#1Primerica Investor Presentation September 2015#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, 2014, as updated by our Form 10-Q for the quarter ended June 30, 2015, both of which are 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. PRIMERICA®#3Major Distributor of Financial Services to Middle Income Families Large sales force allows effective penetration of the vast and frequently ignored middle income market in North America 101,008 life insurance licensed representatives 1 22,600 mutual fund licensed representatives 2 $688 billion of Term Life face amount in force 1 $49.37 billion in client asset values 1 ALASKA UKON TERRITO TERPSTORY NAVUT BRITISH COLUMBIA Prince Geor CANADA ALBERTA MANITOBA SASKATCHEWAN NASHINGTON 1000 NORTH DAKOTA MONTANA OREGON IDANO Los Angele NEVADA George Wyom Owne COLOR Sartafe SOUTH DAKOTA UNITED $ NEBRASKA NEW MEXICO Thunder B ONTARIO Happy Valley NEWFOUNDLAND AND LABRADOR CAROLMA MA 1 As of June 30, 2015 2 As of December 31, 2014 CALEA SONDRA CHIRIAESA MEXICO Hermoso Of COME A Approximately 4,500 Primerica Regional Vice President businesses in the U.S., Canada and Puerto Rico PRIMERICA®#4Distribution Capability is a Competitive Advantage Sales Force (in 000s) Primerica Life Insurance Licensed Representatives ~101 71 Insurance Agents Independent contractors exclusive to Primerica • ~90% of sales force is estimated to be part-time Pay their own business expenses - variable cost for sales force growth Sales force leaders with significant longevity • 23,600 +10 years • 8,600 +20 years Brokers Financial Advisors Primerica Mutual Fund Licensed Reps -23 18 17 16 12 9 12 10 6 PRIMERICA 1 Aflac² 3 State Farm Allstate 4 TMK 5 BAML7 MSSB 6 Edward 8 Jones AMP 9 Raymond 10 James Source: company filings, annual reports and websites. 1. Size of life sales force as of June 30, 2015. Approximately 22,600 sales representatives (16,900 in the U.S. and 5,700 in Canada) are also licensed to sell mutual funds in North America as of December 31, 2014. 2 3 4 2. Aflac U.S. licensed sales associates from website dated 2/23/15 Number of licensed sales professionals from website dated 2/11/15 4. Number of licensed agents from website dated 2/23/15 5. 6. Number of producing exclusive and independent agents as of 2/23/2015 Wealth management representatives as of 2/23/2015 7. 8. Number of financial advisors from website dated 2/23/15 Number of financial advisors from website dated 2/23/15 9. Number of financial advisors from website dated 2/23/15 10. Number of financial advisors from website dated 2/23/15 PRIMERICA#55 Primerica's Licensed Sales Force Licensing Progression Rep License 101,000 (1) Life Insurance First obtain a Life Insurance License 78,000 Life only • 74,000 U.S. Reps • 4,000 Canadian Reps Obtain mutual fund license after success selling life insurance & building a business Become Investment Advisor reps after success in ISP business (1) As of June 30, 2015 Average Tenure 6 Years 4 Years 23,000 Mutual Fund Licensed Representatives • 17,000 in U.S. 9 Years • 6,000 in Canada 2,800 Investment Advisor reps who sell managed accounts 14 Years Production • Largely part-time representatives • Responsible for 50% of life insurance policies issued in 2014 ⚫Top 1,000 U.S. ISP reps personally produced 52% of U.S. ISP sales but only 6% of U.S. issued life insurance policies in 2014 On average their combined income from personal activity and overrides was 2/3 ISP income and 13 life insurance income in 2014 •Remaining 16,000 U.S. ISP reps are largely part-time - They personally produced 42% of U.S. issued life insurance policies and 48% of ISP sales in 2014 On average their combined income from personal activity and overrides was 1/3 ISP income and 3 life insurance income in 2014 PRIMERICA#66 Vast Opportunity in Middle Market ☐ Traditional financial services Primerica's Target Market companies have focused on more U.S Household Income (1) affluent consumers Middle income market has substantial needs - Inadequate life insurance - Need help saving 20% 49% 31% - Lack of trusted financial advice Primerica's unique distribution model is designed to efficiently reach and serve middle income families $100,000 and over $30,000-$100,000 Under $30,000 $65,000 is Primerica's Average Client Household Income (2) (1) Source: U.S. Census Bureau, Income and Poverty in the United States: 2013, issued September 2014. Based upon 122mm households (2) Primerica Financial Needs Analysis Clients PRIMERICA®#77 Simple Products for Long-Term Financial Needs Younger families need more income protection: they have young children, higher debt and lower savings As they 