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Q2 2026 Investor Update August 5 , 2026 PRI 15 LISTED YEARS NYSE 1 PRIMERICA
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2For internal use only. Not to be used with, or distributed to, the public 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 subsequent Forms 10-Q. These documents are available in the Investor Relations section of our website, https://investors.primerica.com. The forward-looking statements speak as of the date on which they were made, and the Company does not undertake any obligation to update or correct any forward-looking statements. This presentation also contains non-GAAP financial measures. A reconciliation of those measures to GAAP financial measures is included in our Financial Supplement, which is posted in the Investor Relations section of our website, https://investors.primerica.com. Non-GAAP Financial Measures Slide 2
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3For internal use only. Not to be used with, or distributed to, the public 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 every stage of life Our Purpose: Create Financially Independent Families A Diversified Financial Services Distribution Company
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4For internal use only. Not to be used with, or distributed to, the public 2025 Adjusted Operating Revenues (1) (1) Net Investment Income (~5% of total revenues) is excluded (2) Revenues associated with insurance risk substantially mitigated through reinsurance Revenue Sources (2) 91% Fee-based/ Distribution revenue 9% Life insurance (retained risk) 48% Life insurance (reinsured) (2) 43% Sales commission & fees
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5For internal use only. Not to be used with, or distributed to, the public Investment Characteristics of a Distribution Model Upward Potential EPS Growth Returned Cash ROAE P/E Multiple Investment Brokers Insurance Brokers Investment Brokers Primerica Insurance Brokers Investment Brokers Primerica Investment Brokers Primerica Insurance Brokers 11.9x 14.1x 18.5x18% 14% 10% Source: S&P Global. Reflects the mean financial metrics for insurance broker peers (AON, AJG, BRO, MRSH, WTW) and investment broker peers (AMP, LPLA, RJF). A 3-year average (FY2023 to FY2025 annualized) is utilized for EPS growth. Returned cash is dividends paid + repurchases (including withholdings on employee stock compensation vestings) as a percentage of adjusted net operating income and return on adjusted equity (ROAE) is for FY2025. Source: Factset. Forward P/E multiple is as of January 31, 2026. Primerica Insurance Brokers 79% 58% 64% 31.8% 20.2% 33.1% Implies upside potential
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6For internal use only. Not to be used with, or distributed to, the public Term Life Insurance Corporate & Other Products Investment & Savings Products Simple, affordable protection for middle-income families Help families achieve long-term goals & grow wealth Additional products that meet everyday financial needs (1) Compared to life insurance industry Resilient Business Model Complementary and Balanced Segments Businesses countercyclical in nature • Equity markets impact investments business more than insurance business • Less reliant on investment income (1) • Interest rate movements create offsetting effect on two key businesses Balanced product revenue sources • Solid insurance growth • Faster growth & higher margin fee business Strong growth potential – demographics • Diverse sales force reflects the communities in which they live and work
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7For internal use only. Not to be used with, or distributed to, the public $201 $180 Q2 2026Q2 2025 Q2 2026 Financial Highlights (1) (1) All comparisons are to Q2 2025, unless otherwise noted For a reconciliation of GAAP to non-GAAP financial measures, refer to the Financial Supplement posted on the Investor Relations section of our website $6.41 $5.46 Q2 2026Q2 2025 • Adjusted operating revenues were up 8%, while NOI and EPS grew 11% and 17%, respectively, primarily driven by growth in the investment business • ISP segment growth primarily driven by record client demand for investment products and increase in client asset values — Revenues up 21% and pre-tax income up 31% — Benefitting from a broader product offerings & continued favorable demographic trends • Term Life Insurance segment continued to deliver stable and predictable earnings • Consolidated insurance and other operating expenses were $166 million, up 8% driven by higher variable growth-related costs, compensation and technology investments during the second quarter • Return on adjusted equity was 33.1%, up 90-basis points year over year Adjusted Operating Earnings Per Share (EPS) Adjusted Net Operating Income (NOI) $ in millions +17% +11%
