Primerica reports Q3 2025 and details non-GAAP metrics, exhibits
Rhea-AI Filing Summary
Primerica, Inc. (PRI) furnished its third‑quarter update. The company announced results for the quarter ended September 30, 2025, via a press release furnished as Exhibit 99.1 and posted supplemental financial information as Exhibit 99.2 on its investor relations website.
The company highlighted several non‑GAAP measures used to evaluate performance: adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share, and adjusted stockholders’ equity. Exclusions include amounts ceded under IPO coinsurance transactions, investment gains (losses) and mark‑to‑market adjustments, insurance proceeds tied to the 2021 e‑TeleQuote acquisition, corporate restructuring and related charges from the 2024 exit of the senior health business, related tax effects and a valuation allowance for e‑TeleQuote state NOLs, and certain unrealized AFS gains (losses) and discount‑rate impacts recorded in AOCI. Reconciliations are included with the press release. The information in Items 2.02 and 7.01 is furnished, not filed.
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Insights
Earnings 8-K with heavy non-GAAP use; core lens excludes volatile items and past exit costs.
Primerica furnished Q3 results on
Practically, this frames performance around insurance operations by stripping market-driven swings and non-recurring items. The IPO coinsurance cessions will decline as policies run off, which can lift adjusted direct premiums over time without new production. Removing MTM and credit impairments reduces quarter-to-quarter volatility in adjusted earnings, but it widens the gap between GAAP and adjusted results in choppy markets. Excluding the e‑TeleQuote recovery and senior health exit costs improves period comparability.
Key watch items: the reconciliation in Exhibits 99.1/99.2 to see the size of adjustments in Q3
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
On November 5, 2025, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.
The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.
Use of Non-GAAP Financial Measures.
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders’ equity.
Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.
Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (“e-TeleQuote”). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.
Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business in 2024. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.
Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in 2024 for e-TeleQuote’s state net operating losses, which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.
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Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.
Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.
Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at https://investors.primerica.com.
Item 7.01 Regulation FD Disclosure.
On November 5, 2025, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended September 30, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.
The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.
Item 9.01. |
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Financial Statements and Exhibits. |
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(d) Exhibits.
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99.1 |
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Press Release dated November 5, 2025 – Primerica Reports Third Quarter 2025 Results
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99.2 |
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Primerica, Inc. Supplemental Financial Information – Third Quarter 2025
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Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 5, 2025 |
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PRIMERICA, INC. |
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/s/ Tracy Tan |
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Tracy Tan |
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Executive Vice President and Chief Financial Officer |
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FAQ
What did Primerica (PRI) announce in this 8-K?
Which non-GAAP metrics does Primerica highlight?
Where can I find reconciliations of non-GAAP to GAAP for PRI?
Are the disclosed materials considered filed or furnished?
What items are excluded in Primerica’s non-GAAP measures?
What period do the announced results cover for PRI?
