#1Introduction to Primerica 1 PRIMERICA#22 Forward-Looking Statements and Non-GAAP Financial Measures 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, 2021, as modified by subsequent Forms 10-Q, and is available in the "Investor Relations" section of our website, https://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, https://investors.primerica.com. PRIMERICA#33 Compelling Investment Proposition Proven Track Record Unparalleled Distribution Model **** Growth Opportunity Complementary Business Segments میرا Strong Financial Performance •40+ year track record of success and significant growth since IPO •Experienced leadership team dedicated to Primerica's mission •Uniquely designed to reach and serve middle-income consumers in North America •Large, exclusive life insurance and mutual funds licensed sale force that is difficult to replicate •Significant unmet need in the middle-income market •Sales force demographics aligned with communities we serve Products designed to meet the specific needs of the middle-income market throughout their life cycle •Long term client relationships drive recurring revenue streams Industry-leading return with demonstrated growth Significant capital generation to fund product growth across all lines of business while also providing strong return of capital to stockholders PRIMERICA#44 Strategic Pillars for Future Growth Maximize Broaden and Sales Force Strengthen Enhance Investment Develop Digital Growth, Protection & Savings Capabilities Leadership Product Products that and Portfolio Productivity to Expand Opportunity Deepen Client Relationships PRIMERICA#5Culture of Excellence "Our mission is to help middle-income families become properly protected, debt free and financially secure" Highly experienced management team with long tenure & deep understanding of Primerica's business and operations 5 LO PRIMERICA Glenn Williams CEO since '15 President '05-'15 Joined '81 Peter Schneider President since '15 Joined '00 2 Alison Rand CFO since '09 Joined '95 "Our difference is our people" ~ 3,400 Primerica employees in North America ~ 129,500 life insurance licensed representatives Greg Pitts COO since '09 Joined '85 All data as of December 31, 2021#6Large Sales Force Allows Effective Penetration of the Vast, Frequently Underserved Middle-Income Market 129,500 life insurance licensed representatives ENTARD 26,000 mutual fund licensed representatives 324,000 term life policies issued $903 billion of term life face amount in force BOCCH DAKUTA YOUTH nited States San An Ino CO 6 All data as of December 31, 2021, except for term life issued policies and investment products sales which are for the full year 2021 Approximately 5,800 Primerica Regional Vice President businesses in the U.S., Canada and Puerto Rico Pan $11.7 billion in investment and savings products sales $97 billion in client asset values PRIMERICA#77 Primerica's Middle-Income Clients Average household income" (1) $73,700 Average face amount of term life policy (2) $251,500 Average issue age of life insurance clients (2) Average initial retail mutual fund investment(2) Assets in qualified retirement plans(3) (1) 2021 Primerica Financial Needs Analysis Clients (2) For the year ended December 31, 2021 (3) Of total U.S. client asset values in the investment and savings products segment for the year ended December 31, 2021 38 years $11,900 74% PRIMERICA#8Significant, Unmet Need 21% 45% 34% Primerica's unique distribution model is designed to effectively serve middle-income families ~$14 Trillion Protection Gap Life Insurance Gap per Middle-Income Household (Estimate as of 2020) 50,000 45,000 40,000 Middle-Income households in the U.S. need an additional $14 trillion of life insurance to be properly protected ~$14 trillion shortfall 35,000 30,000 25,000 20,000 Total Protection Needed 15,000 10,000 Current Assets, Protection and Benefits 5,000 0 Income Levels ■ < $30,000 ■ $30,000 to $100,000 ■ > $100,000 Middle-Market: Household Income between $28k and $142k ■Aggregate Needs ($ in billions) ■Aggregate Resources ($ in billions) PRIMERICA 8 Source: U.S. Census Bureau, Census Population Survey 2020 Annual Social and Economic Supplement. Based on 128.5 mm households. Source: Conning Strategic Study Life Annuity Consumer Markets 2020#99 Investing Trends Provide Opportunity 48% of middle-income Americans will not be ready for retirement based on their investment and savings habits Source: February 2021 National Association of Plan Advisors Primerica's 26,000 mutual fund licensed representatives are uniquely positioned to serve middle-income families Clients can systematically invest for as little as $25/month ☐ Lifetime Investment Platform managed accounts and annuity offerings cater to the investment needs of more affluent clients Are You Saving Enough For Retirement? At this household income: $50,000 $80,000 $100,000 $150,000 $200,000 $250,000 At this age: You'd need this multiple of your income: 35 1.3 2.0 1.9 2.4 2.7 2.2 2.9 3.4 3.8 3.2 4.0 4.7 5.2 40 1.9 2.6 45 2.5 3.5 50 3.3 4.5 55 4.3 5.7 5.9 60 5.5 7.2 65 7.0 9.1 ཏྱ བ ཕ རི ཥཾ & R 7.7 Source: J.P. Morgan Asset Management 5.4 6.2 6.8 7.1 8.1 8.7 9.1 10.3 11.1 10.1 11.8 13.3 14.3 Focused on Helping Middle-Income Clients with Investments Seeking The Financial Success: Basics Model Portfolios Helps you create an investment program tailored to your investing style and goals. COMMON SENSE FUNDS An estment Prm For Every Phase of Life est The Difference The Five basic models to meet the needs of most investors. PRIMERICA#10Positioned to Serve the Middle-Income Market ☐ 64% of middle-income households are confident in their financial situation, however 60% do not have an emergency fund to cover an expense of $1,000 or more 68% are concerned about meeting the increasing cost of living 62% feel it is difficult to save for the future 10 10 ■ 28% have increased their credit card debt over the last three months ☐ Diverse sales force is ready to respond to the unique needs within their own communities 22% African American 16% Hispanic 57% Women Source: Fourth Quarter 2021 Primerica Financial Security Monitor PRIMERICA#1111 Leveraging Technology to Serve the Middle-Market 0000 We utilize a high-tech, high-touch approach which leverages the latest technology supported by live agent assistance The industry DTC approach is seeing mixed results, and many are increasingly adding agent assistance ☐ Constant focus on technological improvements to maintain strong appeal in an ever-changing marketplace PRIMERICA#12Business Model is Difficult to Replicate Variable cost structure enables high volume of small transactions Significant experience underwriting Term Life insurance for middle-income market Exclusive independent contractor sales force(¹) Extensive communications, training and pre-licensing infrastructure Cutting-edge sales tools and customized sales support Extensive controls, supervision and surveillance functions PRIMERICA 12 (1) Excluding e-TeleQuote licensed health insurance agents#13Primerica at Every Life Stage Net worth 13 Mortgage Term Life Auto Insurance Ersonal Retirement Receives inheritance Senior Health Job promotions Buys First home child Marriage College Savings First Retirement job College Savings graduation HS graduation 18 22 25 25 30 Age 30 32 35 40 50 55 60 60 65 PRIMERICA#1414 Business Segments Term Life Insurance Term life policies issued by Primerica Life Insurance Company, National Benefit Life Insurance Company and Primerica Life Insurance Company of Canada Adjusted Operating Revenues 2021 Adjusted Operating Revenues: $2.7 billion 5% Corporate & Other Distributed Products Investment & Savings Products Retail mutual funds (U.S./ Canada), managed accounts (U.S.), annuities (U.S.), segregated funds (Canada) Senior Health Third-party Senior Health insurance products distributed through e-TeleQuote's licensed health insurance agents Corporate & Other Distributed Products Corporate income and expenses not allocated to other segments including New York non-term life insurance business from several discontinued lines and net investment income Other distributed products Mortgage Business • Prepaid Legal Services • Auto & Homeowners Insurance Home Automation Term Life Insurance 58% Investment & Savings 35% Products Senior Health (2) 2% Primerica's Adjusted Operating Results (1) ($ in millions) 2021 2020 Change% Adjusted Operating Revenues $2,706 $2,225 22% Total