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):      November 4, 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 November 4, 2015, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended September 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 November 4, 2015, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended September 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 November 4, 2015 – Primerica Reports Third Quarter 2015 Results
99.2	Primerica, Inc. Supplemental Financial Information – Third 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:  November 4, 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 November 4, 2015 – Primerica Reports Third Quarter 2015 Results
99.2	Primerica, Inc. Supplemental Financial Information – Third Quarter 2015

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EX-99.1

Exhibit 99.1

PRIMERICA REPORTS THIRD QUARTER 2015 RESULTS

21% growth in life insurance policies issued

7% increase in life insurance licensed representatives to 104,702

Record diluted EPS and diluted operating EPS of $0.98

16.8% net income return on stockholders’ equity and 17.7% net operating income return on adjusted stockholders’ equity (ROAE)

Duluth, GA, November 4, 2015 – Primerica, Inc. (NYSE: PRI) announced today financial results for the quarter ended September 30, 2015.  Total revenues were $355.8 million in the third quarter of 2015 and net income was $49.4 million, or $0.98 per diluted share.

In the third quarter operating revenues increased by 5% to $356.1 million and net operating income increased 18% to $49.5 million compared with $339.1 million and $41.8 million, respectively, in the third quarter of 2014.  Operating results were driven by growth in the Term Life segment including 21% growth in life insurance policies issued and an 11% increase in net premiums.  Investment and Savings Products segment revenues remained consistent with the strong performance in the third quarter of 2014.  Year-over-year net operating income was impacted by an unusually high level of incurred claims in the prior year period as well as $5.1 million of employee equity award expense related to the addition of retirement provisions to the 2014 awards in the third quarter of last year. The declining Canadian dollar value reduced operating revenues by approximately $11.5 million and net operating income by approximately $2 million versus the prior year period.

Glenn Williams, Chief Executive Officer said, “We achieved record performance in the third quarter of 2015 with net operating income per diluted share of $0.98 and operating ROAE of 17.7%.  Our ongoing efforts to expand distribution resulted in a 7% increase in the size of our life insurance licensed salesforce which contributed to the 21% growth in life insurance policies issued compared with third quarter a year ago.  Our strong across-the-board performance is evidence of our organizational momentum and outstanding sales force leadership.  As we move toward 2016, we expect continued solid performance as we follow-through with business enhancements and capital deployment to deliver strong results.”

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Distribution Results

●   The size of our life-licensed sales force increased 7% to 104,702 at September 30, 2015 compared with 97,966 at September 30, 2014, and increased 4% from 101,008 at June 30, 2015.  In the third quarter, recruiting of new representatives increased 34% versus the year ago quarter, reflecting continued positive momentum in the business as well as the impact of convention announcements. Recruiting growth in recent periods coupled with strong focus on licensing led to 27% growth in new life licensed representatives compared with the prior year period.  On a sequential quarter basis, new life insurance licenses increased 7% and recruiting of new representatives increased 9%.

●   In the third quarter, term life insurance policies issued grew 21% to 66,658 compared with the third quarter of 2014 due to a larger life licensed sales force and productivity that was at the high-end of the historical range.  Productivity in the quarter increased to 0.22 policies per life licensed representative per month from 0.19 in the prior year quarter reflecting the continued success in meeting the growing needs of the middle market. On a sequential quarter basis, term life insurance policies issued decreased 2% compared with the seasonally higher second quarter of 2015.

●   For the quarter, Investment and Savings Products net inflows were about $200 million while ending client asset values declined 3% year-over-year to $45.85 billion primarily reflecting market performance and the declining Canadian dollar value in the third quarter.  ISP sales of $1.37 billion remained consistent with the strong sales in the prior year period.  On a sequential quarter basis, total ISP sales decreased 13% versus the seasonally strong sales in the second quarter and average client asset values declined 3% compared with the second quarter.

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.  In the third quarter of 2015, a change was made to the basis of allocating net investment income and interest expense between segments. Now, the Term Life Insurance segment is only allocated the portion of net investment income that equally offsets the assumed net interest accreted to the segment’s future policy benefit reserve liability less deferred acquisition costs.  All remaining net investment income and interest expense incurred is attributed solely to the Corporate and Other Distributed Products segment. This change does not impact the Company's consolidated financial statements. Refer to the Current Report on Form 8-K dated September 25, 2015 for additional information.

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Results for the segments are shown below.

	Actual									Operating (1)
	Q3 2015			Q3 2014			% Change			Q3 2015			Q3 2014			% Change
				($ in thousands)									($ in thousands)
Revenues:
Term Life Insurance	$	197,200		$	177,140			11	%	$	197,200		$	177,140			11	%
Investment and Savings Products		128,656			129,273			*			128,656			129,273			*
Corporate and Other Distributed Products		29,968			32,428			(8	)%		30,227			32,709			(8	)%
Total revenues	$	355,824		$	338,841			5	%	$	356,083		$	339,122			5	%
Income (loss) before income taxes:
Term Life Insurance	$	46,519		$	34,008			37	%	$	46,519		$	34,008			37	%
Investment and Savings Products		34,811			36,904			(6	)%		34,811			36,904			(6	)%
Corporate and Other Distributed Products		(6,377	)		(6,892	)		(7	)%		(6,118	)		(6,611	)		(7	)%
Total income before income taxes	$	74,953		$	64,020			17	%	$	75,212		$	64,301			17	%

(1) See the Non-GAAP Financial Measures section and the segment Operating Results Reconciliations at the end of this release for additional information.

* Less than 1%

Term Life Insurance.  In the third quarter of 2015, Term Life operating revenues increased 11% to $197.2 million, driven by an 11% growth in net premiums.  Operating income before income taxes of $46.5 million reflects the growth in net premiums as well as incurred claims and persistency that were in line with historical levels.  Current period results were also modestly impacted by the reprocessing of certain reinsurance transactions which increased operating income before income taxes by approximately $1.4 million.  Operating income before income taxes were 37% higher than the same quarter last year as the prior period results reflect the implementation of the accelerated vesting of equity awards ($2.5 million in the segment) and incurred claims that were approximately $3 million above the historical levels.

On a sequential quarter basis, operating income before income taxes increased 4% compared to the second quarter of 2015, reflecting solid premium growth and the impact of the reprocessed reinsurance transactions.  Persistency, while in line with historical levels, was lower compared to strong seasonal persistency in the second quarter.

Investment and Savings Products.  In the third quarter, ISP operating revenues of $128.7 million were flat year-over-year reflecting a 2% decline in revenue generating product sales and average client asset values that were consistent with the prior year period.  Account-based revenue increased 12% year-over-year due to the addition of a mutual fund provider on the record keeping platform earlier this year.  Operating income before income taxes declined 6% to $34.8 million compared with the year ago period, partially related to the decline in the Canadian dollar value which impacted operating income before income taxes by approximately $1.7 million in the third quarter of 2015.  DAC amortization was accelerated in the third quarter by approximately $0.8 million due to weaker Canadian segregated fund market performance in the third quarter of 2015.  The accelerated vesting of equity awards ($0.8 million in the segment) in the prior year period also contributed to the year-over-year comparisons.

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Sequentially, operating income before income taxes decreased 8% due to lower revenue generating product sales than the seasonally strong second quarter as well as a 3% decline in average client asset values related to market performance in the third quarter.

Corporate and Other Distributed Products.  Operating revenues were $30.2 million, and operating losses before income taxes declined to $6.1 million in the third quarter of 2015.  Net investment income declined due to lower income from called fixed income securities and lower yield on invested assets as well as continued deployment of excess capital.  Benefits and claims for our New York subsidiary’s non-term life insurance products were somewhat higher than the prior year.  Insurance and other operating expenses were lower than the prior year period largely due to the accelerated vesting of equity awards ($1.8 million in the segment) in the prior year period.

Taxes

The effective income tax rate for the third quarter of 2015 was 34.2%, a decrease from 35.0% and 36.0% in Q3 2014 and Q2 2015, respectively.  This period’s rate was impacted by the recognition of certain tax benefits due to statute of limitations that expired during the third quarter, which lowered the effective income tax rate by 1.3%.

Capital and Liquidity

In the third quarter of 2015, Primerica repurchased $71.4 million, or 1.6 million shares, of its common stock for a total of $181.0 million, or 3.9 million shares repurchased through September 30, 2015.

Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be in excess of 400% as of September 30, 2015, well positioned to support existing operations and fund future growth.  The debt-to-capital ratio was 24.6% as of September 30, 2015.

As of September 30, 2015, investments and cash totaled $1.92 billion, excluding the held-to-maturity asset held as part of a redundant reserve financing transaction.  The invested asset portfolio had a net unrealized gain of $46.8 million (net of unrealized losses of $40.9 million) at September 30, 2015, down from $73.0 million at June 30, 2015 as increased credit spreads and the currency translation impact of the lower Canadian dollar on our Canadian invested assets impacted the value of the fixed income portfolio during the quarter.

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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.

Earnings Webcast Information

Primerica will hold a webcast Thursday, November 5, 2015 at 10:00 am ET, to discuss third 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.

