Primerica, Inc. · NYSE:PRI
Primerica — Investor Presentation (2025)
31 slides from Primerica's investor presentation, 2025
Slide 1: Investor Presentation 2025
Investor Presentation 2025 For internal use only. Not to be used with, or distributed to, the public 1
Slide 2: 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 3: 2025 Adjusted Operating Revenues
2025 Adjusted Operating Revenues (1) Revenue Sources 43% 9% Sales commission & fees Life insurance (retained risk) 91% Fee-based/ (2) Distribution revenue 48% Life insurance (reinsured) (2) 1. Net Investment Income (~5% of total revenues) is excluded 2. Revenues associated For internal with Not use
Slide 4: 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 Brokers 14% Investment 64% Investment 31.8% Investment 14.1x Brokers Brokers Brokers I
Slide 5: 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 6: Experienced Executive Leadership Team
Experienced Executive Leadership Team Guided By Experience. Driven By Purpose. For internal use only. Not to be used with, or distributed to, the public 6
Slide 7: Business Model is Difficult to Replicate
Business Model is Difficult to Replicate Financial Advantage Sales and Marketing • Significant experience • Independent sales force underwriting middle-income provides access to warm market market leads • Variable cost structure = • Tailored communication, profitable high volume of training and pre-
Slide 8: Business Model Mitigates Risks
Business Model Mitigates Risks • Warm market lead generation Business • Basic products are easy to understand Model • Part-time nature reduces pressure on agents • Sales force has exclusive relationship with Primerica Strong Sales Force Compliance • Supervision system based on SEC, FINRA, State DOI
Slide 9: Significant Opportunities
Significant Opportunities Primerica’s Unique Distribution Model is Designed to Effectively Serve Middle-Income Families Protection Needs Wealth Management 54% 25% 21% Wall Of Wealth $124 trillion of wealth transfer (3) expected through 2048 Income Levels(1) < $30,000 $30,000 to $130,000 > $130,000 $
Slide 10: Opportunities Beyond Protection
Opportunities Beyond Protection Investment and Savings Products segment is uniquely positioned to drive long-term growth Positioned for Sustainable Growth • Retirement savings gap continues to expand • Increasing need for individual investment solutions Built on Core Strength • Middle-income client
Slide 11: Well-Positioned to Serve Middle-Income Families
Well-Positioned to Serve Middle-Income Families Life-licensed sales force representatives 151,524 Average tenure: 7 years Mutual fund licensed representatives 25,620 Average tenure: 17 years U.S. Investment advisor representatives 3,922 Average tenure: 20 years U.S. Mortgage Loan Originators 3,382 A
Slide 12: Our Sales Process
Our Sales Process Warm Market Approach Face-to-Face/Virtual Meetings Multiple Product Offerings Client-Centric Education Process For internal use only. Not to be used with, or distributed to, the public 12
Slide 13: Supporting the Success of our Sales Force
Supporting the Success of our Sales Force • Pre-licensing education and test preparation • Dedicated support team Licensing • Proprietary digital sales tools Marketing • Representative Marketing Center Support • Multiple weekly TV broadcasts Communication • Online digital library of training materia
Slide 14: Client Profile
Client Profile Average household income (1) $85,000 Assets in qualified retirement plans (2) Average face amount of 74% term life policy (1) $262,000 Average initial mutual fund investment (1) Average issue age of $11,900 life insurance clients (1) 36 years 1. For the year ended December 31, 2025 2.
