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 5, 2010

PRIMERICA, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-34680	27-1204330
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

3120 Breckinridge Blvd.

Duluth, Georgia 30099

(Address of Principal Executive Offices)

(770) 381-1000

(Registrant’s telephone number, including area code)

Not applicable.

(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))

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2010, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2010. 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 pro forma operating revenues, pro forma operating income before income taxes, pro forma net operating income and pro forma adjusted stockholders’ equity. Pro forma operating revenues, pro forma operating income before income taxes and pro forma net operating income exclude the impact of realized investment gains and losses. Pro forma operating income before income taxes and pro forma net operating income also exclude the impact of the equity award transactions occurring in connection with the Company’s initial public offering and the private equity sale by Citigroup Inc. of shares of Primerica common stock to funds managed by Warburg Pincus LLC. Pro forma adjusted stockholders’ equity excludes unrealized investment gains and losses. We exclude these items because they are considered unusual and not indicative of 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.

A reconciliation of GAAP to non-GAAP financial measures is included as an attachment to the press release and has been posted online in the “Investor Relations” section of our website at http://investors.primerica.com.

Item 7.01 Regulation FD Disclosure.

On May 5, 2010, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2010. 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

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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 5, 2010 – Primerica Reports First Quarter 2010 Results
99.2	Supplemental Financial Information – First Quarter 2010

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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 5, 2010	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 5, 2010 – Primerica Reports First Quarter 2010 Results
99.2	Supplemental Financial Information – First Quarter 2010

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EX-99.1

Exhibit 99.1

PRIMERICA REPORTS FIRST QUARTER 2010 RESULTS

First quarter 2010 pro forma net income of $36.7 million

First quarter 2010 pro forma net operating income of $38.2 million

First quarter 2010 pro forma operating revenue of $224.8 million

Produced 34% increase in investment and savings products sales in first quarter 2010

Strong capital position following refounding

Duluth, GA, May 5, 2010 – Primerica, Inc. (NYSE: PRI) today announced financial results for the first quarter ended March 31, 2010. Net income was $143.3 million and $112.6 million for the first quarters of 2010 and 2009, respectively. Total revenues for first quarter 2010 were $606.9 million, compared with $542.8 million for first quarter 2009.

In connection with Primerica’s recent initial public offering, the Company effected a series of reinsurance and reorganization transactions that are described below. These transactions had a significant impact on the Company’s financial position and will cause its financial results in future periods to be materially different from those reflected in its historical financial statements. Accordingly, management believes that the Company’s pro forma results, which give effect to these transactions, are a more meaningful presentation of the Company’s existing business than reflected in its historical financial statements. A summary of the pro forma adjustments related to these transactions can be found at the end of this release.

Pro forma net income for the first quarter of 2010 was $36.7 million, and pro forma total revenues for the first quarter of 2010 were $255.9 million.

Pro forma operating revenues, pro forma operating income before income taxes, and pro forma net operating income are non-GAAP financial measures that give pro forma effect to the reinsurance and reorganization transactions and are adjusted to exclude the impact of realized investment gains and losses and other items that management believes are unusual and not indicative of our operating results. Pro forma adjusted stockholders’ equity, another non-GAAP measure, adjusts for the reinsurance and reorganization transactions as well as for unrealized gains and losses on investments. Management believes these measures are important for understanding the Company’s ongoing business and financial performance. Details of these transactions and a reconciliation of GAAP to non-GAAP financial measures can be found at the end of this release.

Pro forma net operating income was $38.2 million and $29.1 million for the first quarters of 2010 and 2009, respectively. Pro forma operating revenues were $224.8 million and $211.7 million for the first quarters of 2010 and 2009, respectively.

D. Richard Williams, Chairman of the Board and Co-Chief Executive Officer said, “Our first quarter was marked by solid earnings, reflecting a sustained level of new insurance policies and a sharp

increase in investment and savings product sales. On April 1st, we entered a new era as a publicly traded company with a strong balance sheet and a distribution model positioned to capitalize on the vast middle market opportunity. Our attractive new growth profile will resemble that of a start-up company but with the conservative capitalization and the proven track record of a 30-year old company.”

John Addison, Chairman of Primerica Distribution and Co-Chief Executive Officer of Primerica, said, “First quarter results were in line with our expectations. These results were achieved in the midst of a challenging economic environment for the middle income market and prior to our initial public offering. The successful IPO has brought renewed energy to our employees and sales force. We are very encouraged by our investment and savings product sales results, as well as by the spirit generated in our sales force by our Company’s refounding.”

Distribution Highlights - First Quarter 2010

• Investment and savings product sales were up 34% to $973.5 million from $728.8 million due to improved market conditions and increased emphasis on these products. Investment and savings product client account values grew 41% to $32.7 billion at the end of the first quarter of 2010 from $23.1 billion at the end of the first quarter of 2009.

• The total number of recruits was up slightly to 58,085 for first quarter 2010 from 57,623 a year ago. Our life-licensed insurance sales force experienced a modest decline of 3% to 97,354 at March 31, 2010 from 100,409 at March 31, 2009.

• Issued life insurance policies decreased by 1% to 52,445 from 53,023 and total face amount in force increased by 3% to $651.8 billion at March 31, 2010 from $631.6 billion at March 31, 2009.

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.

Pro forma adjustments enable presentation of our combined balance sheets and of our combined statements of income as if the reinsurance and reorganization transactions executed in connection with the Company’s initial public offering, as described below, had occurred at the end of the respective reporting period for the balance sheet and at the beginning of the respective year for the statement of income.

Operating adjustments exclude the impact of realized investment gains and losses, as well as equity award transactions occurring in connection with the initial public offering and the private equity transaction.

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Segment results (in thousands)

	Actual					Pro forma operating (1)
	Q1 2010		Q1 2009			Q1 2010			Q1 2009
Revenues:
Term Life Insurance	$	444,561	$	442,501		$	99,623		$	101,123
Investment and Savings Products		86,693		69,285			86,693			69,285
Corporate and Other Distributed Products		75,688		31,050			38,506			41,325
Total revenues	$	606,942	$	542,836		$	224,822		$	211,733
Income (loss) before income taxes:
Term Life Insurance	$	157,750	$	167,704		$	37,347		$	31,958
Investment and Savings Products		25,447		20,371			25,447			20,371
Corporate and Other Distributed Products		37,205		(13,300	)		(4,104	)		(7,150	)
Total income before income taxes	$	220,402	$	174,775		$	58,690		$	45,179

(1) Term Life Insurance and Investment and Savings Products reflect pro forma adjustments only. The operating adjustments only impact Corporate and Other Distributed Products and are included in the Reconciliation to Pro forma Operating Results at the end of this release.

Term Life Insurance. This segment includes underwriting profits on Primerica’s in-force book of term life policies, net of reinsurance, which are underwritten by our three life insurance subsidiaries, as well as net investment income on the portion of the invested asset portfolio used to meet required statutory reserves and targeted capital.

Actual Results. Revenues for first quarter 2010 were $444.6 million compared with $442.5 million in first quarter 2009. Direct premiums grew by $21.2 million, or 4%, consistent with the growth in face amount of insurance in-force. Ceded premium, a contra revenue, grew by $10.1 million, or 8% due to the increasing nature of our reinsurance premiums, which correlates to a comparable reduction in benefits and claims expense. Net investment income, which is allocated to the Term Life segment based on the ratio of book value of the segment’s required invested assets to the fair value of total Company invested assets, decreased by $9.2 million, or 13%, as the fair value of total Company invested assets increased. A corresponding increase in allocated net investment income in the Corporate and Other Distributed Products segment occurred.

Income before income taxes decreased by $10.0 million, or 6%. This decrease resulted from more policy claims incurred in first quarter 2010 compared to favorable claims experience in first quarter 2009, as well as a lower allocation of net investment income, partially offset by lower operating expenses in first quarter 2010 primarily related to an $8.2 million special sales force payment in first quarter 2009.

Pro forma Operating Results. Pro forma operating revenues decreased $1.5 million, or 1%, in first quarter 2010 primarily related to the reduction in allocated net investment income as adjusted to reflect the ratio of the segment’s pro forma required assets to the pro forma fair value of total Company invested assets, partially offset by retained growth in net premium, as adjusted for the reinsurance transactions.

Pro forma operating income before income taxes increased $5.4 million, or 17%, primarily as a result of lower operating expenses in first quarter 2010 as discussed above, partially offset by higher benefits and claims and lower allocated net investment income.

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Investment and Savings Products. The Investment and Savings Product segment includes commission and fee revenues earned from the distribution of mutual funds in the United States and Canada, variable annuities in the United States and segregated funds in Canada and from associated administrative services. These products are distributed on behalf of third parties except for Canadian segregated funds which are underwritten by Primerica.

Revenues increased by 25% to $86.7 million in first quarter 2010 from $69.3 million in the same period last year due to higher sales and client account values.

Income before income taxes increased by 25% to $25.4 million in first quarter 2010 compared with $20.4 million in first quarter 2009. The positive impact of sales and account values was partially offset by an increase in other operating expenses, largely related to the increase in account values. The reinsurance and reorganization transactions had no pro forma effect on the results of the Investment and Savings Products segment.

Corporate and Other Distributed Products. This segment consists of corporate income (including net investment income) and expenses not allocated to our other segments, realized gains and losses on our invested asset portfolio and other distributed products.

Actual Results. Revenues and income before income taxes grew by $44.6 million and $50.5 million, respectively, primarily driven by $31.1 million of realized investment gains in the first quarter of 2010, compared with realized investment losses of $11.3 million in the first quarter of 2009, and higher net investment income as a result of the reduced allocation of net investment income to the Term Life Insurance segment discussed earlier. Partially offsetting these increases was a decrease in commissions and fees associated with other distributed products, primarily loans, in first quarter 2010.

Pro forma Operating Results. Pro forma operating revenues and pro forma operating income before income taxes exclude realized investment gains and losses and reflect higher net investment income as a result of lower allocation of net investment income to the Term Life Insurance segment as described above.

Capital and Liquidity

Actual invested assets were $3.0 billion, including $929.2 million of cash, as of March 31, 2010. The significant decline in invested assets from $7.1 billion, including $625.3 million of cash, at December 31, 2009 reflects the reinsurance transactions that took place on March 31, 2010. A substantial portion of the $929.2 million of cash at March 31, 2010 was used to support dividends payable to Citigroup Inc. (Citi) and other payables related to the reinsurance and reorganization transactions that settled in April 2010.

Pro forma invested assets were $2.3 billion as of March 31, 2010. Primerica continues to hold a high-quality investment portfolio, with an average credit rating of “A” and a diverse mix among asset classes and sectors. Net unrealized investment gains net of anticipated tax impact and currency translation adjustments at March 31, 2010 were $81.0 million, which was down from $130.0 million at year-end 2009 primarily due to a smaller invested asset base after giving effect to the reinsurance and reorganization transactions.

