Earnings ResultsQuarter ended December 31, 2019

Forward-Looking Statements and Non-GAAP Financial Measures

2

Forward-Looking Statements

This presentation may contain forward-looking statements and information. Additional 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, 2018, as may be updated by our

quarterly reports on Form 10-Q, available in the “Investor Relations” section of our website,

http://investors.primerica.com.

Non-GAAP Financial Measures

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, http://investors.primerica.com.

Reported amounts may not add due to rounding.

● Strong financial results year-over-year

— 9% growth in adjusted operating revenues

— 6% growth in adjusted net operating income

— 10% growth in diluted adjusted operating

earnings per share

— Adjusted operating ROAE 23.7% during the

quarter

● Capital Return

— Repurchased $44 million of common stock in

4Q19 completing the full year goal of $225

million

— Paid $14 million in stockholder dividends for

a full-year total of $58 million

Financial Highlights

Adjusted Operating Financial Results

GAAP Financial Results ($ in millions, except per-share amounts) Q4 2019 Q4 2018 % Change

Revenues $532.0 $487.3 9%

Net income $93.6 $86.5 8%

Stockholders’ equity $1,652.5 $1,461.5 13%

Diluted EPS (1) $2.24 $1.99 13%

Book value per share (2) $40.10 $34.23 17%

ROE 23.0% 23.8%

($ in millions, except per-share amounts) Q4 2019 Q4 2018 % Change

Adjusted operating revenues $530.9 $488.7 9%

Adjusted net operating income $92.8 $87.6 6%

Adjusted stockholders’ equity $1,587.9 $1,468.9 8%

Diluted adjusted operating EPS (1) $2.22 $2.01 10%

Adjusted book value per share (2) $38.54 $34.40 12%

Adjusted operating ROAE 23.7% 24.0%

(1) 41.6 million weighted-average shares for Q4 2019(2) 41.2 million common shares outstanding as of December 31, 2019

3

For a reconciliation of GAAP to non-GAAP financial measures refer to page 7 of the Financial Supplement

● Size of the sales force remained

constant with 130,522 reps licensed at

year-end

● Trends in recruiting and licensing

improved in second half of the year

● Clear focus on process improvements

and messaging incentives

Distribution Highlights

4Q19 versus 4Q18

Life Insurance Licensed Sales Force End of period, in thousands

Sales Force

116.8126.1

130.5

2016 2017 2018 2019

130.7

4

Q4 2019 Q4 2018 % Change

Recruits 60,466 61,990 (2%)

New life licensed representatives 11,073 11,052 <1%

Life insurance licensed sales force* 130,522 130,736 <1%Dis

trib

uti

on

* at period end

● Policies issued during 4Q19 declined 1% year-

over-year, reflecting softer trends in recent

periods

● Productivity for the quarter at 0.18 policies

per life insurance licensed representative per

month was consistent with the prior year

quarter and remains within our historical

range

● Record $808 billion of face amount in force at

year-end

Production HighlightsTerm Life Insurance

Issued Term Life Policies (thousands)

66.4 70.6 70.8 64.2

77.4 84.0 83.8 78.7

75.5 78.1 74.9 73.4

79.1 80.1 72.1 71.5

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9

Po

licie

s

Q4

Q3

Q2

Q1

5

298.2 312.8 301.6

Term

Lif

e

($ in billions) Q4 2019 Q4 2018 % Change

Issued life insurance policies 71,469 72,122 (1%)

Life insurance face amount in force $808.3 $781.0 3%

Productivity 0.18 0.18

Production

287.8

6

$1.38 $1.59 $1.78 $1.76

$1.47 $1.57 $1.76 $1.94$1.34 $1.43

$1.76 $1.86$1.41$1.60

$1.74 $1.98$5.59$6.19

$7.04

$49.43 $56.79 $61.84 $65.03

2016 2017 2018 2019Sa

les

Total

$7.53

Average asset value

ISP Production ($ in billions)

ISP

($ in billions) Q4 2019 Q4 2018 % Change

Investment & savings product sales $1.98 $1.74 14%

Investment & savings products client asset values (ending) $70.54 $57.70 22%

● Record of over $70 billion of client

asset values at December 31, 2019, an

increase of 22% year-over-year

● Record $2.0 billion in investment sales

during the quarter for a total of $7.5

billion in annual sales

● Strong full year net new client inflows

of $1.1 billion

Production HighlightsInvestment and Savings Products

Production

● Adjusted direct premium growth of 10% drove operating revenue growth of 9%

● Claims experience and the benefits and claims ratio in line with prior year

● DAC amortization ratio lower than prior year and reflects favorable trends in persistency

● Overall, margins increase to 19.2% from 18.7% in the prior year period

Operating ResultsTerm Life Segment

Q4 2019 versus Q4 2018($ in millions) Q4 2019 Q4 2018 % Change

Direct premiums $691.5 $667.8 4%

Premium ceded to IPO coinsurers (1) ($264.8) ($281.3) 6%

Adjusted direct premiums (ADP) (2) $426.8 $386.5 10%

Operating revenues $319.0 $291.9 9%

Operating income before income taxes $82.0 $72.1 14%

Key Ratios Q4 2019 Q4 2018

Benefits and claims, net (3) 57.7% 57.5%

DAC amortization & insurance commissions 16.4% 17.1%

Insurance expenses, net (4) 8.0% 7.8%

Term life income before income taxes 19.2% 18.7%

(1) Premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from IPO coinsurers on previously existing reinsurance agreements

(2) Direct premiums net of premiums ceded to IPO coinsurers

(3) Benefits and claims net of other ceded premiums, which are largely YRT

(4) Insurance expenses net of other, net revenues

7

Term Life Adjusted Direct Premiums

8

The components of Adjusted Direct Premiums (ADP) are as follows:

● Direct first year premiums, which include

premiums on new policies issued and additions

and increases to existing policies

● Direct renewal premiums – Post-IPO, which

include in-force premiums on policies issued

post-IPO

● Direct renewal premiums – Pre-IPO policies,

which include in-force premiums on policies

issued pre-IPO

● Premiums ceded to IPO coinsurers – premiums

subject to the IPO Coinsurance agreements

Assuming 3% growth in issued policies

annually:

• Expect 2020 ADP growth of around 9%

• ADP growth rate will decline approximately 1%

in each of 2021 and 2022

Calendar Year

2017 2018 2019

First Year Premiums 250 263 261

Renewal Premiums (Post-IPO) 727 867 1,000

Direct Premiums - Post-IPO Policies 977 1,129 1,262

Direct Premiums - Pre-IPO Policies 1,557 1,511 1,467

Total Direct Premiums 2,534 2,641 2,729

Premiums ceded to IPO coinsurers (1,226) (1,151) (1,081)

Adusted direct premiums 1,308 1,490 1,647

Growth

2018 2019 2020 2021 2022

First Year Premiums 5% 0% 3% 6% 5%

Renewal Premiums (Post-IPO) 19% 15% 12% 10% 9%

Direct Premiums - Post-IPO Policies 16% 12% 10% 9% 8%

Direct Premiums - Pre-IPO Policies -3% -3% -3% -3% -3%

Total Direct Premiums 4% 3% 3% 3% 3%

Premiums ceded to IPO coinsurers -6% -6% -6% -6% -5%

Adjusted direct premiums 14% 11% 9% 8% 7%

Operating ResultsInvestment & Savings Products Segment

Q4 2019 versus Q4 2018($ in millions, except as noted) Q4 2019 Q4 2018 % Change

Sales-based revenues $75.4 $67.0 12%

Asset-based revenues $84.2 $75.0 12%

Account-based revenues $20.6 $20.5 1%

Other, net $2.5 $2.4 4%

Total operating revenues $182.7 $164.9 11%

Benefits and expenses $129.7 $119.3 9%

Operating income before income taxes $53.0 $45.6 16%

Sales-based net revenue as % of revenue-generating sales (1) 1.35% 1.29%

Asset-based net revenue as % of average asset values (2) 0.054% 0.051%

Account-based net revenue per average fee generating position (3), (4) $4.10 $3.80

● Sales-based revenues increase 12%, in line with the growth in revenue-generating product sales

● Asset-based revenues increase 12%, in line with the growth in average client asset values

● Canadian seg. fund DAC amortization lower by $2 million due to favorable market performance and adjustments to annual redemption assumptions

(1) Commission and fee revenue less commissions paid to the 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 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

(4) In whole dollars

9

● Growth in adjusted net investment income

was primarily due to the growth in the size of

the portfolio and higher book earnings on

assets backing the reinsurance deposit asset

— Partially offset by lower reinvestment rates on

portfolio

● Committed to maintaining a relatively

conservative, high quality portfolio

— Average rating single-A

Invested Assets Portfolio

Book Value and Yield of Maturities

Key Portfolio Attributes

(based on amortized cost (except for market value); excludes cash, period end)

Q4 2019

Fixed income / other mix 98% / 2%

Fixed income average book yield 3.54%

Average rating A

Investment grade / BIG mix 97% /3%

Average duration 3.6 Years

Market value $2.44 billion

Net unrealized gain / (loss) $82.2 million

$299.8 $288.1 $1,009.1 $666.0$137.2

< 1 Year 1-2 Years 2-5 Years 5-10 Years > 10 Years

10

2.98% 3.37%

3.63%

3.72%

3.76%

($ in millions)

Insurance & Operating Expense Highlights

FOURTH QUARTER 2019 INSURANCE & OPERATING EXPENSES

($ in millions) Cons * Life ISP Corp

Q4 2018 Expenses * $98.3 $40.6 $33.6 $24.0

Technology-related expenses $3.4 $0.1 $2.2 $1.2

Employee-related expenses $1.9 $0.8 $0.7 $0.4

Other growth in the business related expenses

$3.1 $2.9 ($0.3) $0.5

Q4 2019 Expenses * $106.7 $44.4 $36.2 $26.1

Q3 2019 Expenses $99.7 $43.2 $34.5 $22.0

● Operating expenses of $106.7 million

were $8.4 million higher than Q4

2018, driven by:

—Employee-related expenses

—Growth in the Term Life business

—Technology

* Items may not add due to rounding

11

● In 2020, insurance and other operating

expenses are expected to grow $25-30

million, or 6%-7%, year-over-year

— Includes both normal business growth and

projects to enhance future opportunities

● Insurance and other operating expenses

expected to be split about 45% to Term Life,

30% to ISP and 25% to Corporate and Other

2020 Insurance and Other Operating Expense Growth

12

($ in millions)2020 Estimated

increase

Revenue-related expenses $4

Salaries and other employee costs $6

Technology $8

Mortgage rollout $3

Life wholesalers $2

Regulatory compliance $2

Other $0 - 5

TOTAL INCREASE $25-30 (6%-7%)

Taxes, Capital and Liquidity

● The effective income tax rate for the fourth quarter of 2019 was 23.4%, consistent with our

full year rate of approximately 23%

● Primerica Life Insurance Company’s (PLIC) statutory risk-based capital ratio (RBC) was

estimated to be around 440% with holding company liquidity at about $270 million as of

December 31, 2019

● Debt-to-capital ratio was 18.5% as of December 31, 2019

● Repurchased $44 million of common stock and paid $14 million in dividends during the

fourth quarter; $225 million and $58 million for the full year, respectively

● Targeting $250 million in capital deployment plus dividends in 2020

13