Record Investment and Savings Products (ISP) sales up 24%; ISP client asset values up 15% to end the year at all-time high of $129 billion
Life-licensed sales force totaled 151,524 at year end
Term Life direct premiums grew 2%; adjusted direct premiums increased 4%
Net earnings per diluted share (EPS) of $6.13 compared to EPS from continuing operations of $4.98 in the prior year period; Diluted adjusted operating EPS of $6.13 compared to $5.03 in the prior year period
Return on stockholder's equity $(ROE)$ of 33.2% compared to 31.9% in the prior year period
Adjusted net operating income return on adjusted stockholders' equity (ROAE) of 33.5% compared to 31.3% in the prior year period
Completed the Board authorization to repurchase $450 million in 2025; the Board authorized a new $475 million share repurchase program to occur through December 31, 2026
Declared a quarterly dividend of $1.20 per share, payable on March 13, 2026, up 15% compared to the prior quarterly dividend
Strong capital return with 79% of full year adjusted net operating income returned to stockholders in 2025
DULUTH, Ga.--(BUSINESS WIRE)--February 11, 2026--
Primerica, Inc. $(PRI)$ reported financial results for the quarter ended December 31, 2025. Total revenues were $853.7 million, an increase of 8% from the fourth quarter of 2024. Net income of $197.0 million increased 18% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $6.13 increased 23% compared to net earnings per diluted share from continuing operations in the prior year period.
Adjusted operating revenues of $853.5 million increased 8% compared to the fourth quarter of 2024. Adjusted net operating income of $196.9 million increased 16%, while adjusted operating earnings per diluted share of $6.13 grew 22% compared to the prior year period.
Comparing financial results for the full year, net income of $751.2 million in 2025 increased 4% compared to net income from continuing operations in 2024, while net earnings per diluted share of $22.91 in 2025 increased 9% compared to net earnings per diluted share from continuing operations in 2024. Adjusted net operating income of $751.4 million in 2025 increased 10% compared to 2024, while adjusted operating earnings per diluted share of $22.92 in 2025 increased 16% compared to 2024.
Fourth quarter results were driven by record ISP sales and rising client asset values, supported by favorable equity market performance. The Term Life segment also saw continued earnings growth.
"I am pleased with our 2025 financial results, which reflected the complementary balance of our business model. The Term Life business continues to provide stability through its large in-force block of business, while the Investment and Savings Products business is increasingly driving growth," said Glenn Williams, Chief Executive Officer of Primerica, Inc. "At the core of our success is the strength of our sales force and their continued commitment to serving middle-income families."
Fourth Quarter Distribution & Segment Results
Distribution Results
--------------------------------------------------------- ---
Q4 2025 Q4 2024 % Change
-------- -------- ----------
Life-Licensed Sales Force 151,524 151,611 *
Recruits 75,369 95,497 (21)%
New Life-Licensed
Representatives 10,998 14,620 (25)%
Life Insurance Policies
Issued 76,143 89,664 (15)%
Life Productivity (1) 0.17 0.20 *
Issued Term Life Face Amount
($ billions) (2) $ 26.1 $ 29.6 (12)%
ISP Product Sales ($
billions) $ 4.1 $ 3.3 24%
Average Client Asset Values
($ billions) $ 128.2 $ 112.3 14%
Closed U.S. Mortgage Volume
($ million brokered) $ 130.9 $ 121.0 8%
________________________________
(1) Life productivity equals the average monthly policies issued divided
by the average number of life insurance licensed representatives.
(2) Includes face amount on issued term life policies, additional riders
added to existing policies, and face increases under increasing
benefit riders.