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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 Consolidated Balance Sheets
	September 30, 2015 (1)		December 31, 2014
	(In thousands)
Assets:
Investments:
Fixed maturity securities available for sale, at fair value	$	1,683,166	$	1,759,120
Fixed maturity securities held to maturity, at amortized cost		356,000		220,000
Equity securities available for sale, at fair value		45,780		53,390
Trading securities, at fair value		6,534		7,711
Policy loans		28,599		28,095
Total investments		2,120,079		2,068,316
Cash and cash equivalents		160,561		191,997
Accrued investment income		17,800		17,401
Due from reinsurers		4,103,949		4,115,533
Deferred policy acquisition costs		1,465,175		1,351,180
Premiums and other receivables		198,846		181,660
Intangible assets		59,168		61,720
Income taxes		35,859		36,082
Other assets		314,830		273,403
Separate account assets		2,086,598		2,440,303
Total assets	$	10,562,865	$	10,737,595
Liabilities and Stockholders' Equity:
Liabilities:
Future policy benefits	$	5,388,042	$	5,264,608
Unearned premiums		665		912
Policy claims and other benefits payable		222,720		245,829
Other policyholders' funds		351,879		344,313
Notes payable		374,572		374,532
Surplus note		356,000		220,000
Income taxes		152,315		140,467
Other liabilities		400,173		411,294
Payable under securities lending		83,220		50,211
Separate account liabilities		2,086,598		2,440,303
Total liabilities		9,416,184		9,492,469
Stockholders' equity:
Common stock		486		522
Paid-in capital		195,314		353,337
Retained earnings		912,749		795,740
Accumulated other comprehensive income, net of income tax		38,132		95,527
Total stockholders' equity		1,146,681		1,245,126
Total liabilities and stockholders' equity	$	10,562,865	$	10,737,595

(1) Unaudited

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PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three months ended September 30,
	2015			2014
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	587,882		$	577,482
Ceded premiums		(393,987	)		(402,198	)
Net premiums		193,895			175,284
Commissions and fees		132,368			132,928
Net investment income		18,715			20,465
Realized investment gains (losses), including OTTI		(259	)		(281	)
Other, net		11,105			10,445
Total revenues		355,824			338,841
Benefits and expenses:
Benefits and claims		88,599			81,235
Amortization of deferred policy acquisition costs		40,797			36,944
Sales commissions		67,402			67,500
Insurance expenses		30,261			31,149
Insurance commissions		4,619			4,045
Interest expense		8,718			8,712
Other operating expenses		40,475			45,236
Total benefits and expenses		280,871			274,821
Income before income taxes		74,953			64,020
Income taxes		25,603			22,407
Income from continuing operations		49,350			41,613
Income from discontinued operations, net of income taxes		-			(18	)
Net income	$	49,350		$	41,595
Earnings per share:
Basic earnings per share	$	0.98		$	0.75
Diluted earnings per share	$	0.98		$	0.75
Shares used in computing earnings per share:
Basic		50,082			54,713
Diluted		50,104			54,744

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PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
	Three months ended September 30,
	2015			2014			% Change
Operating revenues	$	356,083		$	339,122			5	%
Realized investment gains (losses), including OTTI		(259	)		(281	)
Total revenues	$	355,824		$	338,841			5	%
Operating income before income taxes	$	75,212		$	64,301			17	%
Realized investment gains (losses), including OTTI		(259	)		(281	)
Income before income taxes	$	74,953		$	64,020			17	%
Net operating income	$	49,521		$	41,796			18	%
Realized investment gains (losses), including OTTI		(259	)		(281	)
Tax impact of reconciling items		88			98
Income from continuing operations	$	49,350		$	41,613			19	%
Income (loss) from discontinued operations, net of income taxes	$	-		$	(18	)
Net income	$	49,350		$	41,595			19	%
Diluted operating earnings per share (1)	$	0.98		$	0.76			30	%
Net after-tax impact of operating adjustments		(0.00	)		(0.01	)
Diluted earnings per share (1)	$	0.98		$	0.75			30	%

(1) Percentage change in earnings per share is calculated prior to rounding per share amounts.

TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited – in thousands)
	Three months ended September 30,
	2015			2014
Adjusted direct premiums	$	256,026		$	228,422
Premiums ceded to Citigroup		323,501			340,170
Direct premiums	$	579,527		$	568,592
Other ceded premiums	$	(67,939	)	$	(59,417	)
Premiums ceded to Citigroup		(323,501	)		(340,170	)
Ceded premiums	$	(391,440	)	$	(399,587	)
Net premiums	$	188,087		$	169,005

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Operating Results Reconciliation
(Unaudited – in thousands)
	Three months ended September 30,
	2015			2014
Operating revenues	$	30,227		$	32,709
Realized investment gains (losses), including OTTI		(259	)		(281	)
Total revenues	$	29,968		$	32,428
Operating loss before income taxes	$	(6,118	)	$	(6,611	)
Realized investment gains (losses), including OTTI		(259	)		(281	)
Loss before income taxes	$	(6,377	)	$	(6,892	)

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PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
	September 30, 2015
Adjusted stockholders' equity	$	1,096,865
Unrealized net investment gains recorded in stockholders' equity, net of income tax		49,816
Stockholders' equity	$	1,146,681

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EX-99.2

Exhibit 99.2

Supplemental Financial Information

Third 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

THIRD QUARTER 2015

This document is a financial supplement to our third 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.

In the third quarter of 2015, the methodology for allocating net investment income for purposes of measuring segment results was changed to better reflect how the business is managed.  Previously, net investment income was allocated to the Term Life segment based on the book value of the invested assets necessary to meet statutory reserves requirements.  Going forward, the net investment income allocated to the Term Life segment will be equal to the net interest accredited to its US GAAP-basis policy reserves and its US GAAP-basis DAC.  Concurrent with this change, all interest expense previously reflected in Term Life will now be attributed to the Corporate & Other Distributed Products segment as all interest expense incurred by the entity is a function of capital planning managed by the corporate function.  This change will provide more clarity in evaluating the operating results of each segment and better reflect the way the business is managed. All prior periods have been adjusted to consistently reflect this revision and the change does not impact our consolidated financial statements.

Allocated Net Investment Income
($ in thousands)
	Revised Allocation Methodology						Prior Allocation Methodology
	Total		Term Life		C&O		Total		Term Life		C&O
Q1 2011	$	28,626	$	1,283	$	27,343	$	28,626	$	15,286	$	13,340
Q2 2011		27,229		1,037		26,192		27,229		15,018		12,211
Q3 2011		27,103		813		26,290		27,103		15,215		11,888
Q4 2011		25,644		678		24,966		25,644		15,148		10,496
FY 2011	$	108,601	$	3,811	$	104,791	$	108,601	$	60,667	$	47,934
Q1 2012	$	26,097	$	677	$	25,419	$	26,097	$	15,630	$	10,467
Q2 2012		23,605		580		23,025		23,605		16,112		7,493
Q3 2012		26,882		586		26,296		26,882		17,411		9,471
Q4 2012		24,221		641		23,580		24,221		16,967		7,254
FY 2012	$	100,804	$	2,483	$	98,321	$	100,804	$	66,120	$	34,684
Q1 2013	$	23,216	$	688	$	22,528	$	23,216	$	16,670	$	6,546
Q2 2013		21,027		713		20,314		21,027		16,935		4,092
Q3 2013		22,103		764		21,338		22,103		17,385		4,718
Q4 2013		22,407		864		21,543		22,407		17,807		4,600
FY 2013	$	88,752	$	3,029	$	85,723	$	88,752	$	68,797	$	19,955
Q1 2014	$	21,599	$	1,000	$	20,598	$	21,599	$	16,713	$	4,886
Q2 2014		21,681		1,033		20,648		21,681		16,839		4,842
Q3 2014		20,465		1,142		19,323		20,465		17,235		3,230
Q4 2014		22,728		1,270		21,458		22,728		18,986		3,742
FY 2014	$	86,473	$	4,446	$	82,027	$	86,473	$	69,773	$	16,700
Q1 2015	$	21,173	$	1,405	$	19,768	$	21,173	$	17,281	$	3,892
Q2 2015	$	19,075	$	1,436	$	17,640	$	19,075	$	18,130	$	945

