Primerica, Inc.

Previous wording

Term Life Insurance. We distribute the term life insurance products that we underwrite through our three issuing life insurance company subsidiaries: Primerica Life Insurance Company (“Primerica Life”), National Benefit Life Insurance Company (“NBLIC”), and Primerica Life Insurance Company of Canada (“Primerica Life Canada”). Policies remain in-force until the expiration of the coverage period or until the policyholder ceases to make premium payments. Our in-force term life insurance policies have level premiums for the stated term period. As such, the policyholder pays the same amount each year. Initial policy term periods are between 10 and 35 years. While premiums typically remain level during the initial term period, our claim obligations generally increase as our policyholders age. In addition, we incur significant up-front costs in acquiring new insurance business.

Current wording

Term Life Insurance. We distribute the term life insurance products that we underwrite through our three issuing life insurance company subsidiaries: Primerica Life Insurance Company (“Primerica Life”), National Benefit Life Insurance Company (“NBLIC”), and Primerica Life Insurance Company of Canada (“Primerica Life Canada”). Policies remain in-force until the expiration of the coverage period or until the policyholder ceases to make premium payments. Our in-force term life insurance policies have level premiums for the stated term period. As such, the policyholder pays the same amount each year. Initial policy term periods are between 10 and 35 years. While premiums typically remain level during the initial term period, our claim obligations generally increase as our policyholders age. We cede a significant portion of the mortality risk of our term life insurance policies to third-party reinsurers to substantially reduce the uncertainty of our benefits and claims expense. In addition, we incur significant up-front costs in acquiring new insurance business.

Previous wording

The relative strength and stability of the financial markets and economies in the United States and Canada affect our growth and profitability. Our business is, and we expect will continue to be, influenced by a number of industry-wide and product-specific trends and conditions. Economic conditions, including unemployment levels, inflation and consumer confidence, influence investment and spending decisions by middle-income consumers, who are generally our primary clients. These conditions and factors also impact prospective recruits’ perceptions of the business opportunity that becoming an independent sales representative offers. Consumer spending and borrowing levels affect how consumers evaluate their savings and debt management plans. In addition, equity market returns and interest rates impact consumer demand for the investment and savings products we distribute. Our customers’ perception of the strength of the capital markets may also influence their decisions to invest in the investment and savings products we distribute. We believe the economic conditions impacting middle-income households underscore their increasing need for our financial education, products and services to assist them in reaching the long-term goal of becoming financially independent.

Current wording

The relative strength and stability of the financial markets and economies in the United States and Canada affect our growth and profitability. Our business is, and we expect will continue to be, influenced by a number of industry-wide and product-specific trends and conditions. Economic conditions, including unemployment levels, inflation and consumer confidence, influence investment and spending decisions by middle-income consumers, who are generally our primary clients. These conditions and factors also impact prospective recruits’ perceptions of the business opportunity that becoming an independent sales representative offers. Consumer spending and borrowing levels affect how consumers evaluate their savings and debt management plans. In addition, investors’

Previous wording

The cumulative impact of inflation in recent years has led to an elevated cost of living for middle-income families, which may be adversely impacting persistency and demand for term life insurance policies. In the first quarter of 2026, policy lapse rates of term life insurance products remained above long-term historical levels and sales of new term life insurance policies were lower versus the comparable quarter in 2025.

Current wording

The cumulative impact of inflation in recent years has led to an elevated cost of living for middle-income families, which may be adversely impacting persistency and demand for term life insurance policies. In the first half of 2026, policy lapse rates of term life insurance products remained above long-term historical levels and sales of new term life insurance policies were lower versus the comparable period in 2025.

Previous wording

Meanwhile, strong equity market performance in recent periods, favorable demographic trends, and expanded product offerings have provided significant momentum for our Investment and Savings Products (“ISP”) business. Despite volatility in the first quarter of 2026, positive equity market performance from 2024 through 2025 and into the first quarter of 2026 has beneficially influenced product sales and client asset values that drive revenue in the ISP segment.

