results
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99.2 |
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Primerica, Inc. Supplemental Financial Information – Second Quarter 2024
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104 |
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Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 7, 2024 |
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PRIMERICA, INC. |
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/s/ Tracy Tan |
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Tracy Tan |
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Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
PRIMERICA REPORTS SECOND QUARTER 2024 RESULTS
New life licenses up 14%, driving sales force to record 145,789 representatives
Term Life net premiums increased 4%; adjusted direct premiums increased 5%
Issued Term Life face amount of $33 billion; total in force coverage of $951 billion
Investment and Savings Products sales of $3.1 billion, up 29%
Investment and Savings Products client asset values up 15%, ending the quarter at record $105 billion
GAAP diluted earnings per share of $0.03; diluted adjusted operating earnings per share of $4.71
Declared a 20% increase in dividend to $0.90 per share, payable on September 12, 2024; repurchased $143 million of common stock during the quarter
Duluth, GA, Aug. 7, 2024 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2024. The Company’s previously announced decision to exit the Senior Health business and associated write-offs of non-cash items impacted GAAP earnings with net income ending at $1.2 million, or $0.03 per diluted share. Core business results from the quarter were strong. Adjusted net operating income of $162.7 million increased 12%, while adjusted operating earnings per diluted share of $4.71 grew 18% year-over-year. Total revenue of $803.4 million, which included $50 million in proceeds from payments under an insurance claim, increased 17% compared to the second quarter of 2023. Adjusted operating revenue of $753.3 million increased 9% year-over-year.
The Company’s decision to exit the Senior Health business led to several non-cash adjustments in the second quarter of 2024. These included write-offs of the remaining goodwill and intangibles and the recognition of a tax benefit from the removal of the deferred tax liabilities associated with the intangible assets and a valuation allowance for state net operating losses. The quarter’s results also included income recognized from the receipt of cash proceeds paid under a previously disclosed insurance claim. The Company excluded these non-recurring items from adjusted operating results to provide
1
a comparable basis to the prior period results. A reconciliation of these items to GAAP results is included in the tables at the end of this release.
Second quarter operating results were driven by strong sales of investment products and rising client asset values as well as steady premium growth and the predictable margins of the Term Life business. Investment income benefited from higher yielding investments and growth in the Company’s invested asset portfolio. Results were partially offset by weakness in the Senior Health business. Distribution results were strong during the quarter, driven by recruiting and growth in new life-licensed representatives.
“I am pleased with the continued momentum of our business and the ongoing efforts of our sales force to educate clients and help them navigate these uncertain times,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “We welcomed nearly 40,000 teammates during our international convention in July and believe the event will build momentum for the future.”
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Second Quarter Distribution & Segment Results
Distribution Results |
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Q2 2024 |
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Q2 2023 |
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% Change |
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Life-Licensed Sales Force |
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145,789 |
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137,806 |
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6 |
% |
Recruits |
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96,563 |
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86,124 |
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12 |
% |
New Life-Licensed Representatives |
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14,402 |
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12,638 |
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14 |
% |
Life Insurance Policies Issued |
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100,768 |
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96,953 |
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4 |
% |
Life Productivity (1) |
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0.23 |
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0.24 |
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* |
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Issued Term Life Face Amount ($ billions) (2) |
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$ |
33.2 |
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$ |
32.2 |
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3 |
% |
ISP Product Sales ($ billions) |
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$ |
3.1 |
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$ |
2.4 |
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29 |
% |
Average Client Asset Values ($ billions) |
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$ |
103.0 |
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$ |
88.8 |
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16 |
% |
Senior Health Submitted Policies (3) |
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15,767 |
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13,885 |
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14 |
% |
Senior Health Approved Policies (4) |
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14,646 |
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12,915 |
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13 |
% |
Closed U.S. Mortgage Volume ($ million brokered) |
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$ |
99.6 |
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$ |
82.2 |
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21 |
% |
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* Not calculated
Segment Results |
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Q2 2024 |
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Q2 2023 |
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% Change |
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($ in thousands) |
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Adjusted Operating Revenues: |
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Term Life Insurance |
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$ |
426,944 |
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$ |
411,873 |
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4 |
% |
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Investment and Savings Products |
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260,906 |
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214,509 |
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22 |
% |
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Senior Health |
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12,420 |
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14,890 |
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(17 |
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Corporate and Other Distributed Products (1) |
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53,015 |
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48,293 |
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10 |
% |
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Total adjusted operating revenues (1) |
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$ |
753,285 |
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$ |
689,565 |
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9 |
% |
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Adjusted Operating Income (Loss) before |
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Term Life Insurance |
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$ |
147,779 |
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$ |
140,113 |
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5 |
% |
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Investment and Savings Products |
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74,782 |
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59,583 |
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26 |
% |
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Senior Health (1) |
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(11,365 |
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(6,032 |
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88 |
% |
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Corporate and Other Distributed Products (1) |
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942 |
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(3,588 |
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NM |
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Total adjusted operating income before income taxes (1) |
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$ |
212,138 |
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$ |
190,076 |
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12 |
% |
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3
Life Insurance Licensed Sales Force
During the second quarter, the Company successfully leveraged the excitement leading into its convention and the efforts of its field leaders to help new recruits effectively navigate the licensing process. The appeal of Primerica’s business opportunity continued to generate significant interest. The Company recruited a total of 96,563 individuals, a 12% increase compared to the prior year period. Licensing remained similarly strong with a total of 14,402 new life licenses during the quarter, a 14% increase compared to the prior year period, fueling 6% growth in the size of the sales force year-over-year to 145,789 life-licensed representatives.
Term Life Insurance
Life insurance policies issued during the second quarter increased 4% to 100,768, helping drive $33.2 billion in new term life face amount issued during the three months ended June 30, 2024. Productivity was at the higher end of the historical range at a monthly average of 0.23 policies issued per life-licensed representative. We believe higher cost of living pressures continued to impact middle-income families, contributing to elevated lapse rates during the quarter.
During the second quarter, Term Life revenues of $426.9 million increased 4% compared to the second quarter of 2023 driven by 5% growth in adjusted direct premiums, while pre-tax operating income of $147.8 million increased 5%. The benefits and claims ratio of 57.4% benefited from a $4.3 million remeasurement gain largely due to better than anticipated claims experience. The DAC amortization and insurance commissions ratio of 11.8% remained stable year-over-year. The Term Life operating margin was 23.1%, in line with the prior year period.
Investment and Savings Products
Total product sales during the quarter were $3.1 billion, increasing 29% compared to the prior year period, driven by the strong demand for mutual funds, annuities and managed accounts. On June 30, 2024, client asset values were $105 billion, up 15% year-over-year primarily due to strong equity market appreciation. Net client inflows were $423 million during the quarter.
Second quarter ISP revenues of $260.9 million increased 22% compared to the prior year period, while pre-tax operating income of $74.8 million increased 26% due to strong sales and an increase in average client asset values. Revenues from sales-based commissions and fees increased 35%, rising at a slightly higher rate than sales due to a favorable mix shift. Sales-based commission expenses increased 31%, in line with the increase in correlated sales. Asset-based revenues increased 17%, largely consistent with the growth in average client asset values. The change in asset-based commission expenses was in line with asset-based revenues, excluding revenues on Canadian segregated funds. Expenses related to Canadian segregated funds are reflected in insurance commissions and amortization of DAC.
Senior Health
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During the second quarter of 2024, a total of 14,646 policies were approved by carriers, representing a 13% increase compared to the prior year period. The lifetime value of commissions per approved policy (“LTV”) was $914, while contract acquisition costs per approved policy (“CAC”) were $1,074 for a LTV/CAC ratio of 0.9.
Second quarter Senior Health revenues were $12.4 million, including a $1.8 million negative tail revenue adjustment due to higher policy churn. The adjusted operating loss during the quarter was $11.4 million, driven by higher contract acquisition costs, which rose 25% as e-TeleQuote onboarded agents in preparation for the upcoming enrollment period.
Corporate and Other Distributed Products
During the second quarter of 2024, the segment recorded pre-tax adjusted operating income of $0.9 million compared to a pre-tax adjusted operating loss of $3.6 million in the prior year period. The year-over-year change was primarily driven by the continued benefit of higher interest rates and growth in the size of the invested asset portfolio, which added an additional $5.0 million of adjusted net investment income to current quarter revenues.
Taxes
The effective tax rate was 85.0% in the second quarter of 2024 compared to 23.5% in the prior year period. The increase in the effective tax rate during the second quarter of 2024 was primarily driven by the non-cash goodwill impairment charge that is not deductible for income tax purposes and a valuation allowance established against e-TeleQuote’s state net operating losses. The impact of those two items was partially offset by the representation and warranty insurance proceeds, which will be excluded from taxable income, and the write-off of deferred tax liabilities on the intangibles that were fully impaired in the quarter. Excluding the impact of the four aforementioned items, the effective tax rate in the second quarter of 2024 would have been 23.3%.
Capital
The Company repurchased 629,378 shares of common stock for $142.7 million during the second quarter of 2024 and the Board of Directors has approved a 20% increase in the dividend to $0.90 per share, payable on September 12, 2024 to stockholders of record on August 21, 2024. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 445% as of June 30, 2024.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, and diluted adjusted operating earnings per share.
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Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. 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.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy negotiated and purchased in connection with the acquisition of e-TeleQuote. We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.
Adjusted operating income before taxes, adjusted net operating income, and diluted adjusted operating earnings per share also exclude non-cash goodwill and intangible asset impairment charges. We exclude non-cash goodwill and intangible asset impairment charges as non-recurring items that cause incomparability between period-over-period results. Also excluded from these non-GAAP financial measures is restructuring and related charges incurred with the exit of our senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments, the deferred tax benefit recognized in association with the impairment of intangible assets and the valuation allowance recognized for state operating losses in the Company’s Senior Health segment. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not
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consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast on Thursday, August 8, 2024, at 10:00 a.m. Eastern, to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of sales representatives; new laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; inability to abandon our ownership of e-TeleQuote by the anticipated date, or at all, which would cause us to exit the senior health insurance distribution business by an alternative method that may not be as beneficial to stockholder value as the planned abandonment; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the
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loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches or if e-TeleQuote is otherwise unable to safeguard the security and privacy of confidential data, including personal health information; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; any acquisition or investment in businesses that do not perform as we expect or are difficult to integrate; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured approximately 5.7 million lives and had approximately 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2023. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.
Investor Contact:
Nicole Russell
470-564-6663
Email: Nicole.Russell@primerica.com
Media Contact:
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com
8
PRIMERICA, INC. AND SUBSIDIARIES |
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Condensed Consolidated Balance Sheets |
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(Unaudited) |
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June 30, 2024 |
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December 31, 2023 |
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(In thousands) |
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Assets |
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Investments: |
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Fixed-maturity securities available-for-sale, at fair value |
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$ |
2,796,030 |
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$ |
2,719,467 |
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Fixed-maturity security held-to-maturity, at amortized cost |
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1,353,370 |
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1,386,980 |
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Short-term investments available-for-sale, at fair value |
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- |
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276 |
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Equity securities, at fair value |
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26,026 |
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29,680 |
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Trading securities, at fair value |
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3,158 |
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18,383 |
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Policy loans and other invested assets |
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49,791 |
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51,175 |
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Total investments |
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4,228,375 |
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4,205,961 |
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Cash and cash equivalents |
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627,292 |
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613,148 |
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Accrued investment income |
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25,687 |
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23,958 |
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Reinsurance recoverables |
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2,833,055 |
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3,015,777 |
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Deferred policy acquisition costs, net |
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3,566,126 |
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3,447,234 |
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Renewal commissions receivable |
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171,022 |
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190,258 |
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Agent balances, due premiums and other receivables |
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288,766 |
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|
|
273,066 |
|
Goodwill |
|
|
- |
|
|
|
127,707 |
|
Intangible assets, net |
|
|
45,275 |
|
|
|
175,025 |
|
Income taxes |
|
|
118,379 |
|
|
|
123,514 |
|
Operating lease right-of-use assets |
|
|
50,646 |
|
|
|
53,693 |
|
Other assets |
|
|
357,115 |
|
|
|
382,549 |
|
Separate account assets |
|
|
2,253,966 |
|
|
|
2,395,842 |
|
Total assets |
|
$ |
14,565,704 |
|
|
$ |
15,027,732 |
|
|
|
|
|
|
|
|
||
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Future policy benefits |
|
$ |
6,436,332 |
|
|
$ |
6,742,025 |
|
Unearned and advance premiums |
|
|
17,076 |
|
|
|
14,876 |
|
Policy claims and other benefits payable |
|
|
478,773 |
|
|
|
513,803 |
|
Other policyholders' funds |
|
|
412,570 |
|
|
|
435,094 |
|
Note payable |
|
|
594,110 |
|
|
|
593,709 |
|
Surplus note |
|
|
1,353,014 |
|
|
|
1,386,592 |
|
Income taxes |
|
|
135,049 |
|
|
|
135,247 |
|
Operating lease liabilities |
|
|
58,756 |
|
|
|
61,358 |
|
Other liabilities |
|
|
613,303 |
|
|
|
583,434 |
|
Payable under securities lending |
|
|
90,995 |
|
|
|
99,785 |
|
Separate account liabilities |
|
|
2,253,966 |
|
|
|
2,395,842 |
|
Total liabilities |
|
|
12,443,944 |
|
|
|
12,961,765 |
|
|
|
|
|
|
|
|
||
Stockholders' equity |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Common stock |
|
|
340 |
|
|
|
350 |
|
Paid-in capital |
|
|
- |
|
|
|
- |
|
Retained earnings |
|
|
2,122,832 |
|
|
|
2,276,946 |
|
Accumulated other comprehensive income (loss), net of income tax: |
|
|
|
|
|
|
||
Effect of change in discount rate assumptions on the liability for future policy benefits |
|
|
201,441 |
|
|
|
(39,086 |
) |
Unrealized foreign currency translation gains (losses) |
|
|
(15,507 |
) |
|
|
(2,235 |
) |
Net unrealized gains (losses) on available-for-sale securities |
|
|
(187,346 |
) |
|
|
(170,008 |
) |
Total stockholders' equity |
|
|
2,121,760 |
|
|
|
2,065,967 |
|
Total liabilities and stockholders' equity |
|
$ |
14,565,704 |
|
|
$ |
15,027,732 |
|
9
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||
Condensed Consolidated Statements of Income |
|
|||||||
(Unaudited) |
|
|||||||
|
|
|
|
|
|
|
||
|
|
Three months ended June 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
(In thousands, except per-share amounts) |
|
|||||
Revenues: |
|
|
|
|
|
|
||
Direct premiums |
|
$ |
845,358 |
|
|
$ |
828,296 |
|
Ceded premiums |
|
|
(427,561 |
) |
|
|
(425,266 |
) |
Net premiums |
|
|
417,797 |
|
|
|
403,030 |
|
Commissions and fees |
|
|
279,769 |
|
|
|
233,130 |
|
Net investment income |
|
|
38,452 |
|
|
|
32,398 |
|
Investment gains (losses) |
|
|
(99 |
) |
|
|
(328 |
) |
Other, net |
|
|
67,456 |
|
|
|
20,155 |
|
Total revenues |
|
|
803,375 |
|
|
|
688,385 |
|
|
|
|
|
|
|
|
||
Benefits and expenses: |
|
|
|
|
|
|
||
Benefits and claims |
|
|
150,030 |
|
|
|
148,911 |
|
Future policy benefits remeasurement (gain) loss |
|
|
(4,329 |
) |
|
|
(1,867 |
) |
Amortization of deferred policy acquisition costs |
|
|
73,643 |
|
|
|
68,110 |
|
Sales commissions |
|
|
142,154 |
|
|
|
113,623 |
|
Insurance expenses |
|
|
62,685 |
|
|
|
59,093 |
|
Insurance commissions |
|
|
7,399 |
|
|
|
9,142 |
|
Contract acquisition costs |
|
|
15,724 |
|
|
|
12,602 |
|
Interest expense |
|
|
6,099 |
|
|
|
6,686 |
|
Impairment of goodwill and other long-lived assets (1) |
|
|
253,607 |
|
|
|
- |
|
Other operating expenses |
|
|
88,566 |
|
|
|
83,189 |
|
Total benefits and expenses |
|
|
795,578 |
|
|
|
499,489 |
|
Income before income taxes |
|
|
7,797 |
|
|
|
188,896 |
|
Income taxes |
|
|
6,626 |
|
|
|
44,392 |
|
Net income |
|
$ |
1,171 |
|
|
$ |
144,504 |
|
|
|
|
|
|
|
|
||
Earnings per share: |
|
|
|
|
|
|
||
Basic earnings per share |
|
$ |
0.03 |
|
|
$ |
3.97 |
|
Diluted earnings per share |
|
$ |
0.03 |
|
|
$ |
3.97 |
|
|
|
|
|
|
|
|
||
Weighted-average shares used in computing |
|
|
|
|
|
|
||
Basic |
|
|
34,383 |
|
|
|
36,215 |
|
Diluted |
|
|
34,383 |
|
|
|
36,290 |
|
10
PRIMERICA, INC. AND SUBSIDIARIES |
|
|||||||||||
Consolidated Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended June 30, |
|
|
|
|
||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
(In thousands, except per-share amounts) |
|
|
|
|
||||||
Total revenues |
|
$ |
803,375 |
|
|
$ |
688,385 |
|
|
|
17 |
% |
Less: Investment (losses) gains |
|
|
(99 |
) |
|
|
(328 |
) |
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
189 |
|
|
|
(852 |
) |
|
|
|
|
Less: Gain on insurance proceeds |
|
|
50,000 |
|
|
|
- |
|
|
|
|
|
Adjusted operating revenues |
|
$ |
753,285 |
|
|
$ |
689,565 |
|
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income before income taxes |
|
$ |
7,797 |
|
|
$ |
188,896 |
|
|
NM |
|
|
Less: Investment (losses) gains |
|
|
(99 |
) |
|
|
(328 |
) |
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
189 |
|
|
|
(852 |
) |
|
|
|
|
Less: Gain on insurance proceeds |
|
|
50,000 |
|
|
|
- |
|
|
|
|
|
Less: Restructuring costs |
|
|
(824 |
) |
|
|
- |
|
|
|
|
|
Less: Impairment of goodwill |
|
|
(127,707 |
) |
|
|
- |
|
|
|
|
|
Less: Impairment of other long-lived assets |
|
|
(125,900 |
) |
|
|
- |
|
|
|
|
|
Adjusted operating income before income taxes |
|
$ |
212,138 |
|
|
$ |
190,076 |
|
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
1,171 |
|
|
$ |
144,504 |
|
|
NM |
|
|
Less: Investment (losses) gains |
|
|
(99 |
) |
|
|
(328 |
) |
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
189 |
|
|
|
(852 |
) |
|
|
|
|
Less: Gain on insurance proceeds |
|
|
50,000 |
|
|
|
- |
|
|
|
|
|
Less: Restructuring costs |
|
|
(824 |
) |
|
|
- |
|
|
|
|
|
Less: Impairment of goodwill |
|
|
(127,707 |
) |
|
|
- |
|
|
|
|
|
Less: Tax impact of preceding items |
|
|
18,720 |
|
|
|
277 |
|
|
|
|
|
Less: Impairment of other long-lived assets |
|
|
(125,900 |
) |
|
|
- |
|
|
|
|
|
Less: Deferred tax benefit of impairment of other long-lived assets |
|
|
35,126 |
|
|
|
- |
|
|
|
|
|
Less: Valuation allowance on Senior Health state net operating losses |
|
|
(11,080 |
) |
|
|
- |
|
|
|
|
|
Adjusted net operating income |
|
$ |
162,746 |
|
|
$ |
145,407 |
|
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per share |
|
$ |
0.03 |
|
|
$ |
3.97 |
|
|
NM |
|
|
Less: Net after-tax impact of operating adjustments |
|
|
(4.68 |
) |
|
|
(0.02 |
) |
|
|
|
|
Diluted adjusted operating earnings per share |
|
$ |
4.71 |
|
|
$ |
3.99 |
|
|
|
18 |
% |
11
TERM LIFE INSURANCE SEGMENT |
|
|||||||||||
Adjusted Premiums Reconciliation |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended June 30, |
|
|
|
|
||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
(In thousands) |
|
|
|
|
||||||
Direct premiums |
|
$ |
840,668 |
|
|
$ |
823,297 |
|
|
|
2 |
% |
Less: Premiums ceded to IPO coinsurers |
|
|
201,566 |
|
|
|
216,740 |
|
|
|
|
|
Adjusted direct premiums |
|
|
639,102 |
|
|
|
606,557 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Ceded premiums |
|
|
(426,348 |
) |
|
|
(423,704 |
) |
|
|
|
|
Less: Premiums ceded to IPO coinsurers |
|
|
(201,566 |
) |
|
|
(216,740 |
) |
|
|
|
|
Other ceded premiums |
|
|
(224,782 |
) |
|
|
(206,964 |
) |
|
|
|
|
Net premiums |
|
$ |
414,320 |
|
|
$ |
399,593 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
SENIOR HEALTH SEGMENT |
|
|||||||||||
Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended June 30, |
|
|
|
|
||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
(In thousands) |
|
|
|
|
||||||
Income (loss) before income taxes |
|
$ |
(264,972 |
) |
|
$ |
(6,032 |
) |
|
NM |
|
|
Less: Impairment of goodwill |
|
|
(127,707 |
) |
|
|
- |
|
|
|
|
|
Less: Impairment of other long-lived assets |
|
|
(125,900 |
) |
|
|
- |
|
|
|
|
|
Adjusted operating income (loss) before income taxes |
|
$ |
(11,365 |
) |
|
$ |
(6,032 |
) |
|
|
88 |
% |
|
|
|
|
|
|
|
|
|
|
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT |
|
|||||||||||
Adjusted Operating Results Reconciliation |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended June 30, |
|
|
|
|
||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
(In thousands) |
|
|
|
|
||||||
Total revenues |
|
$ |
103,105 |
|
|
$ |
47,113 |
|
|
NM |
|
|
Less: Investment gains (losses) |
|
|
(99 |
) |
|
|
(328 |
) |
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
189 |
|
|
|
(852 |
) |
|
|
|
|
Less: Gain on insurance proceeds |
|
|
50,000 |
|
|
|
- |
|
|
|
|
|
Adjusted operating revenues |
|
$ |
53,015 |
|
|
$ |
48,293 |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) before income taxes |
|
$ |
50,208 |
|
|
$ |
(4,768 |
) |
|
NM |
|
|
Less: Investment gains (losses) |
|
|
(99 |
) |
|
|
(328 |
) |
|
|
|
|
Less: 10% deposit asset MTM included in NII |
|
|
189 |
|
|
|
(852 |
) |
|
|
|
|
Less: Restructuring costs |
|
|
(824 |
) |
|
|
- |
|
|
|
|
|
Less: Gain on insurance proceeds |
|
|
50,000 |
|
|
|
- |
|
|
|
|
|
Adjusted operating income (loss) before income taxes |
|
$ |
942 |
|
|
$ |
(3,588 |
) |
|
NM |
|
12
Exhibit 99.2
Supplemental Financial Information
Second Quarter 2024
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, financial analysis, and key statistics |
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, 2023.