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 16

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

(Dollars in thousands)	Mar 31, 2014			Jun 30, 2014			Sep 30, 2014			Dec 31, 2014			Mar 31, 2015			Jun 30, 2015			Sep 30, 2015
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	2,014,610		$	2,042,834		$	2,038,236		$	2,040,313		$	2,056,975		$	1,965,675		$	1,924,636
Securities held to maturity		—			—			189,830			220,000			238,000			328,000			356,000
Total investments and cash		2,014,610			2,042,834			2,228,066			2,260,313			2,294,975			2,293,675			2,280,636
Due from reinsurers		4,074,527			4,077,734			4,130,637			4,115,533			4,094,456			4,137,425			4,103,949
Deferred policy acquisition costs		1,242,983			1,293,974			1,321,415			1,351,180			1,377,022			1,430,508			1,465,175
Other assets		597,265			597,348			591,895			570,267			571,496			594,592			626,504
Separate account assets		2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980			2,086,598
Total assets	$	10,388,124		$	10,593,549		$	10,741,132		$	10,737,596		$	10,724,214		$	10,781,181		$	10,562,863
Liabilities:
Future policy benefits	$	5,103,278		$	5,180,013		$	5,214,878		$	5,264,608		$	5,289,016		$	5,361,580		$	5,388,042
Other policy liabilities		585,217			576,737			598,894			591,054			602,291			606,989			575,264
Income taxes		127,906			137,797			136,065			140,467			157,684			156,212			152,314
Other liabilities		375,864			346,535			395,732			411,294			381,369			367,337			400,173
Notes payable		374,494			374,506			374,519			374,532			374,545			374,558			374,572
Surplus note		—			—			189,830			220,000			238,000			328,000			356,000
Payable under securities lending		109,094			93,569			67,614			50,211			55,622			63,898			83,220
Separate account liabilities		2,458,739			2,581,659			2,469,118			2,440,303			2,386,265			2,324,980			2,086,598
Total liabilities		9,134,591			9,290,818			9,446,650			9,492,470			9,484,792			9,583,555			9,416,183
Stockholders’ equity:
Common stock ($0.01 par value) (1)		546			542			537			522			516			501			486
Paid-in capital		462,837			447,949			429,257			353,335			323,996			259,937			195,314
Retained earnings		679,183			721,788			756,738			795,741			830,624			871,440			912,749
Treasury stock		—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		78,911			92,049			78,130			74,307			83,401			61,742			49,889
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)		(73	)
Cumulative translation adjustment		33,404			41,749			30,282			21,682			1,346			4,468			(11,684	)
Total stockholders’ equity		1,253,532			1,302,731			1,294,482			1,245,126			1,239,422			1,197,626			1,146,680
Total liabilities and stockholders' equity	$	10,388,124		$	10,593,549		$	10,741,132		$	10,737,596		$	10,724,214		$	10,781,181		$	10,562,863
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345		$	1,096,864
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		78,911			92,049			78,130			74,307			83,401			61,742			49,889
Net unrealized investment losses other-than-temporarily impaired		(1,346	)		(1,346	)		(461	)		(461	)		(461	)		(461	)		(73	)
Total reconciling items		77,564			90,703			77,669			73,846			82,940			61,281			49,816
Total stockholders’ equity	$	1,253,532		$	1,302,731		$	1,294,482		$	1,245,126		$	1,239,422		$	1,197,626		$	1,146,680
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,155,996		$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345
Net Income		45,080			49,271			41,595			45,466			43,401			49,173			49,350
Shareholder dividends		(6,738	)		(6,666	)		(6,646	)		(6,462	)		(8,517	)		(8,357	)		(8,042	)
Retirement of shares and warrants		(19,187	)		(21,972	)		(30,694	)		(82,447	)		(44,789	)		(70,999	)		(71,433	)
Net foreign currency translation adjustment		(8,571	)		8,346			(11,468	)		(8,600	)		(20,336	)		3,121			(16,152	)
Other, net		9,389			7,081			11,997			6,510			15,444			6,925			6,795
Balance, end of period	$	1,175,968		$	1,212,028		$	1,216,813		$	1,171,280		$	1,156,482		$	1,136,345		$	1,096,864
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,208,466		$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022		$	1,430,508
General expenses deferred		7,273			8,136			7,147			8,171			7,953			8,554			8,396
Commission costs deferred		69,559			68,674			66,602			67,980			70,389			78,799			79,787
Amortization of deferred policy acquisition costs		(35,193	)		(32,696	)		(36,944	)		(39,544	)		(36,213	)		(36,383	)		(40,797	)
Foreign currency impact and other, net		(7,122	)		6,877			(9,363	)		(6,842	)		(16,287	)		2,516			(12,718	)
Balance, end of period	$	1,242,983		$	1,293,974		$	1,321,415		$	1,351,180		$	1,377,022		$	1,430,508		$	1,465,175

(1) Outstanding common shares exclude restricted stock units.

4 of 16

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

																						YOY Q3													YOY YTD
(Dollars in thousands, except per-share data)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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			50,081,730				(4,631,144	)		-8.5	%		56,019,271			51,494,382				(4,524,889	)		-8.1	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	49,350			$	7,755			18.6	%	$	135,947		$	141,924			$	5,977			4.4	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		(379	)			68			15.2	%		(1,564	)		(1,197	)			368			23.5	%
Net income used in computing basic EPS	$	44,504		$	48,729		$	41,147		$	44,975		$	42,956		$	48,806		$	48,971			$	7,823			19.0	%	$	134,382		$	140,727			$	6,345			4.7	%
Basic earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.98			$	0.23			30.0	%	$	2.40		$	2.73			$	0.33			13.9	%
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	49,521			$	7,725			18.5	%	$	133,840		$	140,878			$	7,038			5.3	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(450	)		(529	)		(436	)		(363	)		(381	)			69			15.3	%		(1,540	)		(1,188	)			352			22.9	%
Net operating income used in computing basic operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	49,140			$	7,794			18.9	%	$	132,300		$	139,690			$	7,390			5.6	%
Basic operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.94		$	0.98			$	0.23			29.8	%	$	2.36		$	2.71			$	0.35			14.9	%
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			50,081,730				(4,631,144	)		-8.5	%		56,019,271			51,494,382				(4,524,889	)		-8.1	%
Dilutive impact of options		21,997			23,046			30,983			49,455			48,104			25,292			21,792				(9,191	)		-29.7	%		25,342			31,729				6,387			25.2	%
Shares used to calculate diluted EPS		55,246,401			54,949,607			54,743,857			53,470,453			52,690,985			51,811,971			50,103,522				(4,640,335	)		-8.5	%		56,044,613			51,526,111				(4,518,502	)		-8.1	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	49,350			$	7,755			18.6	%	$	135,947		$	141,924			$	5,977			4.4	%
Less income attributable to unvested participating securities		(576	)		(542	)		(447	)		(491	)		(444	)		(366	)		(379	)			68			15.2	%		(1,564	)		(1,196	)			368			23.5	%
Net income used in computing diluted EPS	$	44,504		$	48,729		$	41,148		$	44,975		$	42,957		$	48,807		$	48,971			$	7,823			19.0	%	$	134,383		$	140,728			$	6,345			4.7	%
Diluted earnings per share	$	0.81		$	0.89		$	0.75		$	0.84		$	0.82		$	0.94		$	0.98			$	0.23			30.0	%	$	2.40		$	2.73			$	0.33			13.9	%
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	49,521			$	7,725			18.5	%	$	133,840		$	140,878			$	7,038			5.3	%
Less operating income attributable to unvested participating securities		(554	)		(536	)		(449	)		(529	)		(435	)		(363	)		(381	)			69			15.3	%		(1,539	)		(1,187	)			352			22.9	%
Net operating income used in computing diluted operating EPS	$	42,760		$	48,194		$	41,346		$	48,424		$	42,131		$	48,427		$	49,140			$	7,794			18.8	%	$	132,300		$	139,691			$	7,390			5.6	%
Diluted operating income per share	$	0.77		$	0.88		$	0.76		$	0.91		$	0.80		$	0.93		$	0.98			$	0.23			29.9	%	$	2.36		$	2.71			$	0.35			14.8	%

