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 7, 2019

 

PRIMERICA, INC.

(Exact Name of Registrant as Specified in Its Charter)

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

(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:

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

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

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

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

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

Emerging growth company [ ]

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	PRI	New York Stock Exchange

Item 2.02Results of Operations and Financial Condition.

On May 7, 2019, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2019. A copy of the press release is attached hereto as Exhibit 99.1.

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

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures.  Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business. Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses) and fair value mark-to-market (“MTM”) investment adjustments, including other-than-temporary impairments, for all periods presented. We exclude realized investment gains (losses) and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations.  In 2018, we excluded from adjusted net operating income and diluted adjusted operating earnings per share the one-time transition impact of adjustments made to finalize the provisional amounts recognized from the enactment of the Tax Cuts and Jobs Act of 2017 in order to present meaningful and useful period-over-period comparisons that could be distorted by the historically infrequent tax law change.  Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies.  Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.  Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business.  These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

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

Item 7.01Regulation FD Disclosure.

On May 7, 2019, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2019.  A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

99.1                     Press Release dated May 7, 2019 – Primerica Reports First Quarter 2019 Results

99.2                     Primerica, Inc. Supplemental Financial Information – First Quarter 2019

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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 7, 2019	PRIMERICA, INC.
	/s/ Alison S. Rand
	Alison S. Rand
	Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

PRIMERICA REPORTS FIRST QUARTER 2019 RESULTS

Life insurance licensed representatives increase 2% to 129,821

Term Life net premiums grow 10%; adjusted direct premiums grow 11%

Investment and Savings Products ending client asset values grow 5%

Net earnings per diluted share (EPS) of $1.83, up 26%; return on stockholders’ equity (ROE) of 21.2%

Adjusted operating EPS of $1.74, up 19%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 20.3%

Declared dividend of $0.34 per share, payable on June 14, 2019

Duluth, GA, May 7, 2019 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended March 31, 2019. Total revenues of $495.0 million increased 8% compared to the first quarter of 2018.  Net income of $79.2 million increased 20%, while earnings per diluted share of $1.83 increased 26% compared to the same quarter last year.  ROE increased from 18.5% during the first quarter of 2018 to 21.2% during the current quarter.

Adjusted operating revenues were $490.0 million, increasing 6% compared to the first quarter of 2018. Adjusted net operating income of $75.3 million increased 14%, while adjusted operating earnings per diluted share of $1.74 increased 19% compared to the same quarter last year.  ROAE increased from 19.0% during the first quarter of 2018 to 20.3% during the current quarter.

Results for the quarter reflect the financial stability of the Company’s Term Life segment, including an 11% increase in adjusted direct premiums.  Persistency during the first quarter of 2019 was generally consistent with the prior year’s first quarter and claims experience was in line with historical trends.  Market volatility early in the year resulted in a slower start in the Investment and Savings Products (ISP) segment, however, client

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asset values rebounded in late January and average client asset values declined less than half a percent compared to the first quarter of 2018.  Demand for investment products, most notably variable annuities, was robustthrough the last two months of the quarterand total product sales of $1.8 billion were only 1% below a very strong first quarter in 2018.  Insurance and other operating expenses increased 5% due to business growth and incremental investments.  The pace of investments is expected to increase as 2019 unfolds.The Company repurchased nearly $54 million of common stock during the quarter and is on track to achieve its $225 million repurchase target for the year.

“Our quarterly financial results reflect the strength and durability of our model with revenue growth of 8% and earnings per share growth of 26%, despite weaker sales than in the prior year period,” said Glenn Williams, Chief Executive Officer. “The need for financial security in middle-income families has never been greater and few companies possess the distribution breadth to assist this population demographic the way we do here at Primerica.”

First Quarter Distribution & Segment Results

Distribution Results
	Q1 2019		Q1 2018		% Change
Life Licensed Sales Force (1)		129,821		127,182		2	%
Recruits		63,223		76,230		(17	)%
New Life-Licensed Representatives		10,065		11,730		(14	)%
Life Insurance Policies Issued		64,242		70,821		(9	)%
Life Productivity (2)		0.16		0.19	*
ISP Product Sales ($ billions)	$	1.76	$	1.78		(1	)%
Average Client Asset Values ($ billions)	$	61.45	$	61.70		*

⁽¹⁾ End of period

⁽²⁾ Life productivity equals policies issued divided by the average number of life insurance licensed representatives per month

*     Not calculated or less than 1%

Segment Results
	Q1 2019			Q1 2018			% Change
	($ in thousands)
Adjusted Operating Revenues: (1)
Term Life Insurance	$	296,843		$	270,309			10	%
Investment and Savings Products		162,671			162,041			*
Corporate and Other Distributed Products		30,479			30,517			*
Total adjusted operating revenues (1)	$	489,993		$	462,867			6	%
Adjusted Operating Income (loss) before   income taxes:(1)
Term Life Insurance	$	70,339		$	59,621			18	%
Investment and Savings Products		42,683			39,984			7	%
Corporate and Other Distributed Products		(15,648	)		(13,698	)		14	%
Total adjusted operating income before    income taxes (1)	$	97,374		$	85,907			13	%

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

*     Less than 1%

Life Insurance Licensed Sales Force and Distribution Trends

As of March 31, 2019, the life insurance licensed sales force totaled 129,821 and was down slightly from December 31, 2018.  The decrease in the size of the sales force reflected the impact of fewer individuals recruited over the last few quarters, which in turn resulted in a lower number of new life insurance licenses.  After several years of exceptional growth, momentum in recruiting, licensing and term life sales began to slow in 2018 and this trend has continued into the first quarter.  During the first quarter of 2019, approximately 64,000 term life insurance policies were issued, which represented a decline of 9% compared to the first quarter of 2018.  Productivity for the quarter was 0.16 policies per life insurance licensed representative per month, below the Company’s historical range of 0.18 to 0.22.  Management has confidence in its ability to rebuild momentum and the biennial convention in June provides an excellent opportunity for the leadership team to reenergize the sales force.

The ISP segment posted solid quarterly results with net new client inflows of $227 million, led by a 31% increase in sales of variable annuities year-over-year and strong demand for managed accounts, which ended the quarter up 19% to $3.3 billion in client account asset values.

Segment Results

Term Life Insurance  

Operating revenues of $296.8 million during the first quarter increased 10% compared to the first quarter of 2018 due to an 11% growth in adjusted direct premiums.  Persistency was generally in line with the first quarter of 2018, while claims, which are typically higher in the first quarter, improved by approximately $2 million due to unfavorable claims experience in the prior year’s first quarter.  Income before income taxes was $70.3 million, an increase of 18% year-over-year.  

Investment and Savings Products

Operating revenues of $162.7 million were relatively unchanged compared to the same quarter in 2018, while income before income taxes of $42.7 million increased 7% year-over-year.  ISP product sales and average client asset values were both negatively impacted by market volatility early in the quarter, although trends improved as the quarter progressed.  The continued mix-shift toward annuity sales, which generally have higher sales-based fees, led to a 4% growth in sales-based revenues.  Ending client asset values increased 5% compared to the first quarter of 2018, however, average client asset values declined slightly, resulting in a decrease in asset-based revenues.   Account-based revenues declined due to the closure of Freedom portfolio accounts, which we stopped selling at the end of 2017, and the loss of associated recordkeeping and custodial fees.  Sales and asset-based commission expenses were generally

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consistent with the associated revenues.  Canadian segregated fund DAC amortization was $3 million lower than the prior year, primarily reflecting positive market performance in the first quarter of 2019.

Net Investment Income

An increase in the size of the invested assets portfolio compared to the same quarter in 2018 contributed approximately $1.6 million to investment income.  The effective book yield of assets that matured during the current quarter was largely consistent with the yield on new purchases, however, for the remainder of 2019, the Company expects the book yield of maturities to be higher than current interest rates.

