Form 8-K

8-K — Primerica, Inc.

Accession: 0001193125-26-209032

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001475922

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — pri-20260506.htm (Primary)

EX-99.1 (pri-ex99_1.htm)

EX-99.2 (pri-ex99_2.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pri-20260506.htm · Sequence: 1

8-K

0001475922false00014759222026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

DATE OF REPORT (Date of earliest event reported): May 6, 2026

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)

(IRS Employer

Identification No.)

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))

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended March 31, 2026. 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, diluted adjusted operating earnings per share and adjusted stockholders’ equity.

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 investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude 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. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

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

2

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 users 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 https://investors.primerica.com.

Item 7.01 Regulation FD Disclosure.

On May 6, 2026, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended March 31, 2026. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

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

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

99.1

Press Release dated May 6, 2026 – Primerica Reports First Quarter 2026 Results

99.2

Primerica, Inc. Supplemental Financial Information – First Quarter 2026

104

Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

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

Date: May 6, 2026

PRIMERICA, INC.

/s/ Tracy Tan

Tracy Tan

Executive Vice President and Chief Financial Officer

3

EX-99.1

EX-99.1

Filename: pri-ex99_1.htm · Sequence: 2

EX-99.1

PRIMERICA REPORTS FIRST QUARTER 2026 RESULTS

Record Investment and Savings Products (ISP) sales of $4.3 billion, up 22%

ISP client asset values ended the quarter at $127 billion, up 15%

Life-licensed sales force totaled 149,732 at March 31, 2026

Net premiums increased 2%; adjusted direct premiums increased 4%

Net earnings per diluted share (EPS) of $5.97 increased 18%; return on stockholders’ equity (ROE) of 30.6%

Diluted adjusted operating EPS of $5.96 increased 19%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 31.5%

Repurchases of $135 million of common stock during the quarter;

declared dividend of $1.20 per share payable on June 12, 2026

Duluth, GA, May 6, 2026 – Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended March 31, 2026. Total revenues of $872.7 million increased 8% compared to the first quarter of 2025. Net income of $190.1 million increased 12% and net earnings per diluted share of $5.97 increased 18% compared to the prior year period.

Adjusted operating revenues of $872.3 million increased 9% compared to the first quarter of 2025. Adjusted net operating income of $189.8 million increased 13%, while adjusted operating earnings per diluted share of $5.96 increased 19% compared to the prior year period.

The Company delivered solid financial results during the first quarter of 2026, driven by record sales performance and higher client asset values in the Investment and Savings Products segment. Sales growth was supported by a broad product offering and continued sales momentum, while favorable equity market performance contributed to asset growth. The Term Life business also produced solid financial results, driven by the Company’s large in-force block of term life insurance policies.

“Another quarter of strong financial performance was driven by continued momentum in our Investment and Savings Products business and supported by the stability of our Term Life business. ISP remains a key driver of growth and reflects the trust clients place in our long‑term savings solutions,” said Glenn Williams, Chief Executive Officer of Primerica,

1

Inc. “As middle‑income families continue to navigate a changing economic environment, the need for financial education and guidance remains critical. We believe our strong fundamentals position Primerica well for long-term growth and to effectively meet the evolving needs of our clients."

First Quarter Distribution & Segment Results

Distribution Results

Q1 2026

Q1 2025

% Change

Life-Licensed Sales Force

149,732

152,167

(2

)%

Recruits

84,217

100,867

(17

)%

New Life-Licensed Representatives

10,569

12,339

(14

)%

Life Insurance Policies Issued

74,054

86,415

(14

)%

Life Productivity (1)

0.16

0.19

*

Issued Term Life Face Amount ($ billions) (2)

$

25.7

$

28.5

(10

)%

ISP Product Sales ($ billions)

$

4.3

$

3.6

22

%

Average Client Asset Values ($ billions)

$

129.9

$

113.0

15

%

Closed U.S. Mortgage Volume ($ million brokered)

$

113.1

$

93.5

21

%

(1)

Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.

(2)

Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

* Not calculated or less than 1%

Segment Results

Q1 2026

Q1 2025

% Change

($ in thousands)

Adjusted Operating Revenues:

Term Life Insurance

$

464,634

$

457,841

1

%

Investment and Savings Products

350,645

290,812

21

%

Corporate and Other Distributed Products (1)

57,018

54,903

4

%

Total adjusted operating revenues (1)

$

872,297

$

803,556

9

%

Adjusted Operating Income (Loss) before

income taxes:

Term Life Insurance

$

154,860

$

146,785

6

%

Investment and Savings Products

100,899

81,271

24

%

Corporate and Other Distributed Products (1)

(6,737

)

(8,028

)

16

%

Total adjusted operating income before income taxes (1)

$

249,022

$

220,028

13

%

(1)

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

2

Life Insurance Licensed Sales Force

During the first quarter of 2026, recruiting and licensing activity was below levels in the prior year period, with 84,217 new recruits, down 17% compared to the prior year period, and 10,569 representatives obtaining a new life license, a 14% decline year over year. The life licensed sales force totaled 149,732 as of March 31, 2026, decreasing 2% compared to March 31, 2025.

Term Life Insurance

During the first quarter of 2026, annualized issued premium of $83.3 million decreased 10% compared to the prior year period. The Company issued 74,054 new life insurance policies, representing 14% fewer policies than the prior year period, with total face amount issued of $25.7 billion. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.16. The Company continues to enhance training and tools designed to help representatives more effectively identify and address the evolving protection needs of middle-income families in today's economic environment.

First quarter of 2026 Term Life revenues of $464.6 million increased 1% compared to the first quarter of 2025, driven by 4% growth in adjusted direct premiums. Pre-tax operating income of $154.9 million, including a $7.6 million remeasurement gain, increased 6% compared to the prior year period. The benefits and claims ratio was 57.3% compared to 58.2% in the prior year period. The DAC amortization and insurance commissions ratio was 12.3% and the insurance expense ratio was 7.9%, consistent with the prior year period. The Term Life operating margin was 22.5% compared to 22.1% in the prior year period.

Investment and Savings Products

During the first quarter of 2026, total product sales were $4.3 billion, a 22% increase compared to the prior year period. Strong investor demand across all major product lines drove sales growth, while equity market appreciation and continued net inflows over the last 12 months led to a 15% increase in client asset values year over year. Net inflows during the first quarter of 2026 were $362 million compared to $542 million in the prior year period.

First quarter ISP revenues of $350.6 million increased 21% year-over-year, while income before income taxes of $100.9 million increased 24%. Growth in sales-based commission revenues continued to outpace revenue-generating sales due to continued strong client demand for variable annuities. Asset-based commission revenues grew 23%, supported by a favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model, compared to a 15% increase in average client asset values. Sales-based and asset-based commission expenses grew in line with related revenues.

Corporate and Other Distributed Products

3

During the first quarter of 2026, the segment recorded a pre‑tax adjusted operating loss of $6.7 million, compared to a pre‑tax adjusted operating loss of $8.0 million in the prior‑year period. The improvement was driven by $2.1 million higher adjusted net investment income, reflecting continued growth in the invested asset portfolio.

Taxes

The effective income tax rate was 23.8% during the first quarter of 2026, largely consistent with the effective income tax rate of 23.6% in the first quarter of 2025.

Capital

During the first quarter of 2026, the Company repurchased $135 million of its common stock under the Board of Directors' $475 million share repurchase program authorized through December 31, 2026. The Board of Directors has approved a dividend of $1.20 per share, payable on June 12, 2026, to stockholders of record on May 21, 2026. Primerica Life Insurance Company's statutory risk-based capital (RBC) ratio was estimated to be 430% as of March 31, 2026.

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, diluted adjusted operating earnings per share and adjusted stockholders' equity.

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 investment gains (losses), including credit impairments, and fair value mark-to-market (MTM) investment adjustments for all periods presented. We exclude 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.

4

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. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

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 users 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, May 7, 2026, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://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. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

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

5

regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, reinsurance, persistency, or disability as reflected in the pricing for our insurance policies; 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 significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the development and use of artificial intelligence; the efficiency and success of business initiatives taken to enhance our technology, products and services; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; inability to effectively execute our corporate strategy; 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 https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc. is a leading diversified financial services distribution company serving middle-income households in the United States and Canada. Our licensed representatives educate families on how to prepare for a more secure financial future and help them achieve their financial goals with our term life insurance and third-party

6

mutual funds, managed accounts, annuities, loans and other financial products. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts as of December 31, 2025. Through our life insurance subsidiaries in North America, in 2025 Primerica was the #3 issuer of term life insurance, which we largely reinsure. 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”. We are headquartered in Duluth, Georgia.

