Primerica, Inc.

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 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.

Current wording

The continuation of economic pressures within middle-income families, particularly younger generations, may be adversely impacting persistency and demand for term life insurance policies. In the first nine months of 2026, overall 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, 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.

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 through the first nine months 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 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.

Current wording

The rise in market interest rates since the COVID-19 pandemic have driven the majority of unrealized losses that have accumulated in our investment portfolio from fixed-maturity securities purchased when long-term interest rates were at historical lows. In addition, interest rate increases in the third quarter of 2026 have contributed to higher unrealized losses in our investment portfolio at September 30, 2026 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

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.

Current wording

New life-licensed independent sales representatives decreased during the three and nine months ended September 30, 2026 compared to the same periods in 2025, largely due to the decline in new recruits in recent periods.

Previous 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.

Current wording

The number of life-licensed independent sales representatives as of September 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 nine months of 2026.

Previous 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.

Current wording

The face amount of term life insurance policies in-force increased for the three and nine months ended September 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 and the three months ended September 30, 2025, 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 an increase in the face amount in-force during the nine months ended September 30, 2025.

Previous 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.

Current wording

The average number of life-licensed independent sales representatives decreased for the three and nine months ended September 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 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.

Current wording

New policies issued during the three and nine months ended September 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

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.

Current wording

Product sales. Investment and savings product sales increased during the three months ended September 30, 2026 compared to the three months ended September 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. Specifically, 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. In addition, 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 steady growth that was also boosted by sales force initiatives emphasizing the benefits of long-term investing.

Previous wording

Changes in Investment and Savings Product Sales, Asset Values and Accounts/Positions During the Six Months Ended June 30, 2026

Current wording

Changes in Investment and Savings Product Sales, Asset Values and Accounts/Positions During the Nine Months Ended September 30, 2026

Previous wording

Product sales. Investment and savings product sales increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Product sales. Investment and savings product sales increased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factors as described in the three month comparison.

Previous 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.

Current wording

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

Previous wording

Average client asset values. Average client asset values increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Average client asset values. Average client asset values increased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factors as described in the three month comparison.

Previous wording

Average number of fee-generating positions. The average number of fee-generating positions was higher during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Average number of fee-generating positions. The average number of fee-generating positions was higher during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factors as described in the three month comparison.

Previous 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.

Current wording

Total revenues. Total revenues increased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to higher commissions and fees earned in our Investment and Savings Products segment and net investment income in our Corporate and Other Distributed Products 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 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.

Current wording

Total benefits and expenses. Total benefits and expenses increased during the three months ended September 30, 2026 compared to the three months ended September 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 other operating expenses and insurance expenses in the 2026 period compared to the 2025 period primarily due to higher growth-related costs, technology investments, and employee compensation. In addition, there was higher amortization of DAC in our Term Life Insurance segment during the 2026 period compared to the 2025 period. The increases in total benefits and expenses were also impacted by a lower remeasurement gain 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 was 21.7% for the three months ended June 30, 2026 compared to the effective income tax rate of 23.9% for the three months ended June 30, 2025. The decrease in the effective income tax rate during the 2026 period was primarily driven by a decrease in the estimated annual effective tax rate due to the expected realization of federal income tax benefits in 2026 related to the tax equity investment that occurred in the second quarter of 2026, net of the related investment amortization. For more information on the tax equity investment and its impact on income taxes, see Note 4 (Investments) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Current wording

Income taxes. The effective income tax rate was 23.1% for the three months ended September 30, 2026 compared to the effective income tax rate of 23.9% for the three months ended September 30, 2025. The decrease in the effective income tax rate during the 2026 period was primarily driven by a decrease in the estimated annual effective tax rate due to the expected realization of federal income tax benefits in 2026 related to the tax equity investment that occurred in the second quarter of 2026, net of the related investment amortization. For more information on the tax equity investment and its impact on income taxes, see Note 4 (Investments) to our unaudited condensed consolidated financial statements included elsewhere in this report.

Previous 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.

Current wording

Income taxes. The effective income tax rate was 22.8% for the nine months ended September 30, 2026 compared to the effective income tax rate of 23.8% for the nine months ended September 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 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.

