Introduction to Primerica

1 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, 2019, as may be updated by our quarterly reports on Form 10-Q, 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.

2 Compelling Investment Proposition

Growth Opportunity

Complementary Business Segments

Strong Financial •Industry-leading returns with demonstrated growth •Significant level of free cash flow Performance •Balanced and disciplined approach to capital deployment

3 Culture 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

Glenn Williams Alison Rand Peter Schneider Greg Pitts CEO since ‘15 CFO since ‘09 President since ‘15 COO since ‘09 President ’05 - ‘15 Joined ‘95 Joined ’00 Joined ‘85 Joined ‘81

“Our difference is our people” ~2,200 dedicated employees 4 ~130,500 life insurance licensed representatives as of Dec. 31, 2019 Large Sales Force Allows Effective Penetration of the Vast, Frequently Underserved Middle-Income Market

130,522 life 25,747 mutual insurance licensed fund licensed representatives representatives

287,809 term life $7.5 billion in issued policies investment and savings products sales

$808 billion $71 billion in of term life face client asset values amount in force

Approximately 5,500 Primerica Regional Vice President As of December 31, 2019, except for term life issued policies and businesses in the U.S., Canada and Puerto Rico 5 investment products sales which are for the full year 2019 Primerica’s Middle-Income Clients

(1) Average household income $67,000

(2) Average face amount of term life policy $248,500

(2) Average issue age of life insurance clients 37 years

(2) Average initial retail mutual fund $10,600 investment

(2) Assets in qualified retirement plans 74%

1. 2019 Primerica Financial Need Analysis Clients 2. Full year 2019 6 q Middle-Income households in the U.S. need Significant, Unmet Need ~$12 trillion of life insurance to be properly protected

q Primerica’s unique distribution model is designed to effectively serve middle-income families

46% Life Insurance Gap per Middle-Income Household, ~$12 Estimate 2018 trillion 31% 23% Protection Gap Middle-Income households in the U.S. need ~$12 trillion of life insurance to be properly protected

Income Levels Conning Life-Annuity Consumer Markets Annual, November 2018 ■< $30,000 ■$30,000 to $100,000 ■ > $100,000

Source: U.S. Census Bureau, Census Population Survey 2019 Annual Social and Economic Supplement. Based on 128.6 mm households. 7 Growth Opportunity Aligned with Demographic Trends

q 21% of Primerica’s Regional Vice Presidents (RVPs) are African American and 15% of RVPs are Hispanic

> Compared to industry statistics of 9% African- American and 12% Hispanic. (1)

q Primerica representatives serve clients in their own communities _ ___ _ q 32% of Primerica’s RVPs are women

q Percentage of households with women as primary financial decision maker will continue to grow(2)

q 44% of Primerica’s life insurance licensed representatives are millennials

q Primerica’s digitized marketing and entrepreneurial culture appeals to millennials

1. Diversity in the Insurance Agents’ Workforce-BestLifeRates.org 2. McKinsey Affluent Consumer Insights Survey 2014

8 8 Business 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

Extensive communications, training and pre-licensing infrastructure

Cutting-edge sales tools and customized sales support

Extensive controls, supervision and surveillance functions

9 Business Segments

Adjusted Operating Revenue (1) 2019 Adjusted Operating Revenues: $2.04 billion q Term Life Insurance – Term life policies issued by Primerica Life Insurance Company, National Benefit Life Insurance Company and Primerica Life Insurance Company of Canada

q Investment & Savings Products – Retail mutual funds (U.S. / Canada), managed accounts (U.S.), annuities (U.S.), segregated funds (Canada)

q Corporate & Other Distributed Products Primerica’s Adjusted Operating Results – Corporate income & expenses not allocated to other segments ($ in millions) 2019 2018 % Change – Net Investment income Adjusted Operating Revenues $2,042 $ 1,904 7% – New York non-term life insurance business from several Total Adjusted Operating $467 $420 11% discontinued lines Income before Income Taxes Adjusted Net Operating – Other Distributed Products $358 $324 11% Income • Prepaid Legal Services Adjusted Shareholders’ Equity $1,588 $1,469 8% • Auto & Homeowners Insurance Adjusted Operating ROAE 23.5% 22.8% • Mortgages underwritten by Quicken Loans (1) Operating adjustments remove the impact of realized investment gains 10 and losses Earnings Drivers

Business Segment Drivers

Term Life q Term Life issued policies, additions to existing policies and retention of in-force business q Death Claims q Acquisition costs and operating expenses