Current wording

Meanwhile, favorable demographic trends, robust client demand, expanded product offerings, and strong equity market performance in recent periods have provided significant momentum for our Investment and Savings Products (“ISP”) business. Despite volatility in the first half of 2026, positive equity market performance from 2024 through 2025 and into the first half of 2026 has beneficially influenced product sales and client asset values that drive revenue in the ISP segment.

Previous wording

The rise in market interest rates since the COVID-19 pandemic have largely driven the unrealized losses that have accumulated in our investment portfolio from fixed-maturity securities purchased when long-term interest rates were at historical lows. Although market interest rates edged lower at the end of 2025, interest rates increased in the first quarter of 2026, resulting in higher unrealized losses compared to the end of 2025. We have not recognized losses caused by interest rate volatility in the income statement for securities that we have no present intention to dispose of and we have the ability to hold these investments until maturity or a market price recovery. Elevated interest rates have also led to increases in net investment income as we are able to earn higher returns on our new fixed-maturity securities purchases and cash balances.

Current wording

The rise in market interest rates since the COVID-19 pandemic have largely driven the unrealized losses that have accumulated in our investment portfolio from fixed-maturity securities purchased when long-term interest rates were at historical lows. Although market interest rates edged lower at the end of 2025, interest rates increased in the first half of 2026, resulting in higher unrealized losses compared to the end of 2025. We have not recognized losses caused by interest rate volatility in the income statement for securities that we have no present intention to dispose of and we have the ability to hold these investments until maturity or a market price recovery. Elevated interest rates have also led to increases in net investment income as we are able to earn higher returns on our new fixed-maturity securities purchases and cash balances.

Previous wording

The number of new recruits decreased during the three months ended March 31, 2026 compared to the same period in 2025 likely due to headwinds presented by economic and other uncertainty.

Current wording

The number of new recruits increased during the three months ended June 30, 2026 compared to the same period in 2025 due to the timing of special recruiting incentives offered during April 2026. The number of new recruits decreased during the six months ended June 30, 2026 compared to the same period in 2025 likely due to headwinds presented by economic uncertainty during the six months ended June 30, 2026 that were partially offset by the timing of special recruiting incentives during the second quarter of 2026.

Previous wording

New life-licensed independent sales representatives decreased during the three months ended March 31, 2026 compared to the same period in 2025, largely due to the decline in new recruits in recent periods.

Current wording

New life-licensed independent sales representatives decreased during the three and six months ended June 30, 2026 compared to the same periods in 2025, largely due to the decline in new recruits in recent periods as it typically takes around three months for an independent sales representative to obtain a life insurance license.

Previous wording

The number of life-licensed independent sales representatives decreased compared to December 31, 2025 as the number of new life-licensed representatives did not keep pace with the level of agent non-renewal activity experienced during the first quarter of 2026, which was in line with historical trends.

Current wording

The number of life-licensed independent sales representatives as of June 30, 2026 was lower compared to December 31, 2025 as the number of new life-licensed representatives did not keep pace with the level of agent non-renewal and termination activity experienced during the first six months of 2026.

Previous wording

Term Life Insurance Product Sales and Face Amount In-Force.

Current wording

Term Life Insurance Face Amount In-Force and Product Sales.

Previous wording

The face amount of term life insurance policies in-force decreased slightly for the three months ended March 31, 2026 primarily due to the translation impact on the face amount of our Canadian term life insurance in-force business during the period. Newly issued term life insurance face amounts were largely offset by policy terminations during the three months ended March 31, 2026. Issued face amount decreased during the 2026 period compared to the same period in 2025 primarily due to the decrease in the number of new policies issued as discussed above. Policy terminations increased during the 2026 period compared to the same period in 2025 but were largely consistent when measured as a percentage of beginning face amount in-force.

Current wording

The face amount of term life insurance policies in-force increased for the three and six months ended June 30, 2026 as the face amount issued exceeded the face amount terminated. Issued face amount decreased during the 2026 periods compared to the same periods in 2025 primarily due to the decrease in the number of new policies issued as discussed below. Policy terminations also decreased during the 2026 periods compared to the same periods in 2025. During the 2026 periods, the strengthening of the U.S. dollar in relation to the Canadian dollar unfavorably impacted the translated face amount in-force, whereas a stronger Canadian dollar relative to the U.S. dollar contributed to the increases in the face amount in-force in the 2025 periods.

