8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported):      August 5, 2020

 

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)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

Emerging growth company ☐

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

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 August 5, 2020, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended June 30, 2020. 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 credit impairments, for all periods presented. We exclude realized investment gains (losses), including credit impairments, 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. 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.

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.

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Item 7.01Regulation FD Disclosure.

On August 5, 2020, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended June 30, 2020.  A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

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

Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits.
99.1	Press Release dated August 5, 2020 – Primerica Reports Second Quarter 2020 Results
99.2	Primerica, Inc. Supplemental Financial Information – Second Quarter 2020
104	Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  August 5, 2020	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 SECOND QUARTER 2020 RESULTS

Issued Term Life policies grow 20%

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

Life-Licensed Sales Force of 134,157 aided by temporary COVID-19 state licensing measures

Investment and Savings Products client asset values recover from the first quarter market disruption, ending the quarter at $68 billion

Investment and Savings Products sales decline 13%; in line with Company expectations

Net earnings per diluted share (EPS) of $2.51, up 10%; return on stockholders’ equity (ROE) of 25.6%

Diluted adjusted operating EPS of $2.44, up 10%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 25.6%

Declared dividend of $0.40 per share, payable on September 14, 2020

Duluth, GA, August 5, 2020 – Primerica, Inc. (NYSE: PRI) today announced financial results for the quarter ended June 30, 2020. Total revenues of $525.8 million increased 4% compared to the second quarter of 2019.  Net income of $101.5 million increased 4%, while earnings per diluted share of $2.51 increased 10% compared to the same quarter last year.  ROE remained robust at 25.6%.

Compared to the second quarter of 2019, adjusted operating revenues of $521.8 million increased 4%, adjusted operating net income of $98.5 million increased 4% and diluted adjusted operating earnings per share of $2.44 increased 10%. ROAE increased to 25.6% during the quarter from 25.1% during the second quarter of 2019.  

Second quarter results were positively impacted by strong public sentiment toward owning life insurance, which increased demand for new term life insurance policies and drove higher retention of existing policies.  Term Life financial results were strong

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despite elevated COVID-19 claims.  Investment and Savings Product (ISP) average client assets values recovered during the quarter, however market uncertainty negatively impacted ISP sales.  The Company continued to invest in projects that enhance business opportunities such as digital technologies and the rollout of the mortgage distribution program.  Savings from COVID-19 related business travel restrictions and event cancellations generally offset these costs with operating expenses remaining flat year-over-year.  During the quarter, the Company repurchased $86.5 million of common stock and is on track to achieve its $250 million repurchase target for the year.

“Our second quarter performance reflects the complementary nature of our two product lines. Term Life sales grew, aided by clients’ increased priority on preserving the financial security of their families, as momentum slowed in ISP sales due to uncertainty in the markets,” said Glenn Williams, Chief Executive Officer.  “Our sales force’s resilience and our ability to adapt to the challenges posed by the crisis positioned us well to quickly respond to clients’ needs.”

Second Quarter Distribution & Segment Results

Distribution Results
	Q2 2020		Q2 2019		% Change
Life-Licensed Sales Force (1)		134,157		129,550		4	%
Recruits		133,123		86,173		54	%
New Life-Licensed Representatives		12,250		10,919		12	%
Life Insurance Policies Issued		94,044		78,664		20	%
Life Productivity (2)		0.24		0.20	*
ISP Product Sales ($ billions)	$	1.69	$	1.94		(13	)%
Average Client Asset Values ($ billions)	$	64.64	$	64.43	*

⁽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
	Q2 2020			Q2 2019			% Change
	($ in thousands)
Adjusted Operating Revenues:
Term Life Insurance	$	328,233		$	296,868			11	%
Investment and Savings Products		164,181			173,086			(5	)%
Corporate and Other Distributed Products (1)		29,400			31,434			(6	)%
Total adjusted operating revenues (1)	$	521,814		$	501,388			4	%
Adjusted Operating Income (Loss) before   income taxes:
Term Life Insurance	$	94,904		$	83,997			13	%
Investment and Savings Products		46,860			47,343			(1	)%
Corporate and Other Distributed Products (1)		(11,703	)		(7,394	)		58	%
Total adjusted operating income before    income taxes (1)	$	130,061		$	123,946			5	%

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

Life Insurance Licensed Sales Force

Recruiting and field training incentives introduced at the onset of the COVID-19 pandemic were extended through the second quarter, which led to a total of 133,123 new recruits during the period.  New life-licensed representatives increased 12% year-over-year to 12,250 and included a number of individuals with temporary licenses.  These temporary licenses were concentrated in several states that started issuing such licenses in response to testing disruptions from COVID-19.  At quarter end, a total of 3,400 representatives with temporary licenses were included in the size of the sales force.  Many states have also extended licensing renewal dates due to COVID-19.  There were about 4,400 of these extended licenses included in the 134,157 independent life-licensed representatives at quarter-end.  The number of COVID-19 temporary licenses that become permanent and the number of extended licenses that renew will emerge over the next few quarters.

Term Life Insurance  

Life insurance policies issued during the second quarter increased 20% year-over-year, reflecting the heightened awareness of the value of protection products that has emerged with the COVID-19 pandemic.  The sales force quickly adapted to using virtual communication tools which, combined with our extensive point-of-sale technologies and existing products, allowed our life-licensed representatives to readily meet clients’ needs.  Productivity for the quarter was 0.24 policies per life insurance licensed representative, up from 0.20 policies per life insurance licensed representative in the prior year’s second quarter.

Revenues of $328.2 million increased 11% compared to the second quarter of 2019 and pre-tax income of $94.9 million increased 13% year-over-year.  Strong sales and persistency drove an 11% increase in adjusted direct premiums.  Extremely favorable persistency during the quarter led to a decline in DAC amortization year-over-year, partially offset by higher benefit reserve increases.  Benefits and claims also included approximately $10 million in COVID-19 related claims in the quarter.

Investment and Savings Products

Market volatility and economic uncertainty impacted clients’ willingness to make investment decisions during the quarter.  As we expected, total product sales declined 13% year-over-year to $1.7 billion, while net client inflows were a robust $613 million, twice the level recorded in the prior year period due to a significant reduction in client redemptions.  Average client asset values at $64.6 billion were flat year-over-year and down 3% compared to the first quarter of 2020.  Markets recovered as the quarter progressed and quarter-ending client asset values were $68.2 billion, up 4% year-over-year.  

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Revenues of $164.2 million during the quarter declined 5% compared to the same quarter in 2019 and pre-tax income of $46.9 million decreased 1%.Sales-based revenues declined 12% inline with the decrease in revenue-generating product sales and asset-based revenues declined 1% due to average client asset values remaining flat year-over-year.  Sales and asset-based commission expenses declined in correlation with associated revenues.  Canadian segregated fund DAC amortization was favorable $2 million during the quarter due to market recoveries, which effectively reversed the accelerated amortization recognized in the first quarter of 2020.  

Net Investment Income

Consolidated net investment income during the quarter decreased approximately $2.2 million versus the prior year period due to lower investment yields, partially offset by an increase in the size of the invested asset portfolio.  On a segment basis, net investment income allocated to the Term Life segment continues to increase as the block of business grows, which reduces net investment income recognized in the Corporate and Other Distributed Products segment.  The invested asset portfolio had a fair market value of $2.4 billion at the end of the second quarter, reflecting a net unrealized gain of $120 million.

Taxes

The second quarter effective income tax rate was 24.3% versus 23.5% in the prior year period, in part due to a lower tax benefit being recognized on vested equity awards. 

Capital

During the second quarter, the Company repurchased 848,450 shares of common stock for $86.5 million, bringing the total through June 30 to $176.6 million.  The Company expects to repurchase $250 million of its common stock during 2020.  The Board of Directors has approved a dividend of $0.40 per share, payable on September 14, 2020, to stockholders of record on August 21, 2020.

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 about 400% and holding company liquidity was $256 million as of June 30, 2020.  The RBC ratio declined during the quarter due to the growth in the business and higher commissions and acquisition expenses related to that growth.

