8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 or 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported):      August 5, 2015

PRIMERICA, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-34680	27-1204330
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)
	1 Primerica Parkway Duluth, Georgia 30099
(Address of Principal Executive Offices)

(770) 381-1000

(Registrant’s telephone number, including area code)

 (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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

On August 5, 2015, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2015. 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, operating revenues, operating income before income taxes, net operating income, adjusted stockholders’ equity and diluted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded to affiliates of Citigroup Inc. under coinsurance transactions that were executed concurrent with our initial public offering for all periods presented. Operating revenues, operating income before income taxes, net operating income and diluted operating earnings per share exclude the impact of realized investment gains and losses for all periods presented.  Adjusted stockholders’ equity excludes the impact of net unrealized gains and losses recorded in accumulated other comprehensive income (loss) for all periods presented.

We exclude these items because they are considered unusual or not indicative of our ongoing operations.  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 our core ongoing business.  These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

Reconciliations of non-GAAP to GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at http://investors.primerica.com.

Item 7.01     Regulation FD Disclosure.

On August 5, 2015, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2015.  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.	Financial Statements and Exhibits.
(d) Exhibits.
99.1	Press Release dated August 5, 2015 – Primerica Reports Second Quarter 2015 Results
99.2	Primerica, Inc. Supplemental Financial Information – Second Quarter 2015

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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 5, 2015	PRIMERICA, INC.
	/s/ Alison S. Rand
	Alison S. Rand
	Executive Vice President and Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated August 5, 2015 – Primerica Reports Second Quarter 2015 Results
99.2	Primerica, Inc. Supplemental Financial Information – Second Quarter 2015

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EX-99.1

Exhibit 99.1

PRIMERICA REPORTS SECOND QUARTER 2015 RESULTS

14% growth in life insurance policies issued

9% growth in Investment and Savings Products sales

5% increase in life insurance licensed representatives to 101,008

Diluted EPS of $0.94 and diluted operating EPS of $0.93

16.1% net income return on stockholders’ equity and 17.0% net operating income return on adjusted stockholders’ equity (ROAE)

40,000 attendees at biennial convention in July 2015

Duluth, GA, August 5, 2015 – Primerica, Inc. (NYSE: PRI) announced today financial results for the quarter ended June 30, 2015.  Total revenues were $350.9 million in the second quarter of 2015 and net income was $49.2 million, or $0.94 per diluted share.

In the second quarter operating revenues increased by 6% to $350.3 million compared with $330.3 million in the prior year period.  Strong operating results were driven by growth in the Term Life segment including 14% growth in life insurance policies issued and a 10% increase in net premiums.  The Investment and Savings Products segment continued to perform well with a 9% increase in product sales and 7% growth in average client asset values year-over-year. Operating results reflect higher than historically incurred claims in the current quarter whereas incurred claims were lower than historical levels in the prior year period.  Net investment income continues to be modestly impacted by lower yields on invested assets and ongoing capital deployment.  The comparison of year-over-year results was also negatively impacted by the declining Canadian dollar value which reduced operating revenues by approximately $7.5 million and net operating income by approximately $1.5 million.  While net operating income of $48.8 million was consistent with the prior year period, net operating income per diluted share increased 7% to $0.93 reflecting ongoing return of capital to stockholders through share repurchases.  ROAE expanded to 17.0% on an operating basis versus 16.3% in the second quarter of 2014.

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Glenn Williams, Chief Executive Officer said, “Solid core performance across business segments combined with active capital deployment drove growth in operating EPS and ROAE versus the second quarter a year ago.  Our ongoing efforts to drive organic growth resulted in a 5% increase in the size of our life insurance licensed sales force reflecting 15% growth in new representatives obtaining a life insurance license year-over-year.  In the second quarter, Term Life issued polices increased 14% and Investment and Savings Products continued to experience record setting sales, up 9% compared with the year ago period.  The excitement generated by the incentives, technology and product enhancements launched at our July convention should continue to generate growth in the second half of 2015.”

Distribution Results

● Primerica’s biennial convention at the Georgia Dome in July was attended by approximately 40,000 people from the United States, Canada and Puerto Rico.  Sales representatives attended workshops, exhibits and general sessions where they received training and learned about product enhancements and technology initiatives in order to drive growth in the second half of 2015 and beyond.

● The size of our life-licensed sales force increased 5% to 101,008 at June 30, 2015 compared with 96,596 at June 30, 2014, and increased 3% from 98,145 at March 31, 2015.  In the second quarter, recruiting of new representatives increased 20% versus the year ago quarter, reflecting continued positive momentum in the business as well as extensive competitions to receive recognition in the Georgia Dome at the convention. Recruiting growth in recent periods led to 15% growth in new life licensed representatives compared with the prior year period.  On a sequential quarter basis, new life insurance licenses increased 39% compared with the seasonally lower first quarter and recruiting of new representatives increased 13%.

● In the second quarter, term life insurance policies issued grew 14% to 68,097 compared with the second quarter of 2014.  Productivity in the quarter of 0.23 policies per life licensed representative per month was higher than 0.21 in the prior year quarter and above the range of historical productivity.  Productivity was driven by building on the momentum generated in the first quarter and complemented by the recognition programs and technology enhancements leading up to our convention. On a sequential quarter basis, term life insurance policies issued increased 22% compared with the first quarter of 2015, reflecting typical seasonality as well as growth in productivity and the size of the life insurance licensed sales force in the second quarter.

● Investment and Savings Products sales in the second quarter of $1.57 billion, up 9% compared with the second quarter a year ago, marked the highest ISP sales quarter in the company’s history.  These results primarily reflect strong sales of retail mutual funds, variable annuities and Canadian segregated funds.  On a sequential quarter basis, total ISP sales increased 3% versus the strong sales in the first quarter of 2015. Client asset values increased 3% to $49.37 billion at June 30, 2015 relative to a year ago and were consistent with the end of the first quarter.

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Segment Results

Primerica operates in two primary business segments: Term Life Insurance and Investment and Savings Products, and has a third segment, Corporate and Other Distributed Products.  Results for the segments are shown below.

	Actual									Operating (1)
		Q2 2015			Q2 2014		% Change				Q2 2015			Q2 2014		% Change
	($ in thousands)									($ in thousands)
Revenues:
Term Life Insurance	$	201,433		$	184,366			9	%	$	201,433		$	184,366			9	%
Investment and Savings Products		135,081			128,148			5	%		135,081			128,148			5	%
Corporate and Other Distributed Products		14,353			18,616			(23	)%		13,756			17,785			(23	)%
Total revenues	$	350,867		$	331,130			6	%	$	350,270		$	330,299			6	%
Income (loss) before income taxes:
Term Life Insurance	$	57,286		$	55,070			4	%	$	57,286		$	55,070			4	%
Investment and Savings Products		37,746			36,048			5	%		37,746			36,048			5	%
Corporate and Other Distributed Products		(18,207	)		(15,378	)		18	%		(18,804	)		(16,209	)		16	%
Total income before income taxes	$	76,825		$	75,740			1	%	$	76,228		$	74,909			2	%
(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations at the end of this release for additional information.

 

Term Life Insurance.  In the second quarter of 2015, Term Life operating revenues increased 9% to $201.4 million.  The growth was driven by a 10% increase in net premiums compared with the second quarter of 2014.  Additionally, allocated net investment income increased 8% with growth from the level of assets required by the segment partially offset by lower yield on invested assets.  Term Life operating income before income taxes increased 4% to $57.3 million versus the prior year period and reflected higher benefits and claims, which outpaced growth in net premiums.  Incurred claims for the current quarter were approximately $1 million above historical levels compared to prior year claims that were approximately $2 million below historical levels.  DAC amortization grew in line with net premiums, as persistency was consistent with the prior year period.  Insurance expenses increased 5% year-over-year largely due to growth in the business and the run-off of Citi expense allowances.

On a sequential quarter basis, operating income before income taxes increased 20% reflecting seasonally higher persistency in the second quarter and elevated expenses in the first quarter related to the accelerated retirement vesting of equity awards.  These were partially offset by higher incurred claims in the second quarter.  The higher seasonal persistency resulted in lower DAC amortization partially offset by higher reserve increases versus the prior quarter.

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Investment and Savings Products.  In the second quarter, ISP operating revenues increased 5% to $135.1 million and operating income before income taxes increased 5% to $37.7 million compared with the year ago period.  Results reflect a 7% increase in revenue generating product sales and 7% growth in average client asset values.  Account-based revenue increased 10% year-over-year reflecting the addition of a mutual fund provider on our record keeping platform.  Weaker Canadian segregated fund market performance led to a slight acceleration of DAC amortization in the second quarter, whereas DAC amortization in the prior year period was positively impacted by strong market performance.

Sequentially, operating income before income taxes increased 8% compared with the first quarter due to growth in product sales and client asset values. Strong Canadian market performance in the first quarter led to lower DAC amortization in that period.  Other operating expenses were lower in the second quarter primarily due to higher expenses related to the accelerated retirement vesting of equity awards in the first quarter of 2015.