2 of 18
Preface |
PRIMERICA, INC. Financial Supplement |
Second Quarter 2024
This document is a financial supplement to our first quarter 2024 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 and mark-to-market (MTM) investment adjustments. 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 with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy negotiated and purchased in connection with the acquisition of e-TeleQuote. We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude non-cash goodwill and intangible asset impairment charges as non-recurring items that cause incomparability between period-over-period results. Operating adjustments also exclude restructuring and related charges incurred with the exit of our senior health business. We exclude these charges as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments, the deferred tax benefit recognized in association with the impairment of intangible assets and the valuation allowance recognized for state net operating losses (NOLs) in the Company’s Senior Health segment. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
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.
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.
3 of 18
Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
Mar 31, |
|
Jun 30, |
|
Sep 30, |
|
Dec 31, |
|
Mar 31, |
|
Jun 30, |
|
Sep 30, |
Dec 31, |
||||||||||||
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Investments and cash excluding securities held to maturity |
$ |
3,246,388 |
|
$ |
3,226,056 |
|
$ |
3,174,938 |
|
$ |
3,432,129 |
|
$ |
3,456,543 |
|
$ |
3,502,298 |
|
|
|
|||||
|
Securities held to maturity |
|
1,460,000 |
|
|
1,433,520 |
|
|
1,417,460 |
|
|
1,386,980 |
|
|
1,376,400 |
|
|
1,353,370 |
|
|
|
|||||
|
|
|
Total investments and cash |
|
4,706,388 |
|
|
4,659,576 |
|
|
4,592,398 |
|
|
4,819,109 |
|
|
4,832,943 |
|
|
4,855,668 |
|
|
|
|||
|
Reinsurance recoverables |
|
3,217,354 |
|
|
3,084,520 |
|
|
2,954,245 |
|
|
3,015,777 |
|
|
2,920,417 |
|
|
2,833,055 |
|
|
|
|||||
|
Deferred policy acquisition costs |
|
3,250,753 |
|
|
3,319,844 |
|
|
3,374,627 |
|
|
3,447,234 |
|
|
3,503,940 |
|
|
3,566,126 |
|
|
|
|||||
|
Goodwill |
|
127,707 |
|
|
127,707 |
|
|
127,707 |
|
|
127,707 |
|
|
127,707 |
|
|
— |
|
|
|
|||||
|
Other assets |
|
1,191,286 |
|
|
1,201,266 |
|
|
1,200,647 |
|
|
1,222,064 |
|
|
1,189,436 |
|
|
1,056,890 |
|
|
|
|||||
|
Separate account assets |
|
2,329,968 |
|
|
2,358,823 |
|
|
2,183,435 |
|
|
2,395,842 |
|
|
2,334,911 |
|
|
2,253,966 |
|
|
|
|||||
|
|
|
Total assets |
$ |
14,823,457 |
|
$ |
14,751,736 |
|
$ |
14,433,059 |
|
$ |
15,027,732 |
|
$ |
14,909,354 |
|
$ |
14,565,704 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Future policy benefits |
$ |
6,561,624 |
|
$ |
6,491,564 |
|
$ |
6,045,151 |
|
$ |
6,742,025 |
|
$ |
6,548,050 |
|
$ |
6,436,332 |
|
|
|
|||||
|
Other policy liabilities |
|
996,747 |
|
|
970,198 |
|
|
938,665 |
|
|
963,773 |
|
|
954,350 |
|
|
908,419 |
|
|
|
|||||
|
Income taxes |
|
201,850 |
|
|
169,487 |
|
|
227,866 |
|
|
135,248 |
|
|
197,714 |
|
|
135,050 |
|
|
|
|||||
|
Other liabilities |
|
659,734 |
|
|
642,149 |
|
|
636,927 |
|
|
644,792 |
|
|
641,836 |
|
|
672,058 |
|
|
|
|||||
|
Debt obligations |
|
593,106 |
|
|
593,307 |
|
|
593,508 |
|
|
593,709 |
|
|
593,909 |
|
|
594,110 |
|
|
|
|||||
|
Surplus note |
|
1,459,565 |
|
|
1,433,101 |
|
|
1,417,056 |
|
|
1,386,592 |
|
|
1,376,028 |
|
|
1,353,014 |
|
|
|
|||||
|
Payable under securities lending |
|
74,452 |
|
|
77,643 |
|
|
77,956 |
|
|
99,785 |
|
|
76,648 |
|
|
90,995 |
|
|
|
|||||
|
Separate account liabilities |
|
2,329,968 |
|
|
2,358,823 |
|
|
2,183,435 |
|
|
2,395,842 |
|
|
2,334,911 |
|
|
2,253,966 |
|
|
|
|||||
|
|
|
Total liabilities |
|
12,877,046 |
|
|
12,736,272 |
|
|
12,120,564 |
|
|
12,961,765 |
|
|
12,723,446 |
|
|
12,443,945 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Common stock ($0.01 par value) (1) |
|
364 |
|
|
358 |
|
|
353 |
|
|
350 |
|
|
346 |
|
|
340 |
|
|
|
|||||
|
Paid-in capital |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|||||
|
Retained earnings |
|
2,177,428 |
|
|
2,190,223 |
|
|
2,215,378 |
|
|
2,276,947 |
|
|
2,285,937 |
|
|
2,122,832 |
|
|
|
|||||
|
Treasury stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|||||
|
Accumulated other comprehensive income (loss), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Net unrealized gains (losses) |
|
(208,157 |
) |
|
(226,250 |
) |
|
(269,604 |
) |
|
(170,008 |
) |
|
(181,537 |
) |
|
(187,346 |
) |
|
|
||||
|
|
Effect of change in discount rate assumptions on the liability for future policy benefits |
|
(11,966 |
) |
|
55,386 |
|
|
377,637 |
|
|
(39,086 |
) |
|
92,853 |
|
|
201,441 |
|
|
|
||||
|
|
Cumulative translation adjustment |
|
(11,259 |
) |
|
(4,253 |
) |
|
(11,269 |
) |
|
(2,235 |
) |
|
(11,691 |
) |
|
(15,507 |
) |
|
|
||||
|
|
|
Total stockholders’ equity |
|
1,946,411 |
|
|
2,015,464 |
|
|
2,312,495 |
|
|
2,065,967 |
|
|
2,185,908 |
|
|
2,121,759 |
|
|
|
|||
|
|
|
Total liabilities and stockholders' equity |
$ |
14,823,457 |
|
$ |
14,751,736 |
|
$ |
14,433,059 |
|
$ |
15,027,732 |
|
$ |
14,909,354 |
|
$ |
14,565,704 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total stockholders' equity |
$ |
1,946,411 |
|
$ |
2,015,464 |
|
$ |
2,312,495 |
|
$ |
2,065,967 |
|
$ |
2,185,908 |
|
$ |
2,121,759 |
|
|
|
||||||
|
Less: Net unrealized gains (losses) |
|
(208,157 |
) |
|
(226,250 |
) |
|
(269,604 |
) |
|
(170,008 |
) |
|
(181,537 |
) |
|
(187,346 |
) |
|
|
|||||
|
Less: Effect of change in discount rate assumptions on the liability for future policy benefits |
|
(11,966 |
) |
|
55,386 |
|
|
377,637 |
|
|
(39,086 |
) |
|
92,853 |
|
|
201,441 |
|
|
|
|||||
|
|
|
Adjusted stockholders’ equity |
$ |
2,166,533 |
|
$ |
2,186,328 |
|
$ |
2,204,462 |
|
$ |
2,275,062 |
|
$ |
2,274,592 |
|
$ |
2,107,665 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted Stockholders' Equity Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period |
$ |
2,141,707 |
|
$ |
2,166,533 |
|
$ |
2,186,328 |
|
$ |
2,204,462 |
|
$ |
2,275,062 |
|
$ |
2,274,592 |
|
|
|
||||||
|
Net Income |
|
128,099 |
|
|
144,504 |
|
|
152,063 |
|
|
151,935 |
|
|
137,904 |
|
|
1,171 |
|
|
|
|||||
|
Shareholder dividends |
|
(23,910 |
) |
|
(23,598 |
) |
|
(23,336 |
) |
|
(22,870 |
) |
|
(26,256 |
) |
|
(25,835 |
) |
|
|
|||||
|
Retirement of shares and warrants |
|
(96,323 |
) |
|
(112,606 |
) |
|
(106,479 |
) |
|
(72,886 |
) |
|
(116,570 |
) |
|
(142,744 |
) |
|
|
|||||
|
Net foreign currency translation adjustment |
|
1,020 |
|
|
7,005 |
|
|
(7,016 |
) |
|
9,035 |
|
|
(9,456 |
) |
|
(3,817 |
) |
|
|
|||||
|
Other, net |
|
15,941 |
|
|
4,490 |
|
|
2,902 |
|
|
5,386 |
|
|
13,909 |
|
|
4,297 |
|
|
|
|||||
Balance, end of period |
$ |
2,166,533 |
|
$ |
2,186,328 |
|
$ |
2,204,462 |
|
$ |
2,275,062 |
|
$ |
2,274,592 |
|
$ |
2,107,665 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deferred Policy Acquisition Costs Rollforward |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period |
$ |
3,188,502 |
|
$ |
3,250,753 |
|
$ |
3,319,844 |
|
$ |
3,374,627 |
|
$ |
3,447,234 |
|
$ |
3,503,940 |
|
|
|
||||||
|
General expenses deferred |
|
10,777 |
|
|
10,692 |
|
|
10,764 |
|
|
9,910 |
|
|
11,156 |
|
|
11,235 |
|
|
|
|||||
|
Commission costs deferred |
|
118,386 |
|
|
119,676 |
|
|
119,976 |
|
|
125,335 |
|
|
125,811 |
|
|
127,800 |
|
|
|
|||||
|
Amortization of deferred policy acquisition costs |
|
(67,923 |
) |
|
(68,110 |
) |
|
(69,405 |
) |
|
(70,378 |
) |
|
(72,049 |
) |
|
(73,643 |
) |
|
|
|||||
|
Foreign currency impact and other, net |
|
1,011 |
|
|
6,833 |
|
|
(6,551 |
) |
|
7,739 |
|
|
(8,211 |
) |
|
(3,207 |
) |
|
|
|||||
Balance, end of period |
$ |
3,250,753 |
|
$ |
3,319,844 |
|
$ |
3,374,627 |
|
$ |
3,447,234 |
|
$ |
3,503,940 |
|
$ |
3,566,126 |
|
|
|
4 of 18
Financial Results and Other Statistical Data |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands, except per-share data) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||
Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
36,709,525 |
|
|
36,215,232 |
|
|
35,760,090 |
|
|
35,148,919 |
|
|
34,882,824 |
|
|
34,383,344 |
|
|
|
|
(1,831,888 |
) |
|
-5.1 |
% |
|
36,461,013 |
|
|
34,633,084 |
|
|
(1,827,929 |
) |
|
-5.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income |
$ |
128,099 |
|
$ |
144,504 |
|
$ |
152,063 |
|
$ |
151,935 |
|
$ |
137,904 |
|
$ |
1,171 |
|
|
|
$ |
(143,334 |
) |
|
-99.2 |
% |
$ |
272,603 |
|
$ |
139,074 |
|
$ |
(133,529 |
) |
|
-49.0 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(579 |
) |
|
(609 |
) |
|
(643 |
) |
|
(648 |
) |
|
(572 |
) |
|
(96 |
) |
|
|
|
513 |
|
|
84.2 |
% |
|
(1,190 |
) |
|
(547 |
) |
|
643 |
|
|
54.1 |
% |
|||
|
|
Net income used in computing basic EPS |
$ |
127,520 |
|
$ |
143,896 |
|
$ |
151,420 |
|
$ |
151,287 |
|
$ |
137,331 |
|
$ |
1,075 |
|
|
|
$ |
(142,821 |
) |
|
-99.3 |
% |
$ |
271,413 |
|
$ |
138,528 |
|
$ |
(132,885 |
) |
|
-49.0 |
% |
||
|
|
Basic earnings per share |
$ |
3.47 |
|
$ |
3.97 |
|
$ |
4.23 |
|
$ |
4.30 |
|
$ |
3.94 |
|
$ |
0.03 |
|
|
|
$ |
(3.94 |
) |
|
-99.2 |
% |
$ |
7.44 |
|
$ |
4.00 |
|
$ |
(3.44 |
) |
|
-46.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted net operating income |
$ |
131,883 |
|
$ |
145,407 |
|
$ |
153,804 |
|
$ |
150,354 |
|
$ |
137,005 |
|
$ |
162,746 |
|
|
|
$ |
17,339 |
|
|
11.9 |
% |
$ |
277,290 |
|
$ |
299,751 |
|
$ |
22,460 |
|
|
8.1 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(596 |
) |
|
(612 |
) |
|
(650 |
) |
|
(642 |
) |
|
(569 |
) |
|
(604 |
) |
|
|
|
9 |
|
|
1.5 |
% |
|
(1,210 |
) |
|
(1,178 |
) |
|
32 |
|
|
2.6 |
% |
|||
|
|
Adjusted net operating income used in computing basic operating EPS |
$ |
131,288 |
|
$ |
144,794 |
|
$ |
153,154 |
|
$ |
149,713 |
|
$ |
136,436 |
|
$ |
162,142 |
|
|
|
$ |
17,348 |
|
|
12.0 |
% |
$ |
276,080 |
|
$ |
298,572 |
|
$ |
22,492 |
|
|
8.1 |
% |
||
|
|
Basic adjusted operating income per share |
$ |
3.58 |
|
$ |
4.00 |
|
$ |
4.28 |
|
$ |
4.26 |
|
$ |
3.91 |
|
$ |
4.72 |
|
|
|
$ |
0.72 |
|
|
18.0 |
% |
$ |
7.57 |
|
$ |
8.62 |
|
$ |
1.05 |
|
|
13.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Weighted-average common shares and fully vested equity awards |
|
36,709,525 |
|
|
36,215,232 |
|
|
35,760,090 |
|
|
35,148,919 |
|
|
34,882,824 |
|
|
34,383,344 |
|
|
|
|
(1,831,888 |
) |
|
-5.1 |
% |
|
36,461,013 |
|
|
34,633,084 |
|
|
(1,827,929 |
) |
|
-5.0 |
% |
|||
|
Dilutive impact of contingently issuable shares |
|
94,123 |
|
|
74,712 |
|
|
62,182 |
|
|
59,473 |
|
|
53,938 |
|
|
56,591 |
|
|
|
|
(18,121 |
) |
|
-24.3 |
% |
|
84,418 |
|
|
55,265 |
|
|
(29,153 |
) |
|
-34.5 |
% |
|||
|
|
Shares used to calculate diluted EPS |
|
36,803,648 |
|
|
36,289,944 |
|
|
35,822,272 |
|
|
35,208,392 |
|
|
34,936,762 |
|
|
34,439,935 |
|
|
|
|
(1,850,009 |
) |
|
-5.1 |
% |
|
36,545,431 |
|
|
34,688,349 |
|
|
(1,857,082 |
) |
|
-5.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Net income |
$ |
128,099 |
|
$ |
144,504 |
|
$ |
152,063 |
|
$ |
151,935 |
|
$ |
137,904 |
|
$ |
1,171 |
|
|
|
$ |
(143,334 |
) |
|
-99.2 |
% |
$ |
272,603 |
|
$ |
139,074 |
|
$ |
(133,529 |
) |
|
-49.0 |
% |
|||
|
Less income attributable to unvested participating securities |
|
(577 |
) |
|
(608 |
) |
|
(642 |
) |
|
(647 |
) |
|
(572 |
) |
|
(96 |
) |
|
|
|
512 |
|
|
84.2 |
% |
|
(1,188 |
) |
|
(546 |
) |
|
641 |
|
|
54.0 |
% |
|||
|
|
Net income used in computing diluted EPS |
$ |
127,521 |
|
$ |
143,897 |
|
$ |
151,421 |
|
$ |
151,288 |
|
$ |
137,332 |
|
$ |
1,075 |
|
|
|
$ |
(142,822 |
) |
|
-99.3 |
% |
$ |
271,415 |
|
$ |
138,528 |
|
$ |
(132,887 |
) |
|
-49.0 |
% |
||
|
|
Diluted earnings per share |
$ |
3.46 |
|
$ |
3.97 |
|
$ |
4.23 |
|
$ |
4.30 |
|
$ |
3.93 |
|
$ |
0.03 |
|
|
|
$ |
(3.94 |
) |
|
-99.2 |
% |
$ |
7.43 |
|
$ |
3.99 |
|
$ |
(3.44 |
) |
|
-46.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted net operating income |
$ |
131,883 |
|
$ |
145,407 |
|
$ |
153,804 |
|
$ |
150,354 |
|
$ |
137,005 |
|
$ |
162,746 |
|
|
|
$ |
17,339 |
|
|
11.9 |
% |
$ |
277,290 |
|
$ |
299,751 |
|
$ |
22,460 |
|
|
8.1 |
% |
|||
|
Less operating income attributable to unvested participating securities |
|
(595 |
) |
|
(611 |
) |
|
(649 |
) |
|
(641 |
) |
|
(568 |