Investment & Savings q Product sales, client asset values, and number of client accounts Products q Operating expenses

Corporate & Other q Corporate and other operating expenses Distributed Products q Net Investment Income q Other product sales q Interest expense

Business mix generates significant free cash flows and opportunity for strong capital deployment

11 Not a Traditional Life Insurance Company

Traditional Primerica Life Company

Operating Revenue1

Significant Investment & Savings Products Fee-Based & Other Revenue 37% 15% business with substantial recurring revenue

Insurance Premiums 58% Stable margin through extensive reinsurance 61%

Investment Income 5% Minimal earnings dependency 24%

Investment Leverage2 2.5x Less susceptible to market volatility 9.1x

Net Annualized Operating Return on 23.5% ROAE above average 12.8% Average Adjusted Equity3

Note: 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 2019 2 Calculated as (Cash + Invested Assets) / Adjusted Equity without unrealized gains 12 3 Full year 2019 adjusted operating income divided by the quarterly average equity excluding unrealized gains/losses Superior Financial Results

(1)

Adjusted Operating Earnings per Diluted Share (2) $8.43 $7.33 $5.52 $4.53

$150

$33 $36 $44 $58 2016 2017 2018 2019

Dividends (1) Net Income Return on Stockholders’ Equity for the comparable periods was 18.3% (2016), 27.4% Share Repurchase (2017), 22.7% (2018 ) and 23.4% (2019)

(2) Diluted Earnings Per Share for the comparable periods was $4.59 (2016), $7.61 (2017), $7.33 13 (2018) and $8.62 (2019) Total Stockholder Return has Consistently Outperformed the S&P 500 Index(1)

1-year 5-year

▬ Primerica, Inc. ▬ S&P 500 Index

(1) Total stockholder return measures the stock’s performance including dividends 14 Distribution

15 Distribution is a Competitive Advantage(1)

§ Independent contractors exclusive to Primerica § ~90% of sales force is estimated to be part-time Sales Force (in 000s) § Pay their own business expenses § Sales force leaders have significant longevity − 26,000 → +10 years Primerica Life Insurance − 10,000 → +20 years Licensed Representatives

Insurance Representatives Brokers / Financial Advisors

Primerica Mutual Fund Licensed Reps

State Farm Allstate Globe Life Aflac Bank of America Edward Morgan Stanley Ameriprise Raymond Jones James

(1) For the year ended December 31, 2019 Source: company filings, annual reports and websites 16 Primerica’s Licensed Sales Force

Rep Average Licensing Progression License Tenure

Total Life Insurance ~130,500 6 Years

First obtain a Life Insurance License(1) 4 Years

Obtain mutual fund license after success selling life insurance & building a business 14 Years

Become Investment Advisor rep after success in ISP business 16 Years

(1) Largely part-time representatives 17 Sales Force Support

Communication & Training Licensing

q Weekly broadcasts from in-house TV Network q Mobile pre-licensing certification and test q Online Digital Library of training materials preparation q Face-to-face training in RVP offices q 7,900 pre-licensing classes held in 2019

Marketing

q Proprietary digital sales tools allow representatives to work anywhere and anytime q Efficient and secure electronic applications with automatic prompts to reduce errors

18 Business Model Mitigates Risks

Business Model Extensive Controls

q Supervision system structure based on SEC, FINRA & State q Warm market lead generation - representatives DOI requirements know their clients q Field Supervision q Basic and easy-to-understand products § All FINRA Branch Managers are directly supervised by a staff of 43 Home Office Regional Securities Principals. q Part-time nature removes pressure to over-sell § Branch office examinations are conducted by 16 Field Auditors in accordance with FINRA rules. q Sales force of independent contractors has an exclusive relationship with Primerica § Approximately 100 compliance-related employees perform various surveillance and monitoring activities. § Approximately 4,500 principal licensed or Canadian equivalent securities licensed representatives

q Generate surveillance reports, conduct client and representatives surveys and audit all RVP offices

Strong Sales Force Compliance Record

19 Sales Process

Warm Market Approach Face-to-Face Meetings “Across the Kitchen Table”

Client-centric Educational Process Multiple Product Offerings including Financial Needs Analysis