Taxes

In the first quarter of 2019, the GAAP effective income tax rate was 22.7% compared to 20.8% during the first quarter of 2018.  The prior period tax rate included a benefit of $1.8 million associated with the Tax Cuts and Jobs Act of 2017, which reduced the tax effective rate by 2.1%.  

Capital

During the first quarter of 2019, the Company repurchased 473,138 shares of common stock with a value of $53.6 million.  The Board of Directors has approved a dividend of $0.34 per share, payable on June 14, 2019, to stockholders of record on May 22, 2019.

Primerica has a strong balance sheet and continues to be well-capitalized to meet future needs.  Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be approximately 460% as of March 31, 2019.

Non-GAAP Financial Measures

We report financial results in accordance with U.S. generally accepted accounting principles (GAAP).  We also present adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, adjusted stockholders’ equity and diluted adjusted operating earnings per share.  Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (IPO coinsurance transactions) for all periods presented.  We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.  Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, and diluted adjusted operating earnings per share exclude the impact of realized investment gains (losses) and fair value mark-to-market (MTM) investment adjustments, including other-than-temporary impairments (OTTI), for all periods presented.  We exclude realized investment gains (losses) and MTM investment adjustments in measuring these non-GAAP financial

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measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations.In 2018, we excluded from adjusted net operating income and diluted adjusted operating earnings per share the one-time transition impact of adjustments made to finalize the provisional amounts recognized from the enactment of the Tax Cuts and Jobs Act of 2017 (tax reform) in order to present meaningful and useful period-over-period comparisons that could be distorted by the historically infrequent tax law change.Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented.  We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold.

The definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies.  Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.  Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business.  These measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.  Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast Wednesday, May 8, 2019 at 10:00 am EST, to discuss the quarter’s results.  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.  This release and a detailed financial supplement will be posted on Primerica’s website.  

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of  sales

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representatives; new laws or regulations that affect our distribution model; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations or the failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality, persistency, expenses and interests rates as reflected in the pricing for our insurance policies; the occurrence of a catastrophic event; changes in federal,  state and provincial legislation or regulation that affects our insurance and investment product businesses; our failure to meet regulatory capital ratios  or other minimum capital and surplus requirements; a downgrade or potential downgrade in our insurance subsidiaries’ financial strength ratings or our senior debt ratings; inadequate or unaffordable reinsurance or the failure of our reinsurers to perform their obligations; the failure of our investment products to remain competitive with other investment options or the change to investment and savings products offered by key providers in a way that is not beneficial to our business; fluctuations in the performance of client assets under management; legal and regulatory investigations and actions concerning us or sales representatives; heightened standards of conduct or more stringent licensing requirements for sales representatives; inadequate policies and procedures regarding suitability review of client transactions; the failure of, or legal challenges to, the support tools we provide to sales force; the failure of our information technology systems, breach of our information security or failure of our business continuity plan; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; the inability of our subsidiaries to pay dividends or make distributions; our inability to generate and maintain a sufficient amount of working capital; our non-compliance with the covenants of our senior unsecured debt; the loss of key personnel; and fluctuations in the market price of our common stock or  Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at http://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, provides financial services to middle-income households in North America. Primerica licensed representatives educate their clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, mutual funds, annuities and other financial products. Primerica insured approximately 5 million lives and had over 2 million client investment accounts at December 31, 2018. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2017.  Primerica stock is included in the S&P MidCap 400 and the Russell 2000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

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470-564-6663
Email: investorrelations@primerica.com

Media Contact:

Keith Hancock

470-564-6328

Email: Keith.Hancock@Primerica.com  

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PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
	(Unaudited)
	March 31, 2019		December 31, 2018
	(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	2,088,702	$	2,069,635
Fixed-maturity security held-to-maturity, at amortized cost		1,036,110		970,390
Short-term investments available-for-sale, at fair value		8,230		8,171
Equity securities, at fair value		37,848		37,679
Trading securities, at fair value		26,556		13,610
Policy loans		30,783		31,501
Total investments		3,228,229		3,130,986
Cash and cash equivalents		279,626		262,138
Accrued investment income		18,450		17,057
Reinsurance recoverables		4,202,903		4,141,569
Deferred policy acquisition costs, net		2,181,741		2,133,920
Agent balances, due premiums and other receivables 1		226,061		215,139
Intangible assets, net		47,260		48,111
Income taxes		62,252		59,336
Operating lease right-of-use assets		50,506		-
Other assets 1		410,841		391,291
Separate account assets		2,368,760		2,195,501
Total assets	$	13,076,629	$	12,595,048
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits	$	6,240,864	$	6,168,157
Unearned and advance premiums		17,341		15,587
Policy claims and other benefits payable		308,422		313,862
Other policyholders' funds		377,360		370,644
Notes payable		373,755		373,661
Surplus note		1,035,421		969,685
Income taxes		206,180		187,104
Operating lease liabilities		56,712		-
Other liabilities		505,514		486,772
Payable under securities lending		64,914		52,562
Separate account liabilities		2,368,760		2,195,501
Total liabilities		11,555,243		11,133,535
Stockholders' equity:
Common stock		424		427
Paid-in capital		-		-
Retained earnings		1,506,943		1,489,520
Accumulated other comprehensive income (loss),   net of income tax		14,019		(28,434	)
Total stockholders' equity		1,521,386		1,461,513
Total liabilities and stockholders' equity	$	13,076,629	$	12,595,048

(1) Certain reclassifications have been made to the December 31, 2018 amounts to conform to current-period reporting classifications.  These reclassifications had no impact on net income or total stockholders’ equity.

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PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three months ended March 31,
	2019			2018
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	677,286		$	656,087
Ceded premiums		(389,795	)		(394,249	)
Net premiums		287,491			261,838
Commissions and fees		167,315			166,827
Net investment income		24,111			19,017
Realized investment gains (losses), including OTTI		2,847			(1,656	)
Other, net		13,223			13,897
Total revenues		494,987			459,923
Benefits and expenses:
Benefits and claims		122,284			116,890
Amortization of deferred policy acquisition costs		64,628			60,165
Sales commissions		83,799			82,519
Insurance expenses		43,402			41,109
Insurance commissions		5,619			5,877
Interest expense		7,180			7,173
Other operating expenses		65,707			63,227
Total benefits and expenses		392,619			376,960
Income before income taxes		102,368			82,963
Income taxes		23,203			17,248
Net income	$	79,165		$	65,715
Earnings per share:
Basic earnings per share	$	1.84		$	1.46
Diluted earnings per share	$	1.83		$	1.46
Weighted-average shares used in computing   earnings per share:
Basic		42,824			44,740
Diluted		42,942			44,855

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PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
	Three months ended March 31,
	2019			2018			% Change
Total revenues	$	494,987		$	459,923			8	%
Less: Realized investment gains (losses), including OTTI		2,847			(1,656	)
Less: 10% deposit asset MTM included in net               investment income (NII)		2,147			(1,288	)
Adjusted operating revenues	$	489,993		$	462,867			6	%
Income before income taxes	$	102,368		$	82,963			23	%
Less: Realized investment gains (losses), including OTTI		2,847			(1,656	)
Less: 10% deposit asset MTM included in NII		2,147			(1,288	)
Adjusted operating income before income taxes	$	97,374		$	85,907			13	%
Net income	$	79,165		$	65,715			20	%
Less: Realized investment gains (losses), including OTTI		2,847			(1,656	)
Less: 10% deposit asset MTM included in NII		2,147			(1,288	)
Less: Tax impact of preceding items		(1,132	)		675
Less: Transition impact of tax reform		-			1,768
Adjusted net operating income	$	75,303		$	66,216			14	%
Diluted earnings per share (1)	$	1.83		$	1.46			26	%
Less: Net after-tax impact of operating adjustments		0.09			(0.01	)
Diluted adjusted operating earnings per share (1)	$	1.74		$	1.47			19	%

