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):      May 9, 2017

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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [  ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   [  ]

Item 2.02Results of Operations and Financial Condition.

On May 9, 2017, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2017. A copy of the press release is attached hereto as Exhibit 99.1.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures.  Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and adjusted diluted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate with this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and adjusted diluted operating earnings per share exclude the impact of realized investment gains and losses for all periods presented. We exclude realized investment gains and losses in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset’s maturity that are not directly associated with the Company’s insurance operations.  Adjusted stockholders’ equity excludes the impact of net unrealized investment gains and losses recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains and losses in measuring adjusted stockholders’ equity as unrealized gains and losses from the Company’s invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

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.

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

Item 7.01Regulation FD Disclosure.

On May 9, 2017, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2017.  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.

Item 9.01.                Financial Statements and Exhibits.

(d) Exhibits.

99.1                           Press Release dated May 9, 2017 – Primerica Reports First Quarter 2017 Results

99.2                           Primerica, Inc. Supplemental Financial Information – First Quarter 2017

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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:  May 9, 2017	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 May 9, 2017 – Primerica Reports First Quarter 2017 Results
99.2	Primerica, Inc. Supplemental Financial Information – First Quarter 2017

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EX-99.1

Exhibit 99.1

PRIMERICA REPORTS FIRST QUARTER 2017 RESULTS

9% increase in life insurance licensed representatives to 117,907

6% growth in life insurance policies issued

 15% increase in Investment and Savings Products (ISP) sales

21% growth in net earnings per diluted share (EPS) and

19% growth in adjusted operating EPS to $1.11

Duluth, GA, May 9, 2017 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended March 31, 2017.  In the first quarter, total revenues increased 12% and adjusted operating revenues increased 11% to $405.2 million and $405.0 million, respectively.  Net income grew 15% to $52.1 million and adjusted net operating income grew 14% to $52.0 million compared with the first quarter of 2016.

Glenn Williams, Chief Executive Officer, said, “We achieved a 21% increase in EPS and a 130 basis points increase in return on equity (ROE) compared to the first quarter a year ago reflecting solid earnings and ongoing share repurchases.  Strong organic growth continued with our life insurance licensed sales force reaching almost 118,000 representatives and a 6% year-over-year growth in life insurance policies issued.  In addition, our Investment and Savings Products sales grew 15% year-over-year to a record $1.6 billion in first quarter 2017.  We are optimistic about the future and our ability to drive growth and deliver long-term value for all of our stakeholders.”

First quarter results reflect a 13% increase in Term Life net premiums. Continued organic growth was partially offset by weaker persistency and claims experience during the quarter.  Strong ISP performance was driven by 15% growth in both sales and average client asset values year-over-year.  Insurance and other operating expenses, which are typically highest in the first quarter due to annual employee equity award grants, increased year-over-year from growth in the size of the business, annual employee merit increases and continued development of technology platforms.  During the quarter, earnings growth and continued share repurchases drove EPS and adjusted operating EPS both to $1.11, increasing 21% and 19%, respectively, compared to the first quarter a year ago.  ROE expanded to 16.9% and adjusted operating ROAE expanded to 17.5% in the first quarter versus 15.6% and 16.3%, respectively, in the prior year period.

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First Quarter Distribution & Segment Results

Distribution Results
		Q1 2017		Q1 2016	% Change				Q4 2016	% Change
Life Licensed Sales Force (1)		117,907		108,220		9	%		116,827		1	%
Recruits		70,983		63,427		12	%		60,326		18	%
New Life-Licensed Representatives		10,903		9,666		13	%		11,148		(2	)%
Life Insurance Policies Issued		70,642		66,376		6	%		79,110		(11	)%
Life Productivity (2)		0.20		0.21		*			0.23		*
ISP Product Sales ($ billions)	$	1.59	$	1.38		15	%	$	1.41		13	%
Average Client Asset Values ($ billions)	$	53.82	$	46.65		15	%	$	51.45		5	%

(1)	End of period
(2)	Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month
*	Not calculated or less than 1%

Segment Results
		Q1 2017			Q1 2016		% Change			Q4 2016		% Change
	($ in thousands)
Adjusted Operating Revenues: (1)
Term Life Insurance	$	234,051		$	206,095		14	%	$	227,128		3	%
Investment and Savings Products		140,407			124,918		12	%		137,016		2	%
Corporate and Other Distributed Products		30,572			32,370		(6	)%		28,255		8	%
Total adjusted operating revenues (1)	$	405,030		$	363,383		11	%	$	392,399		3	%
Adjusted Operating Income (Loss) before   income taxes:(1)
Term Life Insurance	$	49,022		$	46,078		6	%	$	51,127		(4	)%
Investment and Savings Products		37,119			31,691		17	%		40,840		(9	)%
Corporate and Other Distributed Products		(11,433	)		(6,774	)	69	%		(6,368	)	80	%
Total adjusted operating income before income taxes (1)	$	74,708		$	70,995		5	%	$	85,599		(13	)%

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

 Life Insurance Licensed Sales Force. Strong recruiting and licensing trends in recent quarters resulted in 9% year-over-year growth in the life insurance licensed sales force to 117,907 representatives at the end of the first quarter.  Recruiting of new representatives increased 12% and new life insurance licenses were 13% higher than the prior year period.  On a sequential quarter basis, recruiting increased 18% from the typically slower holiday season and new life insurance licenses declined 2% as a result of typically lower recruiting levels in the fourth quarter.

Term Life Insurance.  In the first quarter of 2017, Term Life insurance policies issued increased 6% year-over-year reflecting the larger life insurance licensed sales force and productivity of 0.20 policies per life insurance licensed representative per month.  While still in the historical range, productivity was moderately lower than recent quarters due to seasonality in the first quarter following the slower holiday season.  Term Life revenues increased 14% to $234.1 million compared with the year ago period, driven by a 13% increase in net premiums from higher levels of issued policies in recent years and the growth of in-force business not subject to IPO-related coinsurance agreements.  Income before income taxes increased 6% to $49.0 million year-over-year.  Deferred acquisition costs amortization was higher than expected in the first quarter with $2.5 million related to weaker persistency and approximately $1.5 million attributable to certain policies held by clients in Louisiana that we restricted from lapsing in 2016 at the state insurance department’s request due to severe flooding last year.  Many of these policies ultimately lapsed in the first quarter once the restriction was removed.  Benefits and claims were about $3 million higher than expected during the quarter reflecting a frequency of claims above historical trends, partially offset by lower reserve increases from weaker persistency experience.  Insurance expenses increased $4.7 million year-over-year primarily due to growth-related costs, annual employee merit increases and technology spending.  Additional costs to enhance our sales force’s mobile technology capabilities were largely offset by growth in other net revenues.

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Investment and Savings Products.  In the first quarter, ISP revenues increased 12% to $140.4 million and income before income taxes grew 17% to $37.1 million compared with the year ago period.  Product sales grew 15% year-over-year with U.S. retail mutual fund sales increasing 25% and variable annuity sales declining 5% consistent with recent industry trends.  Sales-based revenue growth lagged revenue-generating sales growth due to the mix of product sales during the quarter.  Net flows were positive $320 million and client asset values increased 14% to $54.9 billion at the end of the first quarter.  Account-based revenue grew 17% year-over-year largely related to a change made in the account-based fee structure in the fourth quarter of 2016 as well as a higher number of accounts than the prior year period.  ISP expenses increased approximately $2.5 million from the year ago period largely due to costs related to growth in the business, the launch of the Primerica Advisors Lifetime Investment Platform and technology enhancements.