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Net realized investment gains were $31.1 million for the three months ended March 31, 2010 and included $10.6 million of other-than-temporary impairments (OTTI), compared to net realized investment losses of $11.3 million including $20.5 million of OTTI a year ago. The increase in realized investment gains excluding OTTI was a result of portfolio repositioning in anticipation of the reinsurance and reorganization transactions.

We had no outstanding debt as of March 31, 2010. On a pro forma basis, giving effect to the $300 million note we issued to Citi on April 1, 2010, we had a debt-to-capital ratio of 19.2%.

Stockholders’ equity was $1.7 billion at March 31, 2010 and $4.9 billion at December 31, 2009. Pro forma adjusted stockholders’ equity was $1.2 billion at March 31, 2010.

Before and after the reinsurance and reorganization transactions, Primerica Life Insurance Company, our primary underwriter, had statutory capital substantially in excess of the applicable statutory requirements to support existing operations and to fund future growth.

IPO Highlights and Reinsurance and Reorganization Transactions

• On March 31, 2010, Primerica reinsured between 80% and 90% of business that was in-force at year-end 2009 to various affiliates of Citi and declared extraordinary dividends to Citi.

• On April 1, 2010, Citi contributed the legal entities comprising the Company’s business to Primerica, Inc. Primerica issued to Citi approximately 75.0 million shares of common stock and warrants exercisable for approximately 4.1 million additional shares of Primerica common stock. Additionally, Primerica issued a $300.0 million note to Citi, due March 31, 2015 and bearing interest at 5.5% annually.

• On April 1, 2010, Primerica’s common stock began trading under the ticker symbol “PRI” on the New York Stock Exchange.

• On April 1, 2010, Citi sold approximately 24.6 million shares of Primerica’s common stock (after giving effect to the over-allotment option) to the public in the IPO.

• On April 1, 2010, Citi contributed approximately 5.0 million shares back to Primerica, which Primerica granted in the form of equity awards to certain of its management and sales force leaders. Of these, approximately 200,000 shares were granted to replace unvested Citi awards.

• On April 15, 2010, Citi sold approximately 16.4 million shares and the warrants to purchase approximately 4.1 million additional shares of Primerica’s common stock to private equity funds managed by Warburg Pincus LLC (“Warburg Pincus”) for a purchase price of $230.0 million (the “private equity transaction”). Following the IPO and the private equity transaction, certain historical Citi equity awards immediately vested, resulting in approximately $2.2 million of compensation expense and a reclassification of approximately $1.8 million from due to affiliates to paid-in capital.

• Effective as of April 1, 2010, in connection with the IPO and the private equity transaction, elections under Section 338(h)(10) of the Internal Revenue Code will be made, which will result in changes to Primerica’s deferred tax balances and reduced stockholders’ equity.

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Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company also presents pro forma operating revenues, pro forma operating income before income taxes, pro forma net operating income and pro forma adjusted stockholders’ equity. Pro forma operating revenues, pro forma operating income before income taxes and pro forma net operating income exclude the impact of realized investment gains and losses. Pro forma operating income before income taxes and pro forma net operating income also exclude the impact of the equity award transactions occurring in connection with the Company’s initial public offering and the private equity transaction. Pro forma adjusted stockholders’ equity excludes unrealized investment gains and losses. We exclude these items because they are considered unusual and not indicative of 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. A reconciliation of GAAP to non-GAAP financial measures is attached to this release.

Earnings Webcast Information

Primerica will hold a webcast Thursday, May 6, 2010 at 10 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.

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 large numbers of new recruits, retain sales representatives and maintain the licensing of our sales representatives; violation of, non-compliance with or subjection to specific laws and regulations by us or our sales representatives or changes in such laws and regulations; incorrect assumptions used to price our insurance policies; the failure of our investment and savings products or loan products to remain competitive with other investment or savings options or loan products or the loss of our relationship with companies that offer our mutual fund, variable annuity or loan products; our failure to meet minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiary’s financial strength ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; a discontinuation of custodial or recordkeeping services; the inability of our subsidiaries to pay dividends; the loss of key personnel; conflicts of interests due to Citi’s and

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Warburg Pincus’ significant interests in us; arrangements with Citi that may not be sustained at the same levels as when we were controlled by Citi and unanticipated incremental costs that we incur as a stand-alone public company; historical combined financial data may not be a reliable indicator of future results; and general changes in economic and financial conditions, including the effects of credit deterioration and interest rate fluctuations on our portfolio. 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, headquartered in Duluth, Georgia, is a leading distributor of financial products to middle income households in North America with approximately 100,000 licensed representatives. The Company and its representatives offer clients term life insurance, mutual funds, variable annuities and other financial products. Primerica insures 4.3 million lives and more than 2 million clients maintain investment accounts with the Company. Primerica’s mission is to serve middle income families by helping them make informed financial decisions and providing them with the strategies and means to gain financial independence.

Investor Contact:

Kathryn Kieser

770-564-7757

Email: investorrelations@primerica.com

Media Contact:

Mark L. Supic

770-564-6329

Email: mark.supic@primerica.com

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PRIMERICA, INC.

Combined Balance Sheets

	March 31, 2010 (Unaudited)		December 31, 2009
	(in thousands)
Assets:
Investments:
Fixed maturity securities available for sale, at fair value	$	2,015,428	$	6,378,179
Trading securities, at fair value		14,866		16,996
Equity securities available for sale, at fair value		17,679		49,326
Policy loans and other invested assets		25,774		26,947
Total investments		2,073,747		6,471,448
Cash and cash equivalents		929,153		625,260
Accrued investment income		23,803		71,382
Premiums and other receivables		190,499		169,225
Due from reinsurers		3,595,239		867,242
Due from affiliates		1,927		1,915
Deferred policy acquisition costs		702,429		2,789,905
Intangible assets		78,010		78,895
Income taxes		56,114		—
Other assets		100,303		59,167
Separate account assets		2,222,267		2,093,342
Total assets	$	9,973,491	$	13,227,781
Liabilities and Stockholders’ Equity
Liabilities:
Future policy benefits	$	4,248,277	$	4,197,454
Unearned premiums		6,355		3,185
Policy claims and other benefits payable		233,792		218,390
Other policyholders’ funds		390,147		382,768
Income taxes		—		890,617
Due to affiliates		842,075		202,507
Other liabilities		283,879		295,745
Separate account liabilities		2,222,267		2,093,342
Total liabilities		8,226,792		8,284,008
Stockholders’ Equity:
Paid-in capital		1,312,072		1,124,096
Retained earnings		300,531		3,648,801
Accumulated other comprehensive income, net of income tax		134,096		170,876
Total stockholders’ equity		1,746,699		4,943,773
Total liabilities and stockholders’ equity	$	9,973,491	$	13,227,781

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PRIMERICA, INC.

Combined Statements of Income

	Three Months Ended March 31,
	2010			2009
	(unaudited)
	(in thousands, except share and per-share amounts)
Revenues
Direct premiums	$	537,845		$	516,647
Ceded premiums		(148,119	)		(137,609	)
Net premiums		389,726			379,038
Net investment income		82,576			82,385
Commissions and fees		91,690			79,717
Realized investment gains (losses), including OTTI		31,057			(11,259	)
Other		11,893			12,955
Total revenues		606,942			542,836
Benefits and expenses
Benefits and claims		170,735			145,749
Amortization of deferred policy acquisition costs		91,756			94,814
Insurance commissions		6,371			14,620
Insurance expenses		37,529			40,088
Sales commissions		43,881			40,189
Other operating expenses		36,268			32,601
Total benefits and expenses		386,540			368,061
Income before income taxes		220,402			174,775
Income taxes		77,116			62,218
Net income	$	143,286		$	112,557
Pro forma earnings per share:
Basic	$	1.91		$	1.50
Diluted	$	1.91		$	1.50
Pro forma shares used in computing earnings per share:
Basic		75,000,000			75,000,000
Diluted		75,000,000			75,000,000

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PRIMERICA, INC.

Pro forma Combined Balance Sheets

	March 31, 2010 As reported (unaudited)		Pro forma adjustments			March 31, 2010 Pro forma (unaudited)
			(in thousands)
Assets:
Investments:
Fixed maturity securities available for sale, at fair value	$	2,015,428	$	—		$	2,015,428
Trading securities, at fair value		14,866		—			14,866
Equity securities available for sale, at fair value		17,679		—			17,679
Policy loans and other invested assets		25,774		—			25,774
Total investments		2,073,747		—			2,073,747
Cash and cash equivalents		929,153		(685,595	)		243,558
Accrued investment income		23,803		—			23,803
Premiums and other receivables		190,499		—			190,499
Due from reinsurers		3,595,239		—			3,595,239
Due from affiliates		1,927		—			1,927
Deferred policy acquisition costs		702,429		—			702,429
Intangible assets		78,010		—			78,010
Income taxes		56,114		(56,114	)		—
Other assets		100,303		(299	)		100,004
Separate account assets		2,222,267					2,222,267
Total assets	$	9,973,491	$	(742,008	)	$	9,231,483
Liabilities and Stockholders’ Equity
Liabilities:
Future policy benefits	$	4,248,277	$	—		$	4,248,277
Unearned premiums		6,355		—			6,355
Policy claims and other benefits payable		233,792		—			233,792
Other policyholders’ funds		390,147		—			390,147
Income taxes		—		129,886			129,886
Due to affiliates		842,075		(678,098	)		163,977
Other liabilities		283,879		(8,020	)		275,859
Note payable		—		300,000			300,000
Separate account liabilities		2,222,267		—			2,222,267
Total liabilities		8,226,792		(256,232	)		7,970,560
Stockholders’ Equity:
Common stock		—		750			750
Paid-in capital		1,312,072		(384,380	)		927,692
Retained earnings		300,531		(30,146	)		270,385
Treasury stock		—		(72,000	)		(72,000	)
Accumulated other comprehensive income, net of income tax		134,096		—			134,096
Total stockholders’ equity		1,746,699		(485,776	)		1,260,923
Total liabilities and stockholders’ equity	$	9,973,491	$	(742,008	)	$	9,231,483

The reinsurance transactions were executed on March 31, 2010 and are fully reflected in Primerica’s actual combined balance sheet, including a return of capital to Citi equaling the earnings on the underlying policies for the three months ended March 31, 2010. The adjustments used to derive the pro forma combined balance sheet include the payment of a $676 million extraordinary cash dividend declared in March and paid in April, a $300 million note payable executed in April 2010 and its corresponding decrease to stockholders’ equity as a return of capital to Citi, and an estimated $186 million reduction of stockholders’ equity and deferred tax adjustment related to the Section 338(h)(10) tax election to be effective as of April 1, 2010. The actual impact of the Section 338(h)(10) tax election is expected to be between $176 million and $196 million. The adjustments also reflect the impact of certain fully vested equity awards related to the IPO, certain equity awards converted from past equity awards in Citi shares that had not yet fully vested, and certain past equity awards that were subject to accelerated vesting upon the IPO and the private equity transaction.

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PRIMERICA, INC.