																						YOY Q3													YOY YTD
	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 2015				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		$	1,172,153			$	(126,454	)		-9.7	%	$	1,271,506		$	1,210,984			$	(60,522	)		-4.8	%
Average adjusted stockholders' equity	$	1,165,982		$	1,193,998		$	1,214,421		$	1,194,046		$	1,163,881		$	1,146,414		$	1,116,605			$	(97,816	)		-8.1	%	$	1,191,467		$	1,142,300			$	(49,167	)		-4.1	%
Net income return on stockholders' equity		14.6	%		15.4	%		12.8	%		14.3	%		14.0	%		16.1	%		16.8	%			4.0	%	nm				14.3	%		15.6	%			1.4	%	nm
Net income return on adjusted stockholders' equity		15.5	%		16.5	%		13.7	%		15.2	%		14.9	%		17.2	%		17.7	%			4.0	%	nm				15.2	%		16.6	%			1.4	%	nm
Net operating income return on adjusted stockholders' equity		14.9	%		16.3	%		13.8	%		16.4	%		14.6	%		17.0	%		17.7	%			4.0	%	nm				15.0	%		16.4	%			1.5	%	nm
Capital Structure
Debt-to-capital (1)		23.0	%		22.3	%		22.4	%		23.1	%		23.2	%		23.8	%		24.6	%			2.2	%	nm				22.4	%		24.6	%			2.2	%	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		2.0	x			0.3	x	nm				1.7	x		2.0	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		2.1	x			0.2	x	nm				1.8	x		2.1	x			0.2	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			48,571,139				(5,110,566	)		-9.5	%		53,681,705			48,571,139				(5,110,566	)		-9.5	%
Adjusted stockholders' equity per share	$	21.55		$	22.36		$	22.67		$	22.45		$	22.43		$	22.68		$	22.58			$	(0.08	)		-0.4	%	$	22.67		$	22.58			$	(0.08	)		-0.4	%
Financial Strength Ratings - Primerica Life Insurance Co
Moody's		A2			A2			A2			A2			A2			A2			A2			nm			nm			nm			nm				nm			nm
S&P		AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm				nm			nm
A.M. Best		A+			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			Baa2			nm			nm			nm			nm				nm			nm
S&P		A-			A-			A-			A-			A-			A-			A-			nm			nm			nm			nm				nm			nm
A.M. Best		a-			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 Q3												YOY YTD
(Dollars in thousands)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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		$	587,882			$	10,400		1.8	%	$	1,722,427		$	1,753,589			$	31,161		1.8	%
Ceded premiums		(402,715	)		(410,546	)		(402,198	)		(401,358	)		(397,541	)		(406,854	)		(393,987	)			8,211		2.0	%		(1,215,459	)		(1,198,382	)			17,077		1.4	%
Net premiums		165,490			166,194			175,284			177,546			179,918			181,394			193,895				18,611		10.6	%		506,968			555,207				48,239		9.5	%
Net investment income		21,599			21,681			20,465			22,728			21,173			19,075			18,715				(1,750	)	-8.6	%		63,745			58,964				(4,781	)	-7.5	%
Commissions and fees:
Sales-based (1)		57,904			60,255			58,394			61,204			60,035			63,072			56,418				(1,977	)	-3.4	%		176,554			179,524				2,971		1.7	%
Asset-based (2)		53,807			56,114			58,744			57,134			56,837			59,144			58,794				50		0.1	%		168,665			174,775				6,110		3.6	%
Account-based (3)		9,720			9,957			10,251			10,548			10,452			10,994			11,445				1,194		11.7	%		29,928			32,891				2,963		9.9	%
Other commissions and fees		5,499			5,713			5,539			6,381			5,511			5,939			5,711				172		3.1	%		16,751			17,162				411		2.5	%
Realized investment (losses) gains		263			831			(281	)		(1,074	)		1,284			597			(259	)			22		7.9	%		813			1,623				809		99.5	%
Other, net		9,712			9,981			10,444			10,595			9,635			10,301			11,105				662		6.3	%		30,136			31,041				904		3.0	%
Total revenues		323,995			330,727			338,840			345,063			344,845			350,517			355,824				16,985		5.0	%		993,561			1,051,187				57,626		5.8	%
Benefits and expenses:
Benefits and claims		75,191			72,412			81,235			82,578			82,500			82,521			88,599				7,364		9.1	%		228,839			253,621				24,782		10.8	%
Amortization of DAC		35,193			32,696			36,944			39,544			36,213			36,383			40,797				3,853		10.4	%		104,834			113,392				8,558		8.2	%
Insurance commissions		4,083			3,881			4,046			3,343			3,189			4,145			4,619				573		14.2	%		12,010			11,953				(57	)	-0.5	%
Insurance expenses		28,168			27,790			31,149			26,937			34,348			28,744			30,261				(888	)	-2.9	%		87,107			93,354				6,246		7.2	%
Sales commissions:
Sales-based (1)		41,563			42,702			41,193			42,749			42,442			44,595			40,036				(1,156	)	-2.8	%		125,458			127,074				1,616		1.3	%
Asset-based (2)		20,725			21,859			23,378			23,011			23,251			24,059			24,374				996		4.3	%		65,962			71,683				5,721		8.7	%
Other sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			2,991				63		2.1	%		8,564			8,600				36		0.4	%
Interest expense		8,606			8,552			8,712			8,700			8,676			8,642			8,718				7		0.1	%		25,870			26,036				165		0.6	%
Other operating expenses		40,799			42,291			45,234			46,040			44,652			41,759			40,475				(4,759	)	-10.5	%		128,324			126,886				(1,438	)	-1.1	%
Total benefits and expenses		257,163			254,986			274,820			275,933			278,036			273,692			280,871				6,051		2.2	%		786,968			832,599				45,630		5.8	%
Income from continued operations before income taxes		66,832			75,740			64,020			69,130			66,809			76,825			74,953				10,933		17.1	%		206,593			218,588				11,995		5.8	%
Income taxes		23,347			26,469			22,407			23,664			23,408			27,653			25,603				3,196		14.3	%		72,224			76,664				4,441		6.1	%
Net income from continued operations		43,485			49,271			41,613			45,466			43,401			49,173			49,350				7,737		18.6	%		134,369			141,924				7,555		5.6	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—			—				18		100.0	%		1,578			—				(1,578	)	-100.0	%
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	49,350			$	7,755		18.6	%	$	135,947		$	141,924			$	5,977		4.4	%
Income from Continued Operations Before Income Taxes by Segment
Term Life	$	35,555		$	43,274		$	34,008		$	39,267		$	36,076		$	44,689		$	46,519			$	12,512		36.8	%	$	112,836		$	127,284			$	14,448		12.8	%
Investment & Savings Products		34,028			36,047			36,904			39,039			35,044			37,746			34,811				(2,093	)	-5.7	%		106,978			107,600				622		0.6	%
Corporate & Other Distributed Products		(2,750	)		(3,580	)		(6,892	)		(9,175	)		(4,310	)		(5,610	)		(6,377	)			515		7.5	%		(13,222	)		(16,297	)			(3,075	)	-23.3	%
Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	74,953			$	10,933		17.1	%	$	206,593		$	218,588			$	11,995		5.8	%

(1)	Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities
(2)	Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees
(3)	Account-based  - revenues relating to the fee generating client accounts we administer

6 of 16

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

																						YOY Q3												YOY YTD
(Dollars in thousands) (Dollars in thousands)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 2015				$ Change			% Change		YTD 2014			YTD 2015				$ Change			% Change
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		$	256,026			$	27,604		12.1	%	$	666,908		$	741,346			$	74,438		11.2	%
Premiums ceded to Citi		344,883			344,143			340,170			337,501			331,733			331,984			323,501				(16,669	)	-4.9	%		1,029,196			987,218				(41,978	)	-4.1	%
Term Life direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	579,527			$	10,935		1.9	%	$	1,696,104		$	1,728,563			$	32,460		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	)	$	(67,939	)		$	(8,522	)	-14.3	%	$	(178,290	)	$	(203,554	)		$	(25,264	)	-14.2	%
Premiums ceded to Citi		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		(323,501	)			16,669		4.9	%		(1,029,196	)		(987,218	)			41,978		4.1	%
Term Life ceded premiums	$	(400,334	)	$	(407,566	)	$	(399,587	)	$	(398,478	)	$	(395,122	)	$	(404,211	)	$	(391,440	)		$	8,147		2.0	%	$	(1,207,487	)	$	(1,190,772	)		$	16,714		1.4	%
Reconciliation from Operating Revenues to Total Revenues
Operating revenues	$	323,732		$	329,895		$	339,121		$	346,137		$	343,560		$	349,920		$	356,083			$	16,962		5.0	%	$	992,748		$	1,049,564			$	56,816		5.7	%
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597			(259	)		nm			nm			813			1,623			nm			nm
Total revenues	$	323,995		$	330,727		$	338,840		$	345,063		$	344,845		$	350,517		$	355,824			$	16,985		5.0	%	$	993,561		$	1,051,187			$	57,626		5.8	%
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		$	75,212			$	10,911		17.0	%	$	205,779		$	216,965			$	11,186		5.4	%
Operating income before income taxes reconciling items:
Realized investment gains/(losses)		263			831			(281	)		(1,074	)		1,284			597			(259	)		nm			nm			813			1,623			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			(259	)		nm			nm			813			1,623			nm			nm
Income from continued operations before income taxes	$	66,832		$	75,740		$	64,020		$	69,130		$	66,809		$	76,825		$	74,953			$	10,933		17.1	%	$	206,593		$	218,588			$	11,995		5.8	%
Reconciliation from Net Operating Income to Net Income
Net operating income	$	43,314		$	48,731		$	41,796		$	48,953		$	42,566		$	48,791		$	49,521			$	7,725		18.5	%	$	133,840		$	140,878			$	7,038		5.3	%
Net operating income reconciling items:
Operating income before income taxes reconciling items		263			831			(281	)		(5,302	)		1,284			597			(259	)		nm			nm			813			1,623			nm			nm
Tax impact of operating income reconciling items at effective tax rate		(92	)		(291	)		98			1,815			(450	)		(215	)		88			nm			nm			(284	)		(576	)		nm			nm
Total net operating income reconciling items		171			541			(183	)		(3,487	)		834			382			(170	)		nm			nm			529			1,046			nm			nm
Net income from continued operations	$	43,485		$	49,271		$	41,613		$	45,466		$	43,401		$	49,173		$	49,350			$	7,737		18.6	%	$	134,369		$	141,924			$	7,555		5.6	%
Net income from discontinued operations net tax		1,596			—			(18	)		—			—			—			—			nm			nm			1,578			—			nm			nm
Net income	$	45,080		$	49,271		$	41,595		$	45,466		$	43,401		$	49,173		$	49,350			$	7,755		18.6	%	$	135,947		$	141,924			$	5,977		4.4	%