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

TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited – in thousands)
	Three months ended March 31,
	2019			2018
Direct premiums	$	670,755		$	649,366
Less: Premiums ceded to IPO coinsurers		276,150			294,301
Adjusted direct premiums	$	394,605		$	355,065
Ceded premiums	$	(388,100	)	$	(392,561	)
Less: Premiums ceded to IPO coinsurers		(276,150	)		(294,301	)
Other ceded premiums	$	(111,950	)	$	(98,260	)
Net premiums	$	282,655		$	256,805

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CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
	Three months ended March 31,
	2019			2018
Total revenues	$	35,473		$	27,573
Less: Realized investment gains (losses), including OTTI		2,847			(1,656	)
Less: 10% deposit asset MTM included in NII		2,147			(1,288	)
Adjusted operating revenues	$	30,479		$	30,517
Loss before income taxes	$	(10,654	)	$	(16,642	)
Less: Realized investment gains (losses), including OTTI		2,847			(1,656	)
Less: 10% deposit asset MTM included in NII		2,147			(1,288	)
Adjusted operating loss before income taxes	$	(15,648	)	$	(13,698	)

PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
	March 31, 2019		December 31, 2018
Stockholders' equity	$	1,521,387	$	1,461,513
Less: Unrealized net investment gains (losses) recorded               in stockholders' equity, net of income tax		28,916		(7,370	)
Adjusted stockholders' equity	$	1,492,471	$	1,468,883

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EX-99.2

Exhibit 99.2

Supplemental Financial Information

First Quarter 2019

Table of Contents PRIMERICA, INC. Financial Supplement

	Page
Preface, definition of Non-GAAP financial measures	3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures	4
Financial results and other statistical data	5
Statements of income	6
Reconciliation of statement of income GAAP to non-GAAP financial measures	7
Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12
Investment portfolio	13-15
Five-year historical key statistics	16

This document may contain forward-looking statements and information.  Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2018.

2 of 16

Preface PRIMERICA, INC. Financial Supplement

First Quarter 2019

This document is a financial supplement to our first quarter 2019 earnings release.  It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions.  Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

• Operating adjustments exclude the impact of realized investment gains/losses, mark-to-market (MTM) investment adjustments, and the one-time transition impact of the Tax Cuts and Jobs Act of 2017 (Tax Reform).  We exclude realized investment gains/losses and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations.  We exclude the provisional one-time transition impact from Tax Reform recognized in the fourth quarter of 2017, as well as all adjustments recognized in 2018 to the provisional one-time transition impact, to present meaningful and useful period-over-period comparisons that could be distorted by this historically infrequent tax law change.

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

• IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO).  We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

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

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

3 of 16

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

(Dollars in thousands)				Dec 31, 2017			Mar 31, 2018			Jun 30, 2018			Sep 30, 2018			Dec 31, 2018			Mar 31, 2019
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,287,955		$	2,254,512		$	2,239,045		$	2,322,453		$	2,422,734		$	2,471,745
	Securities held to maturity				737,150			796,450			843,810			891,860			970,390			1,036,110
			Total investments and cash		3,025,105			3,050,962			3,082,855			3,214,313			3,393,124			3,507,855
	Due from reinsurers				4,205,173			4,263,111			4,199,275			4,196,021			4,141,569			4,202,903
	Deferred policy acquisition costs				1,951,892			1,998,985			2,053,445			2,107,814			2,133,920			2,181,741
	Other assets				705,661			759,973			772,058			769,387			730,933			815,369
	Separate account assets				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760
			Total assets	$	12,460,704		$	12,492,737		$	12,496,640		$	12,707,531		$	12,595,047		$	13,076,628
Liabilities:
	Future policy benefits			$	5,954,524		$	6,004,101		$	6,057,112		$	6,132,750		$	6,168,157		$	6,240,864
	Other policy liabilities				685,885			693,223			673,912			682,126			700,094			703,123
	Income taxes				177,468			184,161			182,140			182,241			187,104			206,180
	Other liabilities				451,398			506,535			495,242			511,623			486,772			562,225
	Notes payable				373,288			373,381			373,474			373,567			373,661			373,755
	Surplus note				736,381			795,697			843,073			891,139			969,685			1,035,421
	Payable under securities lending				89,786			89,433			82,096			70,632			52,562			64,914
	Separate account liabilities				2,572,872			2,419,707			2,389,007			2,419,997			2,195,501			2,368,760
			Total liabilities		11,041,603			11,066,237			11,096,056			11,264,074			11,133,535			11,555,241
Stockholders’ equity:
	Common stock ($0.01 par value) (1)				443			440			432			430			427			424
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		0
	Retained earnings				1,375,090			1,416,564			1,409,104			1,452,841			1,489,520			1,506,944
	Treasury stock				—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:				—			—			—			—			—			—
		Net unrealized investment gains (losses) not other-than-temporarily impaired			39,686			14,039			1,493			(4,380	)		(7,253	)		29,022
		Net unrealized investment losses other-than-temporarily impaired			(113	)		(136	)		(136	)		(135	)		(116	)		(106	)
		Cumulative translation adjustment			3,995			(4,406	)		(10,309	)		(5,300	)		(21,064	)		(14,897	)
			Total stockholders’ equity		1,419,101			1,426,500			1,400,584			1,443,456			1,461,513			1,521,387
			Total liabilities and stockholders' equity	$	12,460,704		$	12,492,737		$	12,496,640		$	12,707,531		$	12,595,047		$	13,076,628
Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity				$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882		$	1,492,471
Reconciling items:
	Net unrealized investment gains (losses) not other-than-temporarily impaired				39,686			14,039			1,493			(4,380	)		(7,253	)		29,022
	Net unrealized investment losses other-than-temporarily impaired				(113	)		(136	)		(136	)		(135	)		(116	)		(106	)
		Total reconciling items			39,573			13,903			1,357			(4,515	)		(7,370	)		28,916
			Total stockholders’ equity	$	1,419,101		$	1,426,500		$	1,400,584		$	1,443,456		$	1,461,513		$	1,521,387
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,233,482		$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882
	Net Income				168,443			65,714			86,699			85,139			86,541			79,166
	Shareholder dividends				(9,020	)		(11,278	)		(11,086	)		(10,920	)		(10,856	)		(14,628	)
	Retirement of shares and warrants				(17,318	)		(51,563	)		(87,448	)		(34,508	)		(43,338	)		(60,288	)
	Net foreign currency translation adjustment				(497	)		(8,402	)		(5,903	)		5,009			(15,765	)		6,167
	Other, net				4,437			38,598			4,367			4,024			4,328			13,171
Balance, end of period				$	1,379,528		$	1,412,597		$	1,399,227		$	1,447,972		$	1,468,882		$	1,492,471
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	1,900,122		$	1,951,892		$	1,998,985		$	2,053,445		$	2,107,814		$	2,133,920
	General expenses deferred				8,887			9,599			9,800			8,886			8,497			9,163
	Commission costs deferred				99,411			104,314			103,192			100,890			96,697			98,196
	Amortization of deferred policy acquisition costs				(56,304	)		(60,165	)		(53,847	)		(59,534	)		(66,184	)		(64,628	)
	Foreign currency impact and other, net				(224	)		(6,655	)		(4,684	)		4,127			(12,904	)		5,091
Balance, end of period				$	1,951,892		$	1,998,985		$	2,053,445		$	2,107,814		$	2,133,920		$	2,181,741

(1) Outstanding common shares exclude restricted stock units.