* Not calculated or less than 1%
Segment Results
--------------------------------------------------------------
Q4 2025 Q4 2024 % Change
--------- --------- ----------
($ in thousands)
Adjusted Operating
Revenues:
Term Life Insurance $456,832 $450,578 1%
Investment and Savings
Products 340,335 286,048 19%
Corporate and Other
Distributed Products
(1) 56,341 53,508 5%
------- -------
Total adjusted
operating revenues
(1) $853,508 $790,134 8%
======= =======
Adjusted Operating Income
(Loss) before income
taxes:
Term Life Insurance $146,578 $139,541 5%
Investment and Savings
Products 100,608 81,988 23%
Corporate and Other
Distributed Products
(1) (288) (993) 71%
------- -------
Total adjusted
operating income
before income taxes
(1) $246,898 $220,536 12%
======= =======
(1) See the Non-GAAP Financial Measures section and the Adjusted
Operating Results reconciliation tables at the end of this release
for additional information.
Life Insurance Licensed Sales Force
The Company's life licensed sales force ended the fourth quarter of 2025 largely unchanged from year-end 2024 at 151,524 representatives. While recruiting and new licenses were lower than the prior year quarter, we recruited a total of 75,369 individuals and 10,998 new representatives obtained their life insurance licenses, demonstrating the continued interest in the Primerica opportunity and our commitment to helping families achieve financial independence.
Term Life Insurance
The number of new life insurance policies issued during the fourth quarter decreased 15% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.17. The Company continues to support the sales force with training designed to help representatives guide clients in understanding and prioritizing their financial needs.
Fourth quarter revenues of $456.8 million increased 1% compared to the prior year period, while pre-tax operating income of $146.6 million increased 5%. The benefits and claims ratio was 57.8% compared to 58.6% in the prior year period. Excluding the $5.2 million remeasurement gain recognized in the current year period and the $1.5 million remeasurement loss recognized in the prior year period, the benefits and claims ratio was largely consistent year over year. The DAC amortization and insurance commissions ratio remained stable at 12.2%, while the insurance expense ratio at 8.5% was up modestly compared to 8.0% in the prior year period. The Term Life operating margin was 21.5%, up modestly compared to 21.3% in the prior year period.
Investment and Savings Products
During the fourth quarter of 2025, total product sales were $4.1 billion, a new Company record and a 24% increase compared to the prior year period. Strong demand across all major product lines supported sales growth, while favorable equity market performance led to a 15% increase in client asset values year-over-year. Net inflows during the fourth quarter of 2025 were $325 million.
Fourth quarter revenues of $340.3 million increased 19% year-over-year, while income before income taxes of $100.6 million increased 23%. Growth in sales-based commission revenues modestly outpaced revenue-generating sales due to the continued strong demand for variable annuities. Asset-based commission revenues grew 21%, supported by a favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model, compared to a 14% increase in average client asset values. Sales-based and asset-based commission expenses grew in line with related revenues.
Corporate and Other Distributed Products
During the fourth quarter of 2025, the segment recorded a pre-tax adjusted operating loss of $0.3 million compared to a pre-tax adjusted operating loss of $1.0 million in the prior year period. Adjusted net investment income increased $3.6 million compared to the prior year period largely due to the continued growth of the invested asset portfolio.
Taxes
The effective income tax rate was 20.2% during the fourth quarter of 2025 compared to the effective income tax rate from continuing operations of 23.3% in the fourth quarter of 2024. During the fourth quarter of 2025, we recognized an income tax benefit of $7.4 million, or $0.23 per diluted share, from the purchase of transferable federal income tax credits. Excluding the impact from these credits, our effective income tax rate was 23.3%.
Capital
During the fourth quarter, the Company repurchased $74.0 million of its common stock, completing the Board of Directors' authorization to repurchase $450 million of common stock during 2025. The Board of Directors authorized a new $475 million share repurchase program to occur through December 31, 2026. In addition, the Board of Directors approved a 15% increase to our first quarter dividend, now at $1.20 per share and payable on March 13, 2026 to stockholders of record on February 23, 2026. Primerica Life Insurance Company's statutory risk-based capital (RBC) ratio was estimated to be 455% as of December 31, 2025.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the IPO coinsurance transactions) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (MTM) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds in the second quarter of 2024 under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company's results.
Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges in 2024 associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company's ongoing operations.
Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in the second quarter of 2024 for e-TeleQuote's state net operating losses (NOLs), which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
Adjusted stockholders' equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders' equity as unrealized gains (losses) from the Company's available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.