Reconciliation to Pro forma Operating Results

(unaudited)

The pro forma adjustments reflect the impact of the reinsurance transactions, interest expense on the note payable, and the equity award transactions as if they were executed on the first day of the reporting period. The pro forma investment income adjustments also reflect a pro rata allocation of investment income related to investments transferred in the dividend and return of capital and on the assets transferred to fund the Citi reinsurance transactions along with interest income related to a 10% reinsurance arrangement accounted for under the deposit method.

Operating adjustments remove the impact of realized investment gains (losses) and treat the second quarter 2010 equity award transactions as though they had occurred in the first quarters of 2010 and 2009.

	(in thousands, except share and per-share amounts)
	Three Months Ended March 31, 2010
	Reported (GAAP)			Pro forma adjustments for the Citi Reinsurance Transactions			Pro forma adjustments  for the Reorganization			Pro forma			Operating adjustments			Pro forma operating (Non-GAAP)
Revenues:
Direct premiums	$	537,845		$	—		$	—		$	537,845		$	—		$	537,845
Ceded premiums		(148,119	)		(296,328	)		—			(444,447	)		—			(444,447	)
Net premiums		389,726			(296,328	)		—			93,398			—			93,398
Net investment income		82,576			(47,566	)		(7,169	)		27,841			—			27,841
Commissions and fees		91,690			—			—			91,690			—			91,690
Realized investment gains (losses), including OTTI		31,057			—			—			31,057			(31,057	)		—
Other, net		11,893			—			—			11,893			—			11,893
Total revenues		606,942			(343,894	)		(7,169	)		255,879			(31,057	)		224,822
Benefits and expenses:
Benefits and claims		170,735			(128,204	)		—			42,531			—			42,531
Amortization of DAC		91,756			(71,389	)		—			20,367			—			20,367
Insurance commissions		6,371			(1,669	)		—			4,702			—			4,702
Insurance expenses		37,529			(26,083	)		—			11,446			—			11,446
Sales commissions		43,881			—			—			43,881			—			43,881
Interest expense		—			2,812			4,125			6,937			—			6,937
Other operating expenses		36,268			—			33,288	(1)		69,556			(33,288	)(1)		36,268
Total benefits and expenses		386,540			(224,533	)		37,413			199,420			(33,288	)		166,132
Income before income taxes		220,402			(119,361	)		(44,582	)		56,459			2,231			58,690
Income taxes		77,116			(41,763	)		(15,599	)		19,754			781			20,535
Net income	$	143,286		$	(77,598	)	$	(28,983	)	$	36,705		$	1,450		$	38,155
Pro forma diluted earnings per share	$	1.91								$	0.49					$	0.51
Pro forma diluted shares		75,000,000									75,000,000						75,000,000

(1) Reflects expense associated with equity award transactions as though they had occurred on the first day of the reporting period.

11

PRIMERICA, INC.

Reconciliation to Pro forma Operating Results

(unaudited)

(in thousands, except share and per-share amounts)

	Three Months Ended March 31, 2009
	Reported (GAAP)			Pro forma adjustments for the Citi Reinsurance Transactions			Pro forma adjustments  for the Reorganization			Pro forma			Operating adjustments			Pro forma operating (Non-GAAP)
Revenues:
Direct premiums	$	516,647		$	—		$	—		$	516,647		$	—		$	516,647
Ceded premiums		(137,609	)		(287,755	)		—			(425,364	)		—			(425,364	)
Net premiums		379,038			(287,755	)		—			91,283			—			91,283
Net investment income		82,385			(47,455	)		(7,152	)		27,778			—			27,778
Commissions and fees		79,717			—			—			79,717			—			79,717
Realized investment gains (losses), including OTTI		(11,259	)		—			—			(11,259	)		11,259			—
Other, net		12,955			—			—			12,955			—			12,955
Total revenues		542,836			(335,210	)		(7,152	)		200,474			11,259			211,733
											—						—
Benefits and expenses:											—						—
Benefits and claims		145,749			(109,112	)		—			36,637			—			36,637
Amortization of DAC		94,814			(73,073	)		—			21,741			—			21,741
Insurance commissions		14,620			(1,180	)		—			13,440			—			13,440
Insurance expenses		40,088			(24,864	)		—			15,224			—			15,224
Sales commissions		40,189			—			—			40,189			—			40,189
Interest expense		—			2,597			4,125			6,722			—			6,722
Other operating expenses		32,601			—			33,288	(1)		65,889			(33,288	)(1)		32,601
Total benefits and expenses		368,061			(205,632	)		37,413			199,842			(33,288	)		166,554
Income before income taxes		174,775			(129,578	)		(44,565	)		632			44,547			45,179
Income taxes		62,218			(46,129	)		(15,864	)		225			15,858			16,083
Net income	$	112,557		$	(83,449	)	$	(28,701	)	$	407		$	28,689		$	29,096
Pro forma diluted earnings per share	$	1.50								$	0.01					$	0.39
Pro forma diluted shares		75,000,000									75,000,000						75,000,000

(1) Reflects expense associated with equity award transactions as though they had occurred on the first day of the reporting period.

12

PRIMERICA, INC.

Reconciliation to Pro forma Adjusted Stockholders’ Equity as of March 31, 2010

	(in thousands)
Pro forma stockholders’ equity	$	1,260,923
Unrealized net investment gains recorded in stockholders’ equity		(81,020	)
Pro forma adjusted stockholders’ equity	$	1,179,903

Corporate and Other Distributed Products Reconciliation to Pro forma Operating Results

	(in thousands) Three months ended March 31,
	2010			2009
Total revenues	$	75,688		$	31,050
Pro forma adjustments		(6,125	)		(984	)
Pro forma revenues		69,563			30,066
Realized investment gains (losses), including OTTI		(31,057	)		11,259
Pro forma operating revenues	$	38,506		$	41,325
Income before income taxes	$	37,205		$	(13,300	)
Pro forma adjustments		(43,540	)		(38,397	)
Pro forma loss before income taxes		(6,335	)		(51,697	)
Realized investment (losses) gains, including OTTI		(31,057	)		11,259
Other operating expenses - initial grant and accelerated vesting of equity awards		33,288			33,288
Pro forma operating loss before income taxes	$	(4,104	)	$	(7,150	)

13

EX-99.2

Exhibit 99.2

Supplemental Financial Information

First Quarter 2010

Table of Contents	PRIMERICA, INC.
	Financial Supplement

	Page
Preface, definition of Non-GAAP financial measures	3
Balance sheets	4-5
Financial results and other statistical data	6
Statements of income	7
Reconciliation of GAAP to Non-GAAP financial measures	8-10
Segment operating results	11
Term life insurance segment - financial results and key statistics	12-13
Investment and savings product segment - financial results and key statistics	14
Investment portfolio	15-18
Five-year historical key statistics	19

2 of 19

Preface	PRIMERICA, INC.
	Financial Supplement

FIRST QUARTER 2010

This document is a financial supplement to our first quarter 2010 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 related to the business. 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:

• Pro forma adjustments enable presentation of our combined balance sheets and of our combined statements of income as if the reinsurance agreements and the reorganization activities executed in March and April 2010 (as described below) had occurred at the end of the respective reporting period for the balance sheet and at the beginning of the calendar year reflected for the statement of income. Certain pro forma adjustments for transactions occurring after March 31, 2009 are estimations and are subject to change.

• Operating adjustments exclude the impact of realized investment gains and losses, initial equity award grants awarded at the initial public offering (IPO) and accelerated vesting of existing equity awards in April 2010.

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

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 GAAP to Non-GAAP financial measures are included throughout this financial supplement.

Pro forma shares throughout this supplement assumes 75 million shares outstanding, which reflects approximately 70 million shares of common stock and approximately 5 million share-based awards granted to our management and sales force leaders in connection with the IPO. This number does not reflect the actual number of shares of common stock outstanding subsequent to March 31, 2010.

The following transactions were executed in conjunction with the IPO in March and April 2010 (the “IPO-related Transactions”) and are included in our actual and/or pro forma financial results as appropriate.

IPO-related Transactions executed in first quarter 2010:

• On March 31, 2010, we reinsured between 80% and 90% of our business that was in-force at year-end 2009 to various affiliates of Citigroup Inc. (“Citi”) and declared extraordinary dividends to Citi.

IPO-related Transactions executed in second quarter 2010:

• On April 1, 2010, Citi contributed the legal entities comprising our business to us. We issued approximately 75.0 million shares of common stock and warrants exercisable for approximately 4.1 million additional shares of our common stock to Citi. Additionally, we issued a $300 million note to Citi, due March 31, 2015 and bearing interest at 5.5% annually.

• On April 1, 2010, our common stock began trading under the ticker symbol “PRI” on the New York Stock Exchange.

• On April 1, 2010, Citi sold approximately 24.6 million shares of our common stock (after giving effect to the over-allotment option) to the public in the IPO.

• On April 1, 2010, Citi contributed approximately 5.0 million shares back to us, which we granted in the form of equity awards to certain of our management and sales force leaders. Of these, approximately 200,000 shares were granted to replace unvested Citi awards.

• On April 15, 2010, Citi sold approximately 16.4 million shares and the warrants to purchase approximately 4.1 million additional shares of our common stock to private equity funds managed by Warburg Pincus LLC (“Warburg Pincus”) for a purchase price of $230 million (the “private equity transaction”). Following the IPO and the private equity transaction, certain historical Citi equity awards immediately vested, resulting in approximately $2.2 million of compensation expense and a reclassification of approximately $1.8 million from due to affiliates to paid-in capital.

• Effective as of April 1, 2010, in connection with the IPO and the private equity transaction, elections under Section 338(h)(10) of the Internal Revenue Code will be made, which will result in changes to our deferred tax balances and reduced stockholders’ equity.

The first quarter 2010 combined statement of income includes income attributable to the underlying policies that were reinsured to Citi on March 31, 2010 as well as income earned on the invested assets backing the reinsurance balances and extraordinary dividends declared as of that date. The combined balance sheet as of March 31, 2010 reflects the impact of the Citi reinsurance transactions executed on that date. As the Citi reinsurance transactions were given retroactive effect to January 1, 2010, the first quarter 2010 combined balance sheet also reflects a return of capital to Citi equally offsetting the income attributable to the underlying policies earned between January 1, 2010 and March 31, 2010. The first quarter 2010 combined balance sheet also reflects the extraordinary dividends declared on March 31, 2010.

Certain items throughout this supplement may not add due to rounding. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable; certain variances are noted as ‘nm’ to indicate not meaningful.