) |
|
(603 |
) |
|
|
|
9 |
|
|
1.4 |
% |
|
(1,208 |
) |
|
(1,177 |
) |
|
31 |
|
|
2.6 |
% |
|||
|
|
Adjusted net operating income used in computing diluted operating EPS |
$ |
131,289 |
|
$ |
144,795 |
|
$ |
153,155 |
|
$ |
149,714 |
|
$ |
136,437 |
|
$ |
162,143 |
|
|
|
$ |
17,348 |
|
|
12.0 |
% |
$ |
276,082 |
|
$ |
298,574 |
|
$ |
22,492 |
|
|
8.1 |
% |
||
|
|
Diluted adjusted operating income per share |
$ |
3.57 |
|
$ |
3.99 |
|
$ |
4.28 |
|
$ |
4.25 |
|
$ |
3.91 |
|
$ |
4.71 |
|
|
|
$ |
0.72 |
|
|
18.0 |
% |
$ |
7.55 |
|
$ |
8.61 |
|
$ |
1.06 |
|
|
14.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Annualized Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Average stockholders' equity |
$ |
1,988,832 |
|
$ |
1,980,938 |
|
$ |
2,163,980 |
|
$ |
2,189,231 |
|
$ |
2,125,938 |
|
$ |
2,153,834 |
|
|
|
$ |
172,896 |
|
|
8.7 |
% |
$ |
1,984,885 |
|
$ |
2,139,886 |
|
$ |
155,001 |
|
|
7.8 |
% |
|||
|
Average adjusted stockholders' equity |
$ |
2,154,120 |
|
$ |
2,176,431 |
|
$ |
2,195,395 |
|
$ |
2,239,762 |
|
$ |
2,274,827 |
|
$ |
2,191,128 |
|
|
|
$ |
14,698 |
|
|
0.7 |
% |
$ |
2,165,275 |
|
$ |
2,232,978 |
|
$ |
67,702 |
|
|
3.1 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income return on stockholders' equity |
|
25.8 |
% |
|
29.2 |
% |
|
28.1 |
% |
|
27.8 |
% |
|
25.9 |
% |
|
0.2 |
% |
|
|
|
-29.0 |
% |
nm |
|
|
27.5 |
% |
|
13.0 |
% |
|
-14.5 |
% |
nm |
|
|||||
|
Net income return on adjusted stockholders' equity |
|
23.8 |
% |
|
26.6 |
% |
|
27.7 |
% |
|
27.1 |
% |
|
24.2 |
% |
|
0.2 |
% |
|
|
|
-26.3 |
% |
nm |
|
|
25.2 |
% |
|
12.5 |
% |
|
-12.7 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted net operating income return on adjusted stockholders' equity |
|
24.5 |
% |
|
26.7 |
% |
|
28.0 |
% |
|
26.9 |
% |
|
24.1 |
% |
|
29.7 |
% |
|
|
|
3.0 |
% |
nm |
|
|
25.6 |
% |
|
26.8 |
% |
|
1.2 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital Structure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Debt-to-capital (1) |
|
23.4 |
% |
|
22.7 |
% |
|
20.4 |
% |
|
22.3 |
% |
|
21.4 |
% |
|
21.9 |
% |
|
|
|
-0.9 |
% |
nm |
|
|
22.7 |
% |
|
21.9 |
% |
|
-0.9 |
% |
nm |
|
|||||
|
Debt-to-capital, excluding AOCI (1) |
|
21.4 |
% |
|
21.3 |
% |
|
21.1 |
% |
|
20.7 |
% |
|
20.6 |
% |
|
21.9 |
% |
|
|
|
0.6 |
% |
nm |
|
|
21.3 |
% |
|
21.9 |
% |
|
0.6 |
% |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Cash and invested assets to stockholders' equity |
|
2.4 |
x |
|
2.3 |
x |
|
2.0 |
x |
|
2.3 |
x |
|
2.2 |
x |
|
2.3 |
x |
|
|
|
(0.0 |
x) |
nm |
|
|
2.3 |
x |
|
2.3 |
x |
|
(0.0 |
x) |
nm |
|
|||||
|
Cash and invested assets to adjusted stockholders' equity |
|
2.2 |
x |
|
2.1 |
x |
|
2.1 |
x |
|
2.1 |
x |
|
2.1 |
x |
|
2.3 |
x |
|
|
|
0.2 |
x |
nm |
|
|
2.1 |
x |
|
2.3 |
x |
|
0.2 |
x |
nm |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Share count, end of period (2) |
|
36,407,876 |
|
|
35,845,525 |
|
|
35,342,474 |
|
|
34,995,613 |
|
|
34,609,005 |
|
|
33,993,897 |
|
|
|
|
(1,851,628 |
) |
|
-5.2 |
% |
|
35,845,525 |
|
|
33,993,897 |
|
|
(1,851,628 |
) |
|
-5.2 |
% |
|||
|
Adjusted stockholders' equity per share |
$ |
59.51 |
|
$ |
60.99 |
|
$ |
62.37 |
|
$ |
65.01 |
|
$ |
65.72 |
|
$ |
62.00 |
|
|
|
$ |
1.01 |
|
|
1.7 |
% |
$ |
60.99 |
|
$ |
62.00 |
|
$ |
1.01 |
|
|
1.7 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Strength Ratings - Primerica Life Insurance Co |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Moody's |
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
A1 |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
|||||||||||||||
|
S&P |
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
AA- |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
|||||||||||||||
|
A.M. Best |
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
A+ |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Holding Company Senior Debt Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Moody's |
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
Baa1 |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
|||||||||||||||
|
S&P |
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
A- |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
|||||||||||||||
|
A.M. Best |
a- |
|
a- |
|
a- |
|
a- |
|
a- |
|
a- |
|
|
|
na |
|
na |
|
na |
|
na |
|
na |
|
na |
|
5 of 18
Statements of Income |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Direct premiums |
$ |
817,872 |
|
$ |
828,296 |
|
$ |
831,681 |
|
$ |
834,275 |
|
$ |
841,046 |
|
$ |
845,358 |
|
|
|
$ |
17,062 |
|
|
2.1 |
% |
$ |
1,646,169 |
|
$ |
1,686,404 |
|
$ |
40,236 |
|
|
2.4 |
% |
|||||
|
Ceded premiums |
|
(405,347 |
) |
|
(425,266 |
) |
|
(411,015 |
) |
|
(410,182 |
) |
|
(409,764 |
) |
|
(427,561 |
) |
|
|
|
(2,295 |
) |
|
-0.5 |
% |
|
(830,613 |
) |
|
(837,325 |
) |
|
(6,712 |
) |
|
-0.8 |
% |
|||||
|
|
Net premiums |
|
412,525 |
|
|
403,030 |
|
|
420,666 |
|
|
424,093 |
|
|
431,283 |
|
|
417,797 |
|
|
|
|
14,767 |
|
|
3.7 |
% |
|
815,555 |
|
|
849,079 |
|
|
33,524 |
|
|
4.1 |
% |
||||
|
Net investment income |
|
31,065 |
|
|
32,398 |
|
|
34,730 |
|
|
37,644 |
|
|
37,806 |
|
|
38,452 |
|
|
|
|
6,054 |
|
|
18.7 |
% |
|
63,462 |
|
|
76,258 |
|
|
12,796 |
|
|
20.2 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Sales-based (1) |
|
72,388 |
|
|
74,958 |
|
|
72,996 |
|
|
76,274 |
|
|
88,746 |
|
|
101,178 |
|
|
|
|
26,220 |
|
|
35.0 |
% |
|
147,346 |
|
|
189,924 |
|
|
42,577 |
|
|
28.9 |
% |
||||
|
|
Asset-based (2) |
|
111,904 |
|
|
113,335 |
|
|
119,413 |
|
|
118,303 |
|
|
128,532 |
|
|
132,765 |
|
|
|
|
19,430 |
|
|
17.1 |
% |
|
225,239 |
|
|
261,297 |
|
|
36,058 |
|
|
16.0 |
% |
||||
|
|
Account-based (3) |
|
22,790 |
|
|
23,095 |
|
|
23,344 |
|
|
23,960 |
|
|
23,180 |
|
|
23,740 |
|
|
|
|
644 |
|
|
2.8 |
% |
|
45,886 |
|
|
46,919 |
|
|
1,034 |
|
|
2.3 |
% |
||||
|
|
Other commissions and fees |
|
24,464 |
|
|
21,742 |
|
|
23,149 |
|
|
28,300 |
|
|
14,563 |
|
|
22,087 |
|
|
|
|
345 |
|
|
1.6 |
% |
|
46,206 |
|
|
36,650 |
|
|
(9,556 |
) |
|
-20.7 |
% |
||||
|
Investment (losses) gains |
|
(4,608 |
) |
|
(328 |
) |
|
(1,795 |
) |
|
835 |
|
|
1,305 |
|
|
(99 |
) |
|
|
|
228 |
|
nm |
|
|
(4,936 |
) |
|
1,206 |
|
|
6,142 |
|
nm |
|
|||||||
|
Other, net |
|
19,508 |
|
|
20,155 |
|
|
18,429 |
|
|
16,929 |
|
|
17,415 |
|
|
67,457 |
|
|
|
|
47,302 |
|
nm |
|
|
39,663 |
|
|
84,871 |
|
|
45,208 |
|
|
114.0 |
% |
||||||
|
Total revenues |
|
690,036 |
|
|
688,385 |
|
|
710,932 |
|
|
726,338 |
|
|
742,829 |
|
|
803,375 |
|
|
|
|
114,990 |
|
|
16.7 |
% |
|
1,378,422 |
|
|
1,546,205 |
|
|
167,783 |
|
|
12.2 |
% |
|||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Benefits and claims |
|
163,267 |
|
|
148,911 |
|
|
162,062 |
|
|
168,739 |
|
|
166,321 |
|
|
150,030 |
|
|
|
|
1,118 |
|
|
0.8 |
% |
|
312,179 |
|
|
316,351 |
|
|
4,172 |
|
|
1.3 |
% |
|||||
|
Future policy benefits remeasurement (gain)/loss |
|
559 |
|
|
(1,867 |
) |
|
179 |
|
|
746 |
|
|
55 |
|
|
(4,329 |
) |
|
|
|
(2,463 |
) |
|
-131.9 |
% |
|
(1,308 |
) |
|
(4,274 |
) |
|
(2,966 |
) |
nm |
|
||||||
|
Amortization of DAC |
|
67,923 |
|
|
68,110 |
|
|
69,405 |
|
|
70,378 |
|
|
72,049 |
|
|
73,643 |
|
|
|
|
5,533 |
|
|
8.1 |
% |
|
136,033 |
|
|
145,692 |
|
|
9,659 |
|
|
7.1 |
% |
|||||
|
Insurance commissions |
|
8,138 |
|
|
9,142 |
|
|
7,911 |
|
|
9,030 |
|
|
9,634 |
|
|
7,399 |
|
|
|
|
(1,743 |
) |
|
-19.1 |
% |
|
17,281 |
|
|
17,033 |
|
|
(248 |
) |
|
-1.4 |
% |
|||||
|
Insurance expenses |
|
61,125 |
|
|
59,093 |
|
|
57,821 |
|
|
57,420 |
|
|
63,149 |
|
|
62,685 |
|
|
|
|
3,591 |
|
|
6.1 |
% |
|
120,219 |
|
|
125,834 |
|
|
5,615 |
|
|
4.7 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Sales-based (1) |
|
52,452 |
|
|
53,630 |
|
|
52,343 |
|
|
54,057 |
|
|
62,814 |
|
|
70,509 |
|
|
|
|
16,878 |
|
|
31.5 |
% |
|
106,082 |
|
|
133,322 |
|
|
27,240 |
|
|
25.7 |
% |
||||
|
|
Asset-based (2) |
|
54,276 |
|
|
55,085 |
|
|
58,793 |
|
|
58,388 |
|
|
64,208 |
|
|
66,525 |
|
|
|
|
11,440 |
|
|
20.8 |
% |
|
109,361 |
|
|
130,733 |
|
|
21,372 |
|
|
19.5 |
% |
||||
|
|
Other sales commissions |
|
4,147 |
|
|
4,907 |
|
|
5,064 |
|
|
4,303 |
|
|
4,117 |
|
|
5,120 |
|
|
|
|
213 |
|
|
4.3 |
% |
|
9,054 |
|
|
9,237 |
|
|
183 |
|
|
2.0 |
% |
||||
|
Interest expense |
|
6,690 |
|
|
6,686 |
|
|
6,632 |
|
|
6,586 |
|
|
6,771 |
|
|
6,099 |
|
|
|
|
(587 |
) |
|
-8.8 |
% |
|
13,376 |
|
|
12,870 |
|
|
(505 |
) |
|
-3.8 |
% |
|||||
|
Contract acquistion costs (4) |
|
14,984 |
|
|
12,602 |
|
|
12,568 |
|
|
15,079 |
|
|
13,533 |
|
|
15,724 |
|
|
|
|
3,122 |
|
|
24.8 |
% |
|
27,586 |
|
|
29,257 |
|
|
1,671 |
|
|
6.1 |
% |
|||||
|
Other operating expenses |
|
89,534 |
|
|
83,189 |
|
|
79,354 |
|
|
84,572 |
|
|
100,943 |
|
|
88,567 |
|
|
|
|
5,378 |
|
|
6.5 |
% |
|
172,723 |
|
|
189,510 |
|
|
16,787 |
|
|
9.7 |
% |
|||||
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
— |
|
#DIV/0! |
|
|
— |
|
|
— |
|
|
— |
|
#DIV/0! |
|
|||||||
|
Total benefits and expenses |
|
523,095 |
|
|
499,489 |
|
|
512,131 |
|
|
529,297 |
|
|
563,594 |
|
|
795,578 |
|
|
|
|
296,089 |
|
|
59.3 |
% |
|
1,022,584 |
|
|
1,359,172 |
|
|
336,588 |
|
|
32.9 |
% |
|||||
|
Income before income taxes |
|
166,942 |
|
|
188,896 |
|
|
198,801 |
|
|
197,041 |
|
|
179,236 |
|
|
7,797 |
|
|
|
|
(181,099 |
) |
|
-95.9 |
% |
|
355,838 |
|
|
187,033 |
|
|
(168,805 |
) |
|
-47.4 |
% |
|||||
|
|
Income taxes |
|
38,843 |
|
|
44,392 |
|
|
46,738 |
|
|
45,106 |
|
|
41,332 |
|
|
6,626 |
|
|
|
|
(37,765 |
) |
|
-85.1 |
% |
|
83,235 |
|
|
47,958 |
|
|
(35,277 |
) |
|
-42.4 |
% |
||||
|
|
|
Net Income |
$ |
128,099 |
|
$ |
144,504 |
|
$ |
152,063 |
|
$ |
151,935 |
|
$ |
137,904 |
|
$ |
1,171 |
|
|
|
$ |
(143,334 |
) |
|
-99.2 |
% |
$ |
272,603 |
|
$ |
139,074 |
|
$ |
(133,529 |
) |
|
-49.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income Before Income Taxes by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Term Life Insurance |
$ |
130,540 |
|
$ |
140,115 |
|
$ |
141,223 |
|
$ |
140,285 |
|
$ |
138,367 |
|
$ |
147,780 |
|
|
|
$ |
7,665 |
|
|
5.5 |
% |
$ |
270,655 |
|
$ |
286,147 |
|
$ |
15,493 |
|
|
5.7 |
% |
||||||
Investment & Savings Products |
|
56,107 |
|
|
59,583 |
|
|
64,374 |
|
|
62,763 |
|
|
65,563 |
|
|
74,783 |
|
|
|
|
15,200 |
|
|
25.5 |
% |
|
115,691 |
|
|
140,346 |
|
|
24,655 |
|
|
21.3 |
% |
||||||
Senior Health |
|
(3,762 |
) |
|
(6,033 |
) |
|
(7,583 |
) |
|
(2,681 |
) |
|
(14,153 |
) |
|
(264,972 |
) |
|
|
|
(258,939 |
) |
nm |
|
|
(9,795 |
) |
|
(279,125 |
) |
|
(269,330 |
) |
nm |
|
||||||||
Corporate & Other Distributed Products |
|
(15,944 |
) |
|
(4,769 |
) |
|
787 |
|
|
(3,327 |
) |
|
(10,542 |
) |
|
50,206 |
|
|
|
|
54,975 |
|
nm |
|
|
(20,713 |
) |
|
39,664 |
|
|
60,377 |
|
nm |
|
||||||||
|
Income before income taxes |
$ |
166,942 |
|
$ |
188,896 |
|
$ |
198,801 |
|
$ |
197,041 |
|
$ |
179,236 |
|
$ |
7,797 |
|
|
|
$ |
(181,099 |
) |
|
-95.9 |
% |
$ |
355,838 |
|
$ |
187,033 |
|
$ |
(168,805 |
) |
|
-47.4 |
% |
6 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Term Life Insurance direct premiums |
$ |
812,880 |
|
$ |
823,297 |
|
$ |
826,665 |
|
$ |
829,918 |
|
$ |
836,321 |
|
$ |
840,668 |
|
|
|
$ |
17,371 |
|
|
2.1 |
% |
$ |
1,636,177 |
|
$ |
1,676,989 |
|
$ |
40,812 |
|
|
2.5 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
220,240 |
|
|
216,740 |
|
|
212,951 |
|
|
210,310 |
|
|
206,502 |
|
|
201,566 |
|
|
|
|
(15,174 |
) |
|
-7.0 |
% |
|
436,980 |
|
|
408,068 |
|
|
(28,912 |
) |
|
-6.6 |
% |
|||||
|
Term Life Insurance adjusted direct premiums |
$ |
592,640 |
|
$ |
606,557 |
|
$ |
613,714 |
|
$ |
619,608 |
|
$ |
629,819 |
|
$ |
639,102 |
|
|
|
$ |
32,545 |
|
|
5.4 |
% |
$ |
1,199,197 |
|
$ |
1,268,921 |
|
$ |
69,724 |
|
|
5.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Term Life Insurance ceded premiums |
$ |
(404,044 |
) |
$ |
(423,704 |
) |
$ |
(409,801 |
) |
$ |
(410,456 |
) |
$ |
(408,558 |
) |
$ |
(426,348 |
) |
|
|
$ |
(2,644 |
) |
|
-0.6 |
% |
$ |
(827,747 |
) |
$ |
(834,906 |
) |
$ |
(7,159 |
) |
|
-0.9 |
% |
|||||
|
Less: Premiums ceded to IPO Coinsurers |
|
(220,240 |
) |
|
(216,740 |
) |
|
(212,951 |
) |
|
(210,310 |
) |
|
(206,502 |
) |
|
(201,566 |
) |
|
|
|
15,174 |
|
|
7.0 |
% |
|
(436,980 |
) |
|
(408,068 |
) |
|
28,912 |
|
|
6.6 |
% |
|||||
|
Term Life Insurance other ceded premiums |
$ |
(183,804 |