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

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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 credit impairments, for all periods presented. We exclude realized investment gains (losses), including credit impairments, 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. 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 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 on Thursday, August 6, 2020 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

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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, major public health pandemics, epidemics or outbreaks, specifically the novel COVID-19 pandemic; our failure to continue to attract and license new recruits, retain sales representatives or license or maintain the licensing of  sales representatives; new laws or regulations that could apply to  our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or sales representatives’ violation of or non-compliance with laws and regulations; any failure to protect the confidentiality of client information; differences between our actual experience and our expectations regarding mortality or persistency 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,  investment product, and mortgage 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 or a significant change in the competitive environment in which we operate; fluctuations in the performance of client assets under management; litigation 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 the sales force; the failure of our information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; economic down cycles that impact our business, financial condition and results of operations; 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 or sales force leaders; 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, is a leading provider of financial services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future

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by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5 million lives and had approximately 2.5 million client investment accounts at December 31, 2019. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2019.Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

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)
	June 30, 2020		December 31, 2019
	(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value	$	2,357,154	$	2,356,996
Fixed-maturity security held-to-maturity, at amortized cost		1,278,580		1,184,370
Equity securities, at fair value		33,689		40,684
Trading securities, at fair value		22,399		43,233
Policy loans		31,471		32,927
Total investments		3,723,293		3,658,210
Cash and cash equivalents		360,351		256,876
Accrued investment income		16,940		17,361
Reinsurance recoverables		4,217,129		4,169,823
Deferred policy acquisition costs, net		2,434,462		2,325,750
Agent balances, due premiums and other receivables		270,421		227,100
Intangible assets, net		45,275		45,275
Income taxes		69,408		70,492
Operating lease right-of-use assets		48,487		47,265
Other assets		401,129		384,634
Separate account assets		2,377,654		2,485,745
Total assets	$	13,964,549	$	13,688,531
Liabilities and Stockholders' Equity
Liabilities:
Future policy benefits	$	6,567,169	$	6,446,569
Unearned and advance premiums		18,619		15,470
Policy claims and other benefits payable		412,446		339,954
Other policyholders' funds		424,018		388,663
Notes payable		374,226		374,037
Surplus note		1,277,970		1,183,728
Income taxes		265,369		209,221
Operating lease liabilities		54,680		53,487
Other liabilities		519,745		510,443
Payable under securities lending		29,973		28,723
Separate account liabilities		2,377,654		2,485,745
Total liabilities		12,321,869		12,036,040
Stockholders' equity:
Common stock		397		412
Paid-in capital		-		-
Retained earnings		1,569,689		1,593,281
Accumulated other comprehensive income (loss),   net of income tax		72,594		58,798
Total stockholders' equity		1,642,680		1,652,491
Total liabilities and stockholders' equity	$	13,964,549	$	13,688,531

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PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
	Three months ended June 30,
	2020			2019
	(In thousands, except per-share amounts)
Revenues:
Direct premiums	$	717,088		$	687,262
Ceded premiums		(402,549	)		(400,588	)
Net premiums		314,539			286,674
Commissions and fees		171,788			178,468
Net investment income		22,710			24,868
Realized investment gains (losses)		1,742			1,067
Other, net		15,036			13,825
Total revenues		525,815			504,902
Benefits and expenses:
Benefits and claims		139,646			115,068
Amortization of deferred policy acquisition costs		53,177			58,762
Sales commissions		85,492			90,099
Insurance expenses		43,753			44,570
Insurance commissions		6,333			5,829
Interest expense		7,200			7,201
Other operating expenses		56,152			55,913
Total benefits and expenses		391,753			377,442
Income before income taxes		134,062			127,460
Income taxes		32,552			30,014
Net income	$	101,510		$	97,446
Earnings per share:
Basic earnings per share	$	2.52		$	2.28
Diluted earnings per share	$	2.51		$	2.28
Weighted-average shares used in computing   earnings per share:
Basic		40,132			42,483
Diluted		40,246			42,619

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PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited – in thousands, except per share amounts)
	Three months ended June 30,
	2020			2019			% Change
Total revenues	$	525,815		$	504,902			4	%
Less: Realized investment gains		1,742			1,067
Less: 10% deposit asset MTM included in NII		2,259			2,447
Adjusted operating revenues	$	521,814		$	501,388			4	%
Income before income taxes	$	134,062		$	127,460			5	%
Less: Realized investment gains		1,742			1,067
Less: 10% deposit asset MTM included in NII		2,259			2,447
Adjusted operating income before income taxes	$	130,061		$	123,946			5	%
Net income	$	101,510		$	97,446			4	%
Less: Realized investment gains		1,742			1,067
Less: 10% deposit asset MTM included in NII		2,259			2,447
Less: Tax impact of preceding items		(972	)		(828	)
Adjusted net operating income	$	98,481		$	94,760			4	%
Diluted earnings per share (1)	$	2.51		$	2.28			10	%
Less: Net after-tax impact of operating adjustments		0.07			0.07
Diluted adjusted operating earnings per share (1)	$	2.44		$	2.21			10	%

⁽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 June 30,
	2020			2019			% Change
Direct premiums	$	711,188		$	681,004			4	%
Less: Premiums ceded to IPO coinsurers		257,529			272,596
Adjusted direct premiums	$	453,659		$	408,408			11	%
Ceded premiums	$	(400,919	)	$	(398,927	)
Less: Premiums ceded to IPO coinsurers		(257,529	)		(272,596	)
Other ceded premiums	$	(143,390	)	$	(126,331	)
Net premiums	$	310,269		$	282,077			10	%

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CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
(Unaudited – in thousands)
	Three months ended June 30,
	2020			2019			% Change
Total revenues	$	33,401		$	34,948			(4	)%
Less: Realized investment gains		1,742			1,067
Less: 10% deposit asset MTM included in NII		2,259			2,447
Adjusted operating revenues	$	29,400		$	31,434			(6	)%
Loss before income taxes	$	(7,702	)	$	(3,880	)		99	%
Less: Realized investment gains		1,742			1,067
Less: 10% deposit asset MTM included in NII		2,259			2,447
Adjusted operating loss before income taxes	$	(11,703	)	$	(7,394	)		58	%

PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited – in thousands)
	June 30, 2020		December 31, 2019		% Change
Stockholders' equity	$	1,642,680	$	1,652,491		(1	)%
Less: Unrealized net investment gains (losses) recorded               in stockholders' equity, net of income tax		93,726		64,563
Adjusted stockholders' equity	$	1,548,954	$	1,587,928		(2	)%

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EX-99.2

Exhibit 99.2

Supplemental Financial Information

Second Quarter 2020

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, 2019.

2 of 16

Preface PRIMERICA, INC. Financial Supplement

Second Quarter 2020

This document is a financial supplement to our second quarter 2020 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, including credit impairments, and mark-to-market (MTM) investment adjustments.  We exclude realized investment gains/losses, including credit impairments, 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.

• Adjustedstockholders’ equityrefers 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, 2018			Mar 31, 2019			Jun 30, 2019			Sep 30, 2019			Dec 31, 2019			Mar 31, 2020			Jun 30, 2020
Condensed Balance Sheets
Assets:
	Investments and cash excluding securities held to maturity			$	2,422,734		$	2,471,745		$	2,557,033		$	2,617,685		$	2,730,715		$	2,626,043		$	2,805,065
	Securities held to maturity				970,390			1,036,110			1,087,790			1,140,250			1,184,370			1,237,270			1,278,580
			Total investments and cash		3,393,124			3,507,855			3,644,823			3,757,935			3,915,085			3,863,313			4,083,645
	Due from reinsurers				4,141,569			4,202,903			4,185,850			4,166,362			4,169,823			4,132,897			4,217,129
	Deferred policy acquisition costs				2,133,920			2,181,741			2,238,315			2,281,560			2,325,750			2,346,656			2,434,462
	Other assets				730,933			814,854			811,426			818,029			792,128			799,122			851,660
	Separate account assets				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654
			Total assets	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549
Liabilities:
	Future policy benefits			$	6,168,157		$	6,240,864		$	6,314,403		$	6,374,327		$	6,446,569		$	6,472,397		$	6,567,169
	Other policy liabilities				700,094			703,123			717,265			714,930			744,087			737,435			855,083
	Income taxes				187,104			206,180			206,301			207,453			209,221			208,357			265,369
	Other liabilities				486,772			561,709			551,689			565,894			563,931			554,014			574,425
	Notes payable				373,661			373,755			373,848			373,942			374,037			374,131			374,226
	Surplus note				969,685			1,035,421			1,087,117			1,139,592			1,183,728			1,236,644			1,277,970
	Payable under securities lending				52,562			64,914			43,867			39,933			28,723			28,896			29,973
	Separate account liabilities				2,195,501			2,368,760			2,437,291			2,427,852			2,485,745			2,128,924			2,377,654
			Total liabilities		11,133,535			11,554,726			11,731,781			11,843,924			12,036,040			11,740,797			12,321,869
Stockholders’ equity:
	Common stock ($0.01 par value) (1)				427			424			420			415			412			405			397
	Paid-in capital				(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
	Retained earnings				1,489,520			1,506,944			1,537,537			1,553,286			1,593,281			1,565,803			1,569,689
	Treasury stock				—			—			—			—			—			—			—
	Accumulated other comprehensive income (loss), net:
		Net unrealized gains (losses)			(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726
		Cumulative translation adjustment			(21,064	)		(14,897	)		(8,258	)		(12,265	)		(5,765	)		(34,776	)		(21,132	)
			Total stockholders’ equity		1,461,513			1,521,387			1,585,926			1,607,813			1,652,492			1,530,114			1,642,680
			Total liabilities and stockholders' equity	$	12,595,047		$	13,076,112		$	13,317,706		$	13,451,737		$	13,688,531		$	13,270,911		$	13,964,549
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity				$	1,461,513		$	1,521,387		$	1,585,926		$	1,607,813		$	1,652,492		$	1,530,114		$	1,642,680
	Less: Net unrealized gains (losses)				(7,370	)		28,916			56,227			66,377			64,564			(1,318	)		93,726
			Adjusted stockholders’ equity	$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period				$	1,447,972		$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431
	Net Income				86,541			79,166			97,446			96,223			93,557			72,469			101,510
	Shareholder dividends				(10,856	)		(14,628	)		(14,517	)		(14,324	)		(14,162	)		(16,530	)		(16,083	)
	Retirement of shares and warrants				(43,338	)		(60,288	)		(57,117	)		(70,679	)		(44,137	)		(95,676	)		(86,513	)
	Net foreign currency translation adjustment				(15,765	)		6,167			6,639			(4,007	)		6,500			(29,011	)		13,645
	Other, net				4,328			13,171			4,778			4,524			4,734			12,252			4,964
Balance, end of period				$	1,468,882		$	1,492,471		$	1,529,699		$	1,541,436		$	1,587,928		$	1,531,431		$	1,548,954
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period				$	2,107,814		$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656
	General expenses deferred				8,497			9,163			9,384			9,468			8,608			9,726			9,205
	Commission costs deferred				96,697			98,196			100,498			100,913			97,538			104,793			120,967
	Amortization of deferred policy acquisition costs				(66,184	)		(64,628	)		(58,762	)		(63,883	)		(67,279	)		(70,311	)		(53,177	)
	Foreign currency impact and other, net				(12,904	)		5,091			5,455			(3,254	)		5,322			(23,302	)		10,812
Balance, end of period				$	2,133,920		$	2,181,741		$	2,238,315		$	2,281,560		$	2,325,750		$	2,346,656		$	2,434,462