Previous wording

The average number of life-licensed independent sales representatives decreased modestly for the three months ended March 31, 2026 from the same period in 2025 as a result of the agent licensing activity discussed above.

Current wording

The average number of life-licensed independent sales representatives decreased for the three and six months ended June 30, 2026 from the same periods in 2025 as a result of the agent licensing activity discussed above.

Previous wording

New policies issued during the three months ended March 31, 2026 decreased compared to the same period in 2025, which we believe is attributable to the lower level of newly life-licensed independent sales representatives as well as the continued period of uncertainty that challenged demand for new policies.

Current wording

New policies issued during the three and six months ended June 30, 2026 decreased compared to the same periods in 2025, which we believe is attributable to the lower level of newly life-licensed independent sales representatives as well as macro level uncertainty that challenged demand for new policies.

Previous wording

Productivity in the three months ended March 31, 2026, measured by the average monthly rate of new policies issued per life-licensed independent sales representative, decreased from the same period in 2025. Lower year-over-year productivity is due to the decline in new life insurance policy sales relative to the generally stable size of the life-licensed sales force.

Current wording

Productivity in the three and six months ended June 30, 2026, measured by the average monthly rate of new policies issued per life-licensed independent sales representative, decreased from the same periods in 2025. Lower year-over-year productivity is due to the decline in new life insurance policy sales relative to the generally stable size of the life-licensed sales force.

Previous wording

Product sales. Investment and savings product sales increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to sustained positive investor sentiment that followed generally strong equity market performance in 2024 through 2025 and continued into the beginning of the first quarter of 2026. In particular, variable annuity product sales continued to grow as the guarantees offered by these products are more appealing to investors given strong equity market performance, expanded product offerings, and elevated interest rates. In addition, the increase in product sales for managed accounts resulted from continued strength in investor demand for these products as well as the expansion of investment strategies offered on our platform. U.S. retail mutual fund sales also continued to increase. These trends have been further aided by the growing population of investors who are reaching retirement age and seeking the protection provided by annuity products as well as the investment advisory services and broader products offered through our managed accounts investments program.

Current wording

Product sales. Investment and savings product sales increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The growth in product sales was driven by our clients’ strong demand for retirement savings products, positive investor sentiment, and the effect of enhanced product offerings we have rolled out in recent years. At a product level, managed accounts product sales increased, fueled by continued strength in investor demand for these products as well as the expansion of investment strategies offered on our advisory platform. U.S. retail mutual fund sales experienced strong growth that was also boosted by favorable seasonal trends combined with sales force initiatives emphasizing the benefits of long-term investing. In addition, variable annuity product sales continued to grow as the guarantees offered by these products are more appealing to investors given strong equity market performance, expanded product offerings, and elevated interest rates. These trends have been further aided by the growing population of investors who are reaching retirement age and seeking the protection provided by annuity products.

Previous wording

Rollforward of client asset values. Ending client asset values decreased during the three months ended March 31, 2026 primarily due to the decline in market performance during March 2026, partially offset by positive net inflows. A similar dynamic was observed during the three months ended March 31, 2025 as the drop in equity markets during that period exceeded positive inflows.

Current wording

Rollforward of client asset values. Ending client asset values increased during the three months ended June 30, 2026 and 2025 primarily due to strong market performance during both periods.

Previous wording

Capital Structure. Our financial results are affected by our capital structure, which includes our senior unsecured notes (the “Senior Notes”), a redundant reserve financing transaction, our Revolving Credit Facility, and our common stock. See our condensed consolidated balance sheets and Note 11 (Stockholders’ Equity) to our unaudited condensed consolidated financial statements included elsewhere in this report and Note 12 (Debt) to our consolidated financial statements included in our 2025 Annual Report for more information on our capital structure.