Investor Contact:

Nicole Russell

470-564-6663

Email: Nicole.Russell@Primerica.com

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

7

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

March 31, 2026

December 31, 2025

(In thousands)

Assets

Investments:

Fixed-maturity securities available-for-sale, at fair value

$

3,444,026

$

3,265,246

Fixed-maturity security held-to-maturity, at amortized cost

1,130,730

1,175,380

Equity securities, at fair value

27,728

26,433

Trading securities, at fair value

32,451

12,801

Policy loans and other invested assets

56,336

56,233

Total investments

4,691,271

4,536,093

Cash and cash equivalents

645,811

756,227

Accrued investment income

31,400

30,122

Reinsurance recoverables

2,480,051

2,564,952

Deferred policy acquisition costs, net

3,954,334

3,915,998

Agent balances, due premiums and other receivables

280,220

275,171

Intangible asset

45,275

45,275

Income taxes

130,773

177,302

Operating lease right-of-use assets

40,936

41,900

Other assets

254,797

387,776

Separate account assets

2,122,558

2,281,520

Total assets

$

14,677,426

$

15,012,336

Liabilities and stockholders' equity

Liabilities:

Future policy benefits

$

6,728,920

$

6,818,179

Unearned and advance premiums

17,015

15,521

Policy claims and other benefits payable

488,886

495,356

Other policyholders' funds

342,427

356,427

Note payable

595,516

595,315

Surplus note

1,130,485

1,175,119

Income taxes

66,810

147,960

Operating lease liabilities

48,369

49,565

Other liabilities

531,546

546,596

Payable under securities lending

85,020

84,876

Separate account liabilities

2,122,558

2,281,520

Total liabilities

12,157,552

12,566,434

Common stock

313

318

Retained earnings

2,440,207

2,416,149

Accumulated other comprehensive income (loss), net of income tax:

Effect of change in discount rate assumptions on the liability for future policy benefits

223,792

134,594

Unrealized foreign currency translation gains (losses)

(23,387

)

(15,836

)

Net unrealized gains (losses) on available-for-sale securities

(121,051

)

(89,323

)

Total stockholders' equity

2,519,874

2,445,902

Total liabilities and stockholders' equity

$

14,677,426

$

15,012,336

8

PRIMERICA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

Three months ended March 31,

2026

2025

(In thousands, except per-share amounts)

Revenues:

Direct premiums

$

871,246

$

858,845

Ceded premiums

(414,859

)

(410,521

)

Net premiums

456,387

448,324

Commissions and fees

356,741

296,957

Net investment income

43,283

41,671

Investment gains (losses)

396

757

Other, net

15,886

17,134

Total revenues

872,693

804,843

Benefits and expenses:

Benefits and claims

171,254

174,862

Future policy benefits remeasurement (gain) loss

(7,377

)

(3,273

)

Amortization of deferred policy acquisition costs

84,260

78,550

Sales commissions

195,210

158,118

Insurance expenses

66,567

64,805

Insurance commissions

5,618

6,124

Interest expense

5,861

6,004

Other operating expenses

101,882

98,338

Total benefits and expenses

623,275

583,528

Income before income taxes

249,418

221,315

Income taxes

59,322

52,264

Net income

$

190,096

$

169,051

Earnings per share attributable to common stockholders:

Basic earnings per share

$

5.98

$

5.06

Diluted earnings per share

$

5.97

$

5.05

Weighted-average shares used in computing

earnings per share:

Basic

31,681

33,292

Diluted

31,728

33,342

9

PRIMERICA, INC. AND SUBSIDIARIES

Consolidated Adjusted Operating Results Reconciliation

(Unaudited)

Three months ended March 31,

2026

2025

% Change

(In thousands, except per-share amounts)

Total revenues

$

872,693

$

804,843

8

%

Less: Investment (losses) gains

396

757

Less: 10% deposit asset MTM included in NII

-

530

Adjusted operating revenues

$

872,297

$

803,556

9

%

Income before income taxes

$

249,418

$

221,315

13

%

Less: Investment (losses) gains

396

757

Less: 10% deposit asset MTM included in NII

-

530

Adjusted operating income before income taxes

$

249,022

$

220,028

13

%

Net Income

$

190,096

$

169,051

12

%

Less: Investment (losses) gains

396

757

Less: 10% deposit asset MTM included in NII

-

530

Less: Tax impact of preceding items

(94

)

(304

)

Adjusted net operating income

$

189,794

$

168,068

13

%

Diluted earnings per share

$

5.97

$

5.05

18

%

Less: Net after-tax impact of operating adjustments

0.01

0.03

Diluted adjusted operating earnings per share

$

5.96

$

5.02

19

%

10

TERM LIFE INSURANCE SEGMENT

Adjusted Premiums Reconciliation

(Unaudited)

Three months ended March 31,

2026

2025

% Change

(In thousands)

Direct premiums

$

867,202

$

854,430

1

%

Less: Premiums ceded to IPO coinsurers

179,575

191,477

Adjusted direct premiums

687,627

662,953

4

%

Ceded premiums

(413,843

)

(409,334

)

Less: Premiums ceded to IPO coinsurers

(179,575

)

(191,477

)

Other ceded premiums

(234,268

)

(217,857

)

Net premiums

$

453,359

$

445,096

2

%

CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT

Adjusted Operating Results Reconciliation

(Unaudited)

Three months ended March 31,

2026

2025

% Change

(In thousands)

Total revenues

$

57,414

$

56,190

2

%

Less: Investment gains (losses)

396

757

Less: 10% deposit asset MTM included in NII

-

530

Adjusted operating revenues

$

57,018

$

54,903

4

%

Income (loss) before income taxes

$

(6,341

)

$

(6,741

)

6

%

Less: Investment gains (losses)

396

757

Less: 10% deposit asset MTM included in NII

-

530

Adjusted operating income (loss) before income taxes

$

(6,737

)

$

(8,028

)

16

%

PRIMERICA, INC. AND SUBSIDIARIES

Adjusted Stockholders' Equity Reconciliation

(Unaudited)

March 31, 2026

December 31, 2025

% Change

(In thousands)

Stockholders' equity

$

2,519,874

$

2,445,902

3

%

Less: Net unrealized gains (losses)

(121,051

)

(89,323

)

Less: Effect of change in discount rate assumptions

on the liability for future policy benefits

223,792

134,594

Adjusted stockholders' equity

$

2,417,133

$

2,400,631

1

%

11

EX-99.2

EX-99.2

Filename: pri-ex99_2.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Supplemental Financial Information

First Quarter 2026

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

Term Life Insurance segment - financial results, financial analysis, and key statistics

8-9

Investment and Savings Products segment - financial results, financial analysis, and key statistics

10-11

Corporate & Other Distributed Products segment - financial results

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, 2025.

2 of 16

Preface

PRIMERICA, INC.

Financial Supplement

First Quarter 2026

This document is a financial supplement to our first quarter 2026 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 for continuing operations and adjusted for three different purposes, as follows:

•Operating adjustments exclude the impact of investment gains/losses, including credit impairments and mark-to-market (MTM) investment adjustments. We exclude 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. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments.

•Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

•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.

3 of 16

Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)

Mar 31,

2025

Jun 30,

2025

Sep 30,

2025

Dec 31,

2025

Mar 31,

2026

Jun 30,

2026

Sep 30,

2026

Dec 31,

2026

Balance Sheets

Assets:

Investments and cash excluding securities held to maturity

$

3,784,534

$

3,798,697

$

3,885,589

$

4,116,941

$

4,206,352

Securities held to maturity

1,285,340

1,258,800

1,241,540

1,175,380

1,130,730

Total investments and cash

5,069,874

5,057,497

5,127,129

5,292,321

5,337,082

Reinsurance recoverables

2,722,544

2,698,144

2,596,597

2,564,952

2,480,051

Deferred policy acquisition costs

3,742,693

3,817,119

3,863,442

3,915,998

3,954,334

Other assets

935,802

938,583

946,717

957,544

783,400

Separate account assets

2,118,098

2,318,492

2,313,874

2,281,520

2,122,558

Total assets

$

14,589,010

$

14,829,834

$

14,847,759

$

15,012,336

$

14,677,426

Liabilities:

Future policy benefits

$

6,637,937

$

6,719,044

$

6,816,778

$

6,818,179

$

6,728,920

Other policy liabilities

907,038

906,558

862,242

867,305

848,328

Other liabilities

692,224

641,378

618,061

744,121

646,724

Debt obligations

594,713

594,913

595,114

595,315

595,516

Surplus note

1,285,032

1,258,508

1,241,263

1,175,119

1,130,485

Payable under securities lending

97,560

83,425

104,535

84,876

85,020

Separate account liabilities

2,118,098

2,318,492

2,313,874

2,281,520

2,122,558

Total liabilities

12,332,601

12,522,318

12,551,868

12,566,435

12,157,552

Stockholders’ equity:

Common stock ($0.01 par value) (1)

330

325

321

318

313

Paid-in capital

—

—

—

—

—

Retained earnings

2,253,435

2,270,996

2,319,750

2,416,149

2,440,207

Accumulated other comprehensive income (loss), net:

Net unrealized gains (losses)

(133,764

)

(124,629

)

(91,680

)

(89,323

)

(121,051

)

Effect of change in discount rate assumptions on the liability for future policy benefits

171,599

174,626

89,692

134,594

223,792

Cumulative translation adjustment

(35,191

)

(13,803

)

(22,191

)

(15,836

)

(23,388

)

Total stockholders’ equity

2,256,409

2,307,516

2,295,892

2,445,901

2,519,874

Total liabilities and stockholders' equity

$

14,589,010

$

14,829,834

$

14,847,759

$

15,012,336

$

14,677,426

Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity

Total stockholders' equity

$

2,256,409

$

2,307,516

$

2,295,892

$

2,445,901

$

2,519,874

Less: Net unrealized gains (losses)