Corporate and Other Distributed Products (C&O).  C&O adjusted operating revenues were $30.6 million and adjusted operating losses before income taxes were $11.4 million in the first quarter of 2017.  Net investment income was negatively impacted by lower portfolio yield than in the prior year period, offset by a larger invested asset portfolio.  The impact on net investment income from the mark-to-market on the deposit asset backing an IPO-related reinsurance agreement was negligible in the first quarter of 2017; however, the prior year period included an approximate $1 million positive mark-to-market adjustment.  Net unrealized gains increased to $73.0 million at quarter-end from $65.8 million at December 31, 2016.

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Taxes

The effective income tax rate for the first quarter of 2017 was 30.4%, down from 35.7% in the prior year period, primarily reflecting excess tax benefits of $3.3 million from the adoption of Accounting Standards Update 2016-09, which requires the excess tax benefit or expense for the difference between the stock price of equity awards at the time of grant and vesting to be recorded in the income statement rather than directly to equity in the balance sheet.  Also impacting the tax rate was the recognition of approximately $0.7 million of certain tax benefits for which the statute of limitations expired during the first quarter.

Capital

Primerica repurchased $29.8 million or 382,657 shares of its common stock in the first quarter of 2017.  Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 440% as of March 31, 2017.

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, adjusted operating revenues, adjusted operating income before income taxes, net adjusted operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (IPO) for all periods presented.  We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.  Adjusted operating revenues, adjusted operating income before income taxes, net adjusted operating income, and diluted adjusted operating earnings per share exclude the impact of realized investment gains and losses, including other-than-temporary impairments (OTTI), for all periods presented.  We exclude realized investment gains and losses in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity that are not directly associated with the Company's insurance operations.  Adjusted stockholders' equity excludes the impact of net unrealized investment gains and losses recorded in other comprehensive income (loss) for all periods presented.  We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold.

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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 GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast Wednesday, May 10, 2017 at 10:00 am EDT, to discuss first quarter results.  This release and a detailed financial supplement will be posted on Primerica’s website.  Investors are encouraged to review these materials.  To access the webcast go to http://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software.

A replay of the call will be available for approximately 30 days on Primerica’s website, http://investors.primerica.com.

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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 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.

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 approximately 5 million lives and have over 2 million client investment accounts at December 31, 2016. 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”.

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Investor Contact:

Kathryn Kieser

470-564-7757Email: 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
(Unaudited)
	March 31, 2017		December 31, 2016
	(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	1,832,228	$	1,792,438
Fixed-maturity securities-held-to-maturity, at amortized cost		535,160		503,230
Equity securities available-for-sale, at fair value		46,437		44,894
Trading securities, at fair value		12,737		7,383
Policy loans		32,969		30,916
Total investments		2,459,531		2,378,861
Cash and cash equivalents		185,762		211,976
Accrued investment income		17,654		16,520
Due from reinsurers		4,219,547		4,193,562
Deferred policy acquisition costs, net		1,767,681		1,713,065
Agent balances, due premiums and other receivables		215,567		210,448
Intangible assets, net		54,065		54,915
Income taxes		37,731		37,369
Other assets		356,139		334,274
Separate account assets		2,356,320		2,287,953
Total assets	$	11,669,997	$	11,438,943
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits	$	5,736,313	$	5,673,890
Unearned premiums		511		527
Policy claims and other benefits payable		268,397		268,136
Other policyholders' funds		373,733		363,038
Notes payable		373,011		372,919
Surplus note		534,435		502,491
Income taxes		237,719		225,006
Other liabilities		449,734		449,963
Payable under securities lending		93,326		73,646
Separate account liabilities		2,356,320		2,287,953
Total liabilities		10,423,499		10,217,569
Stockholders' equity:
Common stock		455		457
Paid-in capital		28,606		52,468
Retained earnings		1,182,039		1,138,851
Accumulated other comprehensive income, net of income tax		35,398		29,598
Total stockholders' equity		1,246,498		1,221,374
Total liabilities and stockholders' equity	$	11,669,997	$	11,438,943

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PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three months ended March 31,
	2017			2016
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	627,698		$	597,130
Ceded premiums		(399,769	)		(395,333	)
Net premiums		227,929			201,797
Commissions and fees		144,268			128,821
Net investment income		19,894			21,238
Realized investment gains (losses), including OTTI		134			(783	)
Other, net		12,939			11,527
Total revenues		405,164			362,600
Benefits and expenses:
Benefits and claims		102,385			90,977
Amortization of deferred policy acquisition costs		51,850			43,129
Sales commissions		73,704			66,643
Insurance expenses		37,621			33,130
Insurance commissions		4,899			4,147
Interest expense		7,127			7,173
Other operating expenses		52,736			47,189
Total benefits and expenses		330,322			292,388
Income before income taxes		74,842			70,212
Income taxes		22,772			25,036
Net income	$	52,070		$	45,176
Earnings per share:
Basic earnings per share	$	1.12		$	0.92
Diluted earnings per share	$	1.11		$	0.92
Shares used in computing earnings per share:
Basic		46,301			48,550
Diluted		46,374			48,574

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PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
	Three months ended March 31,
	2017			2016			% Change
Total revenues	$	405,164		$	362,600			12	%
Less: Realized investment gains (losses), including OTTI		134			(783	)
Adjusted operating revenues	$	405,030		$	363,383			11	%
Income before income taxes	$	74,842		$	70,212			7	%
Less: Realized investment gains (losses), including OTTI		134			(783	)
Adjusted operating income before income taxes	$	74,708		$	70,995			5	%
Net income	$	52,070		$	45,176			15	%
Less: Realized investment gains (losses), including OTTI		134			(783	)
Less: Tax impact of reconciling items		(41	)		279
Net adjusted operating income	$	51,977		$	45,680			14	%
Diluted earnings per share (1)	$	1.11		$	0.92			21	%
Less: Net after-tax impact of operating adjustments		0.00			(0.01	)
Diluted adjusted operating earnings per share (1)	$	1.11		$	0.93			19	%

⁽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 March 31,
			2017			2016
Direct premiums		$	620,379		$	589,244
Less: Premiums ceded to IPO coinsurers			312,982			321,494
Adjusted direct premiums		$	307,397		$	267,750
Ceded premiums		$	(398,077	)	$	(393,270	)
Less: Premiums ceded to IPO coinsurers			(312,982	)		(321,494	)
Other ceded premiums		$	(85,095	)	$	(71,776	)
Net premiums		$	222,302		$	195,974

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
	Three months ended March 31,
			2017			2016
Total revenues		$	30,706		$	31,586
Less: Realized investment gains (losses), including OTTI			134			(783	)
Adjusted operating revenues		$	30,572		$	32,369
Loss before income taxes		$	(11,299	)	$	(7,557	)
Less: Realized investment gains (losses), including OTTI			134			(783	)
Adjusted operating loss before income taxes		$	(11,433	)	$	(6,774	)

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PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
	March 31, 2017		December 31, 2016
Stockholders' equity	$	1,246,498	$	1,221,374
Less: Unrealized net investment gains recorded   in stockholders' equity, net of income tax		47,479		42,791
Adjusted stockholders' equity	$	1,199,019	$	1,178,583

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EX-99.2

Exhibit 99.2

Supplemental Financial Information

First Quarter 2017

Table of Contents PRIMERICA, INC. Financial Supplement

	Page
Preface, definition of Non-GAAP financial measures	3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures	4
Financial results and other statistical data	5
Statements of income	6
Reconciliation of statement of income GAAP to non-GAAP financial measures	7
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, 2016.