4 of 16

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

																		YOY Q1
(Dollars in thousands, except per-share data)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			44,739,864			44,065,972			43,452,234			43,179,898			42,824,471			(1,915,393	)		-4.3	%
	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	13,452			20.5	%
	Less income attributable to unvested participating securities			(425	)		(483	)		(485	)		(487	)		(401	)		24			5.6	%
		Net income used in computing basic EPS	$	65,289		$	86,216		$	84,654		$	86,054		$	78,765		$	13,475			20.6	%
		Basic earnings per share	$	1.46		$	1.96		$	1.95		$	1.99		$	1.84		$	0.38			26.0	%
	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	9,088			13.7	%
	Less operating income attributable to unvested participating securities			(428	)		(479	)		(482	)		(493	)		(381	)		47			10.9	%
		Adjusted net operating income used in computing basic operating EPS	$	65,787		$	85,506		$	84,008		$	87,147		$	74,922		$	9,135			13.9	%
		Basic adjusted operating income per share	$	1.47		$	1.94		$	1.93		$	2.02		$	1.75		$	0.28			19.0	%
Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			44,739,864			44,065,972			43,452,234			43,179,898			42,824,471			(1,915,393	)		-4.3	%
	Dilutive impact of contingently issuable shares			115,421			140,567			136,628			131,384			118,014			2,593			2.2	%
		Shares used to calculate diluted EPS		44,855,285			44,206,539			43,588,862			43,311,282			42,942,485			(1,912,800	)		-4.3	%
	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	13,452			20.5	%
	Less income attributable to unvested participating securities			(424	)		(481	)		(484	)		(486	)		(400	)		24			5.6	%
		Net income used in computing diluted EPS	$	65,290		$	86,217		$	84,655		$	86,055		$	78,766		$	13,475			20.6	%
		Diluted earnings per share	$	1.46		$	1.95		$	1.94		$	1.99		$	1.83		$	0.38			26.0	%
	Adjusted net operating income		$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	9,088			13.7	%
	Less operating income attributable to unvested participating securities			(427	)		(478	)		(480	)		(492	)		(381	)		47			10.9	%
		Adjusted net operating income used in computing diluted operating EPS	$	65,788		$	85,507		$	84,009		$	87,149		$	74,923		$	9,134			13.9	%
		Diluted adjusted operating income per share	$	1.47		$	1.93		$	1.93		$	2.01		$	1.74		$	0.28			19.0	%

																	YOY Q1
		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,422,801		$	1,413,542		$	1,422,020		$	1,452,485		$	1,491,450		$	68,649			4.8	%
	Average adjusted stockholders' equity	$	1,396,063		$	1,405,912		$	1,423,599		$	1,458,427		$	1,480,676		$	84,613			6.1	%
	Net income return on stockholders' equity		18.5	%		24.5	%		23.9	%		23.8	%		21.2	%		2.8	%	nm
	Net income return on adjusted stockholders' equity		18.8	%		24.7	%		23.9	%		23.7	%		21.4	%		2.6	%	nm
	Adjusted net operating income return on adjusted stockholders' equity		19.0	%		24.5	%		23.7	%		24.0	%		20.3	%		1.4	%	nm
Capital Structure
	Debt-to-capital (1)		20.7	%		21.1	%		20.6	%		20.4	%		19.7	%		-1.0	%	nm
	Cash and invested assets to stockholders' equity		2.1	x		2.2	x		2.2	x		2.3	x		2.3	x		0.2	x	nm
	Cash and invested assets to adjusted stockholders' equity		2.2	x		2.2	x		2.2	x		2.3	x		2.4	x		0.2	x	nm
	Share count, end of period (2)		43,953,046			43,168,005			42,976,742			42,694,258			42,398,643			(1,554,403	)		-3.5	%
	Adjusted stockholders' equity per share	$	32.14		$	32.41		$	33.69		$	34.40		$	35.20		$	3.06			9.5	%
Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A2			A2			A1			A1			A1			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			nm			nm
	A.M. Best	A+			A+			A+			A+			A+			nm			nm
Holding Company Senior Debt Ratings
	Moody's	Baa2			Baa2			Baa1			Baa1			Baa1			nm			nm
	S&P	A-			A-			A-			A-			A-			nm			nm
	A.M. Best	a-			a-			a-			a-			a-			nm			nm

(1) Debt-to-capital is that of the parent company only.  Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.

(2) Share count reflects outstanding common shares, but excludes restricted stock units (RSUs).

5 of 16

Statements of Income   PRIMERICA, INC. Financial Supplement

																		YOY Q1
(Dollars in thousands)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	656,087		$	667,191		$	670,222		$	673,605		$	677,286		$	21,199			3.2	%
	Ceded premiums			(394,249	)		(403,449	)		(391,175	)		(392,290	)		(389,795	)		4,454			1.1	%
		Net premiums		261,838			263,741			279,047			281,314			287,491			25,653			9.8	%
	Net investment income			19,017			20,030			20,622			21,760			24,111			5,094			26.8	%
	Commissions and fees:
		Sales-based (1)		64,461			64,307			64,181			67,041			66,997			2,536			3.9	%
		Asset-based (2)		74,649			75,672			78,318			75,012			73,639			(1,010	)		-1.4	%
		Account-based (3)		20,595			20,438			20,306			20,463			19,613			(982	)		-4.8	%
		Other commissions and fees		7,122			7,523			8,074			9,444			7,066			(55	)		-0.8	%
	Realized investment (losses) gains			(1,656	)		1,313			(126	)		(1,651	)		2,847			4,504		nm
	Other, net			13,897			14,790			14,359			13,940			13,223			(674	)		-4.8	%
	Total revenues			459,923			467,814			484,781			487,324			494,988			35,065			7.6	%
Benefits and expenses:
	Benefits and claims			116,890			105,069			118,787			116,837			122,284			5,394			4.6	%
	Amortization of DAC			60,165			53,847			59,534			66,184			64,628			4,464			7.4	%
	Insurance commissions			5,877			6,417			6,584			5,612			5,619			(258	)		-4.4	%
	Insurance expenses			41,109			43,451			41,925			41,671			43,402			2,294			5.6	%
	Sales commissions:
		Sales-based (1)		46,259			45,905			45,634			47,424			47,831			1,572			3.4	%
		Asset-based (2)		32,484			33,350			34,813			33,297			32,343			(141	)		-0.4	%
		Other sales commissions		3,777			3,700			4,141			4,602			3,626			(151	)		-4.0	%
	Interest expense			7,173			7,229			7,216			7,192			7,180			7			0.1	%
	Other operating expenses			63,228			55,083			54,712			56,584			65,706			2,478			3.9	%
	Total benefits and expenses			376,961			354,050			373,346			379,403			392,619			15,658			4.2	%
	Income before income taxes			82,962			113,764			111,435			107,922			102,368			19,407			23.4	%
Income taxes				17,248			27,065			26,296			21,380			23,203			5,955			34.5	%
	Net income		$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	13,452			20.5	%
Income Before Income Taxes by Segment
Term Life			$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	10,718			18.0	%
Investment & Savings Products				39,985			43,228			45,052			45,647			42,684			2,699			6.7	%
Corporate & Other Distributed Products				(16,644	)		(5,291	)		(7,954	)		(9,842	)		(10,654	)		5,990			36.0	%
	Income before income taxes		$	82,962		$	113,764		$	111,435		$	107,922		$	102,368		$	19,407			23.4	%

(1) Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.

(2) Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.

(3) Account-based - revenues relating to the fee generating client accounts we administer.