(1) Outstanding common shares exclude restricted stock units.

4 of 16

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

																					YOY Q2												YOY YTD
(Dollars in thousands, except per-share data)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Earnings per Share
Basic earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			(2,350,754	)		-5.5	%		42,652,607			40,631,539			(2,021,068	)	-4.7%
	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	4,065			4.2	%	$	176,611		$	173,979		$	(2,632	)	-1.5%
	Less income attributable to unvested participating securities			(401	)		(428	)		(415	)		(402	)		(310	)		(437	)		(9	)		-2.2	%		(835	)		(747	)		87		10.5%
		Net income used in computing basic EPS	$	78,765		$	97,018		$	95,808		$	93,155		$	72,159		$	101,073		$	4,055			4.2	%	$	175,777		$	173,232		$	(2,545	)	-1.4%
		Basic earnings per share	$	1.84		$	2.28		$	2.28		$	2.25		$	1.75		$	2.52		$	0.23			10.3	%	$	4.12		$	4.26		$	0.14		3.5%
	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	3,721			3.9	%	$	170,062		$	183,527		$	13,465		7.9%
	Less operating income attributable to unvested participating securities			(381	)		(416	)		(412	)		(399	)		(364	)		(424	)		(8	)		-1.9	%		(804	)		(788	)		15		1.9%
		Adjusted net operating income used in computing basic operating EPS	$	74,922		$	94,343		$	95,181		$	92,377		$	84,682		$	98,056		$	3,713			3.9	%	$	169,258		$	182,739		$	13,480		8.0%
		Basic adjusted operating income per share	$	1.75		$	2.22		$	2.27		$	2.23		$	2.06		$	2.44		$	0.22			10.0	%	$	3.97		$	4.50		$	0.53		13.3%
Diluted earnings per share:
	Weighted-average common shares and fully vested equity awards			42,824,471			42,482,631			41,963,672			41,470,805			41,131,200			40,131,877			(2,350,754	)		-5.5	%		42,652,607			40,631,539			(2,021,068	)	-4.7%
	Dilutive impact of contingently issuable shares			118,014			135,719			135,887			143,224			107,361			114,090			(21,629	)		-15.9	%		126,867			110,725			(16,142	)	-12.7%
		Shares used to calculate diluted EPS		42,942,485			42,618,350			42,099,559			41,614,029			41,238,561			40,245,967			(2,372,383	)		-5.6	%		42,779,474			40,742,264			(2,037,210	)	-4.8%
	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	4,065			4.2	%	$	176,611		$	173,979		$	(2,632	)	-1.5%
	Less income attributable to unvested participating securities			(400	)		(427	)		(413	)		(401	)		(310	)		(436	)		(9	)		-2.2	%		(833	)		(746	)		87		10.4%
		Net income used in computing diluted EPS	$	78,766		$	97,019		$	95,809		$	93,156		$	72,159		$	101,074		$	4,055			4.2	%	$	175,779		$	173,234		$	(2,545	)	-1.4%
		Diluted earnings per share	$	1.83		$	2.28		$	2.28		$	2.24		$	1.75		$	2.51		$	0.23			10.3	%	$	4.11		$	4.25		$	0.14		3.5%
	Adjusted net operating income		$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	3,721			3.9	%	$	170,062		$	183,527		$	13,465		7.9%
	Less operating income attributable to unvested participating securities			(381	)		(415	)		(411	)		(398	)		(364	)		(423	)		(8	)		-2.0	%		(802	)		(786	)		15		1.9%
		Adjusted net operating income used in computing diluted operating EPS	$	74,923		$	94,344		$	95,182		$	92,379		$	84,683		$	98,057		$	3,713			3.9	%	$	169,260		$	182,741		$	13,480		8.0%
		Diluted adjusted operating income per share	$	1.74		$	2.21		$	2.26		$	2.22		$	2.05		$	2.44		$	0.22			10.1	%	$	3.96		$	4.49		$	0.53		13.4%

																				YOY Q2												YOY YTD
		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Annualized Return on Equity
	Average stockholders' equity	$	1,491,450		$	1,553,656		$	1,596,869		$	1,630,152		$	1,591,303		$	1,586,397		$	32,741			2.1	%	$	1,522,553		$	1,588,850		$	66,297			4.4	%
	Average adjusted stockholders' equity	$	1,480,676		$	1,511,085		$	1,535,567		$	1,564,682		$	1,559,680		$	1,540,193		$	29,108			1.9	%	$	1,495,881		$	1,549,936		$	54,056			3.6	%
	Net income return on stockholders' equity		21.2	%		25.1	%		24.1	%		23.0	%		18.2	%		25.6	%		0.5	%	nm				23.2	%		21.9	%		-1.3	%	nm
	Net income return on adjusted stockholders' equity		21.4	%		25.8	%		25.1	%		23.9	%		18.6	%		26.4	%		0.6	%	nm				23.6	%		22.4	%		-1.2	%	nm
	Adjusted net operating income return on adjusted stockholders' equity		20.3	%		25.1	%		24.9	%		23.7	%		21.8	%		25.6	%		0.5	%	nm				22.7	%		23.7	%		0.9	%	nm
Capital Structure
	Debt-to-capital (1)		19.7	%		19.1	%		18.9	%		18.5	%		19.6	%		18.6	%		-0.5	%	nm				19.1	%		18.6	%		-0.5	%	nm
	Cash and invested assets to stockholders' equity		2.3	x		2.3	x		2.3	x		2.4	x		2.5	x		2.5	x		0.2	x	nm				2.3	x		2.5	x		0.2	x	nm
	Cash and invested assets to adjusted stockholders' equity		2.4	x		2.4	x		2.4	x		2.5	x		2.5	x		2.6	x		0.3	x	nm				2.4	x		2.6	x		0.3	x	nm
	Share count, end of period (2)		42,398,643			42,008,450			41,491,998			41,206,504			40,459,767			39,667,002			(2,341,448	)		-5.6	%		42,008,450			39,667,002			(2,341,448	)		-5.6	%
	Adjusted stockholders' equity per share	$	35.20		$	36.41		$	37.15		$	38.54		$	37.85		$	39.05		$	2.63			7.2	%	$	36.41		$	39.05		$	2.63			7.2	%
Financial Strength Ratings - Primerica Life Insurance Co
	Moody's	A1			A1			A1			A1			A1			A1			nm			nm			nm			nm			nm			nm
	S&P	AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
	A.M. Best	A+			A+			A+			A+			A+			A+			nm			nm			nm			nm			nm			nm
Holding Company Senior Debt Ratings
	Moody's	Baa1			Baa1			Baa1			Baa1			Baa1			Baa1			nm			nm			nm			nm			nm			nm
	S&P	A-			A-			A-			A-			A-			A-			nm			nm			nm			nm			nm			nm
	A.M. Best	a-			a-			a-			a-			a-			a-			nm			nm			nm			nm			nm			nm