3 of 19

Quarterly Balance Sheets	PRIMERICA, INC.
	Financial Supplement

(Dollars in thousands)	Mar 31, 2009			Jun 30, 2009			Sep 30, 2009			Dec 31, 2009			Mar 31, 2010
Combined / Consolidated Balance Sheet
Assets:
Investments and cash	$	5,866,133		$	6,360,019		$	6,888,696		$	7,096,708		$	3,002,900
Due from reinsurers		833,696			837,726			849,665			867,242			3,595,239
Deferred policy acquisition costs		2,718,724			2,757,143			2,797,269			2,789,905			702,429
Income taxes		—			—			—			—			56,114
Other assets		409,095			406,318			402,836			380,584			394,542
Separate account assets		1,536,367			1,766,928			2,033,119			2,093,342			2,222,267
Total assets	$	11,364,015		$	12,128,134		$	12,971,585		$	13,227,781		$	9,973,491
Liabilities:
Future policy benefits	$	4,038,781		$	4,100,628		$	4,161,925		$	4,197,454		$	4,248,277
Other policy liabilities		570,327			574,991			597,617			604,343			630,294
Income taxes		647,037			740,985			873,367			890,617			—
Other liabilities		335,639			358,927			374,251			498,252			1,125,954
Separate account liabilities		1,536,367			1,766,928			2,033,119			2,093,342			2,222,267
Total liabilities		7,128,151			7,542,459			8,040,279			8,284,008			8,226,792
Stockholders’ equity:
Common stock		—			—			—			—			—
Paid-in capital		1,086,861			1,095,756			1,097,843			1,124,096			1,312,072
Retained earnings		3,447,196			3,565,166			3,683,697			3,648,801			300,531
Treasury stock		—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		(268,721	)		(67,583	)		134,720			146,105			85,265
Net unrealized investment losses other-than-temporarily impaired		(17,174	)		(16,521	)		(17,966	)		(16,120	)		(4,245	)
Cumulative translation adjustment		(12,298	)		8,857			33,012			40,891			53,076
Total stockholders’ equity		4,235,864			4,585,675			4,931,306			4,943,773			1,746,699
Total liabilities and stockholders’ equity	$	11,364,015		$	12,128,134		$	12,971,585		$	13,227,781		$	9,973,491
Reconciliation of Total Stockholders’ Equity to Adjusted Stockholders’ Equity
Total stockholders’ equity	$	4,235,864		$	4,585,675		$	4,931,306		$	4,943,773		$	1,746,699
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		268,721			67,583			(134,720	)		(146,105	)		(85,265	)
Net unrealized investment losses other-than-temporarily impaired		17,174			16,521			17,966			16,120			4,245
Total reconciling items		285,895			84,104			(116,754	)		(129,985	)		(81,020	)
Adjusted stockholders’ equity	$	4,521,759		$	4,669,779		$	4,814,552		$	4,813,788		$	1,665,679
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	2,727,422		$	2,718,724		$	2,757,143		$	2,797,269		$	2,789,905
General expenses deferred		13,416			14,563			21,006			15,552			16,095
Commission costs deferred		79,506			87,314			83,228			76,496			77,208
Amortization of deferred policy acquisition costs		(94,814	)		(86,234	)		(88,736	)		(111,506	)		(91,756	)
Transferred to reinsurers		—			—			—			—			(2,099,941	)
Foreign currency impact and other, net		(6,806	)		22,777			24,629			12,094			10,918
Balance, end of period	$	2,718,724		$	2,757,143		$	2,797,269		$	2,789,905		$	702,429

Note: The combined balance sheet as of March 31, 2010 reflects the impact of the Citi reinsurance transactions executed on March 31, 2010. The Citi reinsurance transactions were given retroactive effect to January 1, 2010. As a result, the first quarter 2010 combined balance sheet reflects a return of capital to Citi equally offsetting the income attributable to the underlying policies earned between January 1, 2010 and March 31, 2010. The first quarter 2010 combined balance sheet also reflects the extraordinary dividends declared on March 31, 2010.

4 of 19

Actual and Pro Forma Balance Sheets	PRIMERICA, INC.
	Financial Supplement

	December 31, 2009												March 31, 2010
(Dollars in thousands)	Actual			Adjustments for Reinsurance Transactions			Other Adjustments			(1) Pro Forma			Actual			Other Adjustments			(1)(2) Pro Forma
Combined / Consolidated Balance Sheet
Assets:
Investments and cash	$	7,096,708		$	(4,140,344	)	$	(626,639	)	$	2,329,725		$	3,002,900		$	(685,595	)	$	2,317,305
Due from reinsurers		867,242			2,655,469			—			3,522,711			3,595,239			—			3,595,239
Deferred policy acquisition costs		2,789,905			(2,122,533	)		—			667,372			702,429			—			702,429
Income taxes		—			33,416			(33,416	)		—			56,114			(56,114	)		—
Other assets		380,584			9,233			(5,604	)		384,213			394,542			(299	)		394,243
Separate account assets		2,093,342			—			—			2,093,342			2,222,267			—			2,222,267
Total assets	$	13,227,781		$	(3,564,759	)	$	(665,659	)	$	8,997,363		$	9,973,491		$	(742,008	)	$	9,231,483
Liabilities:
Future policy benefits	$	4,197,454		$	—		$	—		$	4,197,454		$	4,248,277		$	—		$	4,248,277
Other policy liabilities		604,343			—			—			604,343			630,294			—			630,294
Income taxes		890,617			(799,727	)		45,312			136,202			—			129,886			129,886
Other liabilities		498,252			(8,070	)		(10,454	)		479,728			1,125,954			(686,118	)		439,836
Note payable		—			—			300,000			300,000			—			300,000			300,000
Separate account liabilities		2,093,342			—			—			2,093,342			2,222,267			—			2,222,267
Total liabilities		8,284,008			(807,797	)		334,858			7,811,069			8,226,792			(256,232	)		7,970,560
Stockholders’ equity:
Common stock		—			—			750			750			—			750			750
Paid-in capital		1,124,096			287,013			(430,361	)		980,748			1,312,072			(384,380	)		927,692
Retained earnings		3,648,801			(2,975,308	)		(484,475	)		189,018			300,531			(30,146	)		270,385
Treasury stock		—			—			(72,000	)		(72,000	)		—			(72,000	)		(72,000	)
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		146,105			(68,667	)		(14,431	)		63,007			85,265			—			85,265
Net unrealized investment losses other-than-temporarily impaired		(16,120	)		—			—			(16,120	)		(4,245	)		—			(4,245	)
Cumulative translation adjustment		40,891			—			—			40,891			53,076			—			53,076
Total stockholders’ equity		4,943,773			(2,756,962	)		(1,000,517	)		1,186,294			1,746,699			(485,776	)		1,260,923
Total liabilities and stockholders’ equity	$	13,227,781		$	(3,564,759	)	$	(665,659	)	$	8,997,363		$	9,973,491		$	(742,008	)	$	9,231,483
Reconciliation of Total Stockholders’ Equity to Pro Forma Adjusted Stockholders’ Equity
Total stockholders’ equity										$	1,186,294								$	1,260,923
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired											(63,007	)								(85,265	)
Net unrealized investment losses other-than-temporarily impaired											16,120									4,245
Total reconciling items											(46,887	)								(81,020	)
Adjusted stockholders’ equity										$	1,139,407								$	1,179,903

(1) Pro forma combined balance sheets as of December 31, 2009 and March 31, 2010 as if all the first and second quarter 2010 IPO-related Transactions had been executed on December 31, 2009 and March 31, 2010, respectively.

(2) The reinsurance transactions were executed on March 31, 2010 and are fully reflected in our corresponding actual March 31, 2010 combined balance sheet, including a return of capital to Citi equaling the earnings on the underlying policies for the three months ended March 31, 2010. The adjustments used to derive the March 31, 2010 combined pro forma balance sheet include (a) the payment of a $676 million extraordinary dividend declared in March and paid in April; (b) a $300 million note payable executed in April 2010, and its corresponding decrease to stockholders’ equity as a return of capital to Citi; (c) an estimated $186 million reduction of stockholders’ equity and deferred tax adjustment related to our Section 338(h)(10) tax election to be effective as of April 2010; (d) the impact of certain fully vested equity awards related to the IPO; (e) the impact of certain equity awards converted from past equity awards in Citi shares that had not yet fully vested; and (f) the impact of certain past equity awards that were subject to accelerated vesting upon the IPO and the private equity transaction. The actual impact of the Section 338(h)(10) tax election is expected to be between $176 million and $196 million.

5 of 19

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

(Dollars in thousands, except per-share data)													Q1 2010
Pro Forma Earnings per Share
Weighted-average pro forma common shares outstanding - basic & diluted														69,978,588
Pro forma participating share-based awards														5,021,412
Pro forma shares														75,000,000
Pro forma net operating income													$	38,154
Dividends declared														—
Undistributed pro forma net operating earnings													$	38,154
Undistributed pro forma net operating earnings allocated to common stockholders - basic & diluted													$	35,600
Dividends declared - allocated to common stockholders														—
Total pro forma net operating earnings attributable to common stockholders													$	35,600
Pro forma net operating income per common share - basic													$	0.51
Pro forma net operating income per common share - diluted													$	0.51
	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010
Annualized Return on Equity
Average stockholders’ equity	$	4,173,925		$	4,410,769		$	4,758,491		$	4,937,540		$	4,979,893	(1)
Average adjusted stockholders’ equity	$	4,474,419		$	4,595,539		$	4,742,166		$	4,814,171		$	4,850,452	(1)
Net income return on stockholders’ equity		10.8	%		12.0	%		10.4	%		10.2	%		11.5	%
Net income return on adjusted stockholders’ equity		10.1	%		11.5	%		10.4	%		10.5	%		11.8	%
Net operating income return on adjusted stockholders’ equity		10.7	%		12.0	%		11.1	%		10.0	%		10.2	%
Average pro forma adjusted stockholders’ equity		na			na			na			na		$	1,159,655
Pro forma net operating income return on pro forma adjusted stockholders’ equity		na			na			na			na			13.2	%
Capital Structure
Debt-to-capital (2)		na			na			na			na			na
Pro forma debt to pro forma adjusted capital (2)		na			na			na			na			19.2	%
Cash and invested assets to stockholders’ equity		1.4			1.4			1.4			1.4			1.7
Cash and invested assets to adjusted stockholders’ equity		1.3			1.4			1.4			1.5			1.8
Pro forma cash and invested assets to pro forma adjusted stockholders’ equity		na			na			na			2.0			2.0
Pro forma adjusted stockholders’ equity per pro forma share		na			na			na			na		$	15.73
Financial Strength Ratings
Primerica Life Insurance Company:
S&P		AA			AA			AA			AA			AA
A.M. Best		A+			A+			A+			A+			A+
Fitch		A+			A+			A+			A+			A+
(Note: In April 2010, S&P lowered Primerica Life Insurance Company’s rating to AA-)

(1) The reinsurance agreements executed on March 31, 2010 had a material impact on period-end stockholders’ equity, but only impacted one day in determining first quarter 2010 average stockholders’ equity and average adjusted stockholders’ equity.

(2) Capital in the debt-to-capital ratio includes stockholders’ equity and the note payable.