Current wording

Capital Structure. Our financial results are affected by our capital structure, which includes our senior unsecured notes (the “Senior Notes”), a redundant reserve financing transaction, our Revolving Credit Facility, and our common stock. See our unaudited condensed consolidated balance sheets, Note 11 (Debt), and Note 12 (Stockholders’ Equity) to our unaudited condensed consolidated financial statements included elsewhere in this report for more information on our capital structure.

Previous wording

Total revenues. Total revenues increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to increases in commissions and fees earned in our Investment and Savings Products segment and net premiums in our Term Life Insurance segment. Further discussion related to revenue movements are discussed in detail in the Segment Results section below.

Current wording

Total revenues. Total revenues increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to higher commissions and fees earned in our Investment and Savings Products segment, investment gains and net investment income in our Corporate and Other Distributed Products segment, and net premiums in our Term Life Insurance segment. Further discussion related to revenue movements are discussed in detail in the Segment Results section below.

Previous wording

Total benefits and expenses. Total benefits and expenses increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 largely due to higher sales commissions in our Investment and Savings Products segment. Also contributing to the year-over-year increase were higher amortization of DAC in our Term Life Insurance segment. Insurance expenses and other operating expenses increased in the 2026 period compared to the 2025 period primarily due to an increase in growth-related costs and technology investments. The increases in total benefits and expenses were partially offset by lower benefits and claims (net of future policy benefits remeasurement (gain) loss) in our Term Life Insurance segment. Further discussion related to benefits and expenses movements are discussed in detail in the Segment Results section below.

Current wording

Total benefits and expenses. Total benefits and expenses increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 largely due to higher sales commissions in our Investment and Savings Products segment. Also contributing to the year-over-year increase were higher amortization of DAC in our Term Life Insurance segment. Insurance expenses and other operating expenses increased in the 2026 period compared to the 2025 period primarily due to higher growth-related costs, employee compensation, and technology investments. The increases in total benefits and expenses were partially offset by lower benefits and claims in our Term Life Insurance segment. Further discussion related to benefits and expenses movements are discussed in detail in the Segment Results section below.

Previous wording

Income taxes. The effective income tax rate of 23.8% for the three months ended March 31, 2026 was largely consistent with the effective income tax rate of 23.6% for the three months ended March 31, 2025.

Current wording

Income taxes. The effective income tax rate was 22.7% for the six months ended June 30, 2026 compared to the effective income tax rate of 23.8% for the six months ended June 30, 2025. The decrease in the effective income tax rate during the 2026 period was primarily due to the same factor as described in the three month comparison.

Previous wording

Net premiums. Direct premiums increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 largely due to the layering effect of new policy sales that contributed to growth in the in-force book of business compared to the prior year period. This increase was partially offset by an increase in ceded premiums, which includes $7.4 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, and was reduced by $2.9 million in lower coinsurance ceded premiums due to the run-off of business subject to the IPO coinsurance transactions.

Current wording

Net premiums. Direct premiums increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 largely due to the layering effect of new policy sales that contributed to growth in the in-force book of business compared to the prior year period. This increase was partially offset by an increase in ceded premiums, which includes $9.9 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, and was reduced by $1.0 million in lower coinsurance ceded premiums due to the run-off of business subject to the IPO coinsurance transactions.

Previous wording

Benefits and claims. Benefits and claims decreased modestly during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 despite the increase in net premiums. Higher ceded premiums for YRT reinsurance as noted above contributed to the lack of growth in benefits and claims expense. As the Company cedes higher premiums to YRT reinsurers, it also cedes higher future policy benefits reserves to the YRT reinsurers, which effectively offsets the net amount of benefits and claims expense recognized. Meanwhile, the overall year-over-year decrease in the net benefits and claims expense can be attributed to modest adjustments to claims estimates recognized in 2025.

Current wording

Benefits and claims. Benefits and claims decreased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 despite the increase in net premiums. Higher ceded premiums for YRT reinsurance as noted above contributed to the decrease in benefits and claims expense. As the Company cedes higher premiums to YRT reinsurers, it also cedes higher future policy benefits reserves to the YRT reinsurers, which effectively offsets the net amount of benefits and claims expense recognized.

