Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

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8-K - PRIMERICA, INC. 8-K - Primerica, Inc.	a51754209.htm
EX-99.1 - EXHIBIT 99.1 - Primerica, Inc.	a51754209ex99_1.htm

Exhibit 99.2

Supplemental Financial Information

Fourth Quarter 2017

	PRIMERICA, INC.
Table of Contents	Financial Supplement

	Page
Preface, definition of Non-GAAP financial measures	3

Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures	4

Financial results and other statistical data	5

Statements of income	6

Reconciliation of statement of income GAAP to non-GAAP financial measures	7

Segment operating results	8
Term Life Insurance segment - financial results, key statistics, and financial analysis	9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics	11-12

Investment portfolio	13-15

Five-year historical key statistics	16

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2016.

Page 2 of 16

	PRIMERICA, INC.
Preface	Financial Supplement

FOURTH QUARTER 2017

This document is a financial supplement to our fourth quarter 2017 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements and adjusted for three different purposes, as follows:

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

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

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

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

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

Page 3 of 16

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

(Dollars in thousands)	Dec 31, 2015			Mar 31, 2016			Jun 30, 2016			Sep 30, 2016			Dec 31, 2016			Mar 31, 2017			Jun 30, 2017			Sep 30, 2017			Dec 31, 2017
Condensed Balance Sheets
Assets:
Investments and cash excluding securities held to maturity	$	1,965,576		$	1,968,419		$	2,027,735		$	2,047,095		$	2,087,607		$	2,110,131		$	2,139,275		$	2,157,513		$	2,287,955
Securities held to maturity		365,220			404,860			431,000			454,000			503,230			535,160			635,690			688,840			737,150
Total investments and cash		2,330,796			2,373,279			2,458,735			2,501,095			2,590,837			2,645,291			2,774,965			2,846,353			3,025,105
Due from reinsurers		4,110,628			4,160,266			4,147,284			4,161,537			4,193,562			4,219,547			4,191,754			4,238,978			4,205,173
Deferred policy acquisition costs		1,500,259			1,559,833			1,619,236			1,672,454			1,713,065			1,767,681			1,833,877			1,900,122			1,951,892
Other assets		605,200			656,871			669,723			685,779			653,525			681,156			719,765			734,425			705,661
Separate account assets		2,063,899			2,264,108			2,311,124			2,347,816			2,287,953			2,356,320			2,424,937			2,486,960			2,572,872
Total assets	$	10,610,782		$	11,014,358		$	11,206,101		$	11,368,681		$	11,438,943		$	11,669,996		$	11,945,297		$	12,206,839		$	12,460,704

Liabilities:
Future policy benefits	$	5,431,711		$	5,518,834		$	5,581,043		$	5,629,967		$	5,673,890		$	5,736,313		$	5,812,217		$	5,894,882		$	5,954,524
Other policy liabilities		604,061			607,225			597,728			605,666			631,700			642,640			645,443			656,434			685,885
Income taxes		148,125			177,457			199,985			215,454			225,006			237,719			241,314			255,877			177,468
Other liabilities		408,757			409,870			413,888			426,970			449,963			449,734			428,176			463,926			451,398
Notes payable		372,552			372,643			372,735			372,827			372,919			373,011			373,103			373,196			373,288
Surplus note		364,424			404,079			430,233			453,247			502,491			534,435			634,980			688,055			736,381
Payable under securities lending		71,482			87,383			91,901			95,843			73,646			93,326			115,875			106,978			89,786
Separate account liabilities		2,063,899			2,264,108			2,311,124			2,347,816			2,287,953			2,356,320			2,424,937			2,486,960			2,572,872
Total liabilities		9,465,010			9,841,598			9,998,636			10,147,790			10,217,568			10,423,499			10,676,044			10,926,309			11,041,603
Stockholders’ equity:
Common stock ($0.01 par value) (1)		483			473			466			460			457			455			450			444			443
Paid-in capital		180,250			137,857			102,824			66,510			52,468			28,606			(0	)		(0	)		(0	)
Retained earnings		952,804			989,685			1,040,860			1,090,388			1,138,851			1,182,038			1,224,375			1,228,546			1,375,090
Treasury stock		—			—			—			—			—			—			—			—			—
Accumulated other comprehensive income (loss), net:
Net unrealized investment gains (losses) not other-than-temporarily impaired		32,106			48,747			68,473			71,827			42,852			47,534			49,883			47,191			39,686
Net unrealized investment losses other-than-temporarily impaired		(71	)		(70	)		(68	)		(66	)		(62	)		(56	)		(54	)		(143	)		(113	)
Cumulative translation adjustment		(19,801	)		(3,933	)		(5,091	)		(8,227	)		(13,193	)		(12,082	)		(5,401	)		4,492			3,995
Total stockholders’ equity		1,145,772			1,172,759			1,207,465			1,220,891			1,221,374			1,246,497			1,269,253			1,280,530			1,419,101
Total liabilities and stockholders' equity	$	10,610,782		$	11,014,358		$	11,206,101		$	11,368,681		$	11,438,943		$	11,669,996		$	11,945,297		$	12,206,839		$	12,460,704

Reconciliation of Adjusted Stockholders' Equity to Total Stockholders' Equity
Adjusted stockholders' equity	$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584		$	1,199,018		$	1,219,424		$	1,233,482		$	1,379,528
Reconciling items:
Net unrealized investment gains (losses) not other-than-temporarily impaired		32,106			48,747			68,473			71,827			42,852			47,534			49,883			47,191			39,686
Net unrealized investment losses other-than-temporarily impaired		(71	)		(70	)		(68	)		(66	)		(62	)		(56	)		(54	)		(143	)		(113	)
Total reconciling items		32,036			48,678			68,405			71,760			42,791			47,479			49,829			47,048			39,573
Total stockholders’ equity	$	1,145,772		$	1,172,759		$	1,207,465		$	1,220,891		$	1,221,374		$	1,246,497		$	1,269,253		$	1,280,530		$	1,419,101

Adjusted Stockholders' Equity Rollforward
Balance, beginning of period	$	1,096,864		$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584		$	1,199,018		$	1,219,424		$	1,233,482
Net Income		47,948			45,176			59,326			58,038			56,874			52,069			63,107			66,635			168,443
Shareholder dividends		(7,893	)		(8,295	)		(8,151	)		(8,511	)		(8,410	)		(8,882	)		(8,799	)		(9,120	)		(9,020	)
Retirement of shares and warrants		(20,538	)		(52,988	)		(41,330	)		(41,012	)		(18,697	)		(36,353	)		(45,185	)		(57,916	)		(17,318	)
Net foreign currency translation adjustment		(8,116	)		15,867			(1,157	)		(3,136	)		(4,966	)		1,111			6,681			9,893			(497	)
Other, net		5,471			10,585			6,290			4,692			4,653			12,489			4,602			4,565			4,437
Balance, end of period	$	1,113,736		$	1,124,082		$	1,139,060		$	1,149,131		$	1,178,584		$	1,199,018		$	1,219,424		$	1,233,482		$	1,379,528

Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period	$	1,465,175		$	1,500,259		$	1,559,833		$	1,619,236		$	1,672,454		$	1,713,065		$	1,767,681		$	1,833,877		$	1,900,122
General expenses deferred		7,951			8,443			9,138			9,202			8,226			9,489			9,061			9,350			8,887
Commission costs deferred		77,810			81,174			89,783			91,783			89,647			95,923			99,341			102,113			99,411
Amortization of deferred policy acquisition costs		(44,334	)		(43,129	)		(38,720	)		(45,428	)		(53,305	)		(51,850	)		(47,861	)		(53,384	)		(56,304	)
Foreign currency impact and other, net		(6,343	)		13,086			(798	)		(2,339	)		(3,957	)		1,054			5,653			8,166			(224	)
Balance, end of period	$	1,500,259		$	1,559,833		$	1,619,236		$	1,672,454		$	1,713,065		$	1,767,681		$	1,833,877		$	1,900,122		$	1,951,892

(1)	Outstanding common shares exclude restricted stock units.