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	PRIMERICA, INC.
Preface	Financial Supplement

FIRST QUARTER 2017

This document is a financial supplement to our first quarter 2017 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. We exclude realized investment gains and losses in measuring operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity that are not directly associated with the Company's insurance operations.

● Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is disposed.

● IPO coinsurance transactions 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 entities then affiliated with Citigroup Inc. (“Citi”) that were executed concurrent with our IPO. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

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

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

3 of 16

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

(Dollars in thousands)	Dec 31, 2015			Mar 31, 2016			Jun 30, 2016			Sep 30, 2016			Dec 31, 2016			Mar 31, 2017
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	1,965,576		$	1,968,419		$	2,027,735		$	2,047,095		$	2,087,607		$	2,110,131
Securities held to maturity		365,220			404,860			431,000			454,000			503,230			535,160
Total investments and cash		2,330,796			2,373,279			2,458,735			2,501,095			2,590,837			2,645,291
Due from reinsurers		4,110,628			4,160,266			4,147,284			4,161,537			4,193,562			4,219,547
Deferred policy acquisition costs		1,500,259			1,559,833			1,619,236			1,672,454			1,713,065			1,767,681
Other assets		605,200			656,871			669,723			685,779			653,525			681,156
Separate account assets		2,063,899			2,264,108			2,311,124			2,347,816			2,287,953			2,356,320
Total assets	$	10,610,782		$	11,014,358		$	11,206,101		$	11,368,681		$	11,438,943		$	11,669,996
Liabilities:
Future policy benefits	$	5,431,711		$	5,518,834		$	5,581,043		$	5,629,967		$	5,673,890		$	5,736,313
Other policy liabilities		604,061			607,225			597,728			605,666			631,700			642,640
Income taxes		148,125			177,457			199,985			215,454			225,006			237,719
Other liabilities		408,757			409,870			413,888			426,970			449,963			449,734
Notes payable		372,552			372,643			372,735			372,827			372,919			373,011
Surplus note		364,424			404,079			430,233			453,247			502,491			534,435
Payable under securities lending		71,482			87,383			91,901			95,843			73,646			93,326
Separate account liabilities		2,063,899			2,264,108			2,311,124			2,347,816			2,287,953			2,356,320
Total liabilities		9,465,010			9,841,598			9,998,636			10,147,790			10,217,568			10,423,499
Stockholders’ equity:
Common stock ($0.01 par value) (1)		483			473			466			460			457			455
Paid-in capital		180,250			137,857			102,824			66,510			52,468			28,606
Retained earnings		952,804			989,685			1,040,860			1,090,388			1,138,851			1,182,038
Treasury stock		—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		32,106			48,747			68,473			71,827			42,852			47,534
Net unrealized investment losses other-than-temporarily impaired		(71	)		(70	)		(68	)		(66	)		(62	)		(56	)
Cumulative translation adjustment		(19,801	)		(3,933	)		(5,091	)		(8,227	)		(13,193	)		(12,082	)
Total stockholders’ equity		1,145,772			1,172,759			1,207,465			1,220,891			1,221,374			1,246,497
Total liabilities and stockholders' equity	$	10,610,782		$	11,014,358		$	11,206,101		$	11,368,681		$	11,438,943		$	11,669,996
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584		$	1,199,018
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		32,106			48,747			68,473			71,827			42,852			47,534
Net unrealized investment losses other-than-temporarily impaired		(71	)		(70	)		(68	)		(66	)		(62	)		(56	)
Total reconciling items		32,036			48,678			68,405			71,760			42,791			47,479
Total stockholders’ equity	$	1,145,772		$	1,172,759		$	1,207,465		$	1,220,891		$	1,221,374		$	1,246,497
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,096,864		$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584
Net Income		47,948			45,176			59,326			58,038			56,874			52,069
Shareholder dividends		(7,893	)		(8,295	)		(8,151	)		(8,511	)		(8,410	)		(8,882	)
Retirement of shares and warrants		(20,538	)		(52,988	)		(41,330	)		(41,012	)		(18,697	)		(36,353	)
Net foreign currency translation adjustment		(8,116	)		15,867			(1,157	)		(3,136	)		(4,966	)		1,111
Other, net		5,471			10,585			6,290			4,692			4,653			12,489
Balance, end of period	$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584		$	1,199,018
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,465,175		$	1,500,259		$	1,559,833		$	1,619,236		$	1,672,454		$	1,713,065
General expenses deferred		7,951			8,443			9,138			9,202			8,226			9,489
Commission costs deferred		77,810			81,174			89,783			91,783			89,647			95,923
Amortization of deferred policy acquisition costs		(44,334	)		(43,129	)		(38,720	)		(45,428	)		(53,305	)		(51,850	)
Foreign currency impact and other, net		(6,343	)		13,086			(798	)		(2,339	)		(3,957	)		1,054
Balance, end of period	$	1,500,259		$	1,559,833		$	1,619,236		$	1,672,454		$	1,713,065		$	1,767,681

(1) Outstanding common shares exclude restricted stock units.

4 of 16

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

																YOY Q1
(Dollars in thousands, except per-share data)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017		Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		48,549,580			47,657,649			47,008,203			46,444,202			46,301,339			(2,248,241	)		-4.6	%
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	6,893			15.3	%
Less income attributable to unvested participating securities		(370	)		(491	)		(494	)		(482	)		(421	)		(51	)		-13.8	%
Net income used in computing basic EPS	$	44,806		$	58,835		$	57,544		$	56,392		$	51,648		$	6,842			15.3	%
Basic earnings per share	$	0.92		$	1.23		$	1.22		$	1.21		$	1.12		$	0.19			20.9	%
Adjusted Net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	6,296			13.8	%
Less operating income attributable to unvested participating securities		(375	)		(472	)		(494	)		(474	)		(421	)		(46	)		-12.3	%
Adjusted Net operating income used in computing basic operating EPS	$	45,306		$	56,632		$	57,567		$	55,443		$	51,556		$	6,250			13.8	%
Basic adjusted operating income per share	$	0.93		$	1.19		$	1.22		$	1.19		$	1.11		$	0.18			19.3	%
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		48,549,580			47,657,649			47,008,203			46,444,202			46,301,339			(2,248,241	)		-4.6	%
Dilutive impact of contingently issuable shares		24,090			49,680			42,632			51,274			72,947			48,857		nm
Shares used to calculate diluted EPS		48,573,670			47,707,329			47,050,835			46,495,476			46,374,286			(2,199,384	)		-4.5	%
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	6,893			15.3	%
Less income attributable to unvested participating securities		(370	)		(490	)		(493	)		(481	)		(421	)		(51	)		-13.7	%
Net income used in computing diluted EPS	$	44,806		$	58,835		$	57,544		$	56,393		$	51,648		$	6,842			15.3	%
Diluted earnings per share	$	0.92		$	1.23		$	1.22		$	1.21		$	1.11		$	0.19			20.7	%
Adjusted Net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	6,296			13.8	%
Less operating income attributable to unvested participating securities		(374	)		(472	)		(494	)		(473	)		(420	)		(46	)		-12.2	%
Adjusted Net operating income used in computing diluted operating EPS	$	45,306		$	56,632		$	57,567		$	55,443		$	51,556		$	6,250			13.8	%
Diluted adjusted operating income per share	$	0.93		$	1.19		$	1.22		$	1.19		$	1.11		$	0.18			19.2	%