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

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

5 of 16

Statements of Income   PRIMERICA, INC. Financial Supplement

																					YOY Q2												YOY YTD
(Dollars in thousands)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Statement of Income
Revenues:
	Direct premiums		$	677,286		$	687,262		$	692,258		$	697,060		$	702,637		$	717,088		$	29,826			4.3	%	$	1,364,548		$	1,419,725		$	55,177			4.0	%
	Ceded premiums			(389,795	)		(400,588	)		(388,982	)		(390,364	)		(386,825	)		(402,549	)		(1,962	)		-0.5	%		(790,383	)		(789,374	)		1,009			0.1	%
		Net premiums		287,491			286,675			303,276			306,696			315,813			314,539			27,864			9.7	%		574,166			630,351			56,186			9.8	%
	Net investment income			24,111			24,868			22,675			22,418			15,420			22,710			(2,158	)		-8.7	%		48,980			38,130			(10,849	)		-22.2	%
	Commissions and fees:
		Sales-based (1)		66,997			71,438			69,034			75,418			80,891			62,812			(8,626	)		-12.1	%		138,435			143,704			5,268			3.8	%
		Asset-based (2)		73,639			79,317			81,009			84,184			81,395			78,146			(1,171	)		-1.5	%		152,956			159,540			6,585			4.3	%
		Account-based (3)		19,613			19,897			20,449			20,598			20,204			20,478			581			2.9	%		39,509			40,682			1,173			3.0	%
		Other commissions and fees		7,066			7,817			9,227			8,103			7,579			10,352			2,536			32.4	%		14,883			17,931			3,048			20.5	%
	Realized investment (losses) gains			2,847			1,067			285			766			(10,030	)		1,742			675			63.3	%		3,914			(8,288	)		(12,202	)	nm
	Other, net			13,223			13,825			14,698			13,778			13,665			15,036			1,210			8.8	%		27,048			28,701			1,652			6.1	%
	Total revenues			494,988			504,903			520,654			531,959			524,936			525,815			20,912			4.1	%		999,891			1,050,751			50,860			5.1	%
Benefits and expenses:
	Benefits and claims			122,284			115,068			128,684			127,784			134,813			139,646			24,578			21.4	%		237,352			274,459			37,107			15.6	%
	Amortization of DAC			64,628			58,762			63,883			67,279			70,311			53,177			(5,585	)		-9.5	%		123,390			123,488			98			0.1	%
	Insurance commissions			5,619			5,829			6,980			6,624			6,844			6,333			504			8.6	%		11,447			13,177			1,730			15.1	%
	Insurance expenses			43,402			44,569			44,854			45,991			48,709			43,753			(816	)		-1.8	%		87,972			92,463			4,491			5.1	%
	Sales commissions:
		Sales-based (1)		47,831			50,679			48,652			52,529			56,561			44,834			(5,844	)		-11.5	%		98,509			101,395			2,886			2.9	%
		Asset-based (2)		32,343			35,665			35,875			37,772			36,323			35,673			8		nm				68,008			71,996			3,988			5.9	%
		Other sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			1,230			32.8	%		7,381			8,708			1,327			18.0	%
	Interest expense			7,180			7,201			7,209			7,222			7,192			7,200			(0	)	nm				14,381			14,392			12			0.1	%
	Other operating expenses			65,706			55,917			54,844			60,676			65,914			56,152			235			0.4	%		121,623			122,066			443			0.4	%
	Total benefits and expenses			392,619			377,444			395,515			409,815			430,391			391,753			14,309			3.8	%		770,063			822,144			52,081			6.8	%
	Income before income taxes			102,368			127,459			125,138			122,145			94,546			134,062			6,602			5.2	%		229,828			228,608			(1,220	)		-0.5	%
Income taxes				23,203			30,014			28,916			28,588			22,077			32,552			2,538			8.5	%		53,217			54,628			1,412			2.7	%
	Net income		$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	4,065			4.2	%	$	176,611		$	173,979		$	(2,632	)		-1.5	%
Income Before Income Taxes by Segment
Term Life			$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	10,904			13.0	%	$	154,337		$	177,795		$	23,457			15.2	%
Investment & Savings Products				42,684			47,343			48,794			52,991			47,700			46,859			(484	)		-1.0	%		90,027			94,559			4,533			5.0	%
Corporate & Other Distributed Products				(10,654	)		(3,882	)		(7,416	)		(12,841	)		(36,046	)		(7,700	)		(3,818	)		-98.4	%		(14,536	)		(43,746	)		(29,210	)	nm
	Income before income taxes		$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	6,602			5.2	%	$	229,828		$	228,608		$	(1,220	)		-0.5	%

(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 Q2												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
	Term Life direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	30,184			4.4	%	$	1,351,759		$	1,407,751		$	55,992			4.1	%
	Less: Premiums ceded to IPO Coinsurers		276,150			272,596			267,856			264,786			260,076			257,529			(15,068	)		-5.5	%		548,747			517,605			(31,142	)		-5.7	%
	Term Life adjusted direct premiums	$	394,605		$	408,408		$	417,683		$	426,761		$	436,488		$	453,659		$	45,251			11.1	%	$	803,013		$	890,147		$	87,134			10.9	%
Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
	Term Life ceded premiums	$	(388,100	)	$	(398,927	)	$	(387,120	)	$	(388,237	)	$	(385,232	)	$	(400,919	)	$	(1,992	)		-0.5	%	$	(787,027	)	$	(786,151	)	$	876			0.1	%
	Less: Premiums ceded to IPO Coinsurers		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		15,068			5.5	%		(548,747	)		(517,605	)		31,142			5.7	%
	Term Life other ceded premiums	$	(111,950	)	$	(126,330	)	$	(119,264	)	$	(123,451	)	$	(125,156	)	$	(143,390	)	$	(17,060	)		-13.5	%	$	(238,280	)	$	(268,546	)	$	(30,266	)		-12.7	%
Reconciliation from Net Investment Income to Adjusted Net Investment Income
	Net Investment Income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	(2,158	)		-8.7	%	$	48,980		$	38,130		$	(10,849	)		-22.2	%
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259		nm			nm				4,594			(4,120	)	nm			nm
	Adjusted net investment income	$	21,964		$	22,421		$	22,141		$	22,165		$	21,799		$	20,451		$	(1,970	)		-8.8	%	$	44,385		$	42,250		$	(2,135	)		-4.8	%
Reconciliation from Total Revenues to Adjusted Operating Revenues
	Total revenues	$	494,988		$	504,903		$	520,654		$	531,959		$	524,936		$	525,815		$	20,912			4.1	%	$	999,891		$	1,050,751		$	50,860			5.1	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742		nm			nm				3,914			(8,288	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259		nm			nm				4,594			(4,120	)	nm			nm
	Adjusted operating revenues	$	489,993		$	501,389		$	519,834		$	530,940		$	541,346		$	521,813		$	20,424			4.1	%	$	991,382		$	1,063,159		$	71,777			7.2	%
Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
	Income before income taxes	$	102,368		$	127,459		$	125,138		$	122,145		$	94,546		$	134,062		$	6,602			5.2	%	$	229,828		$	228,608		$	(1,220	)		-0.5	%
	Less: Realized investment gains/(losses)		2,847			1,067			285			766			(10,030	)		1,742		nm			nm				3,914			(8,288	)	nm			nm
	Less: MTM investment adjustments		2,147			2,447			534			254			(6,379	)		2,259		nm			nm				4,594			(4,120	)	nm			nm
	Adjusted operating income before income taxes	$	97,374		$	123,945		$	124,319		$	121,125		$	110,955		$	130,060		$	6,115			4.9	%	$	221,319		$	241,015		$	19,696			8.9	%
Reconciliation from Net Income to Adjusted Net Operating Income
	Net income	$	79,166		$	97,446		$	96,223		$	93,557		$	72,469		$	101,510		$	4,065			4.2	%	$	176,611		$	173,979		$	(2,632	)		-1.5	%
	Less: Income before income taxes reconciling items		4,994			3,514			819			1,019			(16,409	)		4,002		nm			nm				8,509			(12,408	)	nm			nm
	Less: Tax impact of income before income taxes reconciling items		(1,132	)		(828	)		(189	)		(239	)		3,832			(972	)	nm			nm				(1,960	)		2,860		nm			nm
	Adjusted net operating income	$	75,303		$	94,759		$	95,592		$	92,776		$	85,047		$	98,480		$	3,721			3.9	%	$	170,062		$	183,527		$	13,465			7.9	%