7 of 16

Segment Operating Results PRIMERICA, INC. Financial Supplement

																						YOY Q3													YOY YTD
(Dollars in thousands)	Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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		$	579,527			$	10,935			1.9	%	$	1,696,104		$	1,728,563		$	32,460			1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		(323,501	)			16,669			4.9	%		(1,029,196	)		(987,218	)		41,978			4.1	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			256,026				27,604			12.1	%		666,908			741,346			74,438			11.2	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(67,939	)			(8,522	)		-14.3	%		(178,290	)		(203,554	)		(25,264	)		-14.2	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			188,087				19,082			11.3	%		488,617			537,791			49,174			10.1	%
Allocated net investment income		1,000			1,033			1,142			1,270			1,405			1,436			1,508				365			32.0	%		3,176			4,348			1,172			36.9	%
Other, net		6,604			6,843			6,991			6,992			6,749			7,291			7,605				614			8.8	%		20,438			21,645			1,206			5.9	%
Operating revenues		166,934			168,159			177,138			180,329			182,195			184,389			197,200				20,061			11.3	%		512,231			563,784			51,553			10.1	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			83,816				6,094			7.8	%		217,272			240,074			22,802			10.5	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			37,263				3,092			9.0	%		96,670			105,077			8,407			8.7	%
Insurance commissions		1,315			929			1,070			690			601			1,382			1,084				14			1.4	%		3,314			3,067			(246	)		-7.4	%
Insurance expenses		26,080			25,891			30,168			25,652			32,511			27,253			28,516				(1,652	)		-5.5	%		82,139			88,280			6,142			7.5	%
Operating benefits and expenses		131,379			124,885			143,130			141,062			146,119			139,700			150,680				7,550			5.3	%		399,395			436,499			37,105			9.3	%
Operating income before income taxes	$	35,555		$	43,274		$	34,008		$	39,267		$	36,076		$	44,689		$	46,519			$	12,512			36.8	%	$	112,836		$	127,284		$	14,448			12.8	%
Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	57,904		$	60,255		$	58,394		$	61,204		$	60,035		$	63,072		$	56,418			$	(1,977	)		-3.4	%	$	176,554		$	179,524		$	2,971			1.7	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			58,794				50			0.1	%		168,665			174,775			6,110			3.6	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			11,445				1,194			11.7	%		29,928			32,891			2,963			9.9	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			2,000				116			6.2	%		5,543			5,621			78			1.4	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			128,657				(616	)		-0.5	%		380,690			392,812			12,122			3.2	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			3,299				815			32.8	%		6,991			7,400			409			5.8	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			2,957				667			29.1	%		6,614			7,111			497			7.5	%
Sales commissions:																																						0!
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			40,036				(1,156	)		-2.8	%		125,458			127,074			1,616			1.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			24,374				996			4.3	%		65,962			71,683			5,721			8.7	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			23,180				156			0.7	%		68,687			71,944			3,257			4.7	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			93,846				1,477			1.6	%		273,712			285,212			11,500			4.2	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	34,811			$	(2,093	)		-5.7	%	$	106,978		$	107,600		$	622			0.6	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	8,542		$	8,892		$	8,890		$	8,360		$	8,295		$	8,376		$	8,355			$	(535	)		-6.0	%	$	26,324		$	25,025		$	(1,299	)		-4.9	%
Ceded premiums		(2,381	)		(2,980	)		(2,611	)		(2,880	)		(2,419	)		(2,644	)		(2,547	)			64			2.5	%		(7,973	)		(7,610	)		363			4.6	%
Net premiums		6,160			5,912			6,279			5,480			5,876			5,732			5,808				(471	)		-7.5	%		18,351			17,416			(936	)		-5.1	%
Allocated net investment income		20,598			20,648			19,323			21,458			19,768			17,640			17,207				(2,115	)		-10.9	%		60,569			54,616			(5,953	)		-9.8	%
Commissions and fees:
Loans		200			101			78			69			42			43			37				(41	)		-52.5	%		378			122			(256	)		-67.7	%
DebtWatchers		385			360			337			316			307			311			303				(34	)		-10.0	%		1,082			922			(160	)	nm
Prepaid Legal Services		2,339			2,285			2,487			3,225			2,468			2,494			2,527				40			1.6	%		7,111			7,488			378			5.3	%
Auto and Homeowners Insurance		1,719			1,998			1,606			2,032			1,770			2,096			1,841				235			14.6	%		5,322			5,706			384			7.2	%
Long-Term Care Insurance		521			570			565			550			534			583			558				(6	)		-1.1	%		1,656			1,675			19			1.2	%
Other sales commissions		337			399			467			188			391			412			445				(22	)		-4.7	%		1,203			1,249			46			3.8	%
Other, net		1,270			1,317			1,568			1,106			1,135			1,140			1,500				(68	)		-4.3	%		4,155			3,775			(380	)		-9.1	%
Operating revenues		33,528			33,589			32,709			34,425			32,291			30,450			30,227				(2,483	)		-7.6	%		99,827			92,968			(6,858	)		-6.9	%
Benefits and expenses:
Benefits and claims		3,928			4,125			3,513			4,519			4,510			4,253			4,783				1,270			36.1	%		11,566			13,547			1,980			17.1	%
Amortization of DAC		137			747			289			1,141			(5	)		685			235				(54	)		-18.7	%		1,173			915			(258	)		-22.0	%
Insurance commissions		681			715			686			468			617			581			578				(109	)		-15.8	%		2,082			1,775			(307	)		-14.8	%
Insurance expenses		2,088			1,900			981			1,285			1,837			1,491			1,745				764			77.8	%		4,969			5,073			104			2.1	%
Sales commissions		2,833			2,803			2,929			3,029			2,764			2,845			2,991				63			2.1	%		8,564			8,600			36			0.4	%
Interest expense		8,606			8,552			8,712			8,700			8,676			8,642			8,718				7			0.1	%		25,870			26,036			165			0.6	%
Other operating expenses		18,267			19,160			22,210			19,157			19,486			18,160			17,296				(4,915	)		-22.1	%		59,637			54,942			(4,695	)		-7.9	%
Operating benefits and expenses		36,541			38,001			39,320			38,299			37,885			36,657			36,345				(2,975	)		-7.6	%		113,862			110,888			(2,974	)		-2.6	%
Operating income before income taxes	$	(3,013	)	$	(4,412	)	$	(6,611	)	$	(3,874	)	$	(5,595	)	$	(6,207	)	$	(6,118	)		$	493			7.5	%	$	(14,035	)	$	(17,920	)	$	(3,884	)		-27.7	%