																	YOY Q1
			Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017		Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,159,266		$	1,190,112		$	1,214,178		$	1,221,133		$	1,233,936		$	74,670			6.4	%
	Average adjusted stockholders' equity	$	1,118,909		$	1,131,571		$	1,144,095		$	1,163,857		$	1,188,801		$	69,892			6.2	%
	Net income return on stockholders' equity		15.6	%		19.9	%		19.1	%		18.6	%		16.9	%		1.3	%		nm
	Net income return on adjusted stockholders' equity		16.2	%		21.0	%		20.3	%		19.5	%		17.5	%		1.4	%		nm
	Adjusted Net operating income return on adjusted stockholders' equity		16.3	%		20.2	%		20.3	%		19.2	%		17.5	%		1.2	%		nm
Capital Structure
	Debt-to-capital (1)		24.1	%		23.6	%		23.4	%		23.4	%		23.0	%		-1.1	%		nm
	Cash and invested assets to stockholders' equity		2.0	x		2.0	x		2.0	x		2.1	x		2.1	x		0.1	x		nm
	Cash and invested assets to adjusted stockholders' equity		2.1	x		2.2	x		2.2	x		2.2	x		2.2	x		0.1	x		nm
	Share count, end of period (2)		47,295,175			46,601,587			45,961,671			45,720,822			45,549,739			(1,745,436	)		-3.7	%
	Adjusted stockholders' equity per share	$	23.77		$	24.44		$	25.00		$	25.78		$	26.32		$	2.56			10.8	%
Financial Strength Ratings - Primerica Life Insurance Co
	Moody's		A2			A2			A2			A2			A2			nm			nm
	S&P		AA-			AA-			AA-			AA-			AA-			nm			nm
	A.M. Best		A+			A+			A+			A+			A+			nm			nm
Holding Company Senior Debt Ratings
	Moody's		Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm
	S&P		A-			A-			A-			A-			A-			nm			nm
	A.M. Best		a-			a-			a-			a-			a-			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

	PRIMERICA, INC.
Statements of Income	Financial Supplement

																YOY Q1
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017		$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	597,130		$	612,189		$	616,587		$	618,362		$	627,698		$	30,568			5.1	%
Ceded premiums		(395,333	)		(406,683	)		(399,676	)		(398,867	)		(399,769	)		(4,436	)		-1.1	%
Net premiums		201,797			205,506			216,911			219,495			227,929			26,132			12.9	%
Net investment income		21,238			20,389			19,399			17,999			19,894			(1,344	)		-6.3	%
Commissions and fees:
Sales-based (1)		56,220			59,057			55,149			56,894			60,517			4,298			7.6	%
Asset-based (2)		55,306			59,541			60,759			61,997			64,474			9,167			16.6	%
Account-based (3)		11,309			11,611			11,899			16,043			13,217			1,908			16.9	%
Other commissions and fees		5,987			6,692			6,476			6,747			6,060			73			1.2	%
Realized investment (losses) gains		(783	)		3,440			(35	)		1,465			134			917			117.1	%
Other, net		11,527			12,757			13,069			13,224			12,939			1,412			12.2	%
Total revenues		362,601			378,993			383,626			393,864			405,164			42,563			11.7	%
Benefits and expenses:
Benefits and claims		90,977			88,984			93,022			94,672			102,385			11,408			12.5	%
Amortization of DAC		43,129			38,720			45,428			53,305			51,850			8,721			20.2	%
Insurance commissions		4,147			4,472			4,709			4,456			4,899			752			18.1	%
Insurance expenses		33,130			32,906			32,837			33,476			37,621			4,491			13.6	%
Sales commissions:
Sales-based (1)		40,327			42,040			38,276			40,031			43,209			2,881			7.1	%
Asset-based (2)		23,093			24,907			25,271			26,368			27,630			4,537			19.6	%
Other sales commissions		3,222			3,199			3,153			2,928			2,865			(358	)		-11.1	%
Interest expense		7,173			7,178			7,184			7,157			7,127			(46	)		-0.6	%
Other operating expenses		47,190			44,708			45,309			44,408			52,736			5,546			11.8	%
Total benefits and expenses		292,388			287,113			295,189			306,799			330,322			37,935			13.0	%
Income before income taxes		70,213			91,880			88,438			87,065			74,841			4,628			6.6	%
Income taxes		25,037			32,554			30,400			30,191			22,772			(2,265	)		-9.0	%
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	6,893			15.3	%
Income Before Income Taxes by Segment
Term Life	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	2,941			6.4	%
Investment & Savings Products		31,691			36,065			35,759			40,840			37,119			5,429			17.1	%
Corporate & Other Distributed Products		(7,558	)		(2,202	)		(5,458	)		(4,903	)		(11,300	)		(3,742	)		-49.5	%
Income before income taxes	$	70,213		$	91,880		$	88,438		$	87,065		$	74,841		$	4,628			6.6	%

(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

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

																YOY Q1
		Q12016			Q22016			Q32016			Q42016			Q12017		$Change			%Change
(Dollars in thousands)
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	31,135			5.3	%
Less: Premiums ceded to IPO Coinsurers		321,494			322,767			319,516			315,955			312,982			(8,513	)		-2.6	%
Term Life adjusted direct premiums	$	267,750		$	281,350		$	288,879		$	295,628		$	307,397		$	39,648			14.8	%
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums	$	(393,271	)	$	(404,492	)	$	(397,214	)	$	(396,157	)	$	(398,077	)	$	(4,806	)		-1.2	%
Less: Premiums ceded to IPO Coinsurers		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		8,513			2.6	%
Term Life other ceded premiums	$	(71,776	)	$	(81,725	)	$	(77,697	)	$	(80,202	)	$	(85,095	)	$	(13,319	)		-18.6	%
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues	$	362,601		$	378,993		$	383,626		$	393,864		$	405,164		$	42,563			11.7	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134		nm			nm
Adjusted operating revenues	$	363,384		$	375,553		$	383,661		$	392,399		$	405,030		$	41,646			11.5	%
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes	$	70,213		$	91,880		$	88,438		$	87,065		$	74,841		$	4,628			6.6	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134		nm			nm
Adjusted operating income before income taxes	$	70,996		$	88,440		$	88,472		$	85,599		$	74,708		$	3,711			5.2	%
Reconciliation from Net Income to Adjusted Net Operating Income
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	6,893			15.3	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134		nm			nm
Less: Tax impact of realized investment gains/(losses)		279			(1,219	)		12			(508	)		(41	)	nm			nm
Adjusted net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	6,296			13.8	%