Earnings Webcast Information
Primerica will hold a webcast on Thursday, February 12, 2026, at 10:00 a.m. $(ET)$, to discuss the quarter's results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica's website.
Forward-Looking Statements
Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives' violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary's status as a non-bank custodian; a significant change to or disruption in the mortgage lenders' mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner's information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency
exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.
About Primerica, Inc.
Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts on December 31, 2025. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol "PRI".
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
December 31, 2025 December 31, 2024
------------------ ---------------------
(In thousands)
Assets
Investments:
Fixed-maturity
securities
available-for-sale,
at fair value $ 3,265,246 $ 2,946,126
Fixed-maturity
security
held-to-maturity, at
amortized cost 1,175,380 1,303,880
Equity securities, at
fair value 26,433 27,144
Trading securities,
at fair value 12,801 3,011
Policy loans and
other invested
assets 56,233 50,881
------------- --------------
Total investments 4,536,093 4,331,042
Cash and cash
equivalents 756,227 687,821
Accrued investment
income 30,122 28,100
Reinsurance
recoverables 2,564,952 2,744,165
Deferred policy
acquisition costs,
net 3,915,998 3,680,430
Agent balances, due
premiums and other
receivables 275,171 282,607
Intangible asset 45,275 45,275
Income taxes 177,302 122,664
Operating lease
right-of-use assets 41,900 47,023
Other assets 387,776 403,608
Separate account
assets 2,281,520 2,209,287
------------- --------------
Total assets $ 15,012,336 $ 14,582,022
============= ==============
Liabilities and
stockholders' equity
Liabilities:
Future policy
benefits $ 6,818,179 $ 6,503,064
Unearned and advance
premiums 15,521 15,606
Policy claims and
other benefits
payable 495,356 488,350
Other policyholders'
funds 356,427 402,323
Note payable 595,315 594,512
Surplus note 1,175,119 1,303,556
Income taxes 147,960 115,611
Operating lease
liabilities 49,565 55,478
Other liabilities 546,596 549,160
Payable under
securities lending 84,876 86,034
Separate account
liabilities 2,281,520 2,209,287
------------- --------------
Total liabilities 12,566,434 12,322,981
------------- --------------
Stockholders' equity:
Common stock 318 334
Retained earnings 2,416,149 2,231,483
Accumulated other
comprehensive income
(loss), net of
income tax:
Effect of change in
discount rate
assumptions on the
liability for future
policy benefits 134,594 224,833
Unrealized foreign
currency translation
gains (losses) (15,836) (34,767)
Net unrealized gains
(losses) on
available-for-sale
securities (89,323) (162,842)
------------- --------------
Total
stockholders'
equity 2,445,902 2,259,041
------------- --------------
Total
liabilities
and
stockholders'
equity $ 15,012,336 $ 14,582,022
============= ==============
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended December 31,
----------------------------------------------
2025 2024
---------------------- ----------------------
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 869,030 $ 854,748
Ceded premiums (420,843) (414,463)
-------------- --------------
Net premiums 448,187 440,285
Commissions and fees 347,386 293,850
Net investment income 42,122 38,134
Investment gains
(losses) 641 (1,179)
Other, net 15,347 17,019
-------------- --------------
Total revenues 853,683 788,109
-------------- --------------
Benefits and expenses:
Benefits and claims 166,420 167,449
Future policy benefits
remeasurement (gain)
loss (5,107) 1,374
Amortization of
deferred policy
acquisition costs 82,813 76,905
Sales commissions 187,823 157,703
Insurance expenses 70,168 66,256
Insurance commissions 5,621 7,795
Interest expense 5,968 6,070
Other operating
expenses 92,904 86,046
-------------- --------------
Total benefits and