Page 4 of 16

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

																									YOY Q4												YOY YTD
(Dollars in thousands, except per-share data)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards		48,549,580			47,657,649			47,008,203			46,444,202			46,301,339			45,983,783			45,317,641			44,809,433			(1,634,769	)		-3.5	%		47,411,145			45,598,180			(1,812,965	)		-3.8	%

Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	63,107		$	66,635		$	168,443		$	111,569		nm			$	219,414		$	350,255		$	130,841			59.6	%
Less income attributable to unvested participating securities		(370	)		(491	)		(494	)		(482	)		(421	)		(430	)		(465	)		(1,171	)		(689	)		-143.1	%		(1,835	)		(2,526	)		(691	)		-37.7	%
Net income used in computing basic EPS	$	44,806		$	58,835		$	57,544		$	56,392		$	51,648		$	62,677		$	66,170		$	167,272		$	110,880		nm			$	217,579		$	347,729		$	130,150			59.8	%
Basic earnings per share	$	0.92		$	1.23		$	1.22		$	1.21		$	1.12		$	1.36		$	1.46		$	3.73		$	2.52		nm			$	4.59		$	7.63		$	3.04			66.2	%

Adjusted Net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	63,039		$	66,620		$	72,258		$	16,341			29.2	%	$	216,762		$	253,893		$	37,131			17.1	%
Less operating income attributable to unvested participating securities		(375	)		(472	)		(494	)		(474	)		(421	)		(430	)		(465	)		(502	)		(29	)		-6.1	%		(1,813	)		(1,831	)		(18	)		-1.0	%
Adjusted Net operating income used in computing basic operating EPS	$	45,306		$	56,632		$	57,567		$	55,443		$	51,556		$	62,609		$	66,156		$	71,755		$	16,312			29.4	%	$	214,950		$	252,062		$	37,113			17.3	%
Basic adjusted operating income per share	$	0.93		$	1.19		$	1.22		$	1.19		$	1.11		$	1.36		$	1.46		$	1.60		$	0.41			34.1	%	$	4.53		$	5.53		$	0.99			21.9	%

Diluted earnings per share:
Weighted-average common shares and fully vested equity awards		48,549,580			47,657,649			47,008,203			46,444,202			46,301,339			45,983,783			45,317,641			44,809,433			(1,634,769	)		-3.5	%		47,411,145			45,598,180			(1,812,965	)		-3.8	%
Dilutive impact of contingently issuable shares		24,090			49,680			42,632			51,274			72,947			86,550			89,455			107,386			56,112			109.4	%		41,919			91,012			49,093			117.1	%
Shares used to calculate diluted EPS		48,573,670			47,707,329			47,050,835			46,495,476			46,374,286			46,070,333			45,407,096			44,916,819			(1,578,657	)		-3.4	%		47,453,064			45,689,192			(1,763,872	)		-3.7	%

Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	63,107		$	66,635		$	168,443		$	111,569		nm			$	219,414		$	350,255		$	130,841			59.6	%
Less income attributable to unvested participating securities		(370	)		(490	)		(493	)		(481	)		(421	)		(430	)		(464	)		(1,169	)		(687	)		-142.8	%		(1,833	)		(2,521	)		(688	)		-37.5	%
Net income used in computing diluted EPS	$	44,806		$	58,835		$	57,544		$	56,393		$	51,648		$	62,677		$	66,171		$	167,275		$	110,882		nm			$	217,581		$	347,734		$	130,153			59.8	%
Diluted earnings per share	$	0.92		$	1.23		$	1.22		$	1.21		$	1.11		$	1.36		$	1.46		$	3.72		$	2.51		nm			$	4.59		$	7.61		$	3.03			66.0	%

Adjusted Net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	63,039		$	66,620		$	72,258		$	16,341			29.2	%	$	216,762		$	253,893		$	37,131			17.1	%
Less operating income attributable to unvested participating securities		(374	)		(472	)		(494	)		(473	)		(420	)		(429	)		(464	)		(501	)		(28	)		-5.9	%		(1,811	)		(1,828	)		(16	)		-0.9	%
Adjusted Net operating income used in computing diluted operating EPS	$	45,306		$	56,632		$	57,567		$	55,443		$	51,556		$	62,609		$	66,156		$	71,756		$	16,313			29.4	%	$	214,951		$	252,065		$	37,115			17.3	%
Diluted adjusted operating income per share	$	0.93		$	1.19		$	1.22		$	1.19		$	1.11		$	1.36		$	1.46		$	1.60		$	0.41			34.0	%	$	4.53		$	5.52		$	0.99			21.8	%


		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		YOY Q4												YOY YTD
		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Annualized Return on Equity
Average stockholders' equity	$	1,159,266		$	1,190,112		$	1,214,178		$	1,221,133		$	1,233,936		$	1,257,875		$	1,274,892		$	1,349,815		$	128,683			10.5	%	$	1,196,172		$	1,279,129		$	82,957			6.9	%
Average adjusted stockholders' equity	$	1,118,909		$	1,131,571		$	1,144,095		$	1,163,857		$	1,188,801		$	1,209,221		$	1,226,453		$	1,306,505		$	142,648			12.3	%	$	1,139,608		$	1,232,745		$	93,137			8.2	%

Net income return on stockholders' equity		15.6	%		19.9	%		19.1	%		18.6	%		16.9	%		20.1	%		20.9	%		49.9	%		31.3	%	nm				18.3	%		27.4	%		9.0	%	nm
Net income return on adjusted stockholders' equity		16.2	%		21.0	%		20.3	%		19.5	%		17.5	%		20.9	%		21.7	%		51.6	%		32.0	%	nm				19.3	%		28.4	%		9.2	%	nm

Adjusted Net operating income return on adjusted stockholders' equity		16.3	%		20.2	%		20.3	%		19.2	%		17.5	%		20.9	%		21.7	%		22.1	%		2.9	%	nm				19.0	%		20.6	%		1.6	%	nm

Capital Structure
Debt-to-capital (1)		24.1	%		23.6	%		23.4	%		23.4	%		23.0	%		22.7	%		22.6	%		20.8	%		-2.6	%	nm				23.4	%		20.8	%		-2.6	%	nm

Cash and invested assets to stockholders' equity		2.0	x		2.0	x		2.0	x		2.1	x		2.1	x		2.2	x		2.2	x		2.1	x		0.0	x	nm				2.1	x		2.1	x		0.0	x	nm
Cash and invested assets to adjusted stockholders' equity		2.1	x		2.2	x		2.2	x		2.2	x		2.2	x		2.3	x		2.3	x		2.2	x		(0.0x	)	nm				2.2	x		2.2	x		(0.0x	)	nm

Share count, end of period (2)		47,295,175			46,601,587			45,961,671			45,720,822			45,549,739			45,034,788			44,380,349			44,251,256			(1,469,566	)		-3.2	%		45,720,822			44,251,256			(1,469,566	)		-3.2	%
Adjusted stockholders' equity per share	$	23.77		$	24.44		$	25.00		$	25.78		$	26.32		$	27.08		$	27.79		$	31.17		$	5.40			20.9	%	$	25.78		$	31.17		$	5.40			20.9	%

Financial Strength Ratings - Primerica Life Insurance Co
Moody's		A2			A2			A2			A2			A2			A2			A2			A2		nm			nm			nm			nm			nm			nm
S&P	AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			nm			nm			nm			nm			nm			nm
A.M. Best		A+			A+			A+			A+			A+			A+			A+			A+		nm			nm			nm			nm			nm			nm

Holding Company Senior Debt Ratings
Moody's	Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			Baa2			nm			nm			nm			nm			nm			nm
S&P		A-			A-			A-			A-			A-			A-			A-			A-		nm			nm			nm			nm			nm			nm
A.M. Best		a-			a-			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).