Corporate and Other Distributed Products.  Operating revenues were $13.8 million, and operating losses before income taxes grew by $2.6 million to $18.8 million compared with the second quarter of 2014.  Net investment income allocated to this segment continues to decline as Term Life required assets grow, excess capital is deployed and the yield on invested assets remains depressed.  Also impacting the year–over-year decrease in investment income was a lower return on the deposit asset backing a reinsurance agreement as interest rates increased during the quarter.

Insurance and other operating expenses were modestly lower in the current year than in the prior year period.

Taxes

The effective income tax rate for the second quarter of 2015 was 36.0%, which was higher than both the prior year period and the first quarter of 2015 rates of 34.9% and 35.0%, respectively. The higher effective tax rate in the second quarter was driven by an increase in the estimated portion of current earnings generated by the Canadian subsidiaries that may be repatriated to the U.S. in conjunction with our existing plan to deploy capital. These earnings are subject to a higher U.S. corporate tax rate.  Going forward, we estimate that the impact of a higher portion of future Canadian earnings being subject to U.S. corporate taxes will increase our effective tax rate by approximately 40 basis points from where it would have been otherwise.

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Capital and Liquidity

In conjunction with the acceleration of share repurchases announced on June 4, 2015, between April 1, 2015 and August 5, 2015 we repurchased $100.3 million, or 2.2 million shares, of Primerica common stock for a total of $139.0 million, or 2.9 million shares, repurchased year-to-date through August 5.

Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be in excess of 430% as of June 30, 2015, well positioned to support existing operations and fund future growth.  The estimated RBC ratio increased due to a higher level of reserves financed through an existing redundant reserve financing transaction. Our debt-to-capital ratio was 23.8% June 30, 2015.

As of June 30, 2015, our investments and cash totaled $1.97 billion, excluding the held-to-maturity asset held as part of a redundant reserve financing transaction.  Our invested asset portfolio had a net unrealized gain of $73.0 million (net of unrealized losses of $22.4 million) at June 30, 2015, down from $103.0 million at March 31, 2015 due to a sharp increase in interest rates during the quarter.

Non-GAAP Financial Measures

We report financial results in accordance with U.S. generally accepted accounting principles (GAAP).  We also present adjusted direct premiums, other ceded premiums, operating revenues, operating income before income taxes, net operating income, adjusted stockholders’ equity and diluted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded to affiliates of Citigroup Inc. under coinsurance transactions that were executed concurrent with our initial public offering for all periods presented.  Operating revenues, operating income before income taxes, net operating income, and diluted operating earnings per share exclude the impact of realized investment gains and losses, including other than temporary impairments (OTTI), for all periods presented.  Adjusted stockholders' equity excludes the impact of net unrealized gains and losses recorded in other comprehensive income (loss) for all periods presented.  The 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 financial 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 investors should not consider them in isolation or as a substitute for analysis of the results as reported under GAAP.  Reconciliations of non-GAAP to GAAP financial measures are attached to this release.

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Earnings Webcast Information

Primerica will hold a webcast Thursday, August 6, 2015 at 10:00 am ET, to discuss second quarter results.  This release and a detailed financial supplement will be posted on Primerica’s website.  Investors are encouraged to review these materials.  To access the webcast go to http://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 on Primerica’s website, http://investors.primerica.com.

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 our sales representatives; changes to the independent contractor status of our sales representatives; our or our sales representatives’ violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event that causes a large number of premature deaths of our insureds; changes in federal and state legislation, including other legislation or regulation that affects our insurance and investment product businesses, such as the DOL’s recent proposed rule defining who is a “fiduciary” of a qualified retirement plan as a result of giving investment advice; our failure to meet RBC standards or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of, or legal challenges to, the support tools we provide to our sales force; heightened standards of conduct or more stringent licensing requirements for our sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; legal and regulatory investigations and actions concerning us or our sales representatives; the loss of key personnel; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; and fluctuations in 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 http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

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About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading distributor of financial products to middle income households in North America. Primerica representatives educate their Main Street 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. In addition, Primerica provides an entrepreneurial full or part-time business opportunity for individuals seeking to earn income by distributing the company’s financial products. We insured more than 4 million lives and have over 2 million client investment accounts at December 31, 2014. Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Kathryn Kieser

470-564-7757

Email: investorrelations@primerica.com

Media Contact:

Keith Hancock

470-564-6328

Email: Keith.Hancock@Primerica.com

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PRIMERICA, INC. AND SUBSIDIARIES

Condensed Balance Sheets

	June 30, 2015 (1)		December 31, 2014
	(In thousands)
Assets:
Investments:
Fixed maturity securities available for sale, at fair value	$	1,724,743	$	1,759,120
Fixed maturity securities held to maturity, at amortized cost		328,000		220,000
Equity securities available for sale, at fair value		49,961		53,390
Trading securities, at fair value		7,927		7,711
Policy loans		29,112		28,095
Total investments		2,139,743		2,068,316
Cash and cash equivalents		153,933		192,516
Accrued investment income		17,026		17,401
Due from reinsurers		4,137,425		4,115,533
Deferred policy acquisition costs		1,430,508		1,351,180
Premiums and other receivables		189,924		181,660
Intangible assets		60,019		61,720
Income taxes		37,140		36,082
Other assets		290,483		273,403
Separate account assets		2,324,980		2,440,303
Total assets	$	10,781,181	$	10,738,114
Liabilities and Stockholders' Equity:
Liabilities:
Future policy benefits	$	5,361,580	$	5,264,608
Unearned premiums		730		912
Policy claims and other benefits payable		254,047		264,832
Other policyholders' funds		352,212		344,313
Notes payable		374,558		374,532
Surplus note		328,000		220,000
Income taxes		156,212		140,467
Other liabilities		367,337		392,810
Payable under securities lending		63,899		50,211
Separate account liabilities		2,324,980		2,440,303
Total liabilities		9,583,555		9,492,988
Stockholders' equity:
Common stock		501		522
Paid-in capital		259,937		353,337
Retained earnings		871,440		795,740
Accumulated other comprehensive income, net of income tax		65,748		95,527
Total stockholders' equity		1,197,626		1,245,126
Total liabilities and stockholders' equity	$	10,781,181	$	10,738,114
(1)   Unaudited

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PRIMERICA, INC. AND SUBSIDIARIES

Condensed Statements of Income

(Unaudited)

	Three months ended June 30,
	2015			2014
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	588,248		$	576,740
Ceded premiums		(406,854	)		(410,546	)
Net premiums		181,394			166,194
Commissions and fees		139,150			132,039
Net investment income		19,075			21,681
Realized investment gains (losses), including OTTI		597			831
Other, net		10,651			10,385
Total revenues		350,867			331,130
Benefits and expenses:
Benefits and claims		82,521			72,412
Amortization of deferred policy acquisition costs		36,384			32,696
Sales commissions		71,499			67,364
Insurance expenses		29,094			28,192
Insurance commissions		4,145			3,881
Interest expense		8,642			8,552
Other operating expenses		41,757			42,293
Total benefits and expenses		274,042			255,390
Income before income taxes		76,825			75,740
Income taxes		27,652			26,469
Net income	$	49,173		$	49,271
Earnings per share:
Basic earnings per share	$	0.94		$	0.89
Diluted earnings per share	$	0.94		$	0.89
Shares used in computing earnings per share:
Basic		51,787			54,927
Diluted		51,812			54,950

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PRIMERICA, INC. AND SUBSIDIARIES

Consolidated Operating Results Reconciliation

(Unaudited – in thousands, except per share amounts)

	Three months ended June 30,
	2015			2014			% Change
Operating revenues	$	350,270		$	330,299			6	%
Realized investment gains (losses), including OTTI		597			831
Total revenues	$	350,867		$	331,130			6	%
Operating income before income taxes	$	76,228		$	74,909			2	%
Realized investment gains (losses), including OTTI		597			831
Income before income taxes	$	76,825		$	75,740			1	%
Net operating income	$	48,791		$	48,731			*
Realized investment gains (losses), including OTTI		597			831
Tax impact of reconciling items		(215	)		(291	)
Net income	$	49,173		$	49,271			*
Diluted operating earnings per share (1)	$	0.93		$	0.88			7	%
Net after-tax impact of operating adjustments		0.01			0.01
Diluted earnings per share (1)	$	0.94		$	0.89			6	%
(1) Percentage change in earnings per share is calculated prior to rounding per share amounts.
* Less than 1%

TERM LIFE INSURANCE SEGMENT

Adjusted Premiums Reconciliation

(Unaudited – in thousands)

	Three months ended June 30,
	2015			2014
Adjusted direct premiums	$	247,889		$	223,705
Premiums ceded to Citigroup		331,984			344,143
Direct premiums	$	579,873		$	567,848
Other ceded premiums	$	(72,227	)	$	(63,423	)
Premiums ceded to Citigroup		(331,984	)		(344,143	)
Ceded premiums	$	(404,211	)	$	(407,566	)
Net premiums	$	175,662		$	160,282

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CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT

Operating Results Reconciliation

(Unaudited – in thousands)

	Three months ended June 30,
	2015			2014
Operating revenues	$	13,756		$	17,785
Realized investment gains (losses), including OTTI		597			831
Total revenues	$	14,353		$	18,616
Operating loss before income taxes	$	(18,804	)	$	(16,209	)
Realized investment gains (losses), including OTTI		597			831
Loss before income taxes	$	(18,207	)	$	(15,378	)

PRIMERICA, INC. AND SUBSIDIARIES

Adjusted Stockholders' Equity Reconciliation

(Unaudited – in thousands)

	June 30, 2015		December 31, 2014
Adjusted stockholders' equity	$	1,136,345	$	1,171,280
Unrealized net investment gains recorded in stockholders' equity, net of income tax		61,281		73,846
Stockholders' equity	$	1,197,626	$	1,245,126

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EX-99.2

Exhibit 99.2

Supplemental Financial Information

Second Quarter 2015

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 non-GAAP to GAAP financial measures	7
Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Investment portfolio	13-15
Five-year historical key statistics	16

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, 2014.