20 Products

21 Business Partners and Products

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. Debt Solutions: In Canada, Primerica representatives make simple referral of clients to B2B Bank for debt consolidation loans secured by residential real estate. 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. Life Insurance & Segregated Funds: Primerica representatives market term life insurance underwritten by National Benefit Life Insurance Company (Home Office: Long Island City, NY) in New York and Primerica Life Insurance Company (Executive Offices: Duluth, GA) in all other U.S. jurisdictions; in Canada, Primerica Life Insurance Company of Canada (Head Office: Mississauga, Ontario) offers term life insurance and segregated funds. Managed Investments: PFS Investments Inc. is an SEC Registered Investment Adviser doing business as Primerica Advisors. For additional information about managed investments, please ask your Primerica representative for a 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. Fixed index annuities are offered by Primerica 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.

q Younger families need more income protection: they have young children, higher debt and lower savings

q As they age they need less insurance because their liabilities lessen and their investments grow

q Primerica teaches basic investment principles like diversification and systematic investing through dollar cost averaging over time

Term Life Investment & Savings Products

Term Life Insurance Products Investment & Savings Products underwritten by Primerica, Inc. companies through third-party providers TermNow Mutual Funds (10, 15, 20, 25, 30, 35 years) Managed Accounts CustomAdvantage (10, 15, 20, 25, 30, 35 years) Annuities 401(k) Plans

Scale of Business in 2019 Scale of Business in 2019 q $808 billion face amount in-force at year end q $71 billion client asset values at year end q $94 billion face amount issued q $7.5 billion product sales q 287,809 policies issued q Segment operating income before taxes of $192 million q Segment operating income before taxes of $320 million

23 Predictable Drivers of Term Life Issued Policies

Recruits 282k Size of Sales Force 131k

q Provides access to new clients as well as q ~34% annual non-renewal future sales reps

~0.18x - 0.22x ~16% Life insurance policies per month Life insurance licensing rate per life insurance licensed representative

New Life Licenses 45k Issued Policies 282k

q Productivity has been an historically stable metric in the range of 0.18 to 0.22 policies per life licensed representative per month 24 Data for the year ended or on December 31, 2019 Primerica’s Use of Reinsurance

Yearly Renewal Term (YRT) Reinsurance

q At the IPO, coinsured 80% of in-force business. No use of coinsurance since then q Coinsurance is similar to sharing a portion of the business q Coinsurers receive their portion of all premiums and pay their portion of all claims IPO q Primerica receives allowances from the coinsurers to cover their portion of the company’s Coinsurance expenses and commissions q Decreases with the run-off of this closed block q 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

25 Investment & Savings Products (ISP) Revenue Dynamics ISP Revenue Mix

q Diversified Mix of Revenues

‒ Sales-based revenues – fees and 46% commissions received at point of sale 41% 13%

‒ Asset-based revenues – fees and ISP Sales & Asset Values commissions on client asset values ($ in billions)

‒ Account-based revenues – record-keeping and custodial fees

q Low Capital Requirements with Largely Unrestricted Cash Flows 26 Investing Trends provide Opportunity

43% q Primerica’s ~26,000 mutual fund licensed of middle-income Americans will not be representatives are uniquely positioned to serve middle-income families ready for retirement based on their q Clients can systematically invest for as little as investment and savings habits $25/month q Lifetime Investment Platform managed accounts and annuity offerings cater to the investment needs of Source: 2009 McKinsey Quarterly, Helping US Consumers Rethink Retirement more affluent clients

Retirement readiness by age and income level Focused on Helping Middle Income Clients % of consumers “on track” with Investments

Income ($K)

<$100 $100-$200 $200+ Total

50-59 59 71 79 67 More ready

40-49 53 67 72 61 Average Age 30-39 51 66 72 62 Less ready

Total 57 68 76 65

2009 McKinsey Retirement Readiness Index Report

27 Strategy

28 Strategy to Drive Stockholder Value

Strategic Pillars + Significant Free for Future Growth Cash Flow

Strong Capabilities, Tools and Leadership

Growth in Stockholder Value

29 Strategic Pillars for Future Growth

Maximize Broaden and Enhance Develop Sales Force Strengthen Investment Digital Growth, Protection & Savings Capabilities Leadership Product Products that and Portfolio to Expand Deepen Productivity Opportunity Client Relationships

30 Initiatives to Drive Future Growth

SIMPLIFIED BROADER CUSTOMIZED Investment & Savings Protection Product Communication, Training Products Sales Process Offerings to Increase & Licensing Platforms and Expanded Product Share of Client Wallet Portfolio

EFFICIENT MOBILE DIGITAL Electronic Application Client-centric Marketing Client Relationship & Customer Service Presentations and Videos Management Capabilities Processing

31 Opportunities to Deepen Client Relationships

Middle-income households spend approximately:

q 15% on retirement savings q 15% on health insurance q 8% on auto and home insurance q 40% on debt