Page 5 of 16

	PRIMERICA, INC.
Statements of Income	Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Statement of Income
Revenues:
Direct premiums	$	597,130		$	612,189		$	616,587		$	618,362		$	627,698		$	637,426		$	646,079		$	650,906		$	32,544			5.3	%	$	2,444,268		$	2,562,109		$	117,841			4.8	%
Ceded premiums		(395,333	)		(406,683	)		(399,676	)		(398,867	)		(399,769	)		(406,043	)		(397,641	)		(397,318	)		1,548			0.4	%		(1,600,559	)		(1,600,771	)		(212	)	nm
Net premiums		201,797			205,506			216,911			219,495			227,929			231,384			248,438			253,587			34,092			15.5	%		843,709			961,338			117,630			13.9	%
Net investment income		21,238			20,389			19,399			17,999			19,894			19,742			19,922			19,459			1,460			8.1	%		79,025			79,017			(8	)	nm
Commissions and fees:
Sales-based (1)		56,220			59,057			55,149			56,894			60,517			60,692			53,488			58,307			1,413			2.5	%		227,320			233,005			5,685			2.5	%
Asset-based (2)		55,306			59,541			60,759			61,997			64,474			67,424			70,279			72,982			10,984			17.7	%		237,604			275,158			37,554			15.8	%
Account-based (3)		11,309			11,611			11,899			16,043			13,217			13,282			13,811			14,720			(1,323	)		-8.2	%		50,861			55,030			4,168			8.2	%
Other commissions and fees		5,987			6,692			6,476			6,747			6,060			6,919			7,049			8,097			1,350			20.0	%		25,902			28,125			2,223			8.6	%
Realized investment (losses) gains		(783	)		3,440			(35	)		1,465			134			104			22			1,079			(387	)		-26.4	%		4,088			1,339			(2,749	)		-67.2	%
Other, net		11,527			12,757			13,069			13,224			12,939			14,150			14,291			14,710			1,487			11.2	%		50,576			56,091			5,514			10.9	%
Total revenues		362,601			378,993			383,626			393,864			405,164			413,696			427,300			442,941			49,077			12.5	%		1,519,084			1,689,102			170,017			11.2	%
Benefits and expenses:
Benefits and claims		90,977			88,984			93,022			94,672			102,385			99,512			105,864			108,259			13,587			14.4	%		367,655			416,019			48,364			13.2	%
Amortization of DAC		43,129			38,720			45,428			53,305			51,850			47,861			53,384			56,304			3,000			5.6	%		180,582			209,399			28,817			16.0	%
Insurance commissions		4,147			4,472			4,709			4,456			4,899			5,157			5,593			5,459			1,003			22.5	%		17,783			21,108			3,325			18.7	%
Insurance expenses		33,130			32,906			32,837			33,476			37,621			36,920			37,636			35,102			1,627			4.9	%		132,348			147,280			14,932			11.3	%
Sales commissions:
Sales-based (1)		40,327			42,040			38,276			40,031			43,209			43,253			38,338			41,261			1,230			3.1	%		160,674			166,061			5,388			3.4	%
Asset-based (2)		23,093			24,907			25,271			26,368			27,630			28,965			30,220			31,698			5,330			20.2	%		99,639			118,513			18,874			18.9	%
Other sales commissions		3,222			3,199			3,153			2,928			2,865			3,221			3,463			3,864			936			32.0	%		12,502			13,414			912			7.3	%
Interest expense		7,173			7,178			7,184			7,157			7,127			7,144			7,074			7,143			(14	)		-0.2	%		28,691			28,488			(203	)		-0.7	%
Other operating expenses		47,190			44,708			45,309			44,408			52,736			45,274			45,528			45,762			1,354			3.0	%		181,615			189,301			7,686			4.2	%
Total benefits and expenses		292,388			287,113			295,189			306,799			330,322			317,308			327,100			334,852			28,053			9.1	%		1,181,489			1,309,582			128,094			10.8	%
Income before income taxes		70,213			91,880			88,438			87,065			74,841			96,389			100,200			108,089			21,024			24.1	%		337,596			379,519			41,924			12.4	%
Income taxes		25,037			32,554			30,400			30,191			22,772			33,282			33,565			(60,355	)		(90,545	)	nm				118,181			29,265			(88,917	)		-75.2	%
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	63,107		$	66,635		$	168,443		$	111,569		nm			$	219,414		$	350,255		$	130,841			59.6	%

Income Before Income Taxes by Segment
Term Life	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	61,855		$	66,543		$	68,237		$	17,110			33.5	%	$	213,361		$	245,657		$	32,296			15.1	%
Investment & Savings Products		31,691			36,065			35,759			40,840			37,119			39,684			39,050			46,982			6,141			15.0	%		144,355			162,835			18,480			12.8	%
Corporate & Other Distributed Products		(7,558	)		(2,202	)		(5,458	)		(4,903	)		(11,300	)		(5,149	)		(5,392	)		(7,131	)		(2,228	)		-45.4	%		(20,121	)		(28,973	)		(8,852	)		-44.0	%
Income before income taxes	$	70,213		$	91,880		$	88,438		$	87,065		$	74,841		$	96,389		$	100,200		$	108,089		$	21,024			24.1	%	$	337,596		$	379,519		$	41,924			12.4	%

(1)	Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities
(2)	Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees
(3)	Account-based - revenues relating to the fee generating client accounts we administer

Page 6 of 16

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

																									YOY Q4												YOY YTD
		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Reconciliation from Term Life Direct Premiums to Term Life Adjusted Direct Premiums
Term Life direct premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	630,485		$	638,830		$	644,373		$	32,791			5.4	%	$	2,413,340		$	2,534,068		$	120,729			5.0	%
Less: Premiums ceded to IPO Coinsurers		321,494			322,767			319,516			315,955			312,982			308,323			304,580			300,144			(15,811	)		-5.0	%		1,279,733			1,226,028			(53,705	)		-4.2	%
Term Life adjusted direct premiums	$	267,750		$	281,350		$	288,879		$	295,628		$	307,397		$	322,163		$	334,251		$	344,230		$	48,602			16.4	%	$	1,133,607		$	1,308,041		$	174,434			15.4	%


Reconciliation from Term Life Ceded Premiums to Term Life Other Ceded Premiums
Term Life ceded premiums	$	(393,271	)	$	(404,492	)	$	(397,214	)	$	(396,157	)	$	(398,077	)	$	(404,175	)	$	(395,772	)	$	(394,987	)	$	1,170			0.3	%	$	(1,591,133	)	$	(1,593,011	)	$	(1,878	)		-0.1	%
Less: Premiums ceded to IPO Coinsurers		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		(308,323	)		(304,580	)		(300,144	)		15,811			5.0	%		(1,279,733	)		(1,226,028	)		53,705			4.2	%
Term Life other ceded premiums	$	(71,776	)	$	(81,725	)	$	(77,697	)	$	(80,202	)	$	(85,095	)	$	(95,852	)	$	(91,193	)	$	(94,843	)	$	(14,641	)		-18.3	%	$	(311,400	)	$	(366,983	)	$	(55,583	)		-17.8	%


Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues	$	362,601		$	378,993		$	383,626		$	393,864		$	405,164		$	413,696		$	427,300		$	442,941		$	49,077			12.5	%	$	1,519,084		$	1,689,102		$	170,017			11.2	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134			104			22			1,079		nm			nm				4,088			1,339		nm			nm
Adjusted operating revenues	$	363,384		$	375,553		$	383,661		$	392,399		$	405,030		$	413,592		$	427,278		$	441,862		$	49,464			12.6	%	$	1,514,996		$	1,687,763		$	172,766			11.4	%


Reconciliation from Income Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income before income taxes	$	70,213		$	91,880		$	88,438		$	87,065		$	74,841		$	96,389		$	100,200		$	108,089		$	21,024			24.1	%	$	337,596		$	379,519		$	41,924			12.4	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134			104			22			1,079		nm			nm				4,088			1,339		nm			nm
Adjusted operating income before income taxes	$	70,996		$	88,440		$	88,472		$	85,599		$	74,708		$	96,285		$	100,178		$	107,010		$	21,410			25.0	%	$	333,508		$	378,180		$	44,673			13.4	%


Reconciliation from Net Income to Adjusted Net Operating Income
Net income	$	45,176		$	59,326		$	58,038		$	56,874		$	52,069		$	63,107		$	66,635		$	168,443		$	111,569		nm			$	219,414		$	350,255		$	130,841			59.6	%
Less: Realized investment gains/(losses)		(783	)		3,440			(35	)		1,465			134			104			22			1,079		nm			nm				4,088			1,339		nm			nm
Less: Tax impact of realized investment gains/(losses)		279			(1,219	)		12			(508	)		(41	)		(36	)		(8	)		(350	)	nm			nm				(1,436	)		(434	)	nm			nm
Less: Transition impact of tax reform (1)		—			—			—			—			—			—			—			95,457		nm			nm				—			95,457		nm			nm
Adjusted net operating income	$	45,680		$	57,104		$	58,061		$	55,917		$	51,976		$	63,039		$	66,620		$	72,258		$	16,341			29.2	%	$	216,762		$	253,893		$	37,131			17.1	%

(1)

Represents a preliminary estimate of the transition effect of revaluing deferred tax assets and liabilities to a 21% tax rate and the inclusion of tax on mandatory deemed repatriated foreign earnings expected to be recognized in the fourth quarter of 2017 due to the enactment of Tax Reform, which was signed into law on December 22, 2017. The final transition impact of Tax Reform may change from the preliminary estimate, possibly materially, when assumptions are refined and interpretations of the legislation are finalized Including the Company's application of any additional guidance that may be issued by the U.S. Department of the Treasury or the Internal Revenue Service.