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Preface PRIMERICA, INC. Financial Supplement

SECOND QUARTER 2015

This document is a financial supplement to our second quarter 2015 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 realized investment gains and losses and the impact of entering into Co-CEOs transition agreements as described in our Form 8-K dated January 2, 2015.

● Adjusted when used in describing stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets.

● Citi reinsurance transaction adjustments relate to transactions in the first quarter of 2010, where we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) that were executed concurrent with our IPO.

Management utilizes certain 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.

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

(Dollars in thousands)	Dec 31, 2013			Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Mar 31, 2015			Jun 30, 2015
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	1,984,592		$	2,014,610		$	2,042,834		$	2,039,759		$	2,040,832		$	2,056,975		$	1,965,675
Securities held to maturity		—			—			—			189,830			220,000			238,000			328,000
Total investments and cash		1,984,592			2,014,610			2,042,834			2,229,589			2,260,832			2,294,975			2,293,675
Due from reinsurers		4,055,054			4,074,527			4,077,734			4,130,637			4,115,533			4,094,456			4,137,425
Deferred policy acquisition costs		1,208,466			1,242,983			1,293,974			1,321,415			1,351,180			1,377,022			1,430,508
Other assets		578,009			597,265			597,348			591,895			570,267			571,496			594,592
Separate account assets		2,503,829			2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980
Total assets	$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114		$	10,724,214		$	10,781,181
Liabilities:
Future policy benefits	$	5,063,103		$	5,103,278		$	5,180,013		$	5,214,878		$	5,264,608		$	5,289,016		$	5,361,580
Other policy liabilities		593,084			585,217			576,737			630,248			610,057			602,291			606,989
Income taxes		105,885			127,906			137,797			136,065			140,467			157,684			156,212
Other liabilities		377,689			375,864			346,535			365,900			392,810			381,369			367,337
Notes payable		374,481			374,494			374,506			374,519			374,532			374,545			374,558
Surplus note		—			—			—			189,830			220,000			238,000			328,000
Payable under securities lending		89,852			109,094			93,569			67,614			50,211			55,622			63,898
Separate account liabilities		2,503,829			2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980
Total liabilities		9,107,923			9,134,591			9,290,818			9,448,172			9,492,988			9,484,792			9,583,555
Stockholders’ equity:
Common stock ($0.01 par value) (1)		548			546			542			537			522			516			501
Paid-in capital		472,632			462,837			447,949			429,257			353,335			323,996			259,937
Retained earnings		640,840			679,183			721,788			756,738			795,741			830,624			871,440
Treasury stock		—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		67,378			78,911			92,049			78,130			74,307			83,401			61,742
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)
Cumulative translation adjustment		41,975			33,404			41,749			30,282			21,682			1,346			4,468
Total stockholders’ equity		1,222,027			1,253,532			1,302,731			1,294,482			1,245,126			1,239,422			1,197,626
Total liabilities and stockholders' equity	$	10,329,950		$	10,388,124		$	10,593,549		$	10,742,654		$	10,738,114		$	10,724,214		$	10,781,181
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		67,378			78,911			92,049			78,130			74,307			83,401			61,742
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)
Total reconciling items		66,032			77,564			90,703			77,669			73,846			82,940			61,281
Total stockholders’ equity	$	1,222,027		$	1,253,532		$	1,302,731		$	1,294,482		$	1,245,126		$	1,239,422		$	1,197,626
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,123,780		$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482
Net Income		37,201			45,080			49,271			41,595			45,466			43,401			49,173
Shareholder dividends		(6,138	)		(6,738	)		(6,666	)		(6,646	)		(6,462	)		(8,517	)		(8,357	)
Retirement of shares and warrants		—			(19,187	)		(21,972	)		(30,694	)		(82,447	)		(44,789	)		(70,999	)
Net foreign currency translation adjustment		(6,697	)		(8,571	)		8,346			(11,468	)		(8,600	)		(20,336	)		3,121
Other, net		7,850			9,389			7,081			11,997			6,510			15,444			6,925
Balance, end of period	$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,179,143		$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022
General expenses deferred		7,396			7,273			8,136			7,147			8,171			7,953			8,554
Commission costs deferred		63,828			69,559			68,674			66,602			67,980			70,389			78,799
Amortization of deferred policy acquisition costs		(35,627	)		(35,193	)		(32,696	)		(36,944	)		(39,544	)		(36,213	)		(36,383	)
Foreign currency impact and other, net		(6,274	)		(7,122	)		6,877			(9,363	)		(6,842	)		(16,287	)		2,516
Balance, end of period	$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022		$	1,430,508

(1) Outstanding common shares exclude restricted stock units.

4 of 16

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

																			YOY Q2												YOY YTD
(Dollars in thousands, except per-share data)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		55,224,404			54,926,561			54,712,874			53,420,998			52,642,881			51,786,679			(3,139,882	)		-5.7	%		55,074,660			52,212,414			(2,862,246	)		-5.2	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		176			32.4	%		(1,122	)		(814	)		308			27.5	%
Net income used in computing basic EPS	$	44,504		$	48,729		$	41,147		$	44,975		$	42,956		$	48,806		$	77			0.2	%	$	93,229		$	91,760		$	(1,470	)		-1.6	%
Basic earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.06			6.2	%	$	1.69		$	1.76		$	0.06			3.8	%
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(450	)		(529	)		(436	)		(363	)		173			32.2	%		(1,094	)		(803	)		291			26.6	%
Net operating income used in computing basic operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	233			0.5	%	$	90,950		$	90,554		$	(396	)		-0.4	%
Basic operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.94		$	0.06			6.6	%	$	1.65		$	1.73		$	0.08			5.0	%
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		55,224,404			54,926,561			54,712,874			53,420,998			52,642,881			51,786,679			(3,139,882	)		-5.7	%		55,074,660			52,212,414			(2,862,246	)		-5.2	%
Dilutive impact of options		21,997			23,046			30,983			49,455			48,104			25,292			2,246			9.7	%		22,522			36,557			14,035			62.3	%
Shares used to calculate diluted EPS		55,246,401			54,949,607			54,743,857			53,470,453			52,690,985			51,811,971			(3,137,636	)		-5.7	%		55,097,182			52,248,971			(2,848,211	)		-5.2	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		176			32.4	%		(1,122	)		(813	)		308			27.5	%
Net income used in computing diluted EPS	$	44,504		$	48,729		$	41,148		$	44,975		$	42,957		$	48,807		$	77			0.2	%	$	93,230		$	91,760		$	(1,470	)		-1.6	%
Diluted earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.06			6.2	%	$	1.69		$	1.76		$	0.06			3.8	%
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(449	)		(529	)		(435	)		(363	)		173			32.2	%		(1,094	)		(803	)		292			26.7	%
Net operating income used in computing diluted operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	233			0.5	%	$	90,950		$	90,554		$	(396	)		-0.4	%
Diluted operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.93		$	0.06			6.6	%	$	1.65		$	1.73		$	0.08			5.0	%

