Primerica, Inc. · NYSE:PRI
Primerica — Q1 2026 Earnings Presentation
12 slides from Primerica's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Investor Update
Q1 2026 Investor Update May 7, 2026 For internal use only. Not to be used with, or distributed to, the public 1
Slide 2: Forward-Looking Statements; 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: Helping Create Financially Independent Families
Helping Create Financially Independent Families Diversified Financial Services Distribution Company Providing financial education to middle- income households Have been protecting families for nearly 50 years Helping clients invest and save for the future Financial product offerings for every stage
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 For internal with Not use
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 18% 79% 33.1% Insurance 18.5x Primerica Primerica Brokers Primerica Insurance Brokers 14% Investment 64% Investment 31.8% Investment 14.1 Brokers Brokers Brokers In
Slide 6: Resilient Business Model
Resilient Business Model Complementary Business Segments, Contracyclical in Nature Verticals countercyclical in nature Simple, affordable protection for Term Life • Equity markets impact investments business more middle-income Insurance than insurance families • Less reliant on investment income (1)
Slide 7: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights (1) • Adjusted operating revenues up 9%, while NOI & EPS grew 13% and Adjusted Operating Earnings Per Share (EPS) 19%, respectively — Growth primarily driven by ISP segment, with contribution from Term $5.96 Life business — ISP fee-based revenues ~40% of adjusted operati
Slide 8: Distribution and Production Highlights: Term Life Insurance Segment
Q1 2026 Distribution and Production Highlights Term Life Insurance Segment Issued Term Life Policies in thousands 331.8 76.1 • Middle-income market represents a meaningful opportunity, and Q4 Primerica is well positioned to serve it 79.4 Q3 Q2 89.9 Q1 • Life-licensed sales force ended the quarter at
Slide 9: Distribution and Production Highlights: Investment & Savings Products Segment
Q1 2026 Distribution and Production Highlights Investment & Savings Products Segment Total Product Sales • Favorable demographic trends benefitting Primerica are expected to $ in billions continue for decades $14.9 $4.1 Q4 • Long-standing relationship with clients supports continued growth $3.7 Q3 Q
Slide 10: Financial Performance: Term Life Insurance Segment
Q1 2026 Financial Performance Term Life Insurance Segment Adjusted Direct Premiums (ADP) • Revenues up 1%, driven by 4% growth in ADP $ in millions $688 $663 • Pre-tax income of $155 million increased 6% year over year +4% • Benefits and claims ratio was 57.3%, compared to 58.2% in the prior year pe
Slide 11: Financial Performance: Investment & Savings Products Segment
Q1 2026 Financial Performance Investment & Savings Products Segment Total Revenues $ in millions • Revenues increased 21% year over year, while pre-tax income $351 $3 grew 24% $291 $24 $3 $24 Other, net $187 • Sales-based revenues reflected strong demand for variable Account-based $152 +21% Asset-ba
Slide 12: High Quality, Conservative Investment Portfolio
High Quality, Conservative Investment Portfolio Key Portfolio Metrics (1) • High quality, well diversified portfolio Approximate Effective Duration 5.3 years • Net unrealized loss of $154 million at March 31, 2026 Approximate Book Yield 4.4% — Unrealized loss is a function of interest rates and not