Adjusted Operating Income before Income Taxes Adjusted Net Operating Income $606 $514 18% $462 $392 18% Adjusted Stockholders' Equity Adjusted Operating ROAE $2,019 $1,708 18% 24.3% 24.7% PRIMERICA (1) Operating adjustments remove the impact of investment gains/losses and fair value mark-to-market adjustments. In addition, 2021 operating adjustments remove a loss on the extinguishment of debt, transaction-related expenses for the purchase of e-TeleQuote, share-based compensation for shares exchanged in the business combination, and goodwill impairment charges. (2) e-TeleQuote acquisition closed on July 1, 2021#15Earnings Drivers by Segment Business Segment Term Life Insurance Earnings Drivers ☐ Term Life issued policies, additions to existing policies and retention of in-force business ☐ Death claims ☐ Acquisition costs and operating expenses Investment & Savings Products Product sales, client asset values and number of client accounts ☐ Operating expenses Senior Health Corporate & Other ㅁㅁㅁ Approved policies Policy renewal commissions (churn) Contract acquisition cost and other operating expenses ☐ Corporate and other operating expenses 15 Distributed Products ☐ Net Investment Income ☐ Other product sales Interest expense PRIMERICA® Business mix generates significant free cash flows and opportunity for strong capital deployment#16Not a Traditional Life Insurance Company Primerica Traditional Life Company Operating Revenue (1) Fee-Based & Other Revenue 41% Significant Investment & Savings Products business with substantial recurring revenue 15% Insurance Premiums 56% Stable margin through extensive reinsurance 60% Investment Income 3% Minimal earnings dependency 25% Investment Leverage (2) 2.3x Less susceptible to market volatility 8.7x Net Annualized Operating Return on 24.3% ROAE above average 12.7% Average Adjusted Equity (3) Traditional Life Company references the mean financial metrics of Globe Life, Lincoln Financial, MetLife, Prudential and Unum's metrics are for Financial Services segment only. Peer Adjusted Equity defined as Common Equity less unrealized gains/losses. (1) For full year 2021 and excludes investment gains/losses (2) Calculated as (Cash + Invested Assets) / Adjusted Equity without unrealized gains/losses 16 (3) Full year 2021 adjusted net operating income divided by the quarterly average equity, excluding unrealized gains/losses PRIMERICA#17Superior Financial Results Adjusted Net Operating Income ($ millions) $358 $324 2018 2019 $392 2020 Net Operating Return on Adjusted Equity (2) $462 24.7% 24.3% 2021 % of Adjusted Net Operating Income Returned to Stockholders 23.5% 22.8% 2018 2019 2020 2021 79% 78% $210 $225 ($ millions) 76% $231 Adjusted Operating Earnings per Diluted Share (3) $11.61 $9.70 $8.43 $7.33 20% $19 $64 $58 $75 $44 2018 (1) 2019 2020 2021 2018 2019 2020 2021 Dividends Share Repurchase (1) In 2021, the Company suspended its stock repurchase program to fund the acquisition of e-TeleQuote. Repurchases resumed in December 2021 17 (2) Net Income Return on Stockholders' Equity for the comparable periods was 22.7% (2018), 23.4% (2019), 23.3% (2020) and 18.8% (2021) (3) Diluted Earnings Per Share for the comparable periods was $7.33 (2018), $8.62 (2019), $9.57, (2020) and $9.38 (2021) PRIMERICA#1818 Capital Management Capital Management Financial Leverage Asset Leverage Primerica Life Insurance Company (PLIC) statutory risked-based capital ratio (RBC) to meet financial obligations was approximately 440% at year-end 2021 Consistently returned a significant portion of operating earnings to stockholders. Anticipate repurchasing $305 million of common stock in 2022 Modest debt / total capitalization ratio of 23.2% (1) at year-end 2021 Coverage satisfied from non-insurance cash flows Less dependence on investment income than most life insurers ~2.3x (cash + invested assets) / adjusted equity without unrealized gains at year-end 2021 Conservative, high quality fixed income portfolio in a net gain position, at year- end 2021 Primerica's Ratings Agency Senior Notes Rating Moody's Baa1, stable outlook Standard & Poor's A-, stable outlook A.M. Best Company a-, stable outlook Financial Strength Rating (2) A1, stable outlook