		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		YOY Q2												YOY YTD
																			Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,237,780		$	1,278,132		$	1,298,607		$	1,269,804		$	1,242,274		$	1,218,524		$	(59,608	)		-4.7	%	$	1,257,956		$	1,230,399		$	(27,557	)		-2.2	%
Average adjusted stockholders' equity	$	1,165,982		$	1,193,998		$	1,214,421		$	1,194,046		$	1,163,881		$	1,146,414		$	(47,585	)		-4.0	%	$	1,179,990		$	1,155,147		$	(24,843	)		-2.1	%
Net income return on stockholders' equity		14.6	%		15.4	%		12.8	%		14.3	%		14.0	%		16.1	%		0.7	%	nm				15.0	%		15.0	%		0.0	%	nm
Net income return on adjusted stockholders' equity		15.5	%		16.5	%		13.7	%		15.2	%		14.9	%		17.2	%		0.7	%	nm				16.0	%		16.0	%		0.0	%	nm
Net operating income return on adjusted stockholders' equity		14.9	%		16.3	%		13.8	%		16.4	%		14.6	%		17.0	%		0.7	%	nm				15.6	%		15.8	%		0.2	%	nm
Capital Structure
Debt-to-capital (1)		23.0	%		22.3	%		22.4	%		23.1	%		23.2	%		23.8	%		1.5	%	nm				22.3	%		23.8	%		1.5	%	nm
Cash and invested assets to stockholders' equity		1.6	x		1.6	x		1.7	x		1.8	x		1.9	x		1.9	x		0.3	x	nm				1.6	x		1.9	x		0.3	x	nm
Cash and invested assets to adjusted stockholders' equity		1.7	x		1.7	x		1.8	x		1.9	x		2.0	x		2.0	x		0.3	x	nm				1.7	x		2.0	x		0.3	x	nm
Share count, end of period (2)		54,569,108			54,193,684			53,681,705			52,168,653			51,554,770			50,110,938			(4,082,746	)		-7.5	%		54,193,684			50,110,938			(4,082,746	)		-7.5	%
Adjusted stockholders' equity per share	$	21.55		$	22.36		$	22.67		$	22.45		$	22.43		$	22.68		$	0.31			1.4	%	$	22.36		$	22.68		$	0.31			1.4	%
Financial Strength Ratings - Primerica Life Insurance Co
Moody's	A2			A2			A2			A2			A2			A2			nm			nm			nm			nm			nm			nm
S&P	AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
A.M. Best	A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm
Holding Company Senior Debt Ratings
Moody's	Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm			nm			nm			nm			nm
S&P	A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
A.M. Best	a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

(1)	Debt-to-capital is that of the parent company only.  Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
(2)	Share count reflects outstanding common shares, including restricted shares, but excludes restricted stock units (RSUs).

5 of 16

Statements of Income PRIMERICA, INC. Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	568,205		$	576,740		$	577,482		$	578,905		$	577,458		$	588,248		$	11,508			2.0	%	$	1,144,945		$	1,165,707		$	20,761			1.8	%
Ceded premiums		(402,715	)		(410,546	)		(402,198	)		(401,358	)		(397,541	)		(406,854	)		3,692			0.9	%		(813,261	)		(804,395	)		8,866			1.1	%
Net premiums		165,490			166,194			175,284			177,546			179,918			181,394			15,200			9.1	%		331,684			361,312			29,628			8.9	%
Net investment income		21,599			21,681			20,465			22,728			21,173			19,075			(2,606	)		-12.0	%		43,280			40,249			(3,031	)		-7.0	%
Commissions and fees:
Sales-based (1)		57,904			60,255			58,394			61,204			60,035			63,072			2,817			4.7	%		118,159			123,107			4,948			4.2	%
Asset-based (2)		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based (3)		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other commissions and fees		5,499			5,713			5,539			6,381			5,511			5,939			227			4.0	%		11,212			11,451			238			2.1	%
Realized investment (losses) gains		263			831			(281	)		(1,074	)		1,284			597			(234	)		-28.2	%		1,094			1,881			787			71.9	%
Other, net		10,045			10,384			10,791			10,917			9,929			10,651			267			2.6	%		20,429			20,580			151			0.7	%
Total revenues		324,328			331,130			339,187			345,385			345,139			350,867			19,737			6.0	%		655,458			696,006			40,549			6.2	%
Benefits and expenses:
Benefits and claims		75,191			72,412			81,235			82,578			82,500			82,521			10,108			14.0	%		147,604			165,021			17,418			11.8	%
Amortization of DAC		35,193			32,696			36,944			39,544			36,213			36,383			3,686			11.3	%		67,890			72,595			4,705			6.9	%
Insurance commissions		4,083			3,881			4,046			3,343			3,189			4,145			264			6.8	%		7,964			7,334			(630	)		-7.9	%
Insurance expenses		28,502			28,192			31,495			27,263			34,642			29,094			902			3.2	%		56,694			63,736			7,042			12.4	%
Sales commissions:
Sales-based (1)		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based (2)		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			42			1.5	%		5,636			5,609			(26	)		-0.5	%
Interest expense		8,606			8,552			8,712			8,700			8,676			8,642			89			1.0	%		17,159			17,318			159			0.9	%
Other operating expenses		40,798			42,292			45,235			46,037			44,652			41,760			(532	)		-1.3	%		83,090			86,412			3,322			4.0	%
Total benefits and expenses		257,495			255,390			275,167			276,255			278,330			274,042			18,653			7.3	%		512,885			552,372			39,487			7.7	%
Income from continued operations before income taxes		66,832			75,740			64,020			69,130			66,809			76,825			1,085			1.4	%		142,573			143,635			1,062			0.7	%
Income taxes		23,347			26,469			22,407			23,664			23,408			27,653			1,184			4.5	%		49,816			51,061			1,245			2.5	%
Net income from continued operations		43,485			49,271			41,613			45,466			43,401			49,173			(99	)		-0.2	%		92,756			92,573			(183	)		-0.2	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—			—		nm				1,596			—			(1,596	)		-100.0	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%
Income from Continued Operations Before Income Taxes by Segment
Term Life	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
Investment & Savings Products		34,028			36,047			36,904			39,039			35,044			37,746			1,699			4.7	%		70,074			72,789			2,715			3.9	%
Corporate & Other Distributed Products		(14,400	)		(15,377	)		(18,816	)		(22,735	)		(16,055	)		(18,207	)		(2,830	)		-18.4	%		(29,777	)		(34,261	)		(4,485	)		-15.1	%
Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	1,085			1.4	%	$	142,573		$	143,635		$	1,062			0.7	%

6 of 16

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

																			YOY Q2												YOY YTD
		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
(Dollars in thousands)
Reconciliation from Term Life Adjusted Direct Premiums to Term Life Direct Premiums
Term Life adjusted direct premiums	$	214,780		$	223,706		$	228,422		$	233,044		$	237,430		$	247,889		$	24,183			10.8	%	$	438,486		$	485,319		$	46,834			10.7	%
Premiums ceded to Citi		344,883			344,143			340,170			337,501			331,733			331,984			(12,159	)		-3.5	%		689,026			663,717			(25,309	)		-3.7	%
Term Life direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Reconciliation from Term Life Other Ceded Premiums to Term Life Ceded Premiums
Term Life other ceded premiums	$	(55,450	)	$	(63,424	)	$	(59,417	)	$	(60,978	)	$	(63,389	)	$	(72,227	)	$	(8,803	)		-13.9	%	$	(118,874	)	$	(135,616	)	$	(16,742	)		-14.1	%
Premiums ceded to Citi		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Term Life ceded premiums	$	(400,334	)	$	(407,566	)	$	(399,587	)	$	(398,478	)	$	(395,122	)	$	(404,211	)	$	3,356			0.8	%	$	(807,900	)	$	(799,333	)	$	8,567			1.1	%
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	324,065		$	330,299		$	339,468		$	346,459		$	343,854		$	350,270		$	19,972			6.0	%	$	654,363		$	694,125		$	39,762			6.1	%
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Total revenues	$	324,328		$	331,130		$	339,187		$	345,385		$	345,139		$	350,867		$	19,737			6.0	%	$	655,458		$	696,006		$	40,549			6.2	%
Reconciliation from Operating Income Before Income Taxes to Income from Continued Operations Before Income Taxes
Operating income before income taxes	$	66,569		$	74,909		$	64,301		$	74,432		$	65,525		$	76,228		$	1,319			1.8	%	$	141,478		$	141,753		$	275			0.2	%
Operating income before income taxes reconciling items:
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Co-CEOs transition expenses		—			—			—			(4,228	)		—			—		nm			nm				—			—		nm			nm
Total operating income before income taxes reconciling items		263			831			(281	)		(5,302	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	1,085			1.4	%	$	142,573		$	143,635		$	1,062			0.7	%
Reconciliation from Net Operating Income to Net Income
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	60			0.1	%	$	92,044		$	91,357		$	(687	)		-0.7	%
Net operating income reconciling items:
Operating income before income taxes reconciling items		263			831			(281	)		(5,302	)		1,284			597		nm			nm				1,094			1,881		nm			nm
Tax impact of operating income reconciling items at effective tax rate		(92	)		(291	)		98			1,815			(450	)		(215	)	nm			nm				(382	)		(665	)	nm			nm
Total net operating income reconciling items		171			541			(183	)		(3,487	)		834			382		nm			nm				712			1,217		nm			nm
Net income from continued operations	$	43,485		$	49,271		$	41,613		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	92,756		$	92,573		$	(183	)		-0.2	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—		nm			nm				1,596			—		nm			nm
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	(99	)		-0.2	%	$	94,352		$	92,573		$	(1,778	)		-1.9	%