Page 7 of 16

	PRIMERICA, INC.
Segment Operating Results	Financial Supplement

																									YOY Q4												YOY YTD
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Term Life Insurance
Revenues:
Direct Premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	630,485		$	638,830		$	644,373		$	32,791			5.4	%	$	2,413,340		$	2,534,068		$	120,729			5.0	%
Premiums ceded to IPO coinsurers (1)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		(308,323	)		(304,580	)		(300,144	)		15,811			5.0	%		(1,279,733	)		(1,226,028	)		53,705			4.2	%
Adjusted direct premiums (2)		267,750			281,350			288,879			295,628			307,397			322,163			334,251			344,230			48,602			16.4	%		1,133,607			1,308,041			174,434			15.4	%
Other ceded premiums (3)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(85,095	)		(95,852	)		(91,193	)		(94,843	)		(14,641	)		-18.3	%		(311,400	)		(366,983	)		(55,583	)		-17.8	%
Net premiums		195,973			199,625			211,182			215,426			222,302			226,311			243,058			249,387			33,961			15.8	%		822,207			941,057			118,851			14.5	%
Allocated net investment income		1,850			1,871			1,903			2,010			2,303			2,347			2,527			2,754			744			37.0	%		7,634			9,931			2,297			30.1	%
Other, net		8,274			9,062			9,513			9,692			9,446			10,244			10,655			10,890			1,198			12.4	%		36,541			41,236			4,694			12.8	%
Revenues		206,097			210,559			222,598			227,128			234,051			238,902			256,240			263,031			35,903			15.8	%		866,381			992,224			125,843			14.5	%
Benefits and expenses:
Benefits and claims		86,795			83,835			88,800			91,209			97,771			95,532			101,351			103,559			12,349			13.5	%		350,640			398,212			47,572			13.6	%
Amortization of DAC		41,224			36,477			43,365			51,744			50,133			44,937			50,386			56,294			4,550			8.8	%		172,812			201,751			28,939			16.7	%
Insurance commissions		968			1,094			1,171			1,068			1,408			1,646			1,874			1,799			732			68.5	%		4,301			6,728			2,427			56.4	%
Insurance expenses		31,029			31,135			31,125			31,980			35,717			34,932			36,086			33,142			1,162			3.6	%		125,268			139,876			14,608			11.7	%
Benefits and expenses		160,016			152,541			164,462			176,001			185,029			177,047			189,697			194,794			18,793			10.7	%		653,020			746,567			93,547			14.3	%
Income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	61,855		$	66,543		$	68,237		$	17,110			33.5	%	$	213,361		$	245,657		$	32,296			15.1	%

Investment & Savings Products
Revenues:
Commissions and fees:
Sales-based	$	56,220		$	59,057		$	55,149		$	56,894		$	60,517		$	60,692		$	53,488		$	58,307		$	1,413			2.5	%	$	227,320		$	233,005		$	5,685			2.5	%
Asset-based		55,306			59,541			60,759			61,997			64,474			67,424			70,279			72,982			10,984			17.7	%		237,604			275,158			37,554			15.8	%
Account-based		11,309			11,611			11,899			16,043			13,217			13,282			13,811			14,720			(1,323	)		-8.2	%		50,861			55,030			4,168			8.2	%
Other, net		2,083			2,399			2,273			2,081			2,199			2,376			2,480			2,499			418			20.1	%		8,836			9,555			719			8.1	%
Revenues		124,918			132,608			130,079			137,016			140,407			143,774			140,058			148,508			11,492			8.4	%		524,621			572,747			48,126			9.2	%
Benefits and expenses:
Amortization of DAC		1,919			1,704			1,636			889			1,734			2,310			2,780			(656	)		(1,545	)	nm				6,148			6,168			20			0.3	%
Insurance commissions		2,631			2,884			3,001			2,941			2,959			3,050			3,219			3,278			337			11.4	%		11,456			12,505			1,049			9.2	%
Sales commissions:
Sales-based		40,327			42,040			38,276			40,031			43,209			43,253			38,338			41,261			1,230			3.1	%		160,674			166,061			5,388			3.4	%
Asset-based		23,093			24,907			25,271			26,368			27,630			28,965			30,220			31,698			5,330			20.2	%		99,639			118,513			18,874			18.9	%
Other operating expenses		25,257			25,008			26,136			25,946			27,756			26,512			26,451			25,945			(1	)	nm				102,348			106,664			4,316			4.2	%
Benefits and expenses		93,227			96,543			94,320			96,176			103,288			104,090			101,008			101,526			5,351			5.6	%		380,265			409,912			29,647			7.8	%
Income before income taxes	$	31,691		$	36,065		$	35,759		$	40,840		$	37,119		$	39,684		$	39,050		$	46,982		$	6,141			15.0	%	$	144,355		$	162,835		$	18,480			12.8	%

Corporate & Other Distributed Products
Revenues:
Direct premiums	$	7,886		$	8,072		$	8,191		$	6,779		$	7,319		$	6,941		$	7,249		$	6,532		$	(247	)		-3.6	%	$	30,928		$	28,041		$	(2,887	)		-9.3	%
Ceded premiums		(2,063	)		(2,191	)		(2,462	)		(2,710	)		(1,692	)		(1,868	)		(1,869	)		(2,331	)		378			14.0	%		(9,426	)		(7,760	)		1,666			17.7	%
Net premiums		5,823			5,881			5,729			4,069			5,627			5,073			5,380			4,201			132			3.2	%		21,502			20,281			(1,221	)		-5.7	%
Allocated net investment income		19,389			18,518			17,496			15,989			17,591			17,395			17,395			16,705			716			4.5	%		71,391			69,086			(2,305	)		-3.2	%
Commissions and fees:
Loans		44			43			36			31			30			33			35			33			2			6.4	%		153			131			(23	)		-14.8	%
DebtWatchers		282			280			262			264			241			223			216			195			(68	)		-25.9	%		1,087			876			(211	)		-19.4	%
Prepaid Legal Services		2,650			2,739			2,832			2,875			2,946			3,063			3,182			3,318			443			15.4	%		11,096			12,509			1,413			12.7	%
Auto and Homeowners Insurance		1,757			2,231			1,981			2,381			1,815			2,166			1,980			2,238			(143	)		-6.0	%		8,350			8,199			(151	)		-1.8	%
Long-Term Care Insurance		713			638			629			563			542			520			524			524			(39	)		-6.9	%		2,543			2,110			(433	)		-17.0	%
Other sales commissions		540			762			736			633			486			913			1,112			1,789			1,156		nm				2,671			4,300			1,629			61.0	%
Other, net		1,171			1,296			1,283			1,450			1,294			1,530			1,156			1,320			(129	)		-8.9	%		5,200			5,300			100			1.9	%
Adjusted operating revenues		32,370			32,387			30,984			28,254			30,572			30,917			30,981			30,323			2,068			7.3	%		123,994			122,792			(1,203	)		-1.0	%
Benefits and expenses:
Benefits and claims		4,182			5,149			4,222			3,463			4,615			3,980			4,513			4,700			1,237			35.7	%		17,016			17,807			792			4.7	%
Amortization of DAC		(15	)		539			427			671			(17	)		613			218			666			(5	)		-0.8	%		1,622			1,480			(142	)		-8.8	%
Insurance commissions		548			494			537			447			532			461			500			382			(65	)		-14.5	%		2,026			1,875			(150	)		-7.4	%
Insurance expenses		2,101			1,771			1,712			1,496			1,904			1,988			1,551			1,961			465			31.1	%		7,080			7,404			323			4.6	%
Sales commissions		3,222			3,199			3,153			2,928			2,865			3,221			3,463			3,864			936			32.0	%		12,502			13,414			912			7.3	%
Interest expense		7,173			7,178			7,184			7,157			7,127			7,144			7,074			7,143			(14	)		-0.2	%		28,691			28,488			(203	)		-0.7	%
Other operating expenses		21,933			19,699			19,173			18,462			24,980			18,763			19,077			19,817			1,355			7.3	%		79,267			82,636			3,370			4.3	%
Benefits and expenses		39,145			38,029			36,408			34,622			42,006			36,170			36,395			38,532			3,910			11.3	%		148,203			153,103			4,900			3.3	%
Adjusted operating income before income taxes	$	(6,775	)	$	(5,642	)	$	(5,423	)	$	(6,368	)	$	(11,434	)	$	(5,254	)	$	(5,415	)	$	(8,209	)	$	(1,841	)		-28.9	%	$	(24,209	)	$	(30,312	)	$	(6,103	)		-25.2	%

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

Page 8 of 16

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

(Dollars in thousands)																									YOY Q4												YOY YTD
Term Life Insurance Income Before Income Taxes		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Revenues:
Direct Premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	630,485		$	638,830		$	644,373		$	32,791			5.4	%	$	2,413,340		$	2,534,068		$	120,729			5.0	%
Premiums ceded to IPO coinsurers (1)		(321,494	)		(322,767	)		(319,516	)		(315,955	)		(312,982	)		(308,323	)		(304,580	)		(300,144	)		15,811			5.0	%		(1,279,733	)		(1,226,028	)		53,705			4.2	%
Adjusted direct premiums (2)		267,750			281,350			288,879			295,628			307,397			322,163			334,251			344,230			48,602			16.4	%		1,133,607			1,308,041			174,434			15.4	%
Other ceded premiums (3)		(71,776	)		(81,725	)		(77,697	)		(80,202	)		(85,095	)		(95,852	)		(91,193	)		(94,843	)		(14,641	)		-18.3	%		(311,400	)		(366,983	)		(55,583	)		-17.8	%
Net premiums		195,973			199,625			211,182			215,426			222,302			226,311			243,058			249,387			33,961			15.8	%		822,207			941,057			118,851			14.5	%
Allocated net investment income		1,850			1,871			1,903			2,010			2,303			2,347			2,527			2,754			744			37.0	%		7,634			9,931			2,297			30.1	%
Other, net		8,274			9,062			9,513			9,692			9,446			10,244			10,655			10,890			1,198			12.4	%		36,541			41,236			4,694			12.8	%
Revenues		206,097			210,559			222,598			227,128			234,051			238,902			256,240			263,031			35,903			15.8	%		866,381			992,224			125,843			14.5	%
Benefits and expenses:
Benefits and claims		86,795			83,835			88,800			91,209			97,771			95,532			101,351			103,559			12,349			13.5	%		350,640			398,212			47,572			13.6	%
Amortization of DAC		41,224			36,477			43,365			51,744			50,133			44,937			50,386			56,294			4,550			8.8	%		172,812			201,751			28,939			16.7	%
Insurance commissions		968			1,094			1,171			1,068			1,408			1,646			1,874			1,799			732			68.5	%		4,301			6,728			2,427			56.4	%
Insurance expenses		31,029			31,135			31,125			31,980			35,717			34,932			36,086			33,142			1,162			3.6	%		125,268			139,876			14,608			11.7	%
Benefits and expenses		160,016			152,541			164,462			176,001			185,029			177,047			189,697			194,794			18,793			10.7	%		653,020			746,567			93,547			14.3	%
Income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	61,855		$	66,543		$	68,237		$	17,110			33.5	%	$	213,361		$	245,657		$	32,296			15.1	%