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 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 ■ Term Life 2014 Statistics 54% of issued policies were 30 & 35-year Term Life Policies Average issue age of life insurance clients was 38 years old $245,000 was the average face amount of a life policy issued Investment & Savings Products 2014 Statistics ■ 72% of average client asset values (60% in U.S. and 12% in Canada) were in qualified retirement plans $5,000 average initial mutual fund investment ■ $89,000 average initial investment in variable annuity PRIMERICA#88 Strategy to Drive Stockholder Value Organic Growth Active Capital Deployment Build Distribution Enhance Product Offerings • Target returning $150 million of capital to stockholders annually plus stockholder dividends Enhance Stockholder Value Earnings Per Share & Return on Equity PRIMERICA®#9Successfully Executing Strategy ■ Strong Distribution Results in the first half of 2015 versus first half of 2014 5% growth in the life licensed sales force 14% increase in life insurance policies issued Record Investment & Savings Products sales up 8% year-over-year - 6% growth in operating revenue driven by solid sales performance and increased ISP average client asset values year-over-year Accelerated share repurchases drove further expansion in diluted Operating EPS and ROAE in the first half of 2015 $200 million of the share repurchases are expected in 2015, reflecting the company's solid results and strong financial position Distribution Highlights ($ in billions) Recruits New Life Licensed Representatives Life Licensed Sales Force (1) 1H 2015 1H 2014 % Change 113,546 98,330 15% 17,925 16,529 101,008 96,596 8% 5% Issued Life Insurance Policies 123,774 108,889 14% ISP Sales $3.08 $49.20 $2.85 8% $45.84 7% ISP Average Client Asset Values (1) As of end of period PRIMERICA®#1010 $760 Million of Capital used to Retire 32% of Primerica Shares since the IPO through 2014 Driver of Growth in Operating Earnings per Diluted Share: 1, 2 $3.31 $2.90 $2.72 $0.69 $0.34 $0.57 $2.08 Primerica has consistently returned 95% or more of operating earnings to stockholders in each full year since the IPO $2.62 $2.38 $2.33 $2.05 $1.72 2010 2011 2012 2013 2014 Diluted Operating EPS impact of share retirement Diluted Operating EPS without share retirement¹ 1 The impact of capital deployment to diluted operating EPS is measured assuming all capital deployment transactions had not occurred, no shares or warrants are retired, the capital deployed remains in the investment portfolio earning a 3.5% yield, and all transactional costs and interest incurred related to the transactions removed. 2 Earnings per Diluted Share for the comparable periods was $3.06 (2010 Pro Forma), $2.08 (2011), $2.71 (2012), $2.83 (2013) and $3.29 (2014) Driver of Growth in ROAE: 2010 2011 2012 2013 2014 Net Operating Return on Adjusted Stockholders' Equity (ROAE) 10.9% 11.8% 14.3% 14.7% 15.3% Net Return on Stockholders' Equity for the comparable periods was 12.6% (2010 Pro Forma), 11.0% (2011), 13.1% (2012), 13.3% (2013) and 14.3% (2014) PRIMERICA#1111 Core Income Dynamics ◉ ◉ Two primary business segments: Term Life Insurance and Investment & Savings Products Third Segment: Corporate & Other Distributed Products consist of revenues and expenses for other distributed products as well as corporate expenses not allocated to the other two segments Primerica's Operating Income before Income Tax in 2014 ($ in millions) Primerica's Operating Revenue in 2014 2014 Term Life $201.0 Term Life Insurance 57% Investment & Savings Products $146.0 Corporate & Other Distributed Products ($66.8) Total $280.2 $1.3 billion of Operating Revenue Corporate & Other Distibuted Products 5% Investment & Savings Products 38% PRIMERICA#12Term Life Income Growth Dynamics ■ Reinsurance transactions with Citi at time of the IPO continue to positively impact year-over-year growth 11% growth in adjusted direct premiums year- to-date 2015 Expect approximately 10% growth in adjusted direct premiums (1) annually for the next several years Expect Term Life operating income before income taxes to grow by at least 5% per year, and more likely by as much as 8-10% per year for several years, even if sales are flat Upside potential with growth in life policies issued Direct Premium Conceptual Illustration of Adjusted Direct Premiums(1) Growth by Issue Year (IY) IY 2017 IY 2016 DIY 2015 11% 13% DIY 2014 17% 25% DIY 2013 IY 2012 IY 2011 IY 2010 Legacy 2010 2011 2012 2013 2014 2015 2016 2017 Issued Term Life Policies (000s) 221.0 214.6 ■Q4 52.6 56.9 123.8 Q3 54.0 55.1 Q2 68.1 ■ Stable recurring