7 of 16

Segment Operating Results PRIMERICA, INC. Financial Supplement

																			YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Term Life Insurance
Revenues:
Direct Premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			24,183			10.8	%		438,486			485,319			46,834			10.7	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(8,803	)		-13.9	%		(118,874	)		(135,616	)		(16,742	)		-14.1	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			15,380			9.6	%		319,612			349,704			30,092			9.4	%
Allocated net investment income		16,713			16,839			17,235			18,986			17,281			18,130			1,292			7.7	%		33,552			35,412			1,860			5.5	%
Other, net		6,937			7,245			7,337			7,318			7,042			7,641			395			5.5	%		14,183			14,683			500			3.5	%
Operating revenues		182,980			184,366			193,577			198,370			198,365			201,433			17,067			9.3	%		367,347			399,798			32,452			8.8	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			9,980			14.6	%		139,551			156,258			16,707			12.0	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			3,019			10.1	%		62,499			67,814			5,315			8.5	%
Insurance commissions		1,315			929			1,070			690			601			1,382			453			48.8	%		2,244			1,983			(261	)		-11.6	%
Insurance expenses		26,413			26,293			30,514			25,978			32,804			27,603			1,310			5.0	%		52,706			60,407			7,701			14.6	%
Interest expense		4,063			4,009			4,168			4,156			4,132			4,098			89			2.2	%		8,072			8,229			158			2.0	%
Operating benefits and expenses		135,776			129,296			147,645			145,544			150,545			144,147			14,851			11.5	%		265,072			294,692			29,620			11.2	%
Operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	57,904		$	60,255		$	58,394		$	61,204		$	60,035		$	63,072		$	2,817			4.7	%	$	118,159		$	123,107		$	4,948			4.2	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			50			2.7	%		3,659			3,621			(38	)		-1.0	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			6,934			5.4	%		251,417			264,155			12,738			5.1	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			729			33.6	%		4,507			4,101			(406	)		-9.0	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			(55	)		-2.5	%		4,324			4,153			(170	)		-3.9	%
Sales commissions:
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			468			2.0	%		45,663			48,765			3,102			6.8	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			5,235			5.7	%		181,343			191,366			10,023			5.5	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	1,699			4.7	%	$	70,074		$	72,789		$	2,715			3.9	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	8,542		$	8,892		$	8,890		$	8,360		$	8,295		$	8,376		$	(516	)		-5.8	%	$	17,433		$	16,670		$	(763	)		-4.4	%
Ceded premiums		(2,381	)		(2,980	)		(2,611	)		(2,880	)		(2,419	)		(2,644	)		336			11.3	%		(5,362	)		(5,063	)		299			5.6	%
Net premiums		6,160			5,912			6,279			5,480			5,876			5,732			(180	)		-3.0	%		12,072			11,608			(464	)		-3.8	%
Allocated net investment income		4,885			4,842			3,230			3,742			3,892			945			(3,897	)		-80.5	%		9,728			4,837			(4,891	)		-50.3	%
Commissions and fees:
Loans		200			101			78			69			42			43			(58	)		-57.3	%		300			85			(215	)		-71.7	%
DebtWatchers		385			360			337			316			307			311			(49	)		-13.5	%		745			618			(126	)	nm
Prepaid Legal Services		2,339			2,285			2,487			3,225			2,468			2,494			209			9.1	%		4,624			4,962			338			7.3	%
Auto and Homeowners Insurance		1,719			1,998			1,606			2,032			1,770			2,096			98			4.9	%		3,717			3,865			149			4.0	%
Long-Term Care Insurance		521			570			565			550			534			583			13			2.2	%		1,091			1,117			25			2.3	%
Other sales commissions		337			399			467			188			391			412			14			3.5	%		736			803			68			9.2	%
Other, net		1,269			1,318			1,569			1,103			1,136			1,140			(178	)		-13.5	%		2,587			2,276			(312	)		-12.0	%
Operating revenues		17,814			17,785			16,618			16,706			16,415			13,756			(4,029	)		-22.7	%		35,599			30,171			(5,428	)		-15.2	%
Benefits and expenses:
Benefits and claims		3,928			4,125			3,513			4,519			4,510			4,253			128			3.1	%		8,053			8,764			710			8.8	%
Amortization of DAC		137			747			289			1,141			(5	)		685			(61	)		-8.2	%		883			680			(204	)		-23.0	%
Insurance commissions		681			715			686			468			617			581			(134	)		-18.7	%		1,396			1,197			(199	)		-14.2	%
Insurance expenses		2,088			1,900			981			1,285			1,837			1,491			(408	)		-21.5	%		3,988			3,329			(659	)		-16.5	%
Sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			42			1.5	%		5,636			5,609			(26	)		-0.5	%
Interest expense		4,543			4,543			4,544			4,544			4,544			4,544			1		nm				9,087			9,088			1		nm
Other operating expenses		18,266			19,161			22,211			19,154			19,486			18,161			(1,000	)		-5.2	%		37,427			37,647			220			0.6	%
Operating benefits and expenses		32,477			33,993			35,153			34,139			33,754			32,560			(1,433	)		-4.2	%		66,470			66,314			(156	)		-0.2	%
Operating income before income taxes	$	(14,663	)	$	(16,208	)	$	(18,535	)	$	(17,433	)	$	(17,339	)	$	(18,804	)	$	(2,596	)		-16.0	%	$	(30,871	)	$	(36,143	)	$	(5,272	)		-17.1	%

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi

8 of 16

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

(Dollars in thousands)																			YOY Q2												YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Revenues:
Direct Premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		12,159			3.5	%		(689,026	)		(663,717	)		25,309			3.7	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			24,183			10.8	%		438,486			485,319			46,834			10.7	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(8,803	)		-13.9	%		(118,874	)		(135,616	)		(16,742	)		-14.1	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			15,380			9.6	%		319,612			349,704			30,092			9.4	%
Allocated net investment income		16,713			16,839			17,235			18,986			17,281			18,130			1,292			7.7	%		33,552			35,412			1,860			5.5	%
Other, net		6,937			7,245			7,337			7,318			7,042			7,641			395			5.5	%		14,183			14,683			500			3.5	%
Operating revenues		182,980			184,366			193,577			198,370			198,365			201,433			17,067			9.3	%		367,347			399,798			32,452			8.8	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			9,980			14.6	%		139,551			156,258			16,707			12.0	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			3,019			10.1	%		62,499			67,814			5,315			8.5	%
Insurance commissions		1,315			929			1,070			690			601			1,382			453			48.8	%		2,244			1,983			(261	)		-11.6	%
Insurance expenses		26,413			26,293			30,514			25,978			32,804			27,603			1,310			5.0	%		52,706			60,407			7,701			14.6	%
Interest expense		4,063			4,009			4,168			4,156			4,132			4,098			89			2.2	%		8,072			8,229			158			2.0	%
Operating benefits and expenses		135,776			129,296			147,645			145,544			150,545			144,147			14,851			11.5	%		265,072			294,692			29,620			11.2	%
Operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	130,855		$	139,973		$	145,636		$	150,916		$	156,714		$	167,118		$	27,145			19.4	%	$	270,828		$	323,833		$	53,005			19.6	%
Legacy direct premiums (5)		428,809			427,876			422,956			419,629			412,449			412,754			(15,121	)		-3.5	%		856,684			825,204			(31,481	)		-3.7	%
Total direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	12,024			2.1	%	$	1,127,512		$	1,149,036		$	21,524			1.9	%
Premiums ceded to Citi	$	344,883		$	344,143		$	340,170		$	337,501		$	331,733		$	331,984		$	(12,159	)		-3.5	%	$	689,026		$	663,717		$	(25,309	)		-3.7	%
% of Legacy direct premiums		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%		80.4	%	nm			nm				80.4	%		80.4	%	nm			nm
Benefits and claims, net (6)	$	126,713		$	131,711		$	137,139		$	139,037		$	141,379		$	150,494		$	18,784			14.3	%	$	258,424		$	291,873		$	33,449			12.9	%
% of adjusted direct premiums		59.0	%		58.9	%		60.0	%		59.7	%		59.5	%		60.7	%	nm			nm				58.9	%		60.1	%	nm			nm
DAC amortization & insurance commissions	$	34,036		$	30,707		$	35,241		$	37,351		$	35,619		$	34,179		$	3,472			11.3	%	$	64,743		$	69,798		$	5,054			7.8	%
% of adjusted direct premiums		15.8	%		13.7	%		15.4	%		16.0	%		15.0	%		13.8	%	nm			nm				14.8	%		14.4	%	nm			nm
Insurance expenses, net (7)	$	19,476		$	19,047		$	23,177		$	18,660		$	25,762		$	19,962		$	915			4.8	%	$	38,523		$	45,724		$	7,201			18.7	%
% of adjusted direct premiums		9.1	%		8.5	%		10.1	%		8.0	%		10.9	%		8.1	%	nm			nm				8.8	%		9.4	%	nm			nm
Total term life operating income before income taxes	$	47,205		$	55,070		$	45,932		$	52,826		$	47,820		$	57,286		$	2,216			4.0	%	$	102,275		$	105,107		$	2,832			2.8	%
% of adjusted direct premiums		22.0	%		24.6	%		20.1	%		22.7	%		20.1	%		23.1	%	nm			nm				23.3	%		21.7	%	nm			nm