7 of 16

	PRIMERICA, INC.
Segment Operating Results	Financial Supplement

																YOY Q1
(Dollars in thousands)		Q12016			Q22016			Q32016			Q42016			Q12017		$Change			%Change
Term Life Insurance
Revenues:
Direct Premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	31,135			5.3	%
Premiums ceded to IPO coinsurers (1)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		8,513			2.6	%
Adjusted direct premiums (2)		267,750			281,350			288,879			295,628			307,397			39,648			14.8	%
Other ceded premiums  (3)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(85,095	)		(13,319	)		-18.6	%
Net premiums		195,973			199,625			211,182			215,426			222,302			26,329			13.4	%
Allocated net investment income		1,850			1,871			1,903			2,010			2,303			454			24.5	%
Other, net		8,274			9,062			9,513			9,692			9,446			1,172			14.2	%
Revenues		206,097			210,559			222,598			227,128			234,051			27,954			13.6	%
Benefits and expenses:
Benefits and claims		86,795			83,835			88,800			91,209			97,771			10,976			12.6	%
Amortization of DAC		41,224			36,477			43,365			51,744			50,133			8,909			21.6	%
Insurance commissions		968			1,094			1,171			1,068			1,408			440			45.5	%
Insurance expenses		31,029			31,135			31,125			31,980			35,717			4,688			15.1	%
Benefits and expenses		160,016			152,541			164,462			176,001			185,029			25,013			15.6	%
Income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	2,941			6.4	%
Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	56,220		$	59,057		$	55,149		$	56,894		$	60,517		$	4,298			7.6	%
Asset-based		55,306			59,541			60,759			61,997			64,474			9,167			16.6	%
Account-based		11,309			11,611			11,899			16,043			13,217			1,908			16.9	%
Other, net		2,083			2,399			2,273			2,081			2,199			116			5.6	%
Revenues		124,918			132,608			130,079			137,016			140,407			15,490			12.4	%
Benefits and expenses:
Amortization of DAC		1,919			1,704			1,636			889			1,734			(185	)		-9.6	%
Insurance commissions		2,631			2,884			3,001			2,941			2,959			328			12.5	%
Sales commissions:
Sales-based		40,327			42,040			38,276			40,031			43,209			2,881			7.1	%
Asset-based		23,093			24,907			25,271			26,368			27,630			4,537			19.6	%
Other operating expenses		25,257			25,008			26,136			25,946			27,756			2,500			9.9	%
Benefits and expenses		93,227			96,543			94,320			96,176			103,288			10,061			10.8	%
Income before income taxes	$	31,691		$	36,065		$	35,759		$	40,840		$	37,119		$	5,429			17.1	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	7,886		$	8,072		$	8,191		$	6,779		$	7,319		$	(567	)		-7.2	%
Ceded premiums		(2,063	)		(2,191	)		(2,462	)		(2,710	)		(1,692	)		371			18.0	%
Net premiums		5,823			5,881			5,729			4,069			5,627			(196	)		-3.4	%
Allocated net investment income		19,389			18,518			17,496			15,989			17,591			(1,798	)		-9.3	%
Commissions and fees:
Loans		44			43			36			31			30			(14	)		-30.9	%
DebtWatchers		282			280			262			264			241			(41	)		-14.6	%
Prepaid Legal Services		2,650			2,739			2,832			2,875			2,946			296			11.2	%
Auto and Homeowners Insurance		1,757			2,231			1,981			2,381			1,815			57			3.3	%
Long-Term Care Insurance		713			638			629			563			542			(172	)		-24.1	%
Other sales commissions		540			762			736			633			486			(54	)		-9.9	%
Other, net		1,171			1,296			1,283			1,450			1,294			123			10.5	%
Adjusted operating revenues		32,370			32,387			30,984			28,254			30,572			(1,798	)		-5.6	%
Benefits and expenses:
Benefits and claims		4,182			5,149			4,222			3,463			4,615			433			10.4	%
Amortization of DAC		(15	)		539			427			671			(17	)		(3	)		-17.3	%
Insurance commissions		548			494			537			447			532			(16	)		-2.9	%
Insurance expenses		2,101			1,771			1,712			1,496			1,904			(197	)		-9.4	%
Sales commissions		3,222			3,199			3,153			2,928			2,865			(358	)		-11.1	%
Interest expense		7,173			7,178			7,184			7,157			7,127			(46	)		-0.6	%
Other operating expenses		21,933			19,699			19,173			18,462			24,980			3,047			13.9	%
Benefits and expenses		39,145			38,029			36,408			34,622			42,006			2,861			7.3	%
Adjusted operating income before income taxes	$	(6,775	)	$	(5,642	)	$	(5,423	)	$	(6,368	)	$	(11,434	)	$	(4,659	)		-68.8	%

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

8 of 16

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

(Dollars in thousands)																YOY Q1
Term Life Insurance Income Before Income Taxes		Q12016			Q22016			Q32016			Q42016			Q12017		$Change			%Change
Revenues:
Direct Premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	31,135			5.3	%
Premiums ceded to IPO coinsurers (1)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		8,513			2.6	%
Adjusted direct premiums (2)		267,750			281,350			288,879			295,628			307,397			39,648			14.8	%
Other ceded premiums  (3)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(85,095	)		(13,319	)		-18.6	%
Net premiums		195,973			199,625			211,182			215,426			222,302			26,329			13.4	%
Allocated net investment income		1,850			1,871			1,903			2,010			2,303			454			24.5	%
Other, net		8,274			9,062			9,513			9,692			9,446			1,172			14.2	%
Revenues		206,097			210,559			222,598			227,128			234,051			27,954			13.6	%
Benefits and expenses:
Benefits and claims		86,795			83,835			88,800			91,209			97,771			10,976			12.6	%
Amortization of DAC		41,224			36,477			43,365			51,744			50,133			8,909			21.6	%
Insurance commissions		968			1,094			1,171			1,068			1,408			440			45.5	%
Insurance expenses		31,029			31,135			31,125			31,980			35,717			4,688			15.1	%
Benefits and expenses		160,016			152,541			164,462			176,001			185,029			25,013			15.6	%
Income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	2,941			6.4	%
Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	189,540		$	202,830		$	211,137		$	218,761		$	227,390		$	37,850			20.0	%
Legacy direct premiums (5)		399,704			401,287			397,258			392,821			392,989			(6,715	)		-1.7	%
Total direct premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	31,135			5.3	%
Premiums ceded to IPO coinsurers	$	321,494		$	322,767		$	319,516		$	315,955		$	312,982		$	(8,513	)		-2.6	%
% of Legacy direct premiums		80.4	%		80.4	%		80.4	%		80.4	%		79.6	%	nm			nm
Benefits and claims, net (6)	$	158,571		$	165,560		$	166,497		$	171,411		$	182,866		$	24,295			15.3	%
% of adjusted direct premiums		59.2	%		58.8	%		57.6	%		58.0	%		59.5	%	nm			nm
DAC amortization & insurance commissions	$	42,193		$	37,572		$	44,537		$	52,812		$	51,542		$	9,349			22.2	%
% of adjusted direct premiums		15.8	%		13.4	%		15.4	%		17.9	%		16.8	%	nm			nm
Insurance expenses, net (7)	$	22,755		$	22,072		$	21,612		$	22,287		$	26,271		$	3,516			15.5	%
% of adjusted direct premiums		8.5	%		7.8	%		7.5	%		7.5	%		8.5	%	nm			nm
Total Term Life income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	2,941			6.4	%
Term Life operating margin (8)		17.2	%		20.6	%		20.1	%		17.3	%		15.9	%	nm			nm

(1)	Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers
(3)	Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers
(4)	Primary direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 IPO coinsurance 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
(8)	Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums

9 of 16

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

																YOY Q1
(Dollars in thousands, except as noted)		Q12016			Q22016			Q32016			Q42016			Q12017		$Change			%Change
Key Statistics
Life-insurance licensed sales force, beginning of period		106,710			108,220			112,365			115,345			116,827			10,117			9.5	%
New life-licensed representatives		9,666			12,171			11,739			11,148			10,903			1,237			12.8	%
Non-renewal and terminated representatives		(8,156	)		(8,026	)		(8,759	)		(9,666	)		(9,823	)		(1,667	)		-20.4	%
Life-insurance licensed sales force, end of period		108,220			112,365			115,345			116,827			117,907			9,687			9.0	%
Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	54.0		$	63.1		$	61.9		$	66.2		$	59.4		$	5.4			10.0	%
Additions and increases in premium		14.0			15.4			15.2			15.9			15.1			1.2			8.4	%
Total estimated annualized issued term life premium	$	68.0		$	78.6		$	77.1		$	82.0		$	74.5		$	6.6			9.7	%
Issued term life policies		66,376			77,384			75,374			79,110			70,642			4,266			6.4	%
Estimated average annualized issued term life premium per policy (1)(2)	$	814		$	816		$	822		$	837		$	841		$	27			3.3	%
Term life face amount in-force, beginning of period ($mills)	$	693,194		$	704,632		$	714,756		$	722,162		$	728,385		$	35,191			5.1	%
Issued term life face amount (3)		19,790			23,145			22,775			24,159			21,628			1,838			9.3	%
Terminated term life face amount		(13,814	)		(12,700	)		(14,407	)		(16,318	)		(16,704	)		(2,890	)		-20.9	%
Foreign currency impact, net		5,462			(321	)		(962	)		(1,619	)		447			(5,015	)		-91.8	%
Term life face amount in-force, end of period	$	704,632		$	714,756		$	722,162		$	728,385		$	733,756		$	29,125			4.1	%

(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

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

(Dollars in thousands, except as noted)																YOY Q1
Investment & Savings Products Income Before Income Taxes		Q12016			Q22016			Q32016			Q42016			Q12017		$Change			%Change
Revenues:
Commissions and fees:
Sales-based	$	56,220		$	59,057		$	55,149		$	56,894		$	60,517		$	4,298			7.6	%
Asset-based		55,306			59,541			60,759			61,997			64,474			9,167			16.6	%
Account-based		11,309			11,611			11,899			16,043			13,217			1,908			16.9	%
Other, net		2,083			2,399			2,273			2,081			2,199			116			5.6	%
Revenues		124,918			132,608			130,079			137,016			140,407			15,490			12.4	%
Benefits and expenses:
Amortization of DAC		1,919			1,704			1,636			889			1,734			(185	)		-9.6	%
Insurance commissions		2,631			2,884			3,001			2,941			2,959			328			12.5	%
Sales commissions:
Sales-based		40,327			42,040			38,276			40,031			43,209			2,881			7.1	%
Asset-based		23,093			24,907			25,271			26,368			27,630			4,537			19.6	%
Other operating expenses		25,257			25,008			26,136			25,946			27,756			2,500			9.9	%
Benefits and expenses		93,227			96,543			94,320			96,176			103,288			10,061			10.8	%
Income before income taxes	$	31,691		$	36,065		$	35,759		$	40,840		$	37,119		$	5,429			17.1	%
Financial Analysis
Fees paid based on client asset values (1)	$	4,298		$	4,677		$	4,893		$	4,837		$	4,884		$	586			13.6	%
Fees paid based on fee-generating positions (2)		3,495			3,510			3,527			3,553			3,574			79			2.3	%
Other operating expenses		17,464			16,821			17,716			17,557			19,298			1,834			10.5	%
Total other operating expenses	$	25,257		$	25,008		$	26,136		$	25,946		$	27,756		$	2,500			9.9	%
Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.31	%		1.29	%		1.44	%		1.36	%		1.27	%	nm			nm
Canada		1.10	%		1.04	%		1.00	%		0.98	%		1.01	%	nm			nm
Total		1.28	%		1.26	%		1.38	%		1.32	%		1.23	%	nm			nm
Asset-based net revenue as % of average asset values (4)
U.S.		0.036	%		0.036	%		0.035	%		0.035	%		0.035	%	nm			nm
Canada		0.124	%		0.131	%		0.133	%		0.139	%		0.129	%	nm			nm
Total		0.050	%		0.052	%		0.051	%		0.052	%		0.051	%	nm			nm
Account-based net revenue per average fee generating position (5)(6)	$	2.74		$	2.81		$	2.89		$	4.34		$	3.34		nm			nm

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

11 of 16

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

(Dollars in thousands, except as noted)																YOY Q1
Key Statistics		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017		$ Change			% Change
Product sales ($mills)
U.S. Retail Mutual Funds	$	599.9		$	693.2		$	652.4		$	671.6		$	752.2		$	152.4			25.4	%
Canada Retail Mutual Funds		209.6			159.4			144.3			149.0			232.8			23.2			11.1	%
Indexed Annuities		84.4			114.2			99.7			100.5			80.9			(3.5	)		-4.2	%
Variable Annuities and other		349.4			383.6			322.0			359.4			346.2			(3.2	)		-0.9	%
Total sales-based revenue generating product sales		1,243.3			1,350.5			1,218.5			1,280.4			1,412.2			168.8			13.6	%
Managed Accounts		45.2			55.2			54.0			57.4			70.8			25.5			56.5	%
Segregated Funds		87.3			63.9			68.7			69.8			102.4			15.0			17.2	%
Total product sales	$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3		$	209.4			15.2	%
Canada Retail Mutual Funds	$	209.6		$	159.4		$	144.3		$	149.0		$	232.8		$	23.2			11.1	%
Segregated Funds		87.3			63.9			68.7			69.8			102.4			15.0			17.2	%
Total Canada product sales		297.0			223.4			213.1			218.8			335.2			38.2			12.9	%
Total U.S. product sales		1,078.9			1,246.3			1,128.1			1,188.8			1,250.1			171.2			15.9	%
Total product sales	$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3		$	209.4			15.2	%
Client asset values, beginning of period ($mills)	$	47,353		$	48,174		$	49,372		$	51,334		$	52,339		$	4,986			10.5	%
Inflows		1,376			1,470			1,341			1,408			1,585			209			15.2	%
Outflows (1)		(1,153	)		(1,222	)		(1,141	)		(1,104	)		(1,266	)		(112	)		-9.8	%
Net flows		223			247			201			304			320			97			43.5	%
Foreign currency impact, net		555			(32	)		(99	)		(171	)		47			(508	)		-91.5	%
Change in market value, net and other (2)		43			983			1,860			871			2,219			2,176		nm
Client asset values, end of period	$	48,174		$	49,372		$	51,334		$	52,339		$	54,925		$	6,751			14.0	%
Annualized net flows as % of beginning of period asset values		1.9	%		2.1	%		1.6	%		2.4	%		2.4	%		0.6	%	nm
Average client asset values ($mills)
U.S. Retail Mutual Funds	$	23,390		$	24,326		$	25,198		$	25,617		$	26,899		$	3,509			15.0	%
Canada Retail Mutual Funds		5,478			5,963			6,133			6,157			6,434			956			17.5	%
Managed Accounts		1,582			1,680			1,776			1,840			1,954			372			23.5	%
Indexed Annuities		1,366			1,450			1,539			1,629			1,699			333			24.4	%
Variable Annuities and other		12,711			13,228			13,694			13,901			14,505			1,795			14.1	%
Segregated Funds		2,120			2,289			2,339			2,301			2,331			212			10.0	%
Total	$	46,646		$	48,936		$	50,679		$	51,445		$	53,823		$	7,177			15.4	%
Canada Retail Mutual Funds	$	5,478		$	5,963		$	6,133		$	6,157		$	6,434		$	956			17.5	%
Segregated Funds		2,120			2,289			2,339			2,301			2,331			212			10.0	%
Total Canada average client assets		7,597			8,252			8,472			8,458			8,765			1,168			15.4	%
Total U.S. average client assets		39,049			40,684			42,207			42,987			45,058			6,009			15.4	%
Total average client assets	$	46,646		$	48,936		$	50,679		$	51,445		$	53,823		$	7,177			15.4	%
Average number of fee-generating positions (thous) (3)
Recordkeeping and custodial		2,191			2,200			2,203			2,209			2,218			27			1.2	%
Recordkeeping only		666			684			690			666			670			4			0.6	%
Total		2,857			2,884			2,893			2,875			2,887			31			1.1	%