expenses 606,610 569,598
-------------- --------------
Income from continuing
operations before
income taxes 247,073 218,511
Income taxes
from
continuing
operations 50,027 50,835
-------------- --------------
Income from continuing
operations 197,046 167,676
-------------- --------------
Loss from
discontinued
operations,
net of income
tax - (606)
-------------- --------------
Net income $ 197,046 $ 167,070
============== ==============
Basic earnings per share:
Continuing operations $ 6.14 $ 4.99
Discontinued
operations - (0.02)
-------------- --------------
Basic earnings
per share $ 6.14 $ 4.97
============== ==============
Diluted earnings per
share:
Continuing operations $ 6.13 $ 4.98
Discontinued
operations - (0.02)
-------------- --------------
Diluted
earnings per
share $ 6.13 $ 4.96
============== ==============
Weighted-average shares
used in computing
earnings per share:
Basic 31,979 33,482
============== ==============
Diluted 32,032 33,541
============== ==============
PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
Year ended December 31,
--------------------------------------------------
2025 2024
------------------------- -----------------------
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 3,462,780 $ 3,393,604
Ceded premiums (1,678,877) (1,664,433)
----------------- ----------------
Net premiums 1,783,903 1,729,171
Commissions and
fees 1,275,864 1,082,889
Net investment
income 167,152 155,501
Investment gains
(losses) (816) 2,236
Other, net 65,610 119,346
----------------- ----------------
Total revenues 3,291,713 3,089,143
----------------- ----------------
Benefits and
expenses:
Benefits and
claims 665,927 648,163
Future policy
benefits
remeasurement
(gain) loss (37,389) (25,920)
Amortization of
deferred policy
acquisition
costs 322,903 298,136
Sales commissions 686,920 573,249
Insurance expenses 263,467 255,619
Insurance
commissions 22,995 32,008
Interest expense 23,958 25,034
Other operating
expenses 368,368 343,607
----------------- ----------------
Total benefits
and expenses 2,317,149 2,149,896
----------------- ----------------
Income from
continuing
operations before
income taxes 974,564 939,247
Income taxes
from
continuing
operations 223,330 219,118
----------------- ----------------
Income from
continuing
operations 751,234 720,129
----------------- ----------------
Loss from
discontinued
operations,
net of income
tax - (249,611)
----------------- ----------------
Net income $ 751,234 $ 470,518
================= ================
Basic earnings per
share:
Continuing
operations $ 22.95 $ 21.02
Discontinued
operations - (7.29)
----------------- ----------------
Basic earnings
per share $ 22.95 $ 13.73
================= ================
Diluted earnings per
share:
Continuing
operations $ 22.91 $ 20.99
Discontinued
operations - (7.28)
----------------- ----------------
Diluted earnings
per share $ 22.91 $ 13.71
================= ================
Weighted-average
shares used in
computing earnings
per share:
Basic 32,632 34,142
================= ================
Diluted 32,680 34,199
================= ================
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
---------------------------------------
2025 2024 % Change
------------------- ------------------ ----------
(In thousands, except per-share
amounts)
Total revenues $ 853,683 $ 788,109 8%
Less: Investment
(losses) gains 641 (1,179)
Less: 10% deposit
asset MTM
included in NII (466) (846)
--- ---------- ----------
Adjusted
operating
revenues $ 853,508 $ 790,134 8%
=== ========== ==========
Income from
continuing
operations
before income
taxes $ 247,073 $ 218,511 13%
Less: Investment
(losses) gains 641 (1,179)
Less: 10% deposit
asset MTM
included in NII (466) (846)
--- ---------- ----------
Adjusted
operating
income
before
income
taxes $ 246,898 $ 220,536 12%
=== ========== ==========
Income from
continuing
operations $ 197,046 $ 167,676 18%
Less: Investment
(losses) gains 641 (1,179)
Less: 10% deposit
asset MTM
included in NII (466) (846)
Less: Tax impact
of preceding
items (35) 471