7 of 16

Segment Operating Results PRIMERICA, INC. Financial Supplement

																				YOY Q2												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance
Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	30,184			4.4	%	$	1,351,759		$	1,407,751		$	55,992			4.1	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		15,068			5.5	%		(548,747	)		(517,605	)		31,142			5.7	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			45,251			11.1	%		803,013			890,147			87,134			10.9	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(17,060	)		-13.5	%		(238,280	)		(268,546	)		(30,266	)		-12.7	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			28,192			10.0	%		564,732			621,601			56,868			10.1	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			1,802			38.0	%		9,180			12,785			3,605			39.3	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			1,370			13.6	%		19,800			21,594			1,794			9.1	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			31,364			10.6	%		593,712			655,979			62,267			10.5	%
Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			23,929			21.5	%		229,923			263,973			34,050			14.8	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			(3,449	)		-6.1	%		120,245			118,571			(1,674	)		-1.4	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			586			25.5	%		4,461			6,169			1,708			38.3	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			(607	)		-1.4	%		84,746			89,472			4,726			5.6	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			20,459			9.6	%		439,375			478,185			38,810			8.8	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	10,904			13.0	%	$	154,337		$	177,795		$	23,457			15.2	%
Investment & Savings Products
Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	(8,626	)		-12.1	%	$	138,435		$	143,704		$	5,268			3.8	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			(1,171	)		-1.5	%		152,956			159,540			6,585			4.3	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			581			2.9	%		39,509			40,682			1,173			3.0	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			311			12.8	%		4,856			5,287			431			8.9	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			(8,905	)		-5.1	%		335,757			349,213			13,457			4.0	%
Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			(2,000	)		-95.2	%		2,578			4,405			1,827			70.9	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			(50	)		-1.6	%		6,180			6,307			127			2.1	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			(5,844	)		-11.5	%		98,509			101,395			2,886			2.9	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			8		nm				68,008			71,996			3,988			5.9	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			(535	)		-1.6	%		70,455			70,551			95			0.1	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			(8,421	)		-6.7	%		245,730			254,654			8,924			3.6	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	(484	)		-1.0	%	$	90,027		$	94,559		$	4,533			5.0	%
Corporate & Other Distributed Products
Revenues:
	Direct premiums	$	6,531		$	6,258		$	6,719		$	5,514		$	6,074		$	5,900		$	(358	)		-5.7	%	$	12,789		$	11,974		$	(815	)		-6.4	%
	Ceded premiums		(1,695	)		(1,661	)		(1,862	)		(2,128	)		(1,593	)		(1,631	)		30			1.8	%		(3,356	)		(3,224	)		132			3.9	%
	Net premiums		4,836			4,597			4,858			3,386			4,480			4,270			(327	)		-7.1	%		9,433			8,750			(683	)		-7.2	%
	Allocated net investment income		17,521			17,684			17,018			16,545			15,553			13,913			(3,772	)		-21.3	%		35,205			29,466			(5,740	)		-16.3	%
	Commissions and fees:
	Prepaid Legal Services		3,737			4,159			4,776			3,905			3,829			4,557			398			9.6	%		7,896			8,386			490			6.2	%
	Auto and Homeowners Insurance		1,500			1,877			2,165			1,766			1,672			2,263			386			20.6	%		3,377			3,935			558			16.5	%
	Other sales commissions		1,829			1,781			2,286			2,432			2,077			3,533			1,752			98.4	%		3,610			5,610			2,000			55.4	%
	Other, net		1,056			1,336			1,052			1,215			954			865			(471	)		-35.3	%		2,393			1,820			(573	)		-23.9	%
	Adjusted operating revenues		30,479			31,435			32,154			29,250			28,566			29,400			(2,034	)		-6.5	%		61,914			57,967			(3,947	)		-6.4	%
Benefits and expenses:
	Benefits and claims		3,842			3,588			5,933			5,127			6,249			4,236			649			18.1	%		7,430			10,486			3,056			41.1	%
	Amortization of DAC		85			482			291			434			166			346			(136	)		-28.2	%		567			512			(55	)		-9.7	%
	Insurance commissions		431			376			411			318			357			343			(33	)		-8.7	%		806			701			(106	)		-13.1	%
	Insurance expenses		1,570			1,656			1,697			1,578			1,544			1,447			(209	)		-12.6	%		3,226			2,991			(235	)		-7.3	%
	Sales commissions		3,626			3,755			4,535			3,937			3,723			4,985			1,230			32.8	%		7,381			8,708			1,327			18.0	%
	Interest expense		7,180			7,201			7,209			7,222			7,192			7,200			(0	)	nm				14,381			14,392			12			0.1	%
	Other operating expenses		29,394			21,774			20,314			24,494			28,972			22,544			770			3.5	%		51,168			51,516			348			0.7	%
	Benefits and expenses		46,127			38,831			40,390			43,110			48,203			41,102			2,271			5.8	%		84,958			89,305			4,347			5.1	%
	Adjusted operating income before income taxes	$	(15,648	)	$	(7,396	)	$	(8,236	)	$	(13,861	)	$	(19,637	)	$	(11,702	)	$	(4,305	)		-58.2	%	$	(23,045	)	$	(31,339	)	$	(8,294	)		-36.0	%

(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 Q2												YOY YTD
(Dollars in thousands)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Term Life Insurance Income Before Income Taxes
	Revenues:
	Direct Premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	30,184			4.4	%	$	1,351,759		$	1,407,751		$	55,992			4.1	%
	Premiums ceded to IPO coinsurers (1)		(276,150	)		(272,596	)		(267,856	)		(264,786	)		(260,076	)		(257,529	)		15,068			5.5	%		(548,747	)		(517,605	)		31,142			5.7	%
	Adjusted direct premiums (2)		394,605			408,408			417,683			426,761			436,488			453,659			45,251			11.1	%		803,013			890,147			87,134			10.9	%
	Other ceded premiums (3)		(111,950	)		(126,330	)		(119,264	)		(123,451	)		(125,156	)		(143,390	)		(17,060	)		-13.5	%		(238,280	)		(268,546	)		(30,266	)		-12.7	%
	Net premiums		282,655			282,077			298,419			303,310			311,332			310,269			28,192			10.0	%		564,732			621,601			56,868			10.1	%
	Allocated net investment income		4,444			4,736			5,123			5,619			6,246			6,538			1,802			38.0	%		9,180			12,785			3,605			39.3	%
	Other, net		9,744			10,055			10,985			10,063			10,168			11,426			1,370			13.6	%		19,800			21,594			1,794			9.1	%
	Revenues		296,843			296,869			314,527			318,992			327,747			328,233			31,364			10.6	%		593,712			655,979			62,267			10.5	%
	Benefits and expenses:
	Benefits and claims		118,443			111,480			122,751			122,657			128,563			135,409			23,929			21.5	%		229,923			263,973			34,050			14.8	%
	Amortization of DAC		64,066			56,179			61,548			66,918			65,840			52,730			(3,449	)		-6.1	%		120,245			118,571			(1,674	)		-1.4	%
	Insurance commissions		2,163			2,298			3,311			3,009			3,286			2,884			586			25.5	%		4,461			6,169			1,708			38.3	%
	Insurance expenses		41,832			42,914			43,157			44,413			47,165			42,306			(607	)		-1.4	%		84,746			89,472			4,726			5.6	%
	Benefits and expenses		226,504			212,870			230,766			236,997			244,855			233,330			20,459			9.6	%		439,375			478,185			38,810			8.8	%
	Income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	10,904			13.0	%	$	154,337		$	177,795		$	23,457			15.2	%
Total Term Life Insurance - Financial Analysis
	Post-IPO direct premiums (4)	$	300,708		$	312,436		$	320,424		$	327,939		$	336,921		$	352,353		$	39,917			12.8	%	$	613,144		$	689,273		$	76,129			12.4	%
	Pre-IPO direct premiums (5)		370,047			368,568			365,115			363,607			359,643			358,835			(9,733	)		-2.6	%		738,615			718,478			(20,137	)		-2.7	%
	Total direct premiums	$	670,755		$	681,004		$	685,539		$	691,546		$	696,564		$	711,188		$	30,184			4.4	%	$	1,351,759		$	1,407,751		$	55,992			4.1	%
	Premiums ceded to IPO coinsurers	$	276,150		$	272,596		$	267,856		$	264,786		$	260,076		$	257,529		$	(15,068	)		-5.5	%	$	548,747		$	517,605		$	(31,142	)		-5.7	%
	% of Pre-IPO direct premiums		74.6	%		74.0	%		73.4	%		72.8	%		72.3	%		71.8	%	nm			nm				74.3	%		72.0	%	nm			nm
	Benefits and claims, net (6)	$	230,392		$	237,810		$	242,016		$	246,108		$	253,719		$	278,799		$	40,989			17.2	%	$	468,203		$	532,519		$	64,316			13.7	%
	% of adjusted direct premiums		58.4	%		58.2	%		57.9	%		57.7	%		58.1	%		61.5	%	nm			nm				58.3	%		59.8	%	nm			nm
	DAC amortization & insurance commissions	$	66,229		$	58,477		$	64,858		$	69,927		$	69,126		$	55,614		$	(2,863	)		-4.9	%	$	124,706		$	124,740		$	34		nm
	% of adjusted direct premiums		16.8	%		14.3	%		15.5	%		16.4	%		15.8	%		12.3	%	nm			nm				15.5	%		14.0	%	nm			nm
	Insurance expenses, net (7)	$	32,088		$	32,858		$	32,171		$	34,351		$	36,997		$	30,881		$	(1,978	)		-6.0	%	$	64,946		$	67,878		$	2,932			4.5	%
	% of adjusted direct premiums		8.1	%		8.0	%		7.7	%		8.0	%		8.5	%		6.8	%	nm			nm				8.1	%		7.6	%	nm			nm
	Total Term Life income before income taxes	$	70,339		$	83,999		$	83,761		$	81,995		$	82,892		$	94,903		$	10,904			13.0	%	$	154,337		$	177,795		$	23,457			15.2	%
	Term Life operating margin (8)		17.8	%		20.6	%		20.1	%		19.2	%		19.0	%		20.9	%	nm			nm				19.2	%		20.0	%	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) Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.