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

12 of 16

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

	As of or for the period ended March 31, 2017
							% 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	$	185,762	$	185,762	$	-		8.9	%		9.3	%
Fixed Income:
Treasury		22,323		21,276		1,048		1.1	%		1.1	%		2.72	%	AAA
Government		168,961		161,892		7,069		8.1	%		8.1	%		3.56	%	AA-
Tax-Exempt Municipal		3,219		3,132		87		0.2	%		0.2	%		3.12	%	BBB+
Corporate		1,243,215		1,198,639		44,575		59.9	%		59.8	%		4.45	%	BBB+
Mortgage-Backed		95,439		90,986		4,453		4.6	%		4.5	%		4.03	%	AAA
Asset-Backed		76,402		76,288		113		3.7	%		3.8	%		2.36	%	AA+
CMBS		116,502		114,252		2,250		5.6	%		5.7	%		3.03	%	AAA
Private		112,121		109,038		3,083		5.4	%		5.4	%		4.80	%	BBB
Redeemable Preferred		3,909		3,366		543		0.2	%		0.2	%		15.62	%	BBB+
Convertible		2,873		2,592		281		0.1	%		0.1	%		4.93	%	BBB
Total Fixed Income		1,844,964		1,781,462		63,502		88.8	%		88.9	%		4.18	%		A-
Equities:
Perpetual Preferred		18,572		17,136		1,435		0.9	%		0.9	%
Common Stock		16,503		10,494		6,009		0.8	%		0.5	%
Mutual Fund		7,031		4,933		2,098		0.3	%		0.2	%
Other		4,331		4,331		-		0.2	%		0.2	%
Total Equities		46,437		36,895		9,542		2.2	%		1.8	%
Total Invested Assets	$	2,077,162	$	2,004,118	$	73,044		100.0	%		100.0	%
Corporate Portfolio by Sector
Energy	$	142,610	$	136,659	$	5,951		11.5	%		11.4	%
Consumer Non Cyclical		138,394		133,627		4,766		11.1	%		11.1	%
Reits		133,575		129,256		4,319		10.7	%		10.8	%
Banking		132,459		129,317		3,142		10.7	%		10.8	%
Insurance		102,471		99,053		3,418		8.2	%		8.3	%
Technology		98,770		95,982		2,788		7.9	%		8.0	%
Communications		91,109		87,102		4,008		7.3	%		7.3	%
Capital Goods		85,514		81,957		3,556		6.9	%		6.8	%
Electric		75,817		71,788		4,029		6.1	%		6.0	%
Basic Industry		75,732		72,637		3,094		6.1	%		6.1	%
Consumer Cyclical		56,312		54,444		1,867		4.5	%		4.5	%
Transportation		45,079		44,169		910		3.6	%		3.7	%
Brokerage		35,367		33,947		1,420		2.8	%		2.8	%
Industrial Other		12,810		12,042		768		1.0	%		1.0	%
Natural Gas		8,407		8,018		389		0.7	%		0.7	%
Financial Other		6,281		6,248		33		0.5	%		0.5	%
Finance Companies		1,483		1,395		88		0.1	%		0.1	%
Utility Other		1,026		997		29		0.1	%		0.1	%
Total Corporate portfolio	$	1,243,215	$	1,198,639	$	44,575		100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr.	$	179,922	$	177,546	$	2,376		9.8	%		10.0	%		3.83	%
1-2 Yrs.		210,142		202,312		7,829		11.4	%		11.4	%		4.81	%
2-5 Yrs.		714,768		685,110		29,658		38.7	%		38.5	%		4.21	%
5-10 Yrs.		686,624		667,107		19,517		37.2	%		37.4	%		4.03	%
> 10 Yrs.		53,508		49,386		4,122		2.9	%		2.8	%		4.64	%
Total Fixed Income	$	1,844,964	$	1,781,462	$	63,502		100.0	%		100.0	%		4.18	%
Duration
Fixed Income portfolio duration		3.8	years
Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

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	PRIMERICA, INC.
Investment Portfolio - Quality Ratings As of March 31, 2017	Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
		Amortized Cost		% of Total
Total Fixed Income portfolio:
Rating
AAA		$	310,614		17.4	%
AA			169,099		9.5	%
A			385,622		21.6	%
BBB			819,173		46.0	%
Below Investment Grade			89,867		5.0	%
NA			7,087		0.4	%
	Total Fixed Income	$	1,781,462		100.0	%
		Amortized Cost		% of Total				Amortized Cost		% of Total
Corporate asset class:							Private asset class:
Rating							Rating
AAA		$	10,759		0.9	%	AAA	$	-		—
AA			77,543		6.5	%	AA		1,270		1.2	%
A			327,482		27.3	%	A		3,609		3.3	%
BBB			706,220		58.9	%	BBB		98,798		90.6	%
Below Investment Grade			76,307		6.4	%	Below Investment Grade		5,360		4.9	%
NA			329		0.0	%	NA		-		—
	Total Corporate	$	1,198,639		100.0	%	Total Private	$	109,038		100.0	%
CMBS asset class:							Mortgage-Backed asset class:
Rating							Rating
AAA		$	109,811		96.1	%	AAA	$	87,486		96.2	%
AA			-		—		AA		1,418		1.6	%
A			2,181		1.9	%	A		433		0.5	%
BBB			-		—		BBB		1,649		1.8	%
Below Investment Grade			1,260		1.1	%	Below Investment Grade		-		—
NA			1,000		0.9	%	NA		-		—
	Total CMBS	$	114,252		100.0	%	Total Mortgage-Backed	$	90,986		100.0	%
Asset-Backed asset class:							Treasury & Government asset classes:
Rating							Rating
AAA		$	49,537		64.9	%	AAA	$	52,476		28.6	%
AA			5,822		7.6	%	AA		83,175		45.4	%
A			13,414		17.6	%	A		36,215		19.8	%
BBB			1,918		2.5	%	BBB		7,113		3.9	%
Below Investment Grade			114		0.1	%	Below Investment Grade		4,189		2.3	%
NA			5,484		7.2	%	NA		-		—
	Total Asset-Backed	$	76,288		100.0	%	Total Treasury & Government	$	183,168		100.0	%
NAIC Designations
1		$	660,058		44.3	%
2			737,895		49.5	%
3			77,827		5.2	%
4			11,829		0.8	%
5			1,495		0.1	%
6			884		0.1	%
	U.S. Insurer Fixed Income (2)		1,489,989		100.0	%
Other (3)			328,368
Cash and cash equivalents			185,762
	Total Invested Assets	$	2,004,118

(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.