(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 Q3											YOY YTD
Term Life Insurance Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 2015			$ Change		% Change			YTD 2014			YTD 2015			$ Change		% Change
Revenues:
Direct Premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	579,527		$	10,935		1.9	%	$	1,696,104		$	1,728,563		$	32,460		1.9	%
Premiums ceded to Citi (1)		(344,883	)		(344,143	)		(340,170	)		(337,501	)		(331,733	)		(331,984	)		(323,501	)		16,669		4.9	%		(1,029,196	)		(987,218	)		41,978		4.1	%
Adjusted direct premiums (2)		214,780			223,706			228,422			233,044			237,430			247,889			256,026			27,604		12.1	%		666,908			741,346			74,438		11.2	%
Other ceded premiums (3)		(55,450	)		(63,424	)		(59,417	)		(60,978	)		(63,389	)		(72,227	)		(67,939	)		(8,522	)	-14.3	%		(178,290	)		(203,554	)		(25,264	)	-14.2	%
Net premiums		159,330			160,282			169,005			172,067			174,042			175,662			188,087			19,082		11.3	%		488,617			537,791			49,174		10.1	%
Allocated net investment income		1,000			1,033			1,142			1,270			1,405			1,436			1,508			365		32.0	%		3,176			4,348			1,172		36.9	%
Other, net		6,604			6,843			6,991			6,992			6,749			7,291			7,605			614		8.8	%		20,438			21,645			1,206		5.9	%
Operating revenues		166,934			168,159			177,138			180,329			182,195			184,389			197,200			20,061		11.3	%		512,231			563,784			51,553		10.1	%
Benefits and expenses:
Benefits and claims		71,263			68,287			77,722			78,059			77,990			78,268			83,816			6,094		7.8	%		217,272			240,074			22,802		10.5	%
Amortization of DAC		32,721			29,778			34,171			36,661			35,017			32,797			37,263			3,092		9.0	%		96,670			105,077			8,407		8.7	%
Insurance commissions		1,315			929			1,070			690			601			1,382			1,084			14		1.4	%		3,314			3,067			(246	)	-7.4	%
Insurance expenses		26,080			25,891			30,168			25,652			32,511			27,253			28,516			(1,652	)	-5.5	%		82,139			88,280			6,142		7.5	%
Operating benefits and expenses		131,379			124,885			143,130			141,062			146,119			139,700			150,680			7,550		5.3	%		399,395			436,499			37,105		9.3	%
Operating income before income taxes	$	35,555		$	43,274		$	34,008		$	39,267		$	36,076		$	44,689		$	46,519		$	12,512		36.8	%	$	112,836		$	127,284		$	14,448		12.8	%
Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	130,855		$	139,973		$	145,636		$	150,916		$	156,714		$	167,118		$	177,307		$	31,671		21.7	%	$	416,464		$	501,140		$	84,676		20.3	%
Legacy direct premiums (5)		428,809			427,876			422,956			419,629			412,449			412,754			402,220			(20,736	)	-4.9	%		1,279,640			1,227,424			(52,216	)	-4.1	%
Total direct premiums	$	559,663		$	567,849		$	568,592		$	570,545		$	569,164		$	579,873		$	579,527		$	10,935		1.9	%	$	1,696,104		$	1,728,563		$	32,460		1.9	%
Premiums ceded to Citi	$	344,883		$	344,143		$	340,170		$	337,501		$	331,733		$	331,984		$	323,501		$	(16,669	)	-4.9	%	$	1,029,196		$	87,218		$	(41,978	)	-4.1	%
% of Legacy direct premiums		80.4	%		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		$	151,755		$	14,617		10.7	%	$	395,563		$	443,628		$	48,065		12.2	%
% of adjusted direct premiums		59.0	%		58.9	%		60.0%	%		59.7	%		59.5	%		60.7	%		59.3	%		nm		nm			59.3	%		59.8	%		nm		nm
DAC amortization & insurance commissions	$	34,036		$	30,707		$	35,241		$	37,351		$	35,619		$	34,179		$	38,347		$	3,107		8.8	%	$	99,984		$	108,145		$	8,161		8.2	%
% of adjusted direct premiums		15.8	%		13.7	%		15.4	%		16.0	%		15.0	%		13.8	%		15.0	%		nm		nm			15.0	%		14.6	%		nm		nm
Insurance expenses, net (7)	$	19,476		$	19,047		$	23,177		$	18,660		$	25,762		$	19,962		$	20,912		$	(2,265	)	-9.8	%	$	61,700		$	66,636		$	4,935		8.0	%
% of adjusted direct premiums		9.1	%		8.5	%		10.1	%		8.0	%		10.9	%		8.1	%		8.2	%		nm		nm			9.3	%		9.0	%		nm		nm
Total term life operating income before income taxes	$	35,555		$	43,274		$	34,008		$	39,267		$	36,076		$	44,689		$	46,519		$	12,512		36.8	%	$	112,836		$	127,284		$	14,448		12.8	%
% of adjusted direct premiums		16.6	%		19.3	%		14.9	%		16.8	%		15.2	%		18.0	%		18.2	%		nm		nm			16.9	%		17.2	%		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 Q3											YOY YTD
(Dollars in thousands, except as noted)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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			101,008			4,412		4.6	%		95,566			98,358			2,792		2.9	%
New life-licensed representatives		7,447			9,082			8,793			8,510			7,486			10,439			11,160			2,367		26.9	%		25,322			29,085			3,763		14.9	%
Non-renewal and terminated representatives		(7,631	)		(7,868	)		(7,423	)		(8,118	)		(7,699	)		(7,576	)		(7,466	)		(43	)	-0.6	%		(22,922	)		(22,741	)		181		0.8	%
Life-insurance licensed sales force, end of period		95,382			96,596			97,966			98,358			98,145			101,008			104,702			6,736		6.9	%		97,966			104,702			6,736		6.9	%
Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	40.1		$	48.0		$	44.7		$	47.0		$	45.1		$	55.3		$	54.5		$	9.8		21.9	%	$	132.8		$	155.0		$	22.2		16.7	%
Additions and increases in premium		12.4			13.0			12.9			13.3			12.8			14.0			13.7			0.9		6.6	%		38.3			40.5			2.2		5.8	%
Total estimated annualized issued term life premium	$	52.5		$	61.1		$	57.6		$	60.3		$	57.9		$	69.3		$	68.2		$	10.6		18.5	%	$	171.1		$	195.5		$	24.4		14.2	%
Issued term life policies		49,320			59,569			55,146			56,949			55,677			68,097			66,658			11,512		20.9	%		164,035			190,432			26,397		16.1	%
Estimated average annualized issued term life premium per policy (1)(2)	$	813		$	806		$	810		$	825		$	811		$	813		$	817		$	7		0.8	%	$	810		$	814		$	$4		0.5	%
Term life face amount in-force, beginning of period ($mills)	$	674,868		$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163		$	6,185		0.9	%	$	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			20,321			2,984		17.2	%		51,578			58,088			6,509		12.6	%
Terminated term life face amount		(14,160	)		(12,759	)		(13,866	)		(14,177	)		(13,344	)		(12,064	)		(13,659	)		207		1.5	%		(40,785	)		(39,067	)		1,718		4.2	%
Foreign currency impact, net		(3,378	)		3,166			(4,272	)		(3,070	)		(7,247	)		1,125			(5,509	)		(1,237	)	-29.0	%		(4,484	)		(11,631	)		(7,147	)	nm
Term life face amount in-force, end of period	$	673,078		$	681,978		$	681,178		$	681,927		$	678,517		$	688,163		$	689,316		$	8,139		1.2	%	$	681,178		$	689,316		$	8,139		1.2	%

