Slide 1: Q2 2026 Investor Update
Q2 2026 Investor Update August 5, 2026 For internal use only. Not to be used with, or distributed to, the public 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 For internal withNot 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 14.1x 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: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights (1) Adjusted Operating Earnings Per Share (EPS) • Adjusted operating revenues were up 8%, while NOI and EPS $6.41 grew 11% and 17%, respectively, primarily driven by growth in the investment business $5.46 • ISP segment growth primarily driven by record client demand for
Slide 8: Distribution and Production Highlights: Term Life Insurance Segment
Q2 2026 Distribution and Production Highlights Term Life Insurance Segment Issued Term Life Policies in thousands • Middle-income market represents a meaningful opportunity, and 331.8 Primerica is well positioned to serve it 76.1 Q4 79.4 Q3 153.0 Q2 • Life-licensed sales force was 148,612 as of June
Slide 9: Distribution and Production Highlights: Investment & Savings Products Segment
Q2 2026 Distribution and Production Highlights Investment & Savings Products Segment Total Product Sales • Favorable demographic trends benefiting Primerica are expected to $ in billions persist for years to come, while long-standing relationships with $14.9 clients supports continued growth $4.1 Q4
Slide 10: Financial Performance: Term Life Insurance Segment
Q2 2026 Financial Performance Term Life Insurance Segment Adjusted Direct Premiums (ADP) • Revenues were largely unchanged, with 3.4% growth in ADP $ in millions $674 $697 • Pre-tax income of $148 million lower by 4% year over year +3% • Benefits and claims ratio was 57.9%, largely consistent with p
Slide 11: Financial Performance: Investment & Savings Products Segment
Q2 2026 Financial Performance Investment & Savings Products Segment Total Revenues $ in millions • Revenues increased 21% year over year, while pre-tax income $361 $3 grew 31% $298 $24 $3 $24 $198 Other, net • ISP revenues accounted for 42% of total company operating $155 Account-based +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 5.2 years • Net unrealized loss of $140 million at June 30, 2026 Approximate Book Yield 4.4% — Unrealized loss is a function of interest rates and not A