6 of 19

Statement of Income	PRIMERICA, INC.
	Financial Supplement

	Combined / Consolidated Primerica, Inc.
																YOY
(Dollars in thousands)	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010			$ Variance			% Variance
Statement of Income
Revenues:
Direct premiums	$	516,647		$	529,004		$	531,713		$	535,417		$	537,845		$	21,198		4	%
Ceded premiums		(137,609	)		(158,401	)		(154,725	)		(160,019	)		(148,119	)		(10,510	)	-8	%
Net premiums		379,038			370,603			376,987			375,399			389,726			10,688		3	%
Net investment income		82,385			89,755			88,736			90,450			82,576			191		nm
Commissions and fees:
Sales-based (1)		28,203			29,451			28,672			32,472			36,363			8,160		29	%
Asset-based (2)		27,555			29,718			33,344			36,964			38,014			10,459		38	%
Account-based (3)		11,089			10,784			10,717			10,657			10,208			(881	)	-8	%
Other commissions and fees		12,870			12,737			11,546			9,208			7,105			(5,764	)	-45	%
Realized investment (losses) gains		(11,259	)		(9,003	)		(11,212	)		9,503			31,057			42,316		nm
Other, net		12,955			13,542			12,586			13,948			11,893			(1,062	)	-8	%
Total revenues		542,837			547,587			551,376			578,602			606,942			64,106		12	%
Benefits and expenses:
Benefits and claims		145,749			151,444			154,631			148,448			170,735			24,986		17	%
Amortization of deferred policy acquisition costs		94,814			86,234			88,736			111,506			91,756			(3,058	)	-3	%
Insurance commissions		14,620			6,396			6,384			6,988			6,371			(8,249	)	-56	%
Insurance expenses		40,088			36,203			39,480			32,989			37,529			(2,558	)	-6	%
Sales commissions:
Sales-based (1)		21,106			21,555			20,780			23,470			26,203			5,097		24	%
Asset-based (2)		9,430			9,533			10,883			12,157			12,715			3,285		35	%
Other sales commissions		9,653			9,301			8,513			6,374			4,963			(4,690	)	-49	%
Interest expense		—			—			—			—			—			—
Other operating expenses		32,601			28,587			34,092			37,698			36,268			3,667		11	%
Total benefits and expenses		368,062			349,253			363,502			379,630			386,541			18,479		5	%
Income before income taxes		174,775			198,334			187,875			198,972			220,402			45,626		26	%
Income taxes		62,218			66,214			64,044			72,890			77,116			14,898		24	%
Net income	$	112,557		$	132,120		$	123,831		$	126,082		$	143,286		$	30,728		27	%
Income Before Income Taxes by Segment
Term Life	$	167,704		$	174,295		$	167,978		$	158,937		$	157,750		$	(9,954	)	-6	%
Investments & Savings		20,371			20,717			26,221			26,096			25,447			5,076		25	%
Corporate & Other Distributed Products		(13,300	)		3,321			(6,324	)		13,939			37,205			50,505		nm
Income before income taxes	$	174,775		$	198,334		$	187,875		$	198,972		$	220,402		$	45,626		26	%

(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

7 of 19

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

	Combined / Consolidated Primerica, Inc.
																YOY
(Dollars in thousands)	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010			$ Variance		% Variance
Reconciliation from Total Revenues to Operating Revenues
Total revenues	$	542,837		$	547,587		$	551,376		$	578,602		$	606,942		$	64,106	12	%
Operating revenues reconciling items:
Realized investment losses/gains - Corporate & Other		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Total operating revenues reconciling items		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Operating revenues	$	554,095		$	556,589		$	562,588		$	569,098		$	575,885		$	21,790	4	%
Reconciliation from Income Before Income Taxes to Operating Income Before Income Taxes
Income before income taxes	$	174,775		$	198,334		$	187,875		$	198,972		$	220,402		$	45,626	26	%
Operating income before income taxes reconciling items:
Realized investment losses/gains - Corporate & Other		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Initial & accelerated management / field grant expense - Corporate & Other		—			—			—			—			—			nm	nm
Total operating income before income taxes reconciling items		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Operating income before income taxes	$	186,034		$	207,336		$	199,087		$	189,468		$	189,345		$	3,311	2	%
Reconciliation from Net Income to Net Operating Income
Net income	$	112,557		$	132,120		$	123,831		$	126,082		$	143,286		$	30,728	27	%
Net income reconciling items:
Operating income before income taxes reconciling items		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Tax impact of operating income reconciling items at effective tax rate		(4,008	)		(3,006	)		(3,822	)		3,481			10,866			nm	nm
Total net income reconciling items		7,251			5,997			7,390			(6,022	)		(20,191	)		nm	nm
Net operating income	$	119,808		$	138,117		$	131,221		$	120,060		$	123,095		$	3,287	3	%

8 of 19

Reconciliation of GAAP to Pro Forma Non-GAAP Financial Measures	PRIMERICA, INC.
	Financial Supplement

	Combined / Consolidated Primerica, Inc.
																YOY
(Dollars in thousands)	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010			$ Variance		% Variance
Reconciliation from Total Revenues to Pro Forma Operating Revenues
Total revenues	$	542,837		$	547,587		$	551,376		$	578,602		$	606,942		$	64,106	12	%
Pro forma revenues reconciling items:
Ceded premiums - ceded to Citi reinsurers		(287,755	)		(270,259	)		(266,990	)		(259,032	)		(296,328	)		nm	nm
Pro rata net investment income - invested assets transferred to Citi reinsurers		(54,607	)		(59,547	)		(58,864	)		(59,963	)		(54,735	)		nm	nm
Total pro forma revenues reconciling items		(342,361	)		(329,806	)		(325,854	)		(318,995	)		(351,064	)		nm	nm
Pro forma revenues		200,476			217,781			225,522			259,607			255,879			55,403	28	%
Pro forma operating revenue reconciling items:
Realized investment losses/gains - Corporate & Other		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Total pro forma operating revenue reconciling items		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Pro forma operating revenues	$	211,734		$	226,783		$	236,734		$	250,103		$	224,822		$	13,087	6	%
Reconciliation from Income Before Income Taxes to Pro Forma Operating Income Before Income Taxes
Income before income taxes	$	174,775		$	198,334		$	187,875		$	198,972		$	220,402		$	45,626	26	%
Pro forma income before income taxes reconciling items:
Ceded premiums - ceded to Citi reinsurers		(287,755	)		(270,259	)		(266,990	)		(259,032	)		(296,328	)		nm	nm
Pro rata net investment income - invested assets transferred to Citi reinsurers		(54,607	)		(59,547	)		(58,864	)		(59,963	)		(54,735	)		nm	nm
Benefits and claims - ceded to Citi reinsurers		109,112			108,383			107,166			99,325			128,204			nm	nm
Amortization of DAC - ceded to Citi reinsurers		73,073			63,860			63,631			79,167			71,389			nm	nm
Insurance commissions - expense allowance received from Citi reinsurers		1,180			1,409			1,450			1,484			1,669			nm	nm
Insurance expenses - expense allowance received from Citi reinsurers		24,864			23,862			23,756			24,133			26,083			nm	nm
Interest expense - finance charge payable to Citi reinsurer		(2,597	)		(2,700	)		(2,532	)		(3,164	)		(2,812	)		nm	nm
Interest expense - note payable		(4,125	)		(4,125	)		(4,125	)		(4,125	)		(4,125	)		nm	nm
Other operating expenses - initial & accelerated mgmt equity grant expense		(33,288	)		(3,142	)		(3,142	)		(3,142	)		(33,288	)		nm	nm
Total pro forma income before income taxes reconciling items		(174,143	)		(142,260	)		(139,650	)		(125,317	)		(163,944	)		nm	nm
Pro forma income before income taxes		633			56,074			48,225			73,654			56,457			55,825	nm
Pro forma operating income before income taxes reconciling items:
Realized investment losses/gains - Corporate & Other		11,259			9,003			11,212			(9,503	)		(31,057	)		nm	nm
Initial & accelerated management / field grant expense - Corporate & Other		33,288			3,142			3,142			3,142			33,288			nm	nm
Total pro forma operating income before income taxes reconciling items		44,547			12,145			14,354			(6,361	)		2,231			nm	nm
Pro forma operating income before income taxes	$	45,179		$	68,219		$	62,579		$	67,293		$	58,689		$	13,509	30	%
Reconciliation from Net Income to Pro Forma Net Operating Income
Net income	$	112,557		$	132,120		$	123,831		$	126,082		$	143,286		$	30,728	27	%
Pro forma net income reconciling items:
Total pro forma income before income taxes reconciling items		(174,143	)		(142,260	)		(139,650	)		(125,317	)		(163,944	)		nm	nm
Tax impact of pro forma income reconciling items at effective tax rate		61,993			47,494			47,605			45,908			57,362			nm	nm
Total pro forma net income reconciling items		(112,150	)		(94,766	)		(92,046	)		(79,409	)		(106,582	)		nm	nm
Pro forma net income		407			37,353			31,786			46,672			36,703			36,296	nm
Pro forma net operating income reconciling items:
Total pro forma operating income before income taxes reconciling items		44,547			12,145			14,354			(6,361	)		2,231			nm	nm
Tax impact of operating income reconciling items at effective tax rate		(15,858	)		(4,055	)		(4,893	)		2,330			(781	)		nm	nm
Total pro forma net operating income reconciling items		28,689			8,090			9,461			(4,031	)		1,451			nm	nm
Pro forma net operating income	$	29,096		$	45,444		$	41,247		$	42,641		$	38,154		$	9,058	31	%

9 of 19

Reconciliation of GAAP to Pro Forma Non-GAAP Financial Measures by Segment	PRIMERICA, INC.
	Financial Supplement