Previous wording

Future policy benefits remeasurement (gain) loss. Future policy benefits remeasurement gain increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 and represents differences in experience variances that occurred in each period, primarily from better mortality and lower reserves benefiting from elevated lapse experience compared to our future policy benefit reserve assumptions.

Current wording

Future policy benefits remeasurement (gain) loss. Future policy benefits remeasurement gain decreased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and represents differences in experience variances that occurred in each period. The future policy benefits remeasurement gains in both periods are largely from better mortality and lower reserves benefiting from elevated lapse experience compared to our future policy benefit reserve assumptions.

Previous wording

Commissions and fees. Commissions and fees increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by higher asset-based and sales-based revenues. Higher asset-based revenues were driven by an increase in average client assets in the 2026 period compared to the same period in 2025 as well as a higher mix of assets under management that earn higher asset-based commissions, namely managed accounts and Canadian mutual funds sold under the principal distributor model. The increase in sales-based revenue was largely the result of strong growth in product sales for variable annuities and, to a lesser extent, U.S. retail mutual funds.

Current wording

Commissions and fees. Commissions and fees increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily driven by higher asset-based and sales-based revenues. Higher asset-based revenues were driven by an increase in average client assets in the 2026 period compared to the same period in 2025 as well as a higher mix of assets under management that earn higher asset-based commissions, namely managed accounts and Canadian mutual funds sold under the principal distributor model. The increase in sales-based revenue was largely the result of strong growth in product sales for U.S. retail mutual funds and variable annuities.

Previous wording

Sales commissions. The increases in asset-based and sales-based commissions for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were largely in line with the increases in asset-based revenues and sales-based revenues, respectively.

Current wording

Sales commissions. The increases in asset-based commissions and sales-based commissions for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 were largely in line with the increases in asset-based revenues and sales-based revenues, respectively.

Previous wording

Other operating expenses. Other operating expenses for the three months ended March 31, 2026 increased compared to the three months ended March 31, 2025 largely due to higher employee compensation, variable growth-related costs, and continued investments in technology and infrastructure.

Current wording

Other operating expenses. Other operating expenses for the three months ended June 30, 2026 increased compared to the three months ended June 30, 2025 largely due to higher variable growth-related costs.

Previous wording

Total revenues. Total revenues increased modestly during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Net investment income increased largely due to continued growth of the invested asset portfolio. Investment income net of investment expenses includes interest earned on our held-to-maturity asset, which is offset by interest expense on the surplus note (“Surplus Note”), thereby eliminating any impact on net investment income. Amounts recognized for each line item will remain offsetting and will fluctuate from period to period along with the principal amounts of the held-to-maturity asset and the Surplus Note based on the balance of reserves being contractually supported under a redundant reserve financing transaction used by Vidalia Re, Inc. (“Vidalia Re”). For more information on the Surplus Note, see Note 12 (Debt) to our consolidated financial statements in our 2025 Annual Report and Note 4 (Investments) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Current wording

Total revenues. Total revenues increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to investment gains (losses) and net investment income. The increase in investment gains (losses) is largely due to more favorable market performance for equity securities in the 2026 period and $2.0 million of investment losses in the 2025 period related to the tender of bonds from a certain issuer that allowed us to reinvest the proceeds at current market interest rates rather than accept replacement bonds from the issuer at less favorable terms. Net investment income increased largely due to continued growth of the invested asset portfolio. Investment income net of investment expenses includes interest earned on our held-to-maturity asset, which is offset by interest expense on the surplus note (“Surplus Note”), thereby eliminating any impact on net investment income. Amounts recognized for each line item will remain offsetting and will fluctuate from period to period along with the principal amounts of the held-to-maturity asset and the Surplus Note based on the balance of reserves being contractually supported under a redundant reserve financing transaction used by Vidalia Re, Inc. (“Vidalia Re”). For more information on the Surplus Note, see Note 4 (Investments) and Note 11 (Debt) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Previous wording

Details on asset mix of fixed-maturity securities in our available-for-sale and trading securities investment portfolio were as follows:

Current wording

Details on asset mix of fixed-maturity securities in our available-for-sale and trading securities investment portfolio (excluding short-term investments) were as follows:

Previous wording

The distribution of fixed-maturity securities in our available-for-sale and trading securities investment portfolio by rating were as follows:

Current wording

The distribution of fixed-maturity securities in our available-for-sale and trading securities investment portfolio (excluding short-term investments) by rating were as follows:

Previous wording

Includes trading securities at carrying value and available-for-sale securities at amortized cost.