Total Term Life Insurance - Financial Analysis
Primary direct premiums (4)	$	189,540		$	202,830		$	211,137		$	218,761		$	227,390		$	240,580		$	250,457		$	258,524		$	39,763			18.2	%	$	822,269		$	976,952		$	154,683			18.8	%
Legacy direct premiums (5)		399,704			401,287			397,258			392,821			392,989			389,906			388,373			385,849			(6,972	)		-1.8	%		1,591,071			1,557,117			(33,954	)		-2.1	%
Total direct premiums	$	589,244		$	604,117		$	608,396		$	611,583		$	620,379		$	630,485		$	638,830		$	644,373		$	32,791			5.4	%	$	2,413,340		$	2,534,068		$	120,729			5.0	%

Premiums ceded to IPO coinsurers	$	321,494		$	322,767		$	319,516		$	315,955		$	312,982		$	308,323		$	304,580		$	300,144		$	(15,811	)		-5.0	%	$	1,279,733		$	1,226,028		$	(53,705	)		-4.2	%
% of Legacy direct premiums		80.4	%		80.4	%		80.4	%		80.4	%		79.6	%		79.1	%		78.4	%		77.8	%	nm			nm				80.4	%		78.7	%	nm			nm

Benefits and claims, net (6)	$	158,571		$	165,560		$	166,497		$	171,411		$	182,866		$	191,384		$	192,544		$	198,402		$	26,990			15.7	%	$	662,040		$	765,195		$	103,156			15.6	%
% of adjusted direct premiums		59.2	%		58.8	%		57.6	%		58.0	%		59.5	%		59.4	%		57.6	%		57.6	%	nm			nm				58.4	%		58.5	%	nm			nm

DAC amortization & insurance commissions	$	42,193		$	37,572		$	44,537		$	52,812		$	51,542		$	46,584		$	52,260		$	58,094		$	5,281			10.0	%	$	177,113		$	208,479		$	31,366			17.7	%
% of adjusted direct premiums		15.8	%		13.4	%		15.4	%		17.9	%		16.8	%		14.5	%		15.6	%		16.9	%	nm			nm				15.6	%		15.9	%	nm			nm

Insurance expenses, net (7)	$	22,755		$	22,072		$	21,612		$	22,287		$	26,271		$	24,687		$	25,431		$	22,251		$	(36	)		-0.2	%	$	88,726		$	98,640		$	9,914			11.2	%
% of adjusted direct premiums		8.5	%		7.8	%		7.5	%		7.5	%		8.5	%		7.7	%		7.6	%		6.5	%	nm			nm				7.8	%		7.5	%	nm			nm

Total Term Life income before income taxes	$	46,081		$	58,017		$	58,136		$	51,127		$	49,022		$	61,855		$	66,543		$	68,237		$	17,110			33.5	%	$	213,361		$	245,657		$	32,296			15.1	%
Term Life operating margin (8)		17.2	%		20.6	%		20.1	%		17.3	%		15.9	%		19.2	%		19.9	%		19.8	%	nm			nm				18.8	%		18.8	%	nm			nm

(1)	Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements
(2)	Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers
(3)	Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers
(4)	Primary direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions
(5)	Legacy direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions
(6)	Benefits and claims, net - benefits & claims net of other ceded premiums which are largely YRT
(7)	Insurance expenses, net - insurance expenses net of other, net revenues
(8)	Term Life operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums

Page 9 of 16

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

																									YOY Q4												YOY YTD
(Dollars in thousands, except as noted)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change
Key Statistics

Life-insurance licensed sales force, beginning of period		106,710			108,220			112,365			115,345			116,827			117,907			121,471			124,436			9,091			7.9	%		106,710			116,827			10,117			9.5	%
New life-licensed representatives		9,666			12,171			11,739			11,148			10,903			12,947			12,783			11,902			754			6.8	%		44,724			48,535			3,811			8.5	%
Non-renewal and terminated representatives		(8,156	)		(8,026	)		(8,759	)		(9,666	)		(9,823	)		(9,383	)		(9,818	)		(10,217	)		(551	)		-5.7	%		(34,607	)		(39,241	)		(4,634	)		-13.4	%
Life-insurance licensed sales force, end of period		108,220			112,365			115,345			116,827			117,907			121,471			124,436			126,121			9,294			8.0	%		116,827			126,121			9,294			8.0	%

Estimated annualized issued term life premium ($mills) (1):
Premium from new policies	$	54.0		$	63.1		$	61.9		$	66.2		$	59.4		$	70.2		$	65.8		$	67.6		$	1.4			2.2	%	$	245.2		$	263.1		$	17.8			7.3	%
Additions and increases in premium		14.0			15.4			15.2			15.9			15.1			16.5			16.4			17.5			1.7			10.5	%		60.4			65.5			5.1			8.4	%
Total estimated annualized issued term life premium	$	68.0		$	78.6		$	77.1		$	82.0		$	74.5		$	86.7		$	82.2		$	85.1		$	3.1			3.8	%	$	305.7		$	328.6		$	22.9			7.5	%

Issued term life policies		66,376			77,384			75,374			79,110			70,642			84,033			78,056			80,068			958			1.2	%		298,244			312,799			14,555			4.9	%
Estimated average annualized issued term life premium per policy (1)(2)	$	814		$	816		$	822		$	837		$	841		$	836		$	843		$	845		$	8			1.0	%	$	822		$	841		$	19			2.3	%

Term life face amount in-force, beginning of period ($mills)	$	693,194		$	704,632		$	714,756		$	722,162		$	728,385		$	733,756		$	746,427		$	757,411		$	35,249			4.9	%	$	693,194		$	728,385		$	35,191			5.1	%
Issued term life face amount (3)		19,790			23,145			22,775			24,159			21,628			25,458			24,035			24,515			355			1.5	%		89,869			95,635			5,766			6.4	%
Terminated term life face amount		(13,814	)		(12,700	)		(14,407	)		(16,318	)		(16,704	)		(14,994	)		(16,331	)		(17,929	)		(1,611	)		-9.9	%		(57,238	)		(65,958	)		(8,719	)		-15.2	%
Foreign currency impact, net		5,462			(321	)		(962	)		(1,619	)		447			2,207			3,280			(165	)		1,454			89.8	%		2,560			5,769			3,209		nm
Term life face amount in-force, end of period	$	704,632		$	714,756		$	722,162		$	728,385		$	733,756		$	746,427		$	757,411		$	763,831		$	35,446			4.9	%	$	728,385		$	763,831		$	35,446			4.9	%

(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

Page 10 of 16

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

(Dollars in thousands, except as noted)																									YOY Q4												YOY YTD
Investment & Savings Products Income Before Income Taxes		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change		% Change
Revenues:
Commissions and fees:
Sales-based	$	56,220		$	59,057		$	55,149		$	56,894		$	60,517		$	60,692		$	53,488		$	58,307		$	1,413			2.5	%	$	227,320		$	233,005		$	5,685		2.5	%
Asset-based		55,306			59,541			60,759			61,997			64,474			67,424			70,279			72,982			10,984			17.7	%		237,604			275,158			37,554		15.8	%
Account-based		11,309			11,611			11,899			16,043			13,217			13,282			13,811			14,720			(1,323	)		-8.2	%		50,861			55,030			4,168		8.2	%
Other, net		2,083			2,399			2,273			2,081			2,199			2,376			2,480			2,499			418			20.1	%		8,836			9,555			719		8.1	%
Revenues		124,918			132,608			130,079			137,016			140,407			143,774			140,058			148,508			11,492			8.4	%		524,621			572,747			48,126		9.2	%
Benefits and expenses:
Amortization of DAC		1,919			1,704			1,636			889			1,734			2,310			2,780			(656	)		(1,545	)	nm				6,148			6,168			20		0.3	%
Insurance commissions		2,631			2,884			3,001			2,941			2,959			3,050			3,219			3,278			337			11.4	%		11,456			12,505			1,049		9.2	%
Sales commissions:
Sales-based		40,327			42,040			38,276			40,031			43,209			43,253			38,338			41,261			1,230			3.1	%		160,674			166,061			5,388		3.4	%
Asset-based		23,093			24,907			25,271			26,368			27,630			28,965			30,220			31,698			5,330			20.2	%		99,639			118,513			18,874		18.9	%
Other operating expenses		25,257			25,008			26,136			25,946			27,756			26,512			26,451			25,945			(1	)	nm				102,348			106,664			4,316		4.2	%
Benefits and expenses		93,227			96,543			94,320			96,176			103,288			104,090			101,008			101,526			5,351			5.6	%		380,265			409,912			29,647		7.8	%
Income before income taxes	$	31,691		$	36,065		$	35,759		$	40,840		$	37,119		$	39,684		$	39,050		$	46,982		$	6,141			15.0	%	$	144,355		$	162,835		$	18,480		12.8	%