(5) Pre-IPO 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 Q2												YOY YTD
(Dollars in thousands, except as noted)			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics
Life-insurance licensed sales force, beginning of period				130,736			129,821			129,550			130,871			130,522			130,095			274			0.2	%		130,736			130,522			(214	)		-0.2	%
	New life-licensed representatives			10,065			10,919			12,682			11,073			10,599			12,250			1,331			12.2	%		20,984			22,849			1,865			8.9	%
	Non-renewal and terminated representatives			(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)		3,002			26.8	%		(22,170	)		(19,214	)		2,956			13.3	%
Life-insurance licensed sales force, end of period				129,821			129,550			130,871			130,522			130,095			134,157			4,607			3.6	%		129,550			134,157			4,607			3.6	%
Estimated annualized issued term life premium ($mills) (1):
	Premium from new policies		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7		$	11.9			18.0	%	$	120.0		$	139.2		$	19.2			16.0	%
	Additions and increases in premium			13.8			15.8			15.1			15.4			15.0			17.8			2.0			12.8	%		29.7			32.8			3.2			10.7	%
		Total estimated annualized issued term life premium	$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5		$	13.9			17.0	%	$	149.6		$	172.0		$	22.4			15.0	%
Issued term life policies				64,242			78,664			73,434			71,469			71,318			94,044			15,380			19.6	%		142,906			165,362			22,456			15.7	%
Estimated average annualized issued term life premium per policy (1)(2)			$	843		$	837		$	859		$	864		$	863		$	826		$	(11	)		-1.3	%	$	840		$	842		$	2			0.3	%
Term life face amount in-force, beginning of period ($mills)			$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	18,960			2.4	%	$	781,041		$	808,262		$	27,221			3.5	%
	Issued term life face amount (3)			20,925			25,300			24,087			23,682			23,221			27,754			2,454			9.7	%		46,225			50,975			4,750			10.3	%
	Terminated term life face amount			(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)		2,197			13.3	%		(34,895	)		(32,609	)		2,286			6.6	%
	Foreign currency impact, net			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046			2,010			98.7	%		4,005			(4,630	)		(8,635	)	nm
Term life face amount in-force, end of period			$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998		$	25,622			3.2	%	$	796,376		$	821,998		$	25,622			3.2	%

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

(2)     In whole dollars.

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

10 of 16

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

																				YOY Q2												YOY YTD
(Dollars in thousands, except as noted)		Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change			YTD 2019			YTD 2020			$ Change			% Change
Investment & Savings Products Income Before Income Taxes
	Revenues:
	Commissions and fees:
	Sales-based	$	66,997		$	71,438		$	69,034		$	75,418		$	80,891		$	62,812		$	(8,626	)		-12.1	%	$	138,435		$	143,704		$	5,268			3.8	%
	Asset-based		73,639			79,317			81,009			84,184			81,395			78,146			(1,171	)		-1.5	%		152,956			159,540			6,585			4.3	%
	Account-based		19,613			19,897			20,449			20,598			20,204			20,478			581			2.9	%		39,509			40,682			1,173			3.0	%
	Other, net		2,423			2,434			2,661			2,500			2,542			2,745			311			12.8	%		4,856			5,287			431			8.9	%
	Revenues		162,671			173,085			173,153			182,699			185,033			164,180			(8,905	)		-5.1	%		335,757			349,213			13,457			4.0	%
	Benefits and expenses:
	Amortization of DAC		477			2,101			2,044			(74	)		4,305			100			(2,000	)		-95.2	%		2,578			4,405			1,827			70.9	%
	Insurance commissions		3,025			3,155			3,257			3,297			3,201			3,106			(50	)		-1.6	%		6,180			6,307			127			2.1	%
	Sales commissions:
	Sales-based		47,831			50,679			48,652			52,529			56,561			44,834			(5,844	)		-11.5	%		98,509			101,395			2,886			2.9	%
	Asset-based		32,343			35,665			35,875			37,772			36,323			35,673			8		nm				68,008			71,996			3,988			5.9	%
	Other operating expenses		36,312			34,143			34,530			36,182			36,942			33,608			(535	)		-1.6	%		70,455			70,551			95			0.1	%
	Benefits and expenses		119,988			125,742			124,359			129,707			137,332			117,321			(8,421	)		-6.7	%		245,730			254,654			8,924			3.6	%
	Income before income taxes	$	42,684		$	47,343		$	48,794		$	52,991		$	47,700		$	46,859		$	(484	)		-1.0	%	$	90,027		$	94,559		$	4,533			5.0	%
Financial Analysis
	Fees paid based on client asset values (1)	$	5,898		$	5,705		$	6,225		$	6,169		$	5,990		$	5,712		$	7			0.1	%	$	11,603		$	11,702		$	99			0.9	%
	Fees paid based on fee-generating positions (2)		11,159			9,658			9,354			9,648			10,248			9,094			(565	)		-5.8	%		20,818			19,342			(1,475	)		-7.1	%
	Other operating expenses		19,254			18,780			18,951			20,365			20,704			18,803			23			0.1	%		38,035			39,507			1,472			3.9	%
	Total other operating expenses	$	36,312		$	34,143		$	34,530		$	36,182		$	36,942		$	33,608		$	(535	)		-1.6	%	$	70,455		$	70,551		$	95			0.1	%
	Sales-based net revenue as % of revenue-generating sales (3)
	U.S.		1.33	%		1.29	%		1.31	%		1.41	%		1.34	%		1.33	%	nm			nm				1.31	%		1.33	%	nm			nm
	Canada		1.00	%		0.97	%		0.96	%		0.94	%		1.06	%		0.87	%	nm			nm				0.99	%		0.99	%	nm			nm
	Total		1.28	%		1.25	%		1.27	%		1.35	%		1.30	%		1.27	%	nm			nm				1.26	%		1.29	%	nm			nm
	Asset-based net revenue as % of average asset values (4)
	U.S.		0.036	%		0.038	%		0.038	%		0.039	%		0.038	%		0.037	%	nm			nm				0.074	%		0.075	%	nm			nm
	Canada		0.136	%		0.120	%		0.121	%		0.138	%		0.098	%		0.133	%	nm			nm				0.255	%		0.230	%	nm			nm
	Total		0.052	%		0.051	%		0.051	%		0.054	%		0.047	%		0.052	%	nm			nm				0.103	%		0.099	%	nm			nm
	Account-based net revenue per average fee generating position (5)(6)	$	3.20		$	3.88		$	4.18		$	4.10		$	3.70		$	4.19		nm			nm			$	7.09		$	7.89		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 Q2												YOY YTD
(Dollars in thousands, except as noted)					Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$/# Change			% Change			YTD 2019			YTD 2020			$/# Change			% Change
Key Statistics
	Product sales ($mills)
		U.S. Retail Mutual Funds			$	710.2		$	855.9		$	829.7		$	831.9		$	921.0		$	758.4		$	(97.5	)		-11.4	%	$	1,566.1		$	1,679.4		$	113.2			7.2	%
		Canada Retail Mutual Funds				244.1			199.7			184.9			199.0			280.9			165.2			(34.4	)		-17.2	%		443.8			446.1			2.4			0.5	%
		Indexed Annuities				81.0			88.2			75.0			76.3			72.2			48.4			(39.8	)		-45.1	%		169.1			120.6			(48.6	)		-28.7	%
		Variable Annuities and other				465.8			514.2			512.8			583.7			600.6			440.5			(73.8	)		-14.3	%		980.1			1,041.0			61.0			6.2	%
				Total sales-based revenue generating product sales		1,501.1			1,658.0			1,602.4			1,691.0			1,874.7			1,412.5			(245.5	)		-14.8	%		3,159.1			3,287.1			128.0			4.1	%
		Managed Accounts				161.6			203.5			176.9			197.4			246.2			200.1			(3.4	)		-1.7	%		365.1			446.3			81.2			22.2	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			(2.0	)		-2.7	%		170.3			198.7			28.4			16.7	%
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	(251.0	)		-13.0	%	$	3,694.5		$	3,932.1		$	237.7			6.4	%
		Canada Retail Mutual Funds			$	244.1		$	199.7		$	184.9		$	199.0		$	280.9		$	165.2		$	(34.4	)		-17.2	%	$	443.8		$	446.1		$	2.4			0.5	%
		Segregated Funds and other				94.3			76.0			76.4			94.6			124.8			73.9			(2.0	)		-2.7	%		170.3			198.7			28.4			16.7	%
			Total Canada product sales			338.4			275.6			261.3			293.6			405.7			239.2			(36.5	)		-13.2	%		614.0			644.8			30.8			5.0	%
			Total U.S. product sales			1,418.6			1,661.8			1,594.4			1,689.4			1,840.0			1,447.3			(214.5	)		-12.9	%		3,080.5			3,287.3			206.8			6.7	%
				Total product sales	$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5		$	(251.0	)		-13.0	%	$	3,694.5		$	3,932.1		$	237.7			6.4	%
	Client asset values, beginning of period ($mills)				$	57,704		$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	(4,566	)		-7.2	%	$	57,704		$	70,537		$	12,833			22.2	%
		Inflows				1,757			1,937			1,856			1,983			2,246			1,686			(251	)		-13.0	%		3,694			3,932			238			6.4	%
		Outflows (1)				(1,530	)		(1,633	)		(1,669	)		(1,596	)		(1,703	)		(1,074	)		559			34.2	%		(3,163	)		(2,777	)		386			12.2	%
				Net flows		227			305			186			387			543			613			308			101.1	%		531			1,155			624		nm
		Foreign currency impact, net				201			225			(136	)		217			(978	)		404			179			79.4	%		426			(575	)		(1,001	)	nm
		Change in market value, net and other (2)				5,470			1,746			294			3,710			(11,065	)		8,171			6,426		nm				7,216			(2,894	)		(10,110	)	nm
	Client asset values, end of period				$	63,602		$	65,878		$	66,222		$	70,537		$	59,036		$	68,224		$	2,346			3.6	%	$	65,878		$	68,224		$	2,346			3.6	%
		Annualized net flows as % of beginning of period asset values				1.6	%		1.9	%		1.1	%		2.3	%		3.1	%		4.2	%		2.2	%	nm				1.8	%		3.3	%		1.4	%	nm
	Average client asset values ($mills)
		U.S. Retail Mutual Funds			$	30,266		$	31,744		$	32,521		$	33,658		$	32,693		$	31,586		$	(157	)		-0.5	%	$	31,005		$	32,140		$	1,134			3.7	%
		Canada Retail Mutual Funds				7,390			7,795			7,991			8,218			7,950			7,573			(222	)		-2.9	%		7,593			7,761			169			2.2	%
		Managed Accounts				3,241			3,455			3,652			3,901			3,905			3,871			416			12.0	%		3,348			3,888			540			16.1	%
		Indexed Annuities				2,182			2,247			2,296			2,342			2,389			2,427			180			8.0	%		2,215			2,408			194			8.7	%
		Variable Annuities and other				16,057			16,807			17,114			17,661			17,292			16,890			83			0.5	%		16,432			17,091			659			4.0	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			(87	)		-3.6	%		2,346			2,328			(17	)		-0.7	%
				Total	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	213			0.3	%	$	62,938		$	65,617		$	2,678			4.3	%
		Canada Retail Mutual Funds			$	7,390		$	7,795		$	7,991		$	8,218		$	7,950		$	7,573		$	(222	)		-2.9	%	$	7,593		$	7,761		$	169			2.2	%
		Segregated Funds				2,314			2,378			2,428			2,455			2,366			2,291			(87	)		-3.6	%		2,346			2,328			(17	)		-0.7	%
			Total Canada average client assets			9,704			10,173			10,418			10,674			10,316			9,864			(309	)		-3.0	%		9,938			10,090			152			1.5	%
			Total U.S. average client assets			51,747			54,253			55,583			57,563			56,279			54,775			522			1.0	%		53,000			55,527			2,527			4.8	%
				Total average client assets	$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638		$	213			0.3	%	$	62,938		$	65,617		$	2,678			4.3	%
	Average number of fee-generating positions (thous) (3)
		Recordkeeping and custodial				1,998			1,996			2,007			2,020			2,031			2,048			51			2.6	%		1,997			2,039			42			2.1	%
		Recordkeeping only				641			641			646			650			658			671			30			4.7	%		641			665			24			3.7	%
				Total		2,639			2,637			2,653			2,670			2,689			2,718			82			3.1	%		2,638			2,704			66			2.5	%