	1st Quarter 2010
(Dollars in thousands)	(1) New Term Life Insurance			(2) Legacy Term Life Insurance			Term Life Insurance			Investments & Savings Products		Corp. & Other Distributed Products			Total
Income Before Income Taxes
Revenues:
Direct premiums	$	10,138		$	507,794		$	517,932		$	—	$	19,913		$	537,845
Ceded premiums		(3,737	)		(140,634	)		(144,370	)		—		(3,748	)		(148,119	)
Net premiums		6,401			367,160			373,561			—		16,165			389,726
Net investment income		109			62,109			62,218			—		20,358			82,576
Commissions and fees		—			—			—			84,585		7,105			91,690
Realized investment gains		—			—			—			—		31,057			31,057
Other, net		8,802			(20	)		8,782			2,108		1,004			11,893
Total revenues		15,312			429,249			444,561			86,693		75,689			606,942
Benefits and expenses:
Benefits and claims		1,517			159,592			161,109			—		9,626			170,735
Amortization of deferred policy acquisition costs		968			87,839			88,807			2,549		400			91,756
Insurance commissions		—			2,124			2,124			1,809		2,438			6,371
Insurance expenses		15,853			18,917			34,770			—		2,759			37,529
Sales commissions		—			—			—			38,918		4,963			43,881
Interest expense		—			—			—			—		—			—
Other operating expenses		—			—			—			17,970		18,298			36,268
Total benefits and expenses		18,338			268,472			286,810			61,246		38,484			386,541
Income before income taxes	$	(3,027	)	$	160,777		$	157,750		$	25,447	$	37,205		$	220,402
Reconciliation from Total Revenues to Pro Forma Operating Revenues
Total revenues	$	15,312		$	429,249		$	444,561		$	86,693	$	75,689		$	606,942
Pro forma revenues reconciling items:
Ceded premiums - ceded to Citi reinsurers		—			(296,328	)		(296,328	)		—		—			(296,328	)
Pro rata net investment income - invested assets transferred to Citi reinsurers		—			(48,609	)		(48,609	)		—		(6,126	)		(54,735	)
Total pro forma revenues reconciling items		—			(344,937	)		(344,937	)		—		(6,126	)		(351,064	)
Pro forma revenues		15,312			84,311			99,623			86,693		69,563			255,879
Pro forma operating revenue reconciling items:
Realized investment losses/gains		—			—			—			—		(31,057	)		(31,057	)
Total pro forma operating revenue reconciling items		—			—			—			—		(31,057	)		(31,057	)
Pro forma operating revenues	$	15,312		$	84,311		$	99,623		$	86,693	$	38,506		$	224,822
Reconciliation from Income Before Income Taxes to Pro Forma Operating Income Before Income Taxes
Income before income taxes	$	(3,027	)	$	160,777		$	157,750		$	25,447	$	37,205		$	220,402
Pro forma income before income taxes reconciling items:
Ceded premiums - ceded to Citi reinsurers		—			(296,328	)		(296,328	)		—		—			(296,328	)
Pro rata net investment income - invested assets transferred to Citi reinsurers		—			(48,609	)		(48,609	)		—		(6,126	)		(54,735	)
Benefits and claims - ceded to Citi reinsurers		—			128,204			128,204			—		—			128,204
Amortization of DAC - ceded to Citi reinsurers		—			71,389			71,389			—		—			71,389
Insurance commissions - expense allowance received from Citi reinsurers		—			1,669			1,669			—		—			1,669
Insurance expenses - expense allowance received from Citi reinsurers		—			26,083			26,083			—		—			26,083
Interest expense - finance charge payable to Citi reinsurer		—			(2,812	)		(2,812	)		—		—			(2,812	)
Interest expense - note payable		—			—			—			—		(4,125	)		(4,125	)
Other operating expenses - initial & accelerated mgmt equity grant expense		—			—			—			—		(33,288	)		(33,288	)
Total pro forma income before income taxes reconciling items		—			(120,405	)		(120,405	)		—		(43,540	)		(163,944	)
Pro forma income before income taxes		(3,027	)		40,372			37,346			25,447		(6,335	)		56,457
Pro forma operating income before income taxes reconciling items:
Realized investment losses/gains		—			—			—			—		(31,057	)		(31,057	)
Initial & accelerated management/field grant expense		—			—			—			—		33,288			33,288
Total pro forma operating income before income taxes reconciling items		—			—			—			—		2,231			2,231
Pro forma operating income before income taxes	$	(3,027	)	$	40,372		$	37,346		$	25,447	$	(4,104	)	$	58,689

(1) New Term Life Insurance - subsegment of the Term Life segment consisting of term life insurance policies issued after Citi reinsurance transactions

(2) Legacy Term Life Insurance - subsegment of the Term Life segment consisting of term life insurance policies issued before Citi reinsurance transactions

10 of 19

Segment Operating Results	PRIMERICA, INC.
	Financial Supplement

	Pro Forma Q1 2009			Pro Forma Q2 2009			Pro Forma Q3 2009			Pro Forma Q4 2009			Pro Forma Q1 2010			YOY
(Dollars in thousands)																$ Variance			% Variance
Term Life Insurance
Revenues:
Direct premiums	$	496,683		$	507,376		$	510,695		$	516,234		$	517,932		$	21,248		4	%
Ceded premiums		(422,006	)		(425,341	)		(418,216	)		(415,263	)		(440,699	)		(18,692	)	-4	%
Net premiums		74,677			82,035			92,479			100,970			77,233			2,556		3	%
Allocated net investment income		17,832			19,393			19,178			19,591			13,609			(4,223	)	-24	%
Other, net		8,615			7,611			8,939			8,490			8,782			167		2	%
Operating revenues		101,124			109,039			120,596			129,051			99,623			(1,501	)	-1	%
Benefits and expenses:
Benefits and claims		26,614			31,437			37,032			39,968			32,905			6,291		24	%
Amortization of deferred policy acquisition costs		19,439			20,506			23,003			28,984			17,418			(2,020	)	-10	%
Insurance commissions		8,876			660			336			2,220			456			(8,420	)	-95	%
Insurance expenses		11,639			8,848			12,132			5,504			8,687			(2,952	)	-25	%
Interest expense		2,597			2,700			2,532			3,164			2,812			215		8	%
Operating benefits and expenses		69,165			64,150			75,036			79,840			62,278			(6,888	)	-10	%
Operating income before income taxes	$	31,959		$	44,889		$	45,560		$	49,212		$	37,346		$	5,387		17	%
Investments & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	28,203		$	29,451		$	28,672		$	32,472		$	36,363		$	8,160		29	%
Asset-based		27,555			29,718			33,344			36,964			38,014			10,459		38	%
Account-based		11,089			10,784			10,717			10,657			10,208			(881	)	-8	%
Other, net		2,437			2,536			2,682			2,858			2,108			(329	)	-14	%
Operating revenues		69,285			72,488			75,415			82,952			86,693			17,408		25	%
Benefits and expenses:
Amortization of deferred policy acquisition costs		1,936			1,508			1,304			2,506			2,549			613		32	%
Insurance commissions		1,737			1,482			1,766			1,845			1,809			72		4	%
Sales commissions:
Sales-based		21,106			21,555			20,780			23,470			26,203			5,097		24	%
Asset-based		9,430			9,533			10,883			12,157			12,715			3,285		35	%
Other operating expenses		14,705			17,693			14,461			16,878			17,970			3,266		22	%
Operating benefits and expenses		48,914			51,771			49,194			56,856			61,246			12,332		25	%
Operating income before income taxes	$	20,371		$	20,717		$	26,221		$	26,096		$	25,447		$	5,076		25	%
Corporate & Other Distributed Products
Revenues:
Direct premiums	$	19,964		$	21,628		$	21,018		$	19,184		$	19,913		$	(51	)	nm
Ceded premiums		(3,357	)		(3,319	)		(3,499	)		(3,787	)		(3,748	)		(391	)	-12	%
Net premiums		16,606			18,309			17,518			15,396			16,165			(442	)	-3	%
Allocated net investment income		9,946			10,815			10,695			10,897			14,232			4,286		43	%
Commissions and fees:
Loans		8,832			8,685			7,401			4,738			2,455			(6,377	)	-72	%
DebtWatchers		—			1			120			386			620			620		nm
Prepaid Legal Services		2,438			2,338			2,323			2,316			2,340			(98	)	-4	%
Auto and Homeowners Insurance		844			994			994			1,104			1,012			167		20	%
Long-Term Care Insurance		755			719			709			664			679			(77	)	-10	%
Other, net		1,903			3,395			964			2,600			1,004			(900	)	-47	%
Operating revenues		41,325			45,256			40,723			38,100			38,506			(2,820	)	-7	%
Benefits and expenses:
Benefits and claims		10,023			11,625			10,433			9,155			9,626			(397	)	-4	%
Amortization of deferred policy acquisition costs		366			360			798			849			400			34		9	%
Insurance commissions		2,827			2,845			2,832			1,439			2,438			(389	)	-14	%
Insurance expenses		3,585			3,493			3,592			3,352			2,759			(826	)	-23	%
Sales commissions		9,653			9,301			8,513			6,374			4,963			(4,690	)	-49	%
Interest expense		4,125			4,125			4,125			4,125			4,125			—		nm
Other operating expenses		17,896			10,894			19,631			20,820			18,298			401		2	%
Operating benefits and expenses		48,476			42,643			49,925			46,114			42,609			(5,866	)	-12	%
Operating income before income taxes	$	(7,150	)	$	2,613		$	(9,201	)	$	(8,014	)	$	(4,104	)	$	3,046		43	%

11 of 19

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

	Pro Forma Q1 2009			Pro Forma Q2 2009			Pro Forma Q3 2009			Pro Forma Q4 2009			Pro Forma Q1 2010			YOY
(Dollars in thousands)																$ Variance			% Variance
Term Life Insurance Operating Income Before Income Taxes
Revenues:
Direct premiums	$	496,683		$	507,376		$	510,695		$	516,234		$	517,932		$	21,248		4	%
Ceded premiums		(422,006	)		(425,341	)		(418,216	)		(415,263	)		(440,699	)		(18,692	)	-4	%
Net premiums		74,677			82,035			92,479			100,970			77,233			2,556		3	%
Net investment income		17,832			19,393			19,178			19,591			13,609			(4,223	)	-24	%
Other, net		8,615			7,611			8,939			8,490			8,782			167		2	%
Operating revenues		101,124			109,039			120,596			129,051			99,623			(1,501	)	-1	%
Benefits and expenses:
Benefits and claims		26,614			31,437			37,032			39,968			32,905			6,291		24	%
Amortization of deferred policy acquisition costs		19,439			20,506			23,003			28,984			17,418			(2,020	)	-10	%
Insurance commissions		8,876			660			336			2,220			456			(8,420	)	-95	%
Insurance expenses		11,639			8,848			12,132			5,504			8,687			(2,952	)	-25	%
Interest expense		2,597			2,700			2,532			3,164			2,812			215		8	%
Operating benefits and expenses		69,165			64,150			75,036			79,840			62,278			(6,888	)	-10	%
Operating income before income taxes	$	31,959		$	44,889		$	45,560		$	49,212		$	37,346		$	5,387		17	%
New Term Life Insurance Operating Income Before Income Taxes
Revenues:
Direct premiums		na			na			na			na		$	10,138
Ceded premiums		na			na			na			na			(3,737	)
Net premiums		na			na			na			na			6,401
Net investment income		na			na			na			na			109
Other, net		na			na			na			na			8,802
Operating revenues		na			na			na			na			15,312
Benefits and expenses:
Benefits and claims		na			na			na			na			1,517
Amortization of deferred policy acquisition costs		na			na			na			na			968
Insurance commissions		na			na			na			na			—
Insurance expenses		na			na			na			na			15,853
Interest expense		na			na			na			na			—
Operating benefits and expenses		na			na			na			na			18,338
Operating income before income taxes		na			na			na			na		$	(3,027	)
Legacy Term Life Insurance Operating Income Before Income Taxes
Revenues:
Direct premiums		na			na			na			na		$	507,794
Ceded premiums		na			na			na			na			(436,962	)
Net premiums		na			na			na			na			70,832
Net investment income		na			na			na			na			13,500
Other, net		na			na			na			na			(20	)
Operating revenues		na			na			na			na			84,311
Benefits and expenses:
Benefits and claims		na			na			na			na			31,388
Amortization of deferred policy acquisition costs		na			na			na			na			16,450
Insurance commissions		na			na			na			na			456
Insurance expenses		na			na			na			na			(7,166	)
Interest expense		na			na			na			na			2,812
Operating benefits and expenses		na			na			na			na			43,939
Operating income before income taxes		na			na			na			na		$	40,372