(1)	Premiums ceded to Citi - premiums ceded to Citi under the Citi reinsurance transactions excluding any reimbursements from Citi on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to Citi
(3)	Other ceded premiums - premiums ceded to non-Citi reinsurers net of any applicable reimbursements from Citi
(4)	Primary direct premiums - direct premiums not subject to the 2010 Citi reinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 Citi reinsurance transactions
(6)	Benefits and claims, net - benefits & claims net of other ceded premiums which are largely YRT
(7)	Insurance expenses, net - insurance expenses net of other net revenues

9 of 16

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

																			YOY Q2												YOY YTD
(Dollars in thousands, except as noted)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period		95,566			95,382			96,596			97,966			98,358			98,145			2,763			2.9	%		95,566			98,358			2,792			2.9	%
New life-licensed representatives		7,447			9,082			8,793			8,510			7,486			10,439			1,357			14.9	%		16,529			17,925			1,396			8.4	%
Non-renewal and terminated representatives		(7,631	)		(7,868	)		(7,423	)		(8,118	)		(7,699	)		(7,576	)		292			3.7	%		(15,499	)		(15,275	)		224			1.4	%
Life-insurance licensed sales force, end of period		95,382			96,596			97,966			98,358			98,145			101,008			4,412			4.6	%		96,596			101,008			4,412			4.6	%
Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	40.1		$	48.0		$	44.7		$	47.0		$	45.1		$	55.3		$	7.3			15.2	%	$	88.1		$	100.5		$	12.4			14.0	%
Additions and increases in premium		12.4			13.0			12.9			13.3			12.8			14.0			1.0			7.3	%		25.4			26.8			1.4			5.4	%
Total estimated annualized issued term life premium	$	52.5		$	61.1		$	57.6		$	60.3		$	57.9		$	69.3		$	8.3			13.5	%	$	113.5		$	127.3		$	13.7			12.1	%
Issued term life policies		49,320			59,569			55,146			56,949			55,677			68,097			8,528			14.3	%		108,889			123,774			14,885			13.7	%
Estimated average annualized issued term life premium per policy (1)(2)	$	813		$	806		$	810		$	825		$	811		$	813		$	6			0.8	%	$	809		$	812		$	3			0.3	%
Term life face amount in-force, beginning of period ($mills)	$	674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	5,439			0.8	%	$	674,868		$	681,927		$	7,059			1.0	%
Issued term life face amount (3)		15,748			18,494			17,337			17,996			17,181			20,585			2,091			11.3	%		34,241			37,767			3,525			10.3	%
Terminated term life face amount		(14,160	)		(12,759	)		(13,866	)		(14,177	)		(13,344	)		(12,064	)		695			5.4	%		(26,919	)		(25,408	)		1,510			5.6	%
Foreign currency impact, net		(3,378	)		3,166			(4,272	)		(3,070	)		(7,247	)		1,125			(2,041	)		-64.5	%		(212	)		(6,122	)		(5,910	)	nm
Term life face amount in-force, end of period	$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163		$	6,185			0.9	%	$	681,978		$	688,163		$	6,185			0.9	%

(1)	Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.
(2)	In whole dollars
(3)	Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders

10 of 16

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

(Dollars in thousands, except as noted)																			YOY Q2												YOY YTD
Investment & Savings Products Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Revenues:
Commissions and fees:
Sales-based	$	57,904		$	60,255		$	58,394		$	61,204		$	60,035		$	63,072		$	2,817			4.7	%	$	118,159		$	123,107		$	4,948			4.2	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			3,030			5.4	%		109,921			115,981			6,060			5.5	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			1,037			10.4	%		19,678			21,447			1,769			9.0	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			50			2.7	%		3,659			3,621			(38	)		-1.0	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			6,934			5.4	%		251,417			264,155			12,738			5.1	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			729			33.6	%		4,507			4,101			(406	)		-9.0	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			(55	)		-2.5	%		4,324			4,153			(170	)		-3.9	%
Sales commissions:
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			1,894			4.4	%		84,265			87,038			2,772			3.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			2,200			10.1	%		42,584			47,309			4,725			11.1	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			468			2.0	%		45,663			48,765			3,102			6.8	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			5,235			5.7	%		181,343			191,366			10,023			5.5	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	1,699			4.7	%	$	70,074		$	72,789		$	2,715			3.9	%
Financial Analysis
Fees paid based on client asset values (1)	$	4,569		$	4,780		$	4,974		$	4,827		$	4,674		$	4,828		$	48			1.0	%	$	9,350		$	9,502		$	153			1.6	%
Fees paid based on fee-generating accounts (2)		2,931			2,978			3,009			3,043			3,172			3,439			461			15.5	%		5,910			6,610			701			11.9	%
Other operating expenses		15,031			15,372			15,041			14,786			17,320			15,332			(40	)		-0.3	%		30,404			32,652			2,249			7.4	%
Total other operating expenses	$	22,532		$	23,131		$	23,024		$	22,655		$	25,166		$	23,599		$	468			2.0	%	$	45,663		$	48,765		$	3,102			6.8	%
Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.33	%		1.37	%		1.43	%		1.46	%		1.36	%		1.34	%	nm			nm				1.35	%		1.35	%	nm			nm
Canada		1.09	%		1.02	%		0.97	%		0.95	%		1.09	%		1.07	%	nm			nm				1.06	%		1.08	%	nm			nm
Total		1.29	%		1.33	%		1.37	%		1.39	%		1.32	%		1.31	%	nm			nm				1.31	%		1.31	%	nm			nm
Asset-based net revenue as % of average asset values (4)
U.S.		0.036	%		0.037	%		0.037	%		0.036	%		0.036	%		0.037	%	nm			nm				0.073	%		0.073	%	nm			nm
Canada		0.127	%		0.126	%		0.123	%		0.127	%		0.134	%		0.118	%	nm			nm				0.252	%		0.252	%	nm			nm
Total		0.053	%		0.054	%		0.054	%		0.053	%		0.053	%		0.051	%	nm			nm				0.107	%		0.103	%	nm			nm
Account-based net revenue per average fee generating account (5)(6)	$	2.62		$	2.67		$	2.75		$	2.83		$	2.70		$	2.68		nm			nm			$	5.29		$	5.38		nm			nm

(1)	Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values
(2)	Fees paid based on fee-generating accounts - recordkeeping fees that vary with the number of fee-generating accounts
(3)	Sales-based net revenue - commission and fee revenue less commissions paid to the sales force based on product sales activity
(4)	Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds
(5)	Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating accounts
(6)	In whole dollars