AA-, stable outlook A+, stable outlook (1) Debt-to-Capital is that of the parent company only. Capital in the debt ratio includes stockholders' equity, excluding AOCI and the notes payable (2) Primerica Life Insurance Company's insurer financial strength rating PRIMERICA#1919 High Quality, Conservative Investment Portfolio Key Metrics Approximate Effective Duration 4.8 years Approximate Book Yield 3.12% Average Rating Fixed Income Inv. Grade/Below Inv. Grade Mix A ~99% 96%/4% High quality, well diversified portfolio Manufacture Term Life which has no cash value, and little asset liability matching compared to firms which sell cash value life insurance products Composition of Primerica's $3.2 Billion Investment Portfolio by Asset Class at end of 2021 Composition of Primerica's $2.6 Billion Fixed Income Investment Portfolio by Rating at the end of 2021 Below 4.3% Investment Asset- Backed 3.5% CMBS Private Cash Equity 4.5% 6.7% 14.7% 1.2% Other 1.5% Mortgage- Backed 12.0% Corporate 46.6% All data as of December 31, 2021 Treasury / Government 9.1% BBB 40.8% AAA 18.7% A 24.4% AA 11.8% Grade / NA PRIMERICA#20Primerica's ESG approach is consistent with our mission to help middle-income families become financially independent Our commitment to serving our clients is unwavering and guides who we are as a company Environmental We recognize the significant challenges presented by climate change. Environmental issues potentially present risks and opportunities to our business, which we address in the following ways: Analyzing the potential impact of climate change on the products we sell Ensuring our product mix offers clients the ⚫ Focus on enabling access to financial information, products . and services for traditionally underserved markets throughout North America Provide an entrepreneurial opportunity and support for individuals to successfully grow their independent businesses. • Promote an environment where employees are encouraged to maintain health and wellness as well as engage in training and personal development ⚫ A focus on diversity and equality are fundamental to our efforts to cultivate an inclusive workplace • Committed to improving the communities in which we live and work. Social opportunity to invest in products and services that specifically address environmental risk and responsibility Incorporating relevant environmental information and analysis into our governance and risk management practices 20 20 The Company's corporate sustainability report is available in the Governance section of the investor relations website • • • 00 Governance We are focused on creating value for our clients, communities and stakeholders through a strong ethics, governance and compliance regime Engaged and diverse Board that believes good corporate governance and effective oversight are critical factors in our continued success and aligning management and stockholder interests Corporate culture that encourages our people to act with integrity and accountability with commitment to the highest standards of business conduct. Robust risk management program with strong controls environment#21Distribution#22222 Distribution is a Competitive Advantage Sales Force (in 000s) Independent contractors exclusive to Primerica ~95% of sales force is estimated to be part-time Pay their own business expenses Sales force leaders have significant longevity Primerica Life Insurance Licensed Representatives 17,600 13,300 129 Insurance Representatives Brokers / Financial Advisors Primerica Mutual Fund 26 24 Licensed Reps 21 13 6 +10 years +20 years 21 19 16 10 8 PRIMERICA STATE FARM ALLSTATE GLOBE LIFE AFLAC BANK OF AMERICA EDWARD JONES MORGAN STANLEY AMERIPRISE RAYMOND JAMES All data as of December 31, 2021 Source: company filings, annual reports and websites PRIMERICA#23Primerica's Licensed Sales Force Licensing Progression Rep License Total Life Insurance ~129,500 (1) Average Tenure 7 Years First obtain a Life Insurance License Obtain mutual fund license after success selling life insurance & building a business ~104,000 Life only 99,000 U.S. Reps ■ 5,000 Canadian Reps ~26,000 Mutual Fund Licensed Representatives 19,000 in U.S. Become Investment Advisor rep after success in ISP business 