(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 Q3											YOY YTD
Investment & Savings Products Operating Income Before Income Taxes		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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		$	56,418		$	(1,977	)	-3.4	%	$	176,554		$	179,524		$	2,971		1.7	%
Asset-based		53,807			56,114			58,744			57,134			56,837			59,144			58,794			50		0.1	%		168,665			174,775			6,110		3.6	%
Account-based		9,720			9,957			10,251			10,548			10,452			10,994			11,445			1,194		11.7	%		29,928			32,891			2,963		9.9	%
Other, net		1,839			1,821			1,884			2,497			1,751			1,870			2,000			116		6.2	%		5,543			5,621			78		1.4	%
Operating revenues		123,270			128,147			129,273			131,383			129,074			135,081			128,657			(616	)	-0.5	%		380,690			392,812			12,122		3.2	%
Benefits and expenses:
Amortization of DAC		2,335			2,172			2,484			1,743			1,201			2,901			3,299			815		32.8	%		6,991			7,400			409		5.8	%
Insurance commissions		2,086			2,237			2,290			2,185			1,971			2,182			2,957			667		29.1	%		6,614			7,111			497		7.5	%
Sales commissions:
Sales-based		41,563			42,702			41,193			42,749			42,442			44,595			40,036			(1,156	)	-2.8	%		125,458			127,074			1,616		1.3	%
Asset-based		20,725			21,859			23,378			23,011			23,251			24,059			24,374			996		4.3	%		65,962			71,683			5,721		8.7	%
Other operating expenses		22,532			23,131			23,024			22,655			25,166			23,599			23,180			156		0.7	%		68,687			71,944			3,257		4.7	%
Operating benefits and expenses		89,243			92,100			92,369			92,344			94,031			97,335			93,846			1,477		1.6	%		273,712			285,212			11,500		4.2	%
Operating income before income taxes	$	34,028		$	36,047		$	36,904		$	39,039		$	35,044		$	37,746		$	34,811		$	(2,093	)	-5.7	%	$	106,978		$	107,600		$	622		0.6	%
Financial Analysis
Fees paid based on client asset values (1)	$	4,569		$	4,780		$	4,974		$	4,827		$	4,674		$	4,828		$	4,540		$	(434	)	-8.7	%	$	14,324		$	14,043		$	(281	)	-2.0	%
Fees paid based on fee-generating accounts (2)		2,931			2,978			3,009			3,043			3,172			3,439			3,464			455		15.1	%		8,919			10,074			1,155		13.0	%
Other operating expenses		15,031			15,372			15,041			14,786			17,320			15,332			15,175			135		0.9	%		45,444			47,828			2,383		5.2	%
Total other operating expenses	$	22,532		$	23,131		$	23,024		$	22,655		$	25,166		$	23,599		$	23,180		$	156		0.7	%	$	68,687		$	71,944		$	3,257		4.7	%
Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.33	%		1.37	%		1.43	%		1.46	%		1.36	%		1.34	%		1.38	%		nm		nm			1.38	%		1.36	%		nm		nm
Canada		1.09	%		1.02	%		0.97	%		0.95	%		1.09	%		1.07	%		0.97	%		nm		nm			1.04	%		1.05	%		nm		nm
Total		1.29	%		1.33	%		1.37	%		1.39	%		1.32	%		1.31	%		1.33	%		nm		nm			1.33	%		1.32	%		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	%		0.037	%		nm		nm			0.111	%		0.109	%		nm		nm
Canada		0.127	%		0.126	%		0.123	%		0.127	%		0.134	%		0.118	%		0.111	%		nm		nm			0.376	%		0.363	%		nm		nm
Total		0.053	%		0.054	%		0.054	%		0.053	%		0.053	%		0.051	%		0.049	%		nm		nm			0.161	%		0.153	%		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		$	2.81			nm		nm		$	8.04		$	8.19			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 Q3												YOY YTD
Key Statistics		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 2015		$ Change			% Change			YTD 2014			YTD 2015			$ Change			% Change
																									nm
Product sales ($mills)
U.S. Retail Mutual Funds	$	569.0		$	650.1		$	600.1		$	616.1		$	641.2		$	698.7		$	597.4		$	(2.7	)		-0.5	%	$	1,819.2		$	1,937.2		$	118.1			6.5	%
Canada Retail Mutual Funds		252.4			170.9			162.7			188.4			214.5			170.2			158.4			(4.3	)		-2.7	%		586.0			543.0			(43.0	)		-7.3	%
Indexed Annuities		84.2			84.7			62.0			54.0			73.7			91.2			75.3			13.4			21.6	%		230.9			240.1			9.2			4.0	%
Variable Annuities and other		365.8			417.1			434.2			469.4			405.0			452.2			404.3			(29.9	)		-6.9	%		1,217.1			1,261.4			44.4			3.6	%
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			1,235.4			(23.6	)		-1.9	%		3,853.1			3,981.8			128.8			3.3	%
Managed Accounts		62.8			65.3			66.3			63.9			66.1			72.2			57.1			(9.2	)		-13.8	%		194.5			195.4			1.0			0.5	%
Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			74.2			23.0			45.0	%		179.0			271.0			92.0			51.4	%
Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	1,366.8		$	(9.7	)		-0.7	%	$	4,226.5		$	4,448.3		$	221.7			5.2	%
Canada Retail Mutual Funds	$	252.4		$	170.9		$	162.7		$	188.4		$	214.5		$	170.2		$	158.4		$	(4.3	)		-2.7	%	$	586.0		$	543.0		$	(43.0	)		-7.3	%
Segregated Funds		76.6			51.1			51.2			64.1			114.4			82.4			74.2			23.0			45.0	%		179.0			271.0			92.0			51.4	%
Total Canada product sales		329.0			222.0			213.9			252.5			328.8			252.6			232.7			18.7			8.7	%		765.0			814.0			49.1			6.4	%
Total U.S. product sales		1,081.8			1,217.2			1,162.6			1,203.3			1,185.9			1,314.2			1,134.1			(28.4	)		-2.4	%		3,461.6			3,634.3			172.7			5.0	%
Total product sales	$	1,410.8		$	1,439.2		$	1,376.5		$	1,455.8		$	1,514.8		$	1,566.8		$	1,366.8		$	(9.7	)		-0.7	%	$	4,226.5		$	4,448.3		$	221.7			5.2	%
Client asset values, beginning of period ($mills)	$	44,990		$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	49,372		$	1,363			2.8	%	$	44,990		$	48,656		$	3,666			8.1	%
Inflows		1,411			1,439			1,377			1,456			1,515			1,567			1,367			(10	)		-0.7	%		4,227			4,448			222			5.2	%
Outflows (1)		(1,246	)		(1,211	)		(1,206	)		(1,161	)		(1,246	)		(1,267	)		(1,168	)		38			3.2	%		(3,663	)		(3,680	)		(17	)		-0.5	%
Net flows		165			228			171			295			269			300			199			28		nm				564			768			205		nm
Foreign currency impact, net		(321	)		313			(432	)		(309	)		(734	)		122			(581	)		(150	)	nm				(440	)		(1,194	)		(755	)	nm
Change in market value, net and other (2)		1,005			1,628			(348	)		1,270			1,004			(245	)		(3,142	)		(2,793	)	nm				2,285			(2,382	)		(4,667	)	nm
Client asset values, end of period	$	45,839		$	48,008		$	47,399		$	48,656		$	49,195		$	49,372		$	45,848		$	(1,551	)		-3.3	%	$	47,399		$	45,848		$	(1,551	)		-3.3	%
Annualized net flows as % of beginning of period asset values		1.5	%		2.0	%		1.4	%		2.5	%		2.2	%		2.4	%		1.6	%		0.2	%	nm				1.7	%		2.1	%		0.4	%	nm
Average client asset values ($mills)
U.S. Retail Mutual Funds	$	22,797		$	23,458		$	23,945		$	24,363		$	24,787		$	25,099		$	24,208		$	263			1.1	%	$	23,400		$	24,698		$	1,298			5.5	%
Canada Retail Mutual Funds		6,045			6,371			6,513			6,265			6,035			6,177			5,808			(705	)		-10.8	%		6,309			6,007			(303	)		-4.8	%
Managed Accounts		1,095			1,203			1,287			1,369			1,446			1,526			1,532			245			19.0	%		1,195			1,501			307			25.7	%
Indexed Annuities		839			921			986			1,035			1,089			1,162			1,230			244			24.8	%		915			1,161			245			26.8	%
Variable Annuities and other		11,839			12,152			12,548			12,748			12,995			13,313			12,980			432			3.4	%		12,180			13,096			916			7.5	%
Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			2,205			(341	)		-13.4	%		2,501			2,326			(175	)		-7.0	%
Total	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	47,963		$	138			0.3	%	$	46,500		$	48,788		$	2,288			4.9	%
Canada Retail Mutual Funds	$	6,045		$	6,371		$	6,513		$	6,265		$	6,035		$	6,177		$	5,808		$	(705	)		-10.8	%	$	6,309		$	6,007		$	(303	)		-4.8	%
Segregated Funds		2,449			2,507			2,547			2,462			2,390			2,381			2,205			(341	)		-13.4	%		2,501			2,326			(175	)		-7.0	%
Total Canada average client assets		8,494			8,878			9,060			8,728			8,425			8,558			8,014			(1,046	)		-11.5	%		8,810			8,332			(478	)		-5.4	%
Total U.S. average client assets		36,570			37,733			38,766			39,515			40,317			41,100			39,950			1,184			3.1	%		37,690			40,456			2,766			7.3	%
Total average client assets	$	45,063		$	46,611		$	47,825		$	48,243		$	48,743		$	49,658		$	47,963		$	138			0.3	%	$	46,500		$	48,788		$	2,288			4.9	%
Average number of fee-generating accounts (thous) (3)
Recordkeeping and custodial accounts		1,991			2,011			2,026			2,034			2,067			2,165			2,179			153			7.6	%		2,009			2,137			128			6.4	%
Recordkeeping only accounts		596			604			611			616			628			657			662			51			8.4	%		603			649			45			7.5	%
Total		2,587			2,614			2,636			2,651			2,695			2,822			2,841			205			7.8	%		2,612			2,786			173			6.6	%

(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 September 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	$	160,561	$	160,561	$	-			8.5	%		8.7	%
Fixed Income:
Treasury		30,497		33,840		(3,343	)		1.6	%		1.8	%		2.43	%	AAA
Government		132,266		137,160		(4,894	)		7.0	%		7.4	%		4.25	%	AA-
Tax-Exempt Municipal		3,654		4,059		(405	)		0.2	%		0.2	%		3.06	%	BBB
Corporate		1,189,426		1,154,304		35,122			62.7	%		62.4	%		4.80	%	BBB+
Mortgage-Backed		101,505		93,860		7,645			5.4	%		5.1	%		4.68	%	AA+
Asset-Backed		46,671		46,258		414			2.5	%		2.5	%		1.28	%	AA+
CMBS		76,748		73,189		3,560			4.0	%		4.0	%		2.88	%	AAA
Private		103,284		100,060		3,225			5.4	%		5.4	%		4.94	%	BBB
Redeemable Preferred		2,801		2,809		(7	)		0.1	%		0.2	%		14.69	%	BBB
Convertible		2,846		2,564		282			0.2	%		0.1	%		4.92	%	BBB
Total Fixed Income		1,689,699		1,648,102		41,598			89.1	%		89.1	%		4.54	%	A-
Equities:
Perpetual Preferred		15,777		14,966		811			0.8	%		0.8	%
Common Stock		19,382		16,349		3,033			1.0	%		0.9	%
Mutual Fund		6,105		4,739		1,366			0.3	%		0.3	%
Other		4,517		4,517		0			0.2	%		0.2	%
Total Equities		45,780		40,571		5,209			2.4	%		2.2	%
Total Invested Assets	$	1,896,041	$	1,849,234	$	46,807			100.0	%		100.0	%
Corporate Portfolio by Sector
Energy	$	148,137	$	150,410	$	(2,273	)		12.5	%		13.0	%
Reits		130,640		125,154		5,487			11.0	%		10.8	%
Consumer Non Cyclical		128,087		120,575		7,512			10.8	%		10.4	%
Banking		123,070		124,536		(1,466	)		10.3	%		10.8	%
Technology		98,972		96,192		2,780			8.3	%		8.3	%
Basic Industry		95,777		95,006		771			8.1	%		8.2	%
Electric		85,849		79,713		6,136			7.2	%		6.9	%
Insurance		84,158		79,227		4,931			7.1	%		6.9	%
Communications		71,833		69,373		2,460			6.0	%		6.0	%
Capital Goods		65,621		61,768		3,853			5.5	%		5.4	%
Consumer Cyclical		47,640		45,414		2,226			4.0	%		3.9	%
Transportation		35,912		36,227		(315	)		3.0	%		3.1	%
Brokerage		27,046		25,565		1,481			2.3	%		2.2	%
Finance Companies		14,202		12,969		1,234			1.2	%		1.1	%
Natural Gas		12,388		12,337		51			1.0	%		1.1	%
Industrial Other		9,898		9,749		149			0.8	%		0.8	%
Financial Other		9,185		9,094		91			0.8	%		0.8	%
Utility Other		1,011		997		15			0.1	%		0.1	%
Total Corporate portfolio	$	1,189,426	$	1,154,304	$	35,122			100.0	%		100.0	%
	Error		Error
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	126,154	$	127,414	$	(1,260	)		7.5	%		7.7	%		3.44	%
1-2 Yrs.		117,556		117,999		(443	)		7.0	%		7.2	%		4.82	%
2-5 Yrs.		674,107		634,440		39,668			39.9	%		38.5	%		5.01	%
5-10 Yrs.		719,345		714,615		4,731			42.6	%		43.4	%		4.24	%
> 10 Yrs.		52,537		53,634		(1,097	)		3.1	%		3.3	%		4.88	%
Total Fixed Income	$	1,689,699	$	1,648,102	$	41,598			100.0	%		100.0	%		4.54	%
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.

