Primerica, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Primerica, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Primerica, Inc. (PRI) filed a Annual Report (10-K) with the SEC on February 28, 2024. Primerica, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1 Primerica Parkway, Duluth, GA 30099. Primerica, Inc. is classified under SIC code 6311 (Life Insurance). The filing includes data related to various financial instruments and segments, such as Investment and Savings Products and Term Life Insurance.

Why It Matters

For investors and stakeholders tracking Primerica, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Primerica's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial data and segment information within the report are essential for understanding Primerica's revenue streams, profitability, and market position within the life insurance and financial services industry.

Risk Assessment

Risk Level: medium — Primerica, Inc. shows moderate risk based on this filing. The company operates in the financial services and insurance sectors, which are subject to significant regulatory oversight and market volatility, as indicated by the numerous financial instruments and segment disclosures in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Primerica's performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-28 — Filing Date (Date the 10-K was submitted to the SEC.)
• 178 — Public Document Count (Number of documents included in the filing.)
• 001-34680 — SEC File Number (SEC's file number for Primerica, Inc.)

Key Players & Entities

• Primerica, Inc. (company) — Filer and subject of the 10-K filing.
• PRI (company) — Ticker symbol for Primerica, Inc.
• 2023-12-31 (date) — Fiscal year end date for the 10-K report.
• 2024-02-28 (date) — Filing date of the 10-K report.
• Duluth, GA (location) — Location of Primerica's business and mailing address.
• 6311 (industry_code) — Standard Industrial Classification code for Life Insurance.

FAQ

Industry Context

Primerica, Inc. operates within the life insurance and financial services industry, providing a range of products and services to its clients.

Regulatory Implications

As a financial services company, Primerica is subject to regulations from various bodies, including the SEC, and operates under specific industry standards for insurance and investment products.

What Investors Should Do

1. Review Primerica's financial statements and management discussion for fiscal year 2023.
2. Analyze the company's segment performance, particularly in Investment and Savings Products and Term Life Insurance.
3. Assess the identified risk factors and their potential impact on future operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: 10-K Filing Date — Date Primerica, Inc. submitted its annual report.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — k outstanding at January 31, 2024, with $0.01 par value, was 34,847,562 . Documents
• $30,000 — ers, which we define as households with $30,000 to $130,000 of annual income. According
• $130,000 — we define as households with $30,000 to $130,000 of annual income. According to the 2022
• $25 — estment savings plans with as little as $25 per month. Many need to reduce their

Filing Documents

• pri-20231231.htm (10-K) — 8227KB
• pri-ex10_27.htm (EX-10.27) — 78KB
• pri-ex10_30.htm (EX-10.30) — 44KB
• pri-ex10_32.htm (EX-10.32) — 32KB
• pri-ex21_1.htm (EX-21.1) — 18KB
• pri-ex23_1.htm (EX-23.1) — 3KB
• pri-ex31_1.htm (EX-31.1) — 14KB
• pri-ex31_2.htm (EX-31.2) — 15KB
• pri-ex32_1.htm (EX-32.1) — 14KB
• pri-ex97_1.htm (EX-97.1) — 70KB
• img185909796_0.jpg (GRAPHIC) — 5KB
• img185909796_1.jpg (GRAPHIC) — 164KB
• img268312028_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-022262.txt (&nbsp;) — 35977KB
• pri-20231231.xsd (EX-101.SCH) — 3343KB
• pri-20231231_htm.xml (XML) — 9093KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 42 Item 1C. Cybersecurity 42 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 Item X. Information About Our Executive Officers and Certain Significant Employees 44 PART II 47 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 48 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 77 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 125 Item 9A.

Controls and Procedures

Controls and Procedures 125 Item 9B. Other Information 127 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 129 Item 14. Principal Accountant Fees and Services 129 PART IV 130 Item 15. Exhibits, Financial Statement Schedules 130 Item 16. Form 10-K Summary 143

Signatures

Signatures 144 ii C AUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS Investors are cautioned that certain statements contained in this report as well as some statements in periodic press releases and some oral statements made by our officials during our presentations are "forward-looking" statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect", "intend", "plan", "anticipate", "estimate", "believe", "will be", "will continue", "will likely result", and similar expressions, or future conditional verbs such as "may", "will", "should", "would", and "could". In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond the control of our management team. All forward-looking statements in this report and subsequent written and oral forward-looking statements attributable to us, or to persons acting on our behalf, are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties are described under "Item IA. Risk Factors" and summarized below under "Risk Factors Summary." Developments in any of the areas addressed in these risks or uncertainties could cause actual results to differ materially from those anticipated or projected or cause a significant reduction in the market price of our common stock. Further, the risks and uncertainties described under "Item IA. Risk Factors" and summarized below under "Risk Factors Summary" may not include all of the risks and uncertainties that could affec

View Full Filing

View this 10-K filing on SEC EDGAR