(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 June 30, 2020
											% 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				$	360,351	$	360,351	$	-			13.0	%		13.6	%
Fixed Income:
	Treasury				25,652		24,547		1,105			0.9	%		0.9	%		2.25	%	AAA
	Government				253,960		237,005		16,954			9.2	%		8.9	%		3.00	%	AA-
	Tax-Exempt Municipal				30,469		28,459		2,010			1.1	%		1.1	%		3.39	%	AA
	Public Corporate				1,388,243		1,310,590		77,653			50.1	%		49.4	%		3.79	%	BBB+
	Mortgage Backed				328,533		316,131		12,401			11.8	%		11.9	%		2.78	%	AAA
	Asset Backed				79,670		80,346		(676	)		2.9	%		3.0	%		3.13	%	AA
	CMBS				122,044		117,355		4,690			4.4	%		4.4	%		3.20	%	AA+
	Private				145,733		139,992		5,741			5.3	%		5.3	%		4.54	%	BBB-
	Redeemable Preferred				5,251		5,447		(197	)		0.2	%		0.2	%		5.47	%	BBB
			Total Fixed Income		2,379,553		2,259,873		119,680			85.8	%		85.2	%		3.54	%	A
Equities:
	Perpetual Preferred				12,569		12,569		-			0.5	%		0.5	%
	Common Stock				16,039		16,039		-			0.6	%		0.6	%
	Mutual Fund				5,066		5,066		-			0.2	%		0.2	%
	Other				16		16		-			0.0	%		0.0	%
			Total Equities		33,689		33,689		-			1.2	%		1.3	%
			Total Invested Assets	$	2,773,594	$	2,653,913	$	119,680			100.0	%		100.0	%
Public Corporate Portfolio by Sector
	Consumer Non Cyclical			$	182,866	$	170,337	$	12,529			13.2	%		13.0	%
	Energy				151,692		144,290		7,401			10.9	%		11.0	%
	Banking				142,383		136,291		6,092			10.3	%		10.4	%
	Reits				122,993		117,342		5,651			8.9	%		9.0	%
	Insurance				118,308		110,293		8,015			8.5	%		8.4	%
	Technology				117,980		109,730		8,250			8.5	%		8.4	%
	Consumer Cyclical				102,388		96,810		5,578			7.4	%		7.4	%
	Capital Goods				80,456		77,463		2,993			5.8	%		5.9	%
	Communications				75,400		69,144		6,256			5.4	%		5.3	%
	Electric				72,283		66,642		5,641			5.2	%		5.1	%
	Basic Industry				69,421		65,524		3,896			5.0	%		5.0	%
	Transportation				69,254		68,574		680			5.0	%		5.2	%
	Brokerage				40,918		37,759		3,159			2.9	%		2.9	%
	Finance Companies				20,033		19,604		429			1.4	%		1.5	%
	Industrial Other				11,049		10,510		539			0.8	%		0.8	%
	Natural Gas				6,194		5,826		368			0.4	%		0.4	%
	Financial Other				3,514		3,451		63			0.3	%		0.3	%
	Utility Other				1,110		998		112			0.1	%		0.1	%
			Total Corporate portfolio	$	1,388,243	$	1,310,590	$	77,653			100.0	%		100.0	%
Fixed-Maturity Securities - Effective Maturity
Effective maturity
		1-2 Yrs.		$	283,000	$	277,216	$	5,785			11.9	%		12.3	%		3.29	%
		2-5 Yrs.			1,003,894		952,578		51,316			42.2	%		42.2	%		3.54	%
		5-10 Yrs.			647,022		604,741		42,281			27.2	%		26.8	%		3.70	%
		> 10 Yrs.			267,099		248,329		18,770			11.2	%		11.0	%		3.68	%
			Total Fixed Income	$	2,379,553	$	2,259,873	$	119,680			100.0	%		100.0	%		3.54	%
Duration
Fixed Income portfolio duration					4.1	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 June 30, 2020 PRIMERICA, INC. Financial Supplement

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
			Amortized  Cost		% of Total
Total Fixed Income portfolio:
	Rating
	AAA		$	486,515		21.5	%
	AA			263,032		11.6	%
	A			504,864		22.3	%
	BBB			912,446		40.4	%
	Below Investment Grade			89,929		4.0	%
	NA			3,085		0.1	%
		Total Fixed Income	$	2,259,873		100.0	%
			Amortized  Cost		% of Total							Amortized  Cost		% of Total
Public Corporate asset class:								Private Placement asset class:
	Rating								Rating
	AAA		$	11,395		0.9	%		AAA			$	-		—
	AA			73,445		5.6	%		AA				813		0.6	%
	A			376,690		28.7	%		A				10,815		7.7	%
	BBB			777,449		59.3	%		BBB				112,420		80.3	%
	Below Investment Grade			70,604		5.4	%		Below Investment Grade				15,944		11.4	%
	NA			1,006		0.1	%		NA				-		—
		Total Corporate	$	1,310,590		100.0	%				Total Private	$	139,992		100.0	%
CMBS asset class:								Mortgage-Backed asset class:
	Rating								Rating
	AAA		$	92,769		79.0	%		AAA			$	276,530		87.5	%
	AA			-		—			AA				28,514		9.0	%
	A			23,253		19.8	%		A				10,704		3.4	%
	BBB			1,002		0.9	%		BBB				188		0.1	%
	Below Investment Grade			332		0.3	%		Below Investment Grade				155		0.0	%
	NA			-		—			NA				40		0.0	%
		Total CMBS	$	117,355		100.0	%				Total Mortgage-Backed	$	316,131		100.0	%
Asset-Backed asset class:								Treasury & Government asset classes:
	Rating								Rating
	AAA		$	41,960		52.2	%		AAA			$	60,316		23.1	%
	AA			5,888		7.3	%		AA				134,875		51.6	%
	A			25,461		31.7	%		A				55,994		21.4	%
	BBB			4,998		6.2	%		BBB				7,473		2.9	%
	Below Investment Grade			-		—			Below Investment Grade				2,894		1.1	%
	NA			2,039		2.5	%		NA				0		0.0	%
		Total Asset-Backed	$	80,346		100.0	%				Total Treasury & Government	$	261,552		100.0	%
NAIC Designations
	1		$	931,920		50.6	%
	2			826,433		44.9	%
	3			69,297		3.8	%
	4			9,907		0.5	%
	5			2,487		0.1	%
	6			219		0.0	%			`
		U.S. Insurer Fixed Income (2)		1,840,263		100.0	%
	Other (3)			453,299
	Cash and cash equivalents			360,351
		Total Invested Assets	$	2,653,913