23 23 (1) Largely part-time representatives All data as of December 31, 2021 7,000 in Canada 5 Years 15 Years 3,400 U.S. Investment Advisor representatives who can sell managed accounts 19 Years PRIMERICA#24Sales Force Support Communication & Training ㅁㅁㅁ Weekly broadcasts from in-house TV Network Online Digital Library of training materials Virtual training with RVP 24 24 Marketing ㅁ ☐ ㅁ Proprietary digital sales tools allow representatives to work anywhere and anytime Efficient and secure electronic applications with automatic prompts to reduce errors Rep Marketing Center helps reps increase activity and grow their business with targeted prospecting tools ADREM AVI Licensing In person and online Life Insurance pre-licensing education and test preparation Dedicated team to provide licensing support in all states and provinces LIFE EXAM PREP STUDY TOOLS STUDY ON THE GO Insurance Terms YOU NEED TO KNOW $435.000 PRIMERICA#25Business Model Mitigates Risks 25 25 Business Model Warm market lead generation - representatives know their clients Basic and easy-to-understand products available for newer representatives More sophisticated products such as Lifetime Investment Platform, annuities and mortgage Part-time nature removes pressure to over-sell Sales force has an exclusive relationship with Primerica Extensive Controls Supervision system structure based on SEC, FINRA, State DOI and Mortgage regulatory requirements Field Supervision All FINRA Branch Managers are directly supervised by a staff of Home Office Regional Securities Principals. Branch office examinations are conducted by Field Auditors in accordance with FINRA and mortgage rules. Approximately 130 compliance-related employees perform various surveillance and monitoring activities. Approximately 4,775 principal licensed or Canadian equivalent securities licensed branch managers Generate surveillance reports, conduct client and representatives surveys and audit all RVP offices Strong Sales Force Compliance Record PRIMERICA#2626 26 Sales Process Warm Market Approach Face-to-Face & Virtual Meetings "Across the Kitchen Table" Multiple Product Offerings Client-centric Educational Process including Financial Needs Analysis 1811 C No Life Insurance es. Primerica Term The Theory of Decreasing Reponibility The Core Quant erica Term 900 900 PRIMERICA#27Products#28Simple Products for Long-Term Financial Needs Term Life Term Life Insurance Products underwritten by Primerica, Inc. companies TermNow (10, 15, 20, 25, 30, 35 years) CustomAdvantage (10, 15, 20, 25, 30, 35 years) Investment & Savings Products Investment & Savings Products through third-party providers Mutual Funds Managed Accounts Annuities 401(k) Plans Senior Health Mortgage Mortgage Products through third-party provider Refinance Purchase Jumbo Senior Health Insurance Products through third-party carriers Medicare Advantage Medicare Supplement FHA VA Younger families need more income protection: they have young children, higher debt and lower savings As clients age, they need less insurance because their liabilities lessen and their investments grow Primerica teaches basic investment principles like diversification and systematic investing through dollar cost averaging over time 28 28 PRIMERICA#29Third-Party Providers ROCKET Pro TPO VOYA FINANCIAL Humana. Anthem. ♥ UnitedHealthcare® Mutual Omaha CignaⓇ SENIOR HEALTH CAPITAL AMERICAN GROUP CunaMutual Group™ FUNDS Lincoln Hundal Group EQUITABLE Brighthouse FINANCIAL Build for what's ahead EQUITABLE MORTGAGE LOANS 401(k) PLANS ANNUITIES O.vivint 000-000 Answer financial AUTO & HOME SOLUTIONS PRIMERICAⓇ LEGAL & IDENTITY PROTECTION MUTUAL FUNDS LegalShield™ IDTheft Defense™ FRANKLIN TEMPLETON AIG Invesco CAPITAL AMERICAN GROUP FUNDS Fidelity NVESTMENTS American Century Investments® 29 29 Auto and Home Solutions: In the United States, insurance referrals are offered through Primerica SecureTM, an insurance referral program in which representatives may refer individuals to Answer Financial Inc., which offers insurance products and services through its licensed affiliates. Primerica, its representatives and the Primerica Secure program do not represent any of the insurers in the program. In Canada, Auto & Home Insurance is offered through a referral arrangement by contractual agreement between SurexDirect.com Ltd., SurexDirect.com (Ontario) Ltd., Primerica Life Insurance Company of Canada and PFSL Investments Canada Ltd. Auto & Home Insurance is not directly offered by Primerica. In the U.S. and Canada, home automation services (including home security) are offered through a referral arrangement by contractual agreement between Primerica Client Services, Inc., Primerica Client Services Inc., PFSL Investments Canada Ltd., Vivint, Inc. and Vivint Canada, Inc. Mortgage Loans: Rocket Mortgage, LLC doing business as Rocket Pro TPO. NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. In the United States, mortgage loans are offered through Primerica Mortgage, LLC, a state licensed mortgage broker. NMLS #1723477; www.NMLSConsumerAccess.org. EQUAL HOUSING OPPORTUNITY. Disability Benefits: In Canada, Primerica's representatives promote and market insurance products administered by The Edge Benefits Inc. and underwritten by various Canadian insurers unaffiliated with Primerica. Legal and Identity Protection: In the U.S., ID Theft Defense is a product of LegalShield that provides access to identity theft protection and restoration services, through contractual agreement between Primerica Client Services, Inc. and LegalShield. In the U.S., Primerica Legal Protection Program legal protection services are offered by Prepaid Legal Services, Inc. d/b/a LegalShield ("LegalShield") or applicable subsidiary, through contractual agreement between Primerica Client Services, Inc. and LegalShield. LegalShield provides access to legal services offered by a network of provider law firms to LegalShield members through membership-based participation. In Canada, Pre-Paid Legal Services and ID Theft Defense are each offered by contractual agreement between Primerica Client Services, Inc., PFSL Investments Canada Ltd. and PPL Legal Care of Canada Corporation. Managed Investments: PFS Investments Inc. is an SEC Registered Investment Adviser doing business as Primerica Advisors. For additional information about managed investme copy of the Form ADV Part 2A wrap fee program brochure for the Lifetime Investment Platform. Mutual Fund, Annuities and 401(k) Plans: In the U.S., securities are offered by PFS Investments Inc., 1 Primerica Parkway, Duluth, Georgia 30099-0001. Financial Services, LLC, an affiliate of PFS Investments Inc. Primerica Financial Services, LLC and PFS Investments Inc. are both subsidiaries of Primerica, Inc. In Canada, mutual funds are offered by PFSL Investments Canada Ltd., mutual fund dealer, Head Office: Mississauga, Ontario. ntative for a PRIMERICA#30Term Life Insurance Pre-Tax Earnings Dynamics ☐ Adjusted Direct Premium (ADP) Direct premiums net of premiums ceded to IPO coinsurers Term Life Insurance Premiums ($ in billions) $3,100 $2,884 $2,729 $2,641 $2,534 $2,122 $1,858 $1,647 $1,490 $1,308 30 30 ☐ Benefits and Claims $305 $306 $373 $305 $374 Reinsure 80%-90% of the mortality risk to reduce volatility 2017 2018 2019 2020 2021 Direct Premiums ADP ☐ DAC Amortization ■ Acquisition expenses amortized over expected life of policy which varies based on policy persistency Estimated Annualized Issued Premiuims Term Life Insurance Face Amount $763 $781 ($ in billions) $903 $808 $859 $109 $109 $96 $95 $94 2021 PRIMERICA® 2017 2018 2019 2020 Issued In-force, at year-end#3131 Primerica's Use of Reinsurance Yearly Renewal Term (YRT) Reinsurance Reinsure 90% of the mortality risk on new issued policies on a quota share basis YRT cedes the mortality risk only YRT premiums start low and increase as the underlying policies age Used since 1991 as a risk management tool to lower claim volatility High quality pool of reinsurers IPO Coinsurance At the IPO, coinsured 80% of in-force business. No use of coinsurance since then Coinsurance is similar to sharing a portion of the business Coinsurers receive their portion of all premiums and pay their portion of all claims Primerica receives allowances from the coinsurers to cover their portion of the company's expenses and commissions Decreases with the run-off of this closed block When policies reach the end of their initial