Bureau of Labor Statistics, McKinsey

Auto & Home Retirement Savings Health Insurance Mortgage Lending Insurance

q Recently expanded ISP q ~22,000 of Primerica’s life q Currently have an auto & q We offer a mortgage loan product offering with the insurance licensed homeowners insurance program in partnership with launch of the Lifetime Advisor representatives are also health referral program that Quicken Loans Inc. Platform to capitalize on the insurance licensed generated ~ 40k applications q Licensed in 5 states (1), plan $5 trillion(1) managed account in 2019 to expand program to market opportunity q Assessing individual and senior additional states as we health insurance opportunities continue to scale operations

(1) Source: Cerulli Q1 Managed Account Report (1) As of March 1, 2020

32 Opportunity: Millennials represent Next Wave of Growth

4 Millennials 44% outnumber Baby of Primerica’s Boomers representatives are Census.gov, November 2015 83M 75M Millennials

As of December 31, 2019

4 Millennials will inherit over $30 billion in the coming Targeted Marketing Programs to drive Growth years

Forbes.com, November 2015

430% of affluent Millennials want to start a business Forbes.com, November 2015

33 Opportunity: Growth in Female Decision-Makers

Proportion of Life Insurance Representatives Percentage of Household Decision- who are Female Makers that are women by age (1)

Primerica Industry

Targeted Marketing Programs to Drive Growth

Women constitute 55% of household decision makers among the 30-39 age group, but make up only ~1/3 of investment firms’ client bases today

An increasing share of total households will have women as the primary final decision-makers

Women exhibit attitudinal differences in how they demand consumer financial advice

50% more likely than men to seek out an advisor that they can trust and craft a personalized portfolio

50% more likely to be uncomfortable conducting investment transactions online by themselves

34 (1) McKinsey: Affluent Consumer Insights Survey 2014 Opportunity: Business Aligned with Demographic Trends

U.S. is evolving towards a “Minority Majority” Society Primerica representatives serve families in their communities

q 21% of Primerica’s Regional Vice Presidents (RVPs) are African-American

q 15% of Primerica’s RVPs are Hispanic As of December 31, 2019

Primerica representatives serve families in their communities

Source: U.S. Census Bureau, 2014 Tables

q 20% of the U.S. population in 1980 were minorities. This is expected to increase to approximately 40% in 2020

q Hispanics are expected to contribute more than half of the U.S. population growth over the next 20 years

35 Opportunity: Proven Business Model aligns with “Gig Economy” Trends Number of workers in “Gig Economy” expected to more than double

2015 2020 Primerica q Low Cost q Begin Part-time to 3.2 7.6 supplement income million million q Path to become full-time and build a Source: McKinsey business

Low barrier to entry attracts workers to new model as a way to complement or replace income

36 Capital Strategy

37 Conservative Approach to Capital Management

q Primerica Life Insurance Company (PLIC) statutory risked-based capital ratio (RBC) Capital Strength to cover surplus strain of new business was approximately 440% at year-end 2019 q Deployed significant amount of operating earnings since the IPO in 2010

(1) Modest Financial q Modest debt / total capitalization ratio of 18.5% at year-end 2019 Leverage q Coverage satisfied from non-insurance cash flows

q Less dependence on investment income than most life insurers High Quality – ~2.5x (Cash + Invested Assets) / Adjusted Equity without unrealized gains at year-end 2019 Investment Portfolio q Conservative, high quality, fixed income portfolio in a net gain position

Primerica’s Ratings

Agency Senior Notes Rating Financial Strength Rating (2) Moody’s Baa1, stable outlook A1, stable outlook Standard & Poor’s A-, stable outlook AA-, stable outlook A.M. Best Company a-, stable outlook A+, stable outlook

(1) Debt-to-Capital is that of the parent company only. Capital in the debt ratio includes stockholders’ equity and the note payable (2) Primerica Life Insurance Company’s insurer financial strength rating 38 High Quality, Conservative Investment Portfolio

Key Metrics q High quality, well diversified portfolio

Approximate Effective Duration 3.6 years Approximate Book Yield 3.54% q Manufacture Term Life which has no cash value, and little asset Average Rating A liability matching compared to firms which sell cash value life insurance products Fixed Income ~98% Inv. Grade / Below Inv. Grade Mix 97% / 3% As of December 31, 2019

Composition of Primerica’s $2.7 Billion Composition of Primerica’s $2.3 Billion Fixed Income Investment Portfolio by Asset Class at end of 2019 Investment Portfolio by Rating at the end of 2019