6 of 16

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

																	YOY Q1
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	21,389			3.3	%
	Less: Premiums ceded to IPO Coinsurers		294,301			290,956			284,742			281,265			276,150			(18,150	)		-6.2	%
	Term Life adjusted direct premiums	$	355,065		$	369,548		$	378,441		$	386,511		$	394,605		$	39,539			11.1	%
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(392,561	)	$	(401,686	)	$	(389,332	)	$	(390,173	)	$	(388,100	)	$	4,461			1.1	%
	Less: Premiums ceded to IPO Coinsurers		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		18,150			6.2	%
	Term Life other ceded premiums	$	(98,260	)	$	(110,730	)	$	(104,590	)	$	(108,908	)	$	(111,950	)	$	(13,690	)		-13.9	%
Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	19,017		$	20,030		$	20,622		$	21,760		$	24,111		$	5,094			26.8	%
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147		nm			nm
	Adjusted net investment income	$	20,305		$	20,405		$	20,920		$	21,480		$	21,964		$	1,660			8.2	%
Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	459,923		$	467,814		$	484,781		$	487,324		$	494,988		$	35,065			7.6	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147		nm			nm
	Adjusted operating revenues	$	462,866		$	466,877		$	485,205		$	488,695		$	489,993		$	27,127			5.9	%
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	82,962		$	113,764		$	111,435		$	107,922		$	102,368		$	19,407			23.4	%
	Less: Realized investment gains/(losses)		(1,656	)		1,313			(126	)		(1,651	)		2,847		nm			nm
	Less: MTM investment adjustments		(1,288	)		(375	)		(297	)		280			2,147		nm			nm
	Adjusted operating income before income taxes	$	85,906		$	112,827		$	111,859		$	109,293		$	97,374		$	11,468			13.4	%
Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	65,714		$	86,699		$	85,139		$	86,541		$	79,166		$	13,452			20.5	%
	Less: Income before income taxes reconciling items		(2,944	)		937			(424	)		(1,371	)		4,994		nm			nm
	Less: Tax impact of income before income taxes reconciling items		675			(223	)		104			272			(1,132	)	nm			nm
	Less: Transition impact of tax reform (1)		1,768			—			970			—			—		nm			nm
	Adjusted net operating income	$	66,215		$	85,984		$	84,489		$	87,641		$	75,303		$	9,088			13.7	%

(1) Represents the transition effect of revaluing deferred tax assets and liabilities to a 21% tax rate and the inclusion of tax on mandatory deemed repatriated foreign earnings due to the enactment of Tax Reform, which was signed into law on December 22, 2017.  Amounts recognized in 2018 represent adjustments to the provisional amounts estimated as of December 31, 2017.

7 of 16

Segment Operating Results PRIMERICA, INC. Financial Supplement

																	YOY Q1
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Term Life Insurance
Revenues:
	Direct Premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	21,389			3.3	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		18,150			6.2	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			39,539			11.1	%
	Other ceded premiums  (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(13,690	)		-13.9	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			25,850			10.1	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			1,355			43.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			(671	)		-6.4	%
	Revenues		270,309			272,978			287,972			291,941			296,843			26,534			9.8	%
Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			5,611			5.0	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			7,393			13.0	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			(64	)		-2.9	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			2,876			7.4	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			15,816			7.5	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	10,718			18.0	%
Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	64,461		$	64,307		$	64,181		$	67,041		$	66,997		$	2,536			3.9	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			(1,010	)		-1.4	%
	Account-based		20,595			20,438			20,306			20,463			19,613			(982	)		-4.8	%
	Other, net		2,336			2,424			2,464			2,408			2,423			86			3.7	%
	Revenues		162,042			162,841			165,269			164,924			162,671			630			0.4	%
Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			(2,964	)		-86.1	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			(175	)		-5.5	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			1,572			3.4	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			(141	)		-0.4	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			(361	)		-1.0	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			(2,069	)		-1.7	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	2,699			6.7	%
Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,721		$	6,686		$	7,039		$	5,829		$	6,531		$	(190	)		-2.8	%
	Ceded premiums		(1,688	)		(1,763	)		(1,843	)		(2,118	)		(1,695	)		(7	)		-0.4	%
	Net premiums		5,033			4,923			5,195			3,711			4,836			(197	)		-3.9	%
	Allocated net investment income		17,216			17,159			17,413			17,574			17,521			305			1.8	%
	Commissions and fees:
	Prepaid Legal Services		3,669			3,607			4,431			4,586			3,737			67			1.8	%
	Auto and Homeowners Insurance		1,347			1,800			1,516			2,386			1,500			154			11.4	%
	Other sales commissions		2,106			2,116			2,127			2,472			1,829			(276	)		-13.1	%
	Other, net		1,145			1,453			1,281			1,102			1,056			(89	)		-7.8	%
	Adjusted operating revenues		30,516			31,058			31,964			31,831			30,479			(37	)		-0.1	%
Benefits and expenses:
	Benefits and claims		4,059			3,314			4,799			3,636			3,842			(217	)		-5.4	%
	Amortization of DAC		50			510			282			509			85			35			70.3	%
	Insurance commissions		450			428			455			326			431			(20	)		-4.4	%
	Insurance expenses		2,153			2,169			2,118			1,071			1,570			(582	)		-27.1	%
	Sales commissions		3,777			3,700			4,141			4,602			3,626			(151	)		-4.0	%
	Interest expense		7,173			7,229			7,216			7,192			7,180			7			0.1	%
	Other operating expenses		26,554			19,936			20,484			22,965			29,394			2,840			10.7	%
	Benefits and expenses		44,216			37,287			39,495			40,301			46,127			1,911			4.3	%
	Adjusted operating income before income taxes	$	(13,700	)	$	(6,228	)	$	(7,531	)	$	(8,471	)	$	(15,648	)	$	(1,948	)		-14.2	%

(1) Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2) Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3) Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

8 of 16

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

																	YOY Q1
(Dollars in thousands)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	21,389			3.3	%
	Premiums ceded to IPO coinsurers (1)		(294,301	)		(290,956	)		(284,742	)		(281,265	)		(276,150	)		18,150			6.2	%
	Adjusted direct premiums (2)		355,065			369,548			378,441			386,511			394,605			39,539			11.1	%
	Other ceded premiums  (3)		(98,260	)		(110,730	)		(104,590	)		(108,908	)		(111,950	)		(13,690	)		-13.9	%
	Net premiums		256,805			258,818			273,851			277,603			282,655			25,850			10.1	%
	Allocated net investment income		3,089			3,246			3,506			3,907			4,444			1,355			43.9	%
	Other, net		10,415			10,913			10,615			10,431			9,744			(671	)		-6.4	%
	Revenues		270,309			272,978			287,972			291,941			296,843			26,534			9.8	%
	Benefits and expenses:
	Benefits and claims		112,831			101,755			113,988			113,201			118,443			5,611			5.0	%
	Amortization of DAC		56,673			51,257			56,904			63,779			64,066			7,393			13.0	%
	Insurance commissions		2,228			2,856			2,936			2,244			2,163			(64	)		-2.9	%
	Insurance expenses		38,956			41,282			39,807			40,600			41,832			2,876			7.4	%
	Benefits and expenses		210,688			197,150			213,635			219,824			226,504			15,816			7.5	%
	Income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	10,718			18.0	%
Total Term Life Insurance - Financial Analysis
	Primary direct premiums (4)	$	267,615		$	280,209		$	287,554		$	294,006		$	300,708		$	33,093			12.4	%
	Legacy direct premiums (5)		381,751			380,295			375,629			373,770			370,047			(11,704	)		-3.1	%
	Total direct premiums	$	649,366		$	660,505		$	663,183		$	667,776		$	670,755		$	21,389			3.3	%
	Premiums ceded to IPO coinsurers	$	294,301		$	290,956		$	284,742		$	281,265		$	276,150		$	(18,150	)		-6.2	%
	% of Legacy direct premiums		77.1	%		76.5	%		75.8	%		75.3	%		74.6	%	nm			nm
	Benefits and claims, net (6)	$	211,091		$	212,485		$	218,577		$	222,109		$	230,392		$	19,301			9.1	%
	% of adjusted direct premiums		59.5	%		57.5	%		57.8	%		57.5	%		58.4	%	nm			nm
	DAC amortization & insurance commissions	$	58,901		$	54,113		$	59,839		$	66,023		$	66,229		$	7,329			12.4	%
	% of adjusted direct premiums		16.6	%		14.6	%		15.8	%		17.1	%		16.8	%	nm			nm
	Insurance expenses, net (7)	$	28,541		$	30,369		$	29,193		$	30,169		$	32,088		$	3,547			12.4	%
	% of adjusted direct premiums		8.0	%		8.2	%		7.7	%		7.8	%		8.1	%	nm			nm
	Total Term Life income before income taxes	$	59,621		$	75,827		$	74,338		$	72,117		$	70,339		$	10,718			18.0	%
	Term Life operating margin (8)		16.8	%		20.5	%		19.6	%		18.7	%		17.8	%	nm			nm

(1) Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.