(133,764

)

(124,629

)

(91,680

)

(89,323

)

(121,051

)

Less: Effect of change in discount rate assumptions on the liability for future policy benefits

171,599

174,626

89,692

134,594

223,792

Adjusted stockholders’ equity

$

2,218,574

$

2,257,519

$

2,297,880

$

2,400,630

$

2,417,133

Adjusted Stockholders' Equity Rollforward

Balance, beginning of period

$

2,197,050

$

2,218,574

$

2,257,519

$

2,297,880

$

2,400,630

Net Income

169,051

178,344

206,793

197,047

190,096

Shareholder dividends

(34,736

)

(34,209

)

(33,819

)

(33,288

)

(38,117

)

Retirement of shares

(126,637

)

(129,124

)

(129,000

)

(74,654

)

(140,974

)

Net foreign currency translation adjustment

(424

)

21,388

(8,388

)

6,355

(7,551

)

Other, net

14,270

2,546

4,775

7,291

13,049

Balance, end of period

$

2,218,574

$

2,257,519

$

2,297,880

$

2,400,630

$

2,417,133

Deferred Policy Acquisition Costs Rollforward

Balance, beginning of period

$

3,680,430

$

3,742,693

$

3,817,119

$

3,863,442

$

3,915,998

General expenses deferred

10,883

11,605

11,235

10,368

11,363

Commission costs deferred

130,162

126,272

122,850

120,125

117,128

Amortization of deferred policy acquisition costs

(78,550

)

(80,043

)

(81,498

)

(82,813

)

(84,260

)

Foreign currency impact and other, net

(232

)

16,592

(6,263

)

4,876

(5,895

)

Balance, end of period

$

3,742,693

$

3,817,119

$

3,863,442

$

3,915,998

$

3,954,334

(1)

Outstanding common shares exclude restricted stock units.

4 of 16

Financial Results and Other Statistical Data

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands, except per-share data)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Earnings per Share

Basic earnings per share:

Weighted-average common shares and fully vested equity awards

33,292,459

32,870,061

32,404,112

31,978,688

31,680,718

(1,611,741

)

-4.8

%

33,292,459

31,680,718

(1,611,741

)

-4.8

%

Net income

$

169,051

$

178,344

$

206,793

$

197,047

$

190,096

$

21,045

12.4

%

$

169,051

$

190,096

$

21,045

12.4

%

Less income attributable to unvested participating securities

(585

)

(572

)

(678

)

(606

)

(626

)

(41

)

-7.1

%

(585

)

(626

)

(41

)

-7.1

%

Net income used in computing basic EPS

$

168,466

$

177,772

$

206,114

$

196,441

$

189,470

$

21,004

12.5

%

$

168,466

$

189,470

$

21,004

12.5

%

Basic earnings per share

$

5.06

$

5.41

$

6.36

$

6.14

$

5.98

$

0.92

18.2

%

$

5.06

$

5.98

$

0.92

18.2

%

Adjusted net operating income

$

168,068

$

180,385

$

206,052

$

196,907

$

189,794

$

21,727

12.9

%

$

168,068

$

189,794

$

21,727

12.9

%

Less operating income attributable to unvested participating securities

(581

)

(579

)

(676

)

(605

)

(625

)

(44

)

-7.5

%

(581

)

(625

)

(44

)

-7.5

%

Adjusted net operating income used in computing basic operating EPS

$

167,487

$

179,806

$

205,376

$

196,302

$

189,170

$

21,683

12.9

%

$

167,487

$

189,170

$

21,683

12.9

%

Basic adjusted operating income per share

$

5.03

$

5.47

$

6.34

$

6.14

$

5.97

$

0.94

18.7

%

$

5.03

$

5.97

$

0.94

18.7

%

Diluted earnings per share:

Weighted-average common shares and fully vested equity awards

33,292,459

32,870,061

32,404,112

31,978,688

31,680,718

(1,611,741

)

-4.8

%

33,292,459

31,680,718

(1,611,741

)

-4.8

%

Dilutive impact of contingently issuable shares

49,670

41,352

47,284

53,183

46,818

(2,852

)

-5.7

%

49,670

46,818

(2,852

)

-5.7

%

Shares used to calculate diluted EPS

33,342,129

32,911,413

32,451,396

32,031,871

31,727,536

(1,614,593

)

-4.8

%

33,342,129

31,727,536

(1,614,593

)

-4.8

%

Net income

$

169,051

$

178,344

$

206,793

$

197,047

$

190,096

$

21,045

12.4

%

$

169,051

$

190,096

$

21,045

12.4

%

Less income attributable to unvested participating securities

(584

)

(571

)

(678

)

(605

)

(625

)

(41

)

-7.1

%

(584

)

(625

)

(41

)

-7.1

%

Net income used in computing diluted EPS

$

168,467

$

177,772

$

206,115

$

196,442

$

189,471

$

21,004

12.5

%

$

168,467

$

189,471

$

21,004

12.5

%

Diluted earnings per share

$

5.05

$

5.40

$

6.35

$

6.13

$

5.97

$

0.92

18.2

%

$

5.05

$

5.97

$

0.92

18.2

%

Adjusted net operating income

$

168,068

$

180,385

$

206,052

$

196,907

$

189,794

$

21,727

12.9

%

$

168,068

$

189,794

$

21,727

12.9

%

Less operating income attributable to unvested participating securities

(580

)

(578

)

(675

)

(604

)

(624

)

(44

)

-7.5

%

(580

)

(624

)

(44

)

-7.5

%

Adjusted net operating income used in computing diluted operating EPS

$

167,487

$

179,807

$

205,377

$

196,303

$

189,170

$

21,683

12.9

%

$

167,487

$

189,170

$

21,683

12.9

%

Diluted adjusted operating income per share

$

5.02

$

5.46

$

6.33

$

6.13

$

5.96

$

0.94

18.7

%

$

5.02

$

5.96

$

0.94

18.7

%

Annualized Return on Equity

Average stockholders' equity

$

2,257,725

$

2,281,963

$

2,301,704

$

2,370,896

$

2,482,888

$

225,162

10.0

%

$

2,257,725

$

2,482,888

$

225,162

10.0

%

Average adjusted stockholders' equity

$

2,207,812

$

2,238,047

$

2,277,699

$

2,349,255

$

2,408,882

$

201,070

9.1

%

$

2,207,812

$

2,408,882

$

201,070

9.1

%

Net income return on stockholders' equity

30.0

%

31.3

%

35.9

%

33.2

%

30.6

%

0.7

%

nm

30.0

%

30.6

%

0.7

%

nm

Net income return on adjusted stockholders' equity

30.6

%

31.9

%

36.3

%

33.6

%

31.6

%

0.9

%

nm

30.6

%

31.6

%

0.9

%

nm

Adjusted net operating income return on adjusted stockholders' equity

30.4

%

32.2

%

36.2

%

33.5

%

31.5

%

1.1

%

nm

30.4

%

31.5

%

1.1

%

nm

Capital Structure

Debt-to-capital (1)

20.9

%

20.5

%

20.6

%

19.6

%

19.1

%

-1.7

%

nm

20.9

%

19.1

%

-1.7

%

nm

Debt-to-capital, excluding AOCI (1)

20.9

%

20.8

%

20.4

%

19.8

%

19.6

%

-1.3

%

nm

20.9

%

19.6

%

-1.3

%

nm

Cash and invested assets to stockholders' equity

2.2

x

2.2

x

2.2

x

2.2

x

2.1

x

(0.1

x)

nm

2.2

x

2.1

x

(0.1

x)

nm

Cash and invested assets to adjusted stockholders' equity

2.3

x

2.2

x

2.2

x

2.2

x

2.2

x

(0.1

x)

nm

2.3

x

2.2

x

(0.1

x)

nm

Share count, end of period (2)

33,022,554

32,545,209

32,075,564

31,809,803

31,343,338

(1,679,216

)

-5.1

%

33,022,554

31,343,338

(1,679,216

)

-5.1

%

Adjusted stockholders' equity per share

$

67.18

$

69.37

$

71.64

$

75.47

$

77.12

$

9.93

14.8

%

$

67.18

$

77.12

$

9.93

14.8

%

Financial Strength Ratings - Primerica Life Insurance Co

Moody's

A1

A1

A1

A1

A1

na

na

na

na

na

na

S&P

AA-

AA-

AA-

AA-

AA-

na

na

na

na

na

na

A.M. Best

A+

A+

A+

A+

A+

na

na

na

na

na

na

Holding Company Senior Debt Ratings

Moody's

Baa1

Baa1

Baa1

Baa1

Baa1

na

na

na

na

na

na

S&P

A-

A-

A-

A-

A-

na

na

na

na

na

na

A.M. Best

a-

a-

a-

a-

a-

na

na

na

na

na

na

(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, which excludes restricted stock units (RSUs).