) |
$ |
(206,964 |
) |
$ |
(196,849 |
) |
$ |
(200,146 |
) |
$ |
(202,056 |
) |
$ |
(224,782 |
) |
|
|
$ |
(17,818 |
) |
|
-8.6 |
% |
$ |
(390,767 |
) |
$ |
(426,838 |
) |
$ |
(36,071 |
) |
|
-9.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Net Investment Income to Adjusted Net Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net Investment Income |
$ |
31,065 |
|
$ |
32,398 |
|
$ |
34,730 |
|
$ |
37,644 |
|
$ |
37,806 |
|
$ |
38,452 |
|
|
|
$ |
6,054 |
|
|
18.7 |
% |
$ |
63,462 |
|
$ |
76,258 |
|
$ |
12,796 |
|
|
20.2 |
% |
|||||
|
Less: MTM investment adjustments |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
nm |
|
nm |
|
|
(1,179 |
) |
|
52 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted net investment income |
$ |
31,392 |
|
$ |
33,250 |
|
$ |
35,212 |
|
$ |
36,429 |
|
$ |
37,943 |
|
$ |
38,263 |
|
|
|
$ |
5,013 |
|
|
15.1 |
% |
$ |
64,642 |
|
$ |
76,206 |
|
$ |
11,564 |
|
|
17.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Other Operating Expenses to Adjusted other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Other operating expenses |
$ |
89,534 |
|
$ |
83,189 |
|
$ |
79,354 |
|
$ |
84,572 |
|
$ |
100,943 |
|
$ |
88,567 |
|
|
|
$ |
5,378 |
|
|
6.5 |
% |
$ |
172,723 |
|
$ |
189,510 |
|
$ |
16,787 |
|
|
9.7 |
% |
|||||
|
Less: Restructuring costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
824 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
824 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted other operating expenses |
$ |
89,534 |
|
$ |
83,189 |
|
$ |
79,354 |
|
$ |
84,572 |
|
$ |
100,943 |
|
$ |
87,743 |
|
|
|
$ |
4,554 |
|
|
5.5 |
% |
$ |
172,723 |
|
$ |
188,686 |
|
$ |
15,963 |
|
|
9.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Total Revenues to Adjusted Operating Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total revenues |
$ |
690,036 |
|
$ |
688,385 |
|
$ |
710,932 |
|
$ |
726,338 |
|
$ |
742,829 |
|
$ |
803,375 |
|
|
|
$ |
114,990 |
|
|
16.7 |
% |
$ |
1,378,422 |
|
$ |
1,546,205 |
|
$ |
167,783 |
|
|
12.2 |
% |
|||||
|
Less: Investment (losses) gains |
|
(4,608 |
) |
|
(328 |
) |
|
(1,795 |
) |
|
835 |
|
|
1,305 |
|
|
(99 |
) |
|
|
nm |
|
nm |
|
|
(4,936 |
) |
|
1,206 |
|
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
nm |
|
nm |
|
|
(1,179 |
) |
|
52 |
|
nm |
|
nm |
|
|||||||||
|
Less: Insurance claim proceeds |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
50,000 |
|
nm |
|
nm |
|
|||||||||
|
Adjusted operating revenues |
$ |
694,972 |
|
$ |
689,565 |
|
$ |
713,208 |
|
$ |
724,288 |
|
$ |
741,661 |
|
$ |
753,285 |
|
|
|
$ |
63,720 |
|
|
9.2 |
% |
$ |
1,384,537 |
|
$ |
1,494,946 |
|
$ |
110,410 |
|
|
8.0 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income before income taxes |
$ |
166,942 |
|
$ |
188,896 |
|
$ |
198,801 |
|
$ |
197,041 |
|
$ |
179,236 |
|
$ |
7,797 |
|
|
|
$ |
(181,099 |
) |
|
-95.9 |
% |
$ |
355,838 |
|
$ |
187,033 |
|
$ |
(168,805 |
) |
|
-47.4 |
% |
|||||
|
Less: Investment (losses) gains |
|
(4,608 |
) |
|
(328 |
) |
|
(1,795 |
) |
|
835 |
|
|
1,305 |
|
|
(99 |
) |
|
|
nm |
|
nm |
|
|
(4,936 |
) |
|
1,206 |
|
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
nm |
|
nm |
|
|
(1,179 |
) |
|
52 |
|
nm |
|
nm |
|
|||||||||
|
Less: Insurance claim proceeds |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
50,000 |
|
nm |
|
nm |
|
|||||||||
|
Less: Restructuring costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(824 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(824 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(127,707 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(127,707 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Impairment of other long-lived assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(125,900 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(125,900 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
171,877 |
|
$ |
190,076 |
|
$ |
201,077 |
|
$ |
194,991 |
|
$ |
178,067 |
|
$ |
212,138 |
|
|
|
$ |
22,063 |
|
|
11.6 |
% |
$ |
361,953 |
|
$ |
390,205 |
|
$ |
28,253 |
|
|
7.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from Net Income to Adjusted Net Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income |
$ |
128,099 |
|
$ |
144,504 |
|
$ |
152,063 |
|
$ |
151,935 |
|
$ |
137,904 |
|
$ |
1,171 |
|
|
|
$ |
(143,334 |
) |
|
-99.2 |
% |
$ |
272,603 |
|
$ |
139,074 |
|
$ |
(133,529 |
) |
|
-49.0 |
% |
|||||
|
Less: Investment (losses) gains |
|
(4,608 |
) |
|
(328 |
) |
|
(1,795 |
) |
|
835 |
|
|
1,305 |
|
|
(99 |
) |
|
|
nm |
|
nm |
|
|
(4,936 |
) |
|
1,206 |
|
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
nm |
|
nm |
|
|
(1,179 |
) |
|
52 |
|
nm |
|
nm |
|
|||||||||
|
Less: Insurance claim proceeds |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
50,000 |
|
nm |
|
nm |
|
|||||||||
|
Less: Restructuring costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(824 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(824 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(127,707 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(127,707 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Tax impact of preceding items |
|
1,151 |
|
|
277 |
|
|
535 |
|
|
(469 |
) |
|
(269 |
) |
|
18,720 |
|
|
|
nm |
|
nm |
|
|
1,428 |
|
|
18,451 |
|
nm |
|
nm |
|
|||||||||
|
Less: Impairment of other long-lived assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(125,900 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(125,900 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Deferred tax benefit of preceding item |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
35,126 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
35,126 |
|
nm |
|
nm |
|
|||||||||
|
Less: Valuation allowance on Senior Health NOLs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,080 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(11,080 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted net operating income |
$ |
131,883 |
|
$ |
145,407 |
|
$ |
153,804 |
|
$ |
150,354 |
|
$ |
137,005 |
|
$ |
162,746 |
|
|
|
$ |
17,339 |
|
|
11.9 |
% |
$ |
277,290 |
|
$ |
299,751 |
|
$ |
22,460 |
|
|
8.1 |
% |
7 of 18
Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Reconciliation from Senior Health Income Before Income Taxes to Senior Health Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income before income taxes |
$ |
(3,762 |
) |
$ |
(6,033 |
) |
$ |
(7,583 |
) |
$ |
(2,681 |
) |
$ |
(14,153 |
) |
$ |
(264,972 |
) |
|
|
$ |
(258,939 |
) |
nm |
|
$ |
(9,795 |
) |
$ |
(279,125 |
) |
$ |
(269,330 |
) |
nm |
|
|||||||
|
Less: Impairment of goodwill |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(127,707 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(127,707 |
) |
nm |
|
nm |
|
|||||||||
|
Less: Impairment of other long-lived assets |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(125,900 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(125,900 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
(3,762 |
) |
$ |
(6,033 |
) |
$ |
(7,583 |
) |
$ |
(2,681 |
) |
$ |
(14,153 |
) |
$ |
(11,365 |
) |
|
|
$ |
(5,332 |
) |
|
-88.4 |
% |
$ |
(9,795 |
) |
$ |
(25,518 |
) |
$ |
(15,723 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income before income taxes |
$ |
(15,944 |
) |
$ |
(4,769 |
) |
$ |
787 |
|
$ |
(3,327 |
) |
$ |
(10,542 |
) |
$ |
50,206 |
|
|
|
$ |
54,975 |
|
nm |
|
$ |
(20,713 |
) |
$ |
39,664 |
|
$ |
60,377 |
|
nm |
|
|||||||
|
Less: Investment (losses) gains |
|
(4,608 |
) |
|
(328 |
) |
|
(1,795 |
) |
|
835 |
|
|
1,305 |
|
|
(99 |
) |
|
|
nm |
|
nm |
|
|
(4,936 |
) |
|
1,206 |
|
nm |
|
nm |
|
|||||||||
|
Less: MTM investment adjustments |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
nm |
|
nm |
|
|
(1,179 |
) |
|
52 |
|
nm |
|
nm |
|
|||||||||
|
Less: Insurance claim proceeds |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50,000 |
|
|
|
nm |
|
nm |
|
|
— |
|
|
50,000 |
|
nm |
|
nm |
|
|||||||||
|
Less: Restructuring costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(824 |
) |
|
|
nm |
|
nm |
|
|
— |
|
|
(824 |
) |
nm |
|
nm |
|
|||||||||
|
Adjusted operating income before income taxes |
$ |
(11,008 |
) |
$ |
(3,589 |
) |
$ |
3,063 |
|
$ |
(5,377 |
) |
$ |
(11,710 |
) |
$ |
940 |
|
|
|
$ |
4,530 |
|
|
126.2 |
% |
$ |
(14,598 |
) |
$ |
(10,770 |
) |
$ |
3,828 |
|
|
26.2 |
% |
8 of 18
Term Life Insurance - Financial Results and Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Term Life Insurance Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Direct Premiums |
$ |
812,880 |
|
$ |
823,297 |
|
$ |
826,665 |
|
$ |
829,918 |
|
$ |
836,321 |
|
$ |
840,668 |
|
|
|
$ |
17,371 |
|
|
2.1 |
% |
$ |
1,636,177 |
|
$ |
1,676,989 |
|
$ |
40,812 |
|
|
2.5 |
% |
|||||
|
Premiums ceded to IPO coinsurers (1) |
|
(220,240 |
) |
|
(216,740 |
) |
|
(212,951 |
) |
|
(210,310 |
) |
|
(206,502 |
) |
|
(201,566 |
) |
|
|
|
15,174 |
|
|
7.0 |
% |
|
(436,980 |
) |
|
(408,068 |
) |
|
28,912 |
|
|
6.6 |
% |
|||||
|
Adjusted direct premiums (2) |
|
592,640 |
|
|
606,557 |
|
|
613,714 |
|
|
619,608 |
|
|
629,819 |
|
|
639,102 |
|
|
|
|
32,545 |
|
|
5.4 |
% |
|
1,199,197 |
|
|
1,268,921 |
|
|
69,724 |
|
|
5.8 |
% |
|||||
|
Other ceded premiums (3) |
|
(183,804 |
) |
|
(206,964 |
) |
|
(196,849 |
) |
|
(200,146 |
) |
|
(202,056 |
) |
|
(224,782 |
) |
|
|
|
(17,818 |
) |
|
-8.6 |
% |
|
(390,767 |
) |
|
(426,838 |
) |
|
(36,071 |
) |
|
-9.2 |
% |
|||||
|
Net premiums |
|
408,836 |
|
|
399,594 |
|
|
416,864 |
|
|
419,462 |
|
|
427,762 |
|
|
414,320 |
|
|
|
|
14,727 |
|
|
3.7 |
% |
|
808,430 |
|
|
842,083 |
|
|
33,653 |
|
|
4.2 |
% |
|||||
|
Other, net |
|
12,233 |
|
|
12,280 |
|
|
11,909 |
|
|
11,865 |
|
|
12,649 |
|
|
12,624 |
|
|
|
|
345 |
|
|
2.8 |
% |
|
24,513 |
|
|
25,274 |
|
|
761 |
|
|
3.1 |
% |
|||||
|
Revenues |
|
421,069 |
|
|
411,873 |
|
|
428,773 |
|
|
431,327 |
|
|
440,412 |
|
|
426,944 |
|
|
|
|
15,071 |
|
|
3.7 |
% |
|
832,942 |
|
|
867,356 |
|
|
34,414 |
|
|
4.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Benefits and claims |
|
158,940 |
|
|
143,855 |
|
|
158,508 |
|
|
160,782 |
|
|
163,847 |
|
|
146,268 |
|
|
|
|
2,413 |
|
|
1.7 |
% |
|
302,795 |
|
|
310,115 |
|
|
7,320 |
|
|
2.4 |
% |
|||||
|
Future policy benefits remeasurement (gain)/loss |
|
1,035 |
|
|
(1,312 |
) |
|
251 |
|
|
(187 |
) |
|
(319 |
) |
|
(4,280 |
) |
|
|
|
(2,968 |
) |
nm |
|
|
(277 |
) |
|
(4,599 |
) |
|
(4,322 |
) |
nm |
|
|||||||
|
Amortization of DAC |
|
66,068 |
|
|
66,004 |
|
|
67,720 |
|
|
69,012 |
|
|
70,491 |
|
|
71,916 |
|
|
|
|
5,912 |
|
|
9.0 |
% |
|
132,072 |
|
|
142,407 |
|
|
10,335 |
|
|
7.8 |
% |
|||||
|
Insurance commissions |
|
4,590 |
|
|
5,496 |
|
|
4,373 |
|
|
5,356 |
|
|
6,047 |
|
|
3,785 |
|
|
|
|
(1,710 |
) |
|
-31.1 |
% |
|
10,086 |
|
|
9,833 |
|
|
(253 |
) |
|
-2.5 |
% |
|||||
|
Insurance expenses |
|
59,896 |
|
|
57,717 |
|
|
56,698 |
|
|
56,080 |
|
|
61,979 |
|
|
61,476 |
|
|
|
|
3,759 |
|
|
6.5 |
% |
|
117,613 |
|
|
123,454 |
|
|
5,842 |
|
|
5.0 |
% |
|||||
|
Benefits and expenses |
|
290,529 |
|
|
271,759 |
|
|
287,549 |
|
|
291,042 |
|
|
302,044 |
|
|
279,164 |
|
|
|
|
7,406 |
|
|
2.7 |
% |
|
562,288 |
|
|
581,209 |
|
|
18,921 |
|
|
3.4 |
% |
|||||
|
Income before income taxes |
$ |
130,540 |
|
$ |
140,115 |
|
$ |
141,224 |
|
$ |
140,285 |
|
$ |
138,367 |
|
$ |
147,780 |
|
|
|
$ |
7,665 |
|
|
5.5 |
% |
$ |
270,655 |
|
$ |
286,147 |
|
$ |
15,493 |
|
|
5.7 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Term Life Insurance - Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Post-IPO direct premiums (4) |
$ |
477,227 |
|
$ |
489,826 |
|
$ |
495,769 |
|
$ |
499,965 |
|
$ |
508,687 |
|
$ |
517,691 |
|
|
|
$ |
27,865 |
|
|
5.7 |
% |
$ |
967,054 |
|
$ |
1,026,378 |
|
$ |
59,324 |
|
|
6.1 |
% |
|||||
|
Pre-IPO direct premiums (5) |
|
335,652 |
|
|
333,471 |
|
|
330,896 |
|
|
329,953 |
|
|
327,634 |
|
|
322,977 |
|
|
|
|
(10,494 |
) |
|
-3.1 |
% |
|
669,123 |
|
|
650,611 |
|
|
(18,512 |
) |
|
-2.8 |
% |
|||||
|
Total direct premiums |
$ |
812,880 |
|
$ |
823,297 |
|
$ |
826,665 |
|
$ |
829,918 |
|
$ |
836,321 |
|
$ |
840,668 |
|
|
|
$ |
17,371 |
|
|
2.1 |
% |
$ |
1,636,177 |
|
$ |
1,676,989 |
|
$ |
40,812 |
|
|
2.5 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Premiums ceded to IPO coinsurers |
$ |
220,240 |
|