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

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

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

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

14 of 16

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

																						YOY Q2
(Dollars in thousands)				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			$ Change			% Change
Net Investment Income by Source
	Fixed-maturity securities (available-for-sale)			$	20,333		$	20,345		$	20,380		$	20,772		$	20,784		$	20,213		$	(133	)	-0.7%
	Fixed-maturity securities (held-to-maturity)				10,674			11,769			12,769			13,113			13,472			14,074			2,305		19.6%
	Equity Securities				487			446			448			464			451			461			15		3.4%
	Deposit asset underlying 10% reinsurance treaty				1,755			2,141			2,105			2,046			1,830			1,394			(747	)	-34.9%
	Deposit asset - Mark to Market				2,147			2,447			534			254			(6,379	)		2,259			(188	)	-7.7%
	Policy loans and other invested assets				467			299			234			215			189			541			242		81.0%
	Cash & cash equivalents				1,056			1,414			1,191			950			843			143			(1,271	)	-89.9%
			Total investment income		36,919			38,862			37,661			37,814			31,190			39,085			223		0.6%
	Investment expenses				2,134			2,225			2,217			2,283			2,298			2,300			75		3.4%
	Interest Expense on Surplus Note				10,674			11,769			12,769			13,113			13,472			14,074			2,305		19.6%
			Net investment income	$	24,111		$	24,868		$	22,675		$	22,418		$	15,420		$	22,710		$	(2,157	)	-8.7%
		Fixed income book yield, end of period			3.85	%		3.74	%		3.65	%		3.54	%		3.55	%		3.54	%
		New money yield			3.56	%		3.10	%		2.73	%		2.73	%		3.25	%		3.14	%
																						YOY Q2
				Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			% Pt Change
Fixed Income Portfolio Quality Ratings
	Rating
	AAA				21.4	%		20.9	%		23.0	%		24.0	%		22.9	%		21.5	%		0.7	%
	AA				10.9	%		11.3	%		11.0	%		11.7	%		12.1	%		11.6	%		0.3	%
	A				22.9	%		22.9	%		22.1	%		23.4	%		22.9	%		22.3	%		-0.6	%
	BBB				41.8	%		41.8	%		41.0	%		38.2	%		38.9	%		40.4	%		-1.4	%
	Below Investment Grade				2.9	%		3.0	%		2.8	%		2.6	%		3.1	%		4.0	%		1.0	%
	NA				0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%		0.0	%
			Total Fixed Income		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%	-
			Average rating by amortized cost	A			A			A			A			A			A

				As of June 30, 2020									As of June 30, 2020						As of June 30, 2020
				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		$	20,655		$	19,825		AAA	Canada		$	66,554	$	62,419	AAA		$	3,323	$	3,251
	2	Province of Ontario Canada			18,396			17,336		A+	United Kingdom			44,589		42,564	AA			13,186		12,710
	3	Province of Quebec Canada			15,248			13,718		AA-	Australia			43,273		40,768	A			8,780		8,320
	4	Province of New Brunswick Canada			11,879			10,997		A+	Switzerland			15,336		14,919	BBB			6,678		6,032
	5	Wells Fargo & Co			11,716			11,730		A-	Ireland			13,477		13,084	Below Investment Grade			2,890		2,894
	6	Province of Alberta Canada			11,551			10,648		A+	France			13,393		12,769	NA			—		—
	7	Williams Cos Inc/The			11,290			10,926		BBB	Bermuda			13,199		12,630		Total	$	34,856	$	33,207
	8	Cigna Corp			10,573			9,889		A-	Germany			11,318		10,942
	9	Province of British Columbia Canada			10,566			10,068		AAA	Netherlands			9,873		8,937
	10	Enbridge Inc			10,149			9,564		BBB+	Cayman Islands			9,461		9,461	Non-Government Investments (1)
	11	General Motors Co			9,843			9,239		BBB	Japan			5,971		5,450
	12	Province of Manitoba Canada			9,288			8,638		A+	Israel			5,661		5,021	AAA		$	4,138	$	4,184
	13	Province of Newfoundland and Labrador			9,151			8,251		A	Mexico			5,609		5,336	AA			19,693		19,166
	14	City of Toronto Canada			9,114			8,457		AA	Norway			4,734		4,964	A			69,889		67,099
	15	Municipal Finance Authority of British Columbia			8,779			8,296		AAA	Belgium			4,054		3,811	BBB			156,607		146,811
	16	Honda Motor Co Ltd			8,102			7,664		A	Emerging Markets  (2)			10,804		10,370	Below Investment Grade			19,608		19,539
	17	Truist Financial Corp			8,096			7,496		A-	All Other			27,489		26,560	NA			—		—
	18	Brookfield Asset Management Inc			8,044			7,299		A-		Total	$	304,792	$	290,005		Total	$	269,936	$	256,798
	19	General Mills Inc			7,978			7,340		BBB
	20	Discovery Inc			7,971			6,972		BBB-
	21	Morgan Stanley			7,856			7,347		A+
	22	Comcast Corp			7,832			7,283		A-
	23	Deere & Co			7,610			7,105		A
	24	Booking Holdings Inc			7,563			7,047		A-
	25	ConocoPhillips			7,562			6,063		A
			Total	$	256,811		$	239,199
			% of total fixed income portfolio		9.3	%		9.0	%

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

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

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

15 of 16

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

(Dollars in millions)			2015			2016			2017			2018			2019			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020
Recruits				228,115			262,732			303,867			290,886			282,207			63,223			86,173			72,345			60,466			84,762			133,123
Life-insurance licensed sales force, beginning of period				98,358			106,710			116,827			126,121			130,736			130,736			129,821			129,550			130,871			130,522			130,095
	New life-licensed representatives			39,632			44,724			48,535			48,041			44,739			10,065			10,919			12,682			11,073			10,599			12,250
	Non-renewal and terminated representatives			(31,280	)		(34,607	)		(39,241	)		(43,426	)		(44,953	)		(10,980	)		(11,190	)		(11,361	)		(11,422	)		(11,026	)		(8,188	)
Life-insurance licensed sales force, end of period				106,710			116,827			126,121			130,736			130,522			129,821			129,550			130,871			130,522			130,095			134,157
Issued term life policies				260,059			298,244			312,799			301,589			287,809			64,242			78,664			73,434			71,469			71,318			94,044
Issued term life face amount			$	79,111		$	89,869		$	95,635		$	95,209		$	93,994		$	20,925		$	25,300		$	24,087		$	23,682		$	23,221		$	27,754
Term life face amount in force, beginning of period			$	681,927		$	693,194		$	728,385		$	763,831		$	781,041		$	781,041		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512
	Issued term life face amount			79,111			89,869			95,635			95,209			93,994			20,925			25,300			24,087			23,682			23,221			27,754
	Terminated term life face amount			(53,580	)		(57,238	)		(65,958	)		(70,291	)		(71,519	)		(18,383	)		(16,512	)		(17,740	)		(18,884	)		(18,294	)		(14,315	)
	Foreign currency impact, net			(14,263	)		2,560			5,769			(7,708	)		4,746			1,969			2,036			(1,228	)		1,970			(8,676	)		4,046
Term life face amount in force, end of period			$	693,194		$	728,385		$	763,831		$	781,041		$	808,262		$	785,552		$	796,376		$	801,494		$	808,262		$	804,512		$	821,998
Estimated annualized issued term life premium
	Premium from new policies		$	206.5		$	237.9		$	255.4		$	250.8		$	244.8		$	54.1		$	65.8		$	63.1		$	61.8		$	61.5		$	77.7
	Additions and increases in premium			42.3			46.4			49.5			55.2			60.2			13.8			15.8			15.1			15.4			15.0			17.8
		Total estimated annualized issued term life premium	$	248.8		$	284.3		$	304.9		$	306.0		$	305.0		$	68.0		$	81.6		$	78.2		$	77.2		$	76.5		$	95.5
Investment & Savings product sales			$	5,856.8		$	5,594.3		$	6,192.2		$	7,040.1		$	7,533.2		$	1,757.0		$	1,937.4		$	1,855.7		$	1,983.0		$	2,245.7		$	1,686.5
Investment & Savings average client asset values			$	48,477		$	49,427		$	56,791		$	61,842		$	65,029		$	61,451		$	64,426		$	66,002		$	68,236		$	66,595		$	64,638

16 of 16

XML

Document And Entity Information	Aug. 05, 2020
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 05, 2020
Entity Registrant Name	Primerica, Inc.
Entity Central Index Key	0001475922
Entity Emerging Growth Company	false
Entity File Number	001-34680
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1204330
Entity Address, Address Line One	1 Primerica Parkway
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30099
City Area Code	770
Local Phone Number	381-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of each class	Common Stock
Trading Symbol	PRI
Name of each exchange on which registered	NYSE