Current wording

Net premiums. Direct premiums increased during the three months ended September 30, 2026 compared to the three months ended September 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. Higher ceded premiums exceeded the increase in direct premiums, which resulted in a slight decline in net premiums year over year. The increase in ceded premiums in the current year period was largely driven by $16.6 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, partially offset by $7.5 million of 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 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.

Current wording

Benefits and claims. Benefits and claims decreased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. 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 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.

Current wording

Future policy benefits remeasurement (gain) loss. Future policy benefits remeasurement gain decreased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 and represents the impact of long-term assumption changes made during the third quarters of 2026 and 2025 in connection with the annual assumption reviews as well as differences in experience variances that occurred in each period. The future policy benefits remeasurement gain in the 2026 period was largely due to lower reserves benefiting from overall elevated lapse experience and better mortality compared to our future policy benefit reserve assumptions. The remeasurement gain in the 2025 period was primarily due to a larger assumption change for better mortality as well as experience variances recognized for lower mortality and elevated lapses. Refer to Note 10 (Future Policy Benefits) to our unaudited condensed consolidated financial statements included elsewhere in this report for further details.

Previous wording

Insurance expenses. Insurance expenses increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to higher technology investments, employee compensation, other variable expenses to support recruiting and licensing initiatives, and premium growth-related costs.

Current wording

Insurance expenses. Insurance expenses increased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to higher technology investments, premium growth-related costs, and employee compensation.

Previous wording

Net premiums. Direct premiums increased during the six months ended June 30, 2026 compared to the six 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 $17.3 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, and was reduced by $3.9 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 nine months ended September 30, 2026 compared to the nine months ended September 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. The increase in direct premiums was mostly offset by higher ceded premiums, which resulted in a modest increase in net premiums during the nine months ended September 30, 2026 versus the comparable period in 2025. The increase in ceded premiums in the current year period was largely driven by $33.9 million in higher non-level YRT reinsurance ceded premiums as business not subject to the IPO coinsurance transactions ages, partially offset by $11.3 million of 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 during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Benefits and claims. Benefits and claims decreased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factors as described in the three month comparison.

Previous wording

Amortization of DAC. Amortization of DAC increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Amortization of DAC. Amortization of DAC increased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factor as described in the three month comparison.

Previous 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.

Current wording

Commissions and fees. Commissions and fees increased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily driven by higher asset-based revenues 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 U.S. retail mutual funds.

Previous wording

Commissions and fees. Commissions and fees increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the same factors as described in the three month comparison.

Current wording

Commissions and fees. Commissions and fees increased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to the same factors as described in the three month comparison.

Previous wording

Sales commissions. The increases in asset-based commissions and sales-based commissions for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 were primarily due to the same factors as described in the three month comparison.

Current wording

Sales commissions. The increases in asset-based commissions and sales-based commissions for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 were primarily due to the same factors as described in the three month comparison.

Previous wording

Other operating expenses. Other operating expenses for the six months ended June 30, 2026 increased compared to the six months ended June 30, 2025 largely due to the same factors as described in the three month comparison.

Current wording

Other operating expenses. Other operating expenses for the nine months ended September 30, 2026 increased compared to the nine months ended September 30, 2025 largely due to the same factors as described in the three month comparison.

Previous 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.

Current wording

Total revenues. Total revenues increased during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to net investment income, which 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

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.

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 September 30, 2026, the Parent Company had cash, cash equivalents and available-for-sale securities of $599.8 million.

Previous 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.

Current wording

Operating Activities. Cash flows provided by operating activities increased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to higher cash inflows from Investment and Savings Products segment income in the 2026 period. In addition, operating cash flows from our Term Life Insurance segment were higher primarily due to the lower level of policy acquisition costs incurred in the 2026 period compared to the 2025 period. 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 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.

Current wording

Investing Activities. Cash flows used in investing activities decreased during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to fluctuations in the timing of maturities, sales and reinvestments of debt securities held in our invested asset portfolio. This decrease was partially offset by a capital contribution made for a tax equity investment in the 2026 period. 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 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.

Current wording

Financing Activities. Cash flows used in financing activities increased during the nine months ended September 30, 2026 compared to the nine months ended September 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

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 (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.

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 June 30, 2026. No events of default occurred during the three and six months ended June 30, 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 September 30, 2026. No events of default occurred during the three and nine months ended September 30, 2026.

Previous 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.

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 September 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 nine months ended September 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.