$ |
216,740 |
|
$ |
212,951 |
|
$ |
210,310 |
|
$ |
206,502 |
|
$ |
201,566 |
|
|
|
$ |
(15,174 |
) |
|
-7.0 |
% |
$ |
436,980 |
|
$ |
408,068 |
|
$ |
(28,912 |
) |
|
-6.6 |
% |
|||||
|
% of Pre-IPO direct premiums |
|
65.6 |
% |
|
65.0 |
% |
|
64.4 |
% |
|
63.7 |
% |
|
63.0 |
% |
|
62.4 |
% |
|
|
nm |
|
nm |
|
|
65.3 |
% |
|
62.7 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Benefits and claims, net (6) |
$ |
343,779 |
|
$ |
349,506 |
|
$ |
355,608 |
|
$ |
360,741 |
|
$ |
365,584 |
|
$ |
366,770 |
|
|
|
$ |
17,264 |
|
|
4.9 |
% |
$ |
693,285 |
|
$ |
732,353 |
|
$ |
39,068 |
|
|
5.6 |
% |
|||||
|
% of adjusted direct premiums |
|
58.0 |
% |
|
57.6 |
% |
|
57.9 |
% |
|
58.2 |
% |
|
58.0 |
% |
|
57.4 |
% |
|
|
nm |
|
nm |
|
|
57.8 |
% |
|
57.7 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
DAC amortization & insurance commissions |
$ |
70,657 |
|
$ |
71,500 |
|
$ |
72,093 |
|
$ |
74,367 |
|
$ |
76,538 |
|
$ |
75,701 |
|
|
|
$ |
4,201 |
|
|
5.9 |
% |
$ |
142,157 |
|
$ |
152,239 |
|
$ |
10,082 |
|
|
7.1 |
% |
|||||
|
% of adjusted direct premiums |
|
11.9 |
% |
|
11.8 |
% |
|
11.7 |
% |
|
12.0 |
% |
|
12.2 |
% |
|
11.8 |
% |
|
|
nm |
|
nm |
|
|
11.9 |
% |
|
12.0 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Insurance expenses, net (7) |
$ |
47,663 |
|
$ |
45,437 |
|
$ |
44,789 |
|
$ |
44,215 |
|
$ |
49,329 |
|
$ |
48,851 |
|
|
|
$ |
3,414 |
|
|
7.5 |
% |
$ |
93,100 |
|
$ |
98,181 |
|
$ |
5,081 |
|
|
5.5 |
% |
|||||
|
% of adjusted direct premiums |
|
8.0 |
% |
|
7.5 |
% |
|
7.3 |
% |
|
7.1 |
% |
|
7.8 |
% |
|
7.6 |
% |
|
|
nm |
|
nm |
|
|
7.8 |
% |
|
7.7 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Term Life income before income taxes |
$ |
130,540 |
|
$ |
140,115 |
|
$ |
141,224 |
|
$ |
140,285 |
|
$ |
138,367 |
|
$ |
147,780 |
|
|
|
$ |
7,665 |
|
|
5.5 |
% |
$ |
270,655 |
|
$ |
286,147 |
|
$ |
15,493 |
|
|
5.7 |
% |
|||||
|
Term Life operating margin (8) |
|
22.0 |
% |
|
23.1 |
% |
|
23.0 |
% |
|
22.6 |
% |
|
22.0 |
% |
|
23.1 |
% |
|
|
nm |
|
nm |
|
|
22.6 |
% |
|
22.6 |
% |
nm |
|
nm |
|
9 of 18
Term Life Insurance - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
|||||||||||||||||
|
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Life-insurance licensed sales force, beginning of period |
|
135,208 |
|
|
136,430 |
|
|
137,806 |
|
|
139,053 |
|
|
141,572 |
|
|
142,855 |
|
|
|
|
6,425 |
|
|
4.7 |
% |
|
135,208 |
|
|
141,572 |
|
|
6,364 |
|
|
4.7 |
% |
|||||
|
|
New life-licensed representatives |
|
11,118 |
|
|
12,638 |
|
|
12,311 |
|
|
13,029 |
|
|
12,949 |
|
|
14,402 |
|
|
|
|
1,764 |
|
|
14.0 |
% |
|
23,756 |
|
|
27,351 |
|
|
3,595 |
|
|
15.1 |
% |
||||
|
|
Non-renewal and terminated representatives |
|
(9,896 |
) |
|
(11,262 |
) |
|
(11,064 |
) |
|
(10,510 |
) |
|
(11,666 |
) |
|
(11,468 |
) |
|
|
|
(206 |
) |
|
-1.8 |
% |
|
(21,158 |
) |
|
(23,134 |
) |
|
(1,976 |
) |
|
-9.3 |
% |
||||
|
Life-insurance licensed sales force, end of period |
|
136,430 |
|
|
137,806 |
|
|
139,053 |
|
|
141,572 |
|
|
142,855 |
|
|
145,789 |
|
|
|
|
7,983 |
|
|
5.8 |
% |
|
137,806 |
|
|
145,789 |
|
|
7,983 |
|
|
5.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Estimated annualized issued term life premium ($mills) (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Premium from new policies |
$ |
70.7 |
|
$ |
82.0 |
|
$ |
74.0 |
|
$ |
75.6 |
|
$ |
73.1 |
|
$ |
86.7 |
|
|
|
$ |
4.7 |
|
|
5.7 |
% |
$ |
152.7 |
|
$ |
159.7 |
|
$ |
7.0 |
|
|
4.6 |
% |
||||
|
|
Additions and increases in premium |
|
18.2 |
|
|
19.7 |
|
|
18.7 |
|
|
17.7 |
|
|
18.1 |
|
|
19.9 |
|
|
|
|
0.2 |
|
|
0.9 |
% |
|
37.9 |
|
|
38.0 |
|
|
0.1 |
|
|
0.2 |
% |
||||
|
|
|
|
Total estimated annualized issued term life premium |
$ |
88.9 |
|
$ |
101.7 |
|
$ |
92.7 |
|
$ |
93.3 |
|
$ |
91.2 |
|
$ |
106.5 |
|
|
|
$ |
4.9 |
|
|
4.8 |
% |
$ |
190.6 |
|
$ |
197.7 |
|
$ |
7.1 |
|
|
3.7 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Issued term life policies |
|
84,561 |
|
|
96,953 |
|
|
88,589 |
|
|
88,757 |
|
|
86,587 |
|
|
100,768 |
|
|
|
|
3,815 |
|
|
3.9 |
% |
|
181,514 |
|
|
187,355 |
|
|
5,841 |
|
|
3.2 |
% |
|||||
|
Estimated average annualized issued term life premium per policy (1)(2) |
$ |
836 |
|
$ |
846 |
|
$ |
836 |
|
$ |
852 |
|
$ |
844 |
|
$ |
860 |
|
|
|
$ |
15 |
|
|
1.7 |
% |
$ |
841 |
|
$ |
853 |
|
$ |
11 |
|
|
1.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Term life face amount in-force, beginning of period ($mills) |
$ |
916,808 |
|
$ |
922,845 |
|
$ |
934,867 |
|
$ |
937,856 |
|
$ |
944,609 |
|
$ |
947,101 |
|
|
|
$ |
24,256 |
|
|
2.6 |
% |
$ |
916,808 |
|
$ |
944,609 |
|
$ |
27,802 |
|
|
3.0 |
% |
|||||
|
|
Issued term life face amount (3) |
|
28,124 |
|
|
32,203 |
|
|
29,452 |
|
|
29,322 |
|
|
28,725 |
|
|
33,155 |
|
|
|
|
952 |
|
|
3.0 |
% |
|
60,327 |
|
|
61,880 |
|
|
1,553 |
|
|
2.6 |
% |
||||
|
|
Terminated term life face amount |
|
(22,210 |
) |
|
(22,583 |
) |
|
(24,143 |
) |
|
(25,293 |
) |
|
(23,323 |
) |
|
(28,241 |
) |
|
|
|
(5,658 |
) |
|
-25.1 |
% |
|
(44,793 |
) |
|
(51,564 |
) |
|
(6,770 |
) |
|
-15.1 |
% |
||||
|
|
Foreign currency impact, net |
|
124 |
|
|
2,401 |
|
|
(2,320 |
) |
|
2,724 |
|
|
(2,911 |
) |
|
(1,134 |
) |
|
|
|
(3,536 |
) |
|
-147.2 |
% |
|
2,525 |
|
|
(4,046 |
) |
|
(6,571 |
) |
nm |
|
|||||
|
Term life face amount in-force, end of period |
$ |
922,845 |
|
$ |
934,867 |
|
$ |
937,856 |
|
$ |
944,609 |
|
$ |
947,101 |
|
$ |
950,880 |
|
|
|
$ |
16,014 |
|
|
1.7 |
% |
$ |
934,867 |
|
$ |
950,880 |
|
$ |
16,014 |
|
|
1.7 |
% |
10 of 18
Investment and Savings Products - Financial Results and Financial Analysis |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Investment & Savings Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Sales-based |
$ |
72,388 |
|
$ |
74,958 |
|
$ |
72,996 |
|
$ |
76,274 |
|
$ |
88,746 |
|
$ |
101,178 |
|
|
|
$ |
26,220 |
|
|
35.0 |
% |
$ |
147,346 |
|
$ |
189,924 |
|
$ |
42,577 |
|
|
28.9 |
% |
|||||
|
Asset-based |
|
111,904 |
|
|
113,335 |
|
|
119,413 |
|
|
118,303 |
|
|
128,532 |
|
|
132,765 |
|
|
|
|
19,430 |
|
|
17.1 |
% |
|
225,239 |
|
|
261,297 |
|
|
36,058 |
|
|
16.0 |
% |
|||||
|
Account-based |
|
22,790 |
|
|
23,095 |
|
|
23,344 |
|
|
23,960 |
|
|
23,180 |
|
|
23,740 |
|
|
|
|
644 |
|
|
2.8 |
% |
|
45,886 |
|
|
46,919 |
|
|
1,034 |
|
|
2.3 |
% |
|||||
|
Other, net |
|
3,120 |
|
|
3,121 |
|
|
3,145 |
|
|
3,119 |
|
|
3,258 |
|
|
3,224 |
|
|
|
|
103 |
|
|
3.3 |
% |
|
6,240 |
|
|
6,482 |
|
|
242 |
|
|
3.9 |
% |
|||||
|
Revenues |
|
210,202 |
|
|
214,509 |
|
|
218,898 |
|
|
221,656 |
|
|
243,716 |
|
|
260,906 |
|
|
|
|
46,397 |
|
|
21.6 |
% |
|
424,712 |
|
|
504,622 |
|
|
79,910 |
|
|
18.8 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Amortization of DAC |
|
1,493 |
|
|
1,409 |
|
|
1,311 |
|
|
1,267 |
|
|
1,201 |
|
|
1,478 |
|
|
|
|
69 |
|
|
4.9 |
% |
|
2,901 |
|
|
2,679 |
|
|
(223 |
) |
|
-7.7 |
% |
|||||
|
Insurance commissions |
|
3,308 |
|
|
3,273 |
|
|
3,321 |
|
|
3,246 |
|
|
3,400 |
|
|
3,343 |
|
|
|
|
70 |
|
|
2.1 |
% |
|
6,581 |
|
|
6,743 |
|
|
161 |
|
|
2.5 |
% |
|||||
|
Sales commissions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Sales-based |
|
52,452 |
|
|
53,630 |
|
|
52,343 |
|
|
54,057 |
|
|
62,814 |
|
|
70,509 |
|
|
|
|
16,878 |
|
|
31.5 |
% |
|
106,082 |
|
|
133,322 |
|
|
27,240 |
|
|
25.7 |
% |
|||||
|
Asset-based |
|
54,276 |
|
|
55,085 |
|
|
58,793 |
|
|
58,388 |
|
|
64,208 |
|
|
66,525 |
|
|
|
|
11,440 |
|
|
20.8 |
% |
|
109,361 |
|
|
130,733 |
|
|
21,372 |
|
|
19.5 |
% |
|||||
|
Other operating expenses |
|
42,567 |
|
|
41,529 |
|
|
38,757 |
|
|
41,935 |
|
|
46,531 |
|
|
44,269 |
|
|
|
|
2,740 |
|
|
6.6 |
% |
|
84,095 |
|
|
90,800 |
|
|
6,704 |
|
|
8.0 |
% |
|||||
|
Benefits and expenses |
|
154,095 |
|
|
154,926 |
|
|
154,524 |
|
|
158,893 |
|
|
178,153 |
|
|
186,123 |
|
|
|
|
31,197 |
|
|
20.1 |
% |
|
309,021 |
|
|
364,276 |
|
|
55,255 |
|
|
17.9 |
% |
|||||
|
Income before income taxes |
$ |
56,107 |
|
$ |
59,583 |
|
$ |
64,374 |
|
$ |
62,763 |
|
$ |
65,563 |
|
$ |
74,783 |
|
|
|
$ |
15,200 |
|
|
25.5 |
% |
$ |
115,691 |
|
$ |
140,346 |
|
$ |
24,655 |
|
|
21.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fees paid based on client asset values (1) |
$ |
8,034 |
|
$ |
8,142 |
|
$ |
8,608 |
|
$ |
8,102 |
|
$ |
9,342 |
|
$ |
9,548 |
|
|
|
$ |
1,406 |
|
|
17.3 |
% |
$ |
16,176 |
|
$ |
18,890 |
|
$ |
2,714 |
|
|
16.8 |
% |
|||||
|
Fees paid based on fee-generating positions (2) |
|
11,528 |
|
|
10,216 |
|
|
9,469 |
|
|
10,270 |
|
|
11,426 |
|
|
10,483 |
|
|
|
|
267 |
|
|
2.6 |
% |
|
21,744 |
|
|
21,909 |
|
|
165 |
|
|
0.8 |
% |
|||||
|
Other operating expenses |
|
23,005 |
|
|
23,171 |
|
|
20,680 |
|
|
23,563 |
|
|
25,763 |
|
|
24,238 |
|
|
|
|
1,067 |
|
|
4.6 |
% |
|
46,176 |
|
|
50,001 |
|
|
3,825 |
|
|
8.3 |
% |
|||||
|
Total other operating expenses |
$ |
42,567 |
|
$ |
41,529 |
|
$ |
38,757 |
|
$ |
41,935 |
|
$ |
46,531 |
|
$ |
44,269 |
|
|
|
$ |
2,740 |
|
|
6.6 |
% |
$ |
84,095 |
|
$ |
90,800 |
|
$ |
6,704 |
|
|
8.0 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Sales-based variable margin as % of revenue-generating sales (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
U.S. |
|
1.21 |
% |
|
1.21 |
% |
|
1.22 |
% |
|
1.27 |
% |
|
1.25 |
% |
|
1.33 |
% |
|
|
nm |
|
nm |
|
|
1.21 |
% |
|
1.29 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
0.33 |
% |
|
0.37 |
% |
|
0.41 |
% |
|
0.45 |
% |
|
0.48 |
% |
|
0.37 |
% |
|
|
nm |
|
nm |
|
|
0.34 |
% |
|
0.43 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
1.13 |
% |
|
1.16 |
% |
|
1.17 |
% |
|
1.22 |
% |
|
1.19 |
% |
|
1.27 |
% |
|
|
nm |
|
nm |
|
|
1.15 |
% |
|
1.23 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Asset-based variable margin as % of average asset values (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
U.S. |
|
0.042 |
% |
|
0.041 |
% |
|
0.042 |
% |
|
0.042 |
% |
|
0.041 |
% |
|
0.041 |
% |
|
|
nm |
|
nm |
|
|
0.084 |
% |
|
0.082 |
% |
nm |
|
nm |
|
|||||||||
|
Canada |
|
0.102 |
% |
|
0.104 |
% |
|
0.105 |
% |
|
0.105 |
% |
|
0.104 |
% |
|
0.104 |
% |
|
|
nm |
|
nm |
|
|
0.206 |
% |
|
0.208 |
% |
nm |
|
nm |
|
|||||||||
|
Total |
|
0.052 |
% |
|
0.051 |
% |
|
0.052 |
% |
|
0.052 |
% |
|
0.051 |
% |
|
0.050 |
% |
|
|
nm |
|
nm |
|
|
0.103 |
% |
|
0.101 |
% |
nm |
|
nm |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Account-based variable margin per average fee generating position (5)(6) |
$ |
3.58 |
|
$ |
4.07 |
|
$ |
4.36 |
|
$ |
4.29 |
|
$ |
3.67 |
|
$ |
4.10 |
|
|
|
nm |
|
nm |
|
$ |
7.65 |
|
$ |
7.77 |
|
nm |
|
nm |
|
11 of 18
Investment and Savings Products - Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Product sales ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
971.7 |
|
$ |
998.5 |
|
$ |
956.9 |
|
$ |
970.9 |
|
$ |
1,162.2 |
|
$ |
1,228.6 |
|
|
|
$ |
230.1 |
|
|
23.0 |
% |
$ |
1,970.2 |
|
$ |
2,390.7 |
|
$ |
420.6 |
|
|
21.3 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
149.8 |
|
|
106.2 |
|
|
110.1 |
|
|
112.0 |
|
|
179.6 |
|
|
147.6 |
|
|
|
|
41.4 |
|
|
38.9 |
% |
|
256.0 |
|
|
327.2 |
|
|
71.2 |
|
|
27.8 |
% |
||||
|
|
Indexed Annuities |
|
80.7 |
|
|
89.3 |
|
|
72.7 |
|
|
68.9 |
|
|
81.0 |
|
|
98.0 |
|
|
|
|
8.6 |
|
|
9.7 |
% |
|
170.0 |
|
|
179.0 |
|
|
8.9 |
|
|
5.3 |
% |
||||
|
|
Variable Annuities and other |
|
556.4 |
|
|
649.1 |
|
|
628.8 |
|
|
671.9 |
|
|
756.0 |
|
|
941.4 |
|
|
|
|
292.4 |
|
|
45.0 |
% |
|
1,205.5 |
|
|
1,697.4 |
|
|
491.9 |
|
|
40.8 |
% |
||||
|
|
|
|
Total sales-based revenue generating product sales |
|
1,758.6 |
|
|
1,843.1 |
|
|
1,768.5 |
|
|
1,823.7 |
|
|
2,178.8 |
|
|
2,415.6 |
|
|
|
|
572.5 |
|
|
31.1 |
% |
|
3,601.7 |
|
|
4,594.3 |
|
|
992.7 |
|
|
27.6 |
% |
||
|
|
Managed Accounts |
|
306.1 |
|
|
317.0 |
|
|
236.0 |
|
|
353.2 |
|
|
370.9 |
|
|
456.1 |
|
|
|
|
139.1 |
|
|
43.9 |
% |
|
623.1 |
|
|
827.0 |
|
|
203.8 |
|
|
32.7 |
% |
||||
|
|
Canada Retail Mutual Funds - no upfront sales comm |
|
183.4 |
|
|
193.6 |
|
|
152.4 |
|
|
161.8 |
|
|
197.7 |
|
|
196.5 |
|
|
|
|
2.9 |
|
|
1.5 |
% |
|
377.0 |
|
|
394.2 |
|
|
17.3 |
|
|
4.6 |
% |
||||
|
|
Segregated Funds |
|
51.9 |
|
|
27.9 |
|
|
17.4 |
|
|
17.2 |
|
|
23.0 |
|
|
14.8 |
|
|
|
|
(13.2 |
) |
|
-47.1 |
% |
|
79.8 |
|
|
37.8 |
|
|
(42.1 |
) |
|
-52.7 |
% |
||||
|
|
|
|
Total product sales |
$ |
2,300.0 |
|
$ |
2,381.6 |
|