Below Investment Grade / NA

39 Compelling Investment Proposition

Growth Opportunity

Complementary Business Segments

Strong Financial •Industry-leading returns with demonstrated growth •Significant level of free cash flow Performance •Balanced and disciplined approach to capital deployment

40 Appendix

41 Consolidated Income Statement

Variance ($ in millions, except EPS) FY FY to Prior Year Comments 2019 2018 $ % Direct premiums $ 2,754 $ 2,667 $ 87 3% • 2019 adjusted net operating income increased 11% versus 2018, Ceded premiums (1,570) (1,581) 11 -1% Net premiums 1,184 1,086 98 9% while operating EPS increased 15% with the additional benefit of Adjusted net investment income 89 83 6 7% Commissions and fees 714 678 36 5% share repurchases Other, net 56 57 (1) -3% Adjusted operating revenues 2,042 1,904 139 7% • 7% increase in adjusted operating revenue driven by: – Incremental premiums on Term Life policies Benefits and claims 494 458 36 8% 7% Amortization of DAC 255 240 15 6% – Commission & fee revenue driven by strong growth in Insurance commissions 25 24 1 2% Sales commission expense 357 335 22 7% average client account values and ISP product sales Interest expense 29 29 0 0% Insurance expenses 179 168 11 6% 5% • 6% increase in benefits & expenses driven by: Other operating expenses 237 230 8 3% Benefits and expenses 1,575 1,484 92 6% – Higher benefits & claims and DAC amortization due to Adjusted operating income growth in Term Life business before income taxes 467 420 47 11% – Commission expense consistent with ISP commission & Adjusted income taxes 108 96 13 13% Adjusted net operating income $ 358 $ 324 $ 34 11% fee revenue Diluted adjusted operating EPS $ 8.43 $ 7.33 $ 1.10 15% – Modest 5% increase in insurance and other operating Adjusted operating ROAE 23.5% 22.8% expenses primarily reflects higher technology

Operating Adjustments to Net Income: development costs, employee-related expenses, and Realized investment gains / (losses) $ 5 $ (2) MTM investment adjustments 5 (2) product growth-related expenses Tax impact of adjustments (2) 1 Transition impact of tax reform - 3 • Continued strong operating ROAE 42 Net Income $ 366 $ 324 Consolidated Balance Sheet

Variance ($ in millions) Dec 2019 Dec 2018 $ % Comments Assets: Invested Assets and Cash * $ 2,731 $ 2,423 $ 308 13% Securities Held to Maturity 1,184 970 214 22% • Increase in invested assets & cash due to Due From Reinsurers 4,170 4,142 28 1% Deferred Policy Acq Costs 2,326 2,134 192 9% positive cash from operations, partially Other Assets 792 731 61 8% Separate Account Assets 2,486 2,196 290 13% offset by share repurchases and shareholder Total Assets $ 13,689 $ 12,595 $ 1,093 9% dividends Liabilities: Future Policy Benefits $ 6,447 $ 6,168 $ 278 5% • Held to maturity note and offsetting surplus Other Policy Liabilities 744 700 44 6% Income Tax Payable 209 187 22 12% note related to Vidalia Re transaction Other Liabilities 564 487 77 16% increase with corresponding reserve Notes Payable 374 374 0 0% Surplus Note 1,184 970 214 22% increases Payable Under Securities Lending 29 53 (24) -45% Separate Account Liabilities 2,486 2,196 290 13% • DAC and future policy benefits growing Total Liabilities 12,036 11,134 903 8% consistent with growth in Term Life business Stockholders' Equity: Common Stock 0 0 (0) -4% • Invested assets to adjusted stockholder’s Additional Paid in Capital - - - #DIV/0! Retained Earnings 1,593 1,490 104 7% equity remains low at 2.5x Cummulative Translation Adj (6) (21) 15 nm Adjusted Stockholders' Equity 1,588 1,469 119 8% – Lower reliance on investment income Net Unrealized Gains/Losses 65 (7) 72 nm than peer group Total Stockholders' Equity 1,652 1,462 191 13% – Lower sensitivity to asset risk Total Liab & Stockholders' Equity $ 13,689 $ 12,595 $ 1,093 9% • Leverage remained very manageable at Debt-to-Capital 18.5% 20.4% Invested Assets to Adj Stockholders' Equity 2.5x 2.3x 18.5%

43 * Invested assets and cash exclude the held-to-maturity asset held as part of a redundant reserve financing transaction