Financial Analysis

Fees paid based on client asset values (1)	$	4,298		$	4,677		$	4,893		$	4,837		$	4,884		$	5,088		$	5,440		$	5,697		$	860			17.8	%	$	18,704		$	21,109		$	2,405		12.9	%
Fees paid based on fee-generating positions (2)		3,495			3,510			3,527			3,553			3,574			3,616			3,609			3,600			47			1.3	%		14,085			14,399			314		2.2	%
Other operating expenses		17,464			16,821			17,716			17,557			19,298			17,808			17,402			16,649			(908	)		-5.2	%		69,559			71,156			1,597		2.3	%
Total other operating expenses	$	25,257		$	25,008		$	26,136		$	25,946		$	27,756		$	26,512		$	26,451		$	25,945		$	(1	)	nm			$	102,348		$	106,664		$	4,316		4.2	%

Sales-based net revenue as % of revenue-generating sales (3)
U.S.		1.31	%		1.29	%		1.44	%		1.36	%		1.27	%		1.25	%		1.26	%		1.28	%	nm			nm				1.35	%		1.26	%	nm		nm
Canada		1.10	%		1.04	%		1.00	%		0.98	%		1.01	%		0.99	%		0.98	%		0.97	%	nm			nm				1.04	%		0.99	%	nm		nm
Total		1.28	%		1.26	%		1.38	%		1.32	%		1.23	%		1.21	%		1.22	%		1.24	%	nm			nm				1.31	%		1.22	%	nm		nm

Asset-based net revenue as % of average asset values (4)
U.S.		0.036	%		0.036	%		0.035	%		0.035	%		0.035	%		0.036	%		0.036	%		0.036	%	nm			nm				0.142	%		0.143	%	nm		nm
Canada		0.124	%		0.131	%		0.133	%		0.139	%		0.129	%		0.123	%		0.120	%		0.154	%	nm			nm				0.528	%		0.527	%	nm		nm
Total		0.050	%		0.052	%		0.051	%		0.052	%		0.051	%		0.050	%		0.050	%		0.055	%	nm			nm				0.206	%		0.206	%	nm		nm

Account-based net revenue per average fee generating position (5)(6)	$	2.74		$	2.81		$	2.89		$	4.34		$	3.34		$	3.32		$	3.50		$	3.84		nm			nm			$	12.78		$	14.00		nm		nm

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

Page 11 of 16

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

(Dollars in thousands, except as noted)																									YOY Q4												YOY YTD
Key Statistics		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change			YTD 2016			YTD 2017			$ Change			% Change

Product sales ($mills)
U.S. Retail Mutual Funds	$	599.9		$	693.2		$	652.4		$	671.6		$	752.2		$	804.2		$	707.4		$	752.7		$	81.1			12.1	%	$	2,617.0		$	3,016.5		$	399.4			15.3	%
Canada Retail Mutual Funds		209.6			159.4			144.3			149.0			232.8			182.7			170.8			199.3			50.3			33.8	%		662.4			785.6			123.2			18.6	%
Indexed Annuities		84.4			114.2			99.7			100.5			80.9			83.6			64.2			58.4			(42.1	)		-41.9	%		398.8			287.0			(111.8	)		-28.0	%
Variable Annuities and other		349.4			383.6			322.0			359.4			346.2			366.5			301.7			368.2			8.8			2.5	%		1,414.4			1,382.6			(31.8	)		-2.2	%
Total sales-based revenue generating product sales		1,243.3			1,350.5			1,218.5			1,280.4			1,412.2			1,437.0			1,244.1			1,378.5			98.1			7.7	%		5,092.7			5,471.7			379.1			7.4	%
Managed Accounts		45.2			55.2			54.0			57.4			70.8			72.4			125.4			159.7			102.3		nm				211.8			428.2			216.4			102.1	%
Segregated Funds		87.3			63.9			68.7			69.8			102.4			63.5			61.7			64.7			(5.1	)		-7.3	%		289.8			292.3			2.5			0.9	%
Total product sales	$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3		$	1,572.8		$	1,431.2		$	1,602.9		$	195.3			13.9	%	$	5,594.3		$	6,192.2		$	597.9			10.7	%

Canada Retail Mutual Funds	$	209.6		$	159.4		$	144.3		$	149.0		$	232.8		$	182.7		$	170.8		$	199.3		$	50.3			33.8	%	$	662.4		$	785.6		$	123.2			18.6	%
Segregated Funds		87.3			63.9			68.7			69.8			102.4			63.5			61.7			64.7			(5.1	)		-7.3	%		289.8			292.3			2.5			0.9	%
Total Canada product sales		297.0			223.4			213.1			218.8			335.2			246.2			232.5			264.0			45.2			20.7	%		952.2			1,077.9			125.7			13.2	%
Total U.S. product sales		1,078.9			1,246.3			1,128.1			1,188.8			1,250.1			1,326.6			1,198.7			1,338.8			150.1			12.6	%		4,642.1			5,114.3			472.2			10.2	%
Total product sales	$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3		$	1,572.8		$	1,431.2		$	1,602.9		$	195.3			13.9	%	$	5,594.3		$	6,192.2		$	597.9			10.7	%

Client asset values, beginning of period ($mills)	$	47,353		$	48,174		$	49,372		$	51,334		$	52,339		$	54,925		$	56,591		$	58,671		$	7,336			14.3	%	$	47,353		$	52,339		$	4,986			10.5	%
Inflows		1,376			1,470			1,341			1,408			1,585			1,573			1,431			1,603			195			13.9	%		5,594			6,192			598			10.7	%
Outflows (1)		(1,153	)		(1,222	)		(1,141	)		(1,104	)		(1,266	)		(1,318	)		(1,258	)		(1,306	)		(202	)		-18.3	%		(4,620	)		(5,147	)		(527	)		-11.4	%
Net flows		223			247			201			304			320			255			174			297			(7	)		-2.2	%		975			1,046			71		nm
Foreign currency impact, net		555			(32	)		(99	)		(171	)		47			241			354			(18	)		153			89.7	%		254			624			371		nm
Change in market value, net and other (2)		43			983			1,860			871			2,219			1,170			1,552			2,217			1,346		nm				3,758			7,158			3,400		nm
Client asset values, end of period	$	48,174		$	49,372		$	51,334		$	52,339		$	54,925		$	56,591		$	58,671		$	61,167		$	8,828			16.9	%	$	52,339		$	61,167		$	8,828			16.9	%
Annualized net flows as % of beginning of period asset values		1.9	%		2.1	%		1.6	%		2.4	%		2.4	%		1.9	%		1.2	%		2.0	%		-0.3	%	nm				2.1	%		2.0	%		-0.1	%	nm

Average client asset values ($mills)
U.S. Retail Mutual Funds	$	23,390		$	24,326		$	25,198		$	25,617		$	26,899		$	27,890		$	28,756		$	29,826		$	4,209			16.4	%	$	24,633		$	28,343		$	3,710			15.1	%
Canada Retail Mutual Funds		5,478			5,963			6,133			6,157			6,434			6,673			6,960			7,255			1,099			17.8	%		5,933			6,831			898			15.1	%
Managed Accounts		1,582			1,680			1,776			1,840			1,954			2,084			2,246			2,494			654			35.5	%		1,720			2,195			475			27.6	%
Indexed Annuities		1,366			1,450			1,539			1,629			1,699			1,774			1,836			1,890			261			16.0	%		1,496			1,800			304			20.3	%
Variable Annuities and other		12,711			13,228			13,694			13,901			14,505			14,982			15,394			15,928			2,026			14.6	%		13,384			15,202			1,819			13.6	%
Segregated Funds		2,120			2,289			2,339			2,301			2,331			2,375			2,463			2,513			211			9.2	%		2,262			2,420			158			7.0	%
Total	$	46,646		$	48,936		$	50,679		$	51,445		$	53,823		$	55,778		$	57,656		$	59,906		$	8,460			16.4	%	$	49,427		$	56,791		$	7,364			14.9	%