$ |
2,174.2 |
|
$ |
2,355.9 |
|
$ |
2,770.4 |
|
$ |
3,082.9 |
|
|
|
$ |
701.3 |
|
|
29.4 |
% |
$ |
4,681.6 |
|
$ |
5,853.3 |
|
$ |
1,171.7 |
|
|
25.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Total Canada Retail Mutual Funds |
$ |
333.2 |
|
$ |
299.8 |
|
$ |
262.5 |
|
$ |
273.8 |
|
$ |
377.4 |
|
$ |
344.1 |
|
|
|
$ |
44.3 |
|
|
14.8 |
% |
$ |
633.0 |
|
$ |
721.4 |
|
$ |
88.5 |
|
|
14.0 |
% |
||||
|
|
Segregated Funds |
|
51.9 |
|
|
27.9 |
|
|
17.4 |
|
|
17.2 |
|
|
23.0 |
|
|
14.8 |
|
|
|
|
(13.2 |
) |
|
-47.1 |
% |
|
79.8 |
|
|
37.8 |
|
|
(42.1 |
) |
|
-52.7 |
% |
||||
|
|
|
Total Canada product sales |
|
385.0 |
|
|
327.7 |
|
|
279.8 |
|
|
291.0 |
|
|
400.4 |
|
|
358.8 |
|
|
|
|
31.1 |
|
|
9.5 |
% |
|
712.8 |
|
|
759.2 |
|
|
46.4 |
|
|
6.5 |
% |
|||
|
|
|
Total U.S. product sales |
|
1,914.9 |
|
|
2,053.9 |
|
|
1,894.4 |
|
|
2,065.0 |
|
|
2,370.0 |
|
|
2,724.1 |
|
|
|
|
670.2 |
|
|
32.6 |
% |
|
3,968.8 |
|
|
5,094.1 |
|
|
1,125.3 |
|
|
28.4 |
% |
|||
|
|
|
|
Total product sales |
$ |
2,300.0 |
|
$ |
2,381.6 |
|
$ |
2,174.2 |
|
$ |
2,355.9 |
|
$ |
2,770.4 |
|
$ |
3,082.9 |
|
|
|
$ |
701.3 |
|
|
29.4 |
% |
$ |
4,681.6 |
|
$ |
5,853.3 |
|
$ |
1,171.7 |
|
|
25.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Client asset values, beginning of period ($mills) |
$ |
83,949 |
|
$ |
87,621 |
|
$ |
91,646 |
|
$ |
88,441 |
|
$ |
96,735 |
|
$ |
103,340 |
|
|
|
$ |
15,719 |
|
|
17.9 |
% |
$ |
83,949 |
|
$ |
96,735 |
|
$ |
12,786 |
|
|
15.2 |
% |
|||||
|
|
Inflows |
|
2,300 |
|
|
2,382 |
|
|
2,174 |
|
|
2,356 |
|
|
2,770 |
|
|
3,083 |
|
|
|
|
701 |
|
|
29.4 |
% |
|
4,682 |
|
|
5,853 |
|
|
1,172 |
|
|
25.0 |
% |
||||
|
|
Outflows (1) |
|
(1,658 |
) |
|
(1,839 |
) |
|
(1,982 |
) |
|
(2,184 |
) |
|
(2,497 |
) |
|
(2,660 |
) |
|
|
|
(821 |
) |
|
-44.6 |
% |
|
(3,497 |
) |
|
(5,157 |
) |
|
(1,659 |
) |
|
-47.4 |
% |
||||
|
|
|
|
Net flows |
|
642 |
|
|
542 |
|
|
192 |
|
|
172 |
|
|
274 |
|
|
423 |
|
|
|
|
(119 |
) |
|
-22.0 |
% |
|
1,184 |
|
|
697 |
|
|
(488 |
) |
|
-41.2 |
% |
||
|
|
Foreign currency impact, net |
|
16 |
|
|
315 |
|
|
(303 |
) |
|
344 |
|
|
(392 |
) |
|
(163 |
) |
|
|
|
(478 |
) |
nm |
|
|
330 |
|
|
(555 |
) |
|
(885 |
) |
nm |
|
||||||
|
|
Change in market value, net and other (2) |
|
3,014 |
|
|
3,168 |
|
|
(3,094 |
) |
|
7,777 |
|
|
6,724 |
|
|
1,512 |
|
|
|
|
(1,656 |
) |
|
-52.3 |
% |
|
6,182 |
|
|
8,236 |
|
|
2,054 |
|
|
33.2 |
% |
||||
|
Client asset values, end of period |
$ |
87,621 |
|
$ |
91,646 |
|
$ |
88,441 |
|
$ |
96,735 |
|
$ |
103,340 |
|
$ |
105,112 |
|
|
|
$ |
13,467 |
|
|
14.7 |
% |
$ |
91,646 |
|
$ |
105,112 |
|
$ |
13,467 |
|
|
14.7 |
% |
|||||
|
|
Annualized net flows as % of beginning of period asset values |
|
3.1 |
% |
|
2.5 |
% |
|
0.8 |
% |
|
0.8 |
% |
|
1.1 |
% |
|
1.6 |
% |
|
|
|
-0.8 |
% |
nm |
|
|
2.8 |
% |
|
1.4 |
% |
|
-1.4 |
% |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Average client asset values ($mills) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
U.S. Retail Mutual Funds |
$ |
42,096 |
|
$ |
43,225 |
|
$ |
44,748 |
|
$ |
44,622 |
|
$ |
49,013 |
|
$ |
50,560 |
|
|
|
$ |
7,335 |
|
|
17.0 |
% |
$ |
42,661 |
|
$ |
49,787 |
|
$ |
7,126 |
|
|
16.7 |
% |
||||
|
|
Canada Retail Mutual Funds |
|
11,345 |
|
|
11,567 |
|
|
11,817 |
|
|
11,722 |
|
|
12,850 |
|
|
13,259 |
|
|
|
|
1,692 |
|
|
14.6 |
% |
|
11,456 |
|
|
13,055 |
|
|
1,598 |
|
|
14.0 |
% |
||||
|
|
Managed Accounts |
|
7,338 |
|
|
7,613 |
|
|
7,850 |
|
|
7,851 |
|
|
8,806 |
|
|
9,376 |
|
|
|
|
1,763 |
|
|
23.2 |
% |
|
7,475 |
|
|
9,091 |
|
|
1,616 |
|
|
21.6 |
% |
||||
|
|
Indexed Annuities |
|
2,729 |
|
|
2,760 |
|
|
2,793 |
|
|
2,807 |
|
|
2,824 |
|
|
2,868 |
|
|
|
|
108 |
|
|
3.9 |
% |
|
2,745 |
|
|
2,846 |
|
|
101 |
|
|
3.7 |
% |
||||
|
|
Variable Annuities and other |
|
20,744 |
|
|
21,323 |
|
|
21,999 |
|
|
21,762 |
|
|
23,665 |
|
|
24,663 |
|
|
|
|
3,340 |
|
|
15.7 |
% |
|
21,034 |
|
|
24,164 |
|
|
3,131 |
|
|
14.9 |
% |
||||
|
|
Segregated Funds |
|
2,329 |
|
|
2,324 |
|
|
2,298 |
|
|
2,232 |
|
|
2,344 |
|
|
2,266 |
|
|
|
|
(57 |
) |
|
-2.5 |
% |
|
2,326 |
|
|
2,305 |
|
|
(21 |
) |
|
-0.9 |
% |
||||
|
|
|
|
Total |
$ |
86,581 |
|
$ |
88,813 |
|
$ |
91,505 |
|
$ |
90,995 |
|
$ |
99,502 |
|
$ |
102,993 |
|
|
|
$ |
14,181 |
|
|
16.0 |
% |
$ |
87,697 |
|
$ |
101,247 |
|
$ |
13,551 |
|
|
15.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Canada Retail Mutual Funds |
$ |
11,345 |
|
$ |
11,567 |
|
$ |
11,817 |
|
$ |
11,722 |
|
$ |
12,850 |
|
$ |
13,259 |
|
|
|
$ |
1,692 |
|
|
14.6 |
% |
$ |
11,456 |
|
$ |
13,055 |
|
$ |
1,598 |
|
|
14.0 |
% |
||||
|
|
Segregated Funds |
|
2,329 |
|
|
2,324 |
|
|
2,298 |
|
|
2,232 |
|
|
2,344 |
|
|
2,266 |
|
|
|
|
(57 |
) |
|
-2.5 |
% |
|
2,326 |
|
|
2,305 |
|
|
(21 |
) |
|
-0.9 |
% |
||||
|
|
|
Total Canada average client assets |
|
13,674 |
|
|
13,891 |
|
|
14,115 |
|
|
13,954 |
|
|
15,194 |
|
|
15,526 |
|
|
|
|
1,635 |
|
|
11.8 |
% |
|
13,782 |
|
|
15,360 |
|
|
1,577 |
|
|
11.4 |
% |
|||
|
|
|
Total U.S. average client assets |
|
72,907 |
|
|
74,922 |
|
|
77,391 |
|
|
77,042 |
|
|
84,308 |
|
|
87,468 |
|
|
|
|
12,546 |
|
|
16.7 |
% |
|
73,915 |
|
|
85,888 |
|
|
11,973 |
|
|
16.2 |
% |
|||
|
|
|
|
Total average client assets |
$ |
86,581 |
|
$ |
88,813 |
|
$ |
91,505 |
|
$ |
90,995 |
|
$ |
99,502 |
|
$ |
102,993 |
|
|
|
$ |
14,181 |
|
|
16.0 |
% |
$ |
87,697 |
|
$ |
101,247 |
|
$ |
13,551 |
|
|
15.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Average number of fee-generating positions (thous) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
Recordkeeping and custodial |
|
2,316 |
|
|
2,331 |
|
|
2,342 |
|
|
2,351 |
|
|
2,359 |
|
|
2,378 |
|
|
|
|
47 |
|
|
2.0 |
% |
|
2,324 |
|
|
2,369 |
|
|
45 |
|
|
1.9 |
% |
||||
|
|
Recordkeeping only |
|
829 |
|
|
834 |
|
|
839 |
|
|
842 |
|
|
847 |
|
|
857 |
|
|
|
|
23 |
|
|
2.7 |
% |
|
832 |
|
|
852 |
|
|
20 |
|
|
2.4 |
% |
||||
|
|
|
|
Total |
|
3,145 |
|
|
3,165 |
|
|
3,181 |
|
|
3,193 |
|
|
3,206 |
|
|
3,235 |
|
|
|
|
70 |
|
|
2.2 |
% |
|
3,155 |
|
|
3,221 |
|
|
65 |
|
|
2.1 |
% |
12 of 18
Senior Health - Financial Results, Financial Analysis Key Statistics |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands, except as noted) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Senior Health Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Commissions and fees (1) |
$ |
15,755 |
|
$ |
11,371 |
|
$ |
11,388 |
|
$ |
19,049 |
|
$ |
6,077 |
|
$ |
11,576 |
|
|
|
$ |
205 |
|
|
1.8 |
% |
$ |
27,125 |
|
$ |
17,652 |
|
$ |
(9,473 |
) |
|
-34.9 |
% |
|||||
|
Other, net (2) |
|
2,955 |
|
|
3,519 |
|
|
2,048 |
|
|
1,099 |
|
|
803 |
|
|
845 |
|
|
|
|
(2,674 |
) |
|
-76.0 |
% |
|
6,474 |
|
|
1,648 |
|
|
(4,826 |
) |
|
-74.5 |
% |
|||||
|
Revenues |
|
18,710 |
|
|
14,889 |
|
|
13,436 |
|
|
20,148 |
|
|
6,880 |
|
|
12,420 |
|
|
|
|
(2,469 |
) |
|
-16.6 |
% |
|
33,599 |
|
|
19,300 |
|
|
(14,299 |
) |
|
-42.6 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Contract acquisition costs (3) |
|
14,984 |
|
|
12,602 |
|
|
12,568 |
|
|
15,079 |
|
|
13,533 |
|
|
15,724 |
|
|
|
|
3,122 |
|
|
24.8 |
% |
|
27,586 |
|
|
29,257 |
|
|
1,671 |
|
|
6.1 |
% |
|||||
|
Other operating expenses |
|
7,488 |
|
|
8,320 |
|
|
8,451 |
|
|
7,750 |
|
|
7,500 |
|
|
8,061 |
|
|
|
|
(259 |
) |
|
-3.1 |
% |
|
15,808 |
|
|
15,561 |
|
|
(247 |
) |
|
-1.6 |
% |
|||||
|
Adjusted operating benefits and expenses |
|
22,471 |
|
|
20,922 |
|
|
21,019 |
|
|
22,829 |
|
|
21,033 |
|
|
23,785 |
|
|
|
|
2,863 |
|
|
13.7 |
% |
|
43,394 |
|
|
44,818 |
|
|
1,424 |
|
|
3.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Adjusted operating income before income taxes |
$ |
(3,762 |
) |
$ |
(6,033 |
) |
$ |
(7,583 |
) |
$ |
(2,681 |
) |
$ |
(14,153 |
) |
$ |
(11,365 |
) |
|
|
$ |
(5,332 |
) |
|
-88.4 |
% |
$ |
(9,795 |
) |
$ |
(25,518 |
) |
$ |
(15,723 |
) |
nm |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Senior Health EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Adjusted operating income before income taxes |
$ |
(3,762 |
) |
$ |
(6,033 |
) |
$ |
(7,583 |
) |
$ |
(2,681 |
) |
$ |
(14,153 |
) |
$ |
(11,365 |
) |
|
|
$ |
(5,332 |
) |
|
-88.4 |
% |
$ |
(9,795 |
) |
$ |
(25,518 |
) |
$ |
(15,723 |
) |
nm |
|
||||||
|
Less: Amortization of intangibles |
|
(2,800 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
(2,800 |
) |
|
|
|
— |
|
nm |
|
|
(5,600 |
) |
|
(5,600 |
) |
|
— |
|
nm |
|
|||||||
|
Less: Depreciation |
|
(200 |
) |
|
(160 |
) |
|
(166 |
) |
|
(173 |
) |
|
(144 |
) |
|
(119 |
) |
|
|
|
41 |
|
|
25.7 |
% |
|
(360 |
) |
|
(263 |
) |
|
97 |
|
|
27.0 |
% |
|||||
|
Adjusted EBITDA (4) |
$ |
(762 |
) |
$ |
(3,073 |
) |
$ |
(4,617 |
) |
$ |
292 |
|
$ |
(11,209 |
) |
$ |
(8,446 |
) |
|
|
$ |
(5,373 |
) |
nm |
|
$ |
(3,834 |
) |
$ |
(19,655 |
) |
$ |
(15,821 |
) |
nm |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Analysis and Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Senior Health submitted policies (5) |
|
19,826 |
|
|
13,885 |
|
|
10,718 |
|
|
18,663 |
|
|
16,068 |
|
|
15,767 |
|
|
|
|
1,882 |
|
|
13.6 |
% |
|
33,711 |
|
|
31,835 |
|
|
(1,876 |
) |
|
-5.6 |
% |
|||||
|
Senior Health approved policies (6) |
|
18,413 |
|
|
12,915 |
|
|
9,948 |
|
|
17,181 |
|
|
15,023 |
|
|
14,646 |
|
|
|
|
1,731 |
|
|
13.4 |
% |
|
31,328 |
|
|
29,669 |
|
|
(1,659 |
) |
|
-5.3 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Primerica representatives Senior Health certified (7) |
|
94,623 |
|
|
94,335 |
|
|
93,217 |
|
|
89,082 |
|
|
81,348 |
|
|
66,371 |
|
|
|
|
(27,964 |
) |
|
-29.6 |
% |
|
94,335 |
|
|
66,371 |
|
|
(27,964 |
) |
|
-29.6 |
% |
|||||
|
Senior Health submitted policies sourced by Primerica representatives |
|
2,073 |
|
|
1,707 |
|
|
1,549 |
|
|
5,111 |
|
|
2,051 |
|
|
1,425 |
|
|
|
|
(282 |
) |
|
-16.5 |
% |
|
3,780 |
|
|
3,476 |
|
|
(304 |
) |
|
-8.0 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
LTV per approved policy (8) |
$ |
856 |
|
$ |
880 |
|
$ |
911 |
|
$ |
1,109 |
|
$ |
926 |
|
$ |
914 |
|
|
|
$ |
34 |
|
|
3.8 |
% |
$ |
866 |
|
$ |
920 |
|
$ |
54 |
|
|
6.3 |
% |
|||||
|
CAC per approved policy (8) |
$ |
814 |
|
$ |
976 |
|
$ |
1,263 |
|
$ |
878 |
|
$ |
901 |
|
$ |
1,074 |
|
|
|
$ |
98 |
|
|
10.0 |
% |
$ |
881 |
|
$ |
986 |
|
$ |
106 |
|
|
12.0 |
% |
|||||
|
LTV / CAC multiple |
|
1.1 |
x |
|
0.9 |
x |
|
0.7 |
x |
|
1.3 |
x |
|
1.0 |
x |
|
0.9 |
x |
|
|
|
-0.1 |
x |
nm |
|
|
1.0 |
x |
|
0.9 |
x |
|
-0.1 |
x |
nm |
|
13 of 18
Corporate Other Distributed Products - Financial Results |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|
|
|
YOY YTD |
|
||||||||||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|
YTD 2023 |
|
YTD 2024 |
|
$ |
|
% |
|
||||||||||||||||||
Corporate & Other Distributed Products Income Before Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Direct premiums |
$ |
4,993 |
|
$ |
4,999 |
|
$ |
5,016 |
|
$ |
4,358 |
|
$ |
4,725 |
|
$ |
4,690 |
|
|
|
$ |
(309 |
) |
|
-6.2 |
% |
$ |
9,991 |
|
$ |
9,415 |
|
$ |
(576 |
) |
|
-5.8 |
% |
|||||
|
Ceded premiums |
|
(1,304 |
) |
|
(1,562 |
) |
|
(1,215 |
) |
|
273 |
|
|
(1,205 |
) |
|
(1,213 |
) |
|
|
|
349 |
|
|
22.3 |
% |
|
(2,866 |
) |
|
(2,419 |
) |
|
447 |
|
|
15.6 |
% |
|||||
|
Net premiums |
|
3,689 |
|
|
3,436 |
|
|
3,801 |
|
|
4,631 |
|
|
3,520 |
|
|
3,477 |
|
|
|
|
40 |
|
|
1.2 |
% |
|
7,125 |
|
|
6,997 |
|
|
(129 |
) |
|
-1.8 |
% |
|||||
|
Adjusted net investment income |
|
31,392 |
|
|
33,250 |
|
|
35,213 |
|
|
36,429 |
|
|
37,943 |
|
|
38,263 |
|
|
|
|
5,013 |
|
|
15.1 |
% |
|
64,641 |
|
|
76,206 |
|
|
11,564 |
|
|
17.9 |
% |
|||||
|
Commissions and fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Prepaid legal services |
|
3,991 |
|
|
4,421 |
|
|
5,311 |
|
|
3,806 |
|
|
3,591 |
|
|
3,924 |
|
|
|
|
(497 |
) |
|
-11.2 |
% |
|
8,412 |
|
|
7,516 |
|
|
(896 |
) |
|
-10.7 |
% |
|||||
|
Auto and homeowners insurance |
|
1,831 |
|
|
2,349 |
|
|
2,951 |
|
|
2,133 |
|
|
1,777 |
|
|
2,413 |
|
|
|
|
64 |
|
|
2.7 |
% |
|
4,180 |
|
|
4,190 |
|
|
10 |
|
|
0.3 |
% |
|||||
|
Mortgage loans |
|
1,211 |
|
|
1,775 |
|
|
1,733 |
|
|
1,530 |
|
|
1,499 |
|
|
2,211 |
|
|
|
|
436 |
|
|
24.6 |
% |
|
2,987 |
|
|
3,711 |
|
|
724 |
|
|
24.2 |
% |
|||||
|
Other sales commissions |
|
1,676 |
|
|
1,826 |
|
|
1,765 |
|
|
1,781 |
|
|
1,618 |
|
|
1,963 |
|
|
|
|
137 |
|
|
7.5 |
% |
|
3,502 |
|
|