Current wording

Includes trading securities at carrying value and available-for-sale securities (excluding short-term investments) at amortized cost.

Previous wording

The ten largest holdings within our fixed-maturity securities available-for-sale and trading securities invested asset portfolio were as follows:

Current wording

The ten largest holdings within our fixed-maturity securities available-for-sale and trading securities invested asset portfolio (excluding short-term investments) were as follows:

Previous wording

Includes trading securities at carrying value and available-for-sale securities at amortized cost.

Current wording

Includes trading securities at carrying value and available-for-sale securities (excluding short-term investments) at amortized cost.

Previous wording

Dividends and other payments to the Parent Company from its subsidiaries are our principal sources of cash. The amount of dividends paid by the subsidiaries is dependent on their capital needs to fund future growth and applicable regulatory restrictions. The primary uses of funds by the Parent Company include the payments of stockholder dividends, interest on note payable, general operating expenses, and income taxes, as well as repurchases of shares of our common stock outstanding. As of March 31, 2026, the Parent Company had cash and invested assets of $555.8 million.

Current wording

Dividends and other payments to the Parent Company from its subsidiaries are our principal sources of cash. The amount of dividends paid by the subsidiaries is dependent on their capital needs to fund future growth and applicable regulatory restrictions. The primary uses of funds by the Parent Company include the payments of stockholder dividends, interest on note payable, general operating expenses, and income taxes, as well as repurchases of shares of our common stock outstanding. As of June 30, 2026, the Parent Company had cash, cash equivalents and available-for-sale securities of $587.4 million.

Previous wording

Operating Activities. Cash flows provided by operating activities decreased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to timing differences in payments made for income tax remittances. The largest timing difference resulted from a payment made in the first quarter of 2026 for a transferable federal tax credit that was used to offset estimated federal income tax payments in the fourth quarter of 2025. Also contributing to the change in cash flows provided by operating activities was the timing of purchases, maturities, and sales of financial instruments classified as trading securities.

Current wording

Operating Activities. Cash flows provided by operating activities decreased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to timing differences in payments made for income tax remittances, partially offset by higher cash inflows from Investment and Savings Products segment income in the 2026 period. The largest timing difference resulted from a payment made in the first quarter of 2026 for a transferable federal tax credit that was used to offset estimated federal income tax payments in the fourth quarter of 2025. Also contributing to the change in cash flows provided by operating activities was the timing of purchases, maturities, and sales of financial instruments classified as trading securities.

Previous wording

Investing Activities. Cash flows used in investing activities decreased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to fluctuations in the timing of maturities, sales and reinvestments of debt securities held in our available-for-sale investment portfolio.

Current wording

Investing Activities. Cash flows used in investing activities increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to fluctuations in the timing of maturities, sales and reinvestments of debt securities held in our available-for-sale investment portfolio as well as a capital contribution made for a tax equity investment in the second quarter of 2026. For more information on the tax equity investment, see Note 4 (Investments) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Previous wording

Financing Activities. Cash flows used in financing activities increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to the increase in the size of our share repurchase program and higher per share stockholder dividend payments.

Current wording

Financing Activities. Cash flows used in financing activities increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the increase in the size of our share repurchase program and higher per share stockholder dividend payments.

Previous wording

The NAIC has adopted a model regulation for determining reserves using a principle-based approach (“principle-based reserves” or “PBR”), which is designed to reflect each insurer’s own experience in calculating reserves and move away from a single prescriptive reserving formula. Primerica Life adopted PBR as of January 1, 2018 and NBLIC adopted the New York amended version of PBR effective January 1, 2021. PBR significantly reduced the redundant statutory policy benefit reserve requirements while still ensuring adequate liabilities are held. The regulation only applies for business issued after the effective dates. See Note 5 (Investments), Note 12 (Debt) and Note 18 (Commitments and Contingent Liabilities) to our consolidated financial statements in our 2025 Annual Report for more information on the Vidalia Re Redundant Reserve Financing Transaction.

