Investor Presentaiton
Term 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-endView entire presentation