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Segment and Geographical Information
 9 Months Ended
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. There were no corporate 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.