3,581 |
|
|
79 |
|
|
2.3 |
% |
|||||
|
Adjusted other, net |
|
1,200 |
|
|
1,236 |
|
|
1,327 |
|
|
846 |
|
|
704 |
|
|
764 |
|
|
|
|
(472 |
) |
|
-38.2 |
% |
|
2,436 |
|
|
1,467 |
|
|
(969 |
) |
|
-39.8 |
% |
|||||
|
Adjusted operating revenues |
|
44,990 |
|
|
48,293 |
|
|
52,102 |
|
|
51,157 |
|
|
50,653 |
|
|
53,014 |
|
|
|
|
4,721 |
|
|
9.8 |
% |
|
93,283 |
|
|
103,668 |
|
|
10,384 |
|
|
11.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefits and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Benefits and claims |
|
4,327 |
|
|
5,057 |
|
|
3,554 |
|
|
7,957 |
|
|
2,475 |
|
|
3,762 |
|
|
|
|
(1,295 |
) |
|
-25.6 |
% |
|
9,384 |
|
|
6,236 |
|
|
(3,148 |
) |
|
-33.5 |
% |
|||||
|
Future policy benefits remeasurement (gain)/loss |
|
(477 |
) |
|
(554 |
) |
|
(72 |
) |
|
933 |
|
|
374 |
|
|
(49 |
) |
|
|
|
505 |
|
|
91.1 |
% |
|
(1,031 |
) |
|
325 |
|
|
1,356 |
|
|
131.5 |
% |
|||||
|
Amortization of DAC |
|
362 |
|
|
697 |
|
|
375 |
|
|
99 |
|
|
357 |
|
|
250 |
|
|
|
|
(448 |
) |
|
-64.2 |
% |
|
1,060 |
|
|
606 |
|
|
(453 |
) |
|
-42.8 |
% |
|||||
|
Insurance commissions |
|
241 |
|
|
373 |
|
|
217 |
|
|
429 |
|
|
187 |
|
|
271 |
|
|
|
|
(102 |
) |
|
-27.4 |
% |
|
614 |
|
|
458 |
|
|
(156 |
) |
|
-25.4 |
% |
|||||
|
Insurance expenses |
|
1,229 |
|
|
1,377 |
|
|
1,123 |
|
|
1,341 |
|
|
1,171 |
|
|
1,209 |
|
|
|
|
(168 |
) |
|
-12.2 |
% |
|
2,606 |
|
|
2,380 |
|
|
(226 |
) |
|
-8.7 |
% |
|||||
|
Sales commissions |
|
4,147 |
|
|
4,907 |
|
|
5,064 |
|
|
4,303 |
|
|
4,117 |
|
|
5,120 |
|
|
|
|
213 |
|
|
4.3 |
% |
|
9,054 |
|
|
9,237 |
|
|
183 |
|
|
2.0 |
% |
|||||
|
Interest expense |
|
6,690 |
|
|
6,686 |
|
|
6,632 |
|
|
6,586 |
|
|
6,771 |
|
|
6,099 |
|
|
|
|
(587 |
) |
|
-8.8 |
% |
|
13,376 |
|
|
12,870 |
|
|
(505 |
) |
|
-3.8 |
% |
|||||
|
Adjusted other operating expenses |
|
39,480 |
|
|
33,340 |
|
|
32,146 |
|
|
34,886 |
|
|
46,913 |
|
|
35,413 |
|
|
|
|
2,073 |
|
|
6.2 |
% |
|
72,820 |
|
|
82,325 |
|
|
9,506 |
|
|
13.1 |
% |
|||||
|
Adjusted benefits and expenses |
|
55,999 |
|
|
51,882 |
|
|
49,039 |
|
|
56,533 |
|
|
62,363 |
|
|
52,074 |
|
|
|
|
192 |
|
|
0.4 |
% |
|
107,881 |
|
|
114,437 |
|
|
6,556 |
|
|
6.1 |
% |
|||||
|
Adjusted operating income before income taxes |
$ |
(11,008 |
) |
$ |
(3,589 |
) |
$ |
3,063 |
|
$ |
(5,377 |
) |
$ |
(11,710 |
) |
$ |
940 |
|
|
|
$ |
4,530 |
|
|
126.2 |
% |
$ |
(14,598 |
) |
$ |
(10,770 |
) |
$ |
3,828 |
|
|
26.2 |
% |
14 of 18
Investment Portfolio - Summary of Holdings |
PRIMERICA, INC. Financial Supplement |
|
|
|
|
|
|
|
|
As of or for the period ended June 30, 2024 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% 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 |
|
$ |
627,261 |
|
$ |
627,292 |
|
$ |
(31 |
) |
|
18.2 |
% |
|
17.0 |
% |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Treasury |
|
|
16,689 |
|
|
17,280 |
|
|
(591 |
) |
|
0.5 |
% |
|
0.5 |
% |
|
2.90 |
% |
AAA |
|||||
|
Government |
|
|
241,161 |
|
|
262,376 |
|
|
(21,215 |
) |
|
7.0 |
% |
|
7.1 |
% |
|
3.23 |
% |
AA- |
|||||
|
Tax-Exempt Municipal |
|
|
32,846 |
|
|
35,805 |
|
|
(2,958 |
) |
|
1.0 |
% |
|
1.0 |
% |
|
2.70 |
% |
AA |
|||||
|
Corporate |
|
|
1,428,428 |
|
|
1,531,049 |
|
|
(102,621 |
) |
|
41.4 |
% |
|
41.5 |
% |
|
4.10 |
% |
BBB+ |
|||||
|
Mortgage Backed |
|
|
447,159 |
|
|
516,426 |
|
|
(69,267 |
) |
|
13.0 |
% |
|
14.0 |
% |
|
3.40 |
% |
AAA |
|||||
|
Asset Backed |
|
|
232,211 |
|
|
240,767 |
|
|
(8,556 |
) |
|
6.7 |
% |
|
6.5 |
% |
|
4.81 |
% |
AA- |
|||||
|
Cmbs |
|
|
105,698 |
|
|
118,240 |
|
|
(12,542 |
) |
|
3.1 |
% |
|
3.2 |
% |
|
3.67 |
% |
AA- |
|||||
|
Private |
|
|
291,157 |
|
|
310,881 |
|
|
(19,723 |
) |
|
8.4 |
% |
|
8.4 |
% |
|
4.92 |
% |
BBB+ |
|||||
|
Redeemable Preferred |
|
|
3,870 |
|
|
4,248 |
|
|
(378 |
) |
|
0.1 |
% |
|
0.1 |
% |
|
5.37 |
% |
BBB- |
|||||
|
|
|
|
|
|
Total Fixed Income |
|
|
2,799,219 |
|
|
3,037,072 |
|
|
(237,853 |
) |
|
81.1 |
% |
|
82.3 |
% |
|
4.01 |
% |
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equities and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Perpetual Preferred |
|
|
4,427 |
|
|
4,427 |
|
|
- |
|
|
0.1 |
% |
|
0.1 |
% |
|
|
|
||||||
|
Common Stock |
|
|
18,220 |
|
|
18,220 |
|
|
(0 |
) |
|
0.5 |
% |
|
0.5 |
% |
|
|
|
||||||
|
Mutual Fund |
|
|
3,379 |
|
|
3,379 |
|
|
(0 |
) |
|
0.1 |
% |
|
0.1 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Equities |
|
|
26,026 |
|
|
26,026 |
|
|
(0 |
) |
|
0.8 |
% |
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
3,452,506 |
|
$ |
3,690,391 |
|
$ |
(237,884 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public Corporate Portfolio by Sector |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Insurance |
|
$ |
197,299 |
|
$ |
212,848 |
|
$ |
(15,548 |
) |
|
13.8 |
% |
|
13.9 |
% |
|
|
|
||||||
|
Energy |
|
|
175,605 |
|
|
185,947 |
|
|
(10,342 |
) |
|
12.3 |
% |
|
12.1 |
% |
|
|
|
||||||
|
Consumer Non Cyclical |
|
|
136,174 |
|
|
149,699 |
|
|
(13,525 |
) |
|
9.5 |
% |
|
9.8 |
% |
|
|
|
||||||
|
Reits |
|
|
124,908 |
|
|
137,847 |
|
|
(12,939 |
) |
|
8.7 |
% |
|
9.0 |
% |
|
|
|
||||||
|
Consumer Cyclical |
|
|
117,384 |
|
|
125,919 |
|
|
(8,534 |
) |
|
8.2 |
% |
|
8.2 |
% |
|
|
|
||||||
|
Technology |
|
|
100,563 |
|
|
106,335 |
|
|
(5,772 |
) |
|
7.0 |
% |
|
6.9 |
% |
|
|
|
||||||
|
Capital Goods |
|
|
89,208 |
|
|
94,325 |
|
|
(5,117 |
) |
|
6.2 |
% |
|
6.2 |
% |
|
|
|
||||||
|
Electric |
|
|
85,910 |
|
|
90,867 |
|
|
(4,958 |
) |
|
6.0 |
% |
|
5.9 |
% |
|
|
|
||||||
|
Banking |
|
|
85,154 |
|
|
86,838 |
|
|
(1,684 |
) |
|
6.0 |
% |
|
5.7 |
% |
|
|
|
||||||
|
Basic Industry |
|
|
66,036 |
|
|
72,685 |
|
|
(6,649 |
) |
|
4.6 |
% |
|
4.7 |
% |
|
|
|
||||||
|
Finance Companies |
|
|
61,824 |
|
|
65,640 |
|
|
(3,816 |
) |
|
4.3 |
% |
|
4.3 |
% |
|
|
|
||||||
|
Communications |
|
|
56,489 |
|
|
59,846 |
|
|
(3,357 |
) |
|
4.0 |
% |
|
3.9 |
% |
|
|
|
||||||
|
Transportation |
|
|
51,600 |
|
|
55,054 |
|
|
(3,453 |
) |
|
3.6 |
% |
|
3.6 |
% |
|
|
|
||||||
|
Brokerage |
|
|
48,389 |
|
|
52,645 |
|
|
(4,256 |
) |
|
3.4 |
% |
|
3.4 |
% |
|
|
|
||||||
|
Natural Gas |
|
|
13,940 |
|
|
14,218 |
|
|
(278 |
) |
|
1.0 |
% |
|
0.9 |
% |
|
|
|
||||||
|
Industrial Other |
|
|
5,890 |
|
|
6,765 |
|
|
(875 |
) |
|
0.4 |
% |
|
0.4 |
% |
|
|
|
||||||
|
Financial Other |
|
|
5,485 |
|
|
5,856 |
|
|
(371 |
) |
|
0.4 |
% |
|
0.4 |
% |
|
|
|
||||||
|
Utility Other |
|
|
4,625 |
|
|
5,390 |
|
|
(765 |
) |
|
0.3 |
% |
|
0.4 |
% |
|
|
|
||||||
|
Owned No Guarantee |
|
|
1,943 |
|
|
2,325 |
|
|
(382 |
) |
|
0.1 |
% |
|
0.2 |
% |
|
|
|
||||||
|
|
|
|
|
|
Total Corporate portfolio |
|
$ |
1,428,428 |
|
$ |
1,531,049 |
|
$ |
(102,621 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed-Maturity Securities - Effective Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Effective maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
< 1 Yr. |
|
$ |
236,561 |
|
$ |
239,028 |
|
$ |
(2,467 |
) |
|
8.5 |
% |
|
7.9 |
% |
|
3.88 |
% |
|
||||
|
|
1-2 Yrs. |
|
|
279,794 |
|
|
287,007 |
|
|
(7,213 |
) |
|
10.0 |
% |
|
9.5 |
% |
|
4.21 |
% |
|
||||
|
|
2-5 Yrs. |
|
|
777,142 |
|
|
815,549 |
|
|
(38,407 |
) |
|
27.8 |
% |
|
26.9 |
% |
|
4.15 |
% |
|
||||
|
|
5-10 Yrs. |
|
|
1,110,095 |
|
|
1,254,878 |
|
|
(144,784 |
) |
|
39.7 |
% |
|
41.3 |
% |
|
3.60 |
% |
|
||||
|
|
> 10 Yrs. |
|
|
395,627 |
|
|
440,609 |
|
|
(44,982 |
) |
|
14.1 |
% |
|
14.5 |
% |
|
4.84 |
% |
|
||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
2,799,219 |
|
$ |
3,037,072 |
|
$ |
(237,853 |
) |
|
100.0 |
% |
|
100.0 |
% |
|
4.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Duration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Income portfolio duration |
|
|
4.9 |
|
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 June 30, 2024 |
PRIMERICA, INC. Financial Supplement |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment Portfolio Quality Ratings (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Fixed Income portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AAA |
|
$ |
556,083 |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
AA |
|
|
427,055 |
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
A |
|
|
736,558 |
|
|
24.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
BBB |
|
|
1,272,114 |
|
|
41.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Below Investment Grade |
|
|
45,065 |
|
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
NA |
|
|
197 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
Total Fixed Income |
|
$ |
3,037,072 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
Amortized Cost |
|
% of Total |
|
||||
Public Corporate asset class: |
|
|
|
|
|
|
|
Private Placement asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
6,854 |
|
|
0.4 |
% |
|
|
|
AAA |
|
$ |
- |
|
|
— |
|
||||||||||
|
AA |
|
|
63,318 |
|
|
4.1 |
% |
|
|
|
AA |
|
|
8,987 |
|
|
2.9 |
% |
||||||||||
|
A |
|
|
386,355 |
|
|
25.2 |
% |
|
|
|
A |
|
|
82,516 |
|
|
26.5 |
% |
||||||||||
|
BBB |
|
|
1,033,488 |
|
|
67.5 |
% |
|
|
|
BBB |
|
|
218,083 |
|
|
70.2 |
% |
||||||||||
|
Below Investment Grade |
|
|
40,859 |
|
|
2.7 |
% |
|
|
|
Below Investment Grade |
|
|
1,294 |
|
|
0.4 |
% |
||||||||||
|
NA |
|
|
176 |
|
|
0.0 |
% |
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Corporate |
|
$ |
1,531,049 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Private |
|
$ |
310,881 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CMBS asset class: |
|
|
|
|
|
|
|
Mortgage-Backed asset class: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
52,552 |
|
|
44.4 |
% |
|
|
|
AAA |
|
$ |
397,383 |
|
|
76.9 |
% |
||||||||||
|
AA |
|
|
10,390 |
|
|
8.8 |
% |
|
|
|
AA |
|
|
118,856 |
|
|
23.0 |
% |
||||||||||
|
A |
|
|
55,298 |
|
|
46.8 |
% |
|
|
|
A |
|
|
105 |
|
|
0.0 |
% |
||||||||||
|
BBB |
|
|
- |
|
|
— |
|
|
|
|
BBB |
|
|
- |
|
|
— |
|
||||||||||
|
Below Investment Grade |
|
|
- |
|
|
— |
|
|
|
|
Below Investment Grade |
|
|
61 |
|
|
0.0 |
% |
||||||||||
|
NA |
|
|
- |
|
|
— |
|
|
|
|
NA |
|
|
21 |
|
|
0.0 |
% |
||||||||||
|
|
|
|
|
|
Total CMBS |
|
$ |
118,240 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Mortgage-Backed |
|
$ |
516,426 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Asset-Backed asset class: |
|
|
|
|
|
|
|
Treasury & Government asset classes: |
|
|
|
|
|
||||||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
Rating |
|
|
|
|
|
||||||||||||||
|
AAA |
|
$ |
67,508 |
|
|
28.0 |
% |
|
|
|
AAA |
|
$ |
31,106 |
|
|
11.1 |
% |
||||||||||
|
AA |
|
|
32,962 |
|
|
13.7 |
% |
|
|
|
AA |
|
|
165,263 |
|
|
59.1 |
% |
||||||||||
|
A |
|
|
138,581 |
|
|
57.6 |
% |
|
|
|
A |
|
|
66,885 |
|
|
23.9 |
% |
||||||||||
|
BBB |
|
|
- |
|
|
— |
|
|
|
|
BBB |
|
|
15,266 |
|
|
5.5 |
% |
||||||||||
|
Below Investment Grade |
|
|
1,715 |
|
|
0.7 |
% |
|
|
|
Below Investment Grade |
|
|
1,137 |
|
|
0.4 |
% |
||||||||||
|
NA |
|
|
- |
|
|
— |
|
|
|
|
NA |
|
|
- |
|
|
— |
|
||||||||||
|
|
|
|
|
|
Total Asset-Backed |
|
$ |
240,767 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
Total Treasury & Government |
|
$ |
279,656 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NAIC Designations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
1 |
|
$ |
1,439,375 |
|
|
55.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
2 |
|
|
1,145,640 |
|
|
42.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
3 |
|
|
45,080 |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
4 |
|
|
6,161 |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
5 |
|
|
1,137 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
6 |
|
|
0 |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
U.S. Insurer Fixed Income (2) |
|
|
2,637,393 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other (3) |
|
|
425,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and cash equivalents |
|
|
627,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total Invested Assets |
|
$ |
3,690,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Q2 |
|||||||||
(Dollars in thousands) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
$ |
|
% |
|||||||||||||
Net Investment Income by Source |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Fixed-maturity securities (available-for-sale) |
$ |
25,806 |
|
$ |
26,357 |
|
$ |
27,380 |
|
$ |