Current wording

The NAIC has adopted a model regulation for determining reserves using a principle-based approach (“principle-based reserves” or “PBR”), which is designed to reflect each insurer’s own experience in calculating reserves and move away from a single prescriptive reserving formula. Primerica Life adopted PBR as of January 1, 2018 and NBLIC adopted the New York amended version of PBR effective January 1, 2021. PBR significantly reduced the redundant statutory policy benefit reserve requirements while still ensuring adequate liabilities are held. The regulation only applies for business issued after the effective dates. See Note 5 (Investments), Note 12

Previous wording

Note Payable. The Company has $600.0 million of publicly-traded Senior Notes outstanding issued at a price of 99.55% with an annual interest rate of 2.80%, payable semi-annually in arrears on May 19 and November 19. The Senior Notes are scheduled to mature on November 19, 2031. We were in compliance with the covenants of the Senior Notes as of March 31, 2026. No events of default occurred during the three months ended March 31, 2026.

Current wording

Note Payable. The Company has $600.0 million of publicly-traded Senior Notes outstanding issued at a price of 99.55% with an annual interest rate of 2.80%, payable semi-annually in arrears on May 19 and November 19. The Senior Notes are scheduled to mature on November 19, 2031. We were in compliance with the covenants of the Senior Notes as of June 30, 2026. No events of default occurred during the three and six months ended June 30, 2026.

Previous wording

Surplus Note. Vidalia Re issued a Surplus Note in exchange for the LLC Note as a part of the Vidalia Re Redundant Reserve Financing Transaction. The Surplus Note has a principal amount equal to the LLC Note and is scheduled to mature on December 31, 2030. For more information on the Surplus Note, see Note 12 (Debt) to our consolidated financial statements in our 2025 Annual Report.

Current wording

Surplus Note. Vidalia Re issued a Surplus Note in exchange for the LLC Note as a part of the Vidalia Re Redundant Reserve Financing Transaction. The Surplus Note has a principal amount equal to the LLC Note and is scheduled to mature on December 31, 2030. For more information on the Surplus Note, see Note 11 (Debt) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Previous wording

Credit Facility Agreement. We maintain an unsecured $200.0 million Revolving Credit Facility with a syndicate of commercial banks that has a scheduled termination date of June 22, 2026. Amounts outstanding under the Revolving Credit Facility bear interest at a periodic rate equal to the Secured Overnight Financing Rate (“SOFR”) rate loan or the base rate, plus in either case an applicable margin. The Revolving Credit Facility also permits the issuance of letters of credit. The applicable margins are based on our debt rating with such margins for SOFR rate loans and letters of credit ranging from 1.000% to 1.625% per annum and for base rate loans ranging from 0.000% to 0.625% per annum. Under the Revolving Credit Facility, we incur a commitment fee that is payable quarterly in arrears and is determined by our debt rating. This commitment fee ranges from 0.100% to 0.225% per annum of the aggregate $200.0 million commitment of the lenders under the Revolving Credit Facility. As of March 31, 2026, no amounts were outstanding under the Revolving Credit Facility and we were in compliance with its covenants. Furthermore, no events of default occurred under the Revolving Credit Facility during the three months ended March 31, 2026.

Current wording

Credit Facility Agreement. We maintain an unsecured $200.0 million Revolving Credit Facility with a syndicate of commercial banks. The Revolving Credit Facility, which had a previously-scheduled termination date of June 22, 2026, was renewed on June 2, 2026. The new termination date is June 2, 2031. As of June 30, 2026, no amounts were outstanding under the Revolving Credit Facility and we were in compliance with its covenants. Furthermore, no events of default occurred under the Revolving Credit Facility during the three and six months ended June 30, 2026. For more information on the Revolving Credit Facility, see Note 11 (Debt) to our unaudited condensed consolidated financial statements included elsewhere in this report.