--- ---------- ----------
Adjusted
net
operating
income $ 196,906 $ 169,230 16%
=== ========== ==========
Diluted earnings
per share from
continuing
operations $ 6.13 $ 4.98 23%
Less: Net
after-tax impact
of operating
adjustments - (0.05)
--- ---------- ----------
Diluted
adjusted
operating
earnings
per share $ 6.13 $ 5.03 22%
=== ========== ==========
PRIMERICA, INC. AND SUBSIDIARIES
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Year ended December 31,
-------------------------------------
2025 2024 % Change
------------------- ---------------- ----------
(In thousands, except per-share
amounts)
Total revenues $ 3,291,713 $ 3,089,143 7%
Less: Investment
(losses) gains (816) 2,236
Less: 10% deposit
asset MTM
included in NII 567 1,037
Less: Insurance
claim proceeds - 50,000
----------- -----------
Adjusted
operating
revenues $ 3,291,962 $ 3,035,870 8%
=========== ===========
Income from
continuing
operations
before income
taxes $ 974,564 $ 939,247 4%
Less: Investment
(losses) gains (816) 2,236
Less: 10% deposit
asset MTM
included in NII 567 1,037
Less Insurance
proceeds - 50,000
Less:
Restructuring
costs - (2,837)
----------- -----------
Adjusted
operating
income
before
income
taxes $ 974,813 $ 888,811 10%
=========== ===========
Income from
continuing
operations $ 751,234 $ 720,129 4%
Less: Investment
(losses) gains (816) 2,236
Less: 10% deposit
asset MTM
included in NII 567 1,037
Less: Insurance
claims proceeds - 50,000
Less:
Restructuring
costs - (2,837)
Less: Tax impact
of preceding
items 71 (123)
Less: Valuation
allowance on
Senior Health
NOLs - (11,080)
----------- -----------
Adjusted
net
operating
income $ 751,412 $ 680,896 10%
=========== ===========
Diluted earnings
per share from
continuing
operations $ 22.91 $ 20.99 9%
Less: Net
after-tax impact
of operating
adjustments (0.01) 1.15
----------- -----------
Diluted
adjusted
operating
earnings
per share $ 22.92 $ 19.84 16%
=========== ===========
TERM LIFE INSURANCE SEGMENT
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended December 31,
----------------------------------
2025 2024 % Change
------------------- ------------- ----------
(In thousands)
Direct premiums $ 865,138 $ 850,667 2%
Less: Premiums
ceded to IPO
coinsurers 183,123 195,039
----------- -----------
Adjusted
direct
premiums 682,015 655,628 4%
----------- -----------
Ceded premiums (419,273) (412,916)
Less: Premiums
ceded to IPO
coinsurers (183,123) (195,039)
----------- -----------
Other ceded
premiums (236,150) (217,877)
----------- -----------
Net
premiums $ 445,865 $ 437,751 2%
=========== ===========
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended December 31,
-------------------------------------
2025 2024 % Change
------------------- ---------------- ----------
(In thousands)
Total revenues $ 56,516 $ 51,483 10%
Less: Investment
gains (losses) 641 (1,179)
Less: 10% deposit
asset MTM
included in NII (466) (846)
----------- -----------
Adjusted
operating
revenues $ 56,341 $ 53,508 5%
=========== ===========
Income (loss)
before income
taxes $ (113) $ (3,018) 96%
Less: Investment
gains (losses) 641 (1,179)
Less: 10% deposit
asset MTM
included in NII (466) (846)
----------- -----------
Adjusted
operating
income
(loss)
before
income
taxes $ (288) $ (993) 71%
=========== ===========
PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
December 31, December 31,
2025 2024 % Change
---------------- ---------------- ----------
(In thousands)
Stockholders'
equity $ 2,445,902 $ 2,259,041 8%
Less: Net
unrealized gains
(losses) (89,323) (162,842)
Less: Effect of
change in
discount rate
assumptions on
the liability for
future policy
benefits 134,594 224,833
----------- -----------
Adjusted
stockholders'
equity $ 2,400,631 $ 2,197,050 9%
=========== ===========
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211597821/en/
CONTACT: Investor Contact:
Nicole Russell
470-564-6663
Email: Nicole.Russell@Primerica.com
Media Contact:
Susan Chana
404-229-8302
Email: Susan.Chana@Primerica.com
(END) Dow Jones Newswires
February 11, 2026 16:15 ET (21:15 GMT)