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 •Experienced leadership team dedicated to Primerica’s mission Proven Track Record •40+ year track record of success with significant growth since IPO in 2010 Unparalleled Distribution •Uniquely designed to reach and serve middle-income consumers in North America Model •Large, exclusive life insurance and mutual fund licensed sales force Growth •Significant unmet need in the middle-income market Opportunity •Business model aligned with demographic trends Complementary •Products designed to meet the specific needs of the middle-income market Business Segments •Long term client relationships drive recurring revenue streams 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 45,000 31% Protection Gap 40,000 23% ~$12 35,000 Trillion Middle-Income households in the Shortfall 30,000 U.S. need ~$12 trillion of life Total insurance to be properly protected 25,000 Protection 20,000 Need Current 15,000 Assets, 10,000 Protection & Benefits 5,000 0 Aggregate Needs ($ in billions) Aggregate Resources ($ in billions) 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 12p: ER rev w/AR (D) 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: $2.04 billion q Term Life Insurance – Term life policies issued by Primerica Life Insurance Company, National Benefit Life Insurance Company and Primerica Life Corporate Insurance Company of Canada 6% & Other Term Life Insurance 60% q Investment & Savings Products Investment – Retail mutual funds (U.S. / Canada), managed accounts (U.S.), 34% & Savings annuities (U.S.), segregated funds (Canada) Products q Corporate & Other Distributed Products Primerica’s Adjusted Operating Results – Corporate income & expenses not allocated to other segments ($ 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 discontinued lines Income before Income Taxes 11% 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 35.10% ▬ Primerica, Inc. ▬ S&P 500 Index 31.49% 0.00% Dec. 2018 Mar. 2019 Jun. 2019 Sept. 2019 Dec. 2019 (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 131 − 26,000 → +10 years Primerica Life Insurance − 10,000 → +20 years Licensed Representatives Insurance Representatives Brokers / Financial Advisors Primerica Mutual Fund 26 Licensed Reps 19 21 13 18 15 11 9 10 8 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