5 of 16

Statements of Income

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Statements of Income

Revenues:

Direct premiums

$

858,845

$

866,254

$

868,651

$

869,030

$

871,246

$

12,401

1.4

%

$

858,845

$

871,246

$

12,401

1.4

%

Ceded premiums

(410,521

)

(433,408

)

(414,104

)

(420,843

)

(414,859

)

(4,337

)

-1.1

%

(410,521

)

(414,859

)

(4,337

)

-1.1

%

Net premiums

448,323

432,846

454,547

448,187

456,387

8,064

1.8

%

448,323

456,387

8,064

1.8

%

Net investment income

41,671

40,928

42,431

42,122

43,283

1,612

3.9

%

41,671

43,283

1,612

3.9

%

Commissions and fees:

Sales-based (1)

111,270

115,933

118,637

131,305

136,355

25,085

22.5

%

111,270

136,355

25,085

22.5

%

Asset-based (2)

152,014

154,735

172,286

181,407

187,366

35,352

23.3

%

152,014

187,366

35,352

23.3

%

Account-based (3)

24,195

24,394

24,420

24,347

23,619

(576

)

-2.4

%

24,195

23,619

(576

)

-2.4

%

Other commissions and fees

9,477

10,970

10,146

10,326

9,401

(76

)

-0.8

%

9,477

9,401

(76

)

-0.8

%

Investment (losses) gains

757

(2,866

)

652

641

396

(361

)

nm

757

396

(361

)

nm

Other, net

17,135

16,394

16,732

15,347

15,886

(1,249

)

-7.3

%

17,135

15,886

(1,249

)

-7.3

%

Total revenues

804,843

793,334

839,852

853,683

872,693

67,850

8.4

%

804,843

872,693

67,850

8.4

%

Benefits and expenses:

Benefits and claims

174,862

152,494

172,152

166,420

171,254

(3,608

)

-2.1

%

174,862

171,254

(3,608

)

-2.1

%

Future policy benefits remeasurement (gain)/loss

(3,273

)

(5,895

)

(23,114

)

(5,107

)

(7,377

)

(4,104

)

-125.4

%

(3,273

)

(7,377

)

(4,104

)

-125.4

%

Amortization of DAC

78,550

80,043

81,498

82,813

84,260

5,710

7.3

%

78,550

84,260

5,710

7.3

%

Insurance commissions

6,124

5,751

5,499

5,621

5,618

(506

)

-8.3

%

6,124

5,618

(506

)

-8.3

%

Insurance expenses

64,805

64,362

64,131

70,168

66,567

1,762

2.7

%

64,805

66,567

1,762

2.7

%

Sales commissions:

Sales-based (1)

77,267

82,935

82,867

89,561

95,168

17,901

23.2

%

77,267

95,168

17,901

23.2

%

Asset-based (2)

76,246

78,010

87,337

93,247

95,360

19,114

25.1

%

76,246

95,360

19,114

25.1

%

Other sales commissions

4,605

5,346

4,484

5,015

4,682

77

1.7

%

4,605

4,682

77

1.7

%

Interest expense

6,004

6,000

5,985

5,968

5,861

(144

)

-2.4

%

6,004

5,861

(144

)

-2.4

%

Other operating expenses

98,338

89,792

87,333

92,904

101,882

3,544

3.6

%

98,338

101,882

3,544

3.6

%

Total benefits and expenses

583,528

558,838

568,173

606,609

623,275

39,747

6.8

%

583,528

623,275

39,747

6.8

%

Income before income taxes

221,315

234,496

271,679

247,074

249,418

28,103

12.7

%

221,315

249,418

28,103

12.7

%

Income taxes

52,264

56,153

64,886

50,027

59,322

7,058

13.5

%

52,264

59,322

7,058

13.5

%

Net Income

169,051

178,344

206,793

197,047

190,096

21,045

12.4

%

169,051

190,096

21,045

12.4

%

Income Before Income Taxes by Segment

Term Life Insurance

$

146,785

$

155,012

$

172,684

$

146,578

$

154,859

$

8,074

5.5

%

$

146,785

$

154,859

$

8,074

5.5

%

Investment & Savings Products

81,270

79,420

94,223

100,609

100,900

19,629

24.2

%

81,270

100,900

19,629

24.2

%

Corporate & Other Distributed Products

(6,741

)

64

4,771

(113

)

(6,340

)

401

5.9

%

(6,741

)

(6,340

)

401

5.9

%

Income before income taxes

$

221,315

$

234,496

$

271,679

$

247,074

$

249,418

$

28,103

12.7

%

$

221,315

$

249,418

$

28,103

12.7

%

(1)

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

(2)

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

(3)

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

6 of 16

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums

Term Life Insurance direct premiums

$

854,430

$

861,919

$

864,047

$

865,138

$

867,202

$

12,772

1.5

%

$

854,430

$

867,202

$

12,772

1.5

%

Less: Premiums ceded to IPO Coinsurers

191,477

187,988

185,392

183,123

179,575

(11,902

)

-6.2

%

191,477

179,575

(11,902

)

-6.2

%

Term Life Insurance adjusted direct premiums

$

662,953

$

673,931

$

678,655

$

682,015

$

687,627

$

24,674

3.7

%

$

662,953

$

687,627

$

24,674

3.7

%

Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums

Term Life Insurance ceded premiums

$

(409,334

)

$

(432,306

)

$

(412,935

)

$

(419,273

)

$

(413,843

)

$

(4,509

)

-1.1

%

$

(409,334

)

$

(413,843

)

$

(4,509

)

-1.1

%

Less: Premiums ceded to IPO Coinsurers

(191,477

)

(187,988

)

(185,392

)

(183,123

)

(179,575

)

11,902

6.2

%

(191,477

)

(179,575

)

11,902

6.2

%

Term Life Insurance other ceded premiums

$

(217,857

)

$

(244,318

)

$

(227,543

)

$

(236,149

)

$

(234,269

)

$

(16,412

)

-7.5

%

$

(217,857

)

$

(234,269

)

$

(16,412

)

-7.5

%

Reconciliation from Net Investment Income to Adjusted Net Investment Income

Net Investment Income

$

41,671

$

40,928

$

42,431

$

42,122

$

43,283

$

1,612

3.9

%

$

41,671

$

43,283

$

1,612

3.9

%

Less: MTM investment adjustments

530

182

321

(466

)

—

nm

nm

530

—

nm

nm

Adjusted net investment income

$

41,141

$

40,746

$

42,110

$

42,588

$

43,283

$

2,142

5.2

%

$

41,141

$

43,283

$

2,142

5.2

%

Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes

Income before income taxes

$

(6,741

)

$

64

$

4,771

$

(113

)

$

(6,340

)

$

401

5.9

%

$

(6,741

)

$

(6,340

)

$

401

5.9

%

Less: Investment gains/(losses)

757

(2,866

)

652

641

396

nm

nm

757

396

nm

nm

Less: MTM investment adjustments

530

182

321

(466

)

—

nm

nm

530

—

nm

nm

Adjusted operating income before income taxes

$

(8,028

)

$

2,748

$

3,798

$

(288

)

$

(6,736

)

$

1,292

16.1

%

$

(8,028

)

$

(6,736

)

$

1,292

16.1

%

Reconciliation from Total Revenues to Adjusted Operating Revenues

Total revenues

$

804,843

$

793,334

$

839,852

$

853,683

$

872,693

$

67,850

8.4

%

$

804,843

$

872,693

$

67,850

8.4

%

Less: Investment (losses) gains

757

(2,866

)

652

641

396

nm

nm

757

396

nm

nm

Less: MTM investment adjustments

530

182

321

(466

)

—

nm

nm

530

—

nm

nm

Adjusted operating revenues

$

803,556

$

796,018

$

838,879

$

853,508

$

872,297

$

68,742

8.6

%

$

803,556

$

872,297

$

68,742

8.6

%

Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes

Income from continuing operations before income taxes

$

221,315

$

234,496

$

271,679

$

247,074

$

249,418

$

28,103

12.7

%

$

221,315

$

249,418

$

28,103

12.7

%

Less: Investment (losses) gains

757

(2,866

)

652

641

396

nm

nm

757

396

nm

nm

Less: MTM investment adjustments

530

182

321

(466

)

—

nm

nm

530

—

nm

nm

Adjusted operating income before income taxes

$

220,028

$

237,181

$

270,706

$

246,899

$

249,023

$

28,995

13.2

%

$

220,028

$

249,023

$

28,995

13.2

%

Reconciliation from Net Income to Adjusted Net Operating Income

Net income

$

169,051

$

178,344

$

206,793

$

197,047

$

190,096

$

21,045

12.4

%

$

169,051

$

190,096

$

21,045

12.4

%

Less: Investment (losses) gains

757

(2,866

)

652

641

396

nm

nm

757

396

nm

nm

Less: MTM investment adjustments

530

182

321

(466

)

—

nm

nm

530

—

nm

nm

Less: Tax impact of preceding items

(304

)

643

(232

)

(35

)

(94

)

nm

nm

(304

)

(94

)

nm

nm

Adjusted net operating income

$

168,068

$

180,385

$

206,052

$

196,907

$

189,794

$

21,727

12.9

%

$

168,068

$

189,794

$

21,727

12.9

%

7 of 16

Term Life Insurance - Financial Results and Analysis

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Term Life Insurance Income Before Income Taxes

