AM Best Affirms Credit Ratings of Primerica, Inc. and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Primerica Life Insurance Company (Nashville, TN) and its affiliates, National Benefit Life Insurance Company (Long Island City, NY) and Primerica Life Insurance Company of Canada (Mississauga, Ontario), collectively referred to as Primerica Group. Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of Primerica, Inc. (Primerica) (headquartered in Duluth, GA) [NYSE: PRI], which is the holding company for the group’s insurance and non-insurance operating companies. AM Best also has affirmed the Long-Term Issue Credit Rating of “a-” (Excellent) on $600 million, 2.8% senior unsecured notes, due 2031, of Primerica. The outlook of all these Credit Ratings (ratings) is stable.

The ratings reflect Primerica Group’s balance sheet strength, which AM Best assesses as very strong, as well as its very strong operating performance, favorable business profile and appropriate enterprise risk management.

Primerica’s credit ratings continue to recognize the group’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet remains a core strength, characterized by strong liquidity and financial flexibility. Primerica has an investment profile that focuses on fixed-income assets, while maintaining only modest exposure to commercial mortgage-backed securities. However, the company’s business model does rely heavily on the use of reinsurance.

Primerica reinforced its position as an industry leader, consistently reporting high levels of earnings and top-tier return-on-equity measures among its peers. Steady premium growth, fueled by a vast and geographically diversified distribution system spanning the U.S. and Canadian marketplaces, continues to improve the company's operational strength. Primerica has extensive agent recruitment and a well-established monitoring system to ensure compliance and steady premium growth. Primerica’s use of highly rated reinsurance partners mitigates term life insurance mortality risk, a core component of its strong balance sheet management.

The group’s business profile is focused on its core term life insurance offering, particularly the investments made in its simplified issue product. Beyond the Primerica Group, Primerica also offers the distribution of primarily third-party investment and savings products and other non-life products.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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