Canada Retail Mutual Funds	$	5,478		$	5,963		$	6,133		$	6,157		$	6,434		$	6,673		$	6,960		$	7,255		$	1,099			17.8	%	$	5,933		$	6,831		$	898			15.1	%
Segregated Funds		2,120			2,289			2,339			2,301			2,331			2,375			2,463			2,513			211			9.2	%		2,262			2,420			158			7.0	%
Total Canada average client assets		7,597			8,252			8,472			8,458			8,765			9,048			9,423			9,768			1,310			15.5	%		8,195			9,251			1,056			12.9	%
Total U.S. average client assets		39,049			40,684			42,207			42,987			45,058			46,730			48,233			50,138			7,150			16.6	%		41,232			47,540			6,308			15.3	%
Total average client assets	$	46,646		$	48,936		$	50,679		$	51,445		$	53,823		$	55,778		$	57,656		$	59,906		$	8,460			16.4	%	$	49,427		$	56,791		$	7,364			14.9	%

Average number of fee-generating positions (thous) (3)
Recordkeeping and custodial		2,191			2,200			2,203			2,209			2,218			2,237			2,235			2,215			7			0.3	%		2,201			2,226			26			1.2	%
Recordkeeping only		666			684			690			666			670			676			678			677			11			1.6	%		677			675			(1	)		-0.2	%
Total		2,857			2,884			2,893			2,875			2,887			2,913			2,913			2,892			17			0.6	%		2,877			2,901			24			0.8	%

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

Page 12 of 16

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



	As of or for the period ended December 31, 2017
							% of Total						Avg
	Market		Amortized		Unrealized		Market			Amortized			Book			Avg
(Dollars in thousands)	Value		Cost			G/(L)	Value			Cost			Yield			Rating
Investment Portfolio by Asset Class

Cash and cash equivalents	$	279,962	$	279,962	$	-		12.4	%		12.8	%

Fixed Income:
Treasury		25,720		25,325		394		1.1	%		1.2	%		2.25	%	AAA
Government		184,632		178,399		6,233		8.2	%		8.1	%		3.40	%	AA-
Tax-Exempt Municipal		2,723		2,699		25		0.1	%		0.1	%		2.08	%	A-
Corporate		1,251,255		1,216,009		35,246		55.5	%		55.4	%		4.18	%	BBB+
Mortgage-Backed		122,665		119,456		3,209		5.4	%		5.4	%		3.51	%	AAA
Asset-Backed		74,898		74,578		320		3.3	%		3.4	%		2.80	%	AA
CMBS		135,392		134,003		1,389		6.0	%		6.1	%		3.35	%	AAA
Private		129,913		126,788		3,125		5.8	%		5.8	%		4.70	%	BBB
Redeemable Preferred		3,444		3,151		293		0.2	%		0.1	%		12.08	%	BBB+
Convertible		2,001		1,718		283		0.1	%		0.1	%		5.51	%	BBB-
Total Fixed Income		1,932,643		1,882,126		50,516		85.7	%		85.8	%		3.97	%		A

Equities:
Perpetual Preferred		17,768		15,972		1,796		0.8	%		0.7	%
Common Stock		17,716		11,608		6,108		0.8	%		0.5	%
Mutual Fund		6,190		4,262		1,928		0.3	%		0.2	%
Other		860		860		-		0.0	%		0.0	%
Total Equities		42,534		32,702		9,832		1.9	%		1.5	%

Total Invested Assets	$	2,255,139	$	2,194,790	$	60,349		100.0	%		100.0	%

Corporate Portfolio by Sector

Banking	$	148,911	$	146,323	$	2,588		11.9	%		12.0	%
Consumer Non Cyclical		144,998		141,542		3,456		11.6	%		11.6	%
Reits		136,455		132,761		3,694		10.9	%		10.9	%
Energy		134,142		129,853		4,289		10.7	%		10.7	%
Insurance		107,560		104,494		3,066		8.6	%		8.6	%
Technology		96,883		94,266		2,618		7.7	%		7.8	%
Communications		93,989		90,772		3,217		7.5	%		7.5	%
Capital Goods		85,311		82,991		2,320		6.8	%		6.8	%
Electric		71,311		68,495		2,817		5.7	%		5.6	%
Basic Industry		69,676		66,871		2,805		5.6	%		5.5	%
Consumer Cyclical		60,682		59,135		1,546		4.8	%		4.9	%
Transportation		44,940		44,052		888		3.6	%		3.6	%
Brokerage		27,213		26,036		1,177		2.2	%		2.1	%
Industrial Other		13,580		13,162		418		1.1	%		1.1	%
Natural Gas		6,401		6,174		227		0.5	%		0.5	%
Financial Other		4,236		4,220		16		0.3	%		0.3	%
Finance Companies		3,940		3,865		75		0.3	%		0.3	%
Utility Other		1,027		997		30		0.1	%		0.1	%
Total Corporate portfolio	$	1,251,255	$	1,216,009	$	35,246		100.0	%		100.0	%

Fixed-Maturity Securities - Effective Maturity
Fixed-Maturity Securities - Effective Maturity

Effective maturity
< 1 Yr.	$	185,971	$	184,185	$	1,786		9.6	%		9.8	%		3.89	%
1-2 Yrs.		242,169		234,865		7,305		12.5	%		12.5	%		4.91	%
2-5 Yrs.		785,470		765,486		19,984		40.6	%		40.7	%		3.77	%
5-10 Yrs.		660,338		643,832		16,506		34.2	%		34.2	%		3.85	%
> 10 Yrs.		58,695		53,759		4,936		3.0	%		2.9	%		4.44	%
Total Fixed Income	$	1,932,643	$	1,882,126	$	50,516		100.0	%		100.0	%		3.97	%

Duration

Fixed Income portfolio duration		3.8	years

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

Page 13 of 16

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

(Dollars in thousands)
Investment Portfolio Quality Ratings (1)
	Amortized Cost		% of Total
Total Fixed Income portfolio:
Rating
AAA	$	360,622		19.2	%
AA		158,574		8.4	%
A		417,047		22.2	%
BBB		875,846		46.5	%
Below Investment Grade		66,136		3.5	%
NA		3,901		0.2	%
Total Fixed Income	$	1,882,126		100.0	%



	Amortized Cost			% of Total			Amortized Cost		% of Total
Corporate asset class:						Private asset class:
Rating						Rating
AAA	$	10,637		0.9	%	AAA	$	-		—
AA		66,657		5.5	%	AA		1,171		0.9	%
A		334,107		27.5	%	A		8,432		6.7	%
BBB		751,106		61.8	%	BBB		110,926		87.5	%
Below Investment Grade		53,323		4.4	%	Below Investment Grade		6,259		4.9	%
NA		179		0.0	%	NA		-		—
Total Corporate	$	1,216,009		100.0	%	Total Private	$	126,788		100.0	%



CMBS asset class:						Mortgage-Backed asset class:
Rating						Rating
AAA	$	130,044		97.0	%	AAA	$	117,015		98.0	%
AA		395		0.3	%	AA		-		—
A		2,717		2.0	%	A		1,279		1.1	%
BBB		-		—		BBB		333		0.3	%
Below Investment Grade		847		0.6	%	Below Investment Grade		830		0.7	%
NA		-		—		NA		-		—
Total CMBS	$	134,003		100.0	%	Total Mortgage-Backed	$	119,456		100.0	%



Asset-Backed asset class:						Treasury & Government asset classes:
Rating						Rating
AAA	$	41,766		56.0	%	AAA	$	60,627		29.8	%
AA		5,619		7.5	%	AA		83,467		41.0	%
A		21,789		29.2	%	A		48,321		23.7	%
BBB		1,698		2.3	%	BBB		7,117		3.5	%
Below Investment Grade		187		0.3	%	Below Investment Grade		4,192		2.1	%
NA		3,519		4.7	%	NA		-		—
Total Asset-Backed	$	74,578		100.0	%	Total Treasury & Government	$	203,724		100.0	%



NAIC Designations

1	$	727,058		45.6	%
2		804,502		50.5	%
3		50,120		3.1	%
4		10,108		0.6	%
5		692		0.0	%
6		502		0.0	%
U.S. Insurer Fixed Income (2)		1,592,981		100.0	%
Other (3)		321,847
Cash and cash equivalents		279,962
Total Invested Assets	$	2,194,790

(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.

Page 14 of 16

Investment Portfolio - Supplemental Data and Trends

PRIMERICA, INC.