level premium period in 2017 or thereafter, we no longer cede the policy under the IPO coinsurance PRIMERICA#32Investment & Savings Products (ISP) Pre-tax Earnings Dynamics ISP Revenue Mix $941.8 million in 2021 Asset-Based Revenues ☐ Diversified Earnings Mix Sales-based fees and commissions - received at point of sale, net of commissions paid to the field Asset-based - fees and commissions on client asset values, net of commissions paid to the field and administration and advisory fees paid to third-party providers Account-based – record-keeping and custodial fees, net of recordkeeping fees paid to third-party providers ☐ Low Capital Requirements with Largely 32 32 Unrestricted Cash Flows 47% 43% 10% Sales-Based Revenues Account-Based & Other, Net Revenues ISP Sales & Asset Values ($ in billions) $97.3 $81.5 $70.5 $61.2 $57.7 $11.7 $7.8 $7.5 $7.0 $6.2 2017 2018 2019 2020 2021 Fiscal Year Sales Ending Client Asset Values PRIMERICA#3333 33 Evolution of Senior Health Space ☐ Industry is undergoing a period of significant change ■ Fewer first-time participants in Medicare Advantage plans after period of rapidly increasing market share ■ Increased competition among carriers and brokers ■ Plan enhancements drive Medicare eligible clients to shop and compare plans annually □ e-TeleQuote is taking a solutions-oriented approach to building its business Working with key carriers to ensure clients' needs are met ■ Increased focus on client retention efforts and relationship building Evaluating cost structure, including number of agents, agent compensation and marketing activities ☐ Senior health solutions continues to provide opportunities for Primerica's representatives and Medicare eligible clients e-TeleQuote INSURANCE PRIMERICA#34Primerica Mortgage Distribution Business Provide clients with a comprehensive selection of mortgage products and potentially consolidate and create a debt pay-off game plan Refinance, Purchase, Jumbo, FHA, VA Number of states in which we are licensed to do business continues to grow ☐ Licensed to operate in 17 states Rollout continues and early traction is encouraging $1.23b in closed loan volume in 2021 versus $0.44b in prior year Approximately 1,300 licensed representatives at year- end 2021 versus 600 in prior year All data as of December 31, 2021 34 Primerica Mortgage, LLC, NMLS #1723477. www.NMLSConsumerAccess.org. EQUAL HOUSING OPPORTUNITY PRIMERICA#3535 Growing Stockholder Value Strategic Pillars for Future Growth Strong Capabilities, Tools and Leadership + Growth in Stockholder Value Significant Free Cash Flow PRIMERICA#36Compelling Investment Proposition Proven Track Record Unparalleled Distribution Model **** Growth Opportunity Complementary Business Segments میرا Strong Financial Performance •40+ year track record of success and significant growth since IPO •Experienced leadership team dedicated to Primerica's mission •Uniquely designed to reach and serve middle-income consumers in North America •Large, exclusive life insurance and mutual funds licensed sale force that is difficult to replicate •Significant unmet need in the middle-income market •Sales force demographics aligned with communities we serve Products designed to meet the specific needs of the middle-income market throughout their life cycle •Long term client relationships drive recurring revenue streams Industry-leading return with demonstrated growth Significant capital generation to fund product growth across all lines of business while also providing strong return of capital to stockholders 36 36 PRIMERICA#37Appendix#3838 Consolidated Balance Sheet ($ in millions) Assets: Invested Assets and Cash (1) Securities Held to Maturity Due From Reinsurers Deferred Policy Acq Costs Goodwill Other Assets Separate Account Assets Total Assets Liabilities: Future Policy Benefits Other Policy Liabilities Dec 2021 Dec 2020 Variance $ % $ 3,278 $ 3,097 181 6% 1,379 1,346 33 2% 4,268 4,274 (5) 0% 2,944 2,630 314 12% 179 179 1,275 899 376 42% 2,800 2,660 140 5% $ 16,123 $ 14,905 $ 1,218 8% • $ 7,139 $ 6,791 $ 348 5% 1,104 985 119 12% Income Tax Payable 241 223 18 8% Other Liabilities 670 619 51 8% Debt Obligations 607 374 233 62% • Surplus Note 1,379 1,346 33 2% Payable Under Securities Lending 95 72 22 31% Separate Account Liabilities 2,800 2,660 140 5% Total Liabilities $ 14,033 $ 13,069 $ 964 7% Redeemable Noncontrolling Interest $ 7 $ $ 7 Stockholders' Equity: Common Stock Additional Paid in Capital Retained Earnings Cummulative Translation Adj • 0 0 0 0% 5 5 #DIV/0! 