11 of 16

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

(Dollars in thousands, except as noted)																				YOY Q2												YOY YTD
Key Statistics			Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
Product sales ($mills)
	U.S. Retail Mutual Funds	$	569.0		$	650.1		$	600.1		$	616.1		$	641.2		$	698.7		$	48.6			7.5	%	$	1,219.1		$	1,339.8		$	120.8			9.9	%
	Canada Retail Mutual Funds		252.4			170.9			162.7			188.4			214.5			170.2			(0.7	)		-0.4	%		423.2			384.6			(38.6	)		-9.1	%
	Indexed Annuities		84.2			84.7			62.0			54.0			73.7			91.2			6.4			7.6	%		168.9			164.8			(4.1	)		-2.4	%
	Variable Annuities and other		365.8			417.1			434.2			469.4			405.0			452.2			35.1			8.4	%		782.8			857.2			74.3			9.5	%
	Total sales-based revenue generating product sales		1,271.4			1,322.7			1,259.0			1,327.8			1,334.3			1,412.2			89.4			6.8	%		2,594.1			2,746.4			152.4			5.9	%
	Managed Accounts		62.8			65.3			66.3			63.9			66.1			72.2			6.9			10.5	%		128.2			138.3			10.1			7.9	%
	Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			31.2			61.1	%		127.8			196.8			69.0			54.0	%
	Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	127.6			8.9	%	$	2,850.0		$	3,081.5		$	231.5			8.1	%
	Canada Retail Mutual Funds	$	252.4		$	170.9		$	162.7		$	188.4		$	214.5		$	170.2		$	(0.7	)		-0.4	%	$	423.2		$	384.6		$	(38.6	)		-9.1	%
	Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			31.2			61.1	%		127.8			196.8			69.0			54.0	%
	Total Canada product sales		329.0			222.0			213.9			252.5			328.8			252.6			30.6			13.8	%		551.0			581.4			30.4			5.5	%
	Total U.S. product sales		1,081.8			1,217.2			1,162.6			1,203.3			1,185.9			1,314.2			97.0			8.0	%		2,299.0			2,500.1			201.1			8.7	%
	Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	127.6			8.9	%	$	2,850.0		$	3,081.5		$	231.5			8.1	%
Client asset values, beginning of period ($mills)		$	44,990		$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	3,356			7.3	%	$	44,990		$	48,656		$	3,666			8.1	%
	Inflows		1,411			1,439			1,377			1,456			1,515			1,567			128			8.9	%		2,850			3,082			231			8.1	%
	Outflows (1)		(1,246	)		(1,211	)		(1,206	)		(1,161	)		(1,246	)		(1,267	)		(55	)		-4.6	%		(2,457	)		(2,512	)		(55	)		-2.2	%
	Net flows		165			228			171			295			269			300			72		nm				393			569			176		nm
	Foreign currency impact, net		(321	)		313			(432	)		(309	)		(734	)		122			(192	)	nm				(8	)		(613	)		(605	)	nm
	Change in market value, net and other (2)		1,005			1,628			(348	)		1,270			1,004			(245	)		(1,873	)	nm				2,633			759			(1,873	)	nm
Client asset values, end of period		$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	49,372		$	1,363			2.8	%	$	48,008		$	49,372		$	1,363			2.8	%
	Annualized net flows as % of beginning of period asset values		1.5	%		2.0	%		1.4	%		2.5	%		2.2	%		2.4	%		0.5	%	nm				1.7	%		2.3	%		0.6	%	nm
Average client asset values ($mills)
	U.S. Retail Mutual Funds	$	22,797		$	23,458		$	23,945		$	24,363		$	24,787		$	25,099		$	1,641			7.0	%	$	23,128		$	24,943		$	1,815			7.8	%
	Canada Retail Mutual Funds		6,045			6,371			6,513			6,265			6,035			6,177			(194	)		-3.1	%		6,208			6,106			(102	)		-1.6	%
	Managed Accounts		1,095			1,203			1,287			1,369			1,446			1,526			324			26.9	%		1,149			1,486			338			29.4	%
	Indexed Annuities		839			921			986			1,035			1,089			1,162			242			26.2	%		880			1,126			246			28.0	%
	Variable Annuities and other		11,839			12,152			12,548			12,748			12,995			13,313			1,161			9.6	%		11,996			13,154			1,158			9.7	%
	Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			(126	)		-5.0	%		2,478			2,386			(92	)		-3.7	%
	Total	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	3,047			6.5	%	$	45,837		$	49,200		$	3,363			7.3	%
	Canada Retail Mutual Funds	$	6,045		$	6,371		$	6,513		$	6,265		$	6,035		$	6,177		$	(194	)		-3.1	%	$	6,208		$	6,106		$	(102	)		-1.6	%
	Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			(126	)		-5.0	%		2,478			2,386			(92	)		-3.7	%
	Total Canada average client assets		8,494			8,878			9,060			8,728			8,425			8,558			(320	)		-3.6	%		8,686			8,492			(194	)		-2.2	%
	Total U.S. average client assets		36,570			37,733			38,766			39,515			40,317			41,100			3,367			8.9	%		37,152			40,709			3,557			9.6	%
	Total average client assets	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	3,047			6.5	%	$	45,837		$	49,200		$	3,363			7.3	%
Average number of fee-generating accounts (thous) (3)
	Recordkeeping and custodial accounts		1,991			2,011			2,026			2,034			2,067			2,165			154			7.7	%		2,001			2,116			115			5.8	%
	Recordkeeping only accounts		596			604			611			616			628			657			53			8.8	%		600			642			42			7.1	%
	Total		2,587			2,614			2,636			2,651			2,695			2,822			208			7.9	%		2,601			2,758			158			6.1	%

(1)	Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.
(2)	Change in market value, net - market value fluctuations net of fees and expenses
(3)	Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees

12 of 16

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

	As of or for the period ended June 30, 2015
									% 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 and cash equivalents	$	153,933		$	153,933	$	-			7.9	%		8.3	%
Fixed Income:
Treasury		32,727			34,724		(1,997	)		1.7	%		1.9	%		2.43	%	AAA
Government		136,895			136,100		795			7.1	%		7.3	%		4.28	%	AA-
Tax-Exempt Municipal		3,629			4,075		(447	)		0.2	%		0.2	%		3.06	%	BBB+
Corporate		1,208,280			1,156,593		51,687			62.4	%		62.1	%		4.80	%	BBB+
Mortgage-Backed		108,169			100,170		7,999			5.6	%		5.4	%		4.71	%	AAA
Asset-Backed		64,852			64,612		240			3.3	%		3.5	%		1.08	%	AA+
CMBS		71,073			67,909		3,164			3.7	%		3.6	%		2.89	%	AAA
Private		101,346			97,411		3,935			5.2	%		5.2	%		5.04	%	BBB
Redeemable Preferred		2,818			2,852		(33	)		0.1	%		0.2	%		14.67	%	BBB+
Convertible		2,881			2,559		321			0.1	%		0.1	%		4.92	%	BBB+
Total Fixed Income		1,732,670			1,667,005		65,665			89.5	%		89.5	%		4.51	%	A
Equities:
Perpetual Preferred		15,622			14,966		656			0.8	%		0.8	%
Common Stock		23,291			18,428		4,863			1.2	%		1.0	%
Mutual Fund		6,519			4,655		1,864			0.3	%		0.2	%
Other		4,528			4,528		0			0.2	%		0.2	%
Total Equities		49,961			42,577		7,384			2.6	%		2.3	%
Total Invested Assets	$	1,936,563		$	1,863,515	$	73,049			100.0	%		100.0	%
Corporate Portfolio by Sector
Energy	$	154,568		$	150,083	$	4,484			12.8	%		13.0	%
Consumer Non Cyclical		129,888			124,313		5,575			10.7	%		10.7	%
Reits		129,144			121,628		7,517			10.7	%		10.5	%
Basic Industry		124,341			124,189		152			10.3	%		10.7	%
Banking		102,397			97,753		4,644			8.5	%		8.5	%
Electric		91,025			83,720		7,305			7.5	%		7.2	%
Technology		89,210			86,157		3,054			7.4	%		7.4	%
Insurance		83,198			78,318		4,880			6.9	%		6.8	%
Capital Goods		73,266			69,906		3,360			6.1	%		6.0	%
Communications		70,129			65,782		4,347			5.8	%		5.7	%
Consumer Cyclical		47,053			44,848		2,205			3.9	%		3.9	%
Transportation		36,657			36,387		270			3.0	%		3.1	%
Brokerage		26,907			25,428		1,479			2.2	%		2.2	%
Finance Companies		14,337			13,712		625			1.2	%		1.2	%
Industrial Other		14,294			12,926		1,369			1.2	%		1.1	%
Natural Gas		12,625			12,352		273			1.0	%		1.1	%
Financial Other		9,240			9,093		147			0.8	%		0.8	%
Total Corporate portfolio	$	1,208,280		$	1,156,593	$	51,687			100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	156,030		$	156,130	$	(101	)		9.0	%		9.4	%		3.11	%
1-2 Yrs.		94,027			93,244		784			5.4	%		5.6	%		4.58	%
2-5 Yrs.		692,571			646,210		46,361			40.0	%		38.8	%		5.04	%
5-10 Yrs.		737,587			720,138		17,449			42.6	%		43.2	%		4.30	%
> 10 Yrs.		52,455			51,283		1,172			3.0	%		3.1	%		4.83	%
Total Fixed Income	$	1,732,670		$	1,667,005	$	65,665			100.0	%		100.0	%		4.51	%
Duration
Fixed Income portfolio duration		4.2	years
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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Investment Portfolio - Quality Ratings As of June 30, 2015 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
				Amortized   Cost	% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	277,493	16.6%
	AA			109,017	6.5%
	A			377,467	22.6%
	BBB			815,725	48.9%
	Below Investment Grade			86,918	5.2%
	NA			386	0.0%
		Total Fixed Income	$	1,667,005	100.0%
				Amortized Cost	% of Total					Amortized Cost	% of Total
Corporate asset class:						Private asset class:
	Rating						Rating
	AAA		$	5,074	0.4%		AAA		$	62	0.1%
	AA			50,844	4.4%		AA			2,491	2.6%
	A			317,082	27.4%		A			985	1.0%
	BBB			706,373	61.1%		BBB			89,010	91.4%
	Below Investment Grade			77,040	6.7%		Below Investment Grade			4,863	5.0%
	NA			181	0.0%		NA			-	—
		Total Corporate	$	1,156,593	100.0%			Total Private	$	97,411	100.0%
CMBS asset class:						Mortgage-Backed asset class:
	Rating						Rating
	AAA		$	64,039	94.3%		AAA		$	94,481	94.3%
	AA			47	0.1%		AA			2,394	2.4%
	A			2,585	3.8%		A			1,356	1.4%
	BBB			1,238	1.8%		BBB			1,939	1.9%
	Below Investment Grade			-	—		Below Investment Grade			-	—
	NA			-	—		NA			-	—
		Total CMBS	$	67,909	100.0%			Total Mortgage-Backed	$	100,170	100.0%
Asset-Backed asset class:						Treasury & Government asset classes:
	Rating						Rating
	AAA		$	50,711	78.5%		AAA		$	62,548	36.6%
	AA			1,190	1.8%		AA			52,432	30.7%
	A			12,385	19.2%		A			41,056	24.0%
	BBB			326	0.5%		BBB			14,787	8.7%
	Below Investment Grade			-	—		Below Investment Grade			-	—
	NA			-	—		NA			-	—
		Total Asset-Backed	$	64,612	100.0%			Total Treasury & Government	$	170,823	100.0%
NAIC Designations
	1		$	544,885	40.2%
	2			727,508	53.6%
	3			64,626	4.8%
	4			13,537	1.0%
	5			5,582	0.4%
	6			133	0.0%
		U.S. Insurer Fixed Income (2)		1,356,270	100.0%
	Other (3)			353,312
	Cash and cash equivalents			153,933
		Total Invested Assets	$	1,863,515