Financial Supplement

																									YOY Q4
(Dollars in thousands)		Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017		$ Change			% Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale)	$	19,249		$	18,377		$	18,578		$	18,469		$	19,069		$	19,200		$	19,268		$	19,340			871			4.7	%
Fixed-maturity securities (held-to-maturity)		4,154			4,605			4,957			5,164			5,718			6,087			7,231			7,829			2,665			51.6	%
Equity Securities		520			502			505			526			535			515			525			519			(7	)		-1.3	%
Deposit asset underlying 10% reinsurance treaty		2,200			2,185			1,058			(231	)		1,032			770			869			299			530			n/m
Policy loans and other invested assets		330			352			317			342			305			317			395			397			55			16.1	%
Cash & cash equivalents		149			199			148			135			194			246			282			402			267			197.8	%
Total investment income		26,602			26,220			25,563			24,405			26,853			27,135			28,570			28,786			4,381			18.0	%
Investment expenses		1,210			1,226			1,208			1,242			1,241			1,306			1,417			1,498			256			20.6	%
Interest Expense on Surplus Note		4,154			4,605			4,957			5,164			5,718			6,087			7,231			7,829			2,665			51.6	%
Net investment income	$	21,238		$	20,389		$	19,398		$	17,999		$	19,894		$	19,742		$	19,922			19,459			1,460			8.1	%
Fixed income book yield, end of period		4.46	%		4.40	%		4.29	%		4.21	%		4.18	%		4.11	%		4.04	%		3.97	%
New money yield		3.14	%		2.41	%		1.24	%		2.00	%		2.31	%		2.83	%		2.85	%		2.28	%

																	YOY Q4
	Q1 2016		Q2 2016		Q3 2016		Q4 2016		Q1 2017		Q2 2017		Q3 2017		Q4 2017		% Pt Change
Fixed Income Portfolio Quality Ratings
Rating
AAA	16.7	%	15.6	%	16.1	%	17.0	%	17.4	%	17.3	%	18.6	%	19.2	%		2.2	%
AA	8.1	%	9.3	%	9.5	%	9.3	%	9.5	%	8.4	%	8.5	%	8.4	%		-0.9	%
A	22.5	%	21.9	%	21.2	%	22.2	%	21.6	%	23.5	%	22.5	%	22.2	%		-0.1	%
BBB	46.3	%	47.5	%	47.7	%	45.8	%	46.0	%	45.8	%	46.3	%	46.5	%		0.7	%
Below Investment Grade	6.4	%	5.6	%	5.2	%	5.4	%	5.0	%	4.5	%	3.7	%	3.5	%		-1.9	%
NA	0.0	%	0.1	%	0.4	%	0.3	%	0.4	%	0.3	%	0.3	%	0.2	%		-0.1	%
Total Fixed Income	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	nm

Average rating by amortized cost	A-		A-		A-		A-		A-		A-		A-			A	na

		As of December 31, 2017									As of December 31, 2017					As of December 31, 2017
		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	$	21,179		$	20,898		AAA	Canada		$	65,070	$	62,980	AAA	$	1,243	$	1,241
2	AT&T Inc		13,450			12,470		BBB+	Australia			59,112		57,285	AA		6,568		6,333
3	National Rural Utilities Cooperative		10,925			10,278		A	United Kingdom			46,676		45,550	A		15,211		14,715
4	Wells Fargo & Co		10,757			10,148		A	Switzerland			18,337		18,176	BBB		5,325		5,026
5	General Electric Co		10,511			10,267		A	France			17,120		16,612	Below Investment Grade		4,385		4,192
6	Goldman Sachs Group Inc/The		9,987			9,770		BBB+	Bermuda			16,636		16,217	NA		2,190		2,091
7	Municipal Finance Authority of British Columbia		9,821			9,882		AAA	Ireland			14,022		13,649	Total	$	34,922	$	33,597
8	Province of Ontario Canada		9,467			9,124		A+	Germany			13,307		13,224
9	Province of Alberta Canada		9,257			9,142		A+	Cayman Islands			12,793		12,534
10	Enbridge Inc		9,093			8,822		BBB+	Netherlands			12,173		11,150	Non-Government Investments (1)
11	Province of Quebec Canada		8,548			7,704		AA-	Belgium			10,023		9,696
12	American Airlines Group Inc		8,412			8,354		AA-	Israel			8,239		8,160	AAA	$	3,971	$	3,952
13	Anheuser-Busch InBev SA/NV		8,004			7,724		A-	Japan			7,903		7,698	AA		27,509		27,363
14	HSBC Holdings PLC		7,954			7,786		A	Brazil			7,832		7,585	A		105,066		103,053
15	City of Toronto Canada		7,843			7,786		AA	Mexico			7,382		7,106	BBB		190,694		183,559
16	TransCanada Corp		7,755			7,542		A-	Emerging Markets (2)			12,045		11,501	Below Investment Grade		5,562		5,518
17	Australia & New Zealand Banking		7,625			7,496		AA-	All Other			39,259		38,121	NA		204		203
18	National Fuel Gas Co		7,546			7,079		BBB		Total	$	367,929	$	357,246	Total	$	333,006	$	323,648
19	Brookfield Asset Management Inc		7,152			6,943		A-
20	SunTrust Banks Inc		6,913			6,897		BBB+
21	Apple Inc		6,806			6,738		AA+
22	Ventas Inc		6,762			6,558		BBB+
23	Express Scripts Holding Co		6,744			6,527		BBB+
24	Province of Manitoba Canada		6,681			6,615		A+
25	Comcast Corp		6,679			6,479		A-
Total		$	225,872		$	219,031

% of total fixed income portfolio			10.0	%		10.0	%

(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.

Page 15 of 16

Five-Year Historical Key Statistics

PRIMERICA, INC.

Financial Supplement

(Dollars in millions)	2013			2014			2015			2016			2017				Q1 2016			Q2 2016			Q3 2016			Q4 2016			Q1 2017			Q2 2017			Q3 2017			Q4 2017


Recruits		186,251			190,439			228,115			262,732			303,867			63,427			65,273			73,706			60,326			70,983			78,273			90,210			64,401


Life-insurance licensed sales force, beginning of period		92,373			95,566			98,358			106,710			116,827			106,710			108,220			112,365			115,345			116,827			117,907			121,471			124,436
New life-licensed representatives		34,155			33,832			39,632			44,724			48,535			9,666			12,171			11,739			11,148			10,903			12,947			12,783			11,902
Non-renewal and terminated representatives		(30,962	)		(31,040	)		(31,280	)		(34,607	)		(39,241	)		(8,156	)		(8,026	)		(8,759	)		(9,666	)		(9,823	)		(9,383	)		(9,818	)		(10,217	)
Life-insurance licensed sales force, end of period		95,566			98,358			106,710			116,827			126,121			108,220			112,365			115,345			116,827			117,907			121,471			124,436			126,121


Issued term life policies		214,617			220,984			260,059			298,244			312,799			66,376			77,384			75,374			79,110			70,642			84,033			78,056			80,068


Issued term life face amount	$	67,783		$	69,574		$	79,111		$	89,869		$	95,635		$	19,790		$	23,145		$	22,775		$	24,159		$	21,628		$	25,458		$	24,035		$	24,515


Term life face amount in force, beginning of period	$	670,412		$	674,868		$	681,927		$	693,194		$	728,385		$	693,194		$	704,632		$	714,756		$	722,162		$	728,385		$	733,756		$	746,427		$	757,411
Issued term life face amount		67,783			69,574			79,111			89,869			95,635			19,790			23,145			22,775			24,159			21,628			25,458			24,035			24,515
Terminated term life face amount		(57,730	)		(54,962	)		(53,580	)		(57,238	)		(65,958	)		(13,814	)		(12,700	)		(14,407	)		(16,318	)		(16,704	)		(14,994	)		(16,331	)		(17,929	)
Foreign currency impact, net		(5,596	)		(7,553	)		(14,263	)		2,560			5,769			5,462			(321	)		(962	)		(1,619	)		447			2,207			3,280			(165	)
Term life face amount in force, end of period	$	674,868		$	681,927		$	693,194		$	728,385		$	763,831		$	704,632		$	714,756		$	722,162		$	728,385		$	733,756		$	746,427		$	757,411		$	763,831


Estimated annualized issued term life premium
Premium from new policies	$	173.5		$	179.8		$	212.4		$	245.2		$	263.1		$	54.0		$	63.1		$	61.9		$	66.2		$	59.4		$	70.2		$	65.8		$	67.6
Additions and increases in premium		48.6			51.6			54.9			60.4			65.5			14.0			15.4			15.2			15.9			15.1			16.5			16.4			17.5
Total estimated annualized issued term life premium	$	222.1		$	231.4		$	267.3		$	305.7		$	328.6		$	68.0		$	78.6		$	77.1		$	82.0		$	74.5		$	86.7		$	82.2		$	85.1


Investment & Savings product sales	$	5,208.8		$	5,682.3		$	5,856.8		$	5,594.3		$	6,192.2		$	1,375.9		$	1,469.6		$	1,341.2		$	1,407.6		$	1,585.3		$	1,572.8		$	1,431.2		$	1,602.9

Investment & Savings average client asset values	$	41,035		$	46,936		$	48,477		$	49,427		$	56,791		$	46,646		$	48,936		$	50,679		$	51,445		$	53,823		$	55,778		$	57,656		$	59,906

Page 16 of 16

Primerica, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - February 7, 2018

Attached files

Primerica, Inc. Reports