(2) Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.

(3) Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.

(4) Primary direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5) Legacy direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.

(6) Benefits and claims, net - benefits & claims net of other ceded premiums which are largely YRT.

(7) Insurance expenses, net - insurance expenses net of other, net revenues.

(8) Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 16

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

																		YOY Q1
(Dollars in thousands, except as noted)			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$/# Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period				126,121			127,182			130,156			130,658			130,736			4,615			3.7	%
	New life-licensed representatives			11,730			13,544			11,715			11,052			10,065			(1,665	)		-14.2	%
	Non-renewal and terminated representatives			(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)		(311	)		-2.9	%
Life-insurance licensed sales force, end of period				127,182			130,156			130,658			130,736			129,821			2,639			2.1	%
Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1		$	(4.3	)		-7.1	%
	Additions and increases in premium			16.9			18.7			18.4			19.1			18.4			1.5			8.6	%
		Total estimated annualized issued term life premium	$	77.3		$	89.8		$	82.9		$	81.4		$	74.5		$	(2.8	)		-3.7	%
Issued term life policies				70,821			83,754			74,892			72,122			64,242			(6,579	)		-9.3	%
Estimated average annualized issued term life premium per policy (1)(2)			$	853		$	849		$	862		$	865		$	874		$	20			2.4	%
Term life face amount in-force, beginning of period ($mills)			$	763,831		$	765,732		$	773,604		$	781,276		$	781,041		$	17,210			2.3	%
	Issued term life face amount (3)			22,258			26,001			23,728			23,222			20,925			(1,333	)		-6.0	%
	Terminated term life face amount			(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)		(595	)		-3.3	%
	Foreign currency impact, net			(2,570	)		(1,788	)		1,582			(4,932	)		1,969			4,539		nm
Term life face amount in-force, end of period			$	765,732		$	773,604		$	781,276		$	781,041		$	785,552		$	19,820			2.6	%

(1)     Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.

(2)     In whole dollars.

(3)     Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

10 of 16

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

																	YOY Q1
(Dollars in thousands, except as noted)		Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	64,461		$	64,307		$	64,181		$	67,041		$	66,997		$	2,536			3.9	%
	Asset-based		74,649			75,672			78,318			75,012			73,639			(1,010	)		-1.4	%
	Account-based		20,595			20,438			20,306			20,463			19,613			(982	)		-4.8	%
	Other, net		2,336			2,424			2,464			2,408			2,423			86			3.7	%
	Revenues		162,042			162,841			165,269			164,924			162,671			630			0.4	%
	Benefits and expenses:
	Amortization of DAC		3,442			2,080			2,349			1,896			477			(2,964	)		-86.1	%
	Insurance commissions		3,199			3,132			3,193			3,042			3,025			(175	)		-5.5	%
	Sales commissions:
	Sales-based		46,259			45,905			45,634			47,424			47,831			1,572			3.4	%
	Asset-based		32,484			33,350			34,813			33,297			32,343			(141	)		-0.4	%
	Other operating expenses		36,673			35,147			34,228			33,619			36,312			(361	)		-1.0	%
	Benefits and expenses		122,057			119,613			120,217			119,277			119,988			(2,069	)		-1.7	%
	Income before income taxes	$	39,985		$	43,228		$	45,052		$	45,647		$	42,684		$	2,699			6.7	%
Financial Analysis
	Fees paid based on client asset values (1)	$	5,690		$	5,833		$	6,037		$	5,962		$	5,898		$	208			3.7	%
	Fees paid based on fee-generating positions (2)		12,495			10,854			10,223			10,219			11,159			(1,336	)		-10.7	%
	Other operating expenses		18,488			18,460			17,968			17,437			19,254			766			4.1	%
	Total other operating expenses	$	36,673		$	35,147		$	34,228		$	33,619		$	36,312		$	(361	)		-1.0	%
	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.24	%		1.27	%		1.26	%		1.35	%		1.33	%	nm			nm
	Canada		1.05	%		0.95	%		0.90	%		0.90	%		1.00	%	nm			nm
	Total		1.20	%		1.22	%		1.21	%		1.29	%		1.28	%	nm			nm
	Asset-based net revenue as % of average asset values (4)
	U.S.		0.036	%		0.037	%		0.037	%		0.037	%		0.036	%	nm			nm
	Canada		0.111	%		0.123	%		0.121	%		0.122	%		0.136	%	nm			nm
	Total		0.048	%		0.051	%		0.050	%		0.051	%		0.052	%	nm			nm
	Account-based net revenue per average fee generating position (5)(6)	$	2.90		$	3.49		$	3.70		$	3.80		$	3.20		nm			nm

(1) Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.

(2) Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.

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

(4) Asset-based net revenue - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.

(5) Account-based net revenue - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6) In whole dollars.

11 of 16

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

																				YOY Q1
(Dollars in thousands, except as noted)					Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$/# Change			% Change
Key Statistics
	Product sales ($mills)
		U.S. Retail Mutual Funds			$	792.4		$	800.6		$	763.3		$	767.8		$	710.2		$	(82.2	)		-10.4	%
		Canada Retail Mutual Funds				276.2			199.2			181.7			182.6			244.1			(32.1	)		-11.6	%
		Indexed Annuities				67.5			71.9			78.8			88.2			81.0			13.4			19.9	%
		Variable Annuities and other				376.1			432.2			504.5			476.8			465.8			89.8			23.9	%
				Total sales-based revenue generating product sales		1,512.2			1,504.0			1,528.3			1,515.3			1,501.1			(11.1	)		-0.7	%
		Managed Accounts				188.8			204.3			190.5			169.4			161.6			(27.2	)		-14.4	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			12.3			14.9	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	(26.0	)		-1.5	%
		Canada Retail Mutual Funds			$	276.2		$	199.2		$	181.7		$	182.6		$	244.1		$	(32.1	)		-11.6	%
		Segregated Funds and other				82.0			50.6			43.7			50.9			94.3			12.3			14.9	%
			Total Canada product sales			358.2			249.8			225.4			233.6			338.4			(19.8	)		-5.5	%
			Total U.S. product sales			1,424.8			1,509.1			1,537.1			1,502.1			1,418.6			(6.2	)		-0.4	%
				Total product sales	$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0		$	(26.0	)		-1.5	%
	Client asset values, beginning of period ($mills)				$	61,167		$	60,821		$	61,777		$	64,234		$	57,704		$	(3,463	)		-5.7	%
		Inflows				1,783			1,759			1,762			1,736			1,757			(26	)		-1.5	%
		Outflows (1)				(1,571	)		(1,498	)		(1,499	)		(1,376	)		(1,530	)		41			2.6	%
				Net flows		212			261			264			360			227			15			7.1	%
		Foreign currency impact, net				(283	)		(195	)		174			(543	)		201			484		nm
		Change in market value, net and other (2)				(276	)		891			2,019			(6,346	)		5,470			5,746		nm
	Client asset values, end of period				$	60,821		$	61,777		$	64,234		$	57,704		$	63,602		$	2,781			4.6	%
		Annualized net flows as % of beginning of period asset values				1.4	%		1.7	%		1.7	%		2.2	%		1.6	%		0.2	%	nm
	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,674		$	30,348		$	31,439		$	30,156		$	30,266		$	(408	)		-1.3	%
		Canada Retail Mutual Funds				7,508			7,444			7,610			7,252			7,390			(118	)		-1.6	%
		Managed Accounts				2,739			2,930			3,179			3,189			3,241			503			18.4	%
		Indexed Annuities				1,939			1,997			2,049			2,117			2,182			243			12.5	%
		Variable Annuities and other				16,333			16,176			16,669			15,982			16,057			(276	)		-1.7	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			(196	)		-7.8	%
				Total	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	(252	)		-0.4	%
		Canada Retail Mutual Funds			$	7,508		$	7,444		$	7,610		$	7,252		$	7,390		$	(118	)		-1.6	%
		Segregated Funds				2,510			2,402			2,417			2,311			2,314			(196	)		-7.8	%
			Total Canada average client assets			10,018			9,846			10,027			9,562			9,704			(315	)		-3.1	%
			Total U.S. average client assets			51,685			51,451			53,336			51,444			51,747			62			0.1	%
				Total average client assets	$	61,704		$	61,297		$	63,363		$	61,006		$	61,451		$	(252	)		-0.4	%
	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				2,130			2,086			2,066			2,042			1,998			(132	)		-6.2	%
		Recordkeeping only				665			660			657			652			641			(24	)		-3.7	%
				Total		2,795			2,746			2,723			2,694			2,639			(156	)		-5.6	%

(1) Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the company's recordkeeping platform.  The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available.  Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.

