Primerica, Inc.

primerica.com

What Do They Do?

Underwrites term life insurance and distributes mutual funds, annuities and managed investments to middle-income households in the United States and Canada.

How Do They Make Money?

Policyholders pay premiums over time for term life coverage. Mutual fund companies, annuity providers and other asset managers pay commissions when products are sold and ongoing asset-based commissions; investors pay advisory and service fees over time.

revenue

Segment	Share	How money arrives
Term Life Insurance Segment Recurring	55% FY2022: 62%	Recurring
Investment and Savings Products Segment Mix	38% FY2022: 32%	Mix
Corporate and Other Distributed Products Segment	6.8% FY2022: 6.0%

Who Are Their Customers?

Independent representatives meet clients face to face or remotely, often through personal acquaintances; mutual fund companies, annuity providers and asset managers pay for distribution of products they manage or underwrite.

Do Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

23% of revenue

▲ +60% vs FY2024 ($470.5M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $793.3M in Q2 FY2025
Net income: ▲ +13%; vs $178.3M in Q2 FY2025

Term Life Insurance Segment share of revenue vs 55.7% in Q2 FY2025

Growing. Revenue grew 21% in 4 years, from $2.7B in FY2021 to $3.3B in FY2025, about 5% a year.

Medicare distribution The older report included e-TeleQuote, which marketed Medicare-related insurance from third-party carriers; the latest report says that business was disposed of and is reported in discontinued operations.

Revenue over time

Term Life Insurance Segment Investment and Savings Products Segment Corporate and Other Distributed Products Segment Senior Health Segment

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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