12 of 19

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

	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010			YOY
(Dollars in thousands, except as noted)																$ Variance			% Variance
Key Statistics
Life-insurance licensed sales force (end of period)		100,409			100,672			101,095			99,785			97,354			(3,055	)	-3	%
Estimated annualized issued term life premium ($mills) (1)	$	54		$	62		$	59		$	61		$	54		$	—		nm
Issued term life policies		53,023			62,202			58,070			60,542			52,445			(578	)	-1	%
Term life face amount in force, beginning of period ($mills)	$	633,467		$	631,566		$	639,377		$	646,341		$	650,195		$	16,729		3	%
Issued term life face amount (2)		18,660			21,070			19,909			20,858			17,997			(663	)	-4	%
Terminated term life face amount		(19,781	)		(16,564	)		(17,302	)		(19,474	)		(18,750	)		1,031		5	%
Foreign currency impact, net		(779	)		3,304			4,357			2,471			2,348			3,127		nm
Term life face amount in force, end of period	$	631,566		$	639,377		$	646,341		$	650,195		$	651,790		$	20,223		3	%
	Pro  Forma Q1 2009			Pro  Forma Q2 2009			Pro  Forma Q3 2009			Pro  Forma Q4 2009			Pro  Forma Q1 2010
New Term Life Insurance - Financial Analysis
Direct premium		na			na			na			na		$	10,138
New term life operating income before income taxes		na			na			na			na		$	(3,027	)
% of direct premium		na			na			na			na			-29.9	%
Benefits & expenses, net (3)		na			na			na			na		$	6,222
% of direct premium		na			na			na			na			61.4	%
Insurance expenses, net (4)		na			na			na			na		$	7,051
% of direct premium		na			na			na			na			69.6	%
Legacy Term Life Insurance - Financial Analysis
Direct premium		na			na			na			na		$	507,794
Legacy term life operating income before income taxes		na			na			na			na		$	40,372
% of direct premium														8.0	%

(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) 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

(3) Benefits & expenses, net - includes total benefits & claims, ceded premiums, insurance commissions, and amortization of deferred policy acquisition costs

(4) Insurance expenses, net - insurance expenses net of other net revenues

13 of 19

Investments and Savings Product - Financial Results, Key Statistics, and Financial Analysis	PRIMERICA, INC.
	Financial Supplement

																YOY
(Dollars in thousands, except as noted)	Q1 2009			Q2 2009			Q3 2009			Q4 2009			Q1 2010			$ Variance			% Variance
Investments & Savings Product Statement of Operating Income Before Income Taxes (1)
Revenues:
Commissions and fees:
Sales-based	$	28,203		$	29,451		$	28,672		$	32,472		$	36,363		$	8,160		29	%
Asset-based		27,555			29,718			33,344			36,964			38,014			10,459		38	%
Account-based		11,089			10,784			10,717			10,657			10,208			(881	)	-8	%
Other, net		2,437			2,536			2,682			2,858			2,108			(329	)	-14	%
Operating revenues		69,285			72,488			75,415			82,952			86,693			17,408		25	%
Benefits and expenses:
Amortization of deferred policy acquisition costs		1,936			1,508			1,304			2,506			2,549			613		32	%
Insurance commissions		1,737			1,482			1,766			1,845			1,809			72		4	%
Sales commissions:
Sales-based		21,106			21,555			20,780			23,470			26,203			5,097		24	%
Asset-based		9,430			9,533			10,883			12,157			12,715			3,285		35	%
Other operating expenses		14,705			17,693			14,461			16,878			17,970			3,266		22	%
Operating benefits and expenses		48,914			51,771			49,194			56,856			61,246			12,332		25	%
Operating income before income taxes	$	20,371		$	20,717		$	26,221		$	26,096		$	25,447		$	5,076		25	%
Key Statistics
Product sales ($mills)
Mutual Funds	$	445		$	428		$	444		$	504		$	595		$	150		34	%
Variable Annuities / 401(k)		208			248			218			249			267			59		28	%
Total sales based revenue generating product sales		653			675			662			753			862			209		32	%
Segregated Funds		75			56			60			72			111			36		48	%
Total product sales	$	729		$	731		$	722		$	825		$	974		$	245		34	%
Asset values (beginning of period) ($millions)	$	24,677		$	23,146		$	26,496		$	30,114		$	31,303		$	6,626		27	%
Inflows		729			731			722			825			974			245		34	%
Outflows (2)		(816	)		(705	)		(717	)		(758	)		(956	)		(140	)	-17	%
Net flows		(88	)		26			4			67			17			105		nm
Change in market value, net (3)		(1,443	)		3,323			3,614			1,123			1,350			2,792		nm
Asset values (end of period)	$	23,146		$	26,496		$	30,114		$	31,303		$	32,670		$	9,524		41	%
Average asset values	$	23,253		$	25,340		$	28,413		$	30,375		$	31,404		$	8,151		35	%
Average asset values ($millions)
Mutual Funds	$	16,818		$	18,261		$	20,441		$	21,795		$	22,453		$	5,635		34	%
Variable Annuities / 401(k)		4,926			5,379			6,064			6,539			6,847			1,920		39	%
Segregated Funds		1,510			1,699			1,908			2,041			2,105			596		39	%
Total	$	23,253		$	25,340		$	28,413		$	30,375		$	31,404		$	8,151		35	%
Average number of fee generating accounts (thous) (4)		2,904			2,844			2,813			2,790			2,762			(142	)	-5	%
Financial Analysis
Sales-based net revenue as % of sales (5)		1.09	%		1.17	%		1.19	%		1.20	%		1.18	%
Asset-based net revenue as % of average asset values (6)		0.06	%		0.07	%		0.07	%		0.07	%		0.07	%
Account-based revenue per average fee generating account (4)		3.82			3.79			3.81			3.82			3.70

(1) The reinsurance and reorganization transactions had no pro forma effect on the results of the Investments and Savings Product segment.

(2) 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 9% 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.

(3) Change in market value, net - market value fluctuations net of fees, expenses, and foreign currency impact

(4) Fee generating accounts - mutual fund accounts for which we receive recording keeping and/or custodial fees

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

(6) Asset-based net revenue - commission and fee revenue less commissions paid to the sales force earned based on Investment and Savings product account values including amortization of deferred acquisition costs for Segregated funds

14 of 19

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

	As of or for the period ended March 31, 2010
								% of Total				Avg Book Yield		Avg Rating
(Dollars in thousands)	Market Value		Amortized Cost		Unrealized G/(L)			Market Value		Amortized Cost
Investment Portfolio by Asset Class
Cash and cash equivalents	$	929,153	$	929,153	$	—		31.2	%	32.7	%
Fixed Income:
Treasury		47,662		43,638		4,025		1.6	%	1.5	%	3.10	%	AAA
Government		82,752		71,978		10,774		2.8	%	2.5	%	5.28	%	AA-
Tax-Exempt Municipal		11,486		10,725		761		0.4	%	0.4	%	4.10	%	AA-
Corporate		1,083,669		994,655		89,014		36.4	%	35.0	%	6.30	%	BBB+
Mortgage-Backed		427,508		408,192		19,316		14.4	%	14.4	%	5.55	%	AA+
Asset-Backed		56,297		58,807		(2,511	)	1.9	%	2.1	%	2.54	%	AA-
CMBS		159,409		159,288		120		5.4	%	5.6	%	5.49	%	AAA
Private		122,424		115,294		7,130		4.1	%	4.1	%	6.26	%	BBB-
Redeemable Preferred		118		437		(318	)	0.0	%	0.0	%	8.59	%	A-
Convertible		35,490		33,913		1,577		1.2	%	1.2	%	3.82	%	A-
Total Fixed Income		2,026,814		1,896,927		129,887		68.1	%	66.7	%	5.79	%	A
Equities:
Perpetual Preferred		2,201		2,197		4		0.1	%	0.1	%
Common Stock		10,932		7,723		3,209		0.4	%	0.3	%
Mutual Fund		4,524		2,976		1,549		0.2	%	0.1	%
Other		3,501		3,479		21		0.1	%	0.1	%
Total Equities		21,159		16,376		4,783		0.7	%	0.6	%
Total invested assets	$	2,977,126	$	2,842,456	$	134,670		100.0	%	100.0	%
Corporate Portfolio by Sector
Banking	$	80,254	$	75,638	$	4,616		7.4	%	7.6	%
Basic Industry		84,912		76,986		7,926		7.8	%	7.7	%
Brokerage		10,778		9,774		1,005		1.0	%	1.0	%
Capital Goods		75,055		69,480		5,575		6.9	%	7.0	%
Communications		104,158		95,095		9,063		9.6	%	9.6	%
Consumer Cyclical		49,149		44,127		5,021		4.5	%	4.4	%
Consumer Non Cyclical		107,992		97,191		10,800		10.0	%	9.8	%
Electric		120,053		110,094		9,959		11.1	%	11.1	%
Energy		68,035		60,000		8,035		6.3	%	6.0	%
Finance Companies		26,882		22,676		4,206		2.5	%	2.3	%
Financial Other		7,885		7,446		439		0.7	%	0.7	%
Industrial Other		14,624		13,969		655		1.3	%	1.4	%
Insurance		122,421		116,232		6,189		11.3	%	11.7	%
Natural Gas		63,120		56,972		6,148		5.8	%	5.7	%
REITs		83,093		79,598		3,495		7.7	%	8.0	%
Technology		40,856		37,226		3,630		3.8	%	3.7	%
Transportation		19,035		17,161		1,873		1.8	%	1.7	%
Utility Other		5,368		4,990		378		0.5	%	0.5	%
Total Corporate portfolio	$	1,083,669	$	994,655	$	89,014		100.0	%	100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity (1)
< 1 Yr.	$	233,710	$	229,109	$	4,601		11.5	%	12.1	%
1-2 Yrs.		203,905		194,057		9,848		10.1	%	10.2	%
2-5 Yrs.		945,215		883,511		61,704		46.6	%	46.6	%
5-10 Yrs.		580,747		532,473		48,273		28.7	%	28.1	%
> 10 Yrs.		63,237		57,777		5,460		3.1	%	3.0	%
Total Fixed Income	$	2,026,814	$	1,896,927	$	129,887		100.0	%	100.0	%
Duration
Fixed income portfolio duration		3.6 years

(1) Excludes cash and cash equivalents

15 of 19

Investment Portfolio - Quality As of March 31, 2010	PRIMERICA, INC.
	Financial Supplement