income with little impact from market fluctuations 57.6 59.6 Q1 50.4 49.3 55.7 2013 2014 2015 (1) Adjusted direct premiums - direct premiums net of premiums ceded to Citi PRIMERICA® 12#1313 Investment & Savings Products Dynamics Investment & Savings Products Income Dynamics ■ Diversified mix of revenues Revenue Mix 2014 45% Asset- Based Revenues 47% - Sales-based revenue - fees and commissions received at point of sale Sales- Based Revenues 8% Account- Based Revenues - Asset-based revenues - fees and $512 million of ISP Operating Revenues commissions on client asset values Historical ISP Production ($ in billions) - Account-based revenues record-keeping and custodial fees ■ Low capital requirements with largely unrestricted cash flows Sales $48.66 $49.37 $44.99 5.68 5.21 Q4 1.46 1.28 3.08 Q3 1.25 1.38 Q2 1.32 1.44 1.57 ■01 1.37 1.41 1.51 2013 2014 2015 Asset Values end of period PRIMERICA#1414 Potential Exposure to the DOL's Proposed Rule Investment and Savings Products by Region and Plan in 2014 Investment and Savings Products Operating Income before Income taxes in 2014 Average Asset Values Revenue Generating Product Sales U.S. Qualified Retirement Plan 60% 60% U.S. Non-Qualified Plan 22% 25% Canada Non-Qualified Plan Client Values 6% 7% Canada Qualified Retirement Plan 13% 8% 1) 2) 14% $21 million 40% $58 million $35 million 24% $32 million Average Client Asset Values in 2014 = $46.94 billion Revenue Generating Product Sales in 2014 = $5.18 billion Notes: • Qualified Retirement Plans are defined as tax advantaged Investments including IRAS, 403b, SEP, and employer benefit plans. ⚫ Percentages above are best estimates using available information from product providers. Where data was not available, an approximation was made based on known percentages. • On a Total product sales basis the composition of sales is as follows: U.S. Qualified Retirement Plan 58%, U.S. Non-Qualified Plan 25%, Canada Qualified Retirement Plan 10%, Canada Non-Qualified Retirement Plan 8% US CAN Total 2014 Net Revenue Percentage Sales (1) 1.41% 1.02% 1.34% Average Assets (2) (Annualized) 0.15% 0.50% 0.21% Net revenue is defined as commission and fee revenue less commissions paid to the sales force based on product sales activity Net revenue is defined as commission and fee revenue less: (i) commissions paid to the sales force based on product account values including amortization of deferred acquisition costs for segregated funds and (ii) administrative and advisory fees based on client asset values. 22% Note: These figures are estimates and assign other operating expenses that are not directly tied to a revenue stream using reasonable estimates of what could be exposed to varying degrees of DOL impact Earnings from sales and client assets not impacted by DOL rule: Canadian ISP Managed Accounts Non-Qualified Accounts Accounts-based earnings, most of which we believe can be preserved through the transition provisions or adjustments to fee structure Asset-based earnings from U.S. qualified retirement plans should remain largely in tact near term but will be pressured over time Sales-based earnings from U.S. qualified retirement plans that are at risk dependent on the final rule and/or our ability to execute investment alternatives PRIMERICA#1515 Not a Traditional Life Insurance Company Primerica Traditional Life Company Operating Revenue¹ Fee-Based & Other Revenue 42.4% Significant Investment & Savings Products business with substantial recurring revenue 20.3% Insurance Premiums 51.1% Stable margin through extensive reinsurance 52.7% Investment Income 6.5% Minimal earnings dependency 26.9% Investment Leverage² 1.9x Less susceptible to market volatility 8.6x Net Annualized Operating Return on 15.3% ROAE above average Average Adjusted Equity³ 13.7% Variable cost structure of distribution model provides scalable infrastructure Note: Traditional Life Company references the mean financial metrics of Torchmark, Lincoln Financial, MetLife and Prudential. Prudential's metrics are for Financial Services segment only. Peer Adjusted Equity defined as Common Equity less unrealized gains/(losses). 1 For full year 2014 2 Calculated as (Cash + Invested Assets) / Adjusted Equity without unrealized gains 3 Full year 2014 operating income divided by the average of Q1, Q2, Q3 and Q4 2014 average adjusted equity. PRIMERICA®#1616 Distribution Unique Investment Opportunity Large North American sales force Opportunity Vast opportunity in the middle income market Income Diverse sources of recurring income lowers volatility Earnings Solid earnings and return of capital Equity Strong return on equity PRIMERICA