$PRI

Primerica, Inc.

CIK:0001475922|SEC Filings

Condensed Consolidated Statements of Income - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Direct premiums	$ 877,754	$ 866,254	$ 1,748,999	$ 1,725,099
Ceded premiums	(442,280)	(433,408)	(857,139)	(843,930)
Net premiums	435,474	432,846	891,860	881,169
Commissions and fees	368,610	306,032	725,352	602,988
Investment income net of investment expenses	56,600	55,549	113,106	111,888
Interest expense on surplus note	(12,862)	(14,621)	(26,085)	(29,289)
Net investment income	43,738	40,928	87,021	82,599
Realized investment gains (losses)	78	(2,338)	(769)	(2,421)
Other investment gains (losses)	1,613	(528)	2,856	312
Investment gains (losses)	1,691	(2,866)	2,087	(2,109)
Other, net	15,554	16,394	31,439	33,530
Total revenues	865,067	793,334	1,737,759	1,598,177
Benefits and expenses:
Benefits and claims	147,328	152,494	318,582	327,355
Future policy benefits remeasurement (gain) loss	(5,038)	(5,895)	(12,415)	(9,168)
Amortization of deferred policy acquisition costs	85,128	80,043	169,388	158,592
Sales commissions	201,924	166,291	397,134	324,409
Insurance expenses	71,159	64,362	137,726	129,168
Insurance commissions	5,778	5,751	11,396	11,875
Interest expense	5,833	6,000	11,693	12,005
Other operating expenses	94,736	89,791	196,618	188,129
Total benefits and expenses	606,848	558,837	1,230,122	1,142,365
Income before income taxes	258,219	234,497	507,637	455,812
Income taxes	55,941	56,153	115,263	108,417
Net income	$ 202,278	$ 178,344	$ 392,374	$ 347,395
Earnings per share:
Basic earnings per share	$ 6.46	$ 5.41	$ 12.44	$ 10.47
Diluted earnings per share	$ 6.45	$ 5.40	$ 12.42	$ 10.45
Weighted-average shares used in computing earnings per share:
Basic	31,196	32,870	31,437	33,080
Diluted	31,237	32,911	31,481	33,126

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income			$ 392,374	$ 347,395
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Change in future policy benefits and other policy liabilities			91,855	93,709
Deferral of policy acquisition costs			(252,522)	(275,342)
Amortization of deferred policy acquisition costs	$ 85,128	$ 80,043	169,388	158,592
Change in income taxes			(93,968)	(49,947)
Investment (gains) losses	(1,691)	2,866	(2,087)	2,109
Accretion and amortization of investments			(1,582)	(1,579)
Depreciation and amortization			7,901	10,024
Change in reinsurance recoverables			72,995	88,798
Change in agent balances, due premiums and other receivables			(16,215)	(12,825)
Trading securities sold, matured, called or (acquired), net			(19,737)	123
Share-based compensation			15,551	15,477
Change in other operating assets and liabilities, net			(13,343)	(16,492)
Net cash provided by (used in) operating activities			350,610	360,042
Available-for-sale investments sold, matured or called:
Fixed-maturity securities — sold			3,030	1,329
Fixed-maturity securities — matured or called			297,185	235,712
Equity securities — sold			0	26
Equity securities — matured or called			0	1,829
Available-for-sale investments acquired:
Fixed-maturity securities			(539,815)	(326,997)
Short-term investments			(4,950)	0
Equity securities — acquired			(123)	(112)
Purchases of property and equipment and other investing activities, net			(35,795)	(12,258)
Cash collateral received (returned) on loaned securities, net			3,703	(2,609)
Sales (purchases) of short-term investments using securities lending collateral, net			(3,703)	2,609
Cash received from redemption of deposit asset			131,418	0
Net cash provided by (used in) investing activities			(149,050)	(100,471)
Cash flows from financing activities:
Dividends paid			(75,597)	(68,945)
Common stock repurchased			(270,227)	(247,098)
Excise tax paid on common stock repurchased			(4,208)	(3,910)
Tax withholdings on share-based compensation			(6,061)	(8,655)
Finance leases			(117)	(137)
Net cash provided by (used in) financing activities			(356,210)	(328,745)
Effect of foreign exchange rate changes on cash			(1,394)	2,551
Change in cash and cash equivalents			(156,044)	(66,623)
Cash and cash equivalents, beginning of period			756,227	687,821	$ 687,821
Cash and cash equivalents, end of period	$ 600,183	$ 621,198	$ 600,183	$ 621,198	$ 756,227

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed-maturity securities available-for-sale, at fair value (amortized cost: $3,611,960 in 2026 and $3,378,618 in 2025)	$ 3,471,682	$ 3,265,246
Fixed-maturity security held-to-maturity, at amortized cost (fair value: $1,036,619 in 2026 and $1,153,047 in 2025)	1,073,520	1,175,380
Short-term investments available-for-sale, at fair value (amortized cost: $4,953 in 2026)	4,950	0
Equity securities, at fair value (historical cost: $20,624 in 2026 and $20,501 in 2025)	29,265	26,433
Trading securities, at fair value (cost: $32,813 in 2026 and $13,084 in 2025)	32,376	12,801
Policy loans and other invested assets	120,736	56,233
Total investments	4,732,529	4,536,093
Cash and cash equivalents	600,183	756,227
Accrued investment income	33,330	30,122
Reinsurance recoverables	2,450,745	2,564,952
Deferred policy acquisition costs, net	3,991,486	3,915,998
Agent balances, due premiums and other receivables	291,440	275,171
Intangible asset	45,275	45,275
Income taxes	181,028	177,302
Operating lease right-of-use assets	39,697	41,900
Other assets	259,728	387,776
Separate account assets	2,156,498	2,281,520
Total assets	14,781,939	15,012,336
Liabilities:
Future policy benefits	6,803,364	6,818,179
Unearned and advance premiums	16,423	15,521
Policy claims and other benefits payable	489,108	495,356
Other policyholders’ funds	344,437	356,427
Note payable	595,716	595,315
Surplus note	1,073,291	1,175,119
Income taxes	24,907	147,960
Operating lease liabilities	46,852	49,565
Other liabilities	619,810	546,596
Payable under securities lending	88,579	84,876
Separate account liabilities	2,156,498	2,281,520
Commitments and contingent liabilities (see Commitments and Contingent Liabilities note)
Total liabilities	12,258,985	12,566,434
Stockholders' equity:
Common stock ($0.01 par value; authorized 500,000 shares in 2026 and 2025; issued and outstanding 30,898 shares in 2026 and 31,810 shares in 2025)	309	318
Retained earnings	2,473,436	2,416,149
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits	190,796	134,594
Unrealized foreign currency translation gains (losses)	(30,952)	(15,836)
Net unrealized investment gains (losses) on available-for-sale securities	(110,635)	(89,323)
Total stockholders' equity	2,522,954	2,445,902
Total liabilities and stockholders' equity	$ 14,781,939	$ 15,012,336