2,005 1,706 299 18% 9 2 7 nm Adjusted Stockholders' Equity Net Unrealized Gains/Losses Total Stockholders' Equity (2) 2,019 1,708 311 18% 64 2,083 128 1,836 (64) 247 nm 13% Total Liab, Redeemable NCI & Stockholders' Equity $ 16,123 $ 14,905 $ 1,218 8% • Debt-to-Capital Debt-to-Capital, excl AOCI Invested Assets to Adj Stockholders' Equity 22.6% 23.2% 2.3x 16.9% 18.0% 2.6x * Invested assets and cash exclude the held-to-maturity asset held as part of a redundant reserve financing transaction Comments Increase in invested assets & cash due to positive cash from operations, partially offset by acquisition of e-TeleQuote, share repurchases and shareholder dividends Held to maturity note and offsetting surplus note related to Vidalia Re transaction increase with corresponding reserve increases DAC and future policy benefits growing consistent with growth in Term Life business $179 million of goodwill acquired from the e-TeleQuote acquisition reflects a preliminary $76 million impairment charge Invested assets to adjusted stockholder's equity remains low at 2.3x Lower reliance on investment income than peer group - Lower sensitivity to asset risk Issued additional $225 million of senior notes, while leverage remained manageable at 22.6% PRIMERICA#39Consolidated Income Statement Variance Commissions and fees ($ in millions, except EPS) Direct premiums Ceded premiums Net premiums Adjusted net investment income Other, net FY 2021 FY to Prior Year 2020 $ % $ 3,122 $ 2,907 $ (1,616) 215 7% (1,581) (35) 2% 1,506 1,326 180 14% 83 86 (3) -3% 1,043 751 292 39% 75 61 14 22% - Adjusted operating revenues 2,706 2,225 482 22% Comments 2021 adjusted net operating income increased 18% versus 2020, while operating EPS increased 20% with the additional benefit of share repurchases 22% increase in adjusted operating revenue driven by: COVID-19 pandemic created significant demand for life insurance in the form of strong sales and policy persistency of Term Life policies Commission & fee revenue driven by strong growth in ISP product sales and average client asset values $60 million of Senior Health commission & fee revenue following the acquisition of e-TeleQuote 23% increase in adjusted benefits & expenses driven by: - - Incurred approximately $30 million higher excess net claims than in 2020, most of which is related to COVID-19 Strong policy persistency led to a $48 million reduction in DAC amortization versus pre-pandemic levels, compared to $53 million in 2020, partially offset by a $26 million increase in reserves in both 2020 and 2021 Commission expense consistent with ISP commission & fee revenue $53 million of Senior Health contract acquisition costs following the acquisition of e-TeleQuote Insurance and other operating expenses excluding $16 million of Senior Health expenses increased 9% versus the prior year, reflecting product growth-related expenses, employee-related expenses, and higher technology development costs Continued strong operating ROAE PRIMERICA Benefits and claims Amortization of DAC 723 251 107 17% 27 12% 16% Insurance commissions Sales commission expense 35 2 7% 522 146 39% Contract acquisition costs 53 53 Interest expense 31 2 6% Insurance expenses 203 14 8% 13% • Other operating expenses 286 40 16% Adjusted benefits and expenses 2,102 392 23% NCI before income taxes (2) (2) Adjusted operating income before income taxes Adjusted income taxes 606 514 92 18% 144 122 22 18% Adjusted net operating income $ 462 $ 392 $ 71 18% Diluted adjusted operating EPS Adjusted operating ROAE $ 11.61 $ 24.3% 9.70 24.7% $ 1.91 20% Operating Adjustments to Net Income: Investment gains/(losses) $ $ MTM investment adjustments e-TeleQuote transaction-related costs (3) (13) (5) (2) 52 Equity comp for awards exchanged during acq. Goodwill impairment (76) Loss on extinguishment of debt (9) NCI before income taxes (2) Tax impact of adjustments Net Income 5 2 $ 372 $ 386 99 39