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Segment and Geographical Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment and Geographical Information | (4) Segment Information Segments. We have two primary operating segments — Term Life Insurance and Investment and Savings Products. We also have a Corporate and Other Distributed Products segment. For more information on our segments, see Note 4 (Segment and Geographical Information) to our consolidated financial statements in our 2024 Annual Report. Income (loss) before income taxes by segment, including significant expense categories, was as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Term Life Insurance segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 463,301 |  |  | $ | 450,306 |  |  | $ | 1,362,975 |  |  | $ | 1,317,661 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Benefits and claims |  |  | 168,319 |  |  |  | 160,652 |  |  |  | 488,287 |  |  |  | 470,766 |
Future policy benefits remeasurement (gain) loss |  |  | (23,392 | ) |  |  | (28,203 | ) |  |  | (32,537 | ) |  |  | (32,802 | )
Amortization of DAC |  |  | 79,876 |  |  |  | 73,698 |  |  |  | 235,184 |  |  |  | 216,105 |
Insurance expenses |  |  | 63,058 |  |  |  | 62,395 |  |  |  | 189,919 |  |  |  | 185,849 |
Insurance commissions |  |  | 2,755 |  |  |  | 3,410 |  |  |  | 7,641 |  |  |  | 13,242 |
Total benefits and expenses |  |  | 290,616 |  |  |  | 271,952 |  |  |  | 888,494 |  |  |  | 853,160 |
Income before income taxes |  | $ | 172,685 |  |  | $ | 178,354 |  |  | $ | 474,481 |  |  | $ | 464,501 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Investment and Savings Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 318,788 |  |  | $ | 266,073 |  |  | $ | 907,898 |  |  | $ | 770,695 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of DAC |  |  | 1,355 |  |  |  | 1,540 |  |  |  | 4,060 |  |  |  | 4,219 |
Insurance commissions |  |  | 3,485 |  |  |  | 3,499 |  |  |  | 10,229 |  |  |  | 10,242 |
Sales commissions: |  |  |  |  |  |  |  |  |  |  |  |
Sales-based |  |  | 82,867 |  |  |  | 66,333 |  |  |  | 243,069 |  |  |  | 199,655 |
Asset-based |  |  | 87,337 |  |  |  | 71,012 |  |  |  | 241,593 |  |  |  | 201,745 |
Other operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Fees based on client asset values |  |  | 12,285 |  |  |  | 10,156 |  |  |  | 34,604 |  |  |  | 29,046 |
Fees based on fee-generating positions |  |  | 10,341 |  |  |  | 10,392 |  |  |  | 33,766 |  |  |  | 32,300 |
Other expenses |  |  | 26,896 |  |  |  | 23,230 |  |  |  | 85,662 |  |  |  | 73,231 |
Total expenses |  |  | 224,566 |  |  |  | 186,162 |  |  |  | 652,983 |  |  |  | 550,438 |
Income before income taxes |  | $ | 94,222 |  |  | $ | 79,911 |  |  | $ | 254,915 |  |  | $ | 220,257 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Corporate and Other Distributed Products segment: |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 57,763 |  |  | $ | 57,750 |  |  | $ | 167,155 |  |  | $ | 212,677 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Benefits and claims |  |  | 3,833 |  |  |  | 3,711 |  |  |  | 11,220 |  |  |  | 9,948 |
Future policy benefits remeasurement (gain) loss |  |  | 278 |  |  |  | 5,184 |  |  |  | 255 |  |  |  | 5,508 |
Amortization of DAC |  |  | 267 |  |  |  | 301 |  |  |  | 847 |  |  |  | 907 |
Insurance expenses |  |  | 1,073 |  |  |  | 1,134 |  |  |  | 3,380 |  |  |  | 3,514 |
Insurance commissions |  |  | (741 | ) |  |  | 271 |  |  |  | (496 | ) |  |  | 729 |
Sales commissions |  |  | 4,484 |  |  |  | 4,909 |  |  |  | 14,435 |  |  |  | 14,146 |
Interest expense |  |  | 5,985 |  |  |  | 6,093 |  |  |  | 17,990 |  |  |  | 18,964 |
Other operating expenses |  |  | 37,812 |  |  |  | 39,834 |  |  |  | 121,430 |  |  |  | 122,984 |
Total benefits and expenses |  |  | 52,991 |  |  |  | 61,437 |  |  |  | 169,061 |  |  |  | 176,700 |
Income (loss) before income taxes |  | $ | 4,772 |  |  | $ | (3,687 | ) |  | $ | (1,906 | ) |  | $ | 35,977 |