Revenues:

Direct Premiums

$

854,430

$

861,919

$

864,047

$

865,138

$

867,202

$

12,772

1.5

%

$

854,430

$

867,202

$

12,772

1.5

%

Premiums ceded to IPO coinsurers (1)

(191,477

)

(187,988

)

(185,392

)

(183,123

)

(179,575

)

11,902

6.2

%

(191,477

)

(179,575

)

11,902

6.2

%

Adjusted direct premiums (2)

662,953

673,931

678,655

682,015

687,627

24,674

3.7

%

662,953

687,627

24,674

3.7

%

Other ceded premiums (3)

(217,857

)

(244,318

)

(227,543

)

(236,149

)

(234,269

)

(16,412

)

-7.5

%

(217,857

)

(234,269

)

(16,412

)

-7.5

%

Net premiums

445,096

429,613

451,112

445,866

453,359

8,263

1.9

%

445,096

453,359

8,263

1.9

%

Other, net

12,745

12,221

12,189

10,967

11,275

(1,471

)

-11.5

%

12,745

11,275

(1,471

)

-11.5

%

Revenues

457,842

441,834

463,301

456,832

464,634

6,792

1.5

%

457,842

464,634

6,792

1.5

%

Benefits and expenses:

Benefits and claims

171,243

148,725

168,319

163,257

167,252

(3,991

)

-2.3

%

171,243

167,252

(3,991

)

-2.3

%

Future policy benefits remeasurement (gain)/loss

(3,402

)

(5,743

)

(23,392

)

(5,190

)

(7,564

)

(4,162

)

-122.3

%

(3,402

)

(7,564

)

(4,162

)

-122.3

%

Amortization of DAC

76,921

78,386

79,876

81,227

82,666

5,745

7.5

%

76,921

82,666

5,745

7.5

%

Insurance commissions

2,649

2,238

2,755

1,993

2,042

(606

)

-22.9

%

2,649

2,042

(606

)

-22.9

%

Insurance expenses

63,645

63,216

63,058

68,966

65,378

1,733

2.7

%

63,645

65,378

1,733

2.7

%

Benefits and expenses

311,056

286,821

290,616

310,254

309,774

(1,282

)

-0.4

%

311,056

309,774

(1,282

)

-0.4

%

Income before income taxes

$

146,785

$

155,012

$

172,684

$

146,578

$

154,859

$

8,074

5.5

%

$

146,785

$

154,859

$

8,074

5.5

%

Total Term Life Insurance - Financial Analysis

Post-IPO direct premiums (4)

$

538,072

$

547,938

$

551,915

$

554,372

$

559,529

$

21,457

4.0

%

$

538,072

$

559,529

$

21,457

4.0

%

Pre-IPO direct premiums (5)

316,359

313,981

312,132

310,766

307,674

(8,685

)

-2.7

%

316,359

307,674

(8,685

)

-2.7

%

Total direct premiums

$

854,430

$

861,919

$

864,047

$

865,138

$

867,202

$

12,772

1.5

%

$

854,430

$

867,202

$

12,772

1.5

%

Premiums ceded to IPO coinsurers

$

191,477

$

187,988

$

185,392

$

183,123

$

179,575

$

(11,902

)

-6.2

%

$

191,477

$

179,575

$

(11,902

)

-6.2

%

% of Pre-IPO direct premiums

60.5

%

59.9

%

59.4

%

58.9

%

58.4

%

nm

nm

60.5

%

58.4

%

nm

nm

Benefits and claims, net (6)

$

385,698

$

387,300

$

372,471

$

394,217

$

393,956

$

8,258

2.1

%

$

385,698

$

393,956

$

8,258

2.1

%

% of adjusted direct premiums

58.2

%

57.5

%

54.9

%

57.8

%

57.3

%

nm

nm

58.2

%

57.3

%

nm

nm

DAC amortization & insurance commissions

$

79,570

$

80,624

$

82,631

$

83,220

$

84,709

$

5,139

6.5

%

$

79,570

$

84,709

$

5,139

6.5

%

% of adjusted direct premiums

12.0

%

12.0

%

12.2

%

12.2

%

12.3

%

nm

nm

12.0

%

12.3

%

nm

nm

Insurance expenses, net (7)

$

50,900

$

50,995

$

50,869

$

57,999

$

54,103

$

3,204

6.3

%

$

50,900

$

54,103

$

3,204

6.3

%

% of adjusted direct premiums

7.7

%

7.6

%

7.5

%

8.5

%

7.9

%

nm

nm

7.7

%

7.9

%

nm

nm

Total Term Life income before income taxes

$

146,785

$

155,012

$

172,684

$

146,578

$

154,859

$

8,074

5.5

%

$

146,785

$

154,859

$

8,074

5.5

%

Term Life operating margin (8)

22.1

%

23.0

%

25.4

%

21.5

%

22.5

%

nm

nm

22.1

%

22.5

%

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 and remeasurement (gain)/loss net of other ceded premiums which are largely yearly renewable term.

(7)

Insurance expenses, net - insurance expenses net of other, net revenues.

(8)

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

8 of 16

Term Life Insurance - Key Statistics

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Key Statistics

Life-insurance licensed sales force, beginning of period

151,611

152,167

152,592

152,200

151,524

(87

)

-0.1

%

151,611

151,524

(87

)

-0.1

%

New life-licensed representatives

12,339

12,903

12,482

10,998

10,569

(1,770

)

-14.3

%

12,339

10,569

(1,770

)

-14.3

%

Non-renewal and terminated representatives

(11,783

)

(12,478

)

(12,874

)

(11,674

)

(12,361

)

(578

)

-4.9

%

(11,783

)

(12,361

)

(578

)

-4.9

%

Life-insurance licensed sales force, end of period

152,167

152,592

152,200

151,524

149,732

(2,435

)

-1.6

%

152,167

149,732

(2,435

)

-1.6

%

Estimated annualized issued term life premium ($mills) (1):

Premium from new policies

$

74.4

$

78.5

$

69.8

$

67.1

$

64.9

$

(9.6

)

-12.8

%

$

74.4

$

64.9

$

(9.6

)

-12.8

%

Additions and increases in premium

18.5

20.2

19.0

17.9

18.4

(0.1

)

-0.7

%

18.5

18.4

(0.1

)

-0.7

%

Total estimated annualized issued term life premium

$

93.0

$

98.7

$

88.8

$

85.0

$

83.3

$

(9.7

)

-10.4

%

$

93.0

$

83.3

$

(9.7

)

-10.4

%

Issued term life policies

86,415

89,850

79,379

76,143

74,054

(12,361

)

-14.3

%

86,415

74,054

(12,361

)

-14.3

%

Estimated average annualized issued term life premium per policy (1)(2)

$

861

$

874

$

879

$

882

$

876

$

15

1.7

%

$

861

$

876

$

15

1.7

%

Term life face amount in-force, beginning of period ($mills)

$

953,583

$

956,981

$

968,312

$

967,024

$

967,612

$

14,029

1.5

%

$

953,583

$

967,612

$

14,029

1.5

%

Issued term life face amount (3)

28,455

30,292

27,067

26,068

25,678

(2,777

)

-9.8

%

28,455

25,678

(2,777

)

-9.8

%

Terminated term life face amount

(24,979

)

(24,795

)

(26,159

)

(27,170

)

(25,578

)

(598

)

-2.4

%

(24,979

)

(25,578

)

(598

)

-2.4

%

Foreign currency impact, net

(77

)

5,834

(2,196

)

1,690

(2,041

)

(1,964

)

nm

(77

)

(2,041

)

(1,964

)

nm

Term life face amount in-force, end of period

$

956,981

$

968,312

$

967,024

$

967,612

$

965,671

$

8,690

0.9

%

$

956,981

$

965,671

$

8,690

0.9

%

(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.

9 of 16

Investment and Savings Products - Financial Results and Financial Analysis

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands, except as noted)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Investment & Savings Products Income Before Income Taxes

Revenues:

Commissions and fees:

Sales-based

$

111,270

$

115,933

$

118,637

$

131,305

$

136,355

$

25,085

22.5

%

$

111,270

$

136,355

$

25,085

22.5

%

Asset-based

152,014

154,735

172,286

181,407

187,366

35,352

23.3

%

152,014

187,366

35,352

23.3

%

Account-based

24,195

24,394

24,420

24,347

23,619

(576

)

-2.4

%

24,195

23,619

(576

)

-2.4

%

Other, net

3,333

3,236

3,445

3,275

3,305

(28

)

-0.8

%

3,333

3,305

(28

)

-0.8

%

Revenues

290,812

298,297

318,789

340,335

350,645

59,833

20.6

%

290,812

350,645

59,833

20.6

%

Benefits and expenses:

Amortization of DAC

1,337

1,368

1,355

1,321

1,334

(4

)

-0.3

%

1,337

1,334

(4

)

-0.3

%

Insurance commissions

3,277

3,468

3,485

3,526

3,457

180

5.5

%

3,277

3,457

180

5.5

%

Sales commissions:

Sales-based

77,267

82,935

82,867

89,561

95,168

17,901

23.2

%

77,267

95,168

17,901

23.2

%

Asset-based

76,246

78,010

87,337

93,247

95,360

19,114

25.1

%

76,246

95,360

19,114

25.1

%

Other operating expenses

51,414

53,096

49,522

52,071

54,427

3,013

5.9

%

51,414

54,427

3,013

5.9

%

Benefits and expenses

209,541

218,877

224,565

239,726

249,745

40,204

19.2

%

209,541

249,745

40,204

19.2

%

Income before income taxes

$

81,270

$

79,420

$

94,223

$

100,609

$

100,900

$

19,629

24.2

%

$

81,270

$

100,900

$

19,629

24.2

%

Financial Analysis

Fees paid based on client asset values (1)

$

10,915

$

11,404

$

12,285

$

12,803

$

13,287

$

2,372

21.7

%

$

10,915

$

13,287

$

2,372

21.7

%

Fees paid based on fee-generating positions (2)

12,410

11,015

10,341

10,543

11,121

(1,289

)

-10.4

%

12,410

11,121

(1,289

)

-10.4

%

Other operating expenses

28,089

30,676

26,896

28,724

30,019

1,930

6.9

%

28,089

30,019

1,930

6.9

%

Total other operating expenses

$

51,414

$

53,096

$

49,522

$

52,071

$

54,427

$

3,013

5.9

%

$

51,414

$

54,427

$

3,013

5.9

%

Sales-based variable margin as % of revenue-generating sales (3)

U.S.