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8For internal use only. Not to be used with, or distributed to, the public Q2 2026 Distribution and Production Highlights $968.3 $967.9 Q2 2025 Q2 2026 Issued Term Life Policies Total Face Amount In-Force (1) 86.4 74.1 89.9 78.9 79.4 76.1 2025 2026 Q4 Q3 Q2 Q1 in thousands $ in billions 331.8 153.0 Term Life Insurance Segment * Items may not add due to rounding (1) At period end • Middle-income market represents a meaningful opportunity, and Primerica is well positioned to serve it • Life-licensed sales force was 148,612 as of June 30, 2026 • Issued $27.7 billion in new term life protection, lower by 8% compared to the prior year period — Total in-force protection of $968 billion • Issued nearly 79,000 life insurance policies, lower by 12% compared to the prior year period
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9For internal use only. Not to be used with, or distributed to, the public • Favorable demographic trends benefiting Primerica are expected to persist for years to come, while long-standing relationships with clients supports continued growth • Recurring contributions and fee-based revenue growth reflect continued demand for our investment solutions • Second quarter 2026 net client inflows were $397 million • Client asset values ended the quarter at $140 billion, up 16% from June 30, 2025, reflecting both market appreciation and net inflows • Strong quarterly performance driven by robust client demand, equity market performance and an expanded product offering over the last few years . Total Product Sales Total Client Asset Values (1) $3.6 $4.3 $3.5 $4.4 $3.7 $4.1 2025 2026 Q4 Q3 Q2 Q1 $8.7 $14.9 $ in billions $ in billions $120 $140 Q2 2025 Q2 2026 +16% Q2 2026 Distribution and Production Highlights Investment & Savings Products Segment * Items may not add due to rounding (1) At period end
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10For internal use only. Not to be used with, or distributed to, the public Q2 2026 Financial Performance Adjusted Direct Premiums (ADP)• Revenues were largely unchanged, with 3.4% growth in ADP • Pre-tax income of $148 million lower by 4% year over year • Benefits and claims ratio was 57.9%, largely consistent with prior year period — $4.9 million remeasurement gain versus $5.7 million in second quarter of 2025 • Favorable trend of mortality experience continued while elevated lapses remained • Insurance expense ratio at 8.4% compared to 7.6% in the prior year period Key Ratios Q2 2025 Q2 2026 Benefits and claims, net(1) 57.5% 57.9% DAC amortization & insurance commissions 12.0% 12.3% Insurance expenses, net(2) 7.6% 8.4% Term life operating margin 23.0% 21.3% (1) Benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely YRT (2) Insurance expenses net of other, net revenues $ in millions $674 $697 Q2 2025 Q2 2026 +3% Term Life Insurance Segment
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11For internal use only. Not to be used with, or distributed to, the public Total Revenues $116 $136 $155 $198 $24 $24 $3 $3 Q2 2025 Q2 2026 Other, net Account-based Asset-based Sales-based +21% • Revenues increased 21% year over year, while pre-tax income grew 31% • ISP revenues accounted for 42% of total company operating revenue versus 37% in prior year period • Sales-based revenues were driven by strong mutual fund and variable annuity demand, reflecting continued investment and retirement planning needs • Asset-based revenues benefited from higher equity market levels and sustained demand for managed accounts & Canadian mutual funds offered through the Principal Distributor model Q2 2025 Q2 2026 Sales-based variable margin as % of revenue-generating sales(1) 1.23% 1.26% Asset-based revenue variable margin as % of average asset values(2) 0.053% 0.057% Account-based variable margin per average fee generating position(3) $4.02 $3.97 (1) Commission and fee revenue less commissions paid to the independent sales force based on product sales activity (2) Commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the independent sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds (3) Fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses $298 $361 $ in millions Q2 2026 Financial Performance Investment & Savings Products Segment * Items may not add due to rounding
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12For internal use only. Not to be used with, or distributed to, the public Treasury .0.3% Government 5.6% Tax-Exempt Municipal 1.1% Public Corporate 45.2% Mortgage Backed 15.8% Asset Backed 6.0% CMBS 1.9% Private Placements 8.7% Redeemable Preferred 0.1% Cash & Equity 14.6% Equities & Other 0.7% High Quality, Conservative Investment Portfolio Approximate Effective Duration 5.2 years Approximate Book Yield 4.4% Average Rating A Fixed Income ~99% Inv. Grade / Below Inv. Grade Mix 99% / 1% Composition of Primerica’s $4.1 Billion Investment Portfolio by Asset Class at June 30, 2026 Composition of Primerica’s $3.6 Billion Fixed Income Investment Portfolio by Rating at June 30, 2026 (2) • High quality, well diversified portfolio • Net unrealized loss of $140 million at June 30, 2026 — Unrealized loss is a function of interest rates and not due to underlying credit concerns • We have the intent and ability to hold investments until maturity Key Portfolio Metrics (1) (1) All data is as of June 30, 2026 AAA 18.4% AA 13.6% A 24.8% BBB 42.4% Below Investment Grade 0.9% (2) Ratings based on amortized cost of the portfolio