(1)	Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest
(2)	NAIC ratings for our U.S. insurance companies' fixed income portfolios
(3)	Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities
	Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

14 of 16

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

																			YOY Q2
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)	$	21,032		$	20,454		$	20,933		$	22,268		$	19,795		$	19,551		$	(903	)		-4.4	%
Fixed-maturity securities (held-to-maturity)		—			—			1,299			2,183			2,475			2,707			2,707		nm
Equity Securities		385			471			450			556			516			503			32			6.8	%
Deposit asset underlying 10% reinsurance treaty		953			1,490			(127	)		779			1,672			(116	)		(1,606	)	nm
Policy loans and other invested assets		388			398			367			295			359			337			(61	)		-15.3	%
Cash & cash equivalents		53			68			70			56			43			47			(21	)		-30.9	%
Total investment income		22,811			22,881			22,992			26,137			24,860			23,029			148			0.6	%
Investment expenses		1,212			1,200			1,228			1,226			1,212			1,247			47			3.9	%
Interest Expense on Surplus Note		—			—			1,299			2,183			2,475			2,707			2,707		nm
Net investment income	$	21,599		$	21,681		$	20,465		$	22,728		$	21,173		$	19,075		$	(2,606	)		-12.0	%
Fixed income book yield, end of period		4.87	%		4.76	%		4.62	%		4.61	%		4.53	%		4.51	%
New money yield		3.61	%		2.55	%		2.29	%		3.04	%		2.47	%		2.57	%

													YOY Q2
	Q1 2014		Q2 2014		Q3 2014		Q4 2014		Q1 2015		Q2 2015		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA	17.1	%	16.7	%	17.2	%	17.4	%	17.3	%	16.6	%	-0.1	%
AA	7.8	%	8.3	%	6.8	%	7.0	%	6.9	%	6.5	%	-1.8	%
A	22.8	%	22.1	%	23.0	%	22.4	%	22.4	%	22.6	%	0.5	%
BBB	47.5	%	47.5	%	48.1	%	48.0	%	47.8	%	48.9	%	1.4	%
Below Investment Grade	4.6	%	4.9	%	4.9	%	5.0	%	5.6	%	5.2	%	0.3	%
NA	0.1	%	0.4	%	0.0	%	0.0	%	0.0	%	0.0	%	-0.4	%
Total Fixed Income	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	nm
Average rating by amortized cost	A		A		A		A		A		A		na

			As of June 30, 2015								As of June 30, 2015					As of June 30, 2015
			Market Value			Amortized Cost		Credit Rating			Market Value		Amortized Cost			Market Value		Amortized Cost
Top 25 Exposures									Foreign Exposure (1)					Government Investments (1)
1	Canada	$	25,077		$	27,762		AAA	United Kingdom	$	46,439	$	44,050	AAA	$	751	$	750
2	General Electric Co		18,435			16,265		AA+	Canada		39,709		37,890	AA		11,635		10,809
3	Province of Ontario Canada		10,097			10,347		AA-	Australia		39,329		37,170	A		15,272		14,295
4	Wells Fargo & Co		9,785			9,795		A	Brazil		20,011		19,646	BBB		15,178		14,787
5	National Rural Utilities Cooperative		9,696			7,761		A	Switzerland		18,777		18,312	Below Investment Grade		—		—
6	Iberdrola SA		9,267			8,472		BBB	France		18,246		17,490	NA		0		0
7	Washington Real Estate Investment		8,853			8,510		BBB	Bermuda		15,416		15,040	Total	$	42,836	$	40,640
8	National Fuel Gas Co		8,639			8,059		BBB	Ireland		14,102		12,998
9	Bank of America Corp		7,859			7,579		A-	Netherlands		13,178		12,745
10	TransCanada Corp		7,569			7,676		A-	Germany		10,616		10,085	Non-Government Investments (1)
11	Prudential Financial Inc		7,563			7,163		A	Hong Kong		7,264		6,983
12	Discover Financial Services		7,389			6,551		BBB-	Luxembourg		6,920		6,090	AAA	$	—	$	—
13	Vale Oversees Ltd		7,366			6,220		A-	Korea Republic Of		6,806		6,385	AA		16,352		15,595
14	Prudential Financial Inc		7,363			7,095		A	Belgium		6,773		5,672	A		83,197		79,592
15	Ingram Micro Inc		7,056			6,667		BBB-	Japan		6,142		5,997	BBB		165,752		158,273
16	Tesco PLC		6,832			6,358		BB+	Emerging Markets (2)		15,697		15,084	Below Investment Grade		21,622		20,222
17	Republic of Korea		6,806			6,385		A+	All Other		44,648		43,037	NA		317		352
18	ArcelorMittal		6,718			5,890		BB	Total	$	330,075	$	314,674	Total	$	287,239	$	274,034
19	Phillips 66		6,415			5,696		BBB+
20	CRH PLC		6,252			5,748		BBB+
21	Ventas Inc		6,204			6,073		BBB+
22	Verizon Communications Inc		6,191			5,943		BBB+
23	AT&T Inc		6,156			5,327		BBB+
24	Australia & New Zealand Banking		6,117			6,096		BBB+
25	Province of Quebec Canada		6,061			5,830		A+
	Total	$	215,767		$	205,268
	% of total fixed income portfolio		11.1	%		11.0	%

(1)	US$ denominated investments in issuers outside of the United States based on country of risk
(2)	Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa

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

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

(Dollars in millions)	2010			2011			2012			2013			2014			Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015
Recruits		231,390			244,756			191,752			186,251			190,439		48,306			50,024			49,055			43,054			53,300			60,246
Life-insurance licensed sales force, beginning of period		99,785			94,850			91,176			92,373			95,566		95,566			95,382			96,596			97,966			98,358			98,145
New life-licensed representatives		34,488			33,711			34,425			34,155			33,832		7,447			9,082			8,793			8,510			7,486			10,439
Non-renewal and terminated representatives		(39,423	)		(37,385	)		(33,228	)		(30,962	)		(31,040	)	(7,631	)		(7,868	)		(7,423	)		(8,118	)		(7,699	)		(7,576	)
Life-insurance licensed sales force, end of period		94,850			91,176			92,373			95,566			98,358		95,382			96,596			97,966			98,358			98,145			101,008
Issued term life policies		223,514			237,535			222,558			214,617			220,984		49,320			59,569			55,146			56,949			55,677			68,097
Issued term life face amount	$	74,401		$	73,146		$	68,053		$	67,783		$	69,574		15,748		$	18,494		$	17,337		$	17,996		$	17,181		$	20,585
Term life face amount in force, beginning of period	$	650,195		$	656,791		$	664,955		$	670,412		$	674,868		674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	678,517
Issued term life face amount		74,401			73,146			68,053			67,783			69,574		15,748			18,494			17,337			17,996			17,181			20,585
Terminated term life face amount		(70,964	)		(66,951	)		(61,593	)		(57,730	)		(54,962	)	(14,160	)		(12,759	)		(13,866	)		(14,177	)		(13,344	)		(12,064	)
Foreign currency impact, net		3,158			1,970			(1,003	)		(5,596	)		(7,553	)	(3,378	)		3,166			(4,272	)		(3,070	)		(7,247	)		1,125
Term life face amount in force, end of period	$	656,791		$	664,955		$	670,412		$	674,868		$	681,927		673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163
Estimated annualized issued term life premium
Premium from new policies	$	180.8		$	187.6		$	176.1		$	173.5		$	179.8		40.1		$	48.0		$	44.7		$	47.0		$	45.1		$	55.3
Additions and increases in premium		44.6			44.9			45.5			48.6			51.6		12.4			13.0			12.9			13.3			12.8			14.0
Total estimated annualized issued term life premium	$	225.4		$	232.5		$	221.5		$	222.1		$	231.4		52.5		$	61.1		$	57.6		$	60.3		$	57.9		$	69.3
Investment & Savings product sales	$	3,623.6		$	4,265.1		$	4,712.2		$	5,208.8		$	5,682.3		1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8
Investment & Savings average client asset values	$	31,908		$	34,870		$	35,904		$	41,035		$	46,936		45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658

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