29,218 |
|
$ |
29,936 |
|
$ |
30,618 |
|
|
|
$ |
4,261 |
|
16.2% |
|||||
|
Fixed-maturity securities (held-to-maturity) |
|
16,435 |
|
|
16,608 |
|
|
16,306 |
|
|
16,126 |
|
|
15,785 |
|
|
15,659 |
|
|
|
|
(950 |
) |
-5.7% |
|||||
|
Equity Securities |
|
380 |
|
|
380 |
|
|
366 |
|
|
397 |
|
|
390 |
|
|
323 |
|
|
|
|
(57 |
) |
-15.0% |
|||||
|
Deposit asset underlying 10% reinsurance treaty |
|
2,377 |
|
|
2,488 |
|
|
2,504 |
|
|
2,415 |
|
|
2,311 |
|
|
2,211 |
|
|
|
|
(277 |
) |
-11.1% |
|||||
|
Deposit asset - Mark to Market |
|
(327 |
) |
|
(852 |
) |
|
(481 |
) |
|
1,215 |
|
|
(137 |
) |
|
189 |
|
|
|
|
1,041 |
|
122.2% |
|||||
|
Policy loans and other invested assets |
|
(72 |
) |
|
352 |
|
|
475 |
|
|
542 |
|
|
461 |
|
|
544 |
|
|
|
|
192 |
|
54.5% |
|||||
|
Cash & cash equivalents |
|
5,128 |
|
|
5,840 |
|
|
6,609 |
|
|
6,024 |
|
|
6,981 |
|
|
6,640 |
|
|
|
|
800 |
|
13.7% |
|||||
|
|
|
|
|
Total investment income |
|
49,727 |
|
|
51,172 |
|
|
53,159 |
|
|
55,937 |
|
|
55,727 |
|
|
56,183 |
|
|
|
|
5,011 |
|
9.8% |
|
|
Investment expenses |
|
2,227 |
|
|
2,167 |
|
|
2,122 |
|
|
2,167 |
|
|
2,136 |
|
|
2,072 |
|
|
|
|
(95 |
) |
-4.4% |
|||||
|
Interest Expense on Surplus Note |
|
16,435 |
|
|
16,608 |
|
|
16,306 |
|
|
16,126 |
|
|
15,785 |
|
|
15,659 |
|
|
|
|
(949 |
) |
-5.7% |
|||||
|
|
|
|
|
Net investment income |
$ |
31,065 |
|
$ |
32,397 |
|
$ |
34,731 |
|
$ |
37,644 |
|
$ |
37,806 |
|
$ |
38,452 |
|
|
|
$ |
6,055 |
|
18.7% |
|
|
|
Fixed income book yield, end of period |
|
3.57 |
% |
|
3.63 |
% |
|
3.79 |
% |
|
3.83 |
% |
|
3.93 |
% |
|
4.01 |
% |
|
|
|
|
|
|||||
|
|
New money yield |
|
5.57 |
% |
|
5.46 |
% |
|
6.04 |
% |
|
6.67 |
% |
|
5.70 |
% |
|
5.78 |
% |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOY Q2 |
|
|
|||||||
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
% Pt |
|
|
|||||||
Fixed Income Portfolio Quality Ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Rating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
AAA |
|
20.8 |
% |
|
20.7 |
% |
|
19.0 |
% |
|
18.9 |
% |
|
18.9 |
% |
|
18.3 |
% |
|
|
|
-2.4 |
% |
|
|||||
|
AA |
|
11.3 |
% |
|
11.4 |
% |
|
14.3 |
% |
|
14.9 |
% |
|
14.8 |
% |
|
14.1 |
% |
|
|
|
2.6 |
% |
|
|||||
|
A |
|
25.0 |
% |
|
24.8 |
% |
|
24.8 |
% |
|
24.9 |
% |
|
24.1 |
% |
|
24.3 |
% |
|
|
|
-0.5 |
% |
|
|||||
|
BBB |
|
40.5 |
% |
|
40.9 |
% |
|
39.7 |
% |
|
39.4 |
% |
|
40.5 |
% |
|
41.9 |
% |
|
|
|
1.0 |
% |
|
|||||
|
Below Investment Grade |
|
2.2 |
% |
|
2.0 |
% |
|
1.9 |
% |
|
2.0 |
% |
|
1.6 |
% |
|
1.5 |
% |
|
|
|
-0.5 |
% |
|
|||||
|
NA |
|
0.2 |
% |
|
0.1 |
% |
|
0.3 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
|
|
-0.1 |
% |
|
|||||
|
|
|
|
|
|
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
A |
|
A |
|
A |
|
A |
|
A |
|
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2024 |
|
|
|
As of June 30, 2024 |
|
|
|
|
|
|
As of June 30, 2024 |
|
||||||||||||||
|
|
|
|
|
|
|
Market |
|
Amortized |
|
Credit |
|
|
|
Market |
|
Amortized |
|
|
|
|
|
|
Market |
|
Amortized |
|
||||||
Top 25 Exposures |
|
|
|
|
|
|
Foreign Exposure (1) |
|
|
|
|
|
|
Government Investments (1) |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1 |
Province of Ontario Canada |
$ |
15,425 |
|
$ |
15,928 |
|
A+ |
|
Canada |
$ |
91,063 |
|
$ |
99,091 |
|
|
|
AAA |
$ |
695 |
|
$ |
701 |
|
|||||||
|
2 |
Canada |
|
15,001 |
|
|
15,872 |
|
AAA |
|
United Kingdom |
|
26,614 |
|
|
26,775 |
|
|
|
AA |
|
— |
|
|
— |
|
|||||||
|
3 |
Province of Alberta Canada |
|
14,572 |
|
|
15,636 |
|
AA- |
|
Australia |
|
15,891 |
|
|
16,960 |
|
|
|
A |
|
10,776 |
|
|
12,438 |
|
|||||||
|
4 |
Province of Quebec Canada |
|
14,524 |
|
|
15,092 |
|
AA- |
|
Ireland |
|
11,578 |
|
|
11,100 |
|
|
|
BBB |
|
14,010 |
|
|
14,816 |
|
|||||||
|
5 |
Realty Income Corp |
|
14,016 |
|
|
15,037 |
|
A- |
|
Cayman Islands |
|
11,093 |
|
|
11,043 |
|
|
|
Below Investment Grade |
|
638 |
|
|
1,137 |
|
|||||||
|
6 |
ONEOK Inc |
|
13,881 |
|
|
14,385 |
|
BBB |
|
Japan |
|
6,667 |
|
|
6,700 |
|
|
|
NA |
|
— |
|
|
— |
|
|||||||
|
7 |
Ontario Teachers' Pension Plan |
|
12,957 |
|
|
14,299 |
|
AA+ |
|
Mexico |
|
6,611 |
|
|
7,682 |
|
|
|
|
Total |
$ |
26,119 |
|
$ |
29,091 |
|
||||||
|
8 |
Boeing Co |
|
11,569 |
|
|
11,838 |
|
BBB- |
|
France |
|
5,527 |
|
|
5,740 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
9 |
Intact Financial Corp |
|
11,454 |
|
|
11,415 |
|
A+ |
|
Netherlands |
|
5,419 |
|
|
5,490 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
10 |
Manulife Financial Corp |
|
10,818 |
|
|
11,581 |
|
A |
|
Bermuda |
|
5,037 |
|
|
5,241 |
|
|
|
Non-Government Investments (1) |
|
|
|
|
|||||||||
|
11 |
Berkshire Hathaway Inc |
|
10,618 |
|
|
10,644 |
|
AA |
|
Luxembourg |
|
4,960 |
|
|
4,700 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
12 |
TC Energy Corp |
|
10,038 |
|
|
11,168 |
|
BBB+ |
|
Israel |
|
3,540 |
|
|
3,563 |
|
|
|
AAA |
$ |
11,225 |
|
$ |
11,147 |
|
|||||||
|
13 |
Province of Nova Scotia Canada |
|
9,690 |
|
|
10,249 |
|
AA- |
|
Malta |
|
3,130 |
|
|
3,130 |
|
|
|
AA |
|
11,996 |
|
|
11,946 |
|
|||||||
|
14 |
Alimentation Couche-Tard Inc |
|
9,536 |
|
|
9,668 |
|
BBB- |
|
Germany |
|
2,975 |
|
|
2,990 |
|
|
|
A |
|
62,455 |
|
|
64,049 |
|
|||||||
|
15 |
Morgan Stanley |
|
9,428 |
|
|
9,617 |
|
BBB+ |
|
Brazil |
|
2,227 |
|
|
2,351 |
|
|
|
BBB |
|
141,791 |
|
|
149,489 |
|
|||||||
|
16 |
Province of Saskatchewan Canada |
|
9,291 |
|
|
9,596 |
|
AA |
|
Emerging Markets (2) |
|
11,339 |
|
|
12,855 |
|
|
|
Below Investment Grade |
|
3,944 |
|
|
3,801 |
|
|||||||
|
17 |
ConocoPhillips |
|
9,174 |
|
|
10,712 |
|
A- |
|
All Other |
|
|
45,417 |
|
|
45,669 |
|
|
|
NA |
|
1,557 |
|
|
1,557 |
|
||||||
|
18 |
Old Republic International Corp |
|
8,679 |
|
|
8,720 |
|
BBB+ |
|
|
Total |
$ |
259,087 |
|
$ |
271,080 |
|
|
|
|
Total |
$ |
232,968 |
|
$ |
241,989 |
|
|||||
|
19 |
Fairfax Financial Holdings Ltd |
|
8,577 |
|
|
9,734 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
20 |
Walmart Inc |
|
8,471 |
|
|
8,661 |
|
AA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
21 |
Tokyo Century Corp |
|
8,467 |
|
|
8,974 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
22 |
Oglethorpe Power Corp |
|
8,424 |
|
|
9,377 |
|
BBB+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
23 |
Kemper Corp |
|
8,331 |
|
|
9,091 |
|
BBB- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
24 |
Broadcom Inc |
|
8,269 |
|
|
8,672 |
|
BBB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
25 |
Brookfield Corp |
|
8,255 |
|
|
8,434 |
|
A+ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Total |
$ |
269,465 |
|
$ |
284,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
% of total fixed income portfolio |
|
7.8 |
% |
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.
17 of 18
Five-Year Historical Key Statistics |
PRIMERICA, INC. Financial Supplement |
(Dollars in millions) |
2019 |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
Q4 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Recruits |
|
282,207 |
|
|
400,345 |
|
|
349,374 |
|
|
359,735 |
|
|
361,925 |
|
|
93,540 |
|
|
86,124 |
|
|
92,269 |
|
|
89,992 |
|
|
110,710 |
|
|
96,563 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Life-insurance licensed sales force, beginning of period |
|
130,736 |
|
|
130,522 |
|
|
134,907 |
|
|
129,515 |
|
|
135,208 |
|
|
135,208 |
|
|
136,430 |
|
|
137,806 |
|
|
139,053 |
|
|
141,572 |
|
|
142,855 |
|
|
|
||||||
|
New life-licensed representatives |
|
44,739 |
|
|
48,106 |
|
|
39,622 |
|
|
45,147 |
|
|
49,096 |
|
|
11,118 |
|
|
12,638 |
|
|
12,311 |
|
|
13,029 |
|
|
12,949 |
|
|
14,402 |
|
|
|
|||||
|
Non-renewal and terminated representatives |
|
(44,953 |
) |
|
(43,721 |
) |
|
(45,014 |
) |
|
(39,454 |
) |
|
(42,732 |
) |
|
(9,896 |
) |
|
(11,262 |
) |
|
(11,064 |
) |
|
(10,510 |
) |
|
(11,666 |
) |
|
(11,468 |
) |
|
|
|||||
Life-insurance licensed sales force, end of period |
|
130,522 |
|
|
134,907 |
|
|
129,515 |
|
|
135,208 |
|
|
141,572 |
|
|
136,430 |
|
|
137,806 |
|
|
139,053 |
|
|
141,572 |
|
|
142,855 |
|
|
145,789 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Issued term life policies |
|
287,809 |
|
|
352,868 |
|
|
323,855 |
|
|
291,918 |
|
|
358,860 |
|
|
84,561 |
|
|
96,953 |
|
|
88,589 |
|
|
88,757 |
|
|
86,587 |
|
|
100,768 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Issued term life face amount |
$ |
93,994 |
|
$ |
109,436 |
|
$ |
108,521 |
|
$ |
103,822 |
|
$ |
119,102 |
|
$ |
28,124 |
|
$ |
32,203 |
|
$ |
29,452 |
|
$ |
29,322 |
|
$ |
28,725 |
|
$ |
33,155 |
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Term life face amount in force, beginning of period |
$ |
781,041 |
|
$ |
808,262 |
|
$ |
858,818 |
|
$ |
903,404 |
|
$ |
916,808 |
|
$ |
916,808 |
|
$ |
922,845 |
|
$ |
934,867 |
|
$ |
937,856 |
|
$ |
944,609 |
|
$ |
947,101 |
|
|
|
||||||
|
Issued term life face amount |
|
93,994 |
|
|
109,436 |
|
|
108,521 |
|
|
103,822 |
|
|
119,102 |
|
|
28,124 |
|
|
32,203 |
|
|
29,452 |
|
|
29,322 |
|
|
28,725 |
|
|
33,155 |
|
|
|
|||||
|
Terminated term life face amount |
|
(71,519 |
) |
|
(60,848 |
) |
|
(64,798 |
) |
|
(82,894 |
) |
|
(94,230 |
) |
|
(22,210 |
) |
|
(22,583 |
) |
|
(24,143 |
) |
|
(25,293 |
) |
|
(23,323 |
) |
|
(28,241 |
) |
|
|
|||||
|
Foreign currency impact, net |
|
4,746 |
|
|
1,968 |
|
|
862 |
|
|
(7,524 |
) |
|
2,929 |
|
|
124 |
|
|
2,401 |
|
|
(2,320 |
) |
|
2,724 |
|
|
(2,911 |
) |
|
(1,134 |
) |
|
|
|||||
Term life face amount in force, end of period |
$ |
808,262 |
|
$ |
858,818 |
|
$ |
903,404 |
|
$ |
916,808 |
|
$ |
944,609 |
|
$ |
922,845 |
|
$ |
934,867 |
|
$ |
937,856 |
|
$ |
944,609 |
|
$ |
947,101 |
|
$ |
950,880 |
|
|
|
||||||
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|||||||||||
Estimated annualized issued term life premium |
|
|
|
|
|
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|
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|||||||||||||||||
|
Premium from new policies |
$ |
244.8 |
|
$ |
303.6 |
|
$ |
297.2 |
|
$ |
271.9 |
|
$ |
302.4 |
|
$ |
70.7 |
|
$ |
82.0 |
|
$ |
74.0 |
|
$ |
75.6 |
|
$ |
73.1 |
|
$ |
86.7 |
|
|
|
|||||
|
Additions and increases in premium |
|
60.2 |
|
|
68.9 |
|
|
77.0 |
|
|
76.7 |
|
|
74.3 |
|
|
18.2 |
|
|
19.7 |
|
|
18.7 |
|
|
17.7 |
|
|
18.1 |
|
|
19.9 |
|
|
|
|||||
|
|
Total estimated annualized issued term life premium |
$ |
305.0 |
|
$ |
372.5 |
|
$ |
374.2 |
|
$ |
348.5 |
|
$ |
376.6 |
|
$ |
88.9 |
|
$ |
101.7 |
|
$ |
92.7 |
|
$ |
93.3 |
|
$ |
91.2 |
|
$ |
106.5 |
|
|
|
||||
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|||||||||||
Investment & Savings product sales |
$ |
7,533.2 |
|
$ |
7,842.5 |
|
$ |
11,703.2 |
|
$ |
10,009.0 |
|
$ |
9,211.7 |
|
$ |
2,300.0 |
|
$ |
2,381.6 |
|
$ |
2,174.2 |
|
$ |
2,355.9 |
|
$ |
2,770.4 |
|
$ |
3,082.9 |
|
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|
||||||
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Investment & Savings average client asset values |
$ |
65,029 |
|
$ |
69,709 |
|
$ |
89,993 |
|
$ |
87,193 |
|
$ |
89,474 |
|
$ |
86,581 |
|
$ |
88,813 |
|
$ |
91,505 |
|
$ |
90,995 |
|
$ |
99,502 |
|
$ |
102,993 |
|
|
|
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Closed U.S. Mortgage Volume (brokered) |
$ |
31.1 |
|
$ |
442.5 |
|
$ |
1,229.2 |
|
$ |
567.2 |
|
$ |
293.4 |
|
$ |
55.6 |
|
$ |
82.2 |
|
$ |
82.7 |
|
$ |
72.9 |
|
$ |
71.4 |
|
$ |
99.6 |
|
|
|
18 of 18
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Document and Entity Information |
Aug. 07, 2024 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001475922 |
Document Type | 8-K |
Document Period End Date | Aug. 07, 2024 |
Entity Registrant Name | Primerica, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-34680 |
Entity Tax Identification Number | 27-1204330 |
Entity Address, Address Line One | 1 Primerica Parkway |
Entity Address, City or Town | Duluth |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30099 |
City Area Code | 770 |
Local Phone Number | 381-1000 |
Written Communications | false |
Soliciting Material | false |
Pre commencement Tender Offer | false |
Pre commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock |
Trading Symbol | PRI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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