The following table reconciles segment revenues to total revenues and segment income (loss) before income taxes to total income from continuing operations before income taxes in the unaudited condensed consolidated statements of income:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands) |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Term Life Insurance segment |  | $ | 463,301 |  |  | $ | 450,306 |  |  | $ | 1,362,975 |  |  | $ | 1,317,661 |
Investment and Savings Products segment |  |  | 318,788 |  |  |  | 266,073 |  |  |  | 907,898 |  |  |  | 770,695 |
Corporate and Other Distributed Products segment |  |  | 57,763 |  |  |  | 57,750 |  |  |  | 167,155 |  |  |  | 212,677 |
Total revenues |  | $ | 839,852 |  |  | $ | 774,129 |  |  | $ | 2,438,028 |  |  | $ | 2,301,033 |
Income (loss) from continuing operations before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Term Life Insurance segment |  | $ | 172,685 |  |  | $ | 178,354 |  |  | $ | 474,481 |  |  | $ | 464,501 |
Investment and Savings Products segment |  |  | 94,222 |  |  |  | 79,911 |  |  |  | 254,915 |  |  |  | 220,257 |
Corporate and Other Distributed Products segment |  |  | 4,772 |  |  |  | (3,687 | ) |  |  | (1,906 | ) |  |  | 35,977 |
Total income from continuing operations before income taxes |  | $ | 271,679 |  |  | $ | 254,578 |  |  | $ | 727,490 |  |  | $ | 720,735 |
In April 2024, the Company executed agreements providing for the receipt of proceeds from certain claims filed by the Company under a Representation and Warranty insurance policy negotiated and purchased in connection with the acquisition of e-TeleQuote on July 1, 2021. The claims made by the Company involved breaches of certain representations and warranties relating to the pre-acquisition financial statements made by the sellers of e-TeleQuote in connection with the acquisition. The Company recognized a gain during the second quarter of 2024 of $50.0 million, which is equal to the aggregate proceeds received in May 2024 from the third-party insurers under the policy, reflecting the full coverage under the policy. The Company recognized this gain in Corporate and Other Distributed Products segment revenues as it resulted from a corporate investment decision to purchase the insurance policy. On a consolidated basis, this gain is included in Other, net revenue in the accompanying unaudited condensed consolidated statements of income during the nine months ended September 30, 2024. The Company recorded corporate restructuring charges of $2.0 million and $2.8 million for the three and nine months ended September 30, 2024, respectively, associated with the decision to exit the Senior Health business, which are included in the Corporate and Other Distributed Products segment's Other operating expenses. The re were no co rporate restructuring charges recorded during the three and nine months ended September 30, 2025. Insurance expenses and other operating expenses directly attributable to the Term Life Insurance and Investment and Savings Products segments are recorded directly to the applicable segment. Other operating expenses consists primarily of employee compensation, technology and communications costs, various independent sales force-related costs, non-bank custodial and transfer agent recordkeeping administrative costs, outsourcing and professional fees, and other corporate and administrative fees and expenses. We allocate certain other revenue and operating expenses that are not directly attributable to a specific operating segment using methods expected to reasonably measure the benefit received by each reporting segment. Such methods include recorded usage, revenue distribution, and independent sales force representative distribution. These allocated items include fees charged for access to Primerica Online (“POL”) and costs incurred for technology, independent sales force support, occupancy and other general and administrative costs. Costs that are not directly charged or allocated to our two primary operating segments are included in the Corporate and Other Distributed Products segment.

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- Definition The entire disclosure for reporting segments including data and tables. 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