1.37

%

1.29

%

1.38

%

1.49

%

1.38

%

nm

nm

1.37

%

1.38

%

nm

nm

Canada

0.35

%

0.35

%

0.35

%

0.27

%

0.38

%

nm

nm

0.35

%

0.38

%

nm

nm

Total

1.28

%

1.23

%

1.31

%

1.40

%

1.30

%

nm

nm

1.28

%

1.30

%

nm

nm

Asset-based variable margin as % of average asset values (4)

U.S.

0.043

%

0.043

%

0.044

%

0.045

%

0.046

%

nm

nm

0.043

%

0.046

%

nm

nm

Canada

0.113

%

0.109

%

0.115

%

0.110

%

0.114

%

nm

nm

0.113

%

0.114

%

nm

nm

Total

0.053

%

0.053

%

0.055

%

0.055

%

0.057

%

nm

nm

0.053

%

0.057

%

nm

nm

Account-based variable margin per average fee generating position (5)(6)

$

3.57

$

4.02

$

4.20

$

4.09

$

3.69

nm

nm

$

3.57

$

3.69

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 variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.

(4)

Asset-based variable margin - 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 variable margin - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.

(6)

In whole dollars.

10 of 16

Investment and Savings Products - Key Statistics

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Key Statistics

Product sales ($mills)

U.S. Retail Mutual Funds

$

1,317.9

$

1,244.0

$

1,298.4

$

1,323.0

$

1,460.2

$

142.3

10.8

%

$

1,317.9

$

1,460.2

$

142.3

10.8

%

Canada Retail Mutual Funds

220.7

168.5

185.7

212.9

235.2

14.5

6.6

%

220.7

235.2

14.5

6.6

%

Indexed Annuities

71.1

93.0

72.7

70.2

77.2

6.2

8.7

%

71.1

77.2

6.2

8.7

%

Variable Annuities and other

1,038.9

1,178.7

1,180.6

1,375.3

1,383.6

344.7

33.2

%

1,038.9

1,383.6

344.7

33.2

%

Total sales-based revenue generating product sales

2,648.6

2,684.2

2,737.4

2,981.4

3,156.2

507.6

19.2

%

2,648.6

3,156.2

507.6

19.2

%

Managed Accounts

596.7

634.1

717.2

822.5

821.5

224.8

37.7

%

596.7

821.5

224.8

37.7

%

Canada Retail Mutual Funds - no upfront sales comm

296.4

218.6

244.7

261.6

313.8

17.4

5.9

%

296.4

313.8

17.4

5.9

%

Segregated Funds

17.7

11.5

12.6

45.1

40.3

22.6

127.3

%

17.7

40.3

22.6

127.3

%

Total product sales

$

3,559.3

$

3,548.4

$

3,711.9

$

4,110.6

$

4,331.8

$

772.4

21.7

%

$

3,559.3

$

4,331.8

$

772.4

21.7

%

Total Canada Retail Mutual Funds

$

517.1

$

387.1

$

430.4

$

474.5

$

549.0

$

31.9

6.2

%

$

517.1

$

549.0

$

31.9

6.2

%

Segregated Funds

17.7

11.5

12.6

45.1

40.3

22.6

127.3

%

17.7

40.3

22.6

127.3

%

Total Canada product sales

534.8

398.6

443.0

519.5

589.2

54.4

10.2

%

534.8

589.2

54.4

10.2

%

Total U.S. product sales

3,024.6

3,149.8

3,268.9

3,591.0

3,742.5

718.0

23.7

%

3,024.6

3,742.5

718.0

23.7

%

Total product sales

$

3,559.3

$

3,548.4

$

3,711.9

$

4,110.6

$

4,331.8

$

772.4

21.7

%

$

3,559.3

$

4,331.8

$

772.4

21.7

%

Client asset values, beginning of period ($mills)

$

112,081

$

109,908

$

120,224

$

126,793

$

128,891

$

16,810

15.0

%

$

112,081

$

128,891

$

16,810

15.0

%

Inflows

3,559

3,548

3,712

4,111

4,332

772

21.7

%

3,559

4,332

772

21.7

%

Outflows (1)

(3,017

)

(3,062

)

(3,349

)

(3,786

)

(3,970

)

(953

)

-31.6

%

(3,017

)

(3,970

)

(953

)

-31.6

%

Net flows

542

487

363

325

362

(180

)

-33.2

%

542

362

(180

)

-33.2

%

Foreign currency impact, net

(12

)

900

(357

)

290

(351

)

(339

)

nm

(12

)

(351

)

(339

)

nm

Change in market value, net and other (2)

(2,703

)

8,931

6,562

1,483

(2,140

)

564

20.9

%

(2,703

)

(2,140

)

564

20.9

%

Client asset values, end of period

$

109,908

$

120,224

$

126,793

$

128,891

$

126,762

$

16,854

15.3

%

$

109,908

$

126,762

$

16,854

15.3

%

Annualized net flows as % of beginning of period asset values

1.9

%

1.8

%

1.2

%

1.0

%

1.1

%

-0.8

%

nm

1.9

%

1.1

%

-0.8

%

nm

Average client asset values ($mills)

U.S. Retail Mutual Funds

$

54,649

$

54,324

$

58,410

$

60,288

$

60,243

$

5,594

10.2

%

$

54,649

$

60,243

$

5,594

10.2

%

Canada Retail Mutual Funds

14,555

15,153

16,452

17,226

17,764

3,209

22.0

%

14,555

17,764

3,209

22.0

%

Managed Accounts

11,537

12,167

13,759

15,070

16,190

4,653

40.3

%

11,537

16,190

4,653

40.3

%

Indexed Annuities

3,003

3,033

3,061

3,081

3,093

90

3.0

%

3,003

3,093

90

3.0

%

Variable Annuities and other

27,086

27,075

29,127

30,210

30,276

3,190

11.8

%

27,086

30,276

3,190

11.8

%

Segregated Funds

2,189

2,223

2,307

2,301

2,310

121

5.5

%

2,189

2,310

121

5.5

%

Total

$

113,018

$

113,975

$

123,117

$

128,175

$

129,875

$

16,858

14.9

%

$

113,018

$

129,875

$

16,858

14.9

%

Canada Retail Mutual Funds

$

14,555

$

15,153

$

16,452

$

17,226

$

17,764

$

3,209

22.0

%

$

14,555

$

17,764

$

3,209

22.0

%

Segregated Funds

2,189

2,223

2,307

2,301

2,310

121

5.5

%

2,189

2,310

121

5.5

%

Total Canada average client assets

16,743

17,376

18,759

19,526

20,073

3,330

19.9

%

16,743

20,073

3,330

19.9

%

Total U.S. average client assets

96,274

96,599

104,358

108,649

109,802

13,527

14.1

%

96,274

109,802

13,527

14.1

%

Total average client assets

$

113,018

$

113,975

$

123,117

$

128,175

$

129,875

$

16,858

14.9

%

$

113,018

$

129,875

$

16,858

14.9

%

Average number of fee-generating positions (thous) (3)

Recordkeeping and custodial

2,419

2,437

2,448

2,459

2,467

48

2.0

%

2,419

2,467

48

2.0

%

Recordkeeping only

885

893

902

912

924

39

4.4

%

885

924

39

4.4

%

Total

3,304

3,330

3,350

3,372

3,391

87

2.6

%

3,304

3,391

87

2.6

%

(1)

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

(2)

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

(3)

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

11 of 16

Corporate Other Distributed Products - Financial Results

PRIMERICA, INC.