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

																YOY Q1
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)	$	19,249		$	18,377		$	18,578		$	18,469		$	19,069			(180	)		-0.9	%
Fixed-maturity securities (held-to-maturity)		4,154			4,605			4,957			5,164			5,718			1,564			37.7	%
Equity Securities		520			502			505			526			535			15			2.9	%
Deposit asset underlying 10% reinsurance treaty		2,200			2,185			1,058			(231	)		1,032			(1,168	)		-53.1	%
Policy loans and other invested assets		330			352			317			342			305			(25	)		-7.6	%
Cash & cash equivalents		149			199			148			135			194			45			30.2	%
Total investment income		26,602			26,220			25,563			24,405			26,853			251			0.9	%
Investment expenses		1,210			1,226			1,208			1,242			1,241			31			2.6	%
Interest Expense on Surplus Note		4,154			4,605			4,957			5,164			5,718			1,564			37.7	%
Net investment income	$	21,238		$	20,389		$	19,398		$	17,999		$	19,894			(1,344	)		-6.3	%
Fixed income book yield, end of period		4.46	%		4.40	%		4.29	%		4.21	%		4.18	%
New money yield		3.14	%		2.41	%		1.24	%		2.00	%		2.31	%

											YOY Q1
	Q1 2016		Q2 2016		Q3 2016		Q4 2016		Q1 2017		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA	16.7	%	15.6	%	16.1	%	17.0	%	17.4	%		0.8	%
AA	8.1	%	9.3	%	9.5	%	9.3	%	9.5	%		1.4	%
A	22.5	%	21.9	%	21.2	%	22.2	%	21.6	%		-0.9	%
BBB	46.3	%	47.5	%	47.7	%	45.8	%	46.0	%		-0.3	%
Below Investment Grade	6.4	%	5.6	%	5.2	%	5.4	%	5.0	%		-1.3	%
NA	0.0	%	0.1	%	0.4	%	0.3	%	0.4	%		0.4	%
Total Fixed Income	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	nm
Average rating by amortized cost	A-		A-		A-		A-		A-		na

		As of March 31, 2017									As of March 31, 2017					As of March 31, 2017
		MarketValue			AmortizedCost			CreditRating			MarketValue		AmortizedCost			MarketValue		AmortizedCost
Top 25 Exposures										Foreign Exposure (1)					Government Investments (1)
1	Canada	$	22,339		$	21,393			AAA	Australia	$	60,264	$	58,311	AAA	$	3,246	$	3,237
2	National Rural Utilities Cooperative		11,335			10,272			A	Canada		48,203		45,961	AA		6,447		6,144
3	AT&T Inc		10,232			9,272			A	United Kingdom		44,944		43,595	A		14,920		14,082
4	General Electric Co		10,125			9,665			AA+	France		18,086		17,548	BBB		7,394		7,113
5	Wells Fargo & Co		9,393			8,799			A	Switzerland		16,952		16,782	Below Investment Grade		4,374		4,189
6	Iberdrola SA		8,746			8,474			BBB+	Bermuda		15,798		15,390	NA		0		0
7	National Fuel Gas Co		8,706			8,072			BBB	Netherlands		14,479		13,402	Total	$	36,380	$	34,765
8	Province of Alberta Canada		8,527			8,417			AA+	Cayman Islands		14,366		14,178
9	American Airlines Group Inc		8,452			8,570			AA-	Belgium		11,214		10,750
10	Anheuser-Busch InBev SA/NV		8,169			7,782			A-	Germany		11,172		11,057	Non-Government Investments (1)
11	Province of Ontario Canada		7,860			7,337			AA-	Mexico		10,184		9,375
12	TransCanada Corp		7,822			7,541			A-	Brazil		9,835		9,249	AAA	$	5,910	$	5,893
13	US Bancorp		7,780			7,251			A+	Chile		9,695		9,258	AA		25,965		25,810
14	Enbridge Inc		7,625			7,337			BBB+	Israel		8,397		8,226	A		92,049		89,316
15	Australia & New Zealand Banking		7,584			7,495			A-	Japan		7,888		7,697	BBB		176,717		169,613
16	Prudential Financial Inc		7,456			7,153			A	Emerging Markets  (2)		14,746		13,984	Below Investment Grade		12,352		11,975
17	HSBC Holdings PLC		7,400			7,168			A	All Other		33,726		32,969	NA		574		361
18	PNC Financial Services Group Inc		7,320			7,148			A-	Total	$	349,947	$	337,734	Total	$	313,567	$	302,968
19	SunTrust Banks Inc		7,022			6,895			BBB+
20	Brookfield Asset Management Inc		6,967			6,827			A-
21	Goldman Sachs Group Inc		6,840			6,541			BBB+
22	City of Toronto Canada		6,752			6,616			AA
23	Municipal Finance Authority of BC		6,731			6,704			AAA
24	Tianjin Tianhai Inv Co - Ingram Micro Inc		6,699			6,668			BB+
25	Comcast Corp		6,697			6,478			A-
	Total	$	214,579		$	205,875
	% of total fixed income portfolio		10.3	%		10.3	%

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

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

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

(Dollars in millions)	2012			2013			2014			2015			2016				Q12016			Q22016			Q32016			Q42016			Q12017
Recruits		191,752			186,251			190,439			228,115			262,732			63,427			65,273			73,706			60,326			70,983
Life-insurance licensed sales force, beginning of period		91,176			92,373			95,566			98,358			106,710			106,710			108,220			112,365			115,345			116,827
New life-licensed representatives		34,425			34,155			33,832			39,632			44,724			9,666			12,171			11,739			11,148			10,903
Non-renewal and terminated representatives		(33,228	)		(30,962	)		(31,040	)		(31,280	)		(34,607	)		(8,156	)		(8,026	)		(8,759	)		(9,666	)		(9,823	)
Life-insurance licensed sales force, end of period		92,373			95,566			98,358			106,710			116,827			108,220			112,365			115,345			116,827			117,907
Issued term life policies		222,558			214,617			220,984			260,059			298,244			66,376			77,384			75,374			79,110			70,642
Issued term life face amount	$	68,053		$	67,783		$	69,574		$	79,111		$	89,869		$	19,790		$	23,145		$	22,775		$	24,159		$	21,628
Term life face amount in force, beginning of period	$	664,955		$	670,412		$	674,868		$	681,927		$	693,194		$	693,194		$	704,632		$	714,756		$	722,162		$	728,385
Issued term life face amount		68,053			67,783			69,574			79,111			89,869			19,790			23,145			22,775			24,159			21,628
Terminated term life face amount		(61,593	)		(57,730	)		(54,962	)		(53,580	)		(57,238	)		(13,814	)		(12,700	)		(14,407	)		(16,318	)		(16,704	)
Foreign currency impact, net		(1,003	)		(5,596	)		(7,553	)		(14,263	)		2,560			5,462			(321	)		(962	)		(1,619	)		447
Term life face amount in force, end of period	$	670,412		$	674,868		$	681,927		$	693,194		$	728,385		$	704,632		$	714,756		$	722,162		$	728,385		$	733,756
Estimated annualized issued term life premium
Premium from new policies	$	176.1		$	173.5		$	179.8		$	212.4		$	245.2		$	54.0		$	63.1		$	61.9		$	66.2		$	59.4
Additions and increases in premium		45.5			48.6			51.6			54.9			60.4			14.0			15.4			15.2			15.9			15.1
Total estimated annualized issued term life premium	$	221.5		$	222.1		$	231.4		$	267.3		$	305.7		$	68.0		$	78.6		$	77.1		$	82.0		$	74.5
Investment & Savings product sales	$	4,712.2		$	5,208.8		$	5,682.3		$	5,856.8		$	5,594.3		$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3
Investment & Savings average client asset values	$	35,904		$	41,035		$	46,936		$	48,477		$	49,427		$	46,646		$	48,936		$	50,679		$	51,445		$	53,823

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