13 of 16

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

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
	Amortized Cost		% of Total
Total Fixed Income portfolio:
Rating
AAA	$	264,163		16.0	%
AA		112,576		6.8	%
A		364,923		22.1	%
BBB		813,849		49.4	%
Below Investment Grade		92,412		5.6	%
NA		179		0.0	%
Total Fixed Income	$	1,648,102		100.0	%

	Amortized Cost		% of Total					Amortized Cost		% of Total
Corporate asset class:						Private asset class:
Rating							Rating
AAA	$	5,077		0.4	%		AAA	$	62		0.1	%
AA		52,083		4.5	%		AA		2,460		2.5	%
A		312,566		27.1	%		A		938		0.9	%
BBB		708,606		61.4	%		BBB		89,785		89.7	%
Below Investment Grade		75,793		6.6	%		Below Investment Grade		6,814		6.8	%
NA		179		0.0	%		NA		-		—
Total Corporate	$	1,154,304		100.0	%		Total Private	$	100,060		100.0	%
CMBS asset class:						Mortgage-Backed asset class:
Rating							Rating
AAA	$	69,611		95.1	%		AAA	$	88,467		94.3	%
AA		39		0.1	%		AA		2,322		2.5	%
A		2,301		3.1	%		A		1,771		1.9	%
BBB		1,237		1.7	%		BBB		1,300		1.4	%
Below Investment Grade		-		—			Below Investment Grade		-		—
NA		-		—			NA		-		—
Total CMBS	$	73,189		100.0	%		Total Mortgage-Backed	$	93,860		100.0	%
Asset-Backed asset class:						Treasury & Government asset classes:
Rating							Rating
AAA	$	38,063		82.3	%		AAA	$	62,310		36.4	%
AA		903		2.0	%		AA		55,087		32.2	%
A		6,995		15.1	%		A		38,820		22.7	%
BBB		54		0.1	%		BBB		9,305		5.4	%
Below Investment Grade		243		0.5	%		Below Investment Grade		5,478		3.2	%
NA		-		—			NA		-		—
Total Asset-Backed	$	46,258		100.0	%		Total Treasury & Government	$	171,000		100.0	%

NAIC Designations
	1	$	535,195	39.2	%
	2		744,028	54.5	%
	3		65,225	4.8	%
	4		14,736	1.1	%
	5		3,690	0.3	%
	6		1,508	0.1	%
	U.S. Insurer Fixed Income (2)		1,364,382	100.0	%
Other (3)			324,291
Cash and cash equivalents			160,561
	Total Invested Assets	$	1,849,234

(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 Q3
(Dollars in thousands)		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 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		$	18,786			(2,147	)		-10.3	%
Fixed-maturity securities (held-to-maturity)		—			—			1,299			2,183			2,475			2,707			3,772			2,473		nm
Equity Securities		385			471			450			556			516			503			514			64			14.2	%
Deposit asset underlying 10% reinsurance treaty		953			1,490			(127	)		779			1,672			(116	)		220			347		nm
Policy loans and other invested assets		388			398			367			295			359			337			354			(13	)		-3.5	%
Cash & cash equivalents		53			68			70			56			43			47			51			(19	)		-27.1	%
Total investment income		22,811			22,881			22,992			26,137			24,860			23,029			23,697			705			3.1	%
Investment expenses		1,212			1,200			1,228			1,226			1,212			1,247			1,210			(18	)		-1.5	%
Interest Expense on Surplus Note		—			—			1,299			2,183			2,475			2,707			3,772			2,473		nm
Net investment income	$	21,599		$	21,681		$	20,465		$	22,728		$	21,173		$	19,075			18,715			(1,750	)		-8.1	%
Fixed income book yield, end of period		4.87	%		4.76	%		4.62	%		4.61	%		4.53	%		4.51	%		4.54	%		—			—
New money yield		3.61	%		2.55	%		2.29	%		3.04	%		2.47	%		2.57	%		3.39	%		—			—
																						YOY Q3
		Q1 2014			Q2 2014			Q3 2014			Q4 2014			Q1 2015			Q2 2015			Q3 2015		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA		17.1	%		16.7	%		17.2	%		17.4	%		17.3	%		16.6	%		16.0	%		-1.2	%
AA		7.8	%		8.3	%		6.8	%		7.0	%		6.9	%		6.5	%		6.8	%		0.1	%
A		22.8	%		22.1	%		23.0	%		22.4	%		22.4	%		22.6	%		22.1	%		-0.9	%
BBB		47.5	%		47.5	%		48.1	%		48.0	%		47.8	%		48.9	%		49.4	%		1.3	%
Below Investment Grade		4.6	%		4.9	%		4.9	%		5.0	%		5.6	%		5.2	%		5.6	%		0.7	%
NA		0.1	%		0.4	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		-0.0	%
Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%	nm
Average rating by amortized cost		A			A			A			A			A			A			A-		na

			As of September 30, 2015								As of September 30, 2015					As of September 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	$	22,279		$	26,273		AAA	Australia	$	49,039	$	47,386	AAA	$	751	$	750
	2	General Electric Co		18,439			16,304		AA+	United Kingdom		45,978		43,974	AA		11,646		10,814
	3	Hewlett-Packard Co		15,726			15,422		BBB+	Canada		37,322		36,329	A		14,995		14,297
	4	Wells Fargo & Co		9,998			10,184		A	Brazil		17,939		19,501	BBB		9,292		9,305
	5	National Rural Utilities Cooperative		9,537			7,762		A	Bermuda		16,549		16,000	Below Investment Grade		4,470		5,478
	6	Province of Ontario Canada		9,209			10,161		AA-	Switzerland		15,365		15,536	NA		0		0
	7	Iberdrola SA		9,183			8,472		BBB	France		15,210		14,491	Total	$	41,153	$	40,644
	8	National Fuel Gas Co		8,710			8,061		BBB	Netherlands		14,161		13,713
	9	AT&T Inc		7,969			6,966		BBB+	Ireland		14,088		12,998
	10	Bank of America Corp		7,797			7,579		A-	Germany		10,021		9,546
	11	Macquarie Group Ltd		7,762			7,311		BBB	Korea Republic Of		6,794		6,386	Non-Goverment Investments (1)
	12	Prudential Financial Inc		7,530			7,162		A	Belgium		6,747		5,655	AAA	$	43,235	$	40,972
	13	TransCanada Corp		7,366			7,667		A-	Japan		6,088		5,997	AA		13,938		13,259
	14	Vale SA		7,157			7,095		A-	Luxembourg		6,025		5,892	A		81,024		77,638
	15	Ingram Micro Inc		7,023			6,667		BBB-	Mexico		5,494		5,234	BBB		138,719		136,351
	16	Washington Real Estate Investments		6,985			6,760		BBB+	Emerging Markets (2)		15,171		15,082	Below Investment Grade		542		590
	17	Republic of Korea		6,794			6,386		A+	All Other		36,855		36,026	NA		235		294
	18	Tesco PLC		6,773			6,362		BB+	Total	$	318,845	$	309,748	Total	$	277,693	$	269,104
	19	Phillips 66		6,355			5,696		BBB+
	20	Altria Group Inc		6,298			5,221		BBB+
	21	CRH PLC		6,240			5,748		BBB+
	22	ArcelorMittal		6,025			5,892		BB
	23	Discover Financial Services		6,009			5,176		BBB-
	24	Bunge Ltd		5,971			5,797		BBB-
	25	International Business Machines		5,948			5,511		AA-
		Total	$	219,082		$	211,635
		% of total fixed income portfolio		11.6	%		11.4	%

(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.

15 of 16

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			Q3 2015
Recruits		231,390			244,756			191,752			186,251			190,439			48,306			50,024			49,055			43,054			53,300			60,246			65,945
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			101,008
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			11,160
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	)		(7,466	)
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			104,702
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			66,658
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		$	20,321
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		$	688,163
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			20,321
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	)		(13,659	)
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			(5,509	)
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		$	689,316
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		$	54.5
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			13.7
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		$	68.2
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		$	1,366.8
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		$	47,963

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