Primerica, Inc. · NYSE:PRI
Primerica — Q3 2026 Earnings Presentation
12 slides from Primerica's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Investor Update
Q3 2026 Investor Update November 5, 2026 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward–Looking Statements This presentation may contain forward-looking statements. Information on factors that could cause results to differ materially from those projected in this presentation is available in our Form 10-K for the year ended December 31, 2025, as may have been modified by subsequ
Slide 3: Our Purpose: Create Financially Independent Families
Our Purpose: Create Financially Independent Families A Diversified Financial Services Distribution Company Providing financial education to middle- income households Protecting families for nearly 50 years Helping clients invest and save for the future Offering financial products and services for ev
Slide 4: 2025 Adjusted Operating Revenues
2025 Adjusted Operating Revenues (1) Revenue Sources 43% 9% Sales commission & Life insurance fees (retained risk) 91% Fee-based/ (2) Distribution revenue 48% Life insurance (2) (reinsured) (1) Net Investment Income (~5% of total revenues) is excluded (2) Revenues associated with insurance risk subs
Slide 5: Investment Characteristics of a Distribution Model
Investment Characteristics of a Distribution Model Upward Potential EPS Growth Returned Cash ROAE P/E Multiple Implies upside potential Insurance 18% 79% Primerica 33.1% Brokers 18.5x Primerica Primerica Insurance Investment Brokers 14% 64% Investment 31.8% Investment 14.1x Brokers Brokers Brokers I
Slide 6: Resilient Business Model
Resilient Business Model Complementary and Balanced Segments Businesses countercyclical in nature Simple, affordable • Equity markets impact investments business more protection for Term Life middle-income than insurance business Insurance families • Less reliant on investment income (1) • Interest
Slide 7: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights (1) Adjusted Operating Earnings Per Share (EPS) • Adjusted operating revenues were up 8%, while NOI and EPS grew 2% and 7%, respectively, primarily driven by growth in the $6.77 Investment and Savings business $6.33 +7% — NOI growth tempered by larger $23 million gain fr
Slide 8: Distribution and Production Highlights: Term Life Insurance Segment
Q3 2026 Distribution and Production Highlights Term Life Insurance Segment Issued Term Life Policies in thousands • Life-licensed sales force was 147,058 as of September 30, 2026 331.8 76.1 226.8 — Licensed over 10,000 individuals during the third quarter Q4 79.4 Q3 73.8 Q2 • Issued $25.7 billion in
Slide 9: Distribution and Production Highlights: Investment & Savings Products Segment
Q3 2026 Distribution and Production Highlights Investment & Savings Products Segment Total Product Sales $ in billions • Strong engagement by the sales force, combined with long- $14.9 standing client relationships, enabled sustainable growth $13.1 $4.1 $4.4 Q4 • Recurring contributions and fee-base
Slide 10: Financial Performance: Term Life Insurance Segment
Q3 2026 Financial Performance Term Life Insurance Segment • Revenue growth was consistent; ADP up 3% YoY Adjusted Direct Premiums (ADP) $ in millions • Pre-tax income was $153 million, 12% lower YoY $679 $699 • Completed annual actuarial review +3% — Contributed to a $9 million remeasurement gain —
Slide 11: Financial Performance: Investment & Savings Products Segment
Q3 2026 Financial Performance Investment & Savings Products Segment Total Revenues $ in millions $378 $3 • Revenues increased 19% YoY, while pre-tax income grew 21% $319 $25 $3 $24 • ISP revenue accounted for 42% of total company operating $209 Other, net revenue versus 38% in the prior year period
Slide 12: High Quality, Conservative Investment Portfolio
High Quality, Conservative Investment Portfolio • High quality, well diversified portfolio Key Portfolio Metrics (1) Approximate Effective Duration 5.3 years • Net unrealized loss of $280 million at September 30, 2026 4.5% Approximate Book Yield — Unrealized loss is a function of interest rates and