Slide 15: Primerica at Every Life Stage
Primerica at Every Life Stage Net Worth ✓ Mortgage ✓ Term Life Receives Retirement ✓ inheritance Auto ✓ Job Insurance promotions Prepaid ✓ Buys Legal First home child College Marriage Savings ✓ First Retirement job College Savings graduation HS graduation Age 18 22 25 30 32 35 40 50 55 60 65 For int
Slide 16: Simple Products for Financial Needs
Simple Products for Financial Needs Term Life Investment & Savings Insurance Products Products underwritten by Primerica, Inc. companies through third-party providers Mutual Funds PowerTerm (rapid issue product) Managed Accounts PrecisionTerm (traditionally underwritten) Annuities 401(k) Plans Other
Slide 17: Product availability and licensing notes
Not all products and services are available in all states, territories, or the District of Columbia. A representative’s ability to offer products from the companies listed is subject to state and federal licensing and certification For internal requirements. use refer Please only. to Notthe to Appen
Slide 18: Financials & KPI
Financials & KPI c
Slide 19: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights (1) Delivered Record Performance and Consistent Earnings Growth Adjusted Adjusted Adjusted Return on Operating Net Operating Adjusted Equity Revenues Operating EPS (ROAE) Income $3.3B $751M $22.92 33.1% +8% +10% +16% +200 bps y-o-y y-o-y y-o-y y-o-y 1. For a recon
Slide 20: Key Performance Indicators
Key Helping Middle-Income Families Become Properly Performance Protected, Debt Free and Financially Independent Key Indicators Performance Indicators Sizable Licensed Sales Force 151,611 151,524 Issued term life policies Total face amount in- 141,572 force 331,787 $968 billion Investment & Ending cl
Slide 21: Segment Earnings Drivers
Segment Earnings Drivers • Issued policies, additions to existing policies and policy persistency Term Life • Mortality and persistency assumptions and experience variances Insurance • Reinsure 80%-90% of mortality risk • Acquisition costs and operating expenses Investment • Product sales & • Client
Slide 22: Strong Capital Return
Strong Capital Return 15 Years of Continued Dividend Increases 79% 15% dividend Capital increase in Q1 Return $475M share 2026, 1.8% (1) in 2025 (2) repurchase program dividend yield approved for 2026 1. Based on March 4, 2026, closing price For internal 2. Dividends + shareuse only. Not to repurcha
Slide 23: Capital-Efficient
Capital-Efficient Financial Leverage Capital Management Asset Leverage Debt-to-Capital Ratio (1) Returned Cash (2) Cash & Invested Assets to 19.8% 79% Adj. Stockholders’ Equity ~2.2x Interest coverage satisfied Approved $475M common stock Conservative, high quality from non-insurance cash repurchase
Slide 24: High Quality, Conservative Investment Portfolio
High Quality, Conservative Investment Portfolio Key Portfolio Metrics(1) Approximate Effective Duration 5.2 years • High quality, well diversified portfolio Approximate Book Yield 4.3% Average Rating A • Term Life has no cash value with little interest rate risk vs cash value life insurance products
Slide 25: Primerica's Strong Ratings
Primerica’s Strong Ratings Senior Notes Financial Strength(1) Moody’s Baa1, stable outlook A1, stable outlook Standard & Poor’s A-, stable outlook AA-, stable outlook AM Best Company a-, stable outlook A+, stable outlook 1. Primerica Lifeuse For internal Insurance Company’s only. Not insurer to be u
Slide 26: Appendix
Appendix c
Slide 27: Primerica's Use of Reinsurance
Primerica’s Use of Reinsurance Yearly Renewal Term (YRT) Reinsurance IPO Coinsurance • Reinsure 80%-90% of the mortality risk on • At the IPO in 2010, coinsured 80% of in-force new issued policies on a quota share basis business, net of existing reinsurance • YRT cedes the mortality risk only • Simi
Slide 28: Superior Financial Results
Superior Financial Results (1) Adjusted Net Operating Income Return on Adjusted Equity ($ millions) (ROAE) $751 33.1% 31.2% $681 27.2% $596 2023 2024 2025 2023 2024 2025 % of Cash Return to Stockholders from Adjusted Adjusted Operating EPS Net Operating Income $22.92 ($ millions) (2) $19.84 79% 80%
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet For internal use only. Not to be used with, or distributed to, the public 29
Slide 30: Consolidated Adjusted Income Statement
Consolidated Adjusted Income Statement For a reconciliation For internalofuse GAAP only.toNot non-GAAP financial to be used measures, with, or refer distributed to,to the the Financial Supplement posted on the Investor Relations section of our website public 30
Slide 31: Important Endnotes
Important Endnotes Not all products and services are available in all states, territories, or the District of Columbia or all Canadian provinces and territories. A representative’s ability to offer products from the companies listed is subject to state and federal, or in Canada, provincial or territ