(2) Change in market value, net - market value fluctuations net of fees and expenses.

(3) Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 16

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

				As of or for the period ended March 31, 2019
										% of Total						Avg
				Market		Amortized		Unrealized		Market			Amortized			Book			Avg
(Dollars in thousands)				Value		Cost		G/(L)		Value			Cost			Yield			Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term				$	287,856	$	287,856	$	-		11.8	%		12.0	%
Fixed Income:
	Treasury				28,798		28,275		523		1.2	%		1.2	%		2.33	%	AAA
	Government				200,498		193,862		6,637		8.2	%		8.1	%		3.33	%	AA-
	Tax-Exempt Municipal				15,063		14,426		637		0.6	%		0.6	%		3.68	%	AA-
	Corporate				1,332,164		1,310,476		21,688		54.6	%		54.5	%		3.94	%	BBB+
	Mortgage-Backed				203,246		200,105		3,141		8.3	%		8.3	%		3.52	%	AAA
	Asset-Backed				74,633		74,362		271		3.1	%		3.1	%		3.29	%	AA
	CMBS				131,346		129,679		1,667		5.4	%		5.4	%		3.98	%	AAA
	Private				126,390		124,049		2,341		5.2	%		5.2	%		4.74	%	BBB
	Redeemable Preferred				3,119		2,947		172		0.1	%		0.1	%		5.79	%	BBB
			Total Fixed Income		2,115,258		2,078,180		37,078		86.7	%		86.5	%		3.85	%	A
Equities:
	Perpetual Preferred				12,850		12,850		-		0.5	%		0.5	%
	Common Stock				18,158		18,158		0		0.7	%		0.8	%
	Mutual Fund				6,840		6,840		0		0.3	%		0.3	%
	Other				-		-		-		0.0	%		0.0	%
			Total Equities		37,848		37,848		0		1.6	%		1.6	%
			Total Invested Assets	$	2,440,962	$	2,403,884	$	37,078		100.0	%		100.0	%
Corporate Portfolio by Sector
	Banking			$	178,043	$	176,093	$	1,950		13.4	%		13.4	%
	Consumer Non Cyclical				167,753		165,140		2,613		12.6	%		12.6	%
	Reits				128,882		126,727		2,155		9.7	%		9.7	%
	Energy				118,439		115,921		2,518		8.9	%		8.8	%
	Technology				106,781		105,039		1,742		8.0	%		8.0	%
	Insurance				106,637		104,553		2,084		8.0	%		8.0	%
	Communications				89,058		87,175		1,883		6.7	%		6.7	%
	Capital Goods				88,044		87,603		441		6.6	%		6.7	%
	Consumer Cyclical				84,376		82,494		1,882		6.3	%		6.3	%
	Basic Industry				66,784		65,425		1,359		5.0	%		5.0	%
	Electric				65,142		63,926		1,216		4.9	%		4.9	%
	Transportation				59,506		59,206		300		4.5	%		4.5	%
	Brokerage				36,105		35,143		962		2.7	%		2.7	%
	Finance Companies				15,833		15,626		206		1.2	%		1.2	%
	Industrial Other				11,592		11,383		209		0.9	%		0.9	%
	Natural Gas				5,609		5,495		114		0.4	%		0.4	%
	Financial Other				2,560		2,529		31		0.2	%		0.2	%
	Utility Other				1,020		998		23		0.1	%		0.1	%
			Total Corporate portfolio	$	1,332,164	$	1,310,476	$	21,688		100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
		< 1 Yr.		$	256,976	$	255,543	$	1,433		12.1	%		12.3	%		4.34	%
		1-2 Yrs.			247,775		245,868		1,908		11.7	%		11.8	%		3.63	%
		2-5 Yrs.			883,949		867,659		16,290		41.8	%		41.8	%		3.69	%
		5-10 Yrs.			658,006		646,136		11,870		31.1	%		31.1	%		3.89	%
		> 10 Yrs.			68,552		62,974		5,577		3.2	%		3.0	%		4.40	%
			Total Fixed Income	$	2,115,258	$	2,078,180	$	37,078		100.0	%		100.0	%		3.85	%
Duration
Fixed Income portfolio duration					3.6	years

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

13 of 16

Investment Portfolio - Quality Ratings As of March 31, 2019 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized  Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	443,886		21.4	%
	AA			226,866		10.9	%
	A			475,137		22.9	%
	BBB			868,985		41.8	%
	Below Investment Grade			60,228		2.9	%
	NA			3,078		0.1	%
		Total Fixed Income	$	2,078,180		100.0	%
			Amortized  Cost		% of Total							Amortized  Cost		% of Total
Corporate asset class:								Private asset class:
	Rating								Rating
	AAA		$	12,449		0.9	%		AAA			$	-		—
	AA			102,646		7.8	%		AA				997		0.8	%
	A			398,284		30.4	%		A				9,641		7.8	%
	BBB			739,755		56.4	%		BBB				111,741		90.1	%
	Below Investment Grade			56,392		4.3	%		Below Investment Grade				1,671		1.3	%
	NA			950		0.1	%		NA				-		—
		Total Corporate	$	1,310,476		100.0	%				Total Private	$	124,049		100.0	%
CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	121,930		94.0	%		AAA			$	194,375		97.1	%
	AA			-		—			AA				2,751		1.4	%
	A			6,921		5.3	%		A				2,619		1.3	%
	BBB			141		0.1	%		BBB				249		0.1	%
	Below Investment Grade			688		0.5	%		Below Investment Grade				59		0.0	%
	NA			-		—			NA				52		0.0	%
		Total CMBS	$	129,679		100.0	%				Total Mortgage-Backed	$	200,105		100.0	%
Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	46,451		62.5	%		AAA			$	67,241		30.3	%
	AA			5,705		7.7	%		AA				107,268		48.3	%
	A			18,904		25.4	%		A				36,797		16.6	%
	BBB			1,077		1.4	%		BBB				9,562		4.3	%
	Below Investment Grade			149		0.2	%		Below Investment Grade				1,270		0.6	%
	NA			2,076		2.8	%		NA				0		0.0	%
		Total Asset-Backed	$	74,362		100.0	%				Total Treasury & Government	$	222,137		100.0	%
NAIC Designations
	1		$	952,928		54.1	%
	2			755,987		42.7	%
	3			46,937		2.7	%
	4			9,451		0.5	%
	5			-		—
	6			3		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,765,306		100.0	%
	Other (3)			350,722
	Cash and cash equivalents			287,856
		Total Invested Assets	$	2,403,884

(1) Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.

(2) NAIC ratings for our U.S. insurance companies' fixed income portfolios.