(Dollars in thousands)	Amortized Cost		% of Total
Investment Portfolio Quality Ratings
Total Fixed Income portfolio: (1)
Rating
AAA	$	616,981	32.5	%
AA		150,779	7.9	%
A		402,450	21.2	%
BBB		584,768	30.8	%
Below Investment Grade		134,898	7.1	%
NA		7,052	0.4	%
Total Fixed Income	$	1,896,927	100.0	%
Average rating by amortized cost		A
Corporate asset class:
Rating
AAA	$	1,465	0.1	%
AA		76,577	7.7	%
A		339,641	34.1	%
BBB		495,321	49.8	%
Below Investment Grade		75,792	7.6	%
NA		5,859	0.6	%
Total Corporate	$	994,655	100.0	%
Average rating by amortized cost		BBB+
CMBS asset class:
Rating
AAA	$	132,185	83.0	%
AA		23,742	14.9	%
A		1,945	1.2	%
BBB		285	0.2	%
Below Investment Grade		1,011	0.6	%
NA		120	0.1	%
Total CMBS	$	159,288	100.0	%
Average rating by amortized cost		AAA
Asset-Backed asset class:
Rating
AAA	$	39,702	67.5	%
AA		6,748	11.5	%
A		882	1.5	%
BBB		6,755	11.5	%
Below Investment Grade		4,721	8.0	%
NA		—	—
Total Asset-Backed	$	58,807	100.0	%
Average rating by amortized cost		AA-
Private asset class:
Rating
AAA	$	310	0.3	%
AA		4,964	4.3	%
A		21,129	18.3	%
BBB		56,386	48.9	%
Below Investment Grade		32,505	28.2	%
NA		—	—
Total Private	$	115,294	100.0	%
Average rating by amortized cost		BBB-
Mortgage-Backed asset class:
Rating
AAA	$	376,973	92.4	%
AA		5,196	1.3	%
A		6,537	1.6	%
BBB		1,583	0.4	%
Below Investment Grade		17,903	4.4	%
NA		—	—
Total Mortgage-Backed	$	408,192	100.0	%
Average rating by amortized cost		AA+
Treasury & Government asset class:
Rating
AAA	$	66,034	57.1	%
AA		23,701	20.5	%
A		15,281	13.2	%
BBB		10,599	9.2	%
Below Investment Grade		—	—
NA		—	—
Total Treasury & Government	$	115,615	100.0	%
Average rating by amortized cost		AA+
NAIC Designations
1	$	1,067,453	61.0	%
2		565,204	32.3	%
3		78,542	4.5	%
4		30,502	1.7	%
5		5,116	0.3	%
6		4,053	0.2	%
U.S. insurer Fixed Income (2)		1,750,871	100.0	%
Other (3)		162,432
Cash and cash equivalents		929,153
Total Fixed Income	$	2,842,456

(1) Excludes cash and cash equivalents

(2) NAIC ratings for our U.S. insurance companies’ fixed income portfolios, excluding cash and cash equivalents

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

16 of 19

Investment Portfolio - Mortgage-Backed Vintage Analysis As of March 31, 2010	PRIMERICA, INC.
	Financial Supplement

	2004 and Prior			2005			2006			2007			2008		2009			Total
(Dollars in thousands)	Amortized Cost by Vintage
Commercial Mortgage-Backed Securities
Current Rating:
AAA	$	81,356		$	22,752		$	11,510		$	8,011		$	2,641	$	5,916		$	132,185
AA		11,978			10,265			1,500			—			—		—			23,742
A		1,745			—			200			—			—		—			1,945
BBB		285			—			—			—			—		—			285
BB		394			—			—			—			—		—			394
B		328			—			—			—			—		—			328
CCC and Lower		183			226			—			—			—		—			408
Total	$	96,268		$	33,242		$	13,210		$	8,011		$	2,641	$	5,916		$	159,288
	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	2,151		$	(289	)	$	838		$	220		$	105	$	(86	)	$	2,938
AA		(818	)		(1,890	)		51			—			—		—			(2,658	)
A		(107	)		—			(2	)		—			—		—			(109	)
BBB		(204	)		—			—			—			—		—			(204	)
BB		92			—			—			—			—		—			92
B		52			—			—			—			—		—			52
CCC and Lower		9			(1	)		—			—			—		—			8
Total	$	1,176		$	(2,180	)	$	886		$	220		$	105	$	(86	)	$	120
	2004 and Prior			2005			2006			2007			2008		2009			Total
	Amortized Cost by Vintage
Prime Residential Mortgage-Backed Securities
Current Rating:
AAA	$	182,076		$	49,566		$	40,533		$	59,946		$	42,801	$	—		$	374,923
AA		—			—			—			—			—		—			—
A		1,091			5,445			—			—			—		—			6,537
BBB		—			1,583			—			—			—		—			1,583
BB		—			7,049			—			—			—		—			7,049
B		—			2,003			—			—			—		—			2,003
CCC and Lower		—			—			—			1,798			—		—			1,798
Total	$	183,167		$	65,646		$	40,533		$	61,744		$	42,801	$	—		$	393,892
	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	11,642		$	139		$	2,613		$	4,094		$	3,248	$	—		$	21,736
AA		—			—			—			—			—		—			—
A		(80	)		(525	)		—			—			—		—			(605	)
BBB		—			(82	)		—			—			—		—			(82	)
BB		—			(362	)		—			—			—		—			(362	)
B		—			(188	)		—			—			—		—			(188	)
CCC and Lower		—			—			—			(196	)		—		—			(196	)
Total	$	11,562		$	(1,017	)	$	2,613		$	3,899		$	3,248	$	—		$	20,303
	2004 and Prior			2005			2006			2007			2008		2009			Total
	Amortized Cost by Vintage
Alt-A Residential Mortgage-Backed Securities
Current Rating:
AAA	$	—		$	2,050		$	—		$	—		$	—	$	—		$	2,050
AA		1,001			4,195			—			—			—		—			5,196
A		—			—			—			—			—		—			—
BBB		—			—			—			—			—		—			—
BB		—			—			—			—			—		—			—
B		—			—			374			—			—		—			374
CCC and Lower		3,789			2,892			—			—			—		—			6,681
Total	$	4,790		$	9,136		$	374		$	—		$	—	$	—		$	14,300
	Net Unrealized Gain/(Loss) by Vintage
Current Rating:
AAA	$	—		$	(102	)	$	—		$	—		$	—	$	—		$	(102	)
AA		(38	)		(638	)		—			—			—		—			(676	)
A		—			—			—			—			—		—			—
BBB		—			—			—			—			—		—			—
BB		—			—			—			—			—		—			—
B		—			—			(80	)		—			—		—			(80	)
CCC and Lower		(172	)		43			—			—			—		—			(129	)
Total	$	(209	)	$	(698	)	$	(80	)	$	—		$	—	$	—		$	(988	)

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

(Dollars in thousands)	Q1         2009	Q2         2009	Q3         2009	Q4         2009	Q1          2010
Net Investment Income by Source
Bonds & notes	na	na	na	na	$	83,814
Preferred and common stock	na	na	na	na		1,239
Policy loans	na	na	na	na		336
Cash & cash equivalents	na	na	na	na		283
Total investment income	na	na	na	na		85,671
Investment expenses	na	na	na	na		3,095
Net investment income	na	na	na	na	$	82,576
Fixed income average book yield	na	na	na	na		5.79	%
Mix of Fixed Income Portfolio Quality Ratings
Rating
AAA	na	na	na	na		32.5	%
AA	na	na	na	na		7.9	%
A	na	na	na	na		21.2	%
BBB	na	na	na	na		30.8	%
Below Investment Grade	na	na	na	na		7.1	%
NA	na	na	na	na		0.4	%
Total Fixed Income	na	na	na	na		100.0	%
Average rating by amortized cost	na	na	na	na		A

	As of March 31, 2010
	Market Value			Amortized Cost			Credit Rating
Top 25 Exposures
1       Government of Canada	$	52,202		$	47,063		AAA
2       National Rural Utilities Cooperative		15,812			12,930		A+
3       Sun Life Financial Inc		14,043			14,100		AA
4       Bank of America Corp		13,645			12,701		A
5       Verizon Communications Inc		13,332			11,476		A
6       General Electric Co		12,074			10,112		AA+
7       Edison International		11,908			12,032		BB-
8       ConocoPhillips		11,115			9,698		A
9       Transocean Ltd		10,695			10,071		BBB+
10     Enel SpA		10,540			10,537		A-
11     AT&T Inc		9,950			8,753		A
12     Medtronic Inc		9,692			9,314		AA-
13     Loews Corp		9,623			9,011		BBB
14     Reynolds American Inc		9,426			7,815		BBB
15     Province of Quebec Canada		8,937			7,218		A+
16     Iberdrola SA		8,631			8,467		BBB+
17     Amgen Inc		8,593			8,384		A+
18     Reed Elsevier Group PLC		8,579			8,499		BBB+
19     DCP Midstream LLC		8,569			7,559		BBB
20     Xlliac Global Funding		8,080			8,040		A
21     Westfield Group		7,904			7,449		A-
22     Roche Holding AG		7,711			6,908		AA-
23     Marathon Oil Corp		7,679			6,948		BBB+
24     Montpelier Re Holdings Ltd		7,621			7,207		BBB
25     Vale SA		7,615			7,101		BBB+
Total	$	293,977		$	269,394
% of total fixed income portfolio		14.5	%		14.2	%

	As of March 31, 2010
	Amortized Cost
Non-US Investments (1)
Canada	$	56,768
United Kingdom		54,142
Australia		34,342
France		17,639
Italy		12,036
Germany		11,782
Spain		10,494
Emerging Markets		12,616
All Other		71,836
Total	$	281,655

(1) US$ denominated investments in issuers outside of the United States; Emerging markets include Brazil, Colombia, Mexico, Peru, and South Africa.

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

	2005		2006		2007		2008		2009		Q1 2009		Q2 2009		Q3 2009		Q4 2009		Q1 2010
(Dollars in millions)
Recruits		215,615		204,316		220,950		235,125		221,920		57,623		57,453		58,654		48,190		58,085
Life-insurance licensed sales force (end of period)		97,105		96,532		97,125		100,651		99,785		100,409		100,672		101,095		99,785		97,354
Issued term life policies		251,442		245,520		244,733		241,173		233,837		53,023		62,202		58,070		60,542		52,445
Issued term life face amount	$	83,481	$	84,503	$	87,619	$	87,279	$	80,497	$	18,660	$	21,070	$	19,909	$	20,858	$	17,997
Term life face amount in force (end of period)	$	572,155	$	599,470	$	632,086	$	633,467	$	650,195	$	631,566	$	639,377	$	646,341	$	650,195	$	651,790
Estimated annualized issued term life premium	$	237	$	246	$	252	$	248	$	236	$	54	$	62	$	59	$	61	$	54
Investments & Savings product sales	$	4,174	$	4,665	$	5,189	$	4,458	$	3,007	$	729	$	731	$	722	$	825	$	974
Investments & Savings average client account values	$	28,474	$	32,117	$	36,696	$	32,476	$	26,905	$	23,253	$	25,340	$	28,413	$	30,375	$	31,404

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