Financial Supplement

YOY Q1

YOY YTD

(Dollars in thousands)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

YTD 2025

YTD 2026

$

Change

%

Change

Corporate & Other Distributed Products Income Before Income Taxes

Revenues:

Direct premiums

$

4,414

$

4,335

$

4,604

$

3,892

$

4,044

$

(371

)

-8.4

%

$

4,414

$

4,044

$

(371

)

-8.4

%

Ceded premiums

(1,187

)

(1,102

)

(1,169

)

(1,571

)

(1,016

)

172

14.5

%

(1,187

)

(1,016

)

172

14.5

%

Net premiums

3,227

3,233

3,435

2,321

3,028

(199

)

-6.2

%

3,227

3,028

(199

)

-6.2

%

Adjusted net investment income

41,141

40,746

42,110

42,588

43,283

2,142

5.2

%

41,141

43,283

2,142

5.2

%

Commissions and fees:

Prepaid legal services

3,682

4,009

2,304

3,479

3,326

(356

)

-9.7

%

3,682

3,326

(356

)

-9.7

%

Auto and homeowners insurance

1,966

2,440

2,941

2,245

1,988

22

1.1

%

1,966

1,988

22

1.1

%

Mortgage loans

2,129

3,020

3,281

2,984

2,553

424

19.9

%

2,129

2,553

424

19.9

%

Other sales commissions

1,701

1,502

1,620

1,618

1,535

(167

)

-9.8

%

1,701

1,535

(167

)

-9.8

%

Other, net

1,057

938

1,098

1,106

1,307

249

23.6

%

1,057

1,307

249

23.6

%

Adjusted operating revenues

54,902

55,887

56,789

56,341

57,019

2,117

3.9

%

54,902

57,019

2,117

3.9

%

Benefits and expenses:

Benefits and claims

3,619

3,769

3,833

3,162

4,002

384

10.6

%

3,619

4,002

384

10.6

%

Future policy benefits remeasurement (gain)/loss

128

(152

)

278

82

187

58

45.6

%

128

187

58

45.6

%

Amortization of DAC

291

288

267

265

260

(31

)

-10.7

%

291

260

(31

)

-10.7

%

Insurance commissions

199

45

(741

)

101

119

(80

)

-40.3

%

199

119

(80

)

-40.3

%

Insurance expenses

1,160

1,147

1,074

1,202

1,189

29

2.5

%

1,160

1,189

29

2.5

%

Sales commissions

4,605

5,346

4,484

5,015

4,682

77

1.7

%

4,605

4,682

77

1.7

%

Interest expense

6,004

6,000

5,985

5,968

5,861

(144

)

-2.4

%

6,004

5,861

(144

)

-2.4

%

Other operating expenses

46,924

36,696

37,811

40,834

47,455

531

1.1

%

46,924

47,455

531

1.1

%

Benefits and expenses

62,930

53,139

52,992

56,629

63,755

825

1.3

%

62,930

63,755

825

1.3

%

Adjusted operating income before income taxes

$

(8,028

)

$

2,748

$

3,798

$

(288

)

$

(6,736

)

$

1,292

16.1

%

$

(8,028

)

$

(6,736

)

$

1,292

16.1

%

12 of 16

Investment Portfolio - Summary of Holdings

PRIMERICA, INC.

Financial Supplement

As of or for the period ended March 31, 2026

% 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

$

645,811

$

645,811

$

-

15.6

%

15.0

%

Fixed Income:

Treasury

12,371

12,708

(337

)

0.3

%

0.3

%

3.1

%

AA+

Government

243,271

257,760

(14,489

)

5.9

%

6.0

%

3.4

%

AA-

Tax-Exempt Municipal

45,222

47,391

(2,168

)

1.1

%

1.1

%

3.4

%

AA-

Public Corporate

1,813,280

1,879,791

(66,511

)

43.7

%

43.7

%

4.5

%

BBB+

Mortgage-Backed

653,835

701,501

(47,666

)

15.8

%

16.3

%

4.2

%

AAA

Asset-Backed

278,609

282,914

(4,305

)

6.7

%

6.6

%

4.5

%

AA

CMBS

83,591

90,721

(7,130

)

2.0

%

2.1

%

3.8

%

A+

Private Placements

342,621

353,123

(10,501

)

8.3

%

8.2

%

5.2

%

BBB+

Redeemable Preferred

3,676

4,248

(572

)

0.1

%

0.1

%

5.2

%

BBB-

Total Fixed Income

3,476,477

3,630,157

(153,680

)

83.8

%

84.3

%

4.4

%

A

Equities and Other:

Perpetual Preferred

3,430

3,430

-

0.1

%

0.1

%

Common Stock

20,102

20,102

-

0.5

%

0.5

%

Mutual Fund

4,173

4,173

-

0.1

%

0.1

%

Derivative

24

24

-

0.0

%

0.0

%

Total Equities

27,728

27,728

-

0.7

%

0.6

%

Total Invested Assets

$

4,150,016

$

4,303,696

$

(153,680

)

100.0

%

100.0

%

Public Corporate Portfolio by Sector

Energy

$

254,437

$

260,127

$

(5,690

)

14.0

%

13.8

%

Insurance

253,120

263,705

(10,585

)

14.0

%

14.0

%

Consumer Non Cyclical

175,321

186,883

(11,562

)

9.7

%

9.9

%

Electric

137,907

142,445

(4,538

)

7.6

%

7.6

%

Consumer Cyclical

136,159

140,851

(4,692

)

7.5

%

7.5

%

Capital Goods

125,659

128,261

(2,602

)

6.9

%

6.8

%

Reits

122,205

129,421

(7,216

)

6.7

%

6.9

%

Technology

106,399

111,547

(5,149

)

5.9

%

5.9

%

Banking

99,963

99,822

141

5.5

%

5.3

%

Finance Companies

93,751

94,948

(1,196

)

5.2

%

5.1

%

Communications

76,302

78,188

(1,887

)

4.2

%

4.2

%

Brokerage

68,433

71,120

(2,686

)

3.8

%

3.8

%

Basic Industry

68,097

73,772

(5,676

)

3.8

%

3.9

%

Transportation

56,495

58,079

(1,584

)

3.1

%

3.1

%

Natural Gas

23,086

23,292

(206

)

1.3

%

1.2

%

Industrial Other

6,161

6,710

(549

)

0.3

%

0.4

%

Utility Other

3,933

4,393

(460

)

0.2

%

0.2

%

Financial Other

3,178

3,276

(98

)

0.2

%

0.2

%

Owned No Guarantee

2,674

2,950

(276

)

0.1

%

0.2

%

Total Public Corporate portfolio

$

1,813,280

$

1,879,791

$

(66,511

)

100.0

%

100.0

%

Fixed-Maturity Securities - Effective Maturity

Effective maturity

< 1 Yr.

1-2 Yrs.

$

411,338

$

413,189

$

(1,851

)

11.8

%

11.4

%

3.8

%

2-5 Yrs.

310,985

314,391

(3,406

)

8.9

%

8.7

%

4.0

%

5-10 Yrs.

858,618

885,883

(27,266

)

24.7

%

24.4

%

4.2

%

> 10 Yrs.

1,144,393

1,215,150

(70,758

)

32.9

%

33.5

%

4.2

%

Total Fixed Income

751,143

801,543

(50,400

)

21.6

%

22.1

%

5.3

%

$

3,476,477

$

3,630,157

$

(153,680

)

100.0

%

100.0

%

4.4

%

Duration

Fixed Income portfolio duration

5.3

years

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

13 of 16

Investment Portfolio - Quality Ratings As of March 31, 2026

PRIMERICA, INC.

Financial Supplement

(Dollars in thousands)

Investment Portfolio Quality Ratings (1)

Amortized Cost

% of Total

Total Fixed Income portfolio:

Rating

AAA

$

695,462

19.2

%

AA

508,298

14.0

%

A

911,678

25.1

%

BBB

1,480,519

40.8

%

Below Investment Grade

31,688

0.9

%

NA

2,512

0.1

%

Total Fixed Income

$

3,630,157

100.0

%

Amortized Cost

% of Total

Amortized Cost

% of Total

Public Corporate asset class:

Private Placement asset class:

Rating

Rating

AAA

$

2,126

0.1

%

AAA

$

-

—

AA

87,048

4.6

%

AA

8,860

2.5

%

A

549,567

29.2

%

A

103,631

29.3

%

BBB

1,213,498

64.6

%

BBB

239,632

67.9

%

Below Investment Grade

27,427

1.5

%

Below Investment Grade

1,000

0.3

%

NA

125

0.0

%

NA

-

—

Total Corporate

$

1,879,791

100.0

%

Total Private

$

353,123

100.0

%

CMBS asset class:

Mortgage-Backed asset class:

Rating

Rating

AAA

$

26,846

29.6

%

AAA

$

540,993

77.1

%

AA

21,784

24.0

%

AA

160,368

22.9

%

A

32,690

36.0

%

A

-

—

BBB

6,195

6.8

%

BBB

-

—

Below Investment Grade

3,207

3.5

%

Below Investment Grade

54

0.0

%

NA

-

—

NA

86

0.0

%

Total CMBS

$

90,721

100.0

%

Total Mortgage-Backed

$

701,501

100.0

%

Asset-Backed asset class:

Treasury & Government asset classes:

Rating

Rating

AAA

$

100,462

35.5

%

AAA

$

24,371

9.0

%

AA

49,494

17.5

%

AA

148,847

55.0

%

A

131,457

46.5

%

A

79,502

29.4

%

BBB

-

—

BBB

16,946

6.3

%

Below Investment Grade

-

—

Below Investment Grade

-

—

NA

1,500

0.5

%

NA

801

0.3

%

Total Asset-Backed

$

282,914

100.0

%

Total Treasury & Government

$

270,468

100.0

%

NAIC Designations

1

$

1,720,864

56.8

%

2

1,277,630

42.1

%

3

28,005

0.9

%

4

4,978

0.2

%

5

-

—

6

-

—

U.S. Insurer Fixed Income (2)

3,031,477

100.0

%

Other (3)

626,408

Cash and cash equivalents

645,811

Total Invested Assets

$

4,303,696

(1)

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

(2)

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

(3)

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

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

14 of 16

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

YOY Q1

(Dollars in thousands)

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

$

Change

%

Change

Net Investment Income by Source

Fixed-maturity securities (available-for-sale)

$

33,513

$

34,346

$

35,218

$

36,130

$

38,133

$

4,620

13.8%

Fixed-maturity securities (held-to-maturity)

14,669

14,621

14,476

14,278

13,223

(1,446

)

-9.9%

Equity Securities

314

315

318

321

323

9

2.9%

Deposit asset underlying 10% reinsurance treaty

1,857

1,736

1,659

1,512

—

(1,857

)

-100.0%

Deposit asset - Mark to Market

530

182

321

(466

)

—

(530

)

-100.0%

Policy loans and other invested assets

1,032

482

611

617

673

(359

)

-34.8%

Cash & cash equivalents

6,519

5,959

6,340

6,065

6,189

(330

)

-5.1%

Total investment income

58,435

57,641

58,943

58,457

58,542

107

0.2%

Investment expenses

2,095

2,092

2,036

2,057

2,036

(58

)

-2.8%

Interest Expense on Surplus Note

14,669

14,621

14,476

14,278

13,223

(1,446

)

-9.9%

Net investment income

$

41,671

$

40,928

$

42,431

$

42,122

$

43,283

$

1,612

3.9%

Fixed income book yield, end of period

4.21

%

4.26

%

4.27

%

4.30

%

4.39

%

New money yield

5.47

%

5.64

%

5.15

%

4.92

%

5.00

%

YOY Q1

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

% Pt

Change

Fixed Income Portfolio Quality Ratings

Rating

AAA

19.0

%

19.3

%

19.3

%

19.7

%

19.2

%

0.2

%

AA

13.6

%

14.0

%

14.6

%

14.9

%

14.0

%

0.4

%

A

24.5

%

23.8

%

24.0

%

23.8

%

25.1

%

0.6

%

BBB

41.7

%

41.9

%

41.0

%

40.6

%

40.8

%

-0.9

%

Below Investment Grade

1.1

%

0.9

%

0.9

%

1.1

%

0.9

%

-0.2

%

NA

0.1

%

0.1

%

0.1

%

0.0

%

0.1

%

-0.0

%

Total Fixed Income

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

—

Average rating by amortized cost

A

A

A

A

A

As of March 31, 2026

As of March 31, 2026

As of March 31, 2026

Market

Value

Amortized

Cost

Credit

Rating

Market

Value

Amortized

Cost

Market

Value

Amortized

Cost

Top 25 Exposures

Foreign Exposure (1)

Government Investments (1)

1

ONEOK Inc

$

15,008

$

15,451

BBB

Canada

$

95,863

$

100,514

AAA

$

—

$

—

2

Province of Alberta Canada

14,445

15,132

AA-

United Kingdom

39,568

39,086

AA

—

—

3

Realty Income Corp

13,600

13,965

A-

Australia

27,711

28,176

A

11,528

12,452

4

Province of Ontario Canada

13,563

13,881

A+

Germany

17,621

17,892

BBB

16,314

16,496

5

T-Mobile US Inc

13,025

13,004

BBB

Ireland

13,505

13,203

Below Investment Grade

—

—

6

Manulife Financial Corp

12,923

13,362

A

Italy

11,110

10,855

NA

—

—

7

Morgan Stanley

12,207

12,137

BBB+

Cayman Islands

9,996

9,933

Total

$

27,842

$

28,948

8

Province of Quebec Canada

12,164

12,487

AA-

Mexico

9,757

10,520

9

Enbridge Inc

12,037

12,426

BBB+

Bermuda

9,467

9,375

10

Province of British Columbia Canada

11,712

12,174

A

Luxembourg

8,036

7,662

Non-Government Investments (1)

11

Oracle Corp

11,622

12,876

BBB

France

7,580

7,737

12

Intact Financial Corp

11,463

11,360

A+

Norway

5,717

5,774

AAA

$

—

$

—

13

Province of New Brunswick Canada

11,396

12,028

A+

Spain

5,600

5,656

AA

9,068

9,082

14

Parker-Hannifin Corp

11,271

11,388

BBB+

Netherlands

3,340

3,597

A

69,896

70,670

15

Province of Manitoba Canada

11,190

11,838

A+

Panama

3,126

3,214

BBB

188,332

192,408

16

Wells Fargo & Co

10,395

10,452

BBB+

Emerging Markets (2)

15,945

16,495

Below Investment Grade

1,884

2,122

17

Alimentation Couche-Tard Inc

10,352

10,620

BBB+

All Other

13,078

13,539

NA

—

—

18

Enel SpA

10,216

9,956

BBB

Total

$

297,021

$

303,230

Total

$

269,179

$

274,282

19

Hercules Capital Inc

9,889

9,965

BBB-

20

PNC Financial Services Group Inc

9,889

10,050

A-

21

MPLX LP

9,874

10,028

BBB

22

Province of Nova Scotia Canada

9,795

10,493

AA-

23

Amgen Inc

9,757

10,010

BBB+

24

Goldman Sachs Group Inc

9,755

9,773

A+

25

Apollo Global Management Inc

9,732

9,982

A

Total

$

287,280

$

294,836

% of total fixed income portfolio

6.9

%

6.9

%

(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)

2021

2022

2023

2024

2025

Q1

2025

Q2

2025

Q3

2025

Q4

2025

Q1

2026

Q2

2026

Q3

2026

Q4

2026

Recruits

349,374

359,735

361,925

445,425

358,316

100,867

80,924

101,156

75,369

84,217

Life-insurance licensed sales force, beginning of period

134,907

129,515

135,208

141,572

151,611

151,611

152,167

152,592

152,200

151,524

New life-licensed representatives

39,622

45,147

49,096

56,320

48,722

12,339

12,903

12,482

10,998

10,569

Non-renewal and terminated representatives

(45,014

)

(39,454

)

(42,732

)

(46,281

)

(48,809

)

(11,783

)

(12,478

)

(12,874

)

(11,674

)

(12,361

)

Life-insurance licensed sales force, end of period

129,515

135,208

141,572

151,611

151,524

152,167

152,592

152,200

151,524

149,732

Issued term life policies

323,855

291,918

358,860

370,396

331,787

86,415

89,850

79,379

76,143

74,054

Issued term life face amount

$

108,521

$

103,822

$

119,102

$

122,233

$

111,882

$

28,455

$

30,292

$

27,067

$

26,068

$

25,678

Term life face amount in-force, beginning of period

$

858,818

$

903,404

$

916,808

$

944,609

$

953,583

$

953,583

$

956,981

$

968,312

$

967,024

$

967,612

Issued term life face amount

108,521

103,822

119,102

122,233

111,882

28,455

30,292

27,067

26,068

25,678

Terminated term life face amount

(64,798

)

(82,894

)

(94,230

)

(103,872

)

(103,103

)

(24,979

)

(24,795

)

(26,159

)

(27,170

)

(25,578

)

Foreign currency impact, net

862

(7,524

)

2,929

(9,387

)

5,251

(77

)

5,834

(2,196

)

1,690

(2,041

)

Term life face amount in force, end of period

$

903,404

$

916,808

$

944,609

$

953,583

$

967,612

$

956,981

$

968,312

$

967,024

$

967,612

$

965,671

Estimated annualized issued term life premium

Premium from new policies

$

297.2

$

271.9

$

302.4

$

318.0

$

289.9

$

74.4

$

78.5

$

69.8

$

67.1

$

64.9

Additions and increases in premium

77.0

76.7

74.3

74.7

75.6

18.5

20.2

19.0

17.9

18.4

Total estimated annualized issued term life premium

$

374.2

$

348.5

$

376.6

$

392.7

$

365.4

$

93.0

$

98.7

$

88.8

$

85.0

$

83.3

Investment & Savings product sales

$

11,703.2

$

10,009.0

$

9,211.7

$

12,078.9

$

14,930.2

$

3,559.3

$

3,548.4

$

3,711.9

$

4,110.6

$

4,331.8

Investment & Savings average client asset values

$

89,993

$

87,193

$

89,474

$

105,742

$

119,571

$

113,018

$

113,975

$

123,117

$

128,175

$

129,875

Closed U.S. Mortgage Volume (brokered)

$

1,229.2

$

567.2

$

293.4

$

397.4

$

500.7

$

93.5

$

132.8

$

143.4

$

130.9

$

113.1

16 of 16

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- Definition

Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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-Section 14d

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

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-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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