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

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

14 of 16

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

																			YOY Q1
(Dollars in thousands)				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	19,289		$	19,743		$	20,142		$	20,183		$	20,333		$	1,044		5.4%
	Fixed-maturity securities (held-to-maturity)				8,373			9,052			9,592			10,467			10,674			2,301		27.5%
	Equity Securities				513			466			482			495			487			(26	)	-5.1%
	Deposit asset underlying 10% reinsurance treaty				1,181			1,270			1,392			1,480			1,755			574		48.6%
	Deposit asset - Mark to Market				(1,288	)		(375	)		(297	)		280			2,147			3,435		n/m
	Policy loans and other invested assets				411			390			391			478			467			56		13.6%
	Cash & cash equivalents				586			641			664			1,030			1,056			470		n/m
			Total investment income		29,065			31,187			32,366			34,413			36,919			7,854		27.0%
	Investment expenses				1,675			2,105			2,152			2,186			2,134			459		27.4%
	Interest Expense on Surplus Note				8,373			9,052			9,592			10,467			10,674			2,301		27.5%
			Net investment income	$	19,017		$	20,030		$	20,622		$	21,760		$	24,111		$	5,094		26.8%
		Fixed income book yield, end of period			3.92	%		3.91	%		3.88	%		3.89	%		3.85	%
		New money yield			2.43	%		3.16	%		3.34	%		2.81	%		3.56	%
																			YOY Q1
				Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				19.8	%		20.9	%		22.0	%		21.2	%		21.4	%		1.6	%
	AA				8.6	%		9.8	%		10.6	%		10.4	%		10.9	%		2.3	%
	A				23.4	%		23.0	%		22.2	%		22.4	%		22.9	%		-0.6	%
	BBB				44.6	%		43.0	%		42.2	%		42.9	%		41.8	%		-2.8	%
	Below Investment Grade				3.4	%		3.1	%		2.7	%		2.8	%		2.9	%		-0.5	%
	NA				0.2	%		0.2	%		0.2	%		0.2	%		0.1	%		-0.0	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		—
			Average rating by amortized cost	A			A			A			A			A

				As of March 31, 2019									As of March 31, 2019						As of March 31, 2019
				Market Value			Amortized Cost			Credit Rating			Market Value		Amortized Cost				Market Value		Amortized Cost
Top 25 Exposures											Foreign Exposure (1)						Government Investments (1)
	1	Canada		$	23,954		$	23,543		AAA	Canada		$	65,611	$	64,300	AAA		$	3,253	$	3,250
	2	Comcast Corp			15,320			15,184		A-	Australia			47,899		46,891	AA			14,459		14,311
	3	Province of Quebec Canada			13,486			12,510		AA-	United Kingdom			42,250		41,639	A			10,230		10,067
	4	Wells Fargo & Co			12,433			12,380		A-	Germany			19,200		19,209	BBB			8,447		8,122
	5	Bank of America Corp			11,938			11,845		A-	France			18,723		18,449	Below Investment Grade			1,280		1,270
	6	Office Properties Income Trust			11,461			11,463		BBB-	Switzerland			14,334		14,234	NA			—		—
	7	Province of Alberta Canada			11,386			11,079		A+	Ireland			12,872		12,549		Total	$	37,670	$	37,019
	8	Apple Inc			10,682			10,616		AA+	Bermuda			12,351		12,134
	9	American Express Co			10,649			10,676		BBB+	Cayman Islands			11,559		11,425
	10	Province of Ontario Canada			10,642			10,240		A+	Netherlands			8,909		8,048	Non-Government Investments (1)
	11	Province of British Columbia			10,482			10,275		AAA	Belgium			6,196		6,121
	12	Morgan Stanley			9,553			9,410		A+	Norway			5,851		5,891	AAA		$	4,358	$	4,349
	13	City of Toronto Canada			9,402			9,216		AA	Japan			5,608		5,449	AA			31,174		31,149
	14	Province of Manitoba Canada			9,028			8,791		A+	Mexico			5,377		5,213	A			73,907		72,967
	15	Honda Motor Co Ltd			8,709			8,558		A	Israel			5,353		5,264	BBB			177,733		173,147
	16	Municipal Finance Authority of British Columbia			8,584			8,466		AAA	Emerging Markets  (2)			12,616		12,427	Below Investment Grade			4,754		4,889
	17	Enbridge Inc			8,405			8,205		BBB+	All Other			34,886		34,278	NA			—		—
	18	Capital One Financial Corp			8,374			8,266		BBB		Total	$	329,596	$	323,520		Total	$	291,926	$	286,501
	19	Cigna Corp			8,007			7,824		A-
	20	City of Montreal Canada			7,892			7,388		AA-
	21	JPMorgan Chase & Co			7,835			7,700		A-
	22	American Airlines Group Inc			7,630			7,748		AA-
	23	General Electric Co			7,349			7,697		BBB+
	24	Hewlett Packard Enterprise Co			7,314			7,038		BBB
	25	US Bancorp			7,297			7,212		A+
			Total	$	257,812		$	253,329
			% of total fixed income portfolio		10.6	%		10.5	%

(1) US$ denominated investments in issuers outside of the United States based on country of risk.

(2) Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

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

15 of 16

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

(Dollars in millions)			2014			2015			2016			2017			2018			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Recruits				190,439			228,115			262,732			303,867			290,886			76,230			76,520			76,146			61,990			63,223
Life-insurance licensed sales force, beginning of period				95,566			98,358			106,710			116,827			126,121			126,121			127,182			130,156			130,658			130,736
	New life-licensed representatives			33,832			39,632			44,724			48,535			48,041			11,730			13,544			11,715			11,052			10,065
	Non-renewal and terminated representatives			(31,040	)		(31,280	)		(34,607	)		(39,241	)		(43,426	)		(10,669	)		(10,570	)		(11,213	)		(10,974	)		(10,980	)
Life-insurance licensed sales force, end of period				98,358			106,710			116,827			126,121			130,736			127,182			130,156			130,658			130,736			129,821
Issued term life policies				220,984			260,059			298,244			312,799			301,589			70,821			83,754			74,892			72,122			64,242
Issued term life face amount			$	69,574		$	79,111		$	89,869		$	95,635		$	95,209		$	22,258		$	26,001		$	23,728		$	23,222		$	20,925
Term life face amount in force, beginning of period			$	674,868		$	681,927		$	693,194		$	728,385		$	763,831		$	763,831		$	765,732		$	773,604		$	781,276		$	781,041
	Issued term life face amount			69,574			79,111			89,869			95,635			95,209			22,258			26,001			23,728			23,222			20,925
	Terminated term life face amount			(54,962	)		(53,580	)		(57,238	)		(65,958	)		(70,291	)		(17,788	)		(16,341	)		(17,638	)		(18,525	)		(18,383	)
	Foreign currency impact, net			(7,553	)		(14,263	)		2,560			5,769			(7,708	)		(2,570	)		(1,788	)		1,582			(4,932	)		1,969
Term life face amount in force, end of period			$	681,927		$	693,194		$	728,385		$	763,831		$	781,041		$	765,732		$	773,604		$	781,276		$	781,041		$	785,552
Estimated annualized issued term life premium
	Premium from new policies		$	179.8		$	212.4		$	245.2		$	263.1		$	258.5		$	60.4		$	71.1		$	64.6		$	62.4		$	56.1
	Additions and increases in premium			51.6			54.9			60.4			65.5			73.0			16.9			18.7			18.4			19.1			18.4
		Total estimated annualized issued term life premium	$	231.4		$	267.3		$	305.7		$	328.6		$	331.5		$	77.3		$	89.8		$	82.9		$	81.4		$	74.5
Investment & Savings product sales			$	5,682.3		$	5,856.8		$	5,594.3		$	6,192.2		$	7,040.1		$	1,783.0		$	1,758.9		$	1,762.4		$	1,735.7		$	1,757.0
Investment & Savings average client asset values			$	46,936		$	48,477		$	49,427		$	56,791		$	61,842		$	61,